Document:

EX-4.2

 Exhibit 4.2 

Execution Version 

SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT OF 

CULLINAN ONCOLOGY, LLC 

A Delaware Limited Liability Company 

Dated as of October 4, 2019 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I ORGANIZATION AND POWERS
	  	 	1	 
			
	 1.01
	  	Organization	  	 	1	 
	 1.02
	  	Purpose and Powers	  	 	2	 
	 1.03
	  	Principal Place of Business	  	 	2	 
	 1.04
	  	Fiscal Year	  	 	2	 
	 1.05
	  	Qualification in Other Jurisdictions	  	 	2	 
	 1.06
	  	Tax Status	  	 	2	 
		
	 ARTICLE II MEMBERS; CAPITAL STRUCTURE
	  	 	2	 
			
	 2.01
	  	Members	  	 	2	 
	 2.02
	  	Compliance with Securities Laws and Other Laws and Obligations	  	 	3	 
	 2.03
	  	Meetings of the Members	  	 	3	 
	 2.04
	  	Voting	  	 	3	 
	 2.05
	  	Limitation of Liability of Members	  	 	4	 
	 2.06
	  	Authority	  	 	4	 
	 2.07
	  	No Right to Withdraw	  	 	4	 
	 2.08
	  	Rights to Information	  	 	5	 
	 2.09
	  	Confidential Information	  	 	6	 
	 2.10
	  	Units	  	 	7	 
	 2.11
	  	Adjustments for Dilutive Issues	  	 	9	 
	 2.12
	  	Adjustment for Splits and Combinations	  	 	11	 
	 2.13
	  	Certificate as to Adjustments	  	 	11	 
	 2.14
	  	“Bad Actor” Voting Restrictions	  	 	11	 
	 2.15
	  	Notification of a Bad Actor Disqualification Event	  	 	11	 
		
	 ARTICLE III BOARD OF DIRECTORS; CERTAIN GOVERNANCE MATTERS
	  	 	12	 
			
	 3.01
	  	Board of Directors	  	 	12	 
	 3.02
	  	Composition of the Board of Directors	  	 	12	 
	 3.03
	  	Powers and Duties of the Directors	  	 	13	 
	 3.04
	  	Actions Requiring Preferred Member Consent	  	 	16	 
	 3.05
	  	Committees of the Board of Directors	  	 	18	 
	 3.06
	  	Chairman of the Board of Directors	  	 	18	 
	 3.07
	  	Reliance by Third Parties	  	 	18	 
	 3.08
	  	Board Voting Rights; Meetings; Quorum	  	 	18	 
	 3.09
	  	Actions of the Board of Directors and Committees	  	 	19	 
	 3.10
	  	Reimbursement of Directors	  	 	19	 
	 3.11
	  	Transaction with Interested Persons	  	 	19	 
	 3.12
	  	Limitation of Liability of Directors	  	 	20	 
	 3.13
	  	Confidentiality Agreement	  	 	20	 
		
	 ARTICLE IV OFFICERS
	  	 	20	 
			
	 4.01
	  	Enumeration	  	 	20	 
	 4.02
	  	Election	  	 	20	 

  
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	 4.03
	  	Qualification	  	 	21	 
	 4.04
	  	Tenure	  	 	21	 
	 4.05
	  	Removal	  	 	21	 
	 4.06
	  	Vacancies	  	 	21	 
	 4.07
	  	Chief Executive Officer	  	 	21	 
	 4.08
	  	President	  	 	21	 
	 4.09
	  	Treasurer and Chief Financial Officer	  	 	21	 
	 4.10
	  	Secretary and Assistant Secretaries	  	 	21	 
	 4.11
	  	Other Powers and Duties	  	 	21	 
	 4.12
	  	Reimbursement of Officers	  	 	22	 
		
	 ARTICLE V INDEMNIFICATION
	  	 	22	 
			
	 5.01
	  	Right to Indemnification	  	 	22	 
	 5.02
	  	Primary Indemnification	  	 	22	 
	 5.03
	  	Award of Indemnification	  	 	23	 
	 5.04
	  	Successful Defense	  	 	23	 
	 5.05
	  	Advance Payments	  	 	23	 
	 5.06
	  	Definitions	  	 	23	 
	 5.07
	  	Insurance	  	 	24	 
	 5.08
	  	Successor Indemnification	  	 	24	 
	 5.09
	  	Non-Exclusivity	  	 	24	 
	 5.10
	  	Amendment; Survival	  	 	24	 
		
	 ARTICLE VI CAPITAL CONTRIBUTIONS AND DISTRIBUTIONS
	  	 	25	 
			
	 6.01
	  	Additional Capital Contributions	  	 	25	 
	 6.02
	  	Capital Accounts	  	 	25	 
		
	 ARTICLE VII ALLOCATIONS OF INCOME, ETC.
	  	 	26	 
			
	 7.01
	  	Allocations Generally	  	 	26	 
	 7.02
	  	Tax Allocations	  	 	26	 
	 7.03
	  	Special Allocations, Tax Elections and Tax Matters Partner	  	 	27	 
		
	 ARTICLE VIII DISTRIBUTIONS
	  	 	28	 
			
	 8.01
	  	Distributions Generally	  	 	28	 
	 8.02
	  	Tax Distributions	  	 	30	 
	 8.03
	  	Limitations on Distributions.	  	 	31	 
	 8.04
	  	In-Kind Distributions; Distributions of Subsidiaries	  	 	31	 
	 8.05
	  	Tax Information	  	 	32	 
		
	 ARTICLE IX TAX MATTERS AND REPORTS; ACCOUNTING
	  	 	32	 
			
	 9.01
	  	Tax Reports to Current and Former Members	  	 	32	 
	 9.02
	  	Accounting Records	  	 	32	 
	 9.03
	  	Tax Accounting Method	  	 	32	 
	 9.04
	  	Effectively-Connected Income	  	 	33	 
	 9.05
	  	UBTI	  	 	33	 

  
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	 ARTICLE X RESTRICTIONS ON TRANSFER; RIGHT OF FIRST REFUSAL; RIGHT OF CO-SALE; DRAG-ALONG RIGHTS; AND PRE-EMPTIVE RIGHTS
	  	 	34	 
			
	 10.01
	  	Transfers	  	 	34	 
	 10.02
	  	Effective Date and Requirements of Transfer	  	 	34	 
	 10.03
	  	Right of First Refusal	  	 	35	 
	 10.04
	  	Right of Co-Sale	  	 	37	 
	 10.05
	  	Effect of Failure to Comply with Right of First Refusal and Right of Co-Sale	  	 	38	 
	 10.06
	  	Drag-Along Right	  	 	39	 
	 10.07
	  	Preemptive Rights	  	 	42	 
	 10.08
	  	Substitution of Members	  	 	43	 
	 10.09
	  	Conversion to Corporation and Registration Rights	  	 	43	 
	 10.10
	  	Lock-Up	  	 	45	 
		
	 ARTICLE XI DISSOLUTION, LIQUIDATION, AND TERMINATION; INCORPORATION
	  	 	45	 
			
	 11.01
	  	Dissolution	  	 	45	 
	 11.02
	  	Liquidating Distributions	  	 	46	 
	 11.03
	  	Allocation of Sale Proceeds	  	 	46	 
	 11.04
	  	Orderly Winding Up	  	 	47	 
		
	 ARTICLE XII DEFINITIONS
	  	 	47	 
			
	 12.01
	  	Terms Defined Elsewhere in the Agreement	  	 	47	 
	 12.02
	  	Other Definitions	  	 	52	 
		
	 ARTICLE XIII GENERAL PROVISIONS
	  	 	58	 
			
	 13.01
	  	Offset and Withholding	  	 	58	 
	 13.02
	  	Notices	  	 	59	 
	 13.03
	  	Entire Agreement	  	 	59	 
	 13.04
	  	Amendment or Modification	  	 	59	 
	 13.05
	  	Binding Effect	  	 	60	 
	 13.06
	  	Governing Law; Severability	  	 	60	 
	 13.07
	  	Waiver of Certain Rights	  	 	60	 
	 13.08
	  	Interpretation	  	 	60	 

  
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 SECOND AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

OF 
 CULLINAN ONCOLOGY,
LLC 
 This Second Amended and Restated Limited Liability Company Agreement (the “Agreement”) of Cullinan Oncology,
LLC, a Delaware limited liability company (the “Company”), is made as of October 4, 2019, by and among the Persons identified as the Members on Schedule A attached hereto (each a “Member” and,
collectively, the “Members”), and such other Persons who may, or have, become Members from time to time under the terms of this Agreement. Certain capitalized terms used in this Agreement are defined in Section 12.02 below.

 WHEREAS, the Company has been formed as a limited liability company under the Delaware Limited Liability Company Act (as amended from
time to time, the “Act”) on September 15, 2016, by the filing of a Certificate of Formation, as amended, with the office of the Secretary of State of the State of Delaware. 

WHEREAS, the initial Members of the Company entered into a Limited Liability Company Agreement dated as of October 17, 2016 (the
“Initial LLC Agreement”). 
 WHEREAS, the Members of the Company and the Company entered into the Amended and Restated
Limited Liability Company Agreement, dated as of April 28, 2017 (as amended, the “Prior Agreement”), which amended and restated the Initial LLC Agreement. 

WHEREAS, certain of the Members and the Company desire to amend and restate the Prior Agreement as set forth in this Agreement. 

NOW, THEREFORE, in consideration of the premises, representations and warranties and the mutual covenants and agreements herein contained, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members hereby agree that the Prior Agreement is amended and restated in its entirety as of the date hereof to read as follows: 

ARTICLE I 
 ORGANIZATION AND POWERS

 1.01 Organization. The Company has been formed by the filing of its Certificate of Formation with the Delaware Secretary of State
pursuant to the Act. The Certificate of Formation may be amended or restated with respect to the address of the registered office of the Company in Delaware, the name and address of its registered agent in Delaware or to make corrections required by
the Act as provided in the Act. Other additions to or amendments of the Certificate of Formation shall be authorized by the Board of Directors and the Members as provided in Sections 3.04 and 13.04. The Certificate of Formation as so amended from
time to time, is referred to herein as the “Certificate.” The Board of Directors shall deliver a copy of the Certificate and this Agreement, and any amendment thereto, to any Member if so requested. 

 1.02 Purpose and Powers. The principal business activity and purpose of the Company
shall be to directly and/or indirectly through one or more subsidiaries engage in the development and commercialization of pharmaceutical products and in any and all other activities permitted under the Act. The business and purposes of the Company,
however, shall not be limited to its initial principal business activity, and if the Board of Directors otherwise determines, it shall have authority to engage in any other lawful business, purpose or activity permitted by the Act and shall
possess and may exercise all of the powers and privileges granted by the Act or which may be exercised by any other person, together with any powers incidental thereto, so far as such powers or privileges are necessary or convenient to the conduct,
promotion or attainment of the business, purposes or activities of the Company. Notwithstanding the above, the business and activities of the Company shall be subject to the conditions and restrictions provided in this Agreement, including Sections
9.04 and 9.05. 
 1.03 Principal Place of Business. The principal office and place of business of the Company shall
initially be 1 Main Street, Cambridge, MA 02142. The Company may locate its place of business at any other place or places as the Board of Directors may, from time to time, deem advisable. 

1.04 Fiscal Year. Except as may otherwise be required by the federal tax laws, the fiscal year of the Company for both financial and tax
reporting purposes shall end on December 31 (the “Fiscal Year”). 
 1.05 Qualification in Other Jurisdictions.
The Board of Directors shall cause the Company to be qualified or registered under applicable laws of any jurisdiction in which the Company owns property or engages in activities and shall be authorized to execute, deliver and file any certificates
and documents necessary to effect such qualification or registration, including, without limitation, the appointment of agents for service of process in such jurisdictions, if such qualification or registration is necessary or desirable to permit
the Company to own property and engage in the Company’s business in such jurisdictions. 
 1.06 Tax Status. The Company is
intended to be classified as a partnership for federal and state income tax purposes, and each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with and
actions necessary to obtain such treatment (unless contrary treatment is intended pursuant to Section 10.09 or otherwise approved by the Board of Directors). This classification for tax purposes shall not create or imply a general
partnership, limited partnership or joint venture for state law or any other purpose. 
 ARTICLE II 

MEMBERS; CAPITAL STRUCTURE 
 2.01
Members. The Members of the Company shall be the Persons identified on Schedule A hereto, as may be amended from time to time by the Company to reflect any Permitted Transfers and further issuances of Units that are permitted under
this Agreement. The Members shall have only such rights with respect to the Company as specifically provided in this Agreement and as required by non-waivable provisions of the Act. 

  
 2 

 2.02 Compliance with Securities Laws and Other Laws and Obligations. Each Member
hereby represents and warrants to the Company and acknowledges that (a) it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in the Company and making an
informed investment decision with respect thereto, (b) it is able to bear the economic and financial risk of an investment in the Company for an indefinite period of time and understands that, except in connection with a Permitted Transfer in
accordance with the applicable terms of this Agreement, the Member has no right to withdraw and/or have its Units repurchased by the Company, (c) it is acquiring Units in the Company for investment only and not with a view to, or for resale in
connection with, any distribution to the public or public offering thereof, (d) unless the Member holds only Non-Voting Incentive Units, the Member is an “accredited investor” as defined in Rule
501 under the Securities Act of 1933, as amended (the “Securities Act”), (e) it understands that the Units in the Company have not been registered under the securities laws of any jurisdiction and cannot be disposed of unless they
are subsequently registered and/or qualified under applicable securities laws, or in accordance with an applicable exemption therefrom, and the provisions of this Agreement have been complied with, and (f) the execution, delivery and
performance of this Agreement does not require it to obtain any consent or approval that has not been obtained and do not contravene or result in a default under any provision of any existing law or regulation applicable to it, any provision of its
charter, by-laws or other governing documents (if applicable) or any agreement or instrument to which it is a party or by which it is bound. 

2.03 Meetings of the Members 

(a) The Members may hold meetings at such time and place and use such procedures as the Board of Directors may reasonably determine from time
to time. Meetings of the Members may be called at any time by (i) the affirmative vote of the Members holding at least sixty percent (60%) of the outstanding Capital Units, voting together as a single class (the “Majority
Interest”), or (ii) the consent of a majority of the Board of Directors, in either case, upon twenty-four (24) hours written or electronic mail notice. Notice of any such meeting may be waived by any Member upon either the signing
of a written waiver thereof or presence at a meeting by such Member as provided herein. 
 (b) At any meeting of the Members, the Members
representing a Majority Interest shall constitute a quorum. Less than a quorum may adjourn any meeting from time to time and the meeting may be held as adjourned without further notice upon reaching a quorum. 

(c) Any action required or permitted to be taken at any meeting of the Members may be taken without a meeting and without any notice to the
Members upon the written consent of the requisite percentage of the class or classes of the Members entitled to vote on such matter. The Secretary of the Company shall provide prompt written notice to the other Members of any action so taken. 

2.04 Voting. Except as otherwise provided by the Act or by this Agreement, holders of Preferred Units shall vote together with the
holders of Common Units as a single class. Any action to be taken by the Members shall require the approval of a Majority Interest, unless a different threshold is specifically required by the Act or this Agreement. Unless otherwise provided by the
Act, the Non-Voting Incentive Units shall not carry the right to vote on any 

  
 3 

 
matter under this Agreement or under the Act, including without limitation, with respect to any amendment or restatement of this Agreement or the merger, consolidation, conversion or dissolution
of the Company. Except as otherwise provided herein, on any matter to be approved by the Members, (i) each Common Unit shall carry the right to cast one vote per Common Unit, (ii) each Series Seed Preferred Unit shall carry the right to
cast the number of votes equal to the Adjustment Ratio for the Series Seed Preferred Units that is in effect as of the record date for determining Members entitled to vote on such matter, (iii) each Series A Preferred Unit shall carry the right
to cast the number of votes equal to the Adjustment Ratio for the Series A Preferred Units that is in effect as of the record date for determining Members entitled to vote on such matter, and (iv) each Series B Preferred Unit shall carry the
right to cast the number of votes equal to the Adjustment Ratio for the Series B Preferred Units that is in effect as of the record date for determining Members entitled to vote on such matter. For illustrative purposes only, if the Adjustment Price
for the Series Seed Preferred Units is $0.125 as of the record date for determining Members entitled to vote on a matter, each Series Seed Preferred Unit shall be entitled to two (2) votes (the quotient obtained by dividing the Series Seed
Original Issue Price ($0.25) by such Adjustment Price). 
 2.05 Limitation of Liability of Members. Except as otherwise provided in
the Act, no Member shall be obligated personally for any debt, obligation or liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Member of the Company. Except as otherwise provided in the Act or
expressly in this Agreement or by another writing signed by a Member, such Member shall have no fiduciary or other duty with respect to the business and affairs of the Company, and such Member shall not be liable to the Company for acting in good
faith reliance upon the provisions of this Agreement. No Member shall have any obligation to contribute to, or in respect of, the liabilities or obligations of the Company or return distributions made by the Company except as required by the Act or
other applicable law. The failure of the Company to observe any formalities or requirements relating to the exercise of its powers or the management of its business or affairs under this Agreement or the Act shall not be grounds for making its
Members (including, without limitation, the Tax Matters Partner) responsible for the liabilities of the Company. 
 2.06 Authority.
Unless specifically authorized by this Agreement or by the Board of Directors, no Member shall be an agent of the Company or have any right, power or authority to act for or to bind the Company, or to undertake or assume any obligation or
responsibility of the Company or any other Member. 
 2.07 No Right to Withdraw. Except in connection with a Permitted Transfer in
accordance with the applicable terms of this Agreement, no Member shall have any right to resign or withdraw from the Company without the consent of the Board of Directors. No Member shall have any right to receive any distribution or the repayment
of its Capital Contribution, except as provided in ARTICLE VIII, upon dissolution and liquidation of the Company. No interest or other compensation shall be paid on or with respect to the Capital Contribution of any of the Members, except as
expressly provided herein. No Member shall have any right to have the fair value of its interest in the Company appraised and paid out upon its resignation or withdrawal. 

  
 4 

 2.08 Rights to Information. 

(a) Operating Budget. Each year as soon as reasonably practicable following preparation thereof, the Officers shall cause to be
furnished to the Board of Directors the proposed capital and operating budget of the Company and its subsidiaries for such Fiscal Year, setting forth revenue, anticipated expenses and cash position on a monthly basis. Any such budget shall be
subject to the Board of Directors’ approval and the Board of Directors may make such changes as the Board of Directors deems necessary or appropriate. 

(b) Financial Statements. For as long as any of the Preferred Units originally issued remain outstanding, the Board of Directors shall
deliver or cause the Officers to deliver to each Preferred Member the following: 
 (i) as soon as reasonably practicable,
but in no event more than 120 days after the end of each Fiscal Year, a report of the activities of the Company (consolidated with its subsidiaries) for the preceding Fiscal Year, including a statement of all fees paid and distributions made to the
Members during the Fiscal Year with a comparison to the amounts budgeted for such Fiscal Year, and audited financial statements for the Fiscal Year of the Company consisting of a balance sheet, a statement of income, and a statement of cash flows,
certified by certified public accountants selected by the Company who are acceptable to a majority of the Board of Directors and prepared in accordance with U.S. generally accepted accounting principles consistently applied; 

(ii) as soon as reasonably practicable, but in no event more than forty-five (45) days after the end of each fiscal
quarter, an updated capitalization table; 
 (iii) as soon as reasonably practicable, but in no event more than forty-five
(45) days after the end of each of the first three fiscal quarters of the Company in each Fiscal Year, unaudited financial statements of the Company (consolidated with its subsidiaries) for the fiscal quarter consisting of a balance sheet and
statements of income and cash flows; 
 (iv) as soon as reasonably practicable, but in any event at least forty-five
(45) days before the end of each Fiscal Year, the capital and operating budget of the Company and its subsidiaries for the next Fiscal Year, setting forth revenue, anticipated expenses and cash position on a monthly basis as approved by the
Board of Directors; and 
 (v) with reasonable promptness, such other information and data as such Preferred Member may from
time to time reasonably request. 
 (c) Other Information Requests. For as long as any of the Preferred Units originally issued remain
outstanding, any Preferred Member, at any reasonable time during normal business hours after reasonable advance notice to the Company and at such Preferred Member’s own expense, upon request from such Preferred Member, will be granted access to
the Company’s facilities and personnel for the purposes of examining the Company’s books of account and records and discussing the Company’s affairs, finances and accounts. Furthermore, the Company agrees that it shall promptly
respond to any requests for information from a Preferred Member necessary for such Preferred Member’s regulatory compliance programs, including without limitation programs related to compliance with the U.S. Foreign Corrupt Practices Act and
any foreign equivalents. 

  
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 (d) Non-Voting Incentive Unit Holders. Each
Member that holds no Units other than Non-Voting Incentive Units acknowledges and agrees that the contents of Schedule A are confidential and that the Board of Directors shall be entitled, in its sole
discretion, to restrict access to some or all of Schedule A; provided, that each Member shall be entitled to receive (i) all information regarding such Member on Schedule A and (ii) the total number of each series or
class of Units outstanding. Notwithstanding anything to the contrary herein, a Member that holds no Units other than Non-Voting Incentive Units shall not be entitled to any information from or about the
Company, other than the information required to be reported on such Member’s federal Form K-1 and any equivalent state income tax information forms. 

(e) Termination. The covenants set forth in Section 2.08 shall terminate and be of no further force or effect
(i) immediately before the consummation of the IPO or (ii) upon a Change of Control, whichever event occurs first. 
 2.09
Confidential Information 
 (a) Each Member agrees that such Member shall not use or disclose to others any Confidential Information
received from the Company or from any other Member for any purpose other than for the purpose of monitoring such Member’s investment in the Company or for the benefit of the Company, as determined by the Board of Directors, or as required by
law or order of court, government authority or arbitrator. The restrictions imposed by this Section 2.09 shall continue to apply to a former Member, notwithstanding such Member’s withdrawal from the Company or Transfer
of its Units. Notwithstanding the foregoing, the restrictions on disclosure set forth in this Section 2.09 shall not apply to any Confidential Information to the extent that such information can be shown to have been:
(i) generally available to the public other than as a result of a breach of the provisions of this Agreement; (ii) already in the possession of the receiving Person, without any restriction on disclosure, prior to any disclosure of such
information to the receiving Person by or on behalf of the Company or any Member pursuant to the terms of this Agreement or otherwise; (iii) lawfully disclosed, without any restriction on additional disclosure, to the receiving Person by a
third party who is free lawfully to disclose the same; or (iv) independently developed by the receiving Person without use of any Confidential Information. The restrictions on disclosure set forth in this Section 2.09
shall also not apply to any Confidential Information that is disclosed to (A) any limited or general partner, member, parent, subsidiary or Affiliate of any Member, or any employee of any of the foregoing in the ordinary course of business,
provided that such Member informs such Person that such information is confidential and requires such Person to maintain the confidentiality of such information, (B) any attorney, auditor or accountant of such Member to the extent necessary to
obtain their services in monitoring such Member’s investment in the Company and who are under obligations to maintain confidentiality, or (C) any prospective purchaser of a Member’s Units (provided that such prospective purchaser
agrees to be bound by the provisions of this Section 2.09(a)). Notwithstanding anything to the contrary contained herein, the Company acknowledges that certain Members are in the business of venture capital investing and
therefore review the business plans and related proprietary information of many enterprises, including 

  
 6 

 
enterprises that may have products or services that compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict such Members from
evaluation of any other enterprises whether or not such enterprise has products or services that compete with those of the Company. 
 (b)
The Company and each Member shall use reasonable efforts not to disclose the names of any of the Affiliates of any Member except as required by law or order of any court or governmental authority or any arbitration order (in which case, after giving
reasonable notice thereof to any such Affiliate to allow such Person the opportunity to oppose such disclosure if the Member has made reasonable efforts to maintain its secrecy and the identity of the Affiliate is not generally known to the public).

 (c) Notwithstanding the foregoing, each Member (and each employee, representative, or other agent of the Member) may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of, and tax strategies relating to, the Company and all transactions and investments of the Company or in which the Company participates, and all materials of any kind
(including opinions or other tax analyses) that are provided to the Member relating to such tax treatment, tax structure or tax strategies. 

2.10 Units. 
 (a) All
interests of Members in distributions and other amounts specified herein shall be represented by their units of membership interests in the Company (each a “Unit” and, collectively, the “Units”). There shall be two
(2) classes of Units: “Capital Units” (which initially shall be comprised solely of the “Preferred Units” and the “Common Units”) and the
“Non-Voting Incentive Units.” The Company may issue fractional Units. Except as otherwise provided herein, on any matter to be approved by the Members, each Unit shall carry the right
to cast one (1) vote per Unit on any matter to be approved by the Members. 
 (b) The Preferred Units shall be comprised initially of
(i) the “Series Seed Preferred Units”, (ii) the “Series A Preferred Units”, all of which shall initially be comprised of one sub-series, the “Series A1
Preferred Units”, and (iii) the “Series B Preferred Units”. The Series Seed Preferred Units, Series A Preferred Units, Series B Preferred Units, Common Units and Non-Voting
Incentive Units shall have the respective rights, preferences, privileges and restrictions set forth in this Agreement. The Company is authorized to issue from time to time up to an aggregate of 154,060,000 Units, as follows: (i) 130,200,000 shall
be Preferred Units, 16,000,000 of which shall be designated Series Seed Preferred Units, 50,000,000 of which shall be designated Series A Preferred Units, all of which are designated as Series A1 Preferred Units, 64,200,000 of which shall be
designated Series B Preferred Stock, and (ii) 23,860,000 shall be Non-Voting Incentive Units. Initially, there shall be no Common Units authorized. Each authorized Unit may be issued pursuant to such
agreements as the Board of Directors or a committee thereof shall approve. 

  
 7 

 (c) The Board of Directors may, subject to Section 3.04, authorize
the Company to create and, for such consideration as the Board of Directors may deem appropriate, issue such Units or additional classes or series of Units, having such designations, preferences and relative, participating or other special rights,
powers and duties, as the Board of Directors shall determine, including, without limitation: (i) the right of any such class or series of Units to share in Company Distributions; (ii) the allocation to any such class or series of Units of
items of Company income, gains, losses and deductions; (iii) the rights of any such class or series of Units upon dissolution or liquidation of the Company; and (iv) the right of any such class or series of Units to vote on matters
relating to the Company and this Agreement. The Members understand and agree that rights afforded to any additional classes or series of Units (including, without limitation, rights to Company Distributions) will result in a reduction and/or
dilution in the rights of then outstanding Units. The Board of Directors may, subject to Sections 3.04 and 13.04 of this Agreement, amend any provision of this Agreement, and authorize any Person to execute, swear
to, acknowledge, deliver, file and record, if required, such documents, to the extent necessary or desirable to reflect the admission of any additional Member to the Company or the authorization and issuance of such class or series of Units, and the
related rights and preferences thereof. 
 (d) The Board of Directors may issue Non-Voting Incentive
Units to employees or directors of, or consultants or advisors to, the Company or any of its subsidiaries pursuant to a plan, agreement or arrangement (and any amendments thereto) approved by the Board of Directors.
Non-Voting Incentive Units may be issued subject to vesting, forfeiture and repurchase pursuant to separate agreements, the provisions of which may be determined, altered or waived in the sole discretion of
the Board of Directors. Unless otherwise approved by the Board of Directors, all Non-Voting Incentive Units issued after the date hereof shall vest over a four (4) year period, with the first twenty-five
percent (25%) of such Non-Voting Incentive Units vesting on the twelve (12) month anniversary of the vesting start date and the remaining Non-Voting Incentive Units
vesting in equal monthly installments over the following thirty-six (36) months. 
 (e) In
connection with the issuance of Non-Voting Incentive Units, the Board of Directors may set a strike price with respect to such Non-Voting Incentive Units (the
“Strike Price”). The Strike Price with respect to each such Non-Voting Incentive Unit will be determined by the Board of Directors and will be at least equal to the amount that would be
distributed in respect of a Common Unit (which for the avoidance of doubt, is not subject to a Strike Price) in a hypothetical liquidation of the Company on the date of issuance of such Non-Voting Incentive
Unit in which the Company sold its assets for their Fair Market Value, satisfied its liabilities (excluding any non-recourse liabilities to the extent the balance of such liabilities exceeds the fair market
value of the assets that secure them) and distributed the net proceeds to the holders of Units in liquidation of the Company. The Board of Directors may adjust the Strike Price as appropriate (i) to reflect the consideration, if any, paid in
connection with any issuance of Non-Voting Incentive Units, (ii) to reflect an increase to the Fair Market Value of the Company’s assets that is attributable to Capital Contributions made to the
Company in respect of other Units and (iii) when and as permitted pursuant to any award agreement. The determination of the Board of Directors of the Strike Price shall be final, conclusive and binding on all Members. In the event the
Board of Directors issues additional Non-Voting Incentive Units with a Strike Price lower than the Strike Price associated with a prior issuance of Non-Voting Incentive
Units, the Board of Directors may, in its sole discretion, reduce the Strike Price of the Non-Voting Incentive Units issued at the higher Strike Price. Each
Non-Voting Incentive Unit that has an associated Strike Price is intended to be a “profits interest” within the meaning of IRS Revenue Procedures 93-27 and 2001-43 and is issued with the intention that under current 

  
 8 

 
interpretations of the Code the recipient will not realize income upon the issuance of such Non-Voting Incentive Unit, and that neither the Company nor any
Member is entitled to any deduction either immediately or through depreciation or amortization as a result of the issuance of such Non-Voting Incentive Unit. Any Person holding a Unit subject to a vesting
arrangement shall make a timely Code Section 83(b) election in accordance with Treasury Regulation 1.83-2 with respect to each such Unit (to the extent applicable). 

(f) No Person shall be admitted as a new Member of the Company unless and until the Board of Directors has approved the admission of such
Person as a new Member and such Person has executed this Agreement or a counterpart hereto and such other documents or agreements as the Board of Directors may request reasonably in connection with such admission. 

(g) The Units may, but need not, be represented by a Unit certificate (a “Unit Certificate”), as determined by the Board of
Directors. Each Unit Certificate, if any, shall be issued in such form as approved by the Board of Directors. 
 2.11 Adjustments for
Dilutive Issues. 
 (a) No Adjustments. 

(i) No adjustment in the Adjustment Price to Series Seed Preferred Units shall be made to such class of Units as the result of
the issuance or deemed issuance of Additional Units if the Company receives written notice from, in the case of the Series Seed Preferred Units, Members holding at least sixty percent (60%) of the outstanding Series Seed Preferred Units, voting
together as a single class, it being agreed that no such adjustment shall be made to such class of Units as the result of the issuance or deemed issuance of such Additional Units. 

(ii) No adjustment in the Adjustment Price to Series A Preferred Units shall be made to such class of Units as the result of
the issuance or deemed issuance of Additional Units if the Company receives written notice from, in the case of the Series A Preferred Units, Members holding at least sixty percent (60%) of the outstanding Series A Preferred Units, voting together
as a single class, it being agreed that no such adjustment shall be made to such class of Units as the result of the issuance or deemed issuance of such Additional Units. 

(iii) No adjustment in the Adjustment Price to Series B Preferred Units shall be made to such class of Units as the result of
the issuance or deemed issuance of Additional Units if the Company receives written notice from, in the case of the Series B Preferred Units, Members holding at least a majority of the outstanding Series B Preferred Units, voting together as a
single class, it being agreed that no such adjustment shall be made to such class of Units as the result of the issuance or deemed issuance of such Additional Units. 

(b) Adjustment of Adjustment Price Upon Issuance of Additional Units. In the event the Company shall at any time after the date of this
Agreement issue Additional Units, without consideration or for a consideration per share less than the Adjustment Price for a class of Preferred Units in effect immediately prior to such issue, then such Adjustment Price shall be reduced,
concurrently with such issue, to a price (calculated to the nearest one-hundredth of a cent) determined in accordance with the following formula: 

  
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 P = ((P1*Q1 ) + (P1*Q2)) / (Q1 + Q3) 
 For purposes of the foregoing formula, the following definitions shall apply: 

(A) “P” shall mean the Adjustment Price in effect immediately after such issuance of Additional Units 

(B) “P1” shall mean the Adjustment Price in effect
immediately prior to such issuance of Additional Units; 
 (C)
“Q1” shall mean the number of Units Deemed Outstanding immediately prior to such issue of Additional Units; 

(D) “Q2” shall mean the number of Units that would have been
issued if such Additional Units had been issued at a price per Unit equal to P1 (determined by dividing the aggregate consideration received by the Company in respect of such issue by P1); and 
 (E)
“Q3” shall mean the number of Additional Units issued in such transaction. 

