Document:

EX-10.14

 Exhibit 10.14 

EXCLUSIVE PATENT LICENSE AGREEMENT 

BETWEEN 
 THE UNIVERSITY
OF TEXAS SYSTEM 
 AND 

PELOTON THERAPEUTICS, INC. 
  

	***	 Certain information has been excluded from this agreement because it is both (i) not material and (ii) would
be competitively harmful if publicly disclosed. 

  
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 EXCLUSIVE PATENT LICENSE AGREEMENT 

BETWEEN THE UNIVERSITY OF TEXAS SYSTEM 

AND 
 PELOTON
THERAPEUTICS, INC. 
 THIS Agreement (AGREEMENT) is between the Board of Regents (BOARD) of The University of Texas System (SYSTEM), an
agency of the State of Texas, whose address is 201 West 7th Street, Austin, Texas 78701, on behalf of The University of Texas Southwestern Medical Center at Dallas (UT SOUTHWESTERN), a component
institution of SYSTEM, and Peloton Therapeutics, Inc. (LICENSEE), a Delaware corporation having a principle place of business located at BioCenter at UT Southwestern Medical District, 2330 Inwood Road, Suite 226, Dallas, Texas 73235-7323. 

RECITALS 
 A. BOARD owns certain
PATENT RIGHTS (as defined below) and TECHNOLOGY RIGHTS (as defined below) related to LICENSED SUBJECT MATTER (as defined below), which were developed at UT SOUTHWESTERN. 

B. BOARD desires to have the LICENSED SUBJECT MATTER developed and used for the benefit of LICENSEE, INVENTORS (as defined below), BOARD, and
the public as outlined in BOARD’S Intellectual Property Policy. 
 C. LICENSEE wishes to obtain a license from BOARD to practice
LICENSED SUBJECT MATTER. 
 NOW, THEREFORE, in consideration of the mutual covenants and premises herein contained, the PARTIES (as
defined below) agree as follows: 
 1. EFFECTIVE DATE 

This AGREEMENT is effective November 21, 2011 (EFFECTIVE DATE). 

2. DEFINITIONS 
 As used
in this AGREEMENT, the following terms have the meanings indicated: 
 2.1 AFFILIATE means any business entity more than 50% owned by
LICENSEE, any business entity that owns more than 50% of LICENSEE, or any business entity that is more than 50% owned by a business entity that owns more than 50% of LICENSEE. 

2.2 COLLABORATIVE RESEARCH AGREEMENT means any agreement that the BOARD or UT SOUTHWESTERN, on the one hand, and LICENSEE or any of its
AFFILIATES, on the other, may subsequently enter into (a) under which LICENSEE or its AFFILIATE agrees to collaborate on specific research activities by one or more INVENTORS at UT SOUTHWESTERN, and that grants to LICENSEE an option to include
within the PATENT RIGHTS hereunder some or all of the patent rights arising from such research or development, and (b) which the PARTIES agree in writing should be considered a COLLABORATIVE RESEARCH AGREEMENT for purposes of this AGREEMENT.

  
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 2.3 CORE TANGIBLE RESEARCH MATERIALS means (a) the materials specified in
Exhibit 1 together with any additional materials developed pursuant to a SPONSORED RESEARCH AGREEMENT/COLLABORATIVE RESEARCH AGREEMENT that LICENSEE exercises its option to license under such SPONSORED RESEARCH AGREEMENT/COLLABORATIVE RESEARCH
AGREEMENT, and (b) any compound or material created by an INVENTOR at UT SOUTHWESTERN, or other(s) who work under his or her direct supervision, that is a DERIVATIVE of the foregoing and is made or discovered [***] (or if the original compound
was included in LICENSED SUBJECT MATTER after the EFFECTIVE DATE pursuant to an SPONSORED RESEARCH AGREEMENT/COLLABORATIVE RESEARCH AGREEMENT, [***]. 

2.4 DERIVATIVE means with respect to a compound, any compound that is directed to the same biological target, including without
limitation any post-translationally modified target variants, derivatives or fragments thereof, or species variants or homologs, as the original compound and is the result of one or more chemical modifications to the original compound or was
otherwise generated through a chemical synthesis program based upon such original compound. 
 2.5 EXCLUSIVE TECHNOLOGY RIGHTS means
the following TECHNOLOGY RIGHTS: data relating to the composition, purity, chemical and biological activity, co-crystal structures with the biological target, pharmacology and drug metabolism, synthesis, and
formulation of the compounds within the CORE TANGIBLE RESEARCH MATERIALS. 
 2.6 FDA means United States Food and Drug Administration.

 2.7 FIELD means all therapeutic, diagnostic and prophylactic applications. 

2.8 INVENTOR(S) means [***]. 

2.9 LICENSED PRODUCT means any product which is covered by or is produced using LICENSED SUBJECT MATTER pursuant to this AGREEMENT,
including ROYALTY BEARING PRODUCTS. 
 2.10 LICENSED SUBJECT MATTER means PATENT RIGHTS, TECHNOLOGY RIGHTS and any inventions,
discoveries, compositions, and processes covered by PATENT RIGHTS and/or TECHNOLOGY RIGHTS. 
 2.11 NDA means New Drug Application as
defined by the rules and regulations of the FDA or a similar regulatory requirement in any national jurisdiction. 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 2.12 NET SALES means the gross amount received by LICENSEE, AFFILIATE and/or any
sublicensee pursuant to Paragraph 4.4 for the SALE of ROYALTY-BEARING PRODUCTS to a third party less: (i) normal and customary trade, cash and other discounts; (ii) charge back payments and rebates granted to managed health care
organizations, to federal, state and local governments and their agencies or to other purchasers; (iii) commercially reasonable and customary fees paid to distributors (other than AFFILIATE) that are included in the gross invoiced amount;
(iv) credits or allowances actually granted for rejections or returns of ROYALTY-BEARING PRODUCTS, including recalls (not to exceed the original invoiced amount); (v) sales or similar taxes, including without limitation, value added taxes,
duties or other governmental charges which are included in the invoiced amount or incurred with respect to such products; and (vi) freight, postage, shipping, customs duties and insurance charges which are included in the invoiced amount. 

2.13 NON-ROYALTY SUBLICENSING REVENUE means
non-refundable cash payments received by LICENSEE from a non-AFFILIATE sublicensee in consideration of the grant of a sublicense under the PATENT RIGHTS (including,
without limitation, license fees, fees to maintain such sublicense rights, and milestone payments), as well as any securities received from the sublicensee in lieu of such cash payments, but excluding amounts received as running royalties, a profit
share, or other payments based on the SALE of LICENSED PRODUCTS. Notwithstanding the foregoing, NON-ROYALTY SUBLICENSING REVENUE shall not include amounts paid to LICENSEE that are bona fide:
(i) reimbursements of costs and expenses incurred after the date the sublicense is granted (including license fees, milestone payments or other amounts paid to third parties); (ii) amounts paid by the sublicensee for the supply of
products, materials, equipment or facilities, to the extent not in excess of the fair market value thereof; (iii) loans, except to the extent that such loans have actually been forgiven; (iv) amounts paid for equity or securities
(including conditional equity, such as warrants, convertible debt and the like) not in excess of fair market value, (v) dividends or profit distributions on equity or other interest owned or controlled by LICENSEE, (vi) withholding taxes
and other amounts actually withheld from or deducted against the amounts paid to LICENSEE, (vii) documented costs actually incurred by LICENSEE in performing the agreement granting such sublicense (including a reasonable reserve for future
expenses that the LICENSEE expects to incur in performing such agreement), or in performing research and development activities with respect to the sublicensed subject matter prior to the date of the sublicense agreement; and (viii) payments
made to LICENSEE by a sublicensee in consideration of a grant of rights with respect to one or more products in a given country, the SALE of which product(s) are not covered by the PATENT RIGHTS in such country. 

2.14 PARTIES (or singly PARTY) means LICENSEE, UT SOUTHWESTERN and BOARD. 

  
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 2.15 PATENT RIGHTS means BOARD’S rights in (i) the patents and patent
applications listed in attached Exhibit 2, (ii) all patents and patent applications developed pursuant to a [***] for which the LICENSEE exercises its option thereunder; (iii) those patents and patent applications developed pursuant
to a [***] that the PARTIES agree to include in this AGREEMENT via good faith negotiations; (iv) all patents and patent applications to which any of the patents and patent applications identified in subparagraph (i)-(iii) of this Paragraph 2.15
claims priority, (v) all divisionals, continuations, and continuations-in-part (the claims of which are entitled to claim priority to the aforesaid patents and/or
patent applications), and continued prosecution application(s) of or claiming subject matter within the patents and/or patent applications identified in subparagraphs (i)-(iv) above, (vi) all letters patent and patent rights that issue on any
of the patents or patent applications included in subparagraphs (i)-(v) above, together with any and all reissues, reexaminations or extensions thereof, and (vii) the relevant international equivalents of any of the foregoing to the extent not
already included in subparagraphs (i)-(vi) above. Exhibit 2 is incorporated into this AGREEMENT. 
 2.16 PHASE 1 means that
portion of the drug development and review process which provides for the initial introduction of an investigational new drug into humans, as more specifically defined by the rules and regulations of the FDA or a similar regulatory requirement in
any national jurisdiction. 
 2.17 PHASE 2 means that portion of the drug development and review process which provides for early
controlled clinical studies conducted to obtain preliminary data on effectiveness of an investigational new drug for a particular indication, as more specifically defined by the rules and regulations of the FDA or a similar regulatory requirement in
any national jurisdiction. 
 2.18 PHASE 3 means that portion of the drug development and review process in which expanded clinical
studies are conducted to gather the additional information to establish the effectiveness and safety that is needed to satisfy the requirements of a pivotal trial for obtaining regulatory approval to market an investigational new drug, as more
specifically defined by the rules and regulations of the FDA or a similar regulatory requirement in any national jurisdiction. 
 2.19
ROYALTY BEARING PRODUCTS mean a product: (i) the manufacture, sale or use of which would infringe a VALID CLAIM within the PATENT RIGHTS in the country for which the product is SOLD (“PATENT PRODUCT”), or (ii) that
contains a compound provided to LICENSEE as part of the CORE TANGIBLE RESEARCH MATERIALS, the structure of which was not publicly known at the time it was so provided to LICENSEE, or a DERIVATIVE of such a compound if the DERIVATIVE was discovered,
and first synthesized, solely by the LICENSEE within [***] (“DISCOVERED PRODUCT”). 
 2.20 SALE, SELL or SOLD
means the transfer or disposition of a LICENSED PRODUCT for value to a party other than LICENSEE. 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 2.21 SPONSORED RESEARCH AGREEMENT means any agreement that the BOARD or UT
SOUTHWESTERN, on the one hand, and LICENSEE or any of its AFFILIATES, on the other, may subsequently enter into: (a) under which LICENSEE or its AFFILIATE agrees to fund specific research activities by one or more INVENTORS at UT SOUTHWESTERN
that are directed to LICENSED SUBJECT MATTER or (b) which LICENSEE and UT SOUTHWESTERN otherwise mutually agree in writing should be considered a SPONSORED RESEARCH AGREEMENT for purposes of this AGREEMENT, and in each case that grants to
LICENSEE an option to include within the PATENT RIGHTS hereunder some or all of the patent rights arising from such research or development. 

2.22 TECHNOLOGY RIGHTS means BOARD’S rights in technical information, know-how, processes,
procedures, compositions, devices, methods, formulas, protocols, techniques, software, designs, drawings, data and other technology and materials that (a) were created by or under the supervision of INVENTORS at UT SOUTHWESTERN before the
EFFECTIVE DATE and relate to subject matter described or claimed in the PATENT RIGHTS and are necessary or useful for practicing the PATENT RIGHTS, (b) are to be included as TECHNOLOGY RIGHTS in accordance with the terms of any [***] are within
or pertain to the discovery or characterization of the CORE TANGIBLE RESEARCH MATERIALS that were created by or under the supervision of INVENTORS at UT SOUTHWESTERN before the EFFECTIVE DATE (or as of the date such CORE TANGIBLE RESEARCH MATERIALS
were added to the AGREEMENT in the case of CORE TANGIBLE RESEARCH MATERIALS included in the AGREEMENT after the EFFECTIVE DATE pursuant to Section 2.3(b) above). For clarity, TECHNOLOGY RIGHTS exclude PATENT RIGHTS. 

2.23 VALID CLAIM means a claim of (i) an issued and unexpired patent included within the PATENT RIGHTS unless the claim has been
held unenforceable or invalid by the final, un-reversed, and un-appealable decision of a court or other government body of competent jurisdiction, has been abandoned or
disclaimed, or has otherwise been admitted or determined to be invalid, un-patentable or unenforceable, whether through reissue, reexamination, disclaimer or otherwise, or (ii) a pending patent
application within the PATENT RIGHTS; but only to the extent the claim is being actively and diligently prosecuted in good faith, and in any case excluding unissued claims for which more than five (5) years have elapsed from the earliest filing
date to which the claim is entitled to priority. 
 3. WARRANTY: SUPERIOR-RIGHTS 

3.1 Except for the rights, if any, of the government of the United States of America (“GOVERNMENT”), as set forth below, BOARD
represents and warrants (i) that it has legal authority to enter into this AGREEMENT, (ii) that it is the owner of the entire right, title, and interest in and to the PATENT RIGHTS, (iii) to its belief that it is the owner of the
entire right, title, and interest in and to the TECHNOLOGY RIGHTS, (iv) that it has the sole right to grant licenses under the LICENSED SUBJECT MATTER, and (v) UT SOUTHWESTERN has not granted licenses under the LICENSED SUBJECT MATTER to
any entity that would restrict rights granted to LICENSEE except as stated herein. 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 3.2 LICENSEE understands that the LICENSED SUBJECT MATTER may have been developed under a
funding agreement with the GOVERNMENT and, if so, that the GOVERNMENT may have certain rights relative thereto. This AGREEMENT is explicitly made subject to the GOVERNMENT’S rights under any such agreement and any applicable law or regulation,
to the extent of the GOVERNMENT’S rights under 35 U.S.C. 200, et. seq. If there is a conflict between such GOVERNMENT rights under any such agreement, applicable law or regulation and this AGREEMENT, the terms of the GOVERNMENT agreement,
applicable law or regulation shall prevail to the extent of such rights. LICENSEE agrees to take all reasonable action necessary to enable UT SOUTHWESTERN to satisfy its obligations, if any, under 35 U.S.C. 200, et seq. 