(c) Determination of Consideration. For purposes of this Section 2.11, the consideration received by the
Company for the issue of any Additional Units shall be computed as follows: 
 (i) Cash and Property: Such
consideration shall: 
 (A) insofar as it consists of cash, be computed at the aggregate amount of cash received by the
Company, excluding amounts paid or payable for accrued interest; 
 (B) insofar as it consists of property other than cash,
be computed at the fair market value thereof at the time of such issue, as determined in good faith by the Board of Directors (including at least one (1) Preferred Director); and 

(C) in the event Additional Units are issued together with other units or securities or other assets of the Company for
consideration which covers both, be the proportion of such consideration so received, computed as provided in clauses (i) and (ii) above, as determined in good faith by the Board of Directors (including at least one
(1) Preferred Director). 

  
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 (d) Multiple Closing Dates. In the event the Company shall issue on more than one
date Additional Units that are a part of one transaction or a series of related transactions and that would result in an adjustment to the Adjustment Price, then, upon the final such issuance, the number of the issued and outstanding Preferred Units
shall be readjusted to give effect to all such issuances as if they occurred on the date of the first such issuance (and without giving effect to any additional adjustments as a result of any such subsequent issuances within such period). 

2.12 Adjustment for Splits and Combinations. If the Company shall at any time or from time to time after the date of this Agreement
effect a subdivision of the outstanding Units, the Adjustment Price in effect immediately before that subdivision shall be proportionately decreased. If the Company shall at any time or from time to time after the date of this Agreement combine the
outstanding Units, the Adjustment Price in effect immediately before the combination shall be proportionately increased. Any adjustment under this subsection shall become effective at the close of business on the date the subdivision or combination
becomes effective. 
 2.13 Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Adjustment
Price pursuant to Section 2.11 or Section 2.12, the Company at its expense shall, as promptly as reasonably practicable but in any event not later than ten (10) days thereafter, compute such adjustment or readjustment in accordance
with the terms hereof and furnish to each Preferred Member a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, as promptly as reasonably
practicable after the written request at any time of any Preferred Member (but in any event not later than ten (10) days thereafter), furnish or cause to be furnished to such holder a certificate setting forth (i) the Adjustment Price and
Adjustment Ratio then in effect, and (ii) such holder’s Percentage Interest. 
 2.14 “Bad Actor”
Voting Restrictions. In the event the Company proposes an offering of its securities in reliance on Rule 506 of the Securities Act, the Company intends to conduct an inquiry of all Members that beneficially own 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power (each, a “20% Holder”) as to whether any 20% Holder or any Rule 506(d) Related Party of such 20% Holder is a “bad actor” within the meaning of
Rule 506(d) promulgated under the Securities Act (a “Bad Actor”) and whether such 20% Holder or any Rule 506(d) Related Party are subject to any of the Bad Actor disqualifying events described in Rule 506(d)(1)(i) to
(viii) promulgated under the Securities Act (a “Bad Actor Disqualification Event”). If (a) any 20% Holder fails to provide any requested information to the Company within ten (10) business days of the date of the
request therefor or (b) any 20% Holder indicates that it or any Rule 506(d) Related Party of such 20% Holder is a Bad Actor, then, such 20% Holder agrees that it shall not cast any vote in respect of shares of the Company’s securities
beneficially owned by such 20% Holder that are equal to or in excess of 20% of the Company’s outstanding voting equity securities, calculated on the basis of voting power. Notwithstanding the foregoing, the voting restrictions under this
Section 2.14 shall cease as to a 20% Holder at such time as such 20% Holder certifies or recertifies to the Company that neither it nor any of its Rule 506(d) Related Parties is a Bad Actor. 

2.15 Notification of a Bad Actor Disqualification Event. Each Member that is a 20% Holder hereby agrees that it shall notify the Company
promptly (which in no event shall be more than 7 business days) in writing in the event a Bad Actor Disqualification Event becomes applicable to such Member or any of its Rule 506(d) Related Parties, except, if applicable, for a Bad Actor
Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. 

  
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 ARTICLE III 

BOARD OF DIRECTORS; CERTAIN GOVERNANCE MATTERS 

3.01 Board of Directors. The business of the Company shall be managed by a Board of Directors (the “Board of
Directors”) who may exercise all the powers of the Company, except as otherwise provided by law or by this Agreement, and by any committees that the Board of Directors may from time to time establish. In the event of a vacancy in the Board
of Directors, the remaining Directors, except as otherwise provided by law, may exercise the powers of the full Board of Directors until the vacancy is filled. A Director shall be the equivalent of a “Manager” for all purposes under the
Act. 
 3.02 Composition of the Board of Directors. 

(a) The Board of Directors shall consist of one or more members. The number of Directors shall initially be seven (7). 

(b) From and after the date of this Agreement, each Member shall vote, or cause to be voted, all Units and all other voting securities of the
Company presently owned or hereafter acquired by such Member, or over which such Member has voting control, at any meeting of the Members called for the purpose of filling positions on the Board of Directors, or to execute a written consent in lieu
of a meeting of the Members, for purpose of filling positions on the Board of Directors to fix the number of Directors at seven (7) and to elect and continue in office as Directors the following: 

(i) For so long as UBS Oncology Impact Fund L.P. or its Affiliates (“OIF”), holds at least 10% of its
originally issued Series A Preferred Units, one (1) person (the “OIF Director”), designated by OIF who initially shall be Ansbert Gadicke; 

(ii) For so long as F2 Ventures or its Affiliates (“F2”) holds at least 10% of its originally issued Series A
Preferred Units, one (1) person (the “F2 Director” and together with the OIF Director, collectively the “Series A Preferred Directors”), designated by F2 who initially shall be Morana Jovan; 

(iii) For so long as Baupost holds at least 10% of its originally issued Series B Preferred Units, one (1) person (the
“Baupost Director”, and together with the Series A Preferred Directors, the “Preferred Directors”), designated by Baupost; 

(iv) The CEO (the “CEO Director”), which board seat shall initially be vacant, provided that if for any reason
the CEO Director shall cease to serve as the CEO, each of the Members shall promptly vote their respective Units (A) to remove the former CEO from the Board of Directors if such person has not resigned as a member of the Board of Directors and
(B) to elect such person’s replacement as the CEO as the new CEO Director; 

  
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 (v) Two (2) people, mutually acceptable to a majority of the other
members of the Board of Directors, including all of the Lead Directors, who shall initially be Tony Rosenberg and Thomas Ebeling (the “Independent Directors”); and 

(vi) One (1) independent person who does not have an affiliation with any of the Members or the Company, who shall be
designated by a majority of the Preferred Directors and subject to the mutual satisfaction of the Board, including the Independent Directors, such person shall be designated as the chairperson of the Board of Directors. 

(c) In the event that the Member or Members that has or have the right to designate a Director pursuant to clause (b) above requests that
the Director so designated by such Member or Members be removed (with or without cause), by written notice to the other holders of Units, then in such case, such Director shall be removed and each Member hereby agrees to vote all Units, and all
other voting securities of the Company over which such Member has voting control, to effect such removal upon such request. Each Member agrees not to vote any Units having voting power, or any voting securities over which such Member has voting
control, to remove any Director other than pursuant to this clause (c). 
 (d) Except as otherwise provided by law or by this Agreement,
Directors shall hold office until their successors are elected and duly qualified or until their earlier death, disability, resignation or removal. Any Director may resign by delivering his or her written resignation to the Company. Such resignation
shall be effective upon receipt unless it is specified to be effective at some other time or upon the happening of some other event. 
 (e)
The Company shall permit up to one (1) representative of Baupost, who shall be designated from time to time, to attend all meetings of its Board, any committee thereof, or any board of any subsidiary of the Company, in a nonvoting observer
capacity (each such representative, a “Board Observer”) and, in this respect, shall give such representative copies of all notices, minutes, consents, and other documents or materials that it provides to its members at the same time
and in the same manner as provided to such members; provided, however, that Baupost shall cause such representative to hold in confidence such information to the same extent as provided in Section 2.09 above;
provided further, the Company reserves the right to withhold any information and/or exclude any such representative from any meeting or portion thereof to the extent that the Company reasonably believes that the disclosure of which or that the
inclusion of such representative would adversely affect the attorney-client privilege between the Company or its Affiliates and its counsel. Notwithstanding the preceding provisions of this Section, the absence of any such representative from any
meeting or the failure of any such representative to participate in any consent shall not affect the existence of a quorum of the validity of any action taken. 

3.03 Powers and Duties of the Directors. 

(a) Subject in all cases to the provisions of Section 3.03(b) and Section 3.04 and any
applicable consents that must be obtained thereunder or otherwise under this Agreement, the Board of Directors shall have and may exercise on behalf of the Company all of its rights, powers, duties and responsibilities under Section 1.02 or as
otherwise provided by law or this Agreement, including without limitation the right and authority: 

  
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 (i) to manage the business and affairs of the Company and its subsidiaries
and for this purpose to employ, retain or appoint any officers, employees, consultants, agents, brokers, professionals or other Persons in any capacity with the Company or its subsidiaries for such compensation and on such terms as the Board of
Directors deems necessary or desirable and to delegate to such Persons such of its duties and responsibilities as the Board of Directors shall determine, and to remove such Persons or revoke their delegated authority on such terms or under such
conditions as the Board of Directors shall determine; 
 (ii) to form, manage, dissolve and make capital contributions to any
subsidiaries of the Company; 
 (iii) to merge or consolidate the Company or any of its subsidiaries with or into any other
entity or otherwise effect the sale of the Company and its business; 
 (iv) to acquire or invest in other entities or
businesses directly or indirectly through one or more subsidiaries; 
 (v) to enter into, execute, deliver, acknowledge,
make, modify, supplement or amend any documents or instruments in the name of the Company; 
 (vi) to borrow money or
otherwise obtain credit and other financial accommodations on behalf of the Company or any of its subsidiaries on a secured or unsecured basis and to perform or cause to be performed all of the Company’s obligations in respect of its
indebtedness or guarantees and any mortgage, lien or security interest securing such indebtedness; 
 (vii) to issue
additional Units or other rights or other interests in the Company and to designate additional classes of interest in the Company as provided in Section 2.10; 

(viii) to designate one of the Members to serve as (A) the “Tax Matters Partner” of the Company for purposes of
Section 6231(a)(7) of the Code (as in effect prior to the repeal of such section and other related sections pursuant to the Bipartisan Budget Act of 2015) (the “Tax Matters Partner”) and (B) the “Partnership
Representative” of the Company for purposes of Section 6223 of the Code (the “Partnership Representative”), in each case, with power to manage and represent the Company in any administrative proceeding of the Internal
Revenue Service; and 
 (ix) to take any actions in connection with any of the matters set forth in Section 3.04. 

  
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 (b) Matters Requiring Preferred Director Consent. For so long as the holders of
Preferred Units are entitled to elect the Preferred Directors, the Company shall not, without the approval (or written consent) of the Board of Directors, which approval must include the affirmative vote of at least two of the Preferred Directors:

 (i) make, or permit any subsidiary to make, any loan or advance to, or own any stock or other securities of, any
subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company; 
 (ii) make, or
permit any subsidiary to make, any loan or advance to any Person, including, without limitation, any employee or Director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the
terms of an employee unit or option plan approved by the Board of Directors; 
 (iii) guarantee, or permit any subsidiary to
guarantee, any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; 

(iv) make, or permit any subsidiary to make, any investment inconsistent with any investment policy approved by the Board of
Directors; 
 (v) incur, or permit any subsidiary to incur, any aggregate indebtedness in excess of $100,000 that is not
already included in a budget approved by the Board of Directors, other than trade credit incurred in the ordinary course of business; 

(vi) enter into or be a party to, or permit a subsidiary to enter into or be a party to, any transaction with any Director,
Officer, or employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, except for transactions contemplated by this Agreement; 

(vii) hire, terminate, or change, or permit any subsidiary to hire, terminate, or change, the compensation of the executive
officers, including approving any option grants or unit awards; 
 (viii) change the principal business of the Company and
its subsidiaries, enter new lines of business, or exit the current line of business; 
 (ix) sell, assign, license, pledge or
encumber, or permit any subsidiary to sell, assign, license, pledge or encumber, any material technology or intellectual property, other than non-exclusive licenses granted in the ordinary course of business;
or 
 (x) enter into any corporate strategic relationship, or permit any subsidiary to enter into any corporate strategic
relationship, involving payment, contribution or assignment by the Company or any subsidiary or to the Company or any subsidiary of assets greater than $500,000. 

  
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 3.04 Actions Requiring Member Consent. 

(a) Matters Requiring the Consent of the Requisite Preferred Holders. Notwithstanding the provisions of this Agreement, including
Section 3.03, for as long as 10% of the Preferred Units originally issued are outstanding, the Company shall not, and shall not permit any subsidiary to (either directly or by amendment, merger, consolidation or otherwise), without first having
obtained the affirmative vote or written consent (including by means of an authorized electronic, stamped or other facsimile signature) of the Requisite Preferred Holders: 

(i) liquidate, dissolve or wind-up the affairs of the Company, whether voluntary or
involuntary, or effect any merger or consolidation or any other Change of Control of the Company or enter into any agreement to do any of the foregoing; 

(ii) amend, alter, or repeal any provision of this Agreement if it would adversely alter the rights, preferences, privileges or
powers of or restrictions on the Preferred Units; 
 (iii) create or authorize the creation of, or issue, or incur any
obligation to issue, any other security convertible into or exercisable for, any equity security, having rights, preferences or privileges senior to or on parity with the Preferred Units (or any sub-series
thereof), including with respect to redemption and distributions to be made on liquidation or otherwise, or increase the authorized number of Preferred Units (or any sub-series thereof); 

(iv) except as provided for in this Agreement, redeem, purchase or pay, or permit any subsidiary to redeem, purchase or pay,
any distribution or dividend on any Units; provided, however, that this restriction shall not apply to the repurchase of Units from employees, Officers, directors, consultants or other persons performing services for the Company (i) pursuant to
agreements under which the Company has the option to repurchase such Units at the lower of fair market value or cost upon the occurrence of certain events, such as the termination of employment or service, or pursuant to a right of first refusal or
(ii) as approved by the Board of Directors; 
 (v) create or authorize the creation of any debt security other than
equipment leases in the ordinary course of business; 
 (vi) create or hold an equity interest in any subsidiary, including a
wholly-owned subsidiary, or dispose of any subsidiary equity or all or substantially all of any subsidiary assets; 

(vii) increase or decrease the authorized number of Directors constituting the Board of Directors; 

(viii) grant or create any lien or security interests in any of the assets of the Company or any subsidiary other than
equipment in connection with equipment leases in the ordinary course of business and permitted encumbrances; or 

  
 16 

 (ix) effect any tax election, decision or filing that would reasonably be
expected to have a material adverse and disproportionate effect on the holders of Preferred Units relative to any other holder of Capital Units. 

(b) Matters Requiring the Series B Vote. Notwithstanding the provisions of this Agreement, including Section 3.03, for as long as
10% of the Series B Preferred Units originally issued are outstanding, the Company shall not, and shall not permit any subsidiary to (either directly or by amendment, merger, consolidation or otherwise), without first having obtained the affirmative
vote or written consent (including by means of an authorized electronic, stamped or other facsimile signature) of the Series B Vote: 

(i) amend, waive, alter, or repeal any provision of this Agreement if it would adversely alter the rights, preferences,
privileges, powers or obligations of or restrictions on the Series B Preferred Units or the holders of Series B Preferred Units in their capacity as such; 

(ii) create or authorize the creation of, or issue, or incur any obligation to issue, any other security convertible into or
exercisable for, any equity security, having rights, preferences or privileges senior to or on parity with the Series B Preferred Units, including with respect to redemption and distributions to be made on liquidation or otherwise, or increase the
authorized number of Series B Preferred Units (or any sub-series thereof); 
 (iii)
except as provided for in Section 8.02 of this Agreement, redeem, purchase, pay or make any distribution or dividend on any Units (for the avoidance of doubt, including payments in cash or
in-kind and distributions pursuant to Section 8.04 of this Agreement); provided, however, that this restriction shall not apply to the repurchase of Units from employees, Officers,
directors, consultants or other persons performing services for the Company pursuant to agreements under which the Company has the option to repurchase such Units at the lower of fair market value or cost upon the occurrence of certain events, such
as the termination of employment or service, or pursuant to a right of first refusal; 
 (iv) enter into or be a party to, or
permit any subsidiary to enter into or be a party to, any transaction with any Director, Officer, employee or Member of the Company or any Affiliate of any such Person, except for this Agreement, the Purchase Agreement and customary arms-length
employment agreements; 
 (v) effect any tax election, decision or filing that would reasonably be expected to have a
material adverse and disproportionate effect on the holders of Series B Preferred Units (or their direct or indirect beneficial owners) relative to any other holder of Capital Units; or 

(vi) amend, waive, alter, or repeal any provision of this Agreement if it would improve the rights of other Members or Units
relative to holders of Series B Units or the Series B Units. 

  
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 3.05 Committees of the Board of Directors. The Board of Directors may establish an
audit committee, compensation committee or other committees from time to time and any such committee shall carry out such functions as may from time to time be delegated to it by the Board of Directors. All members of the audit committee and
compensation committee shall be non-employee Directors and each committee shall include at least a majority of the Preferred Directors. Each Lead Director shall be entitled, in such person’s discretion,
to be a member of any committee of the Board of Directors that may be established by the Company from time to time or a member of any committee of any board of directors of a subsidiary established from time to time. 

3.06 Chairman of the Board of Directors. The Board of Directors may elect a chairperson. 

3.07 Reliance by Third Parties. Any Person dealing with the Company, the Directors or any Member may rely upon a certificate signed by
all of the Directors as to: (a) the identity of any Directors or Members; (b) any factual matters relevant to the affairs of the Company; (c) the Persons who are authorized to execute and deliver any document on behalf of the Company;
or (d) any action taken or omitted by the Company, the Directors or any Member. 
 3.08 Board Voting Rights; Meetings; Quorum.

 (a) Each Director shall be entitled to one (1) vote with respect to any matter before the Board of Directors or any committee
thereof. 
 (b) Regularly scheduled meetings of the Board of Directors may be held without notice at such time, date and place as a majority
of the Directors may from time to time determine. Unless otherwise determined by the vote of a majority of the Directors then in office, the Board of Directors shall meet at least quarterly in accordance with an agreed-upon schedule. Special
meetings of the Board of Directors may be called, in person, in writing or by means of electronic communication, by the chairman of the Board of Directors or any of the Directors, designating the time, date and place thereof. Directors may
participate in meetings of the Board of Directors by means of telephone conference or similar communications equipment by means of which all Directors participating in the meeting can hear each other, and participation in a meeting in accordance
herewith shall constitute presence in person at such meeting. No Director may delegate its rights and obligations to participate in and vote at any meeting of the Board of Directors. 

(c) Notice of the time, date and place of all special meetings of the Board of Directors shall be given to each Director by the Secretary or
Assistant Secretary, or in case of the death, absence, incapacity or refusal of such Persons, by the Officer or one of the Directors calling the meeting. Notice shall be given to each Director in person or by facsimile or electronic mail sent to his
or her business or home address at least twenty-four (24) hours in advance of the meeting, or by written notice mailed to his or her business or home address at least seventy-two (72) hours in
advance of the meeting. Notice need not be given to any Director if a written waiver of notice is executed by him before or after the meeting, or if communication with such Director is unlawful. The attendance of a Director at a meeting shall
constitute a waiver of notice of such meeting, except where a Director attends a meeting for the express purpose of objecting at the beginning of the meeting to the transaction of any business because such meeting is not lawfully called or convened.
A notice or waiver of notice of a meeting of the Board of Directors need not specify the purposes of the meeting. 

  
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 (d) At any meeting of the Board of Directors, a majority of the Board of Directors shall
constitute a quorum. Less than a quorum may adjourn any meeting from time to time and the meeting may be held as adjourned without further notice upon reaching a quorum. 

3.09 Actions of the Board of Directors and Committees. 

(a) At any meeting of the Board of Directors at which a quorum is present, a majority of the Directors present may take any action on behalf of
the Board of Directors, unless a larger number is required by law or by this Agreement. 
 (b) Any action required or permitted to be taken
at any meeting of the Board of Directors may be taken without a meeting if a written consent thereto is signed (including by means of an authorized electronic, stamped or other facsimile signature) by all of the Directors then in office and filed
with the records of the meetings of the Board of Directors. Such consent shall be treated as a vote of the Board of Directors for all purposes. 

3.10 Reimbursement of Directors. The Company shall promptly reimburse in full each Director and Board Observer for all such
Director’s and Board Observer’s reasonable out-of-pocket expenses incurred in connection with attending any meeting of the Board of Directors or a committee
thereof or any board of directors or committee thereof of a subsidiary of the Company for each Director and Board Observer with respect to service on the Board of Directors. 

3.11 Transaction with Interested Persons. 

(a) Unless entered into in bad faith, no contract or transaction between the Company or any of its subsidiaries and one of its or their
Directors, Officers or Members, or between the Company or any of its subsidiaries and any other Person in which one or more of its or any of its subsidiaries’ Directors, Officers or Members have a financial interest or are directors, partners,
members, stockholders, officers or employees, shall be voidable solely for this reason or solely because said Member, Director or Officer was present or participated in the authorization of such contract or transaction if: (i) the material
facts as to the relationship or interest of said Person and as to the contract or transaction were disclosed or known to the Board of Directors and the contract or transaction was authorized by a majority of the votes held by disinterested members
of the Board of Directors (if any); or (ii) the contract or transaction was entered into on terms and conditions that were fair and reasonable to the Company as of the time it was authorized, approved or ratified. Subject to compliance with the
provisions of this Section 3.11, no Member, Director or Officer interested in such contract or transaction, because of such interest, shall be considered to be in breach of this Agreement or liable to the Company, any other
Member, Director or other Person for any loss or expense incurred by reason of such contract or transaction or shall be accountable for any gain or profit realized from such contract or transaction. 

  
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 (b) The Company hereby renounces, to the fullest extent permitted by the Act and applicable
law, any interest or expectancy of the Company in, or in being offered, an opportunity to participate in, any matter, transaction or interest that is presented to, or acquired, created or developed by, or which otherwise comes into the possession
of, (i) any Director who is not an employee or consultant of the Company or any of its subsidiaries, or (ii) any holder of Units or any partner, member, director, stockholder, officer, employee or agent of any such holder, other than
someone who is an employee of the Company or any of its subsidiaries (collectively, “Covered Persons”), unless such matter, transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the
possession of, a Covered Person expressly and solely in such Covered Person’s capacity as a Director (an “Investor Business Opportunity”). To the fullest extent permitted by law, and solely in connection therewith, the Company
hereby waives any claim against a Covered Person, and agrees to indemnify all Covered Persons against any claim, that is based on fiduciary duties, the corporate opportunity doctrine or any other legal theory which could limit any Covered Person
from pursuing or engaging in any Investor Business Opportunity. 
 3.12 Limitation of Liability of Directors. No Director shall be
obligated personally for any debt, obligation or liability of the Company or of any Member, whether arising in contract, tort or otherwise, by reason of being or acting as Director of the Company. No Director shall be personally liable to the
Company or its Members for any action undertaken or omitted in good faith reliance upon the provisions of this Agreement unless the acts or omissions of the Director were not in good faith or involved gross negligence or intentional misconduct;
provided, that, subject to Section 3.11, each Director shall owe, and shall act in a manner consistent with, fiduciary duties to the Company and its Members of the nature, and to the same extent, as those owed by Directors of a Delaware
corporation to such corporation and its stockholders. Any Person alleging any act or omission as not taken or omitted in good faith shall have the burden of proving by a preponderance of the evidence the absence of good faith. 

3.13 Confidentiality Agreement. The Company will cause each employee and consultant, now or hereafter engaged by the Company or any
subsidiary, to enter into a non-disclosure, non-solicitation and proprietary information and inventions assignment agreement in a form reasonably acceptable to the
Requisite Preferred Holders. 
 ARTICLE IV 

OFFICERS 
 4.01
Enumeration. Except as otherwise provided herein, the Board of Directors may delegate its powers to act on behalf of the Company to officers of the Company (each, an “Officer” and, collectively, the
“Officers”), which may consist of a President (the “President”), a CEO, Treasurer (the “Treasurer”), Secretary (the “Secretary”), and such other Officers, including one or more Vice
Presidents, Assistant Treasurers and Assistant Secretaries, as the Board of Directors may determine. 
 4.02 Election. The President,
CEO, Treasurer and Secretary may be elected by the Directors at any meeting. 

  
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 4.03 Qualification. No Officer need be a Member or Director. Any two (2) or more
offices may be held by the same Person. 
 4.04 Tenure. Except as otherwise provided by the Act or by this Agreement, each of the
Officers shall hold office until his or her successor is elected or until his or her earlier resignation or removal. Any Officer may resign by delivering his or her written resignation to the Company, and such resignation shall be effective upon
receipt unless it is specified to be effective at some other time or upon the happening of some other event. 
 4.05 Removal. The
Board of Directors may remove any Officer with or without cause unless otherwise provided in a written employment agreement between the Company and the Officer that has been approved by the Board of Directors. 

4.06 Vacancies. Any vacancy in any office may be filled for the unexpired portion of the term by the Board of Directors. 

4.07 Chief Executive Officer. The CEO shall, subject to the direction of the Board of Directors, have general supervision and control of
the Company’s business. Unless otherwise provided by the Board of Directors, he or she shall preside, when present, at all meetings of the Members. Any action taken by the CEO, and the signature of the CEO on any agreement, contract, instrument
or other document on behalf of the Company shall, with respect to any third party, be sufficient to bind the Company and shall conclusively evidence the authority of the CEO and the Company with respect thereto. 

4.08 President. The President shall, subject to the direction of the Board of Directors and the CEO, have general supervision and
control of the Company’s business. Any action taken by the President, and the signature of the President on any agreement, contract, instrument or other document on behalf of the Company shall, with respect to any third party, be sufficient to
bind the Company and shall conclusively evidence the authority of the President and the Company with respect thereto. 
 4.09 Treasurer
and Chief Financial Officer. The Treasurer and Chief Financial Officer shall, subject to the direction of the Board of Directors, have general charge of the financial affairs of the Company and shall cause to be kept accurate books of account.
He or she shall have custody of all funds, securities, and valuable documents of the Company, except as the Board of Directors may otherwise provide. 

4.10 Secretary and Assistant Secretaries. The Secretary shall record all the proceedings of the meetings of the Board of Directors
(including committees thereof) in books kept for that purpose. In his or her absence from any such meeting an Assistant Secretary, or if there be none or he or she is absent, a temporary secretary chosen at the meeting, shall record the proceedings
thereof. The Secretary shall have such other duties and powers as may be designated from time to time by the Board of Directors, the President or the CEO. 

4.11 Other Powers and Duties. Subject to this Agreement, each Officer shall have, in addition to the duties and powers specifically set
forth in this Agreement, such duties and powers as are customarily incident to his or her office, and such duties and powers as may be designated from time to time by the Board of Directors. 

  
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 4.12 Reimbursement of Officers. The Company shall promptly reimburse in full each
Officer who is not an employee of the Company for all of such Officer’s reasonable out-of-pocket expenses, subject to
pre-approval, incurred in connection with the performance of his or her duties as such an Officer. 

ARTICLE V 
 INDEMNIFICATION 

5.01 Right to Indemnification. Subject to the provisions of this ARTICLE V, the Company shall indemnify, to the fullest extent that
would have been permissible under the Delaware General Corporation Law (as amended, the “DGCL”) if the Company were a corporation organized and existing under the DGCL, all Indemnified Persons against all expenses incurred by the
Indemnified Persons in connection with any proceeding in which an Indemnified Person is involved as a result of serving in the capacity by reason of which such Person is deemed to be an “Indemnified Person” pursuant to
Section 5.06(a). Subject to the foregoing limitation, such indemnification shall be provided by the Company with respect to a proceeding in which it is claimed that the Indemnified Person received an improper personal benefit by reason of his
position, regardless of whether the claim arises out of the Indemnified Person’s service in such capacity, except for matters as to which it is finally judicially determined that an improper personal benefit was received by the Indemnified
Person. 
 5.02 Primary Indemnification. Each Member acknowledges that each Indemnified Person may have certain rights to
indemnification, advancement of expenses or insurance available to such Indemnified Person pursuant to other agreements or arrangements with one or more third parties, including, without limitation, a Member or its Affiliates (collectively,
“Other Indemnitors”). The Company shall be the indemnitor of first resort (i.e., its obligations to an Indemnified Person are primary and any obligation of any Other Indemnitor to advance expenses or to provide indemnification for
the same expenses or liabilities incurred by an Indemnified Person are secondary) in connection with any claims or losses arising from any matter referred to in this ARTICLE V in which an Indemnified Person may be involved or threatened to be
involved, as a party or otherwise, arising out of or incident to the business or operations of the Company or any of its subsidiaries. The Company shall advance the full amount of expenses incurred by an Indemnified Person and shall be liable for
the full amount of all such losses to the extent legally permitted and required by the terms of this Agreement (or any other agreement between the Company and an Indemnified Person), without regard to any rights an Indemnified Person may have
against any Other Indemnitor. The Company irrevocably waives, relinquishes and releases the Other Indemnitors from any claim against the Other Indemnitors for contribution, subrogation or any other recovery of any kind in respect of any amount paid
or advanced by the Company pursuant to this provision. No advancement or payment by any Other Indemnitor on behalf of an Indemnified Person with respect to any claim for which an Indemnified Person has sought indemnification from the Company shall
affect the Company’s obligation as primary obligor and to the extent of such advancement or payment by any of the Other Indemnitors, the Other Indemnitors shall have a right of contribution and shall be subrogated to all of the rights of
recovery of an Indemnified Person against the Company. The Other Indemnitors are express third party beneficiaries of the terms of this Section 5.02. An Indemnified Person may notify the Company in writing of the existence of any Other
Indemnitor in respect of such Indemnified Person, provided that the failure of an Indemnified Person to so notify the Company shall not adversely impact the rights of any Other Indemnitor under this Section 5.02. 

  
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 5.03 Award of Indemnification. The determination of whether the Company is authorized
to indemnify the Indemnified Persons hereunder and any award of indemnification shall be made in each instance (a) if there is more than one Indemnified Person, by a majority of the votes held by Directors who are not parties to the proceeding
in question or (b) by independent legal counsel appointed by such Directors or a Majority Interest. The Company shall be obliged to pay indemnification applied for by the Indemnified Persons unless there is an adverse determination (as provided
above) within forty-five (45) days after the application. If indemnification is denied, the applicant may seek an independent determination of its right to indemnification by a court, and in such event, the Company shall have the burden of
proving that the applicant was ineligible for indemnification under this ARTICLE V. 
 5.04 Successful Defense. Notwithstanding any
contrary provisions of this ARTICLE V, if the Indemnified Person has been wholly successful on the merits in the defense of any proceeding in which it was involved by reason of its position as an Indemnified Person or as a result of serving in such
capacity (including termination of investigative or other proceedings without a finding of fault on the part of the Indemnified Person), the Indemnified Person shall be indemnified by the Company against all expenses incurred by the Indemnified
Person in connection therewith. 
 5.05 Advance Payments. Except as limited by law, expenses incurred by the Indemnified Person in
defending any proceeding, including a proceeding by or in the right of the Company, shall be paid by the Company to the Indemnified Person in advance of final disposition of the proceeding upon receipt of its written undertaking to repay such amount
if the Indemnified Person is determined pursuant to this ARTICLE V or adjudicated to be ineligible for indemnification, which undertaking shall be an unlimited general obligation but need not be secured and may be accepted without regard to the
financial ability of the Indemnified Person to make repayment. 
 5.06 Definitions. For purposes of this Article: 

(a) “Indemnified Person” includes (i) a Person serving as a Director, including, without limitation, as a Preferred
Director, or an Officer or in a similar executive capacity appointed by the Directors and exercising rights and duties delegated by the Directors, (ii) a Person serving at the request of the Company as a director, manager, officer, employee or
other agent of another organization, including, without limitation, any subsidiary of the Company, (iii) any Person who formerly served in any of the foregoing capacities (with respect to matters relating to such services), and
(iv) holders of Capital Units; 
 (b) “Expenses” means all expenses, including attorneys’ fees and disbursements,
actually and reasonably incurred in defense of a proceeding or in seeking indemnification under this ARTICLE V, and except for proceedings by or in the right of the Company or alleging that the Indemnified Person received an improper personal
benefit (unless it is judicially determined that the Indemnified Person satisfied the standard of conduct set forth above for indemnification), any judgments, awards, fines, penalties and reasonable amounts paid in settlement of a proceeding; and

  
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 (c) “Proceeding” means any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, and any claim which could be the subject of a proceeding. 
 5.07
Insurance. 
 (a) The Company shall have the power to purchase and maintain insurance on behalf of any Director, Officer, agent or
employee against any liability or cost incurred by such Person in any such capacity or arising out of its status as such, whether or not the Company would have power to indemnify against such liability or cost. 

(b) The Company shall use commercially reasonable efforts to cause a Directors and Officers Errors and Omissions insurance policy to be
maintained from an insurer and in an amount satisfactory to the Board of Directors, until such time as the Board of Directors, including all Preferred Directors, determines that such insurance should be discontinued. 

5.08 Successor Indemnification. The indemnification provided by this ARTICLE V shall inure to the benefit of the heirs and personal
representatives of the Indemnified Persons. If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to
the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of Indemnified Persons as in effect immediately before such transaction,
whether such obligations are contained in this Agreement, or elsewhere, as the case may be. 
 5.09
Non-Exclusivity. The provisions of this ARTICLE V shall not be construed to limit the power of the Company to indemnify its or any of its subsidiaries’ directors, members, equityholders, partners,
officers, employees or agents to the full extent that would have been permitted by the DGCL if the Company were a corporation organized and existing under the DGCL, or otherwise permitted by law, or to enter into specific agreements, commitments or
arrangements for indemnification that would have been or are so permitted. The absence of any express provision for indemnification herein shall not limit any right of indemnification existing independently of this ARTICLE V. 

5.10 Amendment; Survival. The provisions of this ARTICLE V may be amended or repealed in accordance with Section 13.04; provided,
however, that no amendment or repeal of such provisions that adversely affects the rights of an Indemnified Person under this ARTICLE V with respect to his, her or its acts or omissions at any time prior to such amendment or repeal, shall apply to
an Indemnified Person without his, her or its consent. The obligations of the Company under this ARTICLE V shall survive any Change of Control of the Company. 

  
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 ARTICLE VI 

CAPITAL CONTRIBUTIONS AND DISTRIBUTIONS 

6.01 Additional Capital Contributions. Except as specified in this Agreement or in any other agreement executed by such Member and the
Company, no Member shall be required to make any additional Capital Contributions to the Company. 
 6.02 Capital Accounts. 

(a) A separate Capital Account shall be established for each Member and shall be maintained in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv) and this Section 6.02(a) shall be interpreted and applied in a manner consistent with such regulations. No Member shall have any obligation to restore any
portion of any deficit balance in such Member’s Capital Account, whether upon liquidation of its interest in the Company, liquidation of the Company or otherwise. In accordance with Treasury Regulation
Section 1.704-1(b)(2)(iv)(f), the Company may adjust the Capital Accounts of its Members to reflect revaluations (including any unrealized income, gain or loss) of the Company’s property
(including intangible assets such as goodwill), whenever it issues additional interests in the Company (including any interests with a zero initial Capital Account), or whenever the adjustments would otherwise be permitted under such Treasury
Regulation. In the event that the Capital Accounts of the Members are so adjusted, (i) the Capital Accounts of the Members shall be adjusted in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization and gain or loss, as computed for book purposes, with respect to such property and (ii) the Members’
distributive shares of depreciation, depletion, amortization and gain or loss, as computed for tax purposes, with respect to such property shall be determined so as to take account of the variation between the adjusted tax basis and book value of
such property in the same manner as under Section 704(c) of the Code. In the event that Code Section 704(c) applies to property of the Company, the Capital Accounts of the Members shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) for allocations of depreciation, depletion, amortization, and gain and loss, as computed for book purposes with respect to such property. The Capital Accounts shall be
maintained for the sole purpose of allocating items of income, gain, loss and deduction among the Members and shall have no effect on the amount of any distributions to any Members in liquidation or otherwise (except with respect to Tax
Distributions to the extent of any allocation that gives rise to taxable income or loss under Section 8.02). 
 (b)
The Capital Accounts of the Members as of the date hereof are set forth on Schedule A. 
 (c) Except as otherwise expressly provided
herein, no Member may withdraw, or shall be entitled to a return of, any portion of such Member’s Capital Contribution. 

  
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 ARTICLE VII 

ALLOCATIONS OF INCOME, ETC. 
 7.01
Allocations Generally. 
 (a) General Allocations. Subject to, and after applying, Section 2.10(e)
and Section 7.01(b), net income or net loss, if any, shall be allocated among the Members in such ratio or ratios as may be required to cause the balances of the Members’ Economic Capital Accounts to equal, as nearly
as possible, their Target Balances, consistent with the provisions of Section 7.01(b). 
 (b) Regulatory
Allocations. To the extent the allocation provisions of Section 7.01 would not comply with the Treasury Regulations under Section 704(b) of the Code, there is hereby included in this Agreement such special
allocation provisions governing the allocation of income, gain, loss, deduction and credit (prior to making the remaining allocations in conformity with Section 7.01) as may be necessary to provide herein a
so-called “qualified income offset,” and ensure that this Agreement complies with all provisions, including “minimum gain” provisions, relating to the allocation of so-called “nonrecourse deductions” and “partner nonrecourse deductions” and the charge back thereof as are required to comply with the Treasury Regulations under Section 704(b) of the Code.
In particular, so-called “nonrecourse deductions” and “excess nonrecourse liabilities,” as defined in the Treasury Regulations under Sections 704(b) and 752 of the Code, shall be allocated
to each Member based upon each Member’s Percentage Interest. 
 (c) Compliance with Code Section 704(b). The
allocation provisions contained in this ARTICLE VII are intended to comply with Code Section 704(b) and the Treasury Regulations promulgated thereunder and shall be interpreted and applied in a manner consistent therewith. 

7.02 Tax Allocations. 
 (a)
Subject to Section 7.02(b), (c) and (d), items of income, gain, loss, deduction, and credit to be allocated for income tax purposes shall be allocated among the Members on the same basis as the corresponding
“book” items are allocated as provided in Section 7.01; provided however, that the tax items allocated to Members pursuant to this Section 7.02(a) shall not be reflected in the
Member’s Capital Accounts. 
 (b) If any assets of the Company are subject to Code Section 704(c) or reflected in the Capital
Accounts of the Members at a book value that differs from the adjusted federal income tax basis of such property, then the tax items with respect to such property shall be shared among the Members in a manner that takes account of the variation
between the adjusted federal income tax basis of such property of the Company and its book value in accordance with the requirements of Code Section 704(c), the Treasury Regulations thereunder, and Treasury Regulations Section 1.704-1(b)(4)(i). 
 (c) If the book value of any Company asset is adjusted pursuant to
Section 6.02(a), subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax
purposes and its book value in the same manner as under Code Section 704(c). 

  
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 (d) Allocations of tax credits, tax credit recapture, and any items related thereto shall be
allocated to the holders of Units according to their interests in such items as determined by the Board of Directors taking into account the principles of Treasury Regulations Section 1.704-1(b)(4)(ii).

 (e) Allocations pursuant to this Section 7.02 are solely for purposes of federal, state and local taxes and
shall not affect, or in any way be taken into account in computing, any holder’s Capital Account or share of book income, gain, loss or deduction, distributions or other Company items pursuant to any provision of this Agreement. 

7.03 Special Allocations, Tax Elections and Tax Matters Partner. 

(a) If any interest in the Company is transferred, increased or decreased during the year, all items of income, gain, loss, deduction and
credit recognized by the Company for such year shall be allocated among the Members as determined by the Board of Directors, subject to compliance with Section 706(d) of the Code. Notwithstanding the foregoing, items of income, gain, loss,
deduction and credit recognized by the Company for the taxable year in which Baupost purchases the Series B Preferred Units pursuant to the Purchase Agreement shall be allocated among the Members using the “closing of the books” method, as
of the end of the day on the Closing (as defined in the Purchase Agreement). 
 (b) The Company and the Members shall not treat any of the
rights of the Members under this Agreement, including with respect to the issuance of, and economic rights of, Preferred Units, as giving rise to any guaranteed payment for capital under Section 707 of the Code.  
 (c) Subject to compliance with the terms of this Agreement and any express limitations
herein (including Section 3.04(a)(ix) or (b)(v), the second sentence of Section 7.03(a), and Sections 9.04 and 9.05), the Board of Directors shall have the authority to make
any tax elections and other tax decisions with respect to the Company, to approve any returns regarding any foreign, federal, state or local tax obligations of the Company, and to make all determinations regarding the allocation of income and loss
contemplated by this ARTICLE VII. 
 (d) Subject to the last sentence of this Section 7.03(d) and to
Section 7.03(e), the Tax Matters Partner or the Partnership Representative, as applicable, shall have authority to make decisions regarding any Company tax controversy. Each Member hereby agrees (i) to take such
actions as may be required to effect the appointed Member’s designation as the Partnership Representative (as determined pursuant to Section 3.03(a)(viii)), (ii) to cooperate to provide any information or take such
other actions as may be reasonably requested by the Partnership Representative in order to determine whether any Imputed Underpayment Amount may be modified pursuant to Code Section 6225(c), and (iii) to, upon the request of the
Partnership Representative, file any amended U.S. federal income tax return and pay any tax due in connection with such tax return in accordance with Code Section 6225(c)(2); provided, however, that this clause (iii) shall not apply with
respect to Baupost with respect to any requirement to 

  
 27 

 
file an amended tax return. A Member’s obligation to comply with this Section 7.03(d) shall survive the transfer, assignment or liquidation of such Member’s
interest in the Company. Notwithstanding the foregoing, each of the Tax Matters Partner and the Partnership Representative shall be subject to the control of the Board of Directors pursuant to Section 7.03(c) and shall not
settle or otherwise compromise any issue in any such examination, audit or other proceeding without first obtaining approval of the Board of Directors. 

(e) The Partnership Representative (and, if different, the Company) will give notice to Baupost within a reasonable period of time following
the receipt of notice that the IRS or any other taxing authority intends to examine or audit any income tax returns of the Company. The Partnership Representative will keep Baupost reasonably informed of all tax audits, examinations and other
proceedings involving the Company. In addition, in connection with any audit, examination or other proceeding, the Partnership Representative will not settle or compromise any audit, examination or other proceeding without the prior written consent
of Baupost if such settlement or compromise would disproportionately adversely affect Baupost or its direct or indirect members, shareholders, partners, beneficiaries, or other beneficial owners. Notwithstanding anything to the contrary in this
Agreement, Baupost shall not be required to file any amended tax return in connection with Code Section 6225 or otherwise by the Company. 

(f) Notwithstanding anything to the contrary in this Agreement, neither the Partnership Representative (nor, if different, the Company) will
make an election pursuant to section 1101(g)(4) of the Bipartisan Budget Act of 2015 to have the new partnership audit regime apply to any of its tax returns for a taxable period ending on or before December 31, 2017. 

ARTICLE VIII 
 DISTRIBUTIONS 

8.01 Distributions Generally. 

(a) Subject to the provisions of this ARTICLE VIII, the Board of Directors may, in its discretion, determine the amount of any Proceeds
Available for Distribution and any Capital Transaction Proceeds and the time when such amounts are to be distributed. Once such determination is made by the Board of Directors, and, in any event, if required pursuant to
Section 11.03, (i) upon the closing of any Capital Transaction the Company shall promptly distribute such Capital Transaction Proceeds associated with such transaction in accordance with Section 8.01(b), (ii)
upon the closing of a Change of Control, the Company shall immediately distribute such proceeds associated with such Change of Control transaction in accordance with Section 8.01(b), and (iii) upon a dissolution,
winding up and liquidation in accordance with Section 11.02, the Company shall immediately distribute such proceeds associated with such dissolution, winding up and liquidation. The Board of Directors may establish record
dates for the purpose of determining the Members of the Company entitled to any distribution. 
 (b) Proceeds Available for Distribution and
any Capital Transaction Proceeds shall be distributed to the Members: 

  
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 (i) First, to the Members holding Series B Preferred Units in proportion to
the remaining amount to be distributed to such holders under this Section 8.01(b)(i) until, on a Series B Preferred Unit by Series B Preferred Unit basis, each Preferred Unit has been distributed an amount equal to the
Unpaid Preferred Unit Preference Amount for such Series B Preferred Unit; 
 (ii) Second, to the Members holding Series Seed
Preferred Unit and Series A Preferred Units on a pari passu basis in proportion to the remaining amount to be distributed to such holders under this Section 8.01(b)(ii) until, on a Series Seed Preferred Unit and Series A
Preferred Unit basis, each such Preferred Unit has been distributed an amount equal to the Unpaid Preferred Unit Preference Amount for such Series Seed Preferred Unit and Series A Preferred Unit, as applicable; 

(iii) Third, subject to Section 8.01(c), to the Members holding Common Units and Non-Voting Incentive Units pro rata an amount per Unit under this Section 8.01(b)(iii) equal to the amount per Unit paid per Unit in respect of the Series Seed Preferred Units under
Section 8.01(b)(ii) above; 
 (iv) Fourth, subject to Section 8.01(c), to the Members holding
Common Units, Non-Voting Incentive Units and Series Seed Preferred Units, pro rata in proportion to the remaining amount to be distributed to such holders under this
Section 8.01(b)(iv), if any, until an amount has been distributed in respect of each such Unit under Section 8.01(b)(ii), Section 8.01(b)(iii),and this
Section 8.01(b)(iv) equal to (1) in the case of Series Seed Preferred Units, the product of (A) the Adjustment Ratio in effect for such Unit (if any) multiplied by (B) the amount distributed in respect of any
Series A Preferred Unit under Section 8.01(b)(ii), and (2) in the case of Common Units and Non-Voting Incentive Units, the amount distributed in respect of any Series A Preferred
Unit under Section 8.01(b)(ii); 
 (v) Fifth, subject to Section 8.01(c),
to the Members holding Common Units, Non-Voting Incentive Units, Series Seed Preferred Units and Series A Preferred Units, pro rata in proportion to the remaining amount to be distributed to such holders under
this Section 8.01(b)(v), until an amount has been distributed in respect of each such Unit under Section 8.01(b)(ii), Section 8.01(b)(iii),
Section 8.01(b)(iv) and this Section 8.01(b)(v) equal to (1) in the case of Series A Preferred Units, the product of (A) the Adjustment Ratio in effect for such Unit (if any) multiplied
by (B) the amount distributed in respect of any Series B Preferred Unit under Section 8.01(b)(i), (2) in the case of Series Seed Preferred Units, the product of (A) the Adjustment Ratio in effect for such Unit (if
any) multiplied by (B) the amount distributed in respect of any Series B Preferred Unit under Section 8.01(b)(i), and (3) in the case of Common Units and Non-Voting
Incentive Units, the amount distributed in respect of any Series B Preferred Unit under Section 8.01(b)(i); and 

(vi) Sixth, subject to Section 8.01(c), to all holders of Units in proportion to their Percentage
Interest. 

  
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 (c) Notwithstanding any provision in this Agreement to the contrary, no holder of Non-Voting Incentive Units shall participate in (and no such Non-Voting Incentive Unit shall be treated as outstanding for purposes of apportioning) any distributions under
Section 8.01 (i) in respect of any Non-Voting Incentive Units that are unvested at the time of such distribution, absent a separate written agreement between the Member and the
Company and (ii), until a total amount equal to the Strike Price with respect to such Non-Voting Incentive Unit has been distributed in respect of each other Non-Voting
Incentive Unit pursuant to Sections 8.01(b)(iii), 8.01(b)(iv), 8.01(b)(v) and 8.01(b)(vi) (reduced in the case of Non-Voting Incentive Units also subject to a Strike Price by the
amount of such Strike Price) subsequent to the issuance of such Non-Voting Incentive Units, except, in each case, other than Tax Distributions treated as advances on distributions made pursuant to
Section 8.01. The Board of Directors shall have the discretion to make any determinations required under this clause, including as to the extent to which Non-Voting Incentive
Units with an associated Strike Price will be excluded from participating in Company Distributions on account of this Section 8.01(c). 

8.02 Tax Distributions. 

(a) At least three (3) weeks prior to the end of any fiscal quarter of the Company, the Company, at the sole discretion of the Board of
Directors, shall deliver to each Member a statement setting forth the amount of income and gain (and, to the extent reasonably practicable, each item thereof) expected to be allocated by the Company to such Member for federal income tax purposes
with respect to such fiscal quarter, as estimated by the Board of Directors, in consultation with the Officers and tax and accounting advisors. Notwithstanding any other provision of this Section 8.02, and prior to and in
preference over any distributions pursuant to Section 8.01, the Company, at the sole discretion of the Board of Directors, shall distribute to such Member, at least seven (7) days prior to the estimated tax payment due
date for such fiscal quarter, an amount of cash equal to the amounts estimated by the Board of Directors, in consultation with the Officers and its tax and accounting advisors, to represent the assumed federal, state and local income tax liability
(such liability, a “Tax Liability”) that would be incurred by such Member with respect to such Member’s allocable share of the Company’s taxable net income for such quarter (any such distribution, and any other
distribution under this Section 8.02, a “Tax Distribution”). In calculating the amount of each Tax Distribution, the Company shall assume that each Member’s Tax Liability is equal to (i) the
highest combined marginal federal, state and local income tax rate applicable for such period to an individual resident in the jurisdiction with the highest combined marginal federal, state and local income tax rate, as determined by the Board of
Directors in consultation with its tax and accounting advisors (the “Tax Rate”), multiplied by (ii) such Member’s allocable share of the taxable income of the Company (as reduced, but not below zero, by any prior net loss
allocated to such Member that was not previously taken into account under this sentence). The Tax Rate may be adjusted by the Board of Directors (provided that the same percentage shall apply to each Member) to account for preferential rates of
income tax applicable to certain kinds of income for individuals. In addition, within ninety (90) days after the end of each Fiscal Year, the Company shall distribute to each Member an amount equal to the excess, if any, of (x) such
Member’s Tax Liability with respect to such Fiscal Year minus (y) the sum of all other Tax Distributions distributed to such Member pursuant to this Section 8.02 with respect to such Fiscal Year. For purposes of
calculating the Tax Liability of a Member, the Company shall take into account any allocations of income or gain to a Member with respect to any accrued dividend or other amount 

  
 30 

 
properly treated as a guaranteed payment for capital under Section 707(c) of the Code. Notwithstanding the foregoing, Tax Distributions shall not be available to a Member with respect to any
guaranteed payment for services under Section 707(c) of the Code or any other payment for services to a Member not in his, her or its capacity as a Member under Section 707(a) of the Code. Notwithstanding anything herein to the contrary,
Tax Distributions pursuant to this Section 8.02(a) shall be treated as advances of the first Distributions under Section 8.01(b)(iii)-(vi) that would otherwise be made to such Member, and shall
reduce or offset amounts otherwise distributable pursuant to Section 8.01(b)(iii)-(vi) accordingly; provided, however that Tax Distributions to the Members holding Series Seed Preferred Units, Series A Preferred Units
and/or Series B Preferred Units pursuant to this Section 8.02(a) shall not be treated as advances of Distributions under Section 8.01(b)(i) or (ii), as applicable, that would otherwise be made to such Member, and shall not reduce or offset
amounts otherwise distributable pursuant to Section 8.01(b)(i) or (ii), as applicable.  

(b) To the extent that (i) the sum of all Tax Distributions distributed to any Member pursuant to this
Section 8.02 with respect to a Fiscal Year exceed (ii) such Member’s Tax Liability with respect to such Fiscal Year, such excess shall be considered a Tax Distribution in respect of the immediately succeeding
Fiscal Year for purposes of determining the Company’s obligation to make Tax Distributions with respect to such immediately succeeding Fiscal Year. To the extent that (iii) any Member’s Tax Liability with respect to such Fiscal Year
exceeds (iv) the sum of all Tax Distributions distributed to such Member pursuant to this Section 8.02 with respect to such Fiscal Year, the Company shall distribute such excess to such Member as soon as possible, and
any such distributions shall be made in preference of, and in addition to, any subsequent Tax Distributions for subsequent Fiscal Years. For the avoidance of doubt, this Section 8.02(b) shall apply in the event of a
redetermination of the Tax Liability of a Member after the close of a Fiscal Year, whether as a result of an audit and assessment by a taxing authority or otherwise. 

8.03 Limitations on Distributions. No distribution shall be made to a Member if and to the extent that such distribution would cause the
Company to be insolvent. 
 8.04 In-Kind Distributions; Distributions of Subsidiaries.

 (a) The amount of any in-kind distribution shall be distributed on the basis of the
property’s then Fair Market Value and shall be distributed to the Members in proportion to their overall shares of the amounts then being distributed. 

(b) Notwithstanding any provision herein to the contrary, unless otherwise determined by a unanimous vote of the Board of Directors, in the
event the Board of Directors determines to distribute a subsidiary of the Company to the Members and such distribution is not being made in connection with or after a public offering of such subsidiary pursuant to which such subsidiary will or has
become traded on a national securities exchange, such distribution shall be made to all the Members in a manner such that, to the extent reasonably possible, each Member receives equity interests in such subsidiary having rights, preferences,
privileges and obligations substantially similar to those that exist with respect to the interests of the Member in the Company at the time of such distribution, subject to such adjustments as the Board of Directors determines fair and equitable to
take into account the relative values of the Company 

  
 31 

 
and such subsidiary. In the event of such distribution, the rights to distributions from the Company thereafter shall be proportionately reduced in a manner determined fair and equitable by the
Board of Directors. By way of illustration and not limitation, in the event the Company distributes a subsidiary pursuant to this Section 8.04(b) having a Fair Market Value equal to ten percent (10%) of the Fair Market
Value of the Company, the Members holding Series Seed Preferred Units, Series A1 Preferred Units and Series B Preferred Units shall receive similar interests in such subsidiary provided (i) the equivalent of the Unpaid Preferred Unit Preference
Amount of such similar interests shall equal ten percent (10%) of the then-remaining Unpaid Preferred Unit Preference Amount for such series of Preferred Units and (ii) the then-remaining Unpaid Preferred Unit Preference Amount for such series
of Preferred Units shall be reduced by ten percent (10%). 
 8.05 Tax Information. The Members shall deliver to the Company, at the
same time or times prescribed by applicable law and at any times reasonably requested by the Company, such information, documentation or certification as may be prescribed by law or reasonably requested by the Company to determine whether
withholding may be required with respect to the Member’s interest in the Company or in connection with tax filings in any jurisdiction in which or through which the Company invests, including any information or certification required for the
Company (or any other entity in which the Company directly or indirectly invests) to comply with any tax return or information filing requirements or to obtain a reduced rate of, or exemptions from, any applicable tax, whether pursuant to the laws
of such jurisdiction or an applicable tax treaty; provided, however, that nothing in this Agreement shall require Baupost to provide information relating to its direct or indirect members, shareholders, partners, beneficiaries, or other beneficial
owners unless required by applicable law. 
 ARTICLE IX 

TAX MATTERS AND REPORTS; ACCOUNTING 

9.01 Tax Reports to Current and Former Members. After the end of each Fiscal Year, the Company shall use reasonable best efforts to
prepare and mail, or cause its accountants to prepare and mail, not later than seventy-five (75) days following the end of such Fiscal Year, to each Member and, to the extent necessary, to each former Member (or its legal representatives), a
report setting forth in sufficient detail such information as is required to be furnished to members by law and as shall enable such Member or former Member (or its legal representatives) to prepare their respective U.S. federal and state income tax
returns or informational returns; provided, however, that the Company shall in all events provide the tax information and documentation specified in this sentence not later than ninety (90) days following the end of such Fiscal Year. 

9.02 Accounting Records. The Company shall maintain complete books and records accurately reflecting the accounts, business,
transactions and Members of the Company. 
 9.03 Tax Accounting Method. Those documents relating to allocations of items of income,
gain, loss, deduction or credit and Capital Accounts shall be kept under federal income tax accounting principles as provided herein. 

  
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 9.04 Effectively-Connected Income. 

The Board of Directors shall cause the Company not to engage in any activity that would cause a Member (or any direct or indirect owner
thereof, as applicable) that is not a United States person within the meaning of Code Section 7701(a)(30) to recognize, solely as a result of its status as a Member (or any direct or indirect owner thereof, as applicable) of the Company, income
that is “effectively connected with the conduct of a trade or business within the United States” within the meaning of Code Section 864(c) of the Code, to be treated as engaged in a “trade or business within the United
States” within the meaning of Section 864(b) of the Code, or own any interest treated as a “United States real property interest” within the meaning of Code Section 897(c). 

9.05 UBTI. The Board of Directors shall cause the Company not to engage in any activity that would cause a Member (or any direct or
indirect owner thereof, as applicable) to have any “unrelated business taxable income” (as that term is defined in Section 512 of the Code), any “unrelated debt-financed income” (as that term is defined in Section 514
of the Code) or any item of gross income that would be included in determining the unrelated business taxable income of such Member (or any direct or indirect owner thereof, as applicable). 

9.06 Tax Information. Notwithstanding anything to the contrary in Section 9.01, the Board of Directors will
cause the Company to use commercially reasonable efforts to prepare, or cause to be prepared, and furnish to Baupost: 
 (a) An estimate of
taxable income for each fiscal year not later than February 28th of the following fiscal year, reporting ordinary income items separate from items of capital gain; and 

(b) (i) Schedule K-1’s not later than April 30th following such fiscal year and
(ii) detailed supporting schedules of Schedule K-1 to report (A) any Unrelated Business Taxable Income, if applicable, (B) any “unrecaptured section 1250 gain” within the meaning of
the Code and the Treasury Regulations, recognized on the date of the sale of real estate assets, if applicable, and (C) the state sources of each item of income, gain, loss and deduction, as applicable. The Board of Directors shall cause the
Company to use commercially reasonable efforts to provide any other U.S. or non-U.S. tax reporting information as may reasonably be requested by Baupost provided that the information requested is in the
Company’s possession (or can be obtained with reasonable efforts) and can be provided without undue burden or the violation of any applicable legal or contractual restrictions, policies or confidentiality obligations relating to such
information (in each case at Baupost’s expense if applicable). All financial and tax statements and reports furnished pursuant to this Section 9.06 will be in a form reasonably approved by Baupost in writing, provided
that, for the avoidance of doubt, Baupost shall not have any approval rights over the filing of the Company’s tax returns. 

  
 33 

 ARTICLE X 

RESTRICTIONS ON TRANSFER; RIGHT OF FIRST REFUSAL; 

RIGHT OF CO-SALE; DRAG-ALONG RIGHTS; AND PRE-EMPTIVE RIGHTS 

10.01 Transfers. 

(a) Except as otherwise specifically provided herein, no Member holding Common Units and/or Non-Voting
Incentive Units shall, directly or indirectly, sell, exchange, transfer (by gift or otherwise), assign, distribute, pledge, create a security interest, lien or trust with respect to, or otherwise dispose of or encumber such Units owned by such
Member or any interest in or option on or based on the value of such Units (any of the foregoing being referred to as a “Transfer”) without the prior written consent of the Board of Directors, which consent may be granted or
withheld in the sole discretion of the Board of Directors. Any purported Transfer of Units in violation of the provisions of this ARTICLE X shall be void and of no force and effect whatsoever, and the Company shall not record any such event on its
books or treat any such transferee as the owner of such Units for any purpose. Any Transfer permitted by this Agreement shall be termed a “Permitted Transfer” and the transferee of any Permitted Transfer shall be termed a
“Permitted Transferee.” 
 (b) Notwithstanding anything herein to the contrary, the following Transfers shall be limited
only by Section 10.02 and for the purposes of clarity shall not be subject to the restrictions set forth in Sections 10.03, 10.04 or 10.08: (i) by any Member to the spouse, children (natural or adopted)
or siblings (and siblings’ children) of such Member or to a trust or family limited partnership for the benefit of any of them; (ii) upon the death of any Member, to such Member’s heirs, executors or administrators or to a trust under
such Member’s will, or between such Member and such Member’s guardian or conservator; or (iii) with respect to a Member that is not a natural person, to another individual or entity that is an Affiliate of such Member;
provided, however, that in no event shall any unvested Non-Voting Incentive Units be transferred pursuant to this Section 10.01(b). 

(c) Any Imputed Underpayment Amount that is properly allocable to a transferor of an interest, as reasonably determined by the Board of
Directors, shall be treated as a Withholding Payment with respect to the applicable transferee in accordance with Section 13.01. Furthermore, as a condition to any Transfer, each transferor shall be required to agree
(i) to continue to comply with the provisions of Section 7.03(d) notwithstanding such Transfer and (ii) to indemnify and hold harmless the Company and the Board of Directors from and against any and all liability
with respect to the transferee’s Withholding Payments resulting from Imputed Underpayment Amounts attributable to the transferor to the extent that the transferee fails to do so. 

10.02 Effective Date and Requirements of Transfer. 

(a) Any valid Transfer of a Member’s Units, or part thereof, pursuant to the provisions of this Agreement, shall be effective as of the
close of business on the day in which such Transfer occurs (including fulfillment of all conditions and requirements with respect thereto). The Company shall, from the effective date of such Transfer, thereafter make all further distributions, on
account of the Units (or part thereof) so assigned to the Permitted Transferee of such interest, or part thereof. 

  
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 (b) Every Transfer permitted hereunder shall be subject to the following requirements (in
addition to any other requirements contained in this Agreement): 
 (i) If not already a Member, the transferee shall execute
a counterpart to this Agreement thereby agreeing to be bound by all the terms and conditions of this Agreement; 
 (ii) The
transferee shall establish that the proposed Transfer will not cause or result in a breach of any agreement binding upon the Company or any violation of law, including without limitation, federal or state securities laws, and that the proposed
Transfer would not cause or require (A) the Company to be an investment company as defined in the Investment Company Act of 1940, as amended or (B) the registration of the Company’s securities under federal securities laws; and 

(iii) The transferee shall establish to the satisfaction of the Board of Directors that the proposed Transfer would not
adversely affect the classification of the Company as a partnership for federal or state tax purposes, cause the Company to fail to qualify for any applicable regulatory safe harbor from treatment as a publicly traded partnership treated as a
corporation under Section 7704 of the Code, or have a substantial adverse effect with respect to federal income taxes payable by the Company. 

(c) Any Transfer that the Board of Directors reasonably determines may have a consequence described in
Section 10.02(b) shall not be permitted. 
 10.03 Right of First Refusal. 

(a) Grant. Subject to Sections 10.01 and 10.02, each holder of Common Units and vested
Non-Voting Incentive Units hereby unconditionally and irrevocably grants to the Company a Right of First Refusal to purchase all but not less than all of Transfer Units that such Member may propose to transfer
in a Proposed Transfer, at the same price and on the same terms and conditions as those offered to the Proposed Transferee. 
 (b)
Notice. Each holder of Common Units and vested Non-Voting Incentive Units proposing to make a Proposed Transfer must deliver a Transfer Notice to the Company and each Preferred Member not later than
forty-five (45) days prior to the consummation of such Proposed Transfer. Such Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the Proposed Transfer and the identity of the Proposed
Transferee. To exercise its Right of First Refusal under this Section 10.03, the Company must deliver a Company Notice to the selling holder of Common Units or vested Non-Voting
Incentive Units, as applicable, within fifteen (15) days after delivery of the Transfer Notice. In the event of a conflict between this Agreement and any other agreement that may have been entered into by a holder of Common Units or vested Non-Voting Incentive Units, as applicable, with the Company that contains a preexisting right of first refusal, the Company and the holder of Common Units or vested Non-Voting
Incentive Units, as applicable, acknowledge and agree that the terms of this Agreement shall control and the preexisting right of first refusal shall be deemed satisfied by compliance with this Section 10.03. 

  
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 (c) Grant of Secondary Refusal Right to Preferred Members. Subject to
Section 10.01 and 10.02, each holder of Common Units and vested Non-Voting Incentive Units hereby unconditionally and irrevocably grants to the Preferred Members a Secondary
Refusal Right to purchase all or any portion of the Transfer Units not purchased by the Company pursuant to the Right of First Refusal, as provided in this Section 10.03. If the Company does not intend to exercise its Right
of Refusal with respect to all Transfer Units subject to a Proposed Transfer, the Company must deliver a Secondary Notice to the selling holder of Common Units or vested Non-Voting Incentive Units, as
applicable, and to each Preferred Member to that effect no later than fifteen (15) days after the selling holder of Common Units or vested Non-Voting Incentive Units, as applicable, delivers the Transfer
Notice to the Company. To exercise its Secondary Refusal Right, a Preferred Member must deliver a Preferred Member Notice to the selling holder of Common Units or vested Non-Voting Incentive Units, as
applicable, and the Company within ten (10) days after the Company’s deadline for its delivery of the Secondary Notice as provided in the preceding sentence. 