3.3 LICENSEE understands and acknowledges that BOARD, by this AGREEMENT, makes no representation as to the operability or fitness for any use,
safety, efficacy, approvability by regulatory authorities, time and cost of development, patentability, and/or breadth of the LICENSED SUBJECT MATTER. Except as set forth in Paragraph 3.5 below, BOARD, by this AGREEMENT, also makes no representation
as to whether there are any patents now held, or which will be held, by others or by BOARD which may be dominant or subordinate to PATENT RIGHTS, nor does BOARD make any representation that the inventions contained in PATENT RIGHTS do not infringe
any other patents now held or that will be held by others or by BOARD. As of the EFFECTIVE DATE, UT SOUTHWESTERN acknowledges that it has not received any communications from third parties that allege or threaten the validity or enforceability of
PATENT RIGHTS. 
 3.4 LICENSEE, by execution hereof, acknowledges, covenants and agrees that it has not been induced in any way by BOARD,
SYSTEM, UT SOUTHWESTERN or its employees to enter into this AGREEMENT, and further warrants and represents that (i) it has conducted sufficient due diligence with respect to all items and issues pertaining to this AGREEMENT and all other
matters pertaining to this AGREEMENT; and (ii) LICENSED has Adequate knowledge and expertise, or has utilized knowledgeable and expert consultants, to adequately conduct the due diligence, and agrees to accept all risks inherent herein. 

3.5 To UT SOUTHWESTERN’S knowledge as of the EFFECTIVE DATE: (i) the patent applications listed in attached Exhibit 2 constitute
all of the pending patent applications filed by UT SOUTHWESTERN related to LICENSED SUBJECT MATTER, (ii) BOARD does not own or control any rights to any patent or patent application the claims of which would dominate any practice of the
LICENSED SUBJECT MATTER and on which any of the INVENTORS is named as an inventor, (iii) the PATENT RIGHTS name all of the inventors of the inventions claimed therein. As of the EFFECTIVE DATE, neither BOARD nor UT SOUTHWESTERN is aware of any
claim by a third party that any other person is an inventor thereof. 
 4. LICENSE 

4.1 BOARD hereby grants to LICENSEE (a) a worldwide, royalty-bearing, exclusive license under PATENT RIGHTS, (b) a worldwide,
exclusive license to the CORE TANGIBLE RESEARCH MATERIALS and the EXCLUSIVE TECHNOLOGY RIGHTS, and (c) a worldwide, non-exclusive license under all TECHNOLOGY RIGHTS other than the

  
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EXCLUSIVE TECHNOLOGY RIGHTS, in each case to manufacture, have manufactured, use, import, offer for SALE and/or SELL LICENSED PRODUCTS for use within FIELD. This grant is subject to the payment
by LICENSEE to BOARD of all consideration as provided herein, and is further subject to rights retained by BOARD to: 
 (a) publish the
general scientific findings from research related to LICENSED SUBJECT MATTER subject to the terms of Article 13, Confidential Information; 

(b) use the PATENT RIGHTS, CORE TANGIBLE RESEARCH MATERIALS and EXCLUSIVE TECHNOLOGY RIGHTS for
non-commercial, academic research, teaching and other educationally-related purposes, in each case at UT SOUTHWESTERN; 

(c) use the TECHNOLOGY RIGHTS, other than the EXCLUSIVE TECHNOLOGY RIGHTS, for any purpose; and 

(d) transfer CORE TANGIBLE RESEARCH MATERIALS and material embodiments of PATENT RIGHTS to academic or
non-profit research institutions for non-commercial research use, provided however, that any transfer of CORE TANGIBLE RESEARCH MATERIALS pursuant to this Paragraph
4.1(d) (including the transfer of any prodrugs, metabolites, enantiomers, polymorphs, salt forms, racemates, intermediates (including synthetic intermediates, and isomers thereof), diastereomers and tautomers, solvates, hydrates, esters, geometric
isomers, positional isomers and degradation products thereof) will be subject to, and governed by a material transfer agreement (“MTA”). CORE TANGIBLE RESEARCH MATERIALS that have been disclosed in the public domain shall be distributed
via an MTA with terms substantially similar to those of UT SOUTHWESTERN’ s standard MTA attached hereto as Exhibit 3. CORE TANGIBLE RESEARCH MATERIALS that have not been previously disclosed in the public domain shall be distributed via
MTA substantially identical in form and substance to the MTA attached hereto as Exhibit 4. For any MTA governing the transfer of CORE TANGIBLE RESEARCH MATERIALS not previously disclosed in the public domain
(“CTRM-MTA”), UT SOUTHWESTERN and BOARD agree to cooperate with LICENSEE as reasonably requested in writing by LICENSEE, to extend and make available to LICENSEE any rights and/or benefits available
under the CTRM-MTA and LICENSEE agrees to reimburse UT SOUTHWESTERN and BOARD for the out-of-pocket costs reasonably incurred by
UT SOUTHWESTERN and BOARD as a result of such requests by LICENSEE. Without limiting the foregoing, upon LICENSEE’S written request UT SOUTHWESTERN and BOARD agree to exercise rights on LICENSEE’S behalf under the CTRM-MTA, including, for example, the right to review any publications reasonably in advance of public disclosure for purposes to protecting any proprietary information or intellectual property that may disclosed
therein. UT SOUTHWESTERN and BOARD shall not exercise any of its rights under any CTRM-MTA in a manner that would adversely affect LICENSEE unless requested or approved in writing by LICENSEE. UT SOUTHWESTERN
and BOARD shall keep LICENSEE informed as to UT SOUTHWESTERN and BOARD’S written communications with each institution, including notifying LICENSEE promptly in the event UT SOUTHWESTERN or BOARD is notified with respect to matters that require
their consent (or which trigger an option or an election by UT SOUTHWESTERN or BOARD) under the CTRM-MTA, including the right to review any proposed publications or otherwise regarding matters that affect UT

  
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SOUTHWESTERN’ S, BOARD’S or LICENSEE’S rights thereunder. UT SOUTHWESTERN and BOARD shall not agree to an amendment or modification to the terms and conditions of the CTRM-MTA without LICENSEE’S express prior written approval. To the extent that UT SOUTHWESTERN and BOARD obtain the agreement of LICENSEE and the other party to the
CTRM-MTA to modify, amend, or otherwise alter or waive any performance, obligation, or provision of the CTRM-MTA, UT SOUTHWESTERN and BOARD agree to take such actions
and execute such documents as LICENSEE may reasonably request in writing to effect the same. In the event that LICENSEE obtains an agreement from the other party to the CTRM-MTA to transfer the rights under
the CTRM-MTA directly to LICENSEE, UT SOUTHWESTERN and BOARD shall terminate the applicable CTRM-MTA (including any surviving rights of UT SOUTHWESTERN and BOARD
thereunder), to the extent requested by UT SOUTHWESTERN and BOARD in writing. UT SOUTHWESTERN will provide LICENSEE with a fully-executed copy of any such agreement in a timely manner. With respect to any “Inventions” licensed to LICENSEE
pursuant to the CTRM-MTA (as defined thereunder), LICENSEE agrees to grant to UT SOUTHWESTERN a non-exclusive right to use such Inventions for non-commercial, academic research, teaching and other educationally-related purposes, in each case at UT SOUTHWESTERN. 

4.2 Without limiting Section 4.4 below, LICENSEE may extend the license granted herein to any AFFILIATE if the AFFILIATE consents in
writing to be bound by this AGREEMENT to the same extent as LICENSEE. LICENSEE must deliver to BOARD a true and accurate copy of such written agreement, and any modification or termination thereof, within [***] after execution, modification or
termination. 
 4.3 Promptly upon request, UT SOUTHWESTERN will provide to LICENSEE copies of then-existing documentation requested by
LICENSEE reflecting data, compound structures, structure-activity relationships, know-how and information pertaining to the LICENSED PRODUCTS and/or LICENSED SUBJECT MATTER, as well as samples (in reasonable
quantities as agreed between the PARTIES) of the CORE TANGIBLE RESEARCH MATERIALS to the extent available at the time of such request. LICENSEE shall treat all of the foregoing as CONFIDENTIAL INFORMATION, it being understood that (i) LICENSEE
shall have the right to use and disclose the information and materials provided to it under this Paragraph 4.3 in connection with its exercise of its license under Paragraph 4.1, subject to the terms of Article 13 below, and (ii) LICENSEE shall
have the right to authorize its sublicensee(s) to do the same. Additionally, UT SOUTHWESTERN agrees to make available to LICENSEE upon LICENSEE’S request and without additional charge (other than reimbursement of UT SOUTHWESTERN’S
reasonable costs), any animal models and/or assays in the INVENTORS’ possession that were used by INVENTORS in the discovery and/or characterization of any of the compounds listed in Exhibit 1, in each case to the extent such animal models
or assays are materially useful to the development of LICENSED PRODUCTS and are not generally commercially available (subject to any third party obligations that may exist). 

 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 4.4 LICENSEE may grant and authorize sublicenses consistent with this AGREEMENT to third
parties and AFFILIATES if LICENSEE is responsible for the payment of royalties due hereunder whether or not paid to LICENSEE by a sublicensee. Each sublicensee must agree in writing to be bound [***]. In addition, each SUBLICENSE AGREEMENT shall
contain (i) patent prosecution and infringement provisions that do not conflict with the restrictions and procedural requirements imposed on LICENSEE in Articles 8 and 14, (ii) confidentiality provisions with respect to CONFIDENTIAL
INFORMATION of BOARD and UT SOUTHWESTERN consistent with restrictions imposed on LICENSEE in Article 13 and (iii) an indemnification of BOARD by sublicensee similar in scope and terms to that required of LICENSEE in Paragraphs 11.1 and 11.2.
LICENSEE shall be responsible for the compliance by its sublicensee with the terms and conditions set forth above as well as for the payment of royalties due hereunder with respect to SALES by sublicensees. LICENSEE must deliver to BOARD a true and
correct copy of each sublicense granted by LICENSEE, and any modification or termination thereof, within [***] after execution, modification, or termination; provided that such sublicense may be redacted to the extent the terms thereof are not
necessary to determine the scope of rights granted or its compliance with this AGREEMENT. All such copies shall be considered the CONFIDENTIAL INFORMATION of LICENSEE under this AGREEMENT. If this AGREEMENT is terminated, BOARD and UT SOUTHWESTERN
agree that all existing sublicenses in good standing at the date of termination shall survive, provided that the sublicensees consents in writing to be bound by the applicable terms and conditions of this AGREEMENT, as they apply to activities of
the sublicensees. 
 5. PAYMENTS AND REPORTS 

5.1 In consideration of rights granted by BOARD to LICENSEE under this AGREEMENT, LICENSEE will pay BOARD the following: 

(a) equity as described in Article 6; 

(b) running royalties equal to [***] of NET SALES of ROYALTY BEARING PRODUCTS that 

are not DISCOVERED PRODUCTS and [***] of NET SALES of ROYALTY BEARING PRODUCTS that are DISCOVERED PRODUCTS, subject to the following: 

(i) LICENSEE’ s obligation to pay royalties on PATENT PRODUCTS shall continue on a country-by-country basis, until such time as neither the manufacture, sale, nor use of such PATENT PRODUCT would infringe a VALID CLAIM in the country for which such PATENT PRODUCT is SOLD. Company’s
obligation to pay royalties on DISCOVERED PRODUCT(S) shall continue for each DISCOVERED PRODUCT on a product-by-product basis until [***] of the first commercial SALE of
the first ROYALTY BEARING PRODUCT containing such DISCOVERED PRODUCT(S); and 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 (ii) No royalty shall be payable under this Paragraph 5.1(b) with respect to 

(A) [***] 
 (B) [***] 

(c) milestone fees according to the table below, due and payable within [***] of the first achievement of the following milestone events for
each ROYALTY BEARING PRODUCT: 
  

					
	Milestone Event	  	Milestone Fee	 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 

 [***] 

(ii) All milestone fees are payable only once per ROYALTY BEARING PRODUCT, regardless of the number of times the milestone is achieved with
respect to such ROYALTY BEARING PRODUCTS, and [***]. All formulations that contain the same PATENT PRODUCT or DISCOVERED PRODUCT (i.e., the same active ingredient comprising such PATENT PRODUCT or DISCOVERED PRODUCT, alone or in combination with
others) shall be deemed the same the ROYALTY BEARING PRODUCT for purposes of the foregoing and Section 5.1(b) above. 
 (d) a
sublicensing fee equal to the applicable percentage listed in the table below of all NON-ROYALTY SUBLICENSING REVENUE, within [***] of LICENSEE’S receipt of any such
NON-ROYALTY SUBLICENSING REVENUE [***]: 
  