(d) Undersubscription of Transfer Units. If options to purchase have been exercised by the Company and the Preferred Members with
respect to some but not all of the Transfer Units by the end of the 10-day period specified in the last sentence of Section 10.03(c)) (the “Preferred Member Notice
Period”), then the Company shall, immediately after the expiration of the Preferred Member Notice Period, send written notice (the “Company Undersubscription Notice”) to those Preferred Members who fully exercised their
Secondary Refusal Right within the Preferred Member Notice Period (the “Exercising Preferred Members”). Each Exercising Preferred Member shall, subject to the provisions of this Section 10.03(d), have an
additional option to purchase all or any part of the balance of any such remaining unsubscribed Transfer Units on the terms and conditions set forth in the Transfer Notice. To exercise such option, an Exercising Preferred Member must deliver an
Undersubscription Notice to the selling holder of Common Units or vested Non-Voting Incentive Units, as applicable, and the Company within ten (10) days after the expiration of the Preferred Member Notice
Period. In the event there are two or more such Exercising Preferred Members that choose to exercise the last-mentioned option for a total number of remaining Units in excess of the number available, the remaining Units available for purchase under
this Section 10.03(d) shall be allocated to such Exercising Preferred Members pro rata based on the number of Transfer Units such Exercising Preferred Members have elected to purchase pursuant to the Secondary
Refusal Right (without giving effect to any Transfer Units that any such Exercising Preferred Member has elected to purchase pursuant to the Company Undersubscription Notice). If the options to purchase the remaining Units are exercised in full by
the Exercising Preferred Members, the Company shall immediately notify all of the Exercising Preferred Members and the selling holder of Common Units or vested Non-Voting Incentive Units, as applicable, of
that fact. 
 (e) Sale to Proposed Transferee. Notwithstanding the foregoing, if the total number of Transfer Units that the Company
and the Exercising Preferred Members have agreed to purchase in the Company Notice, the Preferred Member Notice and Undersubscription Notices is less than the total number of Transfer Units, then the selling holder of Common Units or vested Non-Voting Incentive Units, as applicable, shall be free to sell such number of Transfer Units not subscribed for by the Company and the Exercising Preferred Members to the Proposed Transferee on terms and
conditions substantially similar to (and in no event more favorable than) the terms and conditions set forth in the Transfer Notice, it being understood and agreed that (i) any such sale or transfer shall be subject to the other terms and
restrictions of this Agreement, including, without limitation, the terms and restrictions set forth in Section 10.04; (ii) any future 

  
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Proposed Transfer by a holder of Common Units or vested Non-Voting Incentive Units, as applicable, shall remain subject to the terms and conditions of this
Agreement, including this Section 10.03; and (iii) such sale shall be consummated within sixty (60) days after receipt of the Proposed Transfer Notice by the Company, and if such sale is not consummated within
such sixty (60) day period, such sale shall again be subject to the Right of First Refusal and Right of Co-Sale on the terms set forth herein. 

(f) Consideration; Closing. If the consideration proposed to be paid for the Transfer Units is in property, services or other non-cash consideration, the fair market value of the consideration shall be as determined in good faith by the Board of Directors and as set forth in the Company Notice. If the Company or any Preferred Member cannot
for any reason pay for the Transfer Units in the same form of non-cash consideration, the Company or such Preferred Member may pay the cash value equivalent thereof, as determined in good faith by the Board of
Directors and as set forth in the Company Notice. The closing of the purchase of Transfer Units by the Company and the Preferred Members shall take place, and all payments from the Company and the Preferred Members shall have been delivered to the
selling holder of Common Units or vested Non-Voting Incentive Units, as applicable, by the later of (i) the date specified in the Transfer Notice as the intended date of the Proposed Transfer and
(ii) forty-five (45) days after delivery of the Transfer Notice. 
 10.04 Right of
Co-Sale. 
 (a) Exercise of Right. If any Transfer Units subject to a Proposed Transfer
are not purchased pursuant to Section 10.03 above (the “Available Units”) and thereafter are to be sold to a Proposed Transferee (subject to Section 10.01), each respective
Preferred Member may elect to exercise its Right of Co-Sale and participate for an amount of consideration in respect of each such Preferred Member’s Units equal to the
Co-Sale Per Unit Liquidation Value (as defined below) (on the terms and conditions (other than consideration) set forth in the Transfer Notice described above) and in accordance with this
Section 10.04. Each Preferred Member who desires to exercise its Right of Co-Sale (each, a “Participating Preferred Member”) must give the selling holder of Available
Units, written notice to that effect within fifteen (15) days after the deadline for delivery of the Secondary Notice described above, and upon giving such notice such Preferred Member shall be deemed to have effectively exercised the Right of Co-Sale. 
 (b) Units Includable. Each Participating Preferred Member may include in the Proposed
Transfer all or any part of such Participating Preferred Member’s Units equal to the product obtained by multiplying (i) the aggregate number of Available Units subject to the Proposed Transfer (excluding Units purchased by the Company or
the Participating Preferred Members pursuant to the Right of First Refusal or the Secondary Refusal Right) by (ii) a fraction, the numerator of which is the number of outstanding Units (not including
Non-Voting Incentive Units) owned by such Participating Preferred Member immediately before consummation of the Proposed Transfer and the denominator of which is the total number of Units (not including Non-Voting Incentive Units) owned, in the aggregate, by all Participating Preferred Members immediately prior to the consummation of the Proposed Transfer, plus the number of Available Units held by the selling
holder of Common Units or vested Non-Voting Incentive Units, as applicable. The “Co-Sale Per Unit Liquidation Value” for each Unit shall

  
 37 

 
be equal to the amount that would be distributed with respect to such Unit if the Company sold its assets for their Fair Market Value (as determined in good faith by the Board of Directors, based
on the Co-Sale Purchase Price, such Board determination to be final and binding), satisfied its liabilities and distributed the net proceeds to the holders of Units (including
Non-Voting Incentive Units that are outstanding and vested as of the date of such determination) in liquidation of the Company. To the extent one or more of the Participating Preferred Members exercise such
right of participation in accordance with the terms and conditions set forth herein, the number of Available Units that the selling holder of Common Units or vested Non-Voting Incentive Units, as applicable,
may sell in the Proposed Transfer shall be correspondingly reduced and the Proposed Transferee may alter the total purchase price of all Transfer Units based on the classes of Units that the Participating Preferred Members propose to sell by
exercising such right of participation (the “Co-Sale Purchase Price”). 
 (c)
Purchase Covenants. The parties hereby agree that the terms and conditions of any sale pursuant to this Section 10.04 will be memorialized in, and governed by, a written purchase and sale agreement with customary
terms and provisions for such a transaction and the parties further covenant and agree to enter into such an agreement as a condition precedent to any sale or other transfer pursuant to this Section 10.04. Neither the
Transfer of Transfer Units by the selling holder of Common Units or vested Non-Voting Incentive Units, as applicable, nor the Transfer of Units by a Participating Preferred Member shall be effective, unless,
contemporaneously with such Transfer, the Proposed Transferee executes a counterpart to this Agreement, thereby agreeing to be bound to all the terms and conditions of this Agreement. If any Proposed Transferee or Transferees refuse(s) to purchase
securities subject to the Right of Co-Sale from any Participating Preferred Member exercising its Right of Co-Sale hereunder, no holder of Common Units or vested Non-Voting Incentive Units, as applicable, may sell any Transfer Units to such Proposed Transferee or Transferees unless and until, simultaneously with such sale, such holder of Common Units or vested Non-Voting Incentive Units, as applicable, purchases all securities subject to the Right of Co-Sale from such Participating Preferred Member on the same terms and conditions
(including the proposed purchase price) as set forth in the Transfer Notice. 
 (d) Additional Compliance. If any Proposed Transfer is
not consummated within sixty (60) days after receipt of the Transfer Notice by the Company, the holder of Common Units or vested Non-Voting Incentive Units, as applicable, proposing the Proposed Transfer
may not sell any Transfer Units unless they first comply in full with each provision of Section 10.03 and this Section 10.04. The exercise or election not to exercise any right by any Preferred
Member hereunder shall not adversely affect its right to participate in any other sales of Transfer Units subject to this Section 10.04. 

10.05 Effect of Failure to Comply with Right of First Refusal and Right of Co-Sale. 

(a) Transfer Void; Equitable Relief. Any Proposed Transfer not made in compliance with the requirements of this Agreement shall be null
and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized by the Company. Each party hereto acknowledges and agrees that any breach of this Agreement would result in substantial
harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, the parties hereto unconditionally and irrevocably agree that any non-breaching party hereto shall
be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers of Transfer Units not
made in strict compliance with this Agreement). 

  
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 (b) Violation of First Refusal Right. If any holder of Common Units or vested Non-Voting Incentive Units, as applicable, becomes obligated to sell any Transfer Units to the Company or any Preferred Member under this Agreement and fails to deliver such Transfer Units in accordance with the
terms of this Agreement, the Company and/or such Preferred Member may, at its option, in addition to all other remedies it may have, send to such holder of Common Units or vested Non-Voting Incentive Units, as
applicable, the purchase price for such Transfer Units as is herein specified and transfer to the name of the Company or such Preferred Member (or request that the Company effect such transfer in the name of a Preferred Member) on the Company’s
books the Transfer Units to be sold. 
 (c) Violation of Co-Sale Right. If any holder of
Common Units or vested Non-Voting Incentive Units, as applicable, purports to sell any Transfer Units in contravention of the Right of Co-Sale (a “Prohibited
Transfer”), each Preferred Member who desires to exercise its Right of Co-Sale under Section 10.04 may, in addition to such remedies as may be available by law, in equity or
hereunder, require such holder of Common Units or vested Non-Voting Incentive Units, as applicable, to purchase from such Preferred Member the type and number of Units that such Preferred Member would have
been entitled to sell to the Proposed Transferee under Section 10.04 had the Prohibited Transfer been effected pursuant to and in compliance with the terms of Section 10.04. The sale will be made
on the same terms and subject to the same conditions as would have applied had the holder of Common Units or vested Non-Voting Incentive Units, as applicable, not made the Prohibited Transfer, except that the
sale (including, without limitation, the delivery of the purchase price) must be made within ninety (90) days after the Preferred Member learns of the Prohibited Transfer, as opposed to the timeframe proscribed in
Section 10.04. Such holder of Common Units or vested Non-Voting Incentive Units, as applicable, shall also reimburse each Preferred Member for any and all reasonable and documented out-of-pocket fees and expenses, including reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Preferred Member’s
rights under Section 10.04. 
 10.06 Drag-Along Right. 

(a) Definitions. A “Sale of the Company” shall mean either: (a) a transaction or series of related transactions in
which a Person, or a group of related Persons, that is or are not Affiliated with the Company, acquires from the Members Units representing more than fifty percent (50%) of the outstanding voting power of the Company (a “Unit
Sale”); or (b) a transaction that qualifies as a Change of Control. 

  
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 (b) Actions to be Taken. In the event that (A) the Requisite Preferred Holders
(the “Selling Investors”), and (B) the Board of Directors approve a Sale of the Company in writing, specifying that this Section 10.06 shall apply to such transaction, then each Member hereby agrees:

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

(ii) if such transaction is a Unit Sale, to sell the same proportion of Units beneficially held by such Member as is being sold
by the Selling Investors to the Person to whom the Selling Investors propose to sell their Units, and, except as permitted in Section 10.06(c) below, on the same terms and conditions as the Selling Investors; 

(iii) to execute and deliver all related documentation and take such other action in support of the Sale of the Company as
shall reasonably be requested by the Company or the Selling Investors in order to carry out the terms and provision of this Section 10.06, including without limitation executing and delivering instruments of conveyance and
transfer, and any purchase agreement, merger agreement, indemnity agreement, escrow agreement, consent, waiver, governmental filing, and any similar or related documents; 

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

(v) to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any time with respect
to such Sale of the Company; and 
 (vi) if the consideration to be paid in exchange for the Units pursuant to this
Section 10.06 includes any securities and due receipt thereof by any Member would require under applicable law (x) the registration or qualification of such securities or of any person as a broker or dealer or agent
with respect to such securities or (y) the provision to any Member of any information other than such information as a prudent issuer would generally furnish in an offering made solely to “accredited investors” as defined in
Regulation D promulgated under the Securities Act, the Company may cause to be paid to any such Member in lieu thereof, against surrender of the Units which would have otherwise been sold by such Member, an amount in cash equal to the fair value (as
determined in good faith by the Company) of the securities which such Member would otherwise receive as of the date of the issuance of such securities in exchange for the Units. 

(c) Exceptions. Notwithstanding the forgoing, a Member will not be required to comply with
Section 10.06(b) above in connection with any proposed Sale of the Company (the “Proposed Sale”) unless: 

  
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 (i) any representations and warranties to be made by such Member in
connection with the Proposed Sale are limited to representations and warranties related to authority, ownership and the ability to convey title to such Units, including but not limited to representations and warranties that (A) the Member holds
all right, title and interest in and to the Units such Member purports to hold, free and clear of all liens and encumbrances, (B) the obligations of the Member in connection with the transaction have been duly authorized, if applicable,
(C) the documents to be entered into by the Member have been duly executed by the Member and delivered to the acquirer and are enforceable against the Member in accordance with their respective terms and (D) neither the execution and
delivery of documents to be entered into in connection with the transaction, nor the performance of the Member’s obligations thereunder, will cause a breach or violation of the terms of any agreement, law or judgment, order or decree of any
court or governmental agency; 
 (ii) the Member shall not be liable for the inaccuracy of any representation or warranty
made by any other Person in connection with the Proposed Sale, other than for the inaccuracy of any representation or warranty made by the Company in connection with the Proposed Sale (except to the extent that funds may be paid out of an escrow
established to cover breach of representations, warranties and covenants of the Company as well as breach by any Member of any of identical representations, warranties and covenants provided by all Members); 

(iii) the liability for indemnification, if any, of such Member in the Proposed Sale and for the inaccuracy of any
representations and warranties made by the Company in connection with such Proposed Sale, is several and not joint with any other Person (except to the extent that funds may be paid out of an escrow established to cover breach of representations,
warranties and covenants of the Company), and is pro rata in proportion to the amount of consideration paid to such Member in connection with such Proposed Sale (in accordance with the provisions of this Agreement related to the allocation of
the escrow); 
 (iv) the liability for indemnification shall be limited to such Member’s pro rata share
(determined based on the respective proceeds payable to each Member in connection with such Proposed Sale in accordance with the provisions of this Agreement) of a negotiated aggregate indemnification amount that applies equally to all Members but
that in no event exceeds the amount of consideration actually paid to such Member in connection with such Proposed Sale, except with respect to claims of fraud by such Member, the liability for which need not be limited as to such Member; 

(v) upon the consummation of the Proposed Sale: (A) except as provided in Section 10.06(b)(vi),
each holder of each class or series of Units will receive the same form of consideration for their Units of such class or series as is received by other holders in respect of their Units of such same class or series of Units; and (B) unless the
Requisite Preferred Holders and the Series B Vote elect to receive a lesser amount by written notice given to the Company at least five (5) days prior to the effective date of any such Proposed Sale, the aggregate consideration receivable by
all holders of Units shall be allocated among the holders of Preferred Units, Common Units and Non-

  
 41 

 
Voting Incentive Units in accordance with Section 8.01 of this Agreement as if such consideration were distributed to the Members pursuant thereto; except as provided in Section 10.06(b)(vi), subject to clause (v) above, requiring the same form of consideration to be available to the holders of any single class or series of Units, if
any holders of any Units are given an option as to the form and amount of consideration to be received as a result of the Proposed Sale, all holders of such Units will be given the same option; and 

(vi) no Member who is not an employee of the Company shall be required to agree to any covenant not to compete with or covenant
not to solicit or hire customers, employees or suppliers of any party to the Proposed Sale. 
 (d) Restrictions on Sales of Control of the
Company. No Member shall be a party to any Unit Sale unless (i) approved by the Requisite Preferred Holders and (ii) all holders of Preferred Units are allowed to participate in such transaction and the consideration received pursuant
to such transaction is allocated among the parties thereto in the manner specified in Section 8.01 (as if such transaction were a Capital Transaction and such consideration were distributed to the Members pursuant thereto),
unless the Requisite Preferred Holders and the Series B Vote elect otherwise by written notice given to the Company at least five (5) days prior to the effective date of any such transaction or series of related transactions. 

(e) Irrevocable Proxy and Power of Attorney. As security for the performance of each Member’s obligations in connection with such
Sale of the Company, after the approval of the Board of Directors and the holders of Preferred Units has been obtained pursuant to Section 10.06(b) above, each Member hereby grants to the Company, with full power of
substitution and resubstitution, an irrevocable proxy to vote all Units at all meetings of the Members held or taken after the date of this Agreement with respect to a Sale of the Company or to execute any written consent in lieu thereof, and hereby
irrevocably appoints the Company, with full power of substitution and resubstitution, as such Member’s attorney-in-fact with authority to sign any documents with
respect to any such vote or any actions by written consent of the Members taken after the date of this Agreement with respect to such Sale of the Company. This proxy shall be deemed to be coupled with an interest and shall be irrevocable. This proxy
shall terminate upon the consummation of, or termination of, negotiations with respect to, the applicable Sale of the Company. 
 10.07
Preemptive Rights. Subject to the terms and conditions of this Section 10.07 and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Preferred
Member. A Preferred Member shall be entitled to apportion the right of first offer hereby granted to it among itself and its Affiliates in such proportions as it deems appropriate. 

(a) The Company shall give notice (the “Offer Notice”) to each such Preferred Member, stating (i) its bona fide intention
to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities, including a summary of the rights and privileges of such New
Securities. 

  
 42 

 (b) By notification to the Company within twenty (20) days after the Offer Notice is
given, each such Preferred Member may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Capital Units then held by such
Preferred Member bears to the total number of Capital Units then held by all Members. At the expiration of such twenty (20) day period, the Company shall promptly notify each Preferred Member that elects to purchase or acquire all the units
available to it (each, a “Fully Exercising Preferred Member”) of any other Member’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Preferred
Member may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of units specified above, up to that portion of the New Securities for which Preferred Members were entitled to subscribe but that were not
subscribed for by the Investors which is equal to the proportion that the Capital Units then held, by such Fully Exercising Preferred Member bears to the Capital Units then held, by all Fully Exercising Preferred Members who wish to purchase such
unsubscribed Capital Units. The closing of any sale pursuant to this Section 10.07(b) shall occur within the later of one hundred twenty (120) days of the date that the Offer Notice is given and the date of initial
sale of New Securities pursuant to Section 10.07(c). 
 (c) If all New Securities referred to in the Offer Notice
are not elected to be purchased or acquired as provided in Section 10.07(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in
Section 10.07(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the
Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be
deemed to be revived and such New Securities shall not be offered unless first reoffered to the Preferred Members in accordance with this Section 10.07. 

(d) The covenants set forth in Sections 10.03, 10.04, 10.06 and 10.07 shall terminate and be of no further force or
effect (i) immediately before the consummation of the IPO or (ii) upon a Change of Control, whichever event occurs first. 
 10.08
Substitution of Members. A transferee of a Unit shall have the right to become a substitute Member only with the consent of the Board of Directors. The admission of a substitute Member shall not result in the release of the Member who
assigned the Unit from any liability that such Member may have to the Company. 
 10.09 Conversion to Corporation and Registration
Rights. 
 (a) The Members acknowledge that the Company may need to convert into a corporation organized under the DGCL at some future
date in connection with preparation for an IPO or in order to facilitate a financing or for tax purposes or for some other reason. Whether the Company is directly converted into a corporation or indirectly converted into a corporation pursuant to
any other type of merger or reorganization, any conversion of the Company into a corporation must be approved by (i) the Board of Directors, (ii) the Requisite Preferred Holders and (iii) the Series B Vote. If the conversion into a
corporation is approved in accordance with 

  
 43 

 
the preceding sentence or in connection with the consummation of an IPO pursuant to which the offering price per share is equal to at least three (3) times the Series B Original Issue Price
(subject to adjustments for unit splits, combinations and similar events) with gross proceeds to the Company of at least $35,000,000 (a “QPO”), all Members will take appropriate steps to implement a corporate conversion of the
Company, whether pursuant to conversion, merger or reorganization of the Company (“Corporate Conversion”) which may include, as an example, contribution of their Units to a newly formed corporation or distribution of a subsidiary of
the Company that owns all material assets of the Company and its subsidiaries to the Members in liquidation of the Company (in each case, such surviving entity, “Holdings”) on terms that preserve and reflect the substantive economic
rights of their Units; provided that if such Units are entitled to distributions under Sections 8.01(b)(i), 8.01(b)(ii), 8.01(b)(iii), 8.01(b)(iv), and/or 8.01(b)(v) then, following the consummation of such
IPO, such Unit (or security in Holdings) shall be converted to common equity of Holdings and only be entitled to the equivalent of economic rights under Section 8.01(b)(vi) (determined taking into account the application of
any Strike Price under Section 8.01(c) in respect of Non-Voting Incentive Units); provided that, notwithstanding the foregoing, the Board of Directors shall have discretion to modify the economic rights
associated with any shares issued to holders of Non-Voting Incentive Units to preserve the status of such units as “profits interests” within the meaning of IRS Revenue Procedures 93-27 and 2001-43. For the avoidance of doubt, it is the intention of the parties that any shares or the number of shares in Holdings to be received pursuant to this
Section 10.09 will afford to the party receiving the same economic interest, rights, benefits and obligations as were associated with the Units held by such party immediately prior to such reorganization, both generally and
relative to the holders of other shares of Holdings (but subject to the terms hereof, including the proviso in the immediately preceding sentence). In addition, the consent to any conversion transaction pursuant to the terms of this
Section 10.09 shall be conclusive and binding on all Members, and the Members hereby waive any dissenters’ or appraisal rights that they may have pursuant to the Act, and agree to take any actions necessary (including
voting Units) in order to facilitate and effect such conversion transaction. The Company and the Members agree to use commercially reasonable efforts to effect such Corporate Conversion in a manner intended to be
tax-free for the holders of the Units to the extent permitted by any applicable law. 
 (b) Promptly
following a Corporate Conversion, the Company shall enter into the Registration Rights Agreement attached hereto as Exhibit A with the Preferred Members at such time. 

(c) In connection with a Corporate Conversion, each Member hereby agrees, if requested by the Company and such transaction requires Member
approval, with respect to all Units that such Member owns or over which such Member otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all Units in favor of, and adopt, such Corporate
Conversion and any related documents (including any documents required to effect the reorganization of the Company) and to vote in opposition to any and all other proposals that could reasonably be expected to delay or impair the ability of the
Company to consummate such Corporate Conversion. 

  
 44 

 10.10 Lock-Up. 

(a) Each Member hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on
the date of the final prospectus relating to the initial public offering by the Company (or its successor) (the “IPO”), and ending on the date specified by the Company (or its successor) and the managing underwriter (such period not
to exceed one hundred eighty (180) days plus up to an additional 18 days to the extent necessary to comply with applicable regulatory requirements following the IPO), (i) lend, offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any equity securities of the Company (or its successor) held immediately before the
effective date of the registration statement for the IPO or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such equity securities of the Company (or
its successor), whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of equity securities of the Company (or its successor), in cash, or otherwise. The foregoing provisions of this
Section 10.10 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to the Members only if all officers and directors are subject to the same restrictions
and the Company (or its successor) obtains a similar agreement from all stockholders individually owning one percent (1%) or more of the equity securities of the Company (or its successor). The underwriters in connection with the IPO are intended
third party beneficiaries of this Section 10.10 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Member further agrees to execute such agreements as
may be reasonably requested by the underwriters in connection with the IPO that are consistent with this Section 10.10 or that are necessary to give further effect thereto. If any of the obligations described in this
Section 10.10 are waived or terminated with respect to any of the securities of any such Member, officer, director or greater than one-percent stockholder (in any such case, the
“Released Securities”), the foregoing provisions shall be waived or terminated, as applicable, to the same extent and with respect to the same percentage of securities of each Member as the percentage of Released Securities
represent with respect to the securities held by the applicable Member, officer, director or greater than one-percent stockholder. 

(b) In order to enforce the covenant in Section 10.10(a) above, the Company may impose stop-transfer
instructions with respect to the equity securities of each Member (and transferees and assignees thereof) until the end of such restricted period. 

ARTICLE XI 
 DISSOLUTION,
LIQUIDATION, AND TERMINATION; INCORPORATION 
 11.01 Dissolution. The Company shall be dissolved upon (i) the entry of a decree
of judicial dissolution pursuant to Section 18-802 of the Act or (ii) the decision of the Board of Directors and a Majority Interest. 

  
 45 

 11.02 Liquidating Distributions. In settling accounts upon dissolution, winding up
and liquidation of the Company, the assets of the Company shall be applied and distributed as expeditiously as possible in the following order: 

(a) To pay (or make reasonable provision for the payment of) all creditors of the Company, including, to the extent permitted by law, Members
or other Affiliates that are creditors, in satisfaction of liabilities of the Company in the order of priority provided by law, including expenses relating to the dissolution and winding up of the Company, discharging liabilities of the Company,
distributing the assets of the Company and terminating the Company as a limited liability company in accordance with this Agreement and the Act); 

(b) To the Members in accordance with Section 8.02; and 

(c) To the Members in accordance with Section 8.01(b), subject to the other provisions of ARTICLE VIII and
Section 13.01. 
 11.03 Allocation of Sale Proceeds. 

(a) Notwithstanding anything to the contrary contained herein, net proceeds paid or deemed paid in connection with a Sale Event (which shall
include the aggregate consideration payable to holders of Units of the Company or received by the Company in connection with any Change of Control), after the full payment to any creditors of the Company and the establishment of reasonable reserves
for contingent liabilities of the Company, to the extent required by law or in the Board of Director’s reasonable discretion, shall be allocated and distributed among the Members by treating such proceeds as distributions under
Section 8.01(b) hereof, subject to the other provisions of ARTICLE VIII and Section 13.01. For purposes hereof, a “Sale Event” shall mean a Change of Control. 

(b) To the extent that the proceeds from a Sale Event are in a form other than cash, such non-cash
proceeds shall be, in the Board of Director’s discretion, either (i) reduced to cash or some other easily divisible and reasonably liquid asset for subsequent distribution among the Members in the order provided in
Section 8.01(b) or (ii) distributed in-kind among the Members in the order provided in Section 8.01(b), in each case subject to the other provisions of
ARTICLE VIII and Section 13.01. To the extent that non-cash proceeds from a Sale Event are not reduced to cash or other liquid asset and are distributed
in-kind to the Members, distributions under Section 8.01(b) shall be made in a manner such that all Members receive their pro rata share of the cash proceeds from such transaction and
each class or type of non-cash proceeds (unless otherwise agreed to by the Members). The value of such non-cash proceeds shall be equal to the Fair Market Value of the non-cash proceeds at the time of the distribution as determined in good faith by the Board of Directors. 

(c) To the extent any proceeds of a Sale Event are set aside as a reserve against contingent liabilities and are not used to satisfy such
liabilities and are subsequently distributed, such unused proceeds shall be distributed to the Members in the order provided in Section 8.01(b), subject to the other provisions of ARTICLE VIII and
Section 13.01, as if such amounts had been distributed immediately following the receipt of the proceeds of the Sale Event and no such reserves had been established, but taking into account all other distributions made
prior to or contemporaneously with such distribution of unused reserves. 
 (d) To the extent that any portion of the consideration payable
to the Members of the Company in any Sale Event is payable only upon satisfaction of contingencies (the 

  
 46 

 
“Additional Consideration”), the agreement governing such Sale Event shall provide that (i) the portion of such consideration that is not Additional Consideration (such
portion, the “Initial Consideration”) shall be allocated among the participating Members by treating such proceeds as distributions under Section 8.01(b) hereof and shall take into account any amounts
previously distributed pursuant to Section 8.01(b), as if the Initial Consideration were the only consideration payable in connection with such Sale Event; and (ii) any Additional Consideration which becomes payable to
the Members upon satisfaction of such contingencies shall be allocated among the participating Members by treating such proceeds as distributions under Section 8.01(b) hereof after taking into account the previous payment
of the Initial Consideration as part of the same transaction and any other amounts previously distributed pursuant to Section 8.01(b), in each case subject to the other provisions of ARTICLE VIII and
Section 13.01. For the purposes of this Section 11.03(d), consideration placed into escrow or retained as holdback to be available for satisfaction of indemnification or similar obligations in
connection with such Sale Event shall be deemed to be Additional Consideration. 
 11.04 Orderly Winding Up. Notwithstanding anything
herein to the contrary, upon winding up and liquidation, if required to maximize the proceeds of liquidation, the Members may, upon approval of the Requisite Preferred Holders, transfer the assets of the Company to a liquidating trust or trustees.

 ARTICLE XII 
 DEFINITIONS 

12.01 Terms Defined Elsewhere in the Agreement. For purposes of this Agreement, the following terms have the meaning set forth in the
Section indicated: 
  

			
	 Term
	  	 Section

		
	Act	  	Recitals
		
	Additional Consideration	  	11.03(d)
		
	Additional Units	  	12.02
		
	Affiliate	  	12.02
		
	Agreement	  	Preamble
		
	Available Units	  	10.04(a)
		
	Bad Actor Disqualification Event	  	2.14
		
	Baupost Director	  	3.02
		
	Board of Directors	  	3.01
		
	Capital Account	  	12.02

  
 47 

			
	Capital Contribution	  	12.02
		
	Capital Transaction	  	12.02
		
	Capital Transaction Proceeds	  	12.02
		
	Capital Units	  	2.10(a)
		
	Certificate	  	1.01
		
	CEO	  	3.02(b)(iii)
		
	CEO Director	  	3.02(b)(iii)
		
	Change of Control	  	12.02
		
	Code	  	12.02
		
	Common Units	  	2.10(a)
		
	Company	  	Preamble
		
	Company Distributions	  	12.02
		
	Company Notice	  	12.02
		
	Company Undersubscription Notice	  	10.03(d)
		
	Confidential Information	  	12.02
		
	Control	  	12.02
		
	Corporate Conversion	  	10.09(a)
		
	Co-Sale Per Unit Liquidation Value	  	10.04(b)
		
	Co-Sale Purchase Price	  	10.04(b)
		
	Covered Persons	  	3.11(b)
		
	Designated Affiliate	  	12.02
		
	Designated Affiliate License Agreements	  	12.02
		
	Designated Affiliate Sale	  	8.01(d)
		
	DGCL	  	5.01

  
 48 

			
	Director	  	12.02
		
	Economic Capital Account	  	12.02
		
	Exercising Preferred Members	  	10.03(d)
		
	Expenses	  	5.06(b)
		
	Fair Market Value	  	12.02
		
	Fiscal Year	  	1.04
		
	Fully Exercising Preferred Member	  	10.07(b)
		
	F2	  	3.02(b)(ii)
		
	Holding	  	10.09(a)
		
	Imputed Underpayment Amount	  	13.01(b)
		
	Indemnified Person	  	5.06(a)
		
	Initial Consideration	  	11.03(d)
		
	IPO	  	10.10
		
	Investor Business Opportunity	  	3.11(b)
		
	Majority Interest	  	2.03(a)
		
	Member	  	Preamble
		
	New Securities	  	12.02
		
	Non-Voting Incentive Units	  	2.10(a)
		
	OIF	  	3.02(b)(i)
		
	Offer Notice	  	10.07(a)
		
	Officer	  	4.01
		
	Other Indemnitors	  	5.02
		
	Participating Preferred Member	  	10.04(a)
		
	Partnership Representative	  	3.03(a)(viii)
		
	Permitted Transfer	  	10.01(a)

  
 49 

			
	Permitted Transferee	  	10.01(a)
		
	Person	  	12.02
		
	Preferred Director	  	3.02(b)(iii)
		
	Preferred Member	  	12.02
		
	Preferred Member Notice	  	12.02
		
	Preferred Member Notice Period	  	10.03(d)
		
	Preferred Units	  	2.10(a)
		
	Preferred Unit Preference Amount	  	12.02
		
	President	  	4.01
		
	Prior Agreement	  	Recitals
		
	Proceeding	  	5.06(c)
		
	Proceeds Available for Distribution	  	12.02
		
	Prohibited Transfer	  	10.05(c)
		
	Proposed Sale	  	10.06(c)
		
	Proposed Transfer	  	12.02
		
	Proposed Transfer Notice	  	12.02
		
	Proposed Transferee	  	12.02
		
	Purchase Agreement	  	12.02
		
	QPO	  	10.09
		
	Original Issue Date	  	12.02
		
	Released Securities	  	10.10
		
	Required Reserve	  	12.02
		
	Requisite Preferred Holders	  	12.02
		
	Revised Audit Procedures	  	12.02
		
	Right of Co-Sale	  	12.02

  
 50 

			
	Right of First Refusal	  	12.02
		
	Rule 506(d) Related Party	  	12.02
		
	Sale Event	  	11.03(a)
		
	Sale of the Company	  	10.06(a)
		
	Secondary Notice	  	12.02
		
	Secondary Refusal Right	  	12.02
		
	Secretary	  	4.01
		
	Securities Act	  	2.02
		
	 Selling Investors
 Series Seed Preferred
Units
	  	 10.06(b)
 2.10(a)

		
	Series A Preferred Units	  	2.10(a)
		
	Series A Preferred Director	  	3.02
		
	Series B Accrued Dividend	  	12.02
		
	Series B Preferred Units	  	2.10(a)
		
	Series B Original Issue Price	  	12.02
		
	Series B Vote	  	12.02
		
	Series A1 Accrued Dividend	  	12.02
		
	Series Seed Accrued Dividend	  	12.02
		
	Series A1 Original Issue Price	  	12.02
		
	Series Seed Original Issue Price	  	12.02
		
	Strike Price	  	2.10(e)
		
	Target Balance	  	12.02
		
	Tax Distribution	  	8.02
		
	Tax Liability	  	8.02
		
	Tax Matters Partner	  	3.03(a)(viii)

  
 51 

			
	Tax Rate	  	8.02
		
	Transfer	  	10.02(a)
		
	Transferring Member	  	12.02
		
	Transfer Notice	  	12.02
		
	Transfer Units	  	12.02
		
	Treasurer	  	4.01
		
	Treasury Regulation	  	12.02
		
	Unit Certificate	  	2.10(g)
		
	Unit Sale	  	10.06(a)
		
	Units	  	2.10(a)
		
	Units Deemed Outstanding	  	12.02
		
	Unpaid Preferred Cap	  	12.02
		
	Unpaid Preferred Unit Preference Amount	  	12.02
		
	Withholding Payment	  	13.01(a)

 12.02 Other Definitions. For purposes of this Agreement the following terms have the following
meanings: 
 “Additional Units” shall mean all Capital Units issued, deemed to be issued by the Company after the date hereof, other than
Exempted Securities. 
 “Adjustment Price” shall initially be equal to $0.25 for the Series Seed Preferred Units, $1.00 for the Series A1
Preferred Units, and $1.56 for the Series B Preferred Unit, each subject to adjustment as provided in Section 2.11. 