					
	Sublicense Date	  	Fee	 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 

  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 For purposes of determining NON-ROYALTY SUBLICENSING
REVENUE, the “fair market value” of any equity securities will be calculated as follows: (i) if traded on a securities exchange or the NASDAQ National Market System, the value shall be deemed for all purposes to be the average of the
security’s last sales price (or if there shall have been no sales, the last bid price) for 5 consecutive trading days preceding the date such securities are received by LICENSEE; (ii) if actively traded over the counter (other than the
NASDAQ National Market System), the value shall be deemed for all purposes to be the average of the security’s closing bid price for 5 consecutive trading days preceding the date such securities are received by LICENSEE; or (iii) if there
is no active public market, the value shall be the estimated fair value thereof, as determined in by LICENSEE’S and BOARD’S reasonable discretion, taking into consideration the cost of the securities, prices of recent significant
placements of securities of the same issuer, any financial data and projections of the company provided to the LICENSEE, and such other factors as LICENSEE and BOARD may deem relevant directors. Notwithstanding the foregoing, the value of any equity
securities under (i) or (ii) above that are subject to a restriction impairing the free marketability thereof shall be determined by making an appropriate discount, as determined in LICENSEE’S and BOARD’S reasonable discretion,
to the valuation determined under (i) or (ii) to reflect the effect on the value of the restrictions on marketability. If the sublicense or assignment agreement calls for equity payment in excess of fair market value, then the excess
payment will be subject to the sublicense fee payment schedule above. 
 [***]. Additionally, any amounts paid to BOARD under this Paragraph
5.1d shall be creditable by LICENSEE against amounts subsequently due to BOARD under Paragraph 5.1(c) above; and any amounts previously paid to BOARD under Paragraph 5.1(c) above shall be creditable by LICENSEE against amounts subsequently due to
BOARD under this Paragraph 5.1(d). 
 To the extent NON-ROYALTY SUBLICENSING REVENUE represent an
unallocated combined payment for both a sublicense of the PATENT RIGHTS as well as intellectual property, undertakings or subject matter not owned by BOARD, such NON-ROYALTY SUBLICENSING REVENUE from such
sublicensing arrangement for calculating payments due hereunder shall be reasonably allocated between the PATENT RIGHTS and such other intellectual property, undertakings or subject matter. For clarity, if LICENSEE grants a sublicense to a third
party covering multiple LICENSED PRODUCTS and the most advanced LICENSED PRODUCT included in such sublicense is not covered by the PATENT RIGHTS in at least one country included within such sublicense, then only those payments received under such
sublicense that are specifically allocated to a PATENT PRODUCT (such as a milestone payment that is triggered by a PATENT PRODUCT) shall constitute NON-ROYALTY SUBLICENSING REVENUE for purposes of this
Agreement. 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 (e) LICENSEE shall have the right at its election to pay [***]. If LICENSEE so elects, the
shares to be issued shall be as follows[***]; and 
 (f) In the event of late payments to BOARD due under Article 5, a late payment charge
calculated using simple interest on the overdue amount at [***] will be assessed and due additionally from LICENSEE for each such late payment. If such interest rate is greater that the highest allowable rate by law, the interest rate will be the
highest allowable rate by law. 
 5.2 For a period of [***] after the calendar month to which the records pertain, LICENSEE agrees that it
and its sublicensees will each keep complete and accurate records of the SALES and NET SALES on which payments are due under this Article 5 in sufficient detail to enable the royalties payable hereunder to be determined. LICENSEE agrees to permit
BOARD or its representatives, at BOARD’S expense and with 30 days written notice, to examine such books, ledgers, and records during regular business hours during such [***], for the purpose of and solely to the extent necessary to verify any
report required under this AGREEMENT. To the extent that LICENSEE does not have the right to grant to BOARD the right to audit its sublicensees’ books and records hereunder, LICENSEE shall obtain for itself such rights and, at the request of
BOARD, shall exercise such audit rights with respect to sublicensees and report the results of such audit to BOARD pursuant to this Paragraph 5.3. No more than one audit of each of LICENSEE and its sublicensees shall be conducted under this
Paragraph 5.3 in any calendar year. If the amounts due to BOARD are determined to have been underpaid by more than [***], LICENSEE will pay the cost of any independent third party auditor used by BOARD for such audit and all overdue amounts with
accrued interest in accordance with Paragraph 5.2. All information examined pursuant to this Paragraph 5.3 shall be deemed to be the confidential information of the party being audited, without the requirement that it be marked or designated as
such, and BOARD, and its representatives shall be required to enter into a reasonable confidentiality agreement with the party being audited prior to the audit. 

5.3 Within [***] after March 31, June 30, September 30, and December 31, beginning immediately after the EFFECTIVE DATE,
LICENSEE must deliver to BOARD a true and accurate written report, even if no payments are due BOARD, giving the particulars of the business conducted by LICENSEE and its sublicensee(s), if any exist, during [***] under this AGREEMENT as are
pertinent to calculating payments hereunder. Such reports will be on a per-country and per-product basis and presented substantially in the form as shown in
Exhibit 4. Simultaneously with the delivery of each report, LICENSEE must pay to BOARD the amount due, if any, for the period of each report. 

5.4 On or before [***] of the term of this AGREEMENT, irrespective of having a first SALE or offer for SALE, LICENSEE must deliver to BOARD a
written progress report that summarizes LICENSEE’S efforts and accomplishments during the preceding year in diligently commercializing LICENSED SUBJECT MATTER and LICENSEE’S commercialization plans with respect to LICENSED PRODUCTS for the
upcoming year. To the extent LICENSEE has the right to provide the information, LICENSEE will include a summary of any such efforts, accomplishments and plans of its sublicensees. LICENSEE shall use [***] efforts to develop and commercialize [***]
LICENSED PRODUCT [***]. Additionally, LICENSEE will [***] achieve the following performance milestones within the designated time period [***]: 

 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 [***] 

If LICENSEE fails to meet any of the above provisions, then BOARD and UT SOUTHWESTERN at their sole discretion have the right and option to
terminate this AGREEMENT pursuant to Paragraph 7.2(c) below. Notwithstanding the foregoing, if despite using commercially reasonable efforts, LICENSEE fails to achieve a milestone listed above by the specified date, the particular milestone shall be
reasonably extended to reflect the current circumstances, with the specifics of such extension(s) to be as reasonably agreed upon between the parties, provided that at the time such extension is granted, [***]. 

5.5 All amounts payable here by LICENSEE must be paid in United States dollars without deductions for taxes, assessments, fees, or charges of
any kind, except as otherwise expressly provided herein. Notwithstanding the foregoing, with respect to sublicensing fees: if LICENSEE receives NON-ROYALTY SUBLICENSING REVENUE in the form of a security,
LICENSEE shall be entitled to satisfy its payment obligation to BOARD under Paragraph 5.1(d) by either: [***]; or 
 (i) [***] 

5.6 All payments must be payable to UT SOUTHWESTERN and sent to the address listed in Paragraph 16.2. 

6. EQUITY OWNERSHIP AND OPTION RIGHTS 

In consideration of the rights granted to LICENSEE by BOARD in this AGREEMENT, LICENSEE will, upon execution of this AGREEMENT, issue BOARD
[***] fully paid, non-assessable shares of its common stock, all in accordance with and subject to the terms of a Stock Issuance Agreement to be entered into by the PARTIES concurrently with this AGREEMENT.
For the issuance of such common stock, UT SOUTHWESTERN will provide written instructions to LICENSEE detailing the procedure and guidelines for distributing stock shares to BOARD and permitted assigns, as set forth in BOARD’S Rules and
Regulations. LICENSEE will distribute stock shares within [***] after receiving such instructions. 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 7. TERM AND TERMINATION 

7.1 Subject to Paragraph 7.2, the term of this AGREEMENT is from the EFFECTIVE DATE to the full end of the term or terms for which PATENT
RIGHTS have not expired or, if only TECHNOLOGY RIGHTS are licensed and no PATENT RIGHTS are applicable, then for a period of 20 years. 
 7.2
This AGREEMENT will terminate earlier than as set forth in Paragraph 7.1: 
 (a) immediately upon written notice from BOARD if LICENSEE
shall file in any court pursuant to any statute of any individual state or country, a petition in bankruptcy, insolvency or for reorganization or for the appointment of a receiver or trustee of LICENSEE, or if LICENSEE undergoes an assignment of
title for the benefit of creditors, in each case with respect to substantially all of its assets, or if LICENSEE shall be served with an involuntary petition against it filed in any insolvency proceeding, and such petition shall not be dismissed
within [***] after the filing thereof; or 
 (b) upon [***] written notice from BOARD if LICENSEE materially breaches or defaults on its
obligation to make payments under Paragraph 5.1 (if any are due) or reports under Paragraph 5.4, in accordance with the terms of Article 5 hereunder, unless, before the end of the [***], LICENSEE has cured the material breach or default and so
notifies BOARD, stating the manner of the cure, subject to ARTICLE 15 below; or 
 (c) upon [***] written notice if LICENSEE materially
breaches or defaults on any other material obligation under this AGREEMENT, unless, before the end of the [***], LICENSEE has cured the breach or default and so notifies BOARD, stating the manner of the cure; or 

(d) at any time by mutual written agreement between LICENSEE, UT SOUTHWESTERN and BOARD, upon [***] written notice to all PARTIES and subject
to any terms herein which survive termination; or 
 (e) at any time by LICENSEE, upon [***] written notice to BOARD and subject to any
terms herein which survive termination. Such termination may be made by LICENSEE (i) with respect to the AGREEMENT, or (ii) as to any particular patents or patent applications within the PATENT RIGHTS. In the event of (ii) the
particular patent and/or patent applications with respect to which LICENSEE terminates shall thereafter cease to be within the PATENT RIGHTS for all purposes of this AGREEMENT. 

 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 7.3 Upon termination or expiration of this AGREEMENT, all terms and conditions of this
AGREEMENT shall terminate and have no further force or effect except as otherwise expressly set forth below: 
 (a) nothing herein will be
construed to release either PARTY of any obligation matured prior to the effective date of the termination; 
 (b) after the effective date
of the termination, LICENSEE will provide BOARD with a written inventory of all LICENSED PRODUCTS in process of manufacture, in use or in stock. LICENSEE may SELL any such LICENSED PRODUCTS within the [***] period following such termination if it
pays earned royalties thereon, and any other amount due pursuant to the terms of Article 5; 
 (c) after the effective date of the
termination, LICENSEE will continue to be bound by the provisions of Paragraph 5.1(b) as it applies to DISCOVERED PRODUCTS not covered by PATENT RIGHTS; and 

(d) LICENSEE and BOARD, as applicable, will continue to be bound by the provisions of Articles 11 (Indemnification), 12 (Use Of Name), 13
(Confidential Information), 15 (Alternative Dispute Resolution) and 16 (General) and Paragraphs 4.4 (last sentence only), 5.3, and 7.3 of this AGREEMENT. 

8. INFRINGEMENT BY THIRD PARTIES 

8.1 Each PARTY will promptly inform the other of any suspected infringement of any claims in the PATENT RIGHTS or the misuse, misappropriation,
theft or breach of confidence of other proprietary rights in the LICENSED SUBJECT MATTER by a third party. LICENSEE has the exclusive right, but not the obligation, to institute (directly or through a designee) an action for infringement, misuse,
misappropriation, theft or breach of confidence of the proprietary rights against such third party and is entitled to retain recovery from such enforcement, provided however, any recovery for damages and/or a reasonable royalty in lieu thereof with
respect to the PATENT RIGHTS, after deducting the out-of-pocket costs incurred with respect to such action, will be considered NET SALES and subject to royalty payment
pursuant to Paragraph 5.1(b). At LICENSEE’S request and expense, and subject to the statutory duties of the Texas Attorney General, BOARD agrees to join any such action brought by LICENSEE. 

8.2 If LICENSEE and/or its designees fails to bring such an action or proceeding within 120 days after receiving a written request by BOARD to
initiate an action with respect to such infringement, then BOARD may institute an action for infringement, misuse, misappropriation, theft or breach of confidence of the proprietary rights against such third party at its own expense and retain all
recoveries from such enforcement. BOARD will provide LICENSEE with written notice during such 120-day period if it intends to commence 

 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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any legal action to terminate infringement of PATENT RIGHTS and LICENSEE may commence legal action at any time during the 120 day notice period. LICENSEE must provide BOARD with evidence that it
has commenced legal action within the 120 day notice period, and if LICENSEE (or designee) initiates suit during such period, the terms in Paragraph 8.1 shall govern the action and distribution of recovery. 

8.3 In any infringement suit pursuant to this Article 8, the PARTIES agree to keep the other reasonably informed regarding such suit and to
cooperate fully with each other. The PARTY bringing such suit (the “REQUESTING PARTY”) shall reimburse the other for any out of pocket costs that such other PARTY reasonably incurs, including attorney fees, to provide assistance or
cooperation requested by the REQUESTING PARTY in connection with an action. At the request and expense of the REQUESTING PARTY, the other PARTY will permit access, to all relevant personnel, records, papers, information, samples, specimens, etc.,
its possession during regular business hours; provided that the PARTIES will cooperate reasonably to avoid undesired waivers of privilege. In all cases, the PARTY hereto that did not initiate the suit (and, as requested by LICENSEE, LICENSEE’S
AFFILIATES and designees when they do not initiate suit) shall have the right to participate in any action brought by the other PARTY hereto with counsel of its own choosing, at its own expense. Nothing in this Article 8 shall be construed to
authorize BOARD to enter into any settlement that would adversely affect the LICENSED SUBJECT MATTER or LICENSEE’S rights therein, without the prior written consent of the LICENSEE. 

9. ASSIGNMENT 
 Except in
connection with an assignment of this AGREEMENT to an AFFILIATE of LICENSEE or the sale or other transfer to a third party of all or of substantially all of LICENSEE’S business or assets to which this AGREEMENT relates, whether by sale of stock
or assets, merger, consolidation or a similar transaction, LICENSEE may not assign this AGREEMENT without the prior written consent of BOARD, which will not be unreasonably withheld. LICENSEE shall promptly provide UT SOUTHWESTERN with written
notice following any assignment made in accordance with this Article 9. 
 10. PATENT MARKING 

LICENSEE agrees that, to the extent consistent with practices that are common in the pharmaceutical industry, it will permanently and legibly
mark all products, packaging and documentation manufactured or SOLD by it under this AGREEMENT with a patent notice as may be permitted or required under Title 35, United States Code. 

11. INDEMNIFICATION 

11.1 Subject to Paragraph 11.2, LICENSEE agrees to hold harmless and indemnify BOARD, INVENTORS, SYSTEM, UT SOUTHWESTERN, its officers,
employees and agents (the “INDEMNIFIED PARTIES”) from and against any claims, demands, or causes of action whatsoever brought by other third parties against an INDEMNIFIED PARTY, on account of any injury or death of persons or damage to
property caused by, or arising out of, or resulting from, the exercise or practice of the license granted hereunder by LICENSEE, its AFFILIATES or their officers, employees, agents or representatives. 

  
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 11.2 LICENSEE shall have no responsibility or obligation under Paragraph 8.1 for any damages
or other liabilities suffered by an INDEMNIFIED PARTY to the extent due to the gross negligence, willful misconduct, illegal conduct, breach of this AGREEMENT, activities pursuant to rights reserved to the BOARD and/or UT SOUTHWESTERN, or
infringement or misappropriation by any of the INDEMNIFIED PARTIES. Obligations to indemnify, and hold harmless under Paragraph 8.1 shall not apply unless the INDEMNIFIED PARTIES (a) promptly notify LICENSEE of the claim or demand,
(b) subject to the statutory duty of the Texas Attorney General, give LICENSEE sole control of the defense and settlement of the claim and demand; and (c) provide the assistance, at LICENSEE’S expense, necessary in the defense and
settlement. Additionally, LICENSEE shall not be responsible for costs, expenses, or settlements incurred without its prior written consent. 

12. USE OF NAME 
 12.1
LICENSEE may not use the name of UT SOUTHWESTERN, SYSTEM, INVENTOR, BOARD, and their respective Regents, trustees, officers, employees or agents without express written consent from UT SOUTHWESTERN, and/or SYSTEM except as required by governmental
law, rule or regulation. Consent for UT SOUTHWESTERN, SYSTEM or BOARD should be requested in writing at least [***] in advance and sent to: 

[***] 
 12.2 For clarity, nothing
in this Article 12 shall prevent the use of such names in any (a) confidential document (including disclosure documents provided to potential sublicensees), or (b) in public disclosures, statements, and documents required by securities or
other laws and (c) in other regulatory and administrative filings in the ordinary course of LICENSEE’S business, in each case so long as the use of BOARD’S, SYSTEM’S and UT SOUTHWESTERN’S name by LICENSEE is limited to
statements of fact and is not used in a manner to suggest or imply endorsement by BOARD, SYSTEM and/or UT SOUTHWESTERN of LICENSEE or any LICENSED PRODUCT or LICENSED SERVICE and that LICENSEE provides prompt written notice of its intent to use the
name of BOARD’S, SYSTEM’S and UT SOUTHWESTERN’S name as provided in this Paragraph 12.2. 
 13. CONFIDENTIAL INFORMATION

 13.1 The PARTIES agree that all information forwarded to one by the other for the purposes of this AGREEMENT that is marked
“confidential” or if disclosed orally, is designated as confidential at the time of disclosure and is confirmed in writing by the disclosing PARTY to be confidential promptly after its initial disclosure (collectively, “CONFIDENTIAL
INFORMATION”) (1) are to be received in strict confidence by the recipient PARTY, (2) are to 
  

	.***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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be used by and under authority of the recipient PARTY only for the purposes of this AGREEMENT, and (3) are not to be disclosed by the recipient PARTY, its agents or employees without the
prior written consent of the other PARTY or as authorized in this AGREEMENT, except to the extent that the recipient PARTY can establish competent written proof that such information: 

(a) was in the public domain at the time of disclosure; 

(b) later became part of the public domain through no act or omission of the recipient PARTY, its employees, agents, successors or assigns;

 (c) was lawfully disclosed to the recipient PARTY by a third party having the right to disclose it; 

(d) was already known by the recipient PARTY at the time of disclosure; or 

(e) was independently developed by the recipient PARTY without use of the disclosing PARTY’ s CONFIDENTIAL INFORMATION. 

13.2 Notwithstanding the foregoing, LICENSEE has the right to use and disclose the CONFIDENTIAL INFORMATION of UT SOUTHWESTERN in connection
with the exercise of its rights under this AGREEMENT, including without limitation to sublicensees, potential investors, acquirers, and others on a need to know basis, if such CONFIDENTIAL INFORMATION is provided under conditions which reasonably
protect the confidentiality thereof, or is otherwise reasonably necessary to exercise the rights granted hereunder. 
 13.3 Each PARTY’S
obligation of confidence hereunder shall be fulfilled by using at least the same degree of care with the other PARTY’S confidential information as it uses to protect its own confidential information. This obligation shall exist while [***].

 13.4 Each PARTY agrees not to disclose to any third party the terms of this AGREEMENT without the prior written consent of the other PARTY
hereto, except each PARTY may disclose the terms of this AGREEMENT: (a) to advisors, actual or potential acquirers or investors, and others on a need to know basis, in each case, under appropriate confidentiality obligations substantially
similar to those of this Article 13; and (b) to the extent necessary to comply with applicable laws and court orders (including securities laws, regulations and guidances). 

13.5 If the recipient PARTY is required to disclose CONFIDENTIAL INFORMATION of another PARTY hereto, or any terms of this AGREEMENT, pursuant
to the order or requirement of a court, administrative agency, or other governmental body or applicable law, the recipient PARTY may disclose such CONFIDENTIAL INFORMATION or terms to the extent required, provided that the recipient PARTY shall use
diligent efforts to provide the disclosing PARTY with reasonable advance notice thereof to enable the disclosing PARTY to seek a protective order and otherwise seek to prevent such disclosure. 

 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 14. PATENTS AND INVENTIONS 

14.1 If, after consultation with LICENSEE, both PARTIES agree that a patent application should be filed for LICENSED SUBJECT MATTER, then BOARD
will prepare and file the appropriate patent application, using mutually agreed patent counsel, and LICENSEE will pay the reasonable out-of-pocket cost incurred by BOARD
in searching, preparing, filing, prosecuting and maintaining the same in the countries listed in Exhibit 6 (and such other countries as the parties mutually agree) and such application will be considered PATENT RIGHTS. LICENSEE shall reimburse
such out-of-pocket expenses within 30 days of delivery of an invoice from UT SOUTHWESTERN, provided that if LICENSEE notifies BOARD that it does not intend to pay the
costs of filing a patent application in a country listed in Exhibit 6, then BOARD may file an application at its own expense and LICENSEE will have no rights to such patent application. BOARD shall retain the right to select the attorney
responsible for filing, prosecution and maintenance of any patents based on technology invented at UT SOUTHWESTERN, subject to LICENSEE’S approval, not to be unreasonably withheld; provided that if LICENSEE requests, UT SOUTHWESTERN shall
substitute other counsel mutually agreed upon by the PARTIES, provided such substituted outside counsel executes an Outside Counsel Agreement as required by SYSTEM’S Office of General Counsel, with any required waivers. The PARTIES each have
the right to review and comment upon the wording of specifications, claims and responses to office actions prior to their submission to the appropriate patent office. If BOARD anticipates any extraordinary expenditures arising from the preparation,
filing, prosecution, or defense of any patent application and/or patent included in PATENT RIGHTS, then BOARD will consult with LICENSEE to determine a mutually acceptable course of action prior to incurring such expenditures. BOARD will provide
LICENSEE a copy of any patent application for which LICENSEE has paid the cost of filing, as well as copies of any documents received or filed with the respective patent office during the prosecution thereof. 

14.2 BOARD agrees to reasonably cooperate with LICENSEE to execute any and all documents reasonably required to provide LICENSEE the full
benefit of the license granted herein. 
 14.3 If at any time LICENSEE wishes to cease paying for any costs for a particular PATENT RIGHT or
for patent prosecution in any particular jurisdiction, LICENSEE must give BOARD at least 30 days prior written notice and LICENSEE will continue to be obligated to pay for the patent costs which reasonably accrue during said notice period. For
clarity, LICENSEE shall have no obligation to reimburse costs for a particular patent or patent application in a given country to the extent that LICENSEE has notified BOARD in writing that it does not intend to pay such costs; provided that if
LICENSEE so notifies BOARD with respect to a particular patent or patent application in a country listed in Exhibit 6, said patent application or patent shall no longer be included in the PATENT RIGHTS and LICENSEE shall have no further rights
thereto. 

  
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 14.4 Each PARTY will promptly inform the other of any request for, or filing or declaration
of, any interference, opposition, or reexamination relating to PATENT RIGHTS. In connection with any interference, opposition, reissue, or reexamination proceeding relating to PATENT RIGHTS, the PARTIES will cooperate fully and will provide each
other with any information or assistance that either may reasonably request. Both PARTIES will keep the other informed of developments in any such action or proceeding, including, to the extent permissible, the status of any settlement negotiations
and the terms of any offer related thereto. 
 14.5 To the extent that any PATENT RIGHTS have been filed prior to the EFFECTIVE DATE, the
prosecution and maintenance of such PATENT RIGHTS shall be conducted in accordance with the foregoing. 
 15. ALTERNATIVE DISPUTE
RESOLUTION 
 15.1 Any dispute as to this AGREEMENT, its construction, or its actual or alleged breach will be decided in accordance with
this Article 15. If the PARTIES are unable to resolve such dispute or controversy on their own, it will be finally decided by an appropriate method of alternative dispute resolution, which unless otherwise agreed by the PARTIES shall be arbitration,
conducted in the city of Dallas, Texas in accordance with the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association. The arbitration panel will include members knowledgeable in the evaluation of pharmaceutical
technology. Judgment upon the award rendered may be entered in the highest court or forum having jurisdiction, state or federal. The provisions of this Article 15 will not apply to decisions on the validity of patent claims or to any dispute or
controversy as to which any treaty or law prohibits such arbitration. The decision of the arbitration must be sanctioned by a court of law having jurisdiction to be binding upon and enforceable by the PARTIES. 

15.2 In the event of a dispute as to whether or not this AGREEMENT has been breached, as described in Paragraph 7.2(b) or 7.2(c), this
AGREEMENT and the licenses herein shall not terminate based upon the disputed breach unless it has been determined under Paragraph 15.1 above that this AGREEMENT was materially breached, and LICENSEE fails to cure the breach within [***] after such
determination. The foregoing shall not suspend any obligation of LICENSEE to pay to BOARD any undisputed amount owed by LICENSEE to BOARD under this AGREEMENT, while any dispute resolution is pending. 

16. GENERAL 
 16.1 This
AGREEMENT constitutes the entire and only agreement between the PARTIES for LICENSED SUBJECT MATTER and all other prior negotiations, representations, agreements, and understandings are hereby superseded. No agreements altering or supplementing
these terms may be made except by a written document signed by both PARTIES. 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 16.2 Any payments required by this AGREEMENT must be payable to UT SOUTHWESTERN and sent to:

 [***] 
 16.3 Any notice
required by this AGREEMENT must be given by email or facsimile transmission confirmed by personal delivery (including delivery by reputable messenger services such as Federal Express) or by prepaid, first class, certified mail, return receipt
requested, addressed in the case of BOARD and UT SOUTHWESTERN to: 
 [***] 

or in the case of LICENSEE to: 

Peloton Therapeutics, Inc. 

BioCenter at UT Southwestern Medical District 

2330 Inwood Road, Suite 226 

Dallas, Texas 73235-7323 
 [***]

 or other addresses as may be given from time to time under the terms of this notice provision. 

16.4 LICENSEE must comply with all applicable national, state and local laws and regulations in connection with its activities pursuant to
this AGREEMENT. 
 16.5 LICENSEE further understands Licensee understands that the Arms Export Control Act (AECA), including its
implementing International Traffic In Arms Regulations (ITAR), and the Export Administration Act (EAA), including its Export Administration Regulations (EAR), are some (but not all) of the laws and regulations that comprise the U.S. export laws and
regulations. LICENSEE further understands that the U.S. export laws and regulations include (but are not limited to): (a) ITAR and EAR product/service/data-specific requirements; (b) ITAR and EAR ultimate destination-specific requirements;
(c) ITAR and EAR end user-specific requirements; (d) Foreign Corrupt Practices Act; and (e) anti-boycott laws and regulations. LICENSEE will comply with all then-current applicable export laws and regulations of the U.S. Government
(and other applicable U.S. laws and regulations) pertaining to the LICENSED PRODUCTS (including any associated products, items, article, computer software, media, services, technical data, and other information. 

16.6 This AGREEMENT will be constructed and enforced in accordance with the laws of the United States of America and of the State of Texas

  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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 16.7 Failure of BOARD to enforce a right under this AGREEMENT will not act as a waiver of
that right or the ability to later assert that right relative to the particular situation involved. 
 16.8 Headings are included herein for
convenience only and shall not be used to construe this AGREEMENT. 
 16.9 If any part of this AGREEMENT is for any reason found to be
unenforceable, all other parts nevertheless remain enforceable. 
 The remainder of this page is intentionally left blank 

  
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 15.9 Neither PARTY shall be held liable or responsible to the other PARTY nor be deemed to
have defaulted under or breached this AGREEMENT for failure or delay in fulfilling or performing any term of this AGREEMENT when such failure or delay is caused by or results from causes beyond the reasonable control of the affected PARTY,
including, without limitation, fire, floods, earthquakes, natural disasters, embargoes, war, acts of war (whether war is declared or not), insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts,
omissions or delays in acting by any governmental authority. 
 IN WITNESS WHEREOF, the PARTIES hereto have caused their duly
authorized representatives to execute this AGREEMENT. 
 BOARD OF REGENTS OF 

THE UNIVERSITY OF TEXAS SYSTEM 
  

									
	By:	 	 /s/ John A. Roan
	  	By:	  	 /s/ Tim W. Kutzkey

		 	John A. Roan	  		  	Tim W. Kutzkey
		 	Executive Vice President for Business Affairs	  		  	Chief Executive Officer
		 	UT Southwestern Medical Center at Dallas	  		  		 	
					
	Date:	 	12/2/11	  		  	Date:	 	11/17/11
				
	Approved as to Content:	  		  		 	
					
	By:	 	 /s/ Raymond A. Wheatley
	  		  		 	
		 	Raymond A. Wheatley	  		  		 	
		 	Interim Director for Technology Development	  		  		 	
		 	UT Southwestern Medical Center at Dallas	  		  		 	
					
	Date:	 	11/23/11	  		  		 	

  
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 EXHIBIT 1 

CORE TANGIBLE RESEARCH MATERIALS 
  

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

  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
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Confidential 

									
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	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Page 30 of 42 

Confidential 

 EXHIBIT 2 

PATENT RIGHTS 
 [***] 

 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Page 31 of 42 

Confidential 

 EXHIBIT 3 

MATERIALS TRANSFER AGREEMENT 

The University of Texas Southwestern Medical Center at Dallas (“UT Southwestern”) 

An institution of The University of Texas System (“System”) 

Office for Technology Development, Cooperative Research, 5323 Harry Hines Blvd. Dallas, Texas 75390-9141 

Material Transfer Agreement to Not-for-Profit Institutions

 UT Southwestern’s proprietary material, Material (“Material”), created by UTSW PI (“Scientist”), has been
requested by Recipient Name (“Recipient”), on behalf of their investigator, Investigator Name (“Investigator”), for the following use: Research Plan (“Research”). 