“Adjustment Ratio” shall equal the Series Seed Original Issue Price, Series A1 Original Issue Price, and Series B Preferred Stock as
applicable, divided by the applicable Adjustment Price. 
 “Affiliate” means a Person that directly, or indirectly through one or more
intermediaries, Controls, is Controlled by or is under common Control with the Person specified, including without limitation any general partner, limited partner, member, managing member, manager, employee, officer or director of such Person and
any venture capital or other investment fund now or hereafter existing that is controlled by or under common control with one or more general partners or managing members of, or shares the same management company or investment advisor with, such
Person. 

  
 52 

 “Capital Account” means the capital account maintained by the Company for each Member as
described in Section 6.02. 
 “Capital Contribution” means, for any Member, all cash and the agreed fair market
value of the property contributed by the Member to the Company. 
 “Capital Transaction” means any dissolution, winding up or liquidation
of the Company or any subsidiary or any sale or other disposition of all or substantially all of the assets of the Company or any subsidiary in a single transaction or an integrated series of transactions entered into with the intent of disposing of
all or substantially all of the assets of the Company or any subsidiary, including by way of merger or consolidation of the Company with or into any other entity. 

“Capital Transaction Proceeds” means the net amounts received resulting from any Capital Transactions after deducting (a) all costs and
expenses of the Company directly related to the Capital Transaction, (b) the amount (if any) to discharge all debts and obligations of the Company required to be paid as a result of the Capital Transaction, and (c) any reasonable reserves
that are required for the fixed, contingent or future liabilities or obligations of the Company. 
 “Change of Control” means (i) a
merger or consolidation with a Person or Persons in which (A) the Company is a constituent party or (B) a subsidiary of the Company is a constituent party and the Company issues equity ownership interests pursuant to such merger or
consolidation, except any such merger or consolidation in which the equity ownership interests of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of
equity securities that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the equity ownership of the surviving or resulting entity (or the ultimate parent entity of such surviving or resulting
entity) or (ii) (1) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the
Company and its subsidiaries taken as a whole, or (2) the sale or disposition (whether by merger, consolidation or otherwise, and whether in a single transaction or a series of related transactions) of one or more subsidiaries of the Company if
substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the
Company. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company Distributions” means Proceeds Available for Distribution and distributed Capital Transaction Proceeds. 

“Company Notice” means written notice from the Company notifying the selling Member that the Company intends to exercise its Right of First
Refusal as to some or all of the Transfer Units with respect to any Proposed Member Transfer. 

  
 53 

 “Confidential Information” means all documents and information, whether written or oral
(including, without limitation, confidential and proprietary information with respect to customers, sales, marketing, production, costs, business operations and assets), of the Company. 

“Control” of a Person means the possession, direct or indirect, of the power to vote in excess of 50% of the voting power of such Person, to
appoint the majority of the managers, general partners or the equivalent of such Person, or to direct or cause the direction of the management and policies of such Person (e.g., as managing member or in a similar capacity but not including an
advisory or management agreement (in the case of a managed account)). 
 “Director” means a member of the Company’s Board of
Directors. 
 “Economic Capital Account” means, with respect to any Member, such Member’s Capital Account balance as of the date of
determination, after crediting to such Capital Account any amounts that the Member is deemed obligated to restore under Treasury Regulations Section 1.704-2. 

“Exempted Securities” shall mean: (i) Non-Voting Incentive Units issued pursuant to an employee
unit or option plan approved by the Board of Directors; or (ii) Units issued to banks, equipment lessors or other financial institutions, or to real property lessors, pursuant to a debt financing, equipment leasing or real property leasing
transaction approved by the Board of Directors (including at least two (2) Preferred Directors). 
 “Fair Market Value” means, with
respect to any asset, as of the date of determination, the cash price (as determined in the reasonable discretion of the Board of Directors) at which a willing seller would sell, and a willing buyer would buy, each being apprised of all relevant
facts and neither acting under compulsion, such asset in an arm’s-length negotiated transaction with an unaffiliated third party without time constraints. 

“Lead Directors” means the Baupost Director, the F2 Director and the OIF Director. 

“Member” means any holder of Units of the Company. 

“New Securities” means any equity securities (or securities exercisable for or convertible into equity securities) of any kind or class
issued by the Company after the date hereof, including Preferred Units; provided, however, that none of the following shall constitute New Securities for any purpose hereunder:
(i) Non-Voting Incentive Units; (ii) Preferred Units issued pursuant to the Purchase Agreement; or (iii) Exempted Securities.  

“Original Issue Date” shall mean (i) for the Series Seed Preferred Units, October 17, 2016, (ii) for the Series A1 Preferred Units,
April 28, 2017, and (iii) for the Series B Preferred Units, October 4, 2019. 
 “Percentage Interest” of each Member at any
time shall mean (i) the sum of (A) the number of Preferred Units held by such Member multiplied by the applicable Adjustment Ratio in effect at such time, (B) the number of Common Units held by such Member at such time, and
(C) the number of Non-Voting Incentive Units held by such Member at such time (other than Non-Voting Incentive Units that are unvested at such time) divided by
(ii) the sum of (A) the number of Preferred Units then outstanding multiplied by the applicable Adjustment Ratio in effect at such time, (B) the number of Common Units then outstanding at such time, and (C) the number of Non-Voting Incentive Units held by such Member at such time (other than Non-Voting Incentive Units that are unvested at such time). 

  
 54 

 “Person” means any individual, corporation, partnership, limited liability company, firm,
joint venture, association, joint-stock company, trust, estate, unincorporated organization, governmental or regulatory body or other entity. 

“Preferred Member” means any Member holding Preferred Units. 

“Preferred Member Notice” means written notice from a Preferred Member notifying the Company and the selling Member that such Preferred
Member intends to exercise its Secondary Refusal Right as to a portion of the Transfer Units with respect to any Proposed Transfer. 
 “Preferred
Unit Preference Amount” means, (i) in respect of each Series Seed Preferred Unit, the sum of (a) the Series Seed Original Issue Price plus (b) the Series Seed Accrued Dividend plus (c) any other dividends declared but
unpaid thereon, (ii) in respect of each Series A1 Preferred Unit, the sum of (a) the Series A1 Original Issue Price plus (b) the Series A1 Accrued Dividend plus (c) any other dividends declared but unpaid thereon, and
(iii) in respect of each Series B Preferred Unit, the sum of (a) the Series B Original Issue Price plus (b) the Series B Accrued Dividends plus (c) any other dividends declared but unpaid thereon. 

“Proceeds Available for Distribution” means all cash amounts received (excluding proceeds from Capital Contributions and Capital Transaction
Proceeds) after deduction for payments of operating expenses, other cash expenditures, and any amounts set aside for the restoration, increase or creation of reasonable reserves. 

“Proposed Transfer” means any assignment, sale, offer to sell, pledge, mortgage, hypothecation, encumbrance, disposition of or any other like
transfer or encumbering of any Transfer Units (or any interest therein) proposed by any of the Members holding Common Units. 
 “Proposed Transfer
Notice” means written notice from a Member holding Common Units setting forth the terms and conditions of a Proposed Transfer. 
 “Proposed
Transferee” means the prospective purchaser or transferee of the Transfer Units. 
 “Purchase Agreement” means the Series B
Preferred Unit Purchase Agreement, by and among the Company and certain Members party thereto, dated as of the date hereof, as may be amended from time to time. 

“Requisite Preferred Holders” means the Members holding at least sixty-five (65%) of the outstanding Preferred Units, voting together as a
single class. 
 “Revised Audit Procedures” means the partnership audit rules enacted under Section 1101 of the Bipartisan Budget Act
of 2015 and any analogous state or local law. 

  
 55 

 “Right of Co-Sale” means the right, but not an
obligation, of a Preferred Member to participate in a Proposed Transfer on the terms and conditions specified in the Proposed Transfer Notice. 

“Right of First Refusal” means the right, but not an obligation, of the Company, or its permitted transferees or assigns, to purchase some or
all of the Transfer Units with respect to a Proposed Transfer pursuant to Section 10.03, on the terms and conditions specified in the Transfer Notice. 

“Rule 506(d) Related Party” means a person or entity covered by the “Bad Actor disqualification” provision of Rule 506(d) of the
Securities Act. 
 “Secondary Notice” means written notice from the Company notifying the Preferred Members and the selling Member that the
Company does not intend to exercise its Right of First Refusal as to all Transfer Units with respect to any Proposed Transfer. 
 “Secondary Refusal
Right” means the right, but not an obligation, of each Preferred Member to purchase up to its pro rata portion of any Transfer Units not purchased pursuant to the Right of First Refusal, on the terms and conditions specified in the
Proposed Transfer Notice. 
 “Series A1 Accrued Dividend” means, from and after the Original Issue Date of the Series A1 Preferred
Units, a cumulative, non-compounding dividend accruing at the rate per annum of 6% of the Unpaid Series A1 Original Issue Price per Series A1 Preferred Unit, subject to appropriate adjustment in the event of
any Unit splits, combination or other recapitalization or reclassification; provided, however, that such divided shall only accrue until such time as the Unpaid Preferred Unit Preference Amount for such Preferred Unit has been reduced to zero.
“Unpaid Series A1 Original Issue Price” shall mean the Series A1 Original Issue Price reduced by all payments made with respect to each Series A1 Preferred Unit pursuant to Section 8.01(b)(ii) other than payments
of Series A1 Accrued Dividends. 
 “Series A1 Original Issue Price” means $1.00. 

“Series B Accrued Dividend” means, from and after the Original Issue Date of the Series B Preferred Units, a cumulative, non-compounding dividend accruing at the rate per annum of 6% of the Unpaid Series B Original Issue Price per Series B Preferred Unit, subject to appropriate adjustment in the event of any Unit splits, combination
or other recapitalization or reclassification; provided, however, that such divided shall only accrue until such time as the Unpaid Preferred Unit Preference Amount for such Preferred Unit has been reduced to zero. “Unpaid Series B Original
Issue Price” shall mean the Series B Original Issue Price reduced by all payments made with respect to each Series B Preferred Unit pursuant to Section 8.01(b)(i) other than payments of Series B Accrued Dividends. 

“Series B Original Issue Price” means $1.56. 

“Series B Vote” means Members holding at least a majority of the outstanding Series B Preferred Units 

  
 56 

 “Series Seed Accrued Dividend” means, from and after the Original Issue Date of the
Series Seed Preferred Units, a cumulative, non-compounding dividend accruing at the rate per annum of 6% of the Unpaid Series Seed Original Issue Price per Series Seed Preferred Unit, subject to appropriate
adjustment in the event of any Unit splits, combination or other recapitalization or reclassification; provided, however, that such divided shall only accrue until such time as the Unpaid Preferred Unit Preference Amount for such Preferred Unit has
been reduced to zero. “Unpaid Series Seed Original Issue Price” shall mean the Series Seed Original Issue Price reduced by all payments made with respect to each Series Seed Preferred Unit pursuant to Section 8.01(b)(ii) other than
payments of Series Seed Accrued Dividends. 
 “Series Seed Original Issue Price” means $0.25. 

“Target Balance” means, with respect to any Member as of the close of any period for which allocations are made under ARTICLE VII, the amount
such Member would receive (or be required to contribute) in a hypothetical liquidation of the Company as of the close of such period, assuming for purposes of any hypothetical liquidation (i) a sale of all of the assets of the Company at prices
equal to their then book values (as maintained by the Company for purposes of, and as maintained pursuant to, the capital account maintenance provisions of Treasury Regulations Sections 1.704-1(b)(2)(iv)), and
(ii) the distribution of the net proceeds thereof to the Members pursuant to the provisions of Section 8.01 (after the payment of all actual Company indebtedness, and any other liabilities related to the Company’s
assets, limited, in the case of non-recourse liabilities, to the collateral securing or otherwise available to satisfy such liabilities) treating all outstanding unvested
Non-Voting Incentive Units as vested Non-Voting Incentive Units in compliance with the requirements of Section 4.01 of IRS Revenue Procedure 2001-43. 
 “Transferring Member” means a Member that proposes to transfer units. 

“Transfer Notice” written notice that the Transferring Member gives of a proposed Transfer. 

“Transfer Units” means Common Units or vested Non-Voting Incentive Units, as applicable, owned by a
Member, or issued to a Member after the date hereof (including, without limitation, in connection with any unit split, recapitalization, reorganization, or the like). 

“Treasury Regulation” means a regulation issued by the United States Department of the Treasury and relating to a matter arising under the
Code. 
 “Units Deemed Outstanding” shall mean, at any time, the sum of (a) the number of Series Seed Preferred Units outstanding at
such time multiplied by the Adjustment Ratio applicable to the Series Seed Preferred Units then in effect, (b) the number of Series A1 Preferred Units outstanding at such time multiplied by the Adjustment Ratio applicable to the Series A1
Preferred Units then in effect, (c) the number of Series B Preferred Units outstanding at such time multiplied by the Adjustment Ratio applicable to the Series B Preferred Units then in effect, and (d) all other Units then outstanding
(including Non-Voting Incentive Units, whether or not vested). 
 “Unpaid Preferred Unit Preference
Amount” means, with respect to a Preferred Unit at a particular time of determination, the excess of (i) the Preferred Unit Preference Amount for such Preferred Unit, reduced, but not below zero dollars ($0), by (ii) the aggregate
amount of distributions made with respect to such Preferred Unit pursuant to Section 8.01(b)(i) or 8.01(b)(ii) as applicable. 

  
 57 

 ARTICLE XIII 

GENERAL PROVISIONS 
 13.01
Offset and Withholding. 
 (a) The Company shall at all times be entitled to make payments with respect to any Member in amounts
required to discharge any obligation of the Company to withhold from a distribution or make payments to any governmental authority with respect to any foreign, federal, state or local tax liability of such Member arising as a result of such
Member’s interest in the Company (a “Withholding Payment”). Any Withholding Payment made from funds withheld upon a distribution will be treated as distributed to such Member for all purposes of this Agreement to the extent
that such Withholding Payment is attributable to the tax status of such Member. Any other Withholding Payment attributable to the tax status of a Member and that is not reimbursed by such Member within thirty (30) days following notice by the
Company to such Member of such Withholding Payment will be deemed to be a recourse loan by the Company to the relevant Member. The amount of Withholding Payment treated as a loan, plus interest thereon from the date of each such Withholding Payment
until such amount is repaid to the Company at an interest rate of six percent (6%) per annum, shall be repaid to the Company upon demand by the Company and may be repaid by the relevant Member at any time; provided, however, that in the Board of
Directors’ sole discretion, any such amount may be repaid by deduction from any distributions payable to such Member pursuant to this Agreement (with such deduction treated as an amount distributed to the Member) as determined by the Board of
Directors in its sole discretion. 
 (b) Any imputed underpayment within the meaning of Code Section 6225 paid (or payable) by the
Company as a result of an adjustment with respect to any Company item, including any interest or penalties with respect to any such adjustment (collectively, an “Imputed Underpayment Amount”), shall be treated as if it were paid by
the Company as a Withholding Payment with respect to the appropriate Members. The Board of Directors shall reasonably determine the portion of an Imputed Underpayment Amount attributable to each Member or former Member. The portion of the Imputed
Underpayment Amount that the Board of Directors attributes to a Member shall be treated as a Withholding Payment with respect to such Member. The portion of the Imputed Underpayment Amount that the Board of Directors attributes to a former Member of
the Company shall be treated as a Withholding Payment with respect to both such former Member and such former Member’s transferee(s) or assignee(s), as applicable, and the Board of Directors may in its discretion exercise the Company’s
rights pursuant to this Section 13.01(b) in respect of either or both of the former Member and its transferee or assignee. Imputed Underpayment Amounts treated as Withholding Payments also shall include any imputed
underpayment within the meaning of Code Section 6225 paid (or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Company holds (or has held) a direct or indirect interest other than through
entities treated as corporations for U.S. federal income tax purposes to the extent that the Company bears the economic burden of such amounts, whether by law or agreement. The Company shall use commercially reasonable efforts to obtain reductions
in any Imputed Underpayment Amount imposed on the Company pursuant to Section 6232 of the Code or the amounts “pushed out” to the Members pursuant to the Section 6226 of the Code (and any related interest, penalties or other
additions to tax) in light of the Members’ (and/or their direct and indirect members’, 

  
 58 

 
shareholders’, partners’, beneficiaries’, and other beneficial owners’) tax status or actions, and allocate any such reduction in an Imputed Underpayment Amount or amounts
“pushed out” to the applicable Member; provided that, the Company may, but is not obligated to, make such a “push out” election pursuant to Code Section 6226. The Company shall cooperate, and cause the Partnership
Representative to cooperate, as reasonably requested by any Member in connection with any tax audit or proceeding of the Company or any of its subsidiaries in obtaining any available reductions in tax liability for the requesting Member or its
direct or indirect beneficial owners. 
 13.02 Notices. Except as expressly set forth to the contrary in this Agreement, all notices,
requests, or consents required or permitted to be given under this Agreement must be in writing and shall be deemed to have been given (a) three (3) days after the date mailed by registered or certified mail, addressed to the recipient, with
return receipt requested, (b) upon delivery to the recipient in person or by courier, or (c) upon receipt of a facsimile transmission by the recipient. Such notices, requests and consents shall be given (x) to the Members at the
addresses set forth on the records of the Company or such other address as may be specified by notice to the Board of Directors, and (y) to the Company or the Board of Directors at the address of the principal office of Company. Whenever any
notice is required to be given by law, the Certificate or this Agreement, a written waiver thereof, signed by the Person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.

 13.03 Entire Agreement. This Agreement (together with any management rights letter by and between the Company and any Member, with
respect to the applicable Member only) constitutes the entire agreement of the Members and the Company relating to the subject matter of this Agreement and supersedes all prior contracts or agreements among the Members relating to the subject matter
of this Agreement, whether oral or written. 
 13.04 Amendment or Modification. Except as otherwise set forth herein, this Agreement
and the Certificate may be modified or amended (or compliance with any provision hereof or thereof waived) by an instrument in writing signed by (a) the Company and (b) the Majority Interest; however, no such amendment may, without the
consent of each affected Member, require any Member to make contributions to the Company or make the Member liable for any debts or obligations of the Company. No amendment or waiver that by its terms has an adverse effect on the rights and
obligations of any Member (or any class of Members) that by its terms is disproportionate to the effect on other Members (or other classes of Members) may be made without the affirmative vote or written consent of the disproportionately affected
Member or Members (taking into account any side agreements with any Member) holding at least (i) if the disproportionately affected class of Units are Common Units, a majority of the Common Units (if any are outstanding at such time) or,
(ii) if the disproportionately affected class of Units are Preferred Units or any class or series of Preferred Units, at least a majority of the Preferred Units or such class or series, as applicable. For the avoidance of doubt, and without
limitation of the foregoing, any amendment that alters or changes the rights of a Member or class of Members to designate or approve a director or member of a committee (including the rights of the holders of the Preferred Units under
Section 3.02(b)(i), Section 3.02(b)(ii), Section 3.02(b)(iii) and Section 3.02(e) or alters or changes the powers, preferences (including liquidation preferences), or special rights of the Units of such class or of such Member so
as to affect them adversely shall be deemed to disproportionately affect such Member or Members, as applicable. 

  
 59 

 13.05 Binding Effect. Subject to the restrictions on transfers set forth in this
Agreement, this Agreement is binding on and inures to the benefit of each of the Members and their respective heirs, legal representatives, successors and assigns. 

13.06 Governing Law; Severability. This Agreement is governed by and shall be construed in accordance with the law of the State of
Delaware, exclusive of its conflict-of-laws principles. In the event of a conflict between the provisions of this Agreement and any provision of the Certificate or the
Act, the applicable provision of this Agreement shall control, to the extent permitted by law. If any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to any extent, the remainder
of this Agreement and the application of that provision shall be enforced to the fullest extent permitted by law. 
 13.07 Waiver of
Certain Rights. Each Member irrevocably waives any right it may have to maintain any action for dissolution of the Company or for partition of the property of the Company. The failure of any Member to insist upon strict performance of a covenant
hereunder or of any obligation hereunder, irrespective of the length of time for which such failure continues, shall not be a waiver of such Member’s right to demand strict compliance herewith in the future. No consent or waiver, express or
implied, to or of any breach or default in the performance of any obligation hereunder, shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation hereunder. 

13.08 Interpretation. For the purposes of this Agreement, terms not defined in this Agreement shall be defined as provided in the Act;
and all nouns, pronouns and verbs used in this Agreement shall be construed as masculine, feminine, neuter, singular, or plural, whichever shall be applicable. Titles or captions of Articles and Sections contained in this Agreement are inserted as a
matter of convenience and for reference, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision hereof. 

[Signature Page Follows] 

  
 60 

 IN WITNESS WHEREOF, the Company has executed this Agreement as of the date set forth above.

  

			
	COMPANY:
	
	CULLINAN ONCOLOGY, LLC
		
		 	 /s/ Owen Hughes

	Name:	 	Owen Hughes
	Title:	 	President and Chief Executive Officer

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 IN WITNESS WHEREOF, the Member has executed this Agreement as of the date set forth above.

  

	
	MEMBER:
	
	 /s/ Ansbert Gadicke

	[signature]
	
	 Ansbert Gadicke

	 [print name of signatory]
  

on behalf of
  

MPM ONCOLOGY IMPACT MANAGEMENT GP LLC
  

in its capacity as general partner of
  

MPM ONCOLOGY IMPACT MANAGEMENT LP
  

in its capacity as general partner of
  

ONCOLOGY IMPACT FUND (CAYMAN) MANAGEMENT L.P.
  

in its capacity as general partner of
  

UBS ONCOLOGY IMPACT FUND L.P.

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 IN WITNESS WHEREOF, the Member has executed this Agreement as of the date set forth above.

  

	
	MEMBER:
	
	SIGNED for and on behalf of
	 Globeways Holdings Limited
 acting by its duly
authorised officers:

	
	 /s/ Morana Jovan-Embiricos

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 IN WITNESS WHEREOF, the Member has executed this Agreement as of the date set forth above.

  

			
	MEMBER:
	
	F2 Bioscience I 2017 Limited
		
	By:	 	 /s/ Rachel Higham

	Name:	 	Rachel Higham
	Title:	 	Corporate Director, Cellar Limited
		
	By:	 	 /s/ Ivan Bedford

	Name:	 	Ivan Bedford
	Title:	 	Corporate Director, Clambake Limited

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 IN WITNESS WHEREOF, the Member has executed this Agreement as of the date set forth above.

  

			
	MEMBER:
	
	F2 Vision Scs
	
	By: F2 Vision Management, its general partner
		
	By:	 	 /s/ A. Renard

	Name: A. Renard
	Title:   Manager
		
	By:	 	 /s/ C. Francois

	Name: C. Francois
	Title:   Manager

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 IN WITNESS WHEREOF, the Member has executed this Agreement as of the date set forth above.

  

			
	MEMBER:
	
	F2 TPO INVESTMENTS LLC
	
	Acting by its Manger Globeways Holdings II Limited
		
	By:	 	 /s/ Morana Jovan-Embiricos

	Name: Morana Jovan-Embiricos
	Title:   Director

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 IN WITNESS WHEREOF, the Member has executed this Agreement as of the date set forth above.

  
  

			
	MEMBER:
	
	F2 MG LIMITED
		
	By:	 	 /s/ Rachel Higham

 

			
	Name:	 	Rachel Higham
	Title:	 	Director, Cellar Limited

 
			
		
	By:	 	 /s/ Ivan Bedford

 
			
	Name:	 	Ivan Bedford
	Title:	 	Director, Clambake Limited

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 IN WITNESS WHEREOF, the Member has executed this Agreement as of the date set forth above.

  

			
	MEMBER:
	
	BAUPOST PRIVATE INVESTMENTS A-1, L.L.C.
		
	By:	 	Baupost Limited Partnership 1983 A-1,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name: Gregory A. Ciongoli
		 	Title: Partner
	
	BAUPOST PRIVATE INVESTMENTS B-1, L.L.C.
		
	By:	 	Baupost Limited Partnership 1983 B-1,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name: Gregory A. Ciongoli
		 	Title: Partner
	
	BAUPOST PRIVATE INVESTMENTS C-1, L.L.C.
		
	By:	 	Baupost Limited Partnership 1983 C-1,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name: Gregory A. Ciongoli
		 	Title: Partner

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 
			
	BAUPOST PRIVATE INVESTMENTS P-1, L.L.C.
		
	By:	 	PB Institutional Limited Partnership,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name: Gregory A. Ciongoli
		 	Title: Partner
	
	BAUPOST PRIVATE INVESTMENTS Y-1, L.L.C.
		
	By:	 	YB Institutional Limited Partnership,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name: Gregory A. Ciongoli
		 	Title: Partner
	
	BAUPOST PRIVATE INVESTMENTS BVI-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-I,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name: Gregory A. Ciongoli
		 	Title: Partner

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 
			
	BAUPOST PRIVATE INVESTMENTS BVII-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-II,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name: Gregory A. Ciongoli
		 	Title: Partner
	
	BAUPOST PRIVATE INVESTMENTS BVIII-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-III,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name: Gregory A. Ciongoli
		 	Title: Partner
	
	BAUPOST PRIVATE INVESTMENTS BVIV-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-IV,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name: Gregory A. Ciongoli
		 	Title: Partner

  
 [Signature Page to Second
A&R Limited Liability Company Agreement] 

 AMENDMENT NO. 1 

TO 
 SECOND AMENDED AND
RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

This Amendment No. 1 (this “Amendment”) to the Second Amended and Restated Limited Liability Company Agreement of
Cullinan Oncology, LLC, a Delaware limited liability company (the “Company”), dated as of October 4, 2019, is made as of December 19, 2019 by and among the Company and the Persons identified as the Members on the signature
pages attached hereto. 
 RECITALS 

WHEREAS, the Company and the Members are parties to that certain Second Amended and Restated Limited Liability Company Agreement (the
“Agreement”) of the Company, dated as of October 4, 2019, by and among the Persons identified as the Members on Schedule A attached thereto; 

WHEREAS, Section 13.04 of the Agreement provides that any term of the Agreement may be modified or amended (or compliance with any
provision thereof waived) by an instrument in writing signed by the Company and the Majority Interest (as defined in the Agreement); 

WHEREAS, Section 3.04(a)(ii) of the Agreement provides that the Company shall not amend, alter, or repeal any provision of the
Agreement if it would adversely alter the rights, preferences, privileges or powers of or restrictions on the Preferred Units without the consent of the Requisite Preferred Holders (as defined in the Agreement); and 

WHEREAS, the Company, Majority Interest and Requisite Preferred Holders desire to amend the Agreement as set forth herein. 

NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS: 

1. AMENDMENT NO. 1 TO AGREEMENT 
 1.1
Definitions. Unless otherwise indicated herein, words and terms which are defined in the Agreement shall have the same meaning where used in this Section I. 

1.2 Schedule A. Schedule A to the Agreement is hereby replaced with Schedule A hereto. 

1.3 Section 12.02. The definition of “Baupost” and “Cowen” in Section 12.02 of the Agreement
is hereby added in their entirety as follows: 
 “AIG” shall mean American General Life Insurance Company and American Home
Assurance Company, collectively. 

 “Baupost” shall mean Baupost Private Investments A-1, L.L.C., Baupost Private Investments B-1, L.L.C., Baupost Private Investments C-1, L.L.C., Baupost Private Investments P-1, L.L.C., Baupost Private Investments Y-1, L.L.C., Baupost Private Investments BVI-1, L.L.C., Baupost Private Investments BVII-1, L.L.C., Baupost Private Investments BVIII-1, L.L.C., and Baupost Private Investments BVIV-1, L.L.C., collectively. 

“Cowen” shall mean Cowen Healthcare Investments II LP, CHI EF II LP, Cowen Healthcare Investments III, LP and CHI EF III LP,
collectively. 
 1.4 Section 12.02. The definitions of “Lead Directors” and “Requisite Preferred
Holders” in Section 12.02 of the Agreement are hereby amended and restated in their entirety as follows: 
 “Lead
Directors” means the Series B Director, the F2 Director and the OIF Director. 
 “Requisite Preferred Holders”
means the Members holding at least seventy-five (75%) of the outstanding Preferred Units, voting together as a single class. 
 (e)
Sections 3.02(a) and (b). Sections 3.02(a) and 3.02(b) of the Agreement are hereby amended and restated in their entirety as follows: 

“3.02 Composition of the Board of Directors. 

(a) The Board of Directors shall consist of one or more members. The number of Directors shall initially be seven (7). 

(b) From and after the date of this Agreement, each Member shall vote, or cause to be voted, all Units and all other voting securities of the
Company presently owned or hereafter acquired by such Member, or over which such Member has voting control, at any meeting of the Members called for the purpose of filling positions on the Board of Directors, or to execute a written consent in lieu
of a meeting of the Members, for purpose of filling positions on the Board of Directors to fix the number of Directors at seven (7) and to elect and continue in office as Directors the following: 

(i) For so long as UBS Oncology Impact Fund L.P. or its Affiliates (“OIF”), holds at least 10% of its
originally issued Series A Preferred Units, one (1) person (the “OIF Director”), designated by OIF who initially shall be Ansbert Gadicke; 

(ii) For so long as F2 Ventures or its Affiliates (“F2”) holds at least 10% of its originally issued Series A
Preferred Units, one (1) person (the “F2 Director” and together with the OIF Directors, collectively the “Series A Preferred Directors”), designated by F2 who initially shall be Morana Jovan; 

(iii) For so long as Cowen and Baupost jointly hold at least 10% of their originally issued Series B Preferred Units, one
(1) person (the “Series B Preferred Director” and together with the Series A Preferred Directors, the “Preferred Directors”), designated jointly by Cowen and Baupost who initially shall be Tim Anderson;

  
 5 

 (iv) The CEO (the “CEO Director”), which board seat shall
initially be vacant, provided that if for any reason the CEO Director shall cease to serve as the CEO, each of the Members shall promptly vote their respective Units (A) to remove the former CEO from the Board of Directors if such person has
not resigned as a member of the Board of Directors and (B) to elect such person’s replacement as the CEO as the new CEO Director; 

(v) Two (2) people, mutually acceptable to a majority of the other members of the Board of Directors, including all of the
Lead Directors, who shall initially be Tony Rosenberg and Thomas Ebeling (the “Independent Directors”); and 

(vi) One (1) independent person who does not have an affiliation with any of the Members or the Company, who shall be
designated by a majority of the Preferred Directors and subject to the mutual satisfaction of the Board, such person shall be designated as the chairperson of the Board of Directors.” 

(f) Sections 3.02(e). Section 3.02(e) of the Agreement is hereby amended and restated in its entirety as follows: 

(a) The Company shall permit up to: one (1) representative of Baupost, one (1) representative from AIG and one
(1) representative from Emerson Collective Investments LLC (“Emerson”), each of whom shall be designated from time to time, to attend all meetings of its Board, any committee thereof, or any board of any subsidiary of the
Company, in a nonvoting observer capacity (each such representative, a “Board Observer”) and, in this respect, shall give such representative copies of all notices, minutes, consents, and other documents or materials that it
provides to its members at the same time and in the same manner as provided to such members; provided, however, that Baupost, AIG and Emerson shall each cause its respective representative to hold in confidence such information to the
same extent as provided in Section 2.09 above; provided further, the Company reserves the right to withhold any information and/or exclude any such representative from any meeting or portion thereof to the extent that the
Company reasonably believes that the disclosure of which or that the inclusion of such representative would adversely affect the attorney-client privilege between the Company or its Affiliates and its counsel. Notwithstanding the preceding
provisions of this Section, the absence of any such representative from any meeting or the failure of any such representative to participate in any consent shall not affect the existence of a quorum of the validity of any action taken.” 