As of [DATE] (“Effective Date”) and in consideration for receiving Material, Recipient agrees to the following: 

1. Material is for use by Investigator solely for research and experimental purposes to perform Research. Material shall not be used in humans.
Material may not be used for any commercial purpose, including but not limited to research conducted under any sponsored research agreement. For clarity, sponsored research does not include research directly funded by the United States (U.S.)
Government. Material is to be used solely by Investigator and his /her collaborators under Investigator’s direct supervision and is not to be distributed to other parties, either on or off of the Recipient’s campus. 

2. No invention that contains or incorporates said Material, any unmodified derivatives thereof, or the use of Material or unmodified
derivatives thereof shall be commercialized without UT Southwestern’s written consent. Subject to the rights granted hereunder, Recipient agrees that no other rights are given or implied by this Agreement. 

3. UT Southwestern shall be free, in its sole discretion, to distribute the Material to others and to use it for its own purposes. 

4. The Material is experimental in nature and it is provided WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY
OTHER WARRANTY, EXPRESS OR IMPLIED. UT SOUTHWESTERN MAKES NO REPRESENTATION OR WARRANTY THAT THE USE OF THE MATERIAL WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT. Recipient shall use Material in an appropriate safe manner in compliance
with all applicable Federal, State, and local laws, regulations and guidelines. 

  
 Page 32 of 42 

Confidential 

 5. Except for use in the Research, Recipient agrees to hold in confidence any and all
information disclosed to Recipient and further agrees not to disclose such information to third parties or use such information for [***] from the date of its receipt, unless such information: (a) was in the public domain at the time of
disclosure; (b) later became part of the public domain through no act or omission of the Recipient, its employees, agents, successors or assigns; (c) was lawfully disclosed to the Recipient by a third party having the right to disclose it;
(d) was already known by the Recipient at the time of disclosure; (e) was independently developed by the Recipient or; (f) is required by law or court order to be disclosed; provided, however, Recipient shall provide notice to UT
Southwestern prior to such required disclosure in order to allow UT Southwestern to seek to prevent or limit such disclosure. 
 6. In no
event shall UT Southwestern be liable for any use by Investigator or Recipient of the Material or any loss, claim, damage or liability, of whatsoever kind or nature, which may arise from or in connection with this Agreement or the use, handling or
storage of the Material. Except where limited by Federal law, or to the extent authorized by the constitution and laws of the state governing the Recipient, Recipient agrees to hold harmless System, UT Southwestern, their Regents, officers, agents
and employees, from any liability, loss or damage they may suffer as a result of claims, demands, costs or judgments against them arising out of Recipient’s activities to be carried out pursuant to this Agreement and the use by Recipient of the
results obtained from Research. 
 7. Any publication containing experimental results obtained with the use of Material shall acknowledge the
source of Material, in a scientifically appropriate manner, and a copy of any such publication shall be provided to the Scientist. 
 8. This
Agreement shall terminate                  years after the Effective Date. Upon such termination, Recipient shall destroy all unused Material. 

9. This Agreement will be governed under the laws of the State of Texas and is not assignable. 

10. [If animals, include the following] The Material is an animal and can be cross-bred. Any cross-bred progeny and descendants of the
cross-bred progeny are not included in the term “Material”. Inventorship of any cross-bred Material shall be determined in accordance with U.S. patent law. It is understood and agreed that UT Southwestern retains sole ownership of the
Material contained in any such cross-bred animals. 
 11. Each party shall comply with United States laws and regulations controlling the
export of technical data, computer software, laboratory prototypes, and all other export controlled commodities. Neither party shall, directly or indirectly, re-export any controlled commodities, which are
subject to this Agreement, unless the required authorization and/or license is obtained from the proper government agency(ies) prior to export. 
  

 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Page 33 of 42 

Confidential 

 12. [If reimbursement for shipping and/or production is requested, include the following]In
return for the provision of the Material, Recipient will reimburse UT Southwestern in the amount of $ for its costs of producing the Material. Payments must be payable to UT Southwestern and made within 30 days of receiving the Material. Recipient
shall also provide its shipping account information to UT Southwestern so that proper shipping arrangements may be made for the Material. 

13. This Agreement may be executed in counterparts, each of which shall be deemed original, and in aggregate shall constitute one and the same
instrument. Transmission by facsimile, email or other form of electronic transmission of an executed counterpart of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart. 

The parties have executed this Agreement as of the Effective Date. 

 

							
	UT Southwestern	  	Recipient
		 		  	Address:
		
	  
 Ray Wheatley
	  	  
 Name:

	Director, Technology Transfer & Cooperative	  	Title:	 	
	Research	  		 	
				
	Date:	 	  
	  	Date:	 	  

			
		 		  	Read and Understood
			
		 		  	  

Investigator

		 		  	Title:	 	
				
		 		  	Date:	 	  

  
 Page 34 of 42 

Confidential 

 EXHIBIT 4 

MATERIALS TRANSFER AGREEMENT 

The University of Texas Southwestern Medical Center at Dallas (“UT Southwestern”) 

An institution of The University of Texas System (“System”) 

Office for Technology Development, Cooperative Research, 5323 Harry Hines Blvd. Dallas, Texas 75390-9141 

Material Transfer Agreement to Not-for-Profit Institutions

 UT Southwestern’s proprietary material, Material (“Material”), created by UTSW PI (“Scientist”), has been
requested by Recipient Name (“Recipient”), on behalf of their investigator, Investigator Name (“Investigator”), for the following use: performance of Research Plan attached hereto as Attachment A (the “Research”). 

As of [DATE] (“Effective Date”) and in consideration for receiving Material, Recipient agrees to the following: 

1. Material is for use by Investigator solely for research and experimental purposes to perform the Research at Recipient’s facilities.
Material shall not be used in humans. Material may not be used for any commercial purposes or used in any research or consulting that is subject to obligations to any third party, other than obligations to (a) the U.S. government resulting from
research that is funded by the U.S. government; or (b) a not-for-profit organization resulting from research that is funded by such organization, provided that the
obligations to such organization are limited to granting rights in research results for non-commercial research purposes only. Material is to be used solely by Investigator and others working under
Investigator’s direct supervision at the Recipient’s facilities and is not to be distributed to other parties, either on or off of the Recipient’s campus. Recipient, Investigator and others using Material shall not attempt to reverse
engineer, deconstruct or in any way determine the proprietary structure or composition of the Material. 
 2. No invention that contains or
incorporates said Material, any derivatives thereof, or the use of Material or derivatives thereof shall be commercialized without UT Southwestern’s written consent. Subject to the rights expressly granted hereunder, Recipient agrees that no
other rights are given or implied by this Agreement. 
 3. Recipient understands that the Material is subject to certain licensing
arrangements between UT Southwestern and Peloton Therapeutics, Inc. (hereinafter “Peloton”). Accordingly, Recipient shall promptly notify UT Southwestern of any invention(s) arising directly from use of the Material provided hereunder
(“Invention(s)”), and Recipient hereby grants to Peloton, subject to the rights, if any, of the government of the United States in such Invention pursuant to 35 USC 200 et seq. and any not-for-profit organization pursuant to a funding agreement in accordance with 1(b) above, a non-exclusive, fully-paid, royalty-free, worldwide sublicenseable license,
under Recipient’s rights in such Invention(s), to practice and otherwise exploit such Invention(s) for any and all uses (including any patent rights in and to such Invention(s)). In addition, Recipient shall grant and hereby grants to Peloton
an option to obtain an exclusive, royalty-bearing license to such Invention(s) and patent rights on reasonable terms and conditions (the “Option”). Such Option will extend for ninety (90) days after the

  
 Page 35 of 42 

Confidential 

 
disclosure to Peloton of a reasonable description of such Invention and Peloton’s receipt of any additional information that Peloton may reasonably request from Recipient in connection with
it evaluation of such Invention, and may be extended upon written agreement (the “Option Period”). If Peloton notifies Recipient in writing that it is exercising its Option with respect to a particular Invention prior to the expiration of
the Option Period, Recipient agrees to negotiate with Peloton in good faith the terms of a license agreement, for a period of twenty-four (24) months from the date on which the Option is exercised (such period, the “Option Negotiation
Period”). If Peloton and Recipient fail to enter into a license agreement with regard to a specific Invention within the applicable Option Negotiation Period, Recipient may commercialize such Invention and/or grant to a third party license
rights under its interest in such Invention, subject to Peloton’s non-exclusive license to Improvements; provided, however, that for a period of six (6) months from the date of expiration of the
Option Negotiation Period, Recipient shall not enter into a license agreement with any third party with respect to the applicable Invention on terms and conditions that are more favorable than the terms and conditions last offered by Recipient to
Peloton. 
 4. UT Southwestern shall be free, in its sole discretion, to distribute the Material to others and to use it for its own
purposes. 
 5. The Material is experimental in nature and it is provided WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. UT SOUTHWESTERN MAKES NO REPRESENTATION OR WARRANTY THAT THE USE OF THE MATERIAL WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT. Recipient shall use Material in an appropriate safe manner
in compliance with all applicable Federal, State, and local laws, regulations and guidelines. 
 6. Except for use in the Research, Recipient
agrees to hold in confidence any and all information disclosed to Recipient and further agrees not to disclose such information to third parties or use such information for five (5) years from the date of its receipt, unless such information:
(a) was in the public domain at the time of disclosure; (b) later became part of the public domain through no act or omission of the Recipient, its employees, agents, successors or assigns; (c) was lawfully disclosed to the Recipient
by a third party having the right to disclose it; (d) was already known by the Recipient at the time of disclosure; (e) was independently developed by the Recipient or; (f) is required by law or court order to be disclosed; provided,
however, Recipient shall provide notice to UT Southwestern prior to such required disclosure in order to allow UT Southwestern to seek to prevent or limit such disclosure. 

7. In no event shall UT Southwestern be liable for any use by Investigator or Recipient of the Material or any loss, claim, damage or
liability, of whatsoever kind or nature, which may arise from or in connection with this Agreement or the use, handling or storage of the Material. Except where limited by Federal law, or to the extent authorized by the constitution and laws of the
state governing the Recipient, Recipient agrees to hold harmless System, UT Southwestern, their Regents, officers, agents and employees, from any liability, loss or damage they may suffer as a result of claims, demands, costs or judgments against
them arising out of Recipient’s activities to be carried out pursuant to this Agreement and the use by Recipient of the results obtained from Research. 

  
 Page 36 of 42 

Confidential 

 8. Recipient will inform UT Southwestern, in confidence, of the results of Research related
to the Material by personal written communication or by providing UT Southwestern with a draft manuscript describing such results. If Investigator desires to publish such Research results, Recipient will provide UT Southwestern with a copy of any
manuscript or abstract disclosing such Research results prior to submission to a publisher or to any third party, and in any case, not less than sixty (60) days prior to any public disclosure, for the purpose of protecting the Material and any
proprietary information or intellectual property of UT Southwestern that might be disclosed by such publication. UT Southwestern will inform Peloton, in confidence, of the results of Research related to the Material. If the publication comes about,
Recipient agrees to acknowledge UT Southwestern scientists, as academically and scientifically appropriate, based on provision of the Material or other direct contribution to the Research, and a copy of any such publication shall be provided to the
Scientist. 
 9. This Agreement shall terminate 2 years after the Effective Date or upon 30 days written notice by either party to the other.
Upon such termination, Recipient shall destroy all unused Material. All provisions of this Agreement, other than the right for Recipient, Investigator and others working under his/her supervision to use the Material, shall survive the expiration and
any termination of this Agreement. 
 10. Peloton is an intended third-party beneficiary of this Agreement and certain of its provisions are
for the benefit of Peloton and are enforceable by Peloton in its own name. 
 11. This Agreement will be governed under the laws of the State
of Texas and is not assignable by Recipient. 
 12. All notices required to be provided by Recipient to UT Southwestern or Peloton under this
Agreement shall be given by a reputable messenger service such as FedEx or UPS or by prepaid, first class, certified mail, return receipt requested, addressed to: 

Office for Technology Development 

UT Southwestern Medical Center 

5323 Harry Hines Blvd. 
 Dallas,
TX 75390-9094 
 Attn: Director, Technology Transfer & Cooperative Research 

Peloton Therapeutics, Inc. 
 350
N. Saint Paul St, Ste 2900 
 Dallas, TX 75201 

Attn: CEO 
 or at such other
addresses as may be given from time to time in accordance with the terms of this notice provision. 
 13. Each party shall comply with United
States laws and regulations controlling the export of technical data, computer software, laboratory prototypes, and all other export controlled commodities. Neither party shall, directly or indirectly,
re-export any controlled commodities, which are subject to this Agreement, unless the required authorization and/or license is obtained from the proper government agency(ies) prior to export. 

  
 Page 37 of 42 

Confidential 

 14. In return for the provision of the Material, Recipient will reimburse UT Southwestern in
the amount of $                 for its costs of producing the Material. Payments must be payable to UT Southwestern and made within 30 days of receiving the Material.
Recipient shall also provide its shipping account information to UT Southwestern so that proper shipping arrangements may be made for the Material. 

15. This Agreement may be executed in counterparts, each of which shall be deemed original, and in aggregate shall constitute one and the same
instrument. Transmission by facsimile, email or other form of electronic transmission of an executed counterpart of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart. 

The parties have executed this Agreement as of the Effective Date. 