(g) Section 5.01. Section 5.01 of the Agreement is hereby amended and restated in its entirety as follows: 

  
 6 

 “5.01 Right to Indemnification. Subject to the provisions of this ARTICLE V, the
Company shall indemnify, to the fullest extent that would have been permissible under the Delaware General Corporation Law (as amended, the “DGCL”) if the Company were a corporation organized and existing under the DGCL, all
Indemnified Persons against all expenses incurred by the Indemnified Persons in connection with any proceeding in which an Indemnified Person is involved as a result of serving in the capacity by reason of which such Person is deemed to be an
“Indemnified Person” pursuant to Section 5.06(a); except to the extent caused by the bad faith, gross negligence or intentional misconduct by such Indemnified Person. Subject to the foregoing limitation, such indemnification shall be
provided by the Company with respect to a proceeding in which it is claimed that the Indemnified Person received an improper personal benefit by reason of his position, regardless of whether the claim arises out of the Indemnified Person’s
service in such capacity, except for matters as to which it is finally judicially determined that an improper personal benefit was received by the Indemnified Person.” 

(h) Section 7.03. Section 7.03(e) of the Agreement is hereby amended by adding the following sentence at the end
thereof: 
 “Notwithstanding the foregoing, any notice, documentation or other information provided to Baupost by the Partnership
Representative or the Company pursuant to this Section 7.03(e) shall also be provided to Cowen.” 
 (i)
Section 9.06. Section 9.06 of the Agreement is hereby amended by adding the following sentence at the end thereof: 

“Notwithstanding the foregoing, any notice, documentation or other information provided to Baupost pursuant to this Section 9.06
shall also be provided to Cowen.” 
 2. MISCELLANEOUS 

2.1 Continued Validity of the Agreement. Except as specifically amended hereby, the Agreement shall continue in full force and effect as
originally constituted and is ratified and affirmed by the parties hereto. 
 2.2 Governing Law. This Amendment is governed by and
shall be construed in accordance with the law of the State of Delaware, exclusive of its conflict-of-laws principles. 

2.3 Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which
taken together shall constitute one and the same instrument. This Amendment may be executed by facsimile or other electronic transmission. 

[Remainder of Page Intentionally Left Blank] 

  
 7 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	COMPANY:
	
	 CULLINAN ONCOLOGY, LLC

		
	 By:
	 	 /s/ Owen Hughes

	 Name:
	 	 Owen Hughes

	 Title:
	 	 President and CEO

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

	
	MEMBER:
	
	 /s/ Ansbert Gadicke

	[signature]
	
	 Ansbert Gadicke

	 [print name of signatory]
  

on behalf of
  

MPM ONCOLOGY IMPACT MANAGEMENT GP LLC
  

in its capacity as general partner of
  

MPM ONCOLOGY IMPACT MANAGEMENT LP
 in its capacity as general
partner of
  
 ONCOLOGY IMPACT FUND (CAYMAN) MANAGEMENT L.P.

 
 in its capacity as general partner of

 
 UBS ONCOLOGY IMPACT FUND L.P.

  
 2 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

	
	MEMBER:
	
	SIGNED for and on behalf of
	 Globeways Holdings Limited
 acting by its duly
authorised officers:

	
	 /s/ Morana Jovan-Embiricos

  
 3 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	 MEMBER:
  

F2 MG LIMITED

		
	By:	 	 /s/ Rachel Higham

	Name:	 	Rachel Higham
	Title:	 	Director, Cellar Limited
		
	By:	 	 /s/ Ivan Bedford

	Name:	 	Ivan Bedford
	Title:	 	Director, Clambake Limited

  
 4 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	 MEMBER:
  

F2 TPO INVESTMENTS, LLC
  

acting by its Manager Globeway Holdings II Limited

		
	By:	 	 /s/ Dylan McKeon

	Name:	 	Dylan McKeon
	Title:	 	Financial Manager

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	 MEMBER:
  

F2 VISION SCS
  

By: F2 Vision Management, its general partner

		
	By:	 	 /s/ A. Renard

	Name:	 	A. Renard
	Title:	 	Manager
		
	By:	 	 /s/ C. Francois

	Name:	 	C. Francois
	Title:	 	Manager

 Signature Page to Amendment No. 1 to the Second AR Limited Liability Company Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	 MEMBER:
  

F2 BIOSCIENCE I 2017 LIMITED

		
	By:	 	 /s/ Rachel Higham

	Name:	 	Rachel Higham
	Title:	 	Corporate Director, Cellar Limited
		
	By:	 	 /s/ Ivan Bedford

	Name:	 	Ivan Bedford
	Title:	 	Corporate Director, Clambake Limited

 Signature Page to Amendment No. 1 to the Second AR Limited Liability Company Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	 MEMBER:
  

BAUPOST PRIVATE INVESTMENTS A-1, L.L.C.

		
	By:	 	Baupost Limited Partnership 1983 A-1,
its sole member
		
	By:	 	The Baupost Group, L.L.C.,
its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

	Name:	 	Gregory A. Ciongoli
	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS B-1, L.L.C.
		
	By:	 	Baupost Limited Partnership 1983 B-1,
its sole member
		
	By:	 	The Baupost Group, L.L.C.,
its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

	Name:	 	Gregory A. Ciongoli
	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS C-1, L.L.C.
		
	By:	 	Baupost Limited Partnership 1983 C-1,
its sole member
		
	By:	 	The Baupost Group, L.L.C., 
its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

	Name:	 	Gregory A. Ciongoli
	Title:	 	Partner

 Signature Page to Amendment No. 1 to the Second AR Limited Liability Company Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	BAUPOST PRIVATE INVESTMENTS P-1, L.L.C.
		
	By:	 	PB Institutional Limited Partnership,
its sole member
		
	By:	 	The Baupost Group, L.L.C.,
its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

	Name:	 	Gregory A. Ciongoli
	Title:	 	Partne
	
	BAUPOST PRIVATE INVESTMENTS Y-1, L.L.C.
		
	By:	 	YB Institutional Limited Partnership,
its sole member
		
	By:	 	The Baupost Group, L.L.C.,
its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

	Name:	 	Gregory A. Ciongoli
	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS BVI-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-I,
its sole member
		
	By:	 	 The Baupost Group, L.L.C.,
 its managing general
partner

		
	By:	 	 /s/ Gregory A. Ciongoli

	Name:	 	Gregory A. Ciongoli
	Title:	 	Partner

 Signature Page to Amendment No. 1 to the Second AR Limited Liability Company Agreement 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	BAUPOST PRIVATE INVESTMENTS BVII-1, L.L.C.
		
	By:	 	 Baupost Value Partners, L.P.-II,

its sole member

		
	By:	 	The Baupost Group, L.L.C., its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

	Name:	 	 Gregory A. Ciongoli

	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS BVIII-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-III,
its sole member
		
	By:	 	The Baupost Group, L.L.C.,
its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

	Name:	 	Gregory A. Ciongoli
	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS BVIV-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-IV,
its sole member
		
	By:	 	The Baupost Group, L.L.C.,
its managing general partner
		 	
		
	By:	 	 /s/ Gregory A. Ciongoli

	Name:	 	Gregory A. Ciongoli
	Title:	 	Partner

 Signature Page to Amendment No. 1 to the Second AR Limited Liability Company Agreement 

 AMENDMENT NO. 2 

TO 
 SECOND AMENDED AND
RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

This Amendment No. 2 (this “Amendment”) to the Second Amended and Restated Limited Liability Company Agreement of
Cullinan Oncology, LLC, a Delaware limited liability company (the “Company”), dated as of October 4, 2019, as amended, is made as of February 21, 2020 by and among the Company and the Persons identified as the Members on
the signature pages attached hereto. 
 RECITALS 

WHEREAS, the Company and the Members are parties to that certain Second Amended and Restated Limited Liability Company Agreement of the
Company, dated as of October 4, 2019, by and among the Persons identified as the Members on Schedule A attached thereto, as amended from time to time (the “Agreement”); 

WHEREAS, Section 13.04 of the Agreement provides that any term of the Agreement may be modified or amended (or compliance with any
provision thereof waived) by an instrument in writing signed by the Company and the Majority Interest (as defined in the Agreement); 

WHEREAS, Section 3.04(a)(ii) of the Agreement provides that the Company shall not amend, alter, or repeal any provision of the
Agreement if it would adversely alter the rights, preferences, privileges or powers of or restrictions on the Preferred Units without the consent of the Requisite Preferred Holders (as defined in the Agreement); and 

WHEREAS, the Company, Majority Interest and Requisite Preferred Holders desire to amend the Agreement as set forth herein. 

NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS: 

3. AMENDMENT NO. 1 TO AGREEMENT 
 3.1
Definitions. Unless otherwise indicated herein, words and terms which are defined in the Agreement shall have the same meaning where used in this Section I. 

3.2 Schedule A. Schedule A to the Agreement is hereby replaced with Schedule A hereto. 

(c) Sections 3.02(e). Section 3.02(e) of the Agreement is hereby amended and restated in its entirety as follows: 

 (b) The Company shall permit up to: one (1) representative of Baupost, one
(1) representative from AIG, one (1) representative from Emerson Collective Investments LLC (“Emerson”) and one (1) representative from Schooner Capital (“Schooner”), each of whom shall be designated
from time to time, to attend all meetings of its Board, any committee thereof, or any board of any subsidiary of the Company, in a nonvoting observer capacity (each such representative, a “Board Observer”) and, in this respect,
shall give such representative copies of all notices, minutes, consents, and other documents or materials that it provides to its members at the same time and in the same manner as provided to such members; provided, however, that
Baupost, AIG, Emerson and Schooner shall each cause its respective representative to hold in confidence such information to the same extent as provided in Section 2.09 above; provided further, the Company reserves the right
to withhold any information and/or exclude any such representative from any meeting or portion thereof to the extent that the Company reasonably believes that the disclosure of which or that the inclusion of such representative would adversely
affect the attorney-client privilege between the Company or its Affiliates and its counsel. Notwithstanding the preceding provisions of this Section, the absence of any such representative from any meeting or the failure of any such representative
to participate in any consent shall not affect the existence of a quorum of the validity of any action taken.” 
 4. MISCELLANEOUS 

4.1 Continued Validity of the Agreement. Except as specifically amended hereby, the Agreement shall continue in full force and effect as
originally constituted and is ratified and affirmed by the parties hereto. 
 4.2 Governing Law. This Amendment is governed by and
shall be construed in accordance with the law of the State of Delaware, exclusive of its conflict-of-laws principles. 

4.3 Counterparts. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which
taken together shall constitute one and the same instrument. This Amendment may be executed by facsimile or other electronic transmission. 

[Remainder of Page Intentionally Left Blank] 

  
 12 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	COMPANY:
	
	CULLINAN ONCOLOGY, LLC
		
	By:	 	 /s/ Owen Hughes

	Name:	 	Owen Hughes
	Title:	 	President and CEO

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

	
	MEMBER:
	
	 /s/ Ansbert Gadicke

	[signature]
	
	 Ansbert Gadicke

	
	 [print name of signatory]
  

on behalf of
  

MPM ONCOLOGY IMPACT MANAGEMENT GP LLC
  

in its capacity as general partner of
  

MPM ONCOLOGY IMPACT MANAGEMENT LP
  

in its capacity as general partner of
  

ONCOLOGY IMPACT FUND (CAYMAN) MANAGEMENT L.P.
  

in its capacity as general partner of
  

UBS ONCOLOGY IMPACT FUND L.P.

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

	
	MEMBER:
	
	SIGNED for and on behalf of
	 Globeways Holdings Limited
 acting by its duly
authorised officers:

	
	 /s/ Morana Jovan-Embiricos

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	MEMBER:
	
	F2 MG LIMITED
		
	By:	 	 /s/ Rachel Higham

	Name:	 	Rachel Higham
	Title:	 	Director, Cellar Limited
		
	By:	 	 /s/ Ivan Bedford

	Name:	 	Ivan Bedford
	Title:	 	Director, Clambake Limited

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	MEMBER:
	
	F2 TPO INVESTMENTS, LLC
	
	acting by its Manager Globeway Holdings II Limited
		
	By:	 	 /s/ Morana Jovan-Embiricos

	Name: Morana Jovan-Embiricos
	 Title: Director

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	MEMBER:
	
	F2 VISION SCS
	
	By: F2 Vision Management, its general partner
		
	By:	 	 /s/ A. Renard

	Name: A. Renard
	Title: Manager
		
	By:	 	 /s/ C. Francois

	Name: C. Francois
	Title: Manager

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

			
	MEMBER:
	
	F2 BIOSCIENCE I 2017 LIMITED
		
	By:	 	 /s/ Rachel Higham

	Name: Rachel Higham
	Title: Corporate Director, Cellar Limited
		
	By:	 	 /s/ Ivan Bedford

	Name: Ivan Bedford
	Title: Corporate Director, Clambake Limited

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

					
	MEMBER:
	
	BAUPOST PRIVATE INVESTMENTS A-1, L.L.C.
		
	By:	 	Baupost Limited Partnership 1983 A-1,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name:	 	Gregory A. Ciongoli
		 	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS B-1, L.L.C.
		
	By:	 	Baupost Limited Partnership 1983 B-1,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name:	 	Gregory A. Ciongoli
		 	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS C-1, L.L.C.
		
	By:	 	Baupost Limited Partnership 1983 C-1,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name:	 	Gregory A. Ciongoli
		 	Title:	 	Partner

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

					
	BAUPOST PRIVATE INVESTMENTS P-1, L.L.C.
		
	By:	 	PB Institutional Limited Partnership,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name:	 	Gregory A. Ciongoli
		 	Title:	 	Partne
	
	BAUPOST PRIVATE INVESTMENTS Y-1, L.L.C.
		
	By:	 	YB Institutional Limited Partnership,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name:	 	Gregory A. Ciongoli
		 	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS BVI-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-I,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name:	 	Gregory A. Ciongoli
		 	Title:	 	Partner

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 to the Second
Amended and Restated Limited Liability Company Agreement as of the date first above written. 
  

					
	BAUPOST PRIVATE INVESTMENTS BVII-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-II,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name:	 	Gregory A. Ciongoli
		 	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS BVIII-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-III,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name:	 	Gregory A. Ciongoli
		 	Title:	 	Partner
	
	BAUPOST PRIVATE INVESTMENTS BVIV-1, L.L.C.
		
	By:	 	Baupost Value Partners, L.P.-IV,
		 	its sole member
		
	By:	 	The Baupost Group, L.L.C.,
		 	its managing general partner
		
	By:	 	 /s/ Gregory A. Ciongoli

		 	Name:	 	Gregory A. Ciongoli
		 	Title:	 	PartnerEX-10.6

 Exhibit 10.6 

Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively harmful if
publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

AND 
 CULLINAN AMBER
CORP. 
 EXCLUSIVE PATENT LICENSE AGREEMENT 

  
 1 

 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

EXCLUSIVE PATENT LICENSE AGREEMENT 

This Agreement, effective as of December 20, 2019 (the “Effective Date”), is between the Massachusetts Institute of Technology
(“MIT”), a Massachusetts non-profit corporation and educational institution, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and Cullinan Amber Corp.
(“Company”), a Delaware corporation, with a principal place of business at One Main Street, Cambridge, MA 02142. 

RECITALS 
 WHEREAS, the
Patent Rights (as defined herein) relating to [***], were developed by MIT researcher Karl Dane Wittrup and others; and 
 WHEREAS, MIT has
the right to grant licenses under the Patent Rights; and 
 WHEREAS, MIT desires to have the Patent Rights developed and commercialized to
benefit the public and is willing to grant a license thereunder; and 
 WHEREAS, Company has represented to MIT, to induce MIT to enter into
this Agreement, that Company shall commit itself to a diligent program of exploiting the Patent Rights so that public utilization shall result therefrom; and 

WHEREAS, Company desires to obtain a license under the Patent Rights upon the terms and conditions hereinafter set forth; 

  
 1 

 NOW, THEREFORE, MIT and Company hereby agree as follows: 

1.    DEFINITIONS 

1.1    “Affiliate” shall mean, with respect to any organization or entity, any person, organization or
entity controlling, controlled by or under common control with, such organization or entity. For purposes of this definition only, “control” of another person, organization or entity shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of the activities, management or policies of such person, organization or entity, whether through the ownership of voting securities, by contract or otherwise. Without limiting the foregoing, control shall
be presumed to exist when a person, organization or entity (a) owns or directly controls fifty percent (50%) or more of the outstanding voting stock or other ownership interest of the other organization or entity or (b) possesses, directly
or indirectly, the power to elect or appoint fifty percent (50%) or more of the members of the governing body of the organization or other entity. The parties acknowledge that in the case of certain entities organized under the laws of certain
countries outside of the United States, the maximum percentage ownership permitted by law for a foreign investor may be less than fifty percent (50%), and that in such cases such lower percentage shall be substituted in the preceding sentence. 

1.2    “Affiliated Sublicensee” shall mean any Sublicensee that is an Affiliate at the time such
Sublicense is granted, for as long as it remains an Affiliate.  
 1.3    “Change of Control of
Company” shall mean (a) a merger, share exchange or other reorganization concerning the direct or indirect ownership of Company, (b) the acquisition of ownership, directly or indirectly, beneficially or of record, by any person or
group of the capital stock of Company representing a majority of the aggregate ordinary voting power, or aggregate equity value represented by the issued and outstanding capital stock, of Company, or (c) a sale of all or substantially all of
the assets of Company or that portion of Company’s business to which the license granted under this Agreement relates in one transaction or a series of related transactions, in which for each of (a), (b) and (c) the persons or entities
that own capital stock of Company representing a majority of the voting power of Company prior to such transaction do not own a majority of the voting power of the acquiring, surviving or successor entity, as the case may be; and (d) the first
sale of Company’s common stock in a firm commitment underwritten public offering registered under the Securities Act of 1933, as amended, pursuant to an effective registration statement, provided however, that a transaction in which working
capital is raised through the non-public issuance of equity in Company to investors shall not constitute a Change of Control. 

  
 2 

 1.4    “Change of Control of an Affiliated Sublicensee”
shall mean (a) a merger, share exchange or other reorganization in which an Affiliated Sublicensee is a constituent party, (b) the acquisition, in a single transaction or series of related transactions, by a person or entity or a group of
related persons or entities, of a majority of the voting power of the Affiliated Sublicensee from the direct or indirect equity holders of such Affiliated Sublicensee, or (c) the sale, lease transfer, exclusive license or other disposition, in
a single transaction or series of related transactions of all or substantially all of the assets of the Affiliated Sublicensee (or that portion of its assets related to the subject matter of the Sublicense), in which for each of (a), (b) and
(c) the direct or indirect equity holders of the Affiliated Sublicensee that own a majority of the voting power of the Affiliated Sublicensee prior to such transaction do not own a majority of the voting power of the acquiring, surviving or
successor entity, as the case may be; and (d) the first sale of the Affiliated Sublicensee’s common stock in a firm commitment underwritten public offering registered under the Securities Act of 1933, as amended, pursuant to an effective
registration statement. 
 1.5    “Combination Product” shall mean any product incorporating both (a)
[***] and (b) [***]. 
 1.6     “Diligence Requirements” shall mean those activities and/or events that
constitute Company’s specific development and commercialization milestones, more specifically described in Appendix C. 

1.7    “Distributor” shall mean a third party engaged in the distribution of pharmaceutical products that
is not an Affiliate of Company or a Sublicensee and to which Company or a Sublicensee has sold Licensed Products in an arms’ length transaction and from which Company or a Sublicensee will not receive any additional benefit separate from the
payment for such Licensed Products. 
 1.8    “Expansion Fields” shall mean a protein collagen binding
domain fused to either or both: 1) [***]; and/or 2) [***]. 
 1.9    “Field” shall mean a protein
collagen binding domain fused to either or both: [***], for the diagnosis, prognosis, prophylaxis or treatment of cancer in humans or other animals. 

1.10    “First Commercial Sale” shall mean, with respect to a Licensed Product, the date of the first
sale (in exchange for cash or other consideration to which value can reasonably be assigned for the purpose of determining Net Sales) by Company, its agents or Sublicensees of such Licensed Product in a given country to a Distributor or to an
independent third party for end use or consumption of such Licensed Product in such country. 

  
 3 

 1.11    “Fully Funded Project” shall mean a development
project for a specific Licensed Product at a level of funding no less than [***] for [***] of the project, [***] for [***] of the project and [***] thereafter, ending upon First Commercial Sale of such Licensed Product. 

1.12    “Improvement” shall mean a patentable invention which is: 

(i) Arising [***] from research performed in the laboratory of [***] at the Koch Institute for Integrative Cancer Research at MIT and directed
to use in the Field; 
 (ii) Disclosed to the MIT Technology Licensing Office and conceived and reduced to practice within [***] after the
Effective Date; 
 (iii) Includes [***] as an inventor; 

(iv) Dominated by a Valid Claim of the Patent Rights exclusively licensed in the Field under this Agreement and listed on Appendix A as of
the Effective Date; and 
 (v) Available for licensing after satisfaction of any obligations to third parties, including without limitation
sponsors of the research leading to such invention. 
 1.13    “Licensed Product” shall mean, on a country-by-country basis, any product in the Field, the making, using, selling, offering for sale, importing or exporting in the country in question would (without the license
granted hereunder) infringe at least [***] Valid Claim (were it to have issued) or issued Valid Claim in that country. 

1.14    “Net Sales” shall mean the gross amount billed by Company and its Sublicensees or agents, for
Licensed Products, less the following: 
 (a) [***]; 

(b) [***]; 
 (c) [***]; 

(d) [***]; and 
 (e) [***]. 

[***] 

  
 4 

 In the case of a Combination Product, [***] (the “Combination Value
Report”). 
 [***]. 

1.15    “Patent Challenge” shall mean a legal or administrative challenge to the validity, patentability,
scope or enforceability of any of the Patent Rights (as defined below) or otherwise opposing any of the Patent Rights; provided, however, that a Patent Challenge shall not include: (a) arguments made by Company in the ordinary course of patent
office prosecution for the purpose of distinguishing the inventions claimed in patents or patent applications owned or controlled by Company (“Company Patents”) from those claimed in the Patent Rights to the extent such arguments do
not disparage, criticize or otherwise undermine the Patent Rights or raise any issue of the Patent Rights’ compliance with or sufficiency under applicable patent laws, regulations or administrative rules, or disrupt prosecution of any of the
Patent Rights in the ordinary course of patent office prosecution, or (b) arguments or assertions as to whether the Patent Rights cover a given product that arise in a claim of breach of contract concerning Company’s royalty obligations
brought by MIT. 
 1.16    “Patent Rights” shall mean: 

(a) the United States and international patents listed on Appendix A; 

(b) the United States and international patent applications and/or provisional applications listed on Appendix A and
the resulting patents; 
 (c) any patent applications resulting from the provisional applications listed on Appendix A, and any
divisionals, continuations, continuation-in-part applications, and continued prosecution applications (and their relevant international equivalents) of the patent
applications listed on Appendix A and of such patent applications that result from the provisional applications listed on Appendix A, to the extent the claims are directed to subject matter specifically described in the patent
applications listed on Appendix A, and the resulting patents; 
 (d) any patents resulting from reissues, reexaminations, or
extensions (and their relevant international equivalents) of the patents described in (a), (b), and (c) above; and 
 (e) international
(non-United States) patent applications and provisional applications filed after the Effective Date and the relevant international equivalents to divisionals, continuations, continuation-in-part applications and continued prosecution applications of the patent applications to the extent the claims are directed to subject matter specifically described in the patents or patent
applications referred to in (a), (b), (c), and (d) above, and the resulting patents. 

  
 5 

 1.17    “Phase 1 Study” shall mean a human clinical
trial to evaluate the safety, toxicity, tolerance, pharmacokinetic properties, pharmacodynamic properties, dosing interval, maximum tolerated dose, dose ranging, and/or absorption, distribution, metabolism, excretion (ADME) of a Licensed Product.

 1.18    “Phase 2 Study” shall mean a human clinical trial to evaluate proof of concept, proof of
mechanism, and/or efficacy in the targeted patient population and/or to define the dosing range or safety profile of a Licensed Product. 

1.19    “Phase 3 Study” shall mean a human clinical trial to confirm the efficacy, safety and/or further
define targeted dose of a Licensed Product, which clinical trial is prospectively designed to be a pivotal trial for obtaining regulatory approval to market such Licensed Product, to patients with the disease or clinical condition under such trial.

 1.20     “Reporting Period” shall begin on [***]. 

1.21    “Research Support Payments” shall mean payments from a Sublicensee for the purpose of [***]. 

1.22    “Sublicense Income” shall mean payments (which shall include [***]) received as consideration for
any Sublicense granted pursuant to this Agreement, including without limitation [***], but specifically excluding: [***]. For clarity, for purposes of calculating the amount of Sublicense Income owed [***], Sublicense Income shall mean [***].

 1.23    “Sublicense” shall mean (i) any right granted, license given or agreement entered into
by Company or a Sublicensee to or with another person or entity, under or with respect to, in connection with or permitting any use of the Patent Rights or otherwise granting rights to such person or entity pursuant to this Agreement (e.g., an
agreement created for the purpose of developing a Licensed Product, such as a strategic partnership); (ii) any option or other right granted by Company or a Sublicensee to any other person or entity to negotiate for or receive any of the rights
described under clause (i); or (iii) any standstill or similar obligation undertaken by Company or a Sublicensee toward another person or entity not to grant any of the rights described in clause (i) or (ii) to any third party, in each
case regardless of whether such grant of rights, license given or agreement entered into is referred to or is described as a sublicense. For avoidance of doubt, each sublicense tier shall be a Sublicense. Notwithstanding anything in the foregoing,

  
 6 

 
a Change of Control of Company, a Change of Control of an Affiliated Sublicensee or the assignment or transfer of this Agreement in its entirety in accordance with Section 10 shall not be
deemed a “Sublicense”. 
 1.24    “Sublicensee” shall mean any person or entity that has been
granted a Sublicense under this Agreement. 
 1.25    “Term” shall mean the term of this Agreement,
which shall commence on the Effective Date and, unless earlier terminated as provided herein, shall remain in effect until the expiration or abandonment of all issued patents and filed patent applications within the Patent Rights. 

1.26    “Territory” shall mean worldwide. 

1.27    “Valid Claim” shall mean (a) a claim of an issued and unexpired patent within the Patent
Rights that has not been (i) held permanently revoked, unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction, unappealable or unappealed within the time allowed for appeal,
(ii) rendered unenforceable through disclaimer or otherwise, (iii) abandoned or (iv) permanently lost through an interference or opposition proceeding without any right of appeal or review; or (b) a pending claim of a pending
patent application within the Patent Rights that (i) has been asserted and continues to be prosecuted in good faith and (ii) has not been abandoned or finally rejected without the possibility of appeal or refiling, and (iii) has not
been pending for more than [***] after the date of first substantive examination of such claim, as evidenced by the receipt of an office action on the merits from the United States Patent and Trademark Office (or an equivalent examination report
form a foreign patent office); provided, however, that in the event such claim issues as a claim of an issued patent, then such claim shall be a Valid Claim hereunder, and Company shall pay to MIT any amounts that would otherwise have been due as if
such claim had remained a Valid Claim. Notwithstanding the foregoing, if the prosecution of a given application is interrupted and/or delayed by a patent office and/or due to a Patent Challenge and/or a patent office proceeding such as an
interference, appeal or opposition, then the pendency of such Patent Challenge and/or proceeding(s) shall not be included in the [***] time period set forth above following such issuance. The invalidity of a particular claim in one or more countries
shall not invalidate such claim in the remaining countries of the Territory, or otherwise affect whether such claim is a Valid Claim in the remaining countries of the Territory. 

  
 7 

 2.    GRANT OF RIGHTS 

2.1    License Grants. Subject to the terms of this Agreement, MIT hereby grants to Company for the Term in the
Field: an exclusive (subject to the reserved rights described below) equity and royalty-bearing license under the Patent Rights to develop, make, have made, use, sell, have sold, offer to sell, lease, and import Licensed Products in the Field in the
Territory. 
 2.2    Option Rights. 

(a) Limited-Term Option to Expansion Fields. 

(i) MIT hereby grants Company an exclusive option to amend the Field to include Expansion Fields (the “Option Right”),
provided however, that the Company’s exercise of such Option Right is contingent on Company providing MIT with a research and development plan, including specific mutually acceptable diligence requirements, such diligence requirements to be
added by amendment to this Agreement for the commercial development of Licensed Products in the Expansion Fields. Such Option Right shall be exercisable by Company on an Expansion
Field-by-Expansion Field basis. 
 (ii) Company may
exercise the Option Right upon written notice to MIT on or before the [***] of the Effective Date (the “Option Period”). Company and MIT will enter into a written amendment to this Agreement with respect to any mutually agreed upon
change(s) in accordance with this Section 2.2. Company will pay MIT an Amendment Fee of [***] for addition of each Expansion Field so added to this Agreement and, as agreed to by the Parties through good faith negotiations, Company’s
financial obligations under Sections 4.1(c) and (f) shall be amended with respect to Licensed Products in the applicable Expansion Field to reflect the additional rights and value being added . If Company does not elect to exercise the
Option Right or fails to exercise the Option Right during the Option Period with respect to an Expansion Field(s), or if MIT and Company are unable to reach agreement on acceptable diligence milestones and/or financials for such Expansion Field(s)
within [***] after Company has exercised the Option Right, Company’s rights under this Section 2.2 shall expire with respect to such Expansion Field. 

(b) Limited-Term Option to Improvements. 

(i) Promptly after the MIT Technology Licensing Office receives disclosure of an Improvement, the MIT Technology Licensing Office
(“TLO”) shall notify Company in writing of the Improvement and provide Company a copy of the invention disclosure, and, if applicable, any 

  
 8 

 related patent application(s) (collectively, the “Improvement Information Package”). Such
Improvement Information Package shall be kept confidential by Company in accordance with the terms in Article 14 as if MIT were the disclosing party and Company the receiving party). Notwithstanding the foregoing, MIT shall be under no obligation to
file patent applications for any Improvement unless and until Company exercises its option, pursuant to this Section 2.2(b), with respect to such Improvement. 

(ii) Company shall have the right to request, in writing and delivered to the TLO by Company within [***] following Company’s receipt of
the Improvement Information Package, the commencement of good faith negotiations for a license to MIT’s interest in any patent application MIT controls to the extent that it claims an Improvement (the “Improvement Patent
Rights”). 
 (iii) If Company notifies MIT in accordance with Section 2.2(b)(ii) above, Company shall provide to MIT, within
[***] following MIT’s receipt of Company’s notice, a business and development plan for Licensed Products covered by the Improvement Patent Rights (which shall include specific development milestones ), for MIT’s review and approval,
not to be unreasonably withheld. 
 (iv) Upon MIT’s written approval of Company’s business and development plan, and subject to:
(A) Company’s compliance with the terms of this Agreement; (B) any legal or contractual obligations MIT may have to third parties and (C) consent of the TLO, not to be unreasonably withheld, the Parties shall enter into good
faith negotiations for a period of up to [***] following MIT’s approval of Company’s business and development plan for Licensed Products covered by the Improvement Patent Rights (the “Amendment Negotiation Period”) to
amend this Agreement to include a grant of rights to MIT’s interest in the Improvement Patent Rights upon commercially reasonable financial terms (including, for example, an upfront fee, maintenance fees, milestone payments, etc.) and updated
diligence requirements, as applicable. If MIT and Company fail to reach agreement on terms within such Amendment Negotiation Period, then Company shall have no further rights with respect to the Improvement Patent Rights and MIT will be entitled to
grant licenses to third parties to such Improvement Patent Rights without any further obligation to Company. 