 

							
	UT Southwestern	  	Recipient
		 		  	Address:
		
	  
 Ray Wheatley
	  	  
 Name:

	Director, Technology Transfer & Cooperative	  	Title:	 	
	Research	  		 	
				
	Date:	 	  
	  	Date:	 	  

			
		 		  	Read and Understood
			
		 		  	  

Investigator

		 		  	Title:	 	
				
		 		  	Date:	 	  

  
 Page 38 of 42 

Confidential 

 Attachment A 

Research 

  
 Page 39 of 42 

Confidential 

 EXHIBIT 5 

ROYALTY REPORT 
  

									
	Period:    	  	/     /            	  	through  	  	/    /            	  	
	Licensee:
                                         
           	  		  		  	Agreement #: UTSW-Peloton.HIF2

 If license covers several product lines, please prepare a separate report for each product line. Then
combine all product lines into a summary report. 
 Report Type: ☐ Single Product
Line                                        
                     
 Report: 

(Product Name) 

☐ Multi-Product Summary Report (Page 1 of              pages) 

 

															
	 Country
	  	 Quantity Produced
	  	 Gross Sales ($)
	  	 *Less

Allowances
	  	 Net Sales
($)
	  	 Royalty

Rate
	  	 Conversion
Rate (if
applicable)
	  	 Royalties Due
this period(US$)

	 [***]
	  		  		  		  		  		  		  	
	 Sublicensees :
	  		  		  		  		  		  		  	

Subtotal:                      
       
 Less Advanced Royalty Balance (if any):
                                     

TOTAL ROYALTIES DUE THIS PERIOD:
                                     

 

	*	 Please indicate in the folio-wing space the specific types
of deductions and the corresponding amounts used to calculate Allowances:                      

Prepared by — Name:
                                         
            
 Title:
                                         
            
 Date:
                                         
            
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Page 40 of 42 

Confidential 

 Mail completed report and royalty payment (make checks payable to: UT SOUTHWESTERN) to: 

UT Southwestern Medical Center at Dallas 

Office for Technology Development 

5323 Harry Hines Boulevard 
 Dallas,
Texas 75390-9094 
 ATTN: Director for Technology Development & Cooperative Research 

  
 Page 41 of 42 

Confidential 

 EXHIBIT 6 

PATENT COUNTRIES 
 [***] 

 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Page 42 of 42 

Confidential 

 AMENDMENT NO. 1 TO EXCLUSIVE PATENT LICENSE AGREEMENT 

BETWEEN THE UNIVERSITY OF TEXAS SYSTEM AND 

PELOTON THERAPEUTICS, INC. 

THIS FIRST AMENDMENT TO THE
EXCLUSIVE PATENT LICENSE AGREEMENT (“FIRST AMENDMENT”) is made effective as of February 18, 2013 (the “AMENDMENT DATE”) and is entered into by
and between THE BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM, an agency of the State
of Texas, whose address is 201 West 7th Street, Austin, Texas 78701 (“BOARD”), on behalf of The University of Texas Southwestern Medical Center (“UT SOUTHWESTERN”) and PELOTON THERAPEUTICS, INC., a Delaware corporation having a
principle place of business at 2330 Inwood Road, Suite 226, Dallas, Texas 73235-7323 (“LICENSEE”) to amend their Exclusive Patent License Agreement having an effective date of November 21, 2011 (“LICENSE AGREEMENT”). 

Capitalized terms used in this FIRST AMENDMENT that are not otherwise defined herein shall have the meanings set forth in the LICENSE
AGREEMENT. 
 WHEREAS, BOARD and LICENSEE (together, “PARTIES”) entered into the LICENSE
AGREEMENT for the research, development and commercialization of PATENT RIGHTS, CORE TANGIBLE RESEARCH MATERIALS, EXCLUSIVE TECHNOLOGY RIGHTS AND TECHNOLOGY RIGHTS in the FIELD; 

WHEREAS, BOARD has made an invention relating to CORE TANGIBLE RESEARCH MATERIALS included within
TECHNOLOGY RIGHTS which in turn is included within LICENSED SUBJECT MATTER (UTSW: 2494; “Small Molecule Modulators of Hypoxia Inducible Factor 2 Alpha”) (“INVENTION”); and, 

WHEREAS, BOARD filed a patent application covering the INVENTION and wish to include such patent
application in PATENT RIGHTS and LICENSEE wishes to include the patent application in PATENT RIGHTS. 
 NOW,
THEREFORE, in consideration of the mutual covenants and obligations set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, BOARD and LICENSEE
hereby agree as follows: 
 1. Amendment of the License Agreement. 

The PARTIES hereby agree to amend Paragraph 2.15 “Patent Rights” and Exhibit 2 of the LICENSE AGREEMENT to include in PATENT
RIGHTS the patent application entitled, [***] covering the INVENTION. 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Confidential 

 Without limiting the generality of the definition of “PATENT RIGHTS” as set forth
in Paragraph 2.15 of the LICENSE AGREEMENT, as amend by Paragraph 1 of this FIRST AMENDMENT, the PARTIES agree that, as of the AMENDMENT DATE, PATENT RIGHTS comprise the list of patent applications set forth on Attachment A to this FIRST AMENDMENT.

 2. Amendment of the LICENSE AGREEMENT - PATENT RIGHTS. The PARTIES hereby agree to replace Paragraph 2.15 of the LICENSE AGREEMENT
in its entirety with the following paragraph: 
 2.15 PATENT RIGHTS means BOARD’S rights in (i) the patents and patent
applications listed in attached Exhibit 2, (ii) all patents and patent applications developed pursuant to a [***] for which the LICENSEE exercises its option thereunder; (iii) those patents and patent applications developed pursuant
to a [***] that the PARTIES agree to include in this AGREEMENT via good faith negotiations; (iv) all patents and patent applications filed on the CORE TANGIBLE MATERIALS and/or any DERIVATIVE thereof; (v) all patents and
patent applications to which any of the patents and patent applications identified in subparagraph (i)-(iv) of this Paragraph 2.15 claims priority; (vi) all divisionals, continuations, and continuations-in-part (the claims of which are entitled
to claim priority to the aforesaid patents and/or patent applications), and continued prosecution application(s) of or claiming subject matter within the patents and/or patent applications identified in subparagraphs (i)-(v) above; (vii) all
letters patent and patent rights that issue on any of the patents or patent applications included in subparagraphs (i)-(vi) above, together with any and all reissues, reexaminations or extensions thereof; and, (viii) the relevant international
equivalents of any of the foregoing to the extent not already included in subparagraphs (i)-(vii) above. Exhibit 2 is incorporated into this AGREEMENT. 

3. No Other Changes. Except as expressly provided in this AMENDMENT, all terms of the LICENSE AGREEMENT shall remain in full force and
effect. 
 Remainder of page intentionally left blank. 

Signature page follows immediately. 

 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 -2- 

Confidential 

 4. Counterparts. This FIRST AMENDMENT may be executed in two or more counterparts,
each of which shall be deemed an original, but both of which together shall constitute one and the same instrument. 
 IN
WITNESS WHEREOF, the parties have caused this FIRST AMENDMENT to be executed by their respective authorized officers. 
  

									
	BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS
SYSTEM	  		  	PELOTON THERAPEUTICS, INC.
					
	By:	 	 /s/ Arnim Dontes
	  	        	  	By:	 	 /s/ John A. Josey

	Name: Arnim Dontes	  		  	Name: John A. Josey, Ph.D.
	Title: Executive Vice President for	  		  	Title: President and Chief Scientific Officer
	Business Affairs	  		  		 	
				
	UT Southwestern Medical Center	  		  		 	
					
	Date:	 	 3/4/2013
	  		  	Date:	 	 February 29, 2013

				
	Approved as to Content:	  		  		 	
					
	By:	 	 /s/ Frank Grassier
	  		  		 	
	Name: Frank Grassier, JD	  		  		 	
	Title: Vice President for Technology Development	  		  		 	
				
	UT Southwestern Medical Center	  		  		 	
					
	Date:	 	 2/22/13
	  		  		 	

  
 Confidential 

 Attachment A 

[***] 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Confidential 

 AMENDMENT No. 2 TO PELOTON EXCLUSIVE PATENT LICENSE AGREEMENT 

This Amendment No. 2 to Peloton Exclusive Patent License Agreement (“AMENDMENT 2”) is made and entered into as of
AMENDMENT 2 EFFECTIVE DATE (as defined below) by and between Peloton Therapeutics, Inc. (“LICENSEE”) and the Board of Regents (“BOARD”) of The University of Texas System (“SYSTEM”) to amend the HIF2 AGREEMENT (as
defined below). 
 RECITALS 

A. LICENSEE and BOARD entered into an exclusive patent license Agreement effective as of November 21, 2011 and amended February 18,
2013 (collectively “HIF2 AGREEMENT”). 
 B. LICENSEE and BOARD wish to amend the terms of the HIF2 AGREEMENT to add additional
PATENT RIGHTS, TECHNOLOGY RIGHTS and payments as set forth below. 
 NOW, THEREFORE, it is hereby agreed as follows: 

1. EXHIBIT 2 of the HIF2 AGREEMENT is hereby deleted and replaced in its entirety with EXHIBIT 2-A of
this AMENDMENT 2. 
 2. Section 2.8 of the HIF2 AGREEMENT is hereby amended to add [***] as INVENTORS. 

3. Section 2.22 of the HIF2 AGREEMENT is hereby amended to delete clause (a) thereof and replace it in its entirety with the
following: 
 “(a) were created by or under the supervision of INVENTORS at UT SOUTHWESTERN before the EFFECTIVE DATE (or, in the case
of IRON OVERLOAD TECHNOLOGY RIGHTS, before the AMENDMENT 2 EFFECTIVE DATE) and relate to subject matter described or claimed in the PATENT RIGHTS, and are necessary or useful for practicing the PATENT RIGHTS,” 

4. In consideration of the additional PATENT RIGHTS and TECHNOLOGY RIGHTS granted by BOARD to LICENSEE in this AMENDMENT 2, LICENSEE agrees to
pay BOARD a non-refundable license amendment fee in the amount of [***] due and payable within [***] of LICENSEE’S receipt of a fully executed AMENDMENT 2 from BOARD. 

 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Confidential 

 5. Section 5.1 shall be amended to replace clause (c) to the HIF2 AGREEMENT in its
entirety with the following: 
 c. Milestone Fees 

(i) milestone fees according to the table below, due and payable within [***] of the first achievement of the following milestone events for
each ROYALTY BEARING PRODUCT: 
  

					
	 Milestone Event
	  	Milestone
Fee	 
	 [***]
	  	 	[	***] 

 (ii) milestone fees according to the table below, due and payable within 30 days of the first achievement of
the following milestone events for each IRON OVERLOAD PRODUCT: 
 Milestone
Event            Milestone Fee 
  

					
	 [***]
	  	 	[	***] 

 (x) For the purpose of this Paragraph 5.1(c) and Paragraphs 5.1(d) and 5.5 below, [***]; and 

(y) All milestone fees are payable only once per each ROYALTY BEARING PRODUCT and IRON OVERLOAD PRODUCT respectively, regardless of the number
of times the milestone is achieved with respect to such ROYALTY BEARING PRODUCTS or IRON OVERLOAD PRODUCT respectively, and the total aggregate amount of all milestone payments to BOARD under this Paragraph 5.1(c) shall in no event exceed
$750,000 per ROYALTY BEARING PRODUCT and $750,000 per IRON OVERLOAD PRODUCT. All formulations that contain the same PATENT PRODUCT or DISCOVERED PRODUCT (i.e., the same active ingredient comprising such 

 

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Page 2 of 5 

Confidential 

 
PATENT PRODUCT or DISCOVERED PRODUCT, alone or in combination with others) shall be deemed the same the ROYALTY BEARING PRODUCT or IRON OVERLOAD PRODUCT respectively for purposes of the foregoing
and Section 5.1(b) above for ROYALTY BEARING PRODUCT. 
 6. The following is hereby appended to the end of Section 5.1 of the HIF2
AGREEMENT as subsection (g) of Section 5.1 of the HIF2 AGREEMENT: 
 “(g) Notwithstanding Section 5.1(b), (i) no
running royalty shall be due or payable by LICENSEE for any IRON OVERLOAD PRODUCT and (ii) [***].” 
 7. The definition of “NON-ROYALTY SUBLICENSING REVENUE” in Section 2.13 of the HIF2 AGREEMENT is hereby amended [***]. 

8. The following definition are hereby appended to the end of Article 2 of the HIF2 AGREEMENT: 

“AMENDMENT 2 EFFECTIVE DATE” means June 15, 2015. 

“IRON OVERLOAD PATENT RIGHTS” means BOARD’S rights in (i) the Iron Overload Patent Application (as defined in
Exhibit 2), (ii) all patents and patent applications to which the Iron Overload Patent Application claims priority, (iii) all divisionals, continuations, and
continuations-in-part (the claims of which are entitled to claim priority to the aforesaid patents and/or patent applications), and continued prosecution application(s)
of or claiming subject matter within the patents and/or patent applications identified in subparagraphs (i)-(ii) above, (iv) all letters patent and patent rights that issue on any of the patents or patent applications included in subparagraphs
(i)-(iii) above, together with any and all reissues, reexaminations or extensions thereof, and (v) the relevant international equivalents of any of the foregoing to the extent not already included in subparagraphs (i)-(iv) above. 

“IRON OVERLOAD PRODUCT” means any ROYALTY BEARING PRODUCT that is a ROYALTY BEARING PRODUCT solely as a result of IRON OVERLOAD
PATENT RIGHTS and/or IRON OVERLOAD TECHNOLOGY RIGHTS being included within the LICENSED SUBJECT MATTER. 
 “IRON OVERLOAD TECHNOLOGY
RIGHTS” means boards rights in technical information, know-how, processes, procedures, compositions, devices, methods, formulas, protocols, techniques, software, designs, drawings, data and other
technology and materials that were created by or under the supervision of INVENTORS at UT SOUTHWESTERN before the AMENDMENT 2 EFFECTIVE DATE and relate to subject matter described or claimed in the IRON OVERLOAD PATENT RIGHTS and are necessary or
useful for practicing the IRON OVERLOAD PATENT RIGHTS. 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Page 3 of 5 

Confidential 

 9. Except as expressly provided in this AMENDMENT 2, all other terms, conditions and
provisions of the HIF2 AGREEMENT shall continue in full force and effect as provided therein. 
 IN WITNESS WHEREOF, LICENSEE and BOARD have entered
into this AMENDMENT 2 effective as of the date first set forth above. 
  

									
	BOARD OF REGENTS OF	  		  	LICENSEE
	THE UNIVERSITY OF TEXAS SYSTEM	  		  		 	
					
	By	 	 /s/ Arnim Dontes
	  	        	  	By	 	 /s/ John A. Josey

		 	Arnim Dontes	  		  		 	John A. Josey, Ph.D.
		 	Executive Vice President for Business Affairs	  		  		 	Chief Executive Officer
		 	UT Southwestern Medical Center	  		  		 	
					
	Date:	 	 June 30, 2015
	  		  	Date:	 	 June 24, 2015

				
	Approved as to Content:	  		  		 	
					
	By	 	 /s/ Frank Grassler
	  		  		 	
		 	Frank Grassler, J.D.	  		  		 	
		 	Vice President for Technology Development	  		  		 	
		 	UT Southwestern Medical Center	  		  		 	
					
	Date:	 	 6/26/2015
	  		  		 	

  
 Page 4 of 5 

Confidential 

 EXHIBIT 2-A 

PATENT RIGHTS 
 [***] 

[***] 
  

	***	 Certain information, as identified by [***], has been excluded from this agreement because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 

  
 Confidentialbwb_Ex4_3

		

			Exhibit 4.3

		

		
			Bridgewater Bancshares, Inc.
		

		
			2019 Equity Incentive Plan
		

			
	
			
				Article 1
			

INTRODUCTION

			
	
			
				 Section 1.1
			Purpose, Effective Date and Term. The purpose of this Bridgewater Bancshares, Inc. 2019 Equity Incentive Plan is to promote the long-term financial success of Bridgewater Bancshares, Inc. and its Subsidiaries by providing a means to attract, retain and reward individuals who can and do contribute to such success, and to further align their interests with those of the Shareholders. The “Effective Date” of the Plan is April 23,  2019, the date of the approval of the Plan by the Shareholders. The Plan shall remain in effect as long as any Awards are outstanding; provided, however, that no Awards may be granted after the 10-year anniversary of the Effective Date.

			
	
			
				 Section 1.2
			Participation.  Each employee and director of, and service provider (with respect to which issuances of securities may be registered under Form S-8) to, the Company and each Subsidiary who is granted, and currently holds, an Award in accordance with the provisions of the Plan shall be a “Participant” in the Plan. Award recipients shall be limited to employees and directors of, and service providers (with respect to which issuances of securities may be registered under Form S-8) to, the Company and its Subsidiaries; provided, however, that an Award (other than an ISO) may be granted to an individual prior to the date on which he or she first performs services as an employee, director or service provider, provided that such Award does not become vested prior to the date such individual commences such services.

			
	
			
				 Section 1.3
			Definitions.  Capitalized terms in the Plan shall be defined as set forth in the Plan (including the definition provisions of Article ‎8).

			
	
			
				Article 2
			

Awards

			
	
			
				 Section 2.1
			General.  Any Award may be granted singularly, in combination with another Award (or Awards), or in tandem whereby the exercise or vesting of one Award held by a Participant cancels another Award held by the Participant. Each Award shall be subject to the provisions of the Plan and such additional provisions as the Committee may provide with respect to such Award and as may be evidenced in the Award Agreement. Subject to the provisions of ‎Section 3.4(b), an Award may be granted as an alternative to or replacement of an existing award under the Plan, any other plan of the Company or a Subsidiary, a Predecessor Plan, or as the form of payment for grants or rights earned or due under any other compensation plan or arrangement of the Company or a Subsidiary, including the plan of any entity acquired by the Company or a Subsidiary. The types of Awards that may be granted include the following:

			
	
			
				 (a)
			Stock Options. A stock option represents the right to purchase Shares at an exercise price established by the Committee. Any stock option may be either an ISO or a nonqualified stock option that is not intended to be an ISO. No ISOs may be (i) granted after the 10-year anniversary of the Effective Date or (ii) granted to a non-employee. To the extent the aggregate Fair Market Value (determined at the time of grant) of Shares with respect to which ISOs are exercisable for the first time by any Participant during any calendar year under all plans of the Company and its Subsidiaries exceeds $100,000, the stock options or portions thereof that exceed such limit shall be treated as nonqualified stock options. Unless otherwise specifically provided by the Award Agreement, any stock option granted under the Plan shall be a nonqualified stock option. All or a portion of any ISO granted under 

		 

		

			 

		

		

			1542921.v4

		

 

		

			 

		

	the Plan that does not qualify as an ISO for any reason shall be deemed to be a nonqualified stock option. In addition, any ISO granted under the Plan may be unilaterally modified by the Committee to disqualify such stock option from ISO treatment such that it shall become a nonqualified stock option.

			
	
			
				 (b)
			Stock Appreciation Rights. A stock appreciation right (a “SAR”) is a right to receive, in cash, Shares or a combination of both (as shall be reflected in the respective Award Agreement), an amount equal to or based upon the excess of (i) the Fair Market Value at the time of exercise of the SAR over (ii) an exercise price established by the Committee.

			
	
			
				 (c)
			Stock Awards. A stock award is a grant of Shares or a right to receive Shares (or their cash equivalent or a combination of both, as shall be reflected in the respective Award Agreement) in the future, excluding Awards designated as stock options, SARs or cash incentive awards by the Committee. Such Awards may include bonus shares, stock units, performance shares, performance units, restricted stock, restricted stock units or any other equity-based Award as determined by the Committee.

			
	
			
				 (d)
			Cash Incentive Awards. A cash incentive award is the grant of a right to receive a payment of cash (or Shares having a value equivalent to the cash otherwise payable, excluding Awards designated as stock options, SARs or stock awards by the Committee, all as shall be reflected in the respective Award Agreement) determined on an individual basis or as an allocation of an incentive pool that is contingent on the achievement of performance objectives established by the Committee.

			
	
			
				 Section 2.2
			Exercise of Stock Options and SARs. A stock option or SAR shall be exercisable in accordance with such provisions as may be established by the Committee; provided,  however, that a stock option or SAR shall expire no later than 10 years after its grant date (five years in the case of an ISO granted to a 10% Shareholder). The exercise price of each stock option and SAR shall be not less than 100% of the Fair Market Value on the grant date (or, if greater, the par value of a Share); provided, however, that the exercise price of an ISO shall not be less than 110% of Fair Market Value on the grant date in the case of a 10% Shareholder; and provided, further, that, to the extent permitted under Code Section 409A, and subject to ‎Section 3.4(b), the exercise price may be higher or lower in the case of stock options and SARs granted in replacement of existing awards held by an employee, director or service provider granted by an acquired entity or under a  Predecessor Plan. The payment of the exercise price of a stock option shall be by cash or, subject to limitations imposed by applicable law, by any of the following means unless otherwise determined by the Committee from time to time: (a) by tendering, either actually or by attestation, Shares acceptable to the Committee and valued at Fair Market Value as of the day of exercise; (b) by irrevocably authorizing a third party, acceptable to the Committee, to sell Shares acquired upon exercise of the stock option and to remit to the Company no later than the third business day following exercise of a sufficient portion of the sale proceeds to pay the entire exercise price and any tax withholding resulting from such exercise; (c) by payment through a net exercise such that, without the payment of any funds, the Participant may exercise the option and receive the net number of Shares equal in value to (i) the number of Shares as to which the option is being exercised, multiplied by (ii) a fraction, the numerator of which is the Fair Market Value (on the date of exercise) less the exercise price, and the denominator of which is such Fair Market Value (the number of net Shares to be received shall be rounded down to the nearest whole number of Shares); (d) by personal, certified or cashiers’ check; (e) by other property deemed acceptable by the Committee or (f) by any combination thereof.

			
	
			
				 Section 2.3
			Restrictions on Stock Awards.  If the right to become vested in an Award granted to an employee Participant is conditioned on the completion of a specified period of service with the Company or its Subsidiaries, without achievement of performance measures or other performance objectives (whether or not related to the performance measures) being required as a condition of vesting, 

		 

		

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	and without it being granted in lieu of, or in exchange for, other compensation, or other Awards, then the required period of service for full vesting shall not be less than one year (subject to acceleration of vesting, to the extent permitted by the Committee, as provided herein); provided, however, that the required period of service for full vesting with respect to stock awards shall not apply to Awards granted to Director Participants provided that the aggregate of such director grants do not exceed 5% of the total Share reserve set forth in ‎Section 3.2(a).

			
	
			
				 Section 2.4
			Dividends and Dividend Equivalents. Any Award may provide the Participant with the right to receive dividend payments or dividend equivalent payments with respect to Shares subject to the Award;  provided, however, any dividend payments or dividend equivalent payments with respect to the Award shall be withheld by the Company for the Participant’s account, and interest may be credited on the amount of the dividend payments or dividend equivalent payments withheld at a rate and subject to such terms as determined by the Committee. The dividend payments or dividend equivalent payments so withheld by the Committee and attributable to any particular Award (and earnings thereon, if applicable) shall be distributed to the Participant in cash or, at the discretion of the Committee, in Shares having a Fair Market Value equal to the amount of such dividends, if applicable, upon the release of restrictions on such Award and, if such Award is forfeited, the Participant shall have no right to such dividend payments or dividend equivalent payments.

			
	
			
				 Section 2.5
			Forfeiture of Awards. Unless specifically provided to the contrary in an Award Agreement, upon notification of Termination of Service for Cause, any outstanding Award, whether vested or unvested, held by a Participant shall terminate immediately, such Award shall be forfeited and the Participant shall have no further rights thereunder.

			
	
			
				 Section 2.6
			Deferred Compensation.  The Plan is, and all Awards are, intended to be exempt from (or, in the alternative, to comply with) Code Section 409A, and each shall be construed, interpreted and administered accordingly. The Company does not guarantee that any benefits that may be provided under the Plan will satisfy all applicable provisions of Code Section 409A. If any Award would be considered “deferred compensation” under Code Section 409A (“Deferred Compensation”), the Committee reserves the absolute right (including the right to delegate such right) to unilaterally amend the Plan or the applicable Award Agreement, without the consent of the Participant, to avoid the application of, or to maintain compliance with, Code Section 409A. Any amendment by the Committee to the Plan or an Award Agreement pursuant to this Section ‎2.6 shall maintain, to the extent practicable, the original intent of the applicable provision without violating Code Section 409A. A Participant’s acceptance of any Award shall be deemed to constitute the Participant’s acknowledgment of, and consent to, the rights of the Committee under this Section ‎2.6, without further consideration or action. Any discretionary authority retained by the Committee pursuant to the terms of the Plan or pursuant to an Award Agreement shall not be applicable to an Award that is determined to constitute Deferred Compensation, if such discretionary authority would contravene Code Section 409A.

			
	
			
				Article 3
			

Shares Subject to Plan

			
	
			
				 Section 3.1
			Available Shares. The Shares with respect to which Awards may be granted shall be Shares currently authorized but unissued, currently held or, to the extent permitted by applicable law, subsequently acquired by the Company, including Shares purchased in the open market or in private transactions.

		
			

		 

		

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				 Section 3.2
			Share Limitations.

			
	
			
				 (a)
			Share Reserve. Subject to the following provisions of this Section ‎3.2, the maximum number of Shares that may be delivered under the Plan shall be 1,000,000 Shares (all of which may be granted as ISOs). The maximum number of Shares available for delivery under the Plan and the number of Shares subject to outstanding Awards shall be subject to adjustment as provided in Section ‎3.4.

			
	
			
				 (b)
			Reuse of Shares. Any Shares subject to an Award that is canceled, forfeited or expires prior to exercise or realization, either in full or in part, shall again become available for issuance under the Plan. Notwithstanding anything to the contrary contained herein: shares subject to an Award under the Plan shall not again be made available for issuance or delivery under the Plan if such shares are (a) shares tendered in payment of a stock option, (b) shares delivered or withheld by the Company to satisfy any tax withholding obligation, or (c) shares covered by a stock-settled SAR or other Awards that were not issued upon the settlement of the Award.

			
	
			
				 Section 3.3
			Limitations on Grants to Director Participants. The maximum number of Shares subject to Awards granted during a single calendar year to any Director Participant,  together with any cash fees paid to such Director Participant during such calendar year, shall not exceed a total value of $400,000. For purposes of this ‎Section 3.3, the value of any Share based Awards shall be determined based on the grant date fair value of such Awards computed in accordance with FASB ASC Topic 718 (or any successor provision in accordance with GAAP). 

			
	
			
				 Section 3.4
			Corporate Transactions; No Repricing.

			
	
			
				 (a)
			Adjustments. To the extent permitted under Code Section 409A, to the extent applicable, in the event of a corporate transaction involving the Company or the Shares (including any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination or exchange of shares), all outstanding Awards, the number of Shares available for delivery under the Plan under ‎Section 3.2 shall be adjusted automatically to proportionately and uniformly reflect such transaction; provided, however, that, subject to ‎Section 3.4‎(b), the Committee may otherwise adjust Awards (or prevent such automatic adjustment) as it deems necessary, in its sole discretion, to preserve the benefits or potential benefits of the Awards and the Plan. Action by the Committee under this ‎Section 3.4‎(a) may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding stock options and SARs; and (iv) any other adjustments that the Committee determines to be equitable (which may include (A) replacement of an Award with another award that the Committee determines has comparable value and that is based on stock of a company resulting from a corporate transaction, and (B) cancellation of an Award in return for cash payment of the current value of the Award, determined as though the Award were fully vested at the time of payment, provided that in the case of a stock option or SAR, the amount of such payment shall be the excess of the value of the stock subject to the option or SAR at the time of the transaction over the exercise price, and provided,  further, that no such payment shall be required in consideration for the cancellation of the Award if the exercise price is greater than the value of the stock at the time of such corporate transaction).

			
	
			
				 (b)
			No Repricing. Notwithstanding any provision of the Plan to the contrary, no adjustment or reduction of the exercise price of any outstanding stock option or SAR in the event of a decline in Stock price shall be permitted without approval by the Shareholders or as otherwise expressly provided under ‎Section 3.4‎(a). The foregoing prohibition includes (i) reducing the exercise price of 

		 

		

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	outstanding stock options or SARs, (ii) cancelling outstanding stock options or SARs in connection with the granting of stock options or SARs with a lower exercise price to the same individual, (iii) cancelling stock options or SARs with an exercise price in excess of the current Fair Market Value in exchange for a cash or other payment, and (iv) taking any other action that would be treated as a repricing of a stock option or SAR under the rules of the primary securities exchange or similar entity on which the Shares are listed.

			
	
			
				 Section 3.5
			Delivery of Shares.  Delivery of Shares or other amounts under the Plan shall be subject to the following:

			
	
			
				 (a)
			Compliance with Applicable Laws. Notwithstanding any provision of the Plan to the contrary, the Company shall have no obligation to deliver any Shares or make any other distribution of benefits under the Plan unless such delivery or distribution complies with all applicable laws and the applicable requirements of any securities exchange or similar entity.