  
 9 

 (v) Notwithstanding the new and/or revised diligence and financial terms included in the
Amendment, as set forth in Section 2.2(b)(iv) above, and in addition thereto, for each Improvement option exercised, Company will pay MIT an Improvement Addition Fee of [***], and Company shall be responsible for [***] in accordance with
Section 4.1(a)(ii) and Section 6.4. Upon Company’s exercise of such Improvement option right and payment of the relevant fee(s): (A)Appendix A shall be amended to add the patent application(s) covering such Improvement, and such
Improvement and any resulting patent applications and patents shall thereafter be included in the Patent Rights for all purposes of this Agreement and (B) the parties shall amend this Agreement to include any terms and/or conditions associated
with or in connection to the Improvement, as applicable. 
 2.3    Sublicense Rights. So long as Company remains
the exclusive licensee of the Patent Rights in the Field in the Territory, Company shall have the right to grant Sublicenses through [***] tiers without consent of MIT, including some or all of its rights under Section 2.1 (License Grants).
Company shall not have the right to grant Sublicenses beyond [***] tiers. Company, and Sublicensees, as applicable, shall incorporate terms and conditions into Sublicense agreements sufficient to enable Company to comply with this Agreement, and
specifically must include the following: 
 (a)     all provisions necessary to ensure Company’s ability to perform
its obligations under this Agreement; 
 (b)    a section substantially the same as Article 8 of this Agreement, which
also will state that the Indemnitees (as defined in Section 8.1 (Indemnification)) are intended third party beneficiaries of such Sublicense agreement for the purpose of enforcing such indemnification; 

(c)     a provision clarifying that, in the event of termination of the license set forth in Section 2.1 (License
Grants) (in whole or in part (e.g., termination in a particular country)), any existing Sublicense agreement shall terminate to the extent of such terminated license and subject to Section 12.5; 

(d)    a provision prohibiting the Sublicensee from assigning the Sublicense agreement without the prior written consent
of MIT; provided, however, that such written consent shall not be required in the event Sublicensee assigns the Sublicense agreement to an Affiliate or to any third party in connection with a change of control, merger, consolidation, stock sale or
sale or transfer of all or substantially all of its assets to which the Sublicense agreement relates, provided that: (i) Company is in full compliance with this Agreement and Company certifies in writing to MIT that Sublicensee is in 

  
 10 

 full compliance with the terms of the Sublicense, such certification signed by a Company executive,
(ii) MIT is promptly notified of the assignment and the assignee, and (iii) the assignee agrees in writing to be bound by the terms of the applicable Sublicense. Nothing in this Section 2.3(d) shall be construed to modify or eliminate
any obligation of Company to pay MIT a fee in connection with a Change of Control of an Affiliated Sublicensee in accordance with Section 4.1(i); and 

(e)     with respect to Sublicenses with Affiliated Sublicensees, a provision enabling Company to pay MIT a fee upon the
Change of Control of such Affiliated Sublicensee as described in Section 4.1(i). For clarity, the assignment or transfer of this Agreement from one Affiliated Sublicensee to another Affiliated Sublicensee shall not be deemed to be Change of
Control of an Affiliated Sublicensee. 
 [***] 

Non-monetary consideration shall not be accepted by Company, or any Sublicensee, as applicable, for
any Sublicense agreement, without the prior written consent of MIT, which consent shall not be unreasonably conditioned, withheld or delayed. If MIT approves such non-monetary consideration in connection with
a Sublicense, Sublicense Income will be calculated based on [***]. Company, and any Sublicensee, as applicable, shall promptly furnish MIT with a copy of each executed Sublicense agreement and any amendments thereto and, also, shall report each
executed Sublicense agreement and relevant amendment(s) to MIT as required under Section 5.1 (Progress Reports). Company shall be responsible for any breach of a Sublicense agreement by any Sublicensee that results in a material breach of this
Agreement. Company shall either (a) cure such breach in accordance with Section 12.3(b) (Other Material Breach) of this Agreement or (b) enforce its rights by terminating such Sublicense agreement in accordance with the terms thereof.

 2.4    U.S. Manufacturing. Company agrees to comply with the applicable requirements of 35 U.S.C. § 204
“Preference for United States Industry”, as amended, or any successor statutes or regulations. 

2.5    Retained Rights. 

(a) Research and Educational Use. MIT retains the right on behalf of itself and all other
non-profit research institutions to practice under the Patent Rights for research, teaching, and educational purposes. 

  
 11 

 (b) Federal Government. Company acknowledges that the U.S. federal government retains
a royalty-free, non-exclusive, non-transferable license to practice any government-funded invention claimed in any Patent Rights as set forth in 35 U.S.C. §§ 201-211, and the regulations promulgated thereunder, as amended, or any successor statutes or regulations. 

(c) No Additional Rights. Nothing in this Agreement shall be construed to confer any rights upon Company by implication, estoppel, or
otherwise as to any technology, patent, or other rights of MIT or any other entity other than as expressly provided in Article 2, regardless of whether such technology or patent rights shall be dominant or subordinate to any Patent Rights. 

3.    COMPANY DILIGENCE OBLIGATIONS 

3.1    Diligence Requirements. Company shall use diligent efforts to develop, seek regulatory approval for and
commercialize Licensed Products and to make Licensed Products that have gained any regulatory approval in a jurisdiction reasonably available to the public in such jurisdiction. In addition, Company shall achieve the Diligence Milestones in
accordance with the schedule set forth on Appendix C hereto. 
 3.2    Failure to Achieve Diligence Milestone;
Right to Cure. 
 (a) If Company believes that it will not achieve a Diligence Milestone, it shall notify MIT in writing no less than
[***] in advance of the relevant deadline and include with such notice (i) a reasonable explanation of the reasons for such failure (“Explanation”) and (ii) a reasonable, detailed, written plan for promptly achieving a
reasonable extended and/or amended milestone (“Amended Plan”). If both Company’s Explanation and Amended Plan are acceptable to MIT in its reasonable discretion, then the Diligence Milestones will be amended automatically
(through written amendment in accordance with Section 15.4 (Amendment and Waiver)) to incorporate the extended and/or amended milestone set forth in the Amended Plan. If Company so notifies MIT, but fails to provide MIT with both an Explanation
and Amended Plan, then Company will have an additional [***] after the original deadline to meet such Diligence Requirement. Company’s failure to notify MIT of a delay in achieving a Diligence Requirement shall constitute a material breach of
this Agreement for which MIT shall have the right to terminate this Agreement in accordance with Section 12.3(b). 
 (b) If Company
notifies MIT and provides MIT with an Explanation and Amended Plan, but the Explanation is not acceptable to MIT in its reasonable discretion, then Company will have an additional [***] or until the original deadline of the relevant Diligence
Requirement, 

  
 12 

 
whichever is later, to meet such Diligence Requirement. Company’s failure to do so shall constitute a material breach of this Agreement for which MIT shall have the right to terminate this
Agreement in accordance with Section 12.3(b). If Company so notifies MIT and provides MIT with an Explanation and Amended Plan, but the Amended Plan is not acceptable to MIT in its reasonable discretion, then MIT will explain to Company why the
Amended Plan is not acceptable and provide Company with suggestions for an acceptable Amended Plan. Company will have one opportunity to provide MIT with an acceptable Amended Plan within [***] after receipt of such suggestions from MIT, during
which time MIT agrees to work with Company in its effort to develop an acceptable Amended Plan. If, within such [***], Company provides MIT with an acceptable Amended Plan, then the Diligence Requirement will be amended automatically (through
written amendment in accordance with Section 15.4 (Amendment and Waiver)) to incorporate the extended and/or amended milestone set forth in the Amended Plan. If, within such [***], Company fails to provide an acceptable Amended Plan, then
Company will have an additional [***] or until the original deadline of the relevant Diligence Requirement, whichever is later, to meet such Diligence Requirement. Company’s failure to do so shall constitute a material breach of this Agreement
for which MIT shall have the right to terminate this Agreement in accordance with Section 12.3(b). For clarity, if Company fails to achieve a Diligence Requirement and does not avail itself of the procedure set forth in this Section, then MIT
shall have the right to terminate this Agreement in accordance with Section 12.3(b). 
 4.    REVENUE AND PAYMENT TERMS 

4.1    Consideration for Grant of Rights. 

(a) License Issue Fee and Past Patent Cost Reimbursement. Company shall pay to MIT, within [***] following the date of its receipt of an
invoice from MIT, the following amounts: 
 (i) a license issue fee of [***]; and 

(ii) reimbursement of all documented, out-of-pocket expenses
incurred by MIT prior to (and including) the Effective Date in connection with the preparation, filing, prosecution, maintenance and defense of the Patent Rights. 

These payments are nonrefundable. 

  
 13 

 (b) Equity. 

(i) Definitions. 

(A)    “Fully Diluted Basis” shall mean the number of shares of common stock of Company then-outstanding
(assuming conversion of all outstanding stock other than common stock into common stock) plus the number of shares of common stock of Company issuable upon exercise or conversion of then-outstanding convertible securities, options, rights or
warrants of Company (which shall be determined without regard to whether such securities are then vested, exercisable or convertible). 

(B)    “Additional Securities” shall mean shares of capital stock, convertible securities, warrants,
options or other rights to subscribe for, or purchase or acquire from Company any capital stock of Company. 

(C)    “Funding Threshold” shall mean an aggregate total investment of [***] in cash, in one or a series
of related transactions, in each case, in exchange for the Company’s capital stock. 
 (D)    
“Assignee” means (a) [***], or (b) any entity that is an Affiliate of MIT. 
 (ii) Initial Grant. Company shall issue
to MIT a total of [***] shares of Company’s common stock, subject to a mutually-agreeable stock purchase or subscription agreement, not later than [***] following the Effective Date (the “Shares”). Company represents to MIT
that, as of the Effective Date, the Shares represent [***] of Company’s issued and outstanding capital stock on a Fully Diluted Basis, as calculated after giving effect to this issuance. 

(iii) Anti-Dilution Protection through Funding Threshold. If, prior to the achievement of the Funding Threshold, Company issues Additional
Securities that would cause the Shares to represent less than [***] on a Fully-Diluted Basis, Company shall immediately issue to MIT for no additional consideration such additional number of shares of common stock of Company (the
“Anti-Dilution Shares”) such that the Shares plus the Anti-Dilution Shares would then represent, in the aggregate, [***] of the issued and outstanding shares of Company on a Fully-Diluted Basis, as calculated immediately following
the achievement of the Funding Threshold. Such issuances shall continue only until and through Company’s achievement of the Funding Threshold; thereafter, the Shares and Anti-Dilution Shares, if any, shall be subject to ordinary dilution. 

  
 14 

 (iv) Company Representations and Warranties. Company hereby represents and warrants the
following: 
 (A)    the capitalization table provided by Company upon issuance of the Shares, and the Anti-Dilution
Shares, if applicable (the “Cap Table”), sets forth all of the capital stock of Company as of the Effective Date; 

(B)    other than as set forth in the Cap Table, as of the date of issuance of the Shares, and Anti-Dilution Shares, if
applicable, there are no outstanding shares of capital stock, convertible securities, outstanding warrants, options or other rights to subscribe for, or purchase or acquire from Company any capital stock of Company, and there are no contracts or
binding commitments providing for the issuance of, or the granting of rights to acquire, any capital stock of Company or under which Company is, or may become, obligated to issue any of its securities; and 

(C)    the Shares or the Anti-Dilution Shares, as the case may be, when issued pursuant to the terms hereof, shall, upon
such issuance, be duly authorized, validly issued, fully paid and nonassessable. 
 (v) Participation Rights. If Company proposes to
sell for financing purposes any equity securities or securities that are convertible into equity securities of Company, then MIT and/or its Assignee will have the right to purchase up to [***] of the securities issued in each such financing on the
same terms and conditions as are offered to the other purchasers in each such financing. Company shall provide advance written notice of each such financing, including reasonable detail regarding the terms of the financing, and MIT shall not be
required to participate in any closing of such financing earlier than [***] after such notice. 
 (c) License Maintenance Fees.
Company shall pay to MIT the following license maintenance fees on the dates set forth below: 
  

			
	 Anniversary of the Effective Date
	  	Amount of Fee
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

  
 15 

 This annual license maintenance fee is nonrefundable; however [***]. 

(d) Running Royalties. During the Term Company shall pay to MIT a running royalty of [***] of Net Sales on all Licensed Products.
Running royalties shall be payable for each Reporting Period and shall be due to MIT within [***] of the end of each Reporting Period. 

(e) Third Party IP. If, after the Effective Date, Company reasonably determines that it is necessary to acquire rights under a third
party’s patent rights in order for Company to exploit the Patent Rights under this Agreement, Company shall have the right to negotiate and acquire such rights, through a license or otherwise, and then Company may deduct an amount equal to
[***] of any amounts actually paid to such third party for the sale of a Licensed Product from any running royalties due to MIT hereunder provided that: (i) the third party is not an Affiliate; (ii) if the royalty rate for calculating
royalty payments due to such third party licensor is greater than [***], the percentage deduction that Company is entitled to make against royalty payments due to MIT must not be greater than any percentage deduction that Company is entitled to make
against royalty payments due to such third party licensor on account of royalty payments made to MIT with respect to such Licensed Product; and (iii) in no event shall the royalty payments due MIT with respect to such Licensed Product be
reduced by more than [***] of the amount otherwise due. 
 (f) Milestone Payments. For each Distinct Licensed Product (as defined
herein), Company shall pay to MIT the amounts set forth in Table A (Distinct Licensed Product Milestone Payments in first indication) upon the achievement by Company or its Sublicensees of the Milestone Events set forth in Table A with respect to
[***]. For each of [***] that differs from [***] for each Distinct Licensed Product, Company shall pay to MIT the amounts set forth in Table B (Distinct Licensed Milestone Payments in subsequent Indications) upon the achievement by Company or its
Sublicensees of the Milestone Events set forth in Table B with respect to such [***]. No amounts shall be due for the achievement by Company or its Sublicensees of a Milestone Event with respect to [***] by a Distinct Licensed Product. 

For purposes of the foregoing paragraph, an “indication” shall mean a sign, symptom, disease or condition that leads to the
recommendation of a treatment, test or procedure. Notwithstanding the foregoing, with respect to a treatment with a specific Licensed Product [***]. 

A Licensed Product is Distinct if it contains: (i) [***] or (ii) [***]. For clarity, a Licensed Product is not Distinct if it contains [***].

  
 16 

 The Milestone Payments set forth in the tables below shall not be payable with respect to a
[***]. “Replacement” shall mean a Licensed Product that has [***]. For purposes of this paragraph, [***]. For purposes hereof, [***]. 

Company shall also pay to MIT the amounts set forth in Table C (Commercial Milestone Payments) a single time only, and such Milestone Payments
shall be calculated on a cumulative basis (i.e., the applicable Milestone Payment shall become due as soon as the cumulative Net Sales target has been reached, which shall be based upon the additive calculation of Net Sales across all Licensed
Products in all indications). 
 Table A: Distinct Licensed Product Milestone Payments in [***] 

 

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

 Table B: Distinct Licensed Product Milestone Payments in [***] 

 

			
	 Milestone Event
	  	 Milestone Payment

	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 Table C: Commercial Milestone Payments 

 

			
	 Milestone Event
	  	 Milestone Payment

	 [***]
	  	[***]
	 [***]
	  	[***]

  

	*	 “EU Approval” means (a) regulatory approval in the EU through the central procedure plus
regulatory approval (including receipt of pricing approval) in any [***] EU Major Market Country 

  
 17 

	 	
(as defined below) OR (b) regulatory approvals (including receipt of pricing approvals) in any [***] EU Major Market Countries or any [***] European Major Market Countries (as defined
below). “EU Major Market Country” means each of [***], for so long as such country is a member of the European Union. “European Major Market Country” means each of [***]. 

	**	 “Approval in Japan or China” means the first to occur of approval in Japan or China. For clarity,
this milestone payment is payable only once, and no additional payment shall be due for a subsequent approval in the other of Japan or China, as applicable. 

Company shall notify MIT within [***] following the date of the achievement of any of the above milestones by Company or its Sublicensee, such
notice to specifically identify the applicable milestone event and payment obligation. Such amounts shall be both non-creditable and non-refundable, shall be payable for
each Reporting Period, and shall be due to MIT within [***] following the last day of the Reporting Period. 
 The milestone events set
forth above are intended to be [***]. 
 If the Milestone Events set forth in Table A (Distinct Licensed Product Milestone Payments in first indication) and
Table C (Commercial Milestone Payments) are not all achieved at least [***] prior to the expiration of the Term of this Agreement, then Company’s obligation to pay MIT the Milestone Payments set forth in Table A (Distinct Licensed Product
Milestone Payments in first indication) and Table C (Commercial Milestone Payments) shall [***]. Upon the [***] achievement of each Milestone Event set forth in Table A (Distinct Licensed Product Milestone Payments in first indication), and Table C
(Commercial Milestone Payments) (which need not be in the Milestone Event order set forth above) and subsequent payment to MIT of the corresponding Milestone Payment(s), [***]. 

Upon a Change of Control of Company, a Change of Control of an Affiliated Sublicensee, or an otherwise MIT approved assignment of this
Agreement, the Milestone Payments set forth in Table A and Table B (i.e., not including Table C) shall be increased by [***] for any subsequent Milestone Events (e.g., [***]). 

(g) Sharing of Sublicense Income. Company shall pay to MIT the percentages of Sublicense Income received by Company or an Affiliated
Sublicensee, as applicable, in connection with any Sublicense regardless of tier, as set forth below in Sections 4.1(g)(i)-(ii). If, in any Sublicense of the Patent Rights, Company or an Affiliated Sublicensee also grants rights to other [***]
(hereinafter a “Bundled Sublicense”), Company or an Affiliated Sublicensee, as applicable, 

  
 18 

 
[***]. For clarity, [***]. Any allocation of value ascribed to the Patent Rights shall be determined by Company or its Affiliated Sublicensee, as applicable, in good faith, without discrimination
among and between Company or its Affiliated Sublicensee, as applicable, Sublicensee, MIT and/or any other third parties that claim rights to such technology and/or patent rights, and shall: (1) appropriately reflect the value of the Patent
Rights Sublicensed by Company or an Affiliated Sublicensee, as applicable, in the context of the entire transaction or series of related transactions of which the Sublicense is a part; and (2) be supported by a detailed written analysis and
justification delivered to MIT containing information reasonably sufficient to demonstrate the appropriateness of such valuation. Company shall provide MIT with any additional information reasonably requested by MIT to demonstrate the
appropriateness of such valuation. In the event that MIT disputes the appropriateness of such allocation, MIT shall have the right to request that an independent third party, mutually agreed to by the Parties, conduct and certify an allocation of
the value ascribed to the Patent Rights at Company’s expense (the “Independent Valuation”). The Independent Valuation, or such other allocation to which the Parties may mutually agree, shall then be used as the basis for calculating
Sublicense Income sharing, in accordance with this Section 4.1(g)(ii)(A)-(C), for any such Bundled Sublicense. In the event that the Independent Valuation results in an allocation of value that differs from the allocation of value proposed by
Company or its Affiliate Sublicensee, as applicable, directly prior to MIT’s request for the Independent Valuation by less than [***]. 

(i) Sublicense to Patent Rights. Total of [***] of all Sublicense Income received by Company in any Sublicense to only the Patent
Rights and not to any other technology and/or patent rights owned or controlled by Company. 
 (ii) Sublicense to Bundled Patent
Rights. 
 (A) Prior to [***], a total of [***] of Sublicense Income. 

(B) After the [***], a total of [***] of Sublicense Income. 

(C) After the [***], a total of [***] of Sublicense Income. 

All such amounts shall be payable for each Reporting Period and shall be due to MIT within [***] following the end of each Reporting Period. 

(h) Consequences of a Patent Challenge. In the event that: (i) Company or an Affiliate brings a Patent Challenge against MIT; or
(ii) Company or an Affiliate assists another party in bringing a Patent Challenge against MIT (except as required under a court order or subpoena), 

  
 19 

 
then all payments due under this Article 4 shall be doubled for the remainder of the Term. In the event that such a Patent Challenge is successful, Company will have no right to recoup any
payments made during the period of challenge. In the event that a Patent Challenge is unsuccessful, Company shall reimburse MIT for all reasonable legal fees, costs and expenses incurred in its defense against the Patent Challenge. 

(i) Change of Control Fee. Within [***] following (a) the first Change of Control of Company and (b) the first Change of
Control of each Affiliated Sublicensee, Company shall report such Change of Control to MIT in writing and Company shall pay to MIT the cash equivalent of the lesser of: (i) [***] or (ii) [***]. Should this calculation yield a value less than [***],
this payment shall be set to [***]. Notwithstanding the foregoing, if the Change of Control is not the result of an arms’ length transaction with an unaffiliated third party then the consideration received by Company for such Change of Control
shall be calculated [***]. Where a Change of Control of an Affiliated Sublicensee is followed by a Change of Control of Company, the fee [***].

4.2    Payments. 

(a) Invoices. All invoices issued by MIT under this Agreement shall be addressed to Company as follows, or as otherwise provided by
Company in writing to MIT: 
 Cullinan Amber Corp. 

One Main Street 
 Cambridge, MA
02142 
 Attention to: Chief Financial Officer 

(b) Method of Payment. All payments under this Agreement shall be made payable to “Massachusetts Institute of Technology” and
sent to the address identified on the invoice received. Each payment should reference this Agreement and identify the obligation under this Agreement that the payment satisfies. Unless otherwise stated on the invoice, payments sent by wire transfer
shall be paid to: 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

(c) Payments in U.S. Dollars. All payments due under this Agreement shall be drawn on a United States bank and shall be payable in
United States dollars. Conversion of foreign 

  
 20 

 
currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported by the Federal Reserve Bank of St. Louis or such other rates as MIT and Company may
mutually agree from time to time) on the last working day of the calendar quarter of the applicable Reporting Period. Such payments shall be without deduction of exchange, collection, or other charges, and, specifically, without deduction of
withholding or similar taxes or other government imposed fees or taxes, except as permitted in the definition of Net Sales. 
 (d)
Taxes. In the event that any payment under this Agreement is or becomes subject to any levy or tax, including, but not limited to any form of tax withholding, income tax, service tax, sales tax or VAT, by local, regional or federal government
authorities, Company shall (i) pay to the applicable tax authorities, whether on its own or MIT’s behalf, such amount of levy or tax and, if applicable, penalties and interest, and (ii) promptly provide MIT with a copy of the
withholding tax certificate or other tax filing documentation evidencing remittance was made. For the avoidance of doubt, any payments made by or on behalf of Company pursuant to this Section 4.2(d) shall not be deducted from any payment
amounts due to MIT under this Agreement. 
 (e) Late Payments. Any payments by Company that are not paid on or before the date such
payments are due under this Agreement shall bear interest, to the extent permitted by law, at [***] points above the Prime Rate of interest as reported by the Federal Reserve Bank of St. Louis on the last business day of the calendar quarterly
Reporting Period to which such payments relate. 
 5.    REPORTS AND RECORDS 

5.1    Progress Reports. Company shall deliver progress reports to MIT annually, within [***] following the end of
each calendar year, containing information sufficient to illustrate compliance with this Agreement and specifically: 
 (a) the progress of
efforts to develop and commercialize Licensed Products, with specific reference to the Diligence Requirements set forth under Article 3 and Appendix C; 

(b) the number of Sublicenses active during the applicable calendar year as well as an updated list of all Sublicenses, and amendments
thereto, executed during the applicable calendar year (and copies thereof to the extent not already provided), and if none are active, so state; 

(c) a summary of the milestones set forth in Section 4.1(f) that have been achieved, and if none have been achieved, so state; and 

(d) Company’s current Certificates of Insurance, in accordance with Section 8.2 (Insurance). 

  
 21 

 5.2    Financial Reports; Royalty Reports. Company’s
obligation to submit reports under this Section shall commence upon the earliest of: [***]. Thereafter, Company shall deliver financial reports and royalty reports to MIT within [***] following the end of each Reporting Period, containing at least
the following information for the preceding Reporting Period, in substantially the forms attached hereto as Appendix D-1 and Appendix D-2 (or equivalent): 

(a) the number of units of Licensed Products sold by Company and its Sublicensees in each country; 

(b) a description of the Milestone Event set forth in Section 4.1(f) that has been achieved during the Reporting Period, together with
the corresponding payment amount; 
 (c) the gross amount billed or invoiced by Company and its Sublicensees for each Distinct Licensed
Product, in each country, as applicable; 
 (d) calculation of Net Sales for the applicable Reporting Period in each country for each
Distinct Licensed Product, including a listing of applicable deductions; 
 (e) total royalty payable on Net Sales in U.S. dollars, together
with the exchange rates used for conversion; and 
 (f) the amount of Sublicense Income received by Company and Affiliated Sublicensee(s) ,
as applicable, from each Sublicensee and the amount due to MIT from such Sublicense Income, including: (i) an itemized breakdown of the sources of income comprising the Sublicense Income, which may include information concerning transactions
related to the Sublicense; and (ii) information reasonably sufficient (in MIT’s reasonable judgment) to demonstrate any Research Support Payments deducted from Sublicense Income, as applicable. Company shall provide MIT with any additional
information reasonably requested by MIT to support the deduction of Research Support Payments deducted from Sublicense Income. 
 (g) If no
amounts are due to MIT for any Reporting Period, the report shall so state. 
 5.3    Financial Statements. On or
before the [***] day following the last day of Company’s fiscal year, Company shall provide MIT with Company’s financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement, certified
by Company’s treasurer or chief financial officer or by an independent auditor. 

  
 22 

 5.4    Records. Company and its agents, as applicable, shall
keep, in accordance with generally accepted accounting principles, up-to-date, complete, true and accurate books of account in sufficient detail to permit calculation of
all amounts due hereunder. MIT shall have the right to appoint an independent auditor, reasonably acceptable to Company, to audit, at MIT’s expense, upon reasonable advance written notice to Company and during normal business hours, all
existing and relevant records for any Reporting Period during the Term ending not more than [***] prior to the date of such notice of audit, to the extent necessary to perform an audit of amounts due under this Agreement. Company may condition such
auditor’s access to the books and records of Company on such auditor’s having executed and delivered a reasonable confidentiality agreement in favor of Company protecting disclosure and use of the information in such books and records. MIT
shall instruct such auditor to complete the audit promptly. Company shall cooperate reasonably with such audit and shall permit such auditor to inspect and copy such portions of books and records that such auditor deems appropriate and necessary.
Books of account and supporting records shall be retained by Company for at least [***] following the end of the Reporting Period to which they pertain. In the event that any audit performed under this Section reveals an underpayment in excess of
the lesser of: (a) [***] during the audited period or any Reporting Period; and (b) [***], Company shall bear the full cost of such audit, and shall also remit any amounts due to MIT as revealed by such audit within [***] of receiving notice thereof
from MIT. The parties agree that all applicable statutes of limitation and time-based defenses (including, but not limited to, estoppel and laches) shall be tolled during the pendency of an audit requested under this Section by MIT. The parties
shall cooperate in taking any actions necessary to achieve this result. 
  

	6.	 PATENT PROSECUTION 

6.1    Responsibility for Patent Rights. MIT shall prepare, file, prosecute, and maintain all of the Patent Rights;
Company shall cooperate with MIT in such filing, prosecution and maintenance. MIT shall instruct its patent counsel to provide Company with copies of all patent prosecution documents relating to the Patent Rights, including correspondence to and
from patent offices, and shall provide Company a reasonable opportunity, if time permits, to review and comment on such materials. MIT shall seriously consider in good faith any comments received from Company relating to the preparation, filing,
prosecution and maintenance of the Patent Rights; however, the Parties hereby agree and acknowledge that MIT has sole authority to make all decisions relating to the preparation, filing, prosecution, and maintenance of the Patent Rights. 

  
 23 

 6.2    International
(non-United States) Filings. Appendix B is a list of countries in which patent applications corresponding to the United States patent applications listed in Appendix A shall be filed,
prosecuted, and maintained. Appendix B may be amended by mutual agreement of Company and MIT. 

6.3    Returned Patent Rights. In the event that Company desires to discontinue its support of any patent or patent
application within the Patent Rights in any particular country or countries, Company shall provide MIT with at least [***] prior written notice of such intended discontinuance of support. In such event, on a country-by-country basis, (i) any such patent or patent application (the “Returned Rights”) shall be removed from the definition of Patent Rights under this Agreement, (ii) the licenses
granted to Company as to such Returned Rights shall terminate, (iii) Company shall have no further obligation with respect to such Returned Rights pursuant to Section 6.4 commencing [***] after Company’s notice, and (iv) MIT
shall have the unrestricted right to license such Returned Rights to Third Parties. Notwithstanding the foregoing, at MIT’s election and in its sole discretion, MIT may, acting reasonably and in good faith, on a
country-by-country basis, as an alternative to terminating the licenses granted to Company to such Returned Rights as set forth in clause (ii) above: (A) terminate
the exclusivity of the license with respect to such Returned Rights in the applicable country and (B) continue to prosecute and maintain the Returned Rights at its own expense. If MIT makes such election, MIT shall promptly notify Company in
writing of such election, and Company shall retain a non-exclusive license under the Returned Rights in the applicable country, provided that Company: (1) will be obligated to pay a royalty on Net Sales
of Licensed Products at a rate that is [***] of the rates set forth in Section 4.1(d) in the countries where it has non-exclusive rights, (2) will remain obligated to pay any other amounts otherwise
due under Section 4.1, and (3) MIT shall have the unrestricted right to grant to third parties non-exclusive licenses under the Returned Rights in such countries. 

6.4    Payment of Patent Expenses. Payment of all fees and costs, including attorneys’ fees, relating to the
filing, prosecution and maintenance of the Patent Rights (including without limitation interferences, reexaminations and reissues) shall be the responsibility of Company (“Patent Expenses”), whether such amounts were incurred before or
after the Effective Date. As of December 12, 2019, MIT has incurred approximately [***] for such patent-related fees and costs. Without limiting Section 4.1(a)(ii) concerning Patent Expenses incurred prior to and including the Effective
Date, Company shall reimburse all amounts due pursuant to this Section 6.4 within [***] of receipt of an invoice from MIT; late payments shall accrue interest pursuant to Section 4.2(e) (Late Payments). In all instances, MIT shall pay the
fees prescribed for large entities to the United States Patent and Trademark Office unless otherwise agreed by the 

  
 24 

 
parties. In the event MIT grants a commercial license(s) to one or more third parties under the Patent Rights MIT shall make a reasonable allocation in good faith of the Patent Expenses incurred
during the term of such commercial license(s) among Company and such third parties. 
  

	7	 .INFRINGEMENT; ENFORCEMENT. 

7.1    Notice of Infringement. In the event either party becomes aware of any possible or actual infringement of any
Patent Rights with respect to Licensed Products in the Field in the Territory (an “Infringement”), that party shall promptly notify the other party and provide it with details regarding such Infringement. 

7.2    Suit by Company. Company shall have the first right, but not the obligation, to take action to enforce the
Patent Rights against any Infringement. Prior to commencing any enforcement action with respect to any Infringement, Company (i) shall advise MIT in writing of Company’s proposed course of action, (ii) at MIT’s request shall meet
with MIT to discuss such proposed course of action, and (iii) shall consider in good faith the views of MIT and the potential effects of enforcement activities on MIT and the public interest. Should Company elect to take action to enforce the
Patent Rights against any Infringement, Company shall first obtain MIT’s approval of Company’s selected counsel, which approval shall not be unreasonably withheld. Once counsel is selected and approved, Company shall keep MIT reasonably
informed of the progress of the enforcement action and shall give MIT a reasonable opportunity to offer its views about major decisions affecting the enforcement action or the validity or enforceability of the Patent Rights. Company agrees to
consider those views in good faith, but shall have the right to control the action; provided, however, that if Company fails to defend in good faith the validity and/or enforceability of the Patent Rights in the action or, if Company’s
exclusive license to a Valid Claim in the action terminates, MIT has the right to take control of the action pursuant to Section 7.6. 

7.3    Joinder. If MIT is a necessary party under applicable law to establish standing for the initiation or
maintenance of an enforcement action by Company under Section 7.2 (Suit by Company), MIT agrees to join as a co-plaintiff or declaratory judgment co-defendant in
the action, provided that MIT shall not be the first named plaintiff or defendant party in such action. In addition, MIT has the right to elect to participate as a co-plaintiff in an enforcement action by
Company with respect to any Infringement. If MIT elects prior to the initiating pleading to participate as a co-plaintiff, Company shall obtain MIT’s approval of Company’s selection of jurisdiction
and venue, which approval shall not be unreasonably withheld. If MIT joins the action as a party at any time, Company shall make reasonable efforts to minimize any disruption to MIT’s operations resulting from such joinder and participation in
the action. 

  
 25 

 7.4    Costs, Expenses and Fees. The costs and expenses of any
action the Company elects to bring shall be paid for entirely by Company. Company shall indemnify MIT and hold MIT free, clear and harmless from and against any and all costs, expenses, damages and liability that MIT may incur in connection with any
such action, including, without limitation, attorneys’ fees and other costs, expenses, damages and liability that are incurred by MIT with respect to any aspect of the prosecution, adjudication, defense, management and/or settlement of, or
joinder to, any such action, including any appeals, remands or other related proceedings, or that are awarded against MIT as a party to such action (collectively, “Litigation Expenses”). Company shall reimburse MIT for all Litigation
Expenses within [***] after receiving an invoice from MIT for same. 
 7.5    Settlement and Recovery. Company
must obtain MIT’s written consent before offering or accepting any compromise or settlement, which consent shall not be unreasonably withheld, conditioned or delayed. In the event Company exercises its right to commence an enforcement action
pursuant to Section 7.2 (Suit by Company), out of any sums recovered in such suit or in settlement thereof, Company shall first reimburse MIT for any unreimbursed Litigation Expenses and then may reimburse itself for all litigation costs and
expenses including reasonable attorneys’ fees incurred by Company in connection with the suit. If, after such reimbursement, any funds shall remain from said recovery, then MIT shall receive an amount equal to [***] of such funds and the
remaining [***] of such funds shall be retained by Company. 
 7.6    Suit by MIT. If Company does not take
action to enforce the Patent Rights against Infringement pursuant to Section 7.2 (Suit by Company), and has not commenced negotiations with the infringer for the discontinuance of said Infringement, then, within [***] after notification of the
existence of an Infringement has been given to MIT pursuant to Section 7.1 (Notice of Infringement), MIT may elect to enforce the Patent Rights against such Infringement. Upon written request from MIT, Company agrees to join as a co-plaintiff in the action. Should MIT elect to bring suit against an infringer and Company is joined as party plaintiff in any such suit, Company shall have the right to approve the counsel selected by MIT to
represent MIT and Company, such approval not to be unreasonably withheld. Any and all expenses, including reasonable attorneys’ fees, incurred by Company with respect to the prosecution, adjudication and/or settlement of such suit, including
any related appeals, shall be paid for entirely by MIT and MIT shall hold Company free, clear and harmless from and against any and all such expenses. MIT shall not compromise or settle such litigation without the prior written consent of Company,
which consent shall not be unreasonably withheld, conditioned or delayed. In the event MIT 

  
 26 

 
exercises its right to sue pursuant to this Section 7.6 (Suit by MIT), it shall first reimburse Company for any unreimbursed Litigation Expenses and then may reimburse itself out of any sums
recovered in such suit or in settlement thereof for Litigation Expenses. If, after such reimbursement, any funds shall remain from said recovery, then Company shall receive an amount equal to [***] of such funds and the remaining [***] of such funds
shall be retained by MIT. 
 7.7    Own Counsel. Each party shall always have the right to be represented by
counsel of its own selection and at its own expense in any suit for Infringement instituted under this Article 7 by the other party. 

7.8    Cooperation. Each party agrees to cooperate fully in any action under this Article 7 that is controlled by
the other party, provided that the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such assistance. 

7.9    Declaratory Judgment. If a declaratory judgment action is brought naming Company and Sublicensees as
a defendant and alleging invalidity or unenforceability of any claims within the Patent Rights, Company shall promptly notify MIT in writing and MIT may elect, upon written notice to Company, to take over the sole defense of the invalidity and/or
unenforceability aspect of the action at its own expense. 
  

	8.	 INDEMNIFICATION AND INSURANCE 

8.1    Indemnification. 

(a) Indemnity. Company shall indemnify, defend, and hold harmless MIT and its trustees, directors, officers, faculty, students,
employees, agents, affiliates and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss, or expense (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”) incurred by or imposed upon any of the Indemnitees in connection with any third-party claims, suits, investigations, actions, demands or judgments (i) arising out of, or in connection with, any theory of liability
concerning any Licensed Product that is made, used, sold or imported by Company, its agents, Distributors or Sublicensees , (ii) arising out of, or in connection with, the exercise of rights granted to Company and Sublicensees under this
Agreement, or (iii) arising out of, or in connection with, a breach of this Agreement by Company or a breach of a Sublicense by a Sublicensee; provided, however, that Company shall have no obligation pursuant to the foregoing to the extent such
Losses directly result from the gross negligence or willful misconduct of any Indemnitee. 

  
 27 

 (b) Procedures. The Indemnitees agree to provide Company with prompt written notice
of any claim, suit, action, demand, or judgment for which indemnification is sought under this Agreement. Company agrees, at its own expense, to provide attorneys reasonably acceptable to MIT to defend against any such claim. The Indemnitees shall
reasonably cooperate with Company in such defense and will permit Company to conduct and control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation, appeal, and settlement); provided,
however, that any Indemnitee shall have the right to retain its own counsel, at the expense of Company, if representation of such Indemnitee by the counsel retained by Company would be inappropriate because of actual or potential differences in the
interests of such Indemnitee and any other party represented by such counsel. Company agrees to keep MIT informed of the progress in the defense and disposition of such claim and to consult with MIT with regard to any proposed settlement. Company
shall not enter into any settlement, consent judgment, or other voluntary final disposition of any claim that would have a material, adverse effect on any Indemnitee(s) (including reputational harm) or admits any wrongdoing or fault by any
Indemnitee or imposes on any Indemnitee any payment obligation or other material liability, without the prior written consent of MIT. 

8.2    Insurance. Company shall obtain and carry commercial general liability (“CGL”) insurance as
set forth in this Section. Such CGL insurance, pursuant to its terms, shall (i) list MIT as an additional insured thereunder but only with respect to claims made against MIT arising from Company’s own actual or alleged acts, errors or
omissions, (ii) include products/completed operations coverage or Company shall obtain and maintain product liability coverage under a separate policy, and (iii) require [***] written notice to be given to MIT prior to any cancellation or
material reduction thereof. The minimum limits of the CGL insurance shall be [***] per occurrence, with an aggregate limit of [***]. Beginning with the earlier of (1) commencement of human clinical trials of a Licensed Product or
(2) commercial distribution, sale, lease, transfer or use of a Licensed Product, and for so long as a Licensed Product is under development or being commercialized by Company or its Affiliates or Sublicensees, the minimum limits of the CGL
insurance, or of a separate policy of insurance covering product liability, shall be not less than [***] per occurrence, with an aggregate limit of [***]. With respect to any insurance required hereunder that is underwritten on a per-claims basis, the Company shall either (a) maintain such insurance for at least [***] following the termination of this Agreement, or (b) alternatively, purchase a [***] extended reporting period with
respect to such insurance, which shall satisfy in full the obligation set forth in sub-part (a) of this sentence. Company shall provide MIT with certificates of insurance evidencing compliance with this
Section for as long as the coverage must 

  
 28 

 
be maintained. Notwithstanding the foregoing, the products/completed operations coverage and errors and omissions coverage, as described above, shall be in place at least [***] prior to:
(1) the use, operation, demonstration, or testing of any Licensed Product by Company or a third party at the premises of any third party that is not subject to a contractual indemnity extending protection to MIT or (2) the first
distribution, sale, lease, or transfer of a Licensed Product to a third party. 
  

	9.	 REPRESENTATIONS AND WARRANTIES; DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY 

9.1    MIT represents and warrants that as of the Effective Date, and to the knowledge of the TLO: (a) MIT has
received assignments from the inventors named on the MIT disclosure form that the TLO received on September 17, 2018, which assigns each inventor’s rights, title and interests in and to the Patent Rights to MIT and (b) MIT has the
right and authority to grant the rights and licenses set forth in this Agreement. 
 9.2    DISCLAIMER OF
WARRANTIES. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, MIT MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE PATENT RIGHTS, (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY BY MIT THAT IT CAN OR WILL BE ABLE TO OBTAIN
PATENTS ON PATENT APPLICATIONS INCLUDED IN THE PATENT RIGHTS AND ANY WARRANTY AS TO THE COMMERCIAL OR SCIENTIFIC VALUE OF THE PATENT RIGHTS AND HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF MIT OR THIRD PARTIES, VALIDITY, ENFORCEABILITY AND SCOPE OF PATENT RIGHTS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR
OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, COMPANY MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING ANY MATTER WHATSOEVER, AND HEREBY DISCLAIMS ALL REPRESENTATIONS AND
WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES OR THAT ANY LICENSED PRODUCT CAN BE SUCCESSFULLY DEVELOPED
OR COMMERCIALIZED. 

  
 29 

 9.3    LIMITATION OF LIABILITY. EXCEPT FOR COMPANY’S
INDEMNIFICATION OBLIGATIONS SET FORTH IN SECTION 8, IN NO EVENT SHALL A PARTY, ITS TRUSTEES, DIRECTORS, OFFICERS, FACULTY, STUDENTS, EMPLOYEES, AGENTS AND AFFILIATES BE LIABLE FOR SPECIAL, INCIDENTAL, INDIRECT, OR CONSEQUENTIAL DAMAGES OF ANY KIND,
INCLUDING ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS (REGARDLESS AS TO WHETHER LOST PROFITS ARE CHARACTERIZED AS INDIRECT OR DIRECT DAMAGES), REGARDLESS OF WHETHER SUCH PARTY SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT
SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.  
 10.    ASSIGNMENT 

This Agreement is personal to Company, and any assignment or transfer of this Agreement by Company to a third party may be made only with the
prior written consent of MIT, except Company may assign this Agreement without the prior written consent of MIT to an Affiliate or as part of a merger or acquisition of the Company, so long as (i) Company is in compliance with this Agreement,
(ii) the assignee agrees in writing to be bound by the terms of this Agreement, (iii) and MIT is notified of the assignment and the assignee. Nothing in this Section 10 shall be construed to modify or eliminate any obligation of
Company to pay MIT a fee in connection with a Change of Control of Company in accordance with Section 4.1(i). Any purported assignment or transfer in violation of the foregoing shall be null and void and of no force or effect. 

11.    GENERAL COMPLIANCE WITH LAWS 

11.1    Compliance with Laws. Company shall, and shall cause its Sublicensees as necessary, to comply with all
material local, state, federal, and international laws and regulations relating to the development, manufacture, use, and sale of Licensed Products. 

11.2    Registration. As required by applicable law, Company shall, and shall cause its and Sublicensees as
necessary to, register or record this Agreement with the relevant government authority. After the completion of the registration and recordation, Company shall provide MIT with documentation of registration and recordation issued by the government
authorities with respect to this Agreement. The costs of the registration and filing shall be borne by Company.  

11.3    Export Control. Company shall, and shall cause its Sublicensees as necessary to, comply with all United
States laws and regulations controlling the export of certain commodities and technical data, including without limitation all Export Administration Regulations of the 

  
 30 

 
United States Department of Commerce. Among other things, these laws and regulations prohibit or require a license for the export of certain types of commodities and technical data to specified
countries. Company hereby gives written assurance that it will comply with, and will cause its Sublicensees to comply with, all United States export control laws and regulations, that it bears sole responsibility for any violation of such
laws and regulations by itself or its Sublicensees, and that it will indemnify, defend, and hold MIT harmless (in accordance with Section 8.1 (Indemnification)) for the consequences of any such violation.  

11.4    Use of MIT Name. During the Term, Company may make certain factual statements that it has entered into this
Agreement with MIT to license the Patent Rights. Such statements may be made in connection with general company information (e.g., statements regarding company history or technology background) or in annual shareholder reports or investor
presentations; however, no such statement may be used in advertising or other promotional material or activities or in any manner to suggest or imply MIT’s endorsement of Company, its Sublicensees, or Company’s or Sublicensees’
products or services. Except as specifically permitted herein, Company shall, and shall cause its Sublicensees to, not otherwise use or allow the use of the name of “Massachusetts Institute of Technology,” “Lincoln Laboratory” or
any variation, adaptation, or abbreviation thereof, or of any of its trustees, officers, faculty, students, employees, or agents, or any trademark owned by MIT, or any terms of this Agreement in any other public announcement or disclosure without
the prior written consent of MIT (via [***]), which consent MIT may withhold in its sole discretion. If Company or Sublicensee seeks to use the name of an individual trustee, officer, faculty, student, employee or agent, Company must receive
the written consent of such individual. 
 11.5    Marking of Licensed Products. To the extent commercially
feasible and consistent with prevailing business practices, Company shall, and shall cause its Sublicensees as necessary to, mark all Licensed Products that are manufactured or sold under this Agreement to notify the public and competitors that such
products are patented. 
 12.    TERMINATION 

12.1    Voluntary Termination by Company. Company shall have the right to terminate this Agreement, for any reason,
upon at least [***] prior written notice to MIT, provided that all amounts due to MIT have been paid by Company up to and including such termination effective date. 

12.2    Cessation of Business. If Company ceases to carry on its business related to this Agreement, MIT shall have
the right to terminate this Agreement immediately upon written notice to Company. 

  
 31 

 12.3    Termination for Default. 

(a) Nonpayment. In the event Company fails to pay any amounts due and payable to MIT hereunder, and fails to make such payments within
[***] after receiving written notice of such failure, MIT may terminate this Agreement immediately upon written notice to Company. 
 (b)
Other Material Breach. In the event Company commits a material breach of its obligations under this Agreement, except as described in Section 12.3(a) (Nonpayment) and Section 3.2 (Failure to Achieve Diligence Milestone; Right to
Cure), and fails to cure that breach within [***] after receiving written notice thereof, MIT may terminate this Agreement immediately upon written notice to Company. 

12.4    Disputes Regarding Termination. If Company disputes any termination by MIT under this Section, it must
notify MIT of the nature of such dispute and the proposed manner in which to resolve the dispute within [***] following its receipt of notification of breach or notification of termination by MIT, whichever is sooner. If the parties do not resolve
such dispute within [***] of such notification, then Company shall be required to initiate the dispute resolution procedures outlined in Section 13.3 (Dispute Resolution Procedure, as applicable) immediately. If it does not do so, Company shall
be considered to have waived its rights to dispute the termination. 
 12.5    Effect of Termination. Upon
termination of this Agreement by either party pursuant to any of the provisions of Section 12.1 (Voluntary Termination by Company), 12.2 (Cessation of Business) or 12.3 (Termination for Default) or by MIT pursuant to Section 3.2 (Failure
to Achieve Diligence Milestone; Right to Cure): (a) the rights and licenses granted to Company under Article 2 shall terminate, all rights in and to and under the Patent Rights will revert to MIT and Company may not make any further use or
exploitation of the Patent Rights and (b) any existing agreements that contain a Sublicense shall terminate to the extent of such Sublicense; provided, however, that, for each Sublicensee, if the Sublicensee is not then in breach of its
Sublicense agreement with Company such that Company would have the right to terminate such Sublicense, such Sublicensee shall have the right to request a direct license from MIT, such request by the Sublicensee to be made within [***] of termination
of this Agreement (the “License Election Period”). If such Sublicensee makes such request during the License Election Period, MIT agrees to negotiate in good faith a license with such Sublicensee, under reasonable terms and
conditions, (the “New Direct License”) for a period of up to [***] (the “Negotiation Period”). MIT is not 

  
 32 

 obligated to undertake any obligations under the New Direct License that are in addition to, or inconsistent
with, the terms of this Agreement. Any New Direct License shall include payment to MIT of the license maintenance fees (Section 4.1(c)), running royalties (Section 4.1(d)) and milestone payments (Section 4.1(f)) provided for in this Agreement
and an amount equal to the share of Sublicense Income that MIT would otherwise have received from Company as a result of the applicable Sublicense under the terms of Section 4.1(g) of this Agreement for the longer of: (i) the period of
time under this Agreement that Company would have been obligated to pay MIT a share of Sublicense Income and (ii) the payment term of the applicable Sublicense between Company and Sublicensee. Until the earlier of: (A) the expiration of
the Negotiation Period or (B) the execution and delivery of the New Direct License, the Sublicense agreement shall remain in effect, provided that MIT shall have no obligations thereunder that are in addition to, or inconsistent with, the terms
of this Agreement and all financial, reporting and other obligations of such Sublicensee thereunder shall run in favor of MIT. Further, such Sublicensee shall be responsible for reimbursing MIT for any Patent Expenses related to the Patent Rights
during the License Election Period, and if Sublicensee has requested such license within the License Election Period, the Sublicensee shall be responsible for reimbursing MIT for any Patent Expenses related to the Patent Rights during the
Negotiation Period and up until the effective date of the such New Direct License. 
 12.6    Survival. Any
provisions that, by their intent or meaning under the circumstances, are intended to survive, shall survive the expiration or termination of this Agreement. In addition, the following provisions shall survive the expiration or termination of this
Agreement: 
  

	 	•	 	 Article 1 (“Definitions”); 

 

	 	•	 	 Section 4.1(b) (“Equity”); 

 

	 	•	 	 Section 4.1(f) (“Milestone Payments”), as and to the extent provided therein;

  

	 	•	 	 Section 4.1(g) (“Sharing of Sublicense Income”), as and to the extent provided therein;

  

	 	•	 	 Section 4.1(i) (“Change of Control Fee”)’ 

 

	 	•	 	 Section 5.2 (“Financial Reports”), as and to the extent required to report any outstanding payment
obligations and the achievement of Milestone Event for which Company has a corresponding and surviving obligation to pay Milestone Payments; 

  

	 	•	 	 Section 5.4 (“Records”); 

 

	 	•	 	 Section 8.1 (“Indemnification”); 

 

	 	•	 	 Section 8.2 (“Insurance”), as and to the extent provided therein that requires Company to maintain
insurance; 

  
 33 

	 	•	 	 Article 9 (“Representations and Warranties; Disclaimer of Warranties and Limitation of Liability”);

  

	 	•	 	 Section 11.3 (“Export Control”); 

 

	 	•	 	 Section 12.4 (“Disputes regarding Termination”); 

 

	 	•	 	 Section 12.5 (“Effect of Termination”); 

 

	 	•	 	 Section 12.6 (“Survival”); 

 

	 	•	 	 Section 12.7 (“Accruing Obligations”); 

 

	 	•	 	 Article 13 (“Dispute Resolution”); 

 

	 	•	 	 Article 14 (“Confidentiality”), to the extent provided therein; and 

 

	 	•	 	 Article 15 (“Miscellaneous”). 

12.7    Accruing Obligations. In no event shall termination or expiration of this Agreement release Company from
the obligation to pay any amounts that became due or payable on or before the date of such termination or expiration. The parties agree that the obligations in Section 4.1(b) (Equity) will accrue immediately upon execution of this Agreement by
both parties, regardless of the events, invoice and payment timing details set forth therein. 
 13.    DISPUTE RESOLUTION 

13.1    Mandatory Procedures. The parties agree that any dispute arising out of or relating to this Agreement
(except as described in Section 12.3(a) (Nonpayment) and Section 3.2 (Failure to Achieve Diligence Milestone; Right to Cure)) shall be resolved solely by means of the procedures set forth in this Article, and that such procedures
constitute legally binding obligations that are an essential provision of this Agreement. If either party fails to observe the procedures of this Article, as may be modified by their written agreement, the other party may bring an action for
specific performance of these procedures in any court of competent jurisdiction. 
 13.2    Equitable Remedies.
Although the procedures specified in this Article are the sole and exclusive procedures for the resolution of disputes arising out of or relating to this Agreement (except as described in Section 12.3(a) (Nonpayment) and Section 3.2
(Failure to Achieve Diligence Milestone; Right to Cure)), either party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is necessary to avoid irreparable harm to itself or to
preserve its rights under this Agreement. 

  
 34 

 13.3    Dispute Resolution Procedures. 

(a) Mediation. In the event of any dispute arising out of or relating to this Agreement (except as described in Section 12.3(a)
(Nonpayment) and Section 3.2 (Failure to Achieve Diligence Milestone; Right to Cure)), either party may initiate mediation upon written notice to the other party (“Notice Date”) pursuant to Section 15.1 (Notice), whereupon both
parties shall be obligated to engage in a mediation proceeding. The mediation shall commence within forty-five (45) days following the Notice Date. The mediation shall be conducted by a single mediator in Boston, Massachusetts. The party
requesting mediation shall designate two (2) or more nominees for mediator in its Notice Date. The other party may accept one of the nominees or may designate its own nominees by notice addressed to the American Arbitration Association (AAA)
and copied to the requesting party. If within fifteen (15) days following the Notice Date, the parties have not selected a mutually acceptable mediator, a mediator shall be appointed by the AAA according to the Commercial Mediation Rules. The
mediator shall attempt to facilitate a negotiated settlement of the dispute, but shall have no authority to impose any settlement terms on the parties. The expenses of the mediation shall be borne equally by the parties, but each party shall be
responsible for its own counsel fees and expenses. 
 (b) Trial Without Jury. If the dispute is not resolved by mediation within
forty-five (45) days after commencement of mediation, each party shall have the right to pursue any other remedies legally available to resolve the dispute; provided, however, that the parties expressly waive any right to a jury trial in any
legal proceeding under this Article. 
 13.4    Performance to Continue. Each party shall continue to perform its
undisputed obligations under this Agreement pending final resolution of any dispute arising out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed obligations during any period in which the
other party fails or refuses to perform its undisputed obligations. Nothing in this Article is intended to relieve Company from its obligation to make undisputed payments pursuant to Articles 4 and 6 of this Agreement. 

13.5    Statute of Limitations. The parties agree that all applicable statutes of limitation and time-based
defenses (including, but not limited to, estoppel and laches) shall be tolled while the procedures set forth in this Article are pending. The parties shall cooperate in taking any actions necessary to achieve this result. 

14.    CONFIDENTIALITY. 

14.1    Confidential Information. “Confidential Information” means any proprietary information
specifically designated as confidential, which may include Progress Reports, Financial Statements, Financial Reports, or Sublicense agreements provided to MIT pursuant to this Agreement, 

  
 35 

 provided that Company shall only furnish Confidential Information to the TLO. Confidential Information shall
be marked with a legend indicating its confidential status (such as “Confidential” or “Proprietary”). Confidential Information shall not include: 

(i) information which at the time of disclosure hereunder is already generally known or publicly available; 

(ii) information which after disclosure hereunder becomes generally known or publicly available other than through any act or omission of MIT
in violation of this Agreement; 
 (iii) information that was in possession of MIT without obligations of confidentiality to Company prior to
disclosure to MIT under this Agreement; and 
 (iv) information which is hereafter lawfully disclosed by a third party to MIT, which
information such third party did not acquire under a still effective obligation of confidentiality to Company; or 
 (v) information that was
independently developed by MIT without use of, reference to or reliance upon Company’s Confidential Information as evidenced by written records. 

14.2    Non-Use and Non-Disclosure.
For a period of [***] after disclosure of the Confidential Information , MIT shall treat Confidential Information as confidential and shall not use or disclose it, except for purposes of exercising its rights or fulfilling its obligations under this
Agreement or as otherwise expressly permitted herein, without the prior written and express consent of the Company. 

14.3    Permitted Disclosures. MIT may disclose the Confidential Information to its officers, employees,
contractors and consultants (including lawyers and financial advisors), as well as joint owners and sponsors of the Patent Rights, who have a need to know for purposes of this Agreement and compliance hereunder and are subject to confidentiality
obligations at least as protective of such Confidential Information as this Article 14. 
 14.4    Disclosure
Required by Law. Notwithstanding the above, MIT may disclose Company’s Confidential Information to the extent required by law, regulation, or stock exchange requirement, provided that MIT shall (unless legally prohibited) give the other
party prompt written notice in order for Company to have the opportunity to take appropriate measures to protect its Confidential Information. MIT shall disclose Company’s Confidential Information pursuant to this Section 14.4 solely to
the extent so required. 

  
 36 

 15.    MISCELLANEOUS 

15.1    Notice. Any notices required or permitted under this Agreement shall be in writing, shall specifically refer
to this Agreement, and shall be sent by hand, recognized national overnight courier, confirmed electronic mail (e.g., by means of read receipt or specific acknowledgment by recipient of receipt through responsive email) to an email address provided
by the applicable party in a written notice to the other party in the manner provided in this Section 15.1, or registered or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the
parties: 
  

			
	If to MIT:	  	Massachusetts Institute of Technology
		  	Technology Licensing Office, [***]
		  	255 Main Street, Kendall Square
		  	Cambridge, MA 02142-1601
		  	Attention: Director
		
	If to Company:	  	Cullinan Amber Corp.
		  	One Main Street
		  	Cambridge, MA 02142
		  	Attention: Chief Business Officer

 All notices under this Agreement shall be deemed effective upon receipt. A party may change its contact
information immediately upon written notice to the other party in the manner provided in this Section. 

15.2    Governing Law/Jurisdiction. This Agreement and all disputes arising out of or related to this Agreement, or
the performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict
of laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted. The state and federal courts having jurisdiction over Cambridge,
MA, U.S.A., provide the exclusive forum for any Patent Challenge and/or any court action between the parties relating to this Agreement. Company submits to the jurisdiction of such courts and waives any claim that such court lacks jurisdiction over
Company or constitutes an inconvenient or improper forum. 

  
 37 

 15.3    Force Majeure. Neither party will be responsible for
delays resulting from causes beyond the reasonable control of such party, including without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such
causes of nonperformance and continues performance under this Agreement promptly whenever such causes are removed. 

15.4    Amendment and Waiver. This Agreement may be amended, supplemented, or otherwise modified only by means of a
written instrument signed by both parties. Any waiver of any rights or failure to act in a specific instance shall not be construed as an agreement to waive any rights or fail to act in any other instance, whether or not similar. 

15.5    Severability. In the event that any provision of this Agreement shall be held invalid or unenforceable for
any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement. 

15.6    Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective permitted successors and assigns. 
 15.7    Headings. All headings are for convenience only and shall
not affect the meaning of any provision of this Agreement. 
 15.8    Entire Agreement. This Agreement
constitutes the entire agreement between the parties with respect to this subject matter and supersedes all prior agreements or understandings between the parties, relating to its subject matter. 

[Remainder of page intentionally left blank; signature page follows.] 

  
 38 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

									
	 MASSACHUSETTS INSTITUTE OF

TECHNOLOGY
	 		 	CULLINAN AMBER CORP.
					
	By:	 	 /s/ Lesley Millar-Nicholson
	 		 	By:	 	 /s/ Owen Hughes

	Name:	 	Lesley Millar-Nicholson	 		 	Name:	 	Owen Hughes
	Title:	 	Director, TLO	 		 	Title:	 	Chief Executive Officer

  

			
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY
		
	By:	 	 /s/ Maria T. Zuber

	Name:	 	Maria T. Zuber
	Title:	 	Vice President for Research
		 	E. A. Griswold Professor of Geophysics

  
 39 

 APPENDIX A 

List of Patent Applications and Patents 

[***] 

  
 40 

 APPENDIX B 

List of Countries (excluding United States) for which 

Patent Rights Applications Will Be Filed, Prosecuted and Maintained 

[***] 

  
 41 

 APPENDIX C 

Diligence Milestones 
 Company
must achieve the following diligence milestones: 
  

	1.	 [***] 

  

	2.	 [***] 

  

	3.	 [***] 

  

			
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]

  

	4.	 [***] 

  

	5.	 [***] 

  

	6.	 [***] 

  

	7.	 [***] 

  

	8.	 [***] 

  

	9.	 [***] 

  

	10.	 [***] 

  

	11.	 [***] 

  

	12.	 [***] 

  

	13.	 [***] 

  

	14.	 [***] 

(i) [***], or 
 (ii) [***]; or

 (iii) [***] 

  
 42 

 [***] 
 [***]

  
 43 

 APPENDIX D-1 

Form of Financial Report 
  

			
	 Agreement #:
	 	  

	 Licensee:
	 	     

	 Sublicensee:
	 	  

 Separate reports must be filed for payments associated with each Licensed Product. 

 

			
	 Licensed Product Name:
	 	     

 Reporting Period: 
  

			
	 From:
	  	 mm/dd/yyyy

	 To: 
	  	 mm/dd/yyyy

  
  

 
 Detailed Explanation of Payment
Required 
  

					
	 License Maintenance Fees
	 	$                                     
               	 	                                      
              
	 Milestone Payments
	 	$                                     
               	 	                                      
              
	 Sublicense Income (itemize)
	 	$                                     
               	 	                                      
              
	 Change of Control Fee
	 	$                                     
               	 	                                      
              
	 Other payment
	 	$                                     
               	 	                                      
              
		 	                                     
                 	 	                                      
              
	 TOTAL
	 	$                                     
               	 	                                      
              

  
  

 

  
 44 

 APPENDIX D-2 

Form of Royalty Report 

REPORTS SHOULD BE SUBMITTED TO: [***] 

REQUIRED: 
  

			
	 Agreement #:
	 	  

	 Licensee:
	 	  

	 Affiliate:
	 	     

	 Sublicensee:
	 	  

 Separate reports must be filed for: 

 

	 	1.	 Each Licensed Product sold. 

 

	 	2.	 Each country of sale, if different deductions or royalty rates apply. 

 

			
	 Licensed Product Name:
	 	     

 Reporting Period: 
  

			
	 From:
	 	 mm/dd/yyyy

	 To: 
	 	 mm/dd/yyyy

  
  

 
  

					
	 Country of Sale
	 	 

                          
                      
	 	                                      
          
	 Quantity Sold
	 	                                      
          	 	                                      
          
	 Gross Sales (USD$)
	 	                                      
          	 	                                      
          
	 Exchange Rate
	 	                                      
          	 	                                      
          
	 Deductions (Itemize)
	 	                                      
          	 	                                      
          
	 Please list each deduction separately. Use same definition as appears in Agreement under “Net
Sales”
	 	                                     
           	 	                                     
           
		 	                                     
           	 	                                     
           
	 Total Deductions
	 	                                      
          	 	                                      
          
	 Net Sales
	 	                                      
          	 	                                      
          
	 Royalty Percentage
	 	                                      
          	 	                                      
          
	 Credits (Itemize)
	 	                                      
          	 	                                      
          
	 Royalties Due ($)
	 	                                      
          	 	                                      
          

 Date of Anticipated Payment: 
  

 
  

Your Name: 
 Title: 

Phone Number: 
 Email Address:

  
  

 

  
 45 

 Portions of this Exhibit have been redacted because they are both (i) not material
and (ii) would be competitively harmful if publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”. 

Amendment Number 1 
 to 

Exclusive Patent License Agreement 
 This
Amendment Number 1 to Exclusive Patent License Agreement (this “First Amendment”) dated as of April 3rd, 2020 (the “First Amendment Date”) is made by and
between Massachusetts Institute of Technology (“MIT”), a Massachusetts non-profit corporation and educational institution, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and Cullinan Amber Corp.
(“Company”), a Delaware corporation, with a principal place of business at One Main Street, Cambridge, MA 02142. MIT and Company are parties to that certain Exclusive Patent License Agreement dated as of December 20,
2019 (the “License Agreement”). MIT and Company may be referred to herein individually as a “Party” or, collectively as the “Parties.” All capitalized terms used herein that are not otherwise
defined herein shall have their respective meanings as set forth in the License Agreement. 
 BACKGROUND 

WHEREAS, the Parties wish to correct the number of shares of Company’s common stock to be issued to MIT as an initial grant pursuant to
the terms of the License Agreement; and 
 WHEREAS, the Parties wish to provide additional time for MIT to review and approve the proposed
form of stock purchase agreement governing the issuance of the Shares and other related transaction documents and for Company to issue to MIT the Shares; 

NOW, THEREFORE, in consideration of the premises, the covenants contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereby agree: 
 1. Amendments to License Agreement. 

(a) The words, “[***] shares,” that appear in Section 4.1(b)(ii) of the License Agreement are hereby deleted and replaced in
their entirety with the words, “[***] shares.” 
 (b) The words, “not later than [***] following the Effective Date,”
that appear in Section 4.1(b)(ii) of the License Agreement are hereby deleted and replaced in their entirety with the words, “not later than [***] following the Effective Date.” 

CONFIDENTIAL 

  
 1 

 2. Miscellaneous. 

(a) Effect on License Agreement; Entire Agreement. Except as expressly modified by the terms of this First Amendment, the License
Agreement shall remain unchanged and in full force and effect. References in the License Agreement to “this Agreement” shall be deemed inclusive of this First Amendment. This First Amendment and the License Agreement together constitute
the entire agreement between the Parties with respect to the subject matter of the License Agreement and supersede all prior agreements or understandings between the Parties, whether oral or written, relating to such subject matter. 

(b) Effectiveness. This First Amendment shall be effective as of the Effective Date. 

(c) Headings. The headings are for convenience only and shall not affect the meaning of any provision of this First Amendment. 

(d) Counterparts. This First Amendment may be executed in one or more counterparts, each of which shall be deemed an original, and all
of which together shall be deemed to be one and the same instrument. A facsimile or a portable document format (PDF) copy of this First Amendment, including the signature pages, shall be deemed an original. 

CONFIDENTIAL 
 [Remainder of page
intentionally left blank; signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the
Parties have caused this First Amendment to be executed by their duly authorized representatives. 
  

							
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 	CULLINAN AMBER CORP.
				
	By:	 	 /s/ Lesley Millar-Nicholson
	 	By:	 	 /s/ Owen Hughes

	Name:	 	Lesley Millar-Nicholson	 	Name:	 	Owen Hughes
	Title:	 	Director, TLO	 	Title:	 	Chief Executive Officer

 CONFIDENTIAL 

  
 3

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