			
	
			
				 (b)
			No Certificates Required. To the extent that the Plan provides for the delivery of Shares, the delivery may be effected on a non-certificated basis, to the extent not prohibited by applicable law or the applicable rules of any securities exchange or similar entity.

			
	
			
				Article 4
			

Change in Control

			
	
			
				 Section 4.1
			Consequence of a Change in Control. Subject to the provisions of Section ‎3.4 (relating to the adjustment of shares), and except as otherwise provided in the Plan or in any Award Agreement, at the time of a Change in Control:

			
	
			
				 (a)
			Subject to any forfeiture and expiration provisions otherwise applicable to the respective Awards, all stock options and SARs under the Plan then held by the Participant shall become fully exercisable immediately if, and all stock awards and cash incentive awards under the Plan then held by the Participant shall become fully earned and vested immediately if, (i) the Plan and the respective Award Agreements are not the obligations of the entity, whether the Company, a successor thereto or an assignee thereof, that conducts following a Change in Control substantially all of the business conducted by the Company and its Subsidiaries immediately prior to such Change in Control or (ii) the Plan and the respective Award Agreements are the obligations of the entity, whether the Company, a successor thereto or an assignee thereof, that conducts following a Change in Control substantially all of the business conducted by the Company and its Subsidiaries immediately prior to such Change in Control and the Participant incurs a Termination of Service without Cause or by the Participant for Good Reason following such Change in Control.

			
	
			
				 (b)
			Notwithstanding the foregoing provisions of this Section ‎4.1, if the vesting of an outstanding Award is conditioned upon the achievement of performance measures, then such vesting shall be subject to the following:

			
	
			
				 (i)
			If, at the time of the Change in Control, the established performance measures are less than 50% attained (as determined in the sole discretion of the Committee, but in any event, based pro rata in accordance with time lapsed through the date of the Change in Control in the event of any period-based performance measures), then such Award shall become vested and exercisable on a fractional basis with the numerator being equal to the percentage of attainment and the denominator being 50% upon the Change in Control.

		
			

		 

		

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			1542921.v4

		

 

		

			 

		

		

			
	
			
				 (ii)
			If, at the time of the Change in Control, the established performance measures are at least 50% attained (as determined in the sole discretion of the Committee, but in any event based pro rata in accordance with time lapsed through the date of the Change in Control in the event of any period-based performance measures), then such Award shall become fully earned and vested immediately upon the Change in Control.

			
	
			
				 Section 4.2
			Definition of Change in Control.

			
	
			
				 (a)
			For purposes of the Plan, “Change in Control” means the first to occur of the following:

			
	
			
				 (i)
			The consummation of the acquisition by any “person” (as such term is defined in Section 13(d) or 14(d) of the Exchange Act) of “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of the combined voting power of the then outstanding Voting Securities of the Company;

			
	
			
				 (ii)
			During any 12-month period, the individuals who, as of the Effective Date, are members of the Board cease for any reason to constitute a majority of the Board, unless either the election of, or the nomination for election by, the Shareholders of any new director was approved by a vote of a majority of the Board, in which case such new director shall for purposes of the Plan be considered as a member of the Board; or

			
	
			
				 (iii)
			The consummation by the Company of (i) a merger, consolidation or other similar transaction if the Shareholders immediately before such merger, consolidation or other similar transaction do not, as a result of such merger, consolidation or other similar transaction, own, directly or indirectly, more than 50% of the combined voting power of the then outstanding Voting Securities of the entity resulting from such merger or consolidation in substantially the same proportion as their ownership of the combined voting power of the Voting Securities of the Company outstanding immediately before such merger or consolidation or (ii) a complete liquidation or dissolution of, or an agreement for the sale or other disposition of, all or substantially all of the assets of the Company.

			
	
			
				 (b)
			Notwithstanding any provision in the foregoing definition of Change in Control to the contrary, a Change in Control shall not be deemed to occur solely because 50% or more of the combined voting power of the then outstanding securities of the Company are acquired by (i) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained for employees of the entity or (ii) any corporation that, immediately prior to such acquisition, is owned directly or indirectly by the Shareholders in the same proportion as their ownership of Stock immediately prior to such acquisition.

			
	
			
				 (c)
			Further notwithstanding any provision in the foregoing definition of Change in Control to the contrary, in the event that any Award constitutes Deferred Compensation, and the settlement of, or distribution of benefits under such Award is to be triggered by a Change in Control, then such settlement or distribution shall be subject to the event constituting the Change in Control also constituting a “change in control event” under Code Section 409A.

			
	
			
				Article 5
			
Committee

			
	
			
				 Section 5.1
			Administration. The authority to control and manage the operation and administration of the Plan shall be vested in the Committee in accordance with this Article ‎5. The 

		 

		

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	Committee shall be selected by the Board, provided that the Committee shall consist of two or more members of the Board, each of whom is a “non-employee director” (within the meaning of Rule 16b-3 promulgated under the Exchange Act) and an “independent director” (within the meaning of the rules of the securities exchange which then constitutes the principal listing for the Stock), in each case to the extent required by the Exchange Act or the applicable rules of the securities exchange which then constitutes the principal listing for the Stock, respectively.  Subject to the applicable rules of any securities exchange or similar entity, if the Committee does not exist, or for any other reason determined by the Board, the Board may take any action under the Plan that would otherwise be the responsibility of the Committee.

			
	
			
				 Section 5.2
			Powers of Committee. The Committee’s administration of the Plan shall be subject to the other provisions of the Plan and the following:

			
	
			
				 (a)
			The Committee shall have the authority and discretion to select from among the Company’s and each Subsidiary’s’ employees, directors and service providers those persons who shall receive Awards, to determine the time or times of receipt, to determine the types of Awards and the number of Shares covered by the Awards, to establish the terms of Awards, to cancel or suspend Awards and to reduce or eliminate any restrictions or vesting requirements applicable to an Award at any time after the grant of the Award.

			
	
			
				 (b)
			The Committee shall have the authority and discretion to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan and to make all other determinations that may be necessary or advisable for the administration of the Plan.

			
	
			
				 (c)
			The Committee shall have the authority to define terms not otherwise defined in the Plan.

			
	
			
				 (d)
			Any interpretation of the Plan by the Committee and any decision made by it under the Plan shall be final and binding on all persons.

			
	
			
				 (e)
			In controlling and managing the operation and administration of the Plan, the Committee shall take action in a manner that conforms to the articles and bylaws of the Company and to all applicable law.

			
	
			
				 Section 5.3
			Delegation by Committee. Except to the extent prohibited by applicable law, the applicable rules of any securities exchange or similar entity, the Plan, the charter of the Committee, or as necessary to comply with the exemptive provisions of Rule 16b-3 of the Exchange Act, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers under the Plan to any person or persons selected by it.  The acts of such delegates shall be treated under the Plan as acts of the Committee and such delegates shall report regularly to the Committee regarding the delegated duties and responsibilities and any Awards granted. Any such allocation or delegation may be revoked by the Committee at any time.

			
	
			
				 Section 5.4
			Information to be Furnished to Committee. As may be permitted by applicable law, the Company and each Subsidiary shall furnish the Committee with such data and information as it determines may be required for it to discharge its duties under the Plan. The records of the Company and each Subsidiary as to an employee’s or Participant’s employment, termination of employment, leave of absence, reemployment and compensation shall be conclusive with respect to all persons unless determined by the Committee to be manifestly incorrect. Subject to applicable law, Participants and other 

		 

		

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			1542921.v4

		

 

		

			 

		

	persons entitled to benefits under the Plan shall furnish the Committee such evidence, data or information as the Committee considers desirable to carry out the terms of the Plan.

			
	
			
				 Section 5.5
			Expenses and Liabilities. All expenses and liabilities incurred by the Committee in the administration and interpretation of the Plan or any Award Agreement shall be borne by the Company. The Committee may employ attorneys, consultants, accountants or other persons in connection with the administration and interpretation of the Plan, and the Company, and its officers and directors, shall be entitled to rely upon the advice, opinions and valuations of any such persons.

			
	
			
				Article 6
			

Amendment and Termination

			
	
			
				 Section 6.1
			General. The Board may, as permitted by law, at any time, amend or terminate the Plan, and may amend any Award Agreement; provided,  however, that no amendment or termination may (except as provided in Section ‎2.6,  Section ‎3.4 and Section ‎6.2), in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected beneficiary), impair the rights of any Participant or beneficiary under any Award granted prior to the date such amendment or termination is adopted by the Board; and provided, further, that, no amendment may (a) materially increase the benefits accruing to Participants under the Plan; (b) materially increase the aggregate number of securities that may be delivered under the Plan, other than pursuant to ‎Section 3.4, or (c) materially modify the requirements for participation in the Plan, unless the amendment under (a), (b) or (c) immediately above is approved by the Shareholders.

			
	
			
				 Section 6.2
			Amendment to Conform to Law. Notwithstanding any provision of the Plan or an Award Agreement to the contrary, the Committee may amend the Plan or any Award Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or the Award Agreement to any applicable law. By accepting an Award, the Participant shall be deemed to have acknowledged and consented to any amendment to an Award made pursuant to this Section ‎6.2, ‎Section 2.6 or ‎Section 3.4 without further consideration or action.

			
	
			
				Article 7
			

General Terms

			
	
			
				 Section 7.1
			No Implied Rights.

			
	
			
				 (a)
			No Rights to Specific Assets. No person shall by reason of participation in the Plan acquire any right in or title to any assets, funds or property of the Company or any Subsidiary, including any specific funds, assets, or other property that the Company or a Subsidiary, in its sole discretion, may set aside in anticipation of a liability under the Plan. A Participant shall have only a contractual right to the Shares or amounts, if any, distributable in accordance with the provisions of the Plan, unsecured by any assets of the Company or any Subsidiary, and nothing contained in the Plan or an Award Agreement shall constitute a guarantee that the assets of the Company or any Subsidiary shall be sufficient to provide any benefits to any person.

			
	
			
				 (b)
			No Contractual Right to Employment or Future Awards. The Plan does not constitute a contract of employment, and selection as a Participant shall not give any person the right to be retained in the service of the Company or a Subsidiary or any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the Plan. No individual shall have the right to be selected to receive an Award, or, having been so selected, to receive a future Award.

		
			

		 

		

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				 (c)
			No Rights as a Shareholder. Except as otherwise provided in the Plan, no Award shall confer upon the holder thereof any rights as a Shareholder prior to the date on which the individual fulfills all conditions for receipt of such rights.

			
	
			
				 Section 7.2
			Transferability. Except as otherwise provided by the Committee, Awards are not transferable except as designated by the Participant by will or by the laws of descent and distribution or pursuant to a domestic relations order. The Committee shall have the discretion to permit the transfer of Awards; provided, however, that such transfers shall be limited to immediate family members of Participants, trusts, partnerships, limited liability companies and other entities that are permitted to exercise rights under Awards in accordance with Form S-8 established for the primary benefit of such family members or to charitable organizations; and provided, further, that such transfers shall not be made for value to the Participant.

			
	
			
				 Section 7.3
			Designation of Beneficiaries. A Participant hereunder may file with the Company a designation of a beneficiary or beneficiaries under the Plan and may from time to time revoke or amend any such designation. Any designation of beneficiary under the Plan shall be controlling over any other disposition, testamentary or otherwise; provided, however, that if the Committee is in doubt as to the entitlement of any such beneficiary to any Award, the Committee may determine to recognize only the legal representative of the Participant in which case the Company, the Committee and the members thereof shall not have any further liability to anyone.

			
	
			
				 Section 7.4
			Non-Exclusivity. Neither the adoption of the Plan by the Board nor the submission of the Plan to the Shareholders for approval shall be construed as creating any limitations on the power of the Board or the Committee to adopt such other incentive arrangements as either may deem desirable.

			
	
			
				 Section 7.5
			Award Agreement. Each Award shall be evidenced by an Award Agreement. A copy of the Award Agreement, in any medium chosen by the Committee, shall be made available to the Participant, and the Committee may require that the Participant sign a copy of the Award Agreement.

			
	
			
				 Section 7.6
			Form and Time of Elections. Unless otherwise specified in the Plan, each election required or permitted to be made by any Participant or other person entitled to benefits under the Plan, and any permitted modification, or revocation thereof, shall be filed with the Company at such times, in such form, and subject to such terms or conditions, not inconsistent with the provisions of the Plan, as the Committee may require.

			
	
			
				 Section 7.7
			Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document or other information that the person acting on it considers pertinent and reliable, and signed, made or presented by the proper party or parties.

			
	
			
				 Section 7.8
			Tax Withholding. All distributions under the Plan shall be subject to withholding of all applicable taxes and the Committee may condition the delivery of any Shares or other benefits under the Plan on satisfaction of the applicable withholding obligations. Except as otherwise provided by the Committee, such withholding obligations may be satisfied (a) through cash payment by the Participant; (b) through the surrender of Shares that the Participant already owns or (c) through the surrender of Shares to which the Participant is otherwise entitled under the Plan;  provided, however, that except as otherwise specifically provided by the Committee, such Shares under clause (c) may not be used to satisfy more than the maximum individual statutory tax rate for each applicable tax jurisdiction, or such lesser amount as established by the Company.

		
			

		 

		

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				 Section 7.9
			Successors. All obligations of the Company under the Plan shall be binding upon and inure to the benefit of any successor to the Company.

			
	
			
				 Section 7.10
			Indemnification. To the fullest extent permitted by law, each person who is or shall have been a member of the Committee or the Board, or an officer of the Company to whom authority was delegated in accordance with Section ‎5.3, or an employee of the Company shall be indemnified and held harmless by the Company against and from any loss (including amounts paid in settlement), cost, liability or expense (including reasonable attorneys’ fees) that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her (provided that he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf), unless such loss, cost, liability or expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

			
	
			
				 Section 7.11
			No Fractional Shares. Unless otherwise permitted by the Committee, no fractional Shares shall be delivered pursuant to the Plan or any Award. The Committee shall determine whether cash, Shares or other property shall be delivered or paid in lieu of fractional Shares or whether such fractional Shares or any rights thereto shall be forfeited or otherwise eliminated.

			
	
			
				 Section 7.12
			Governing Law. The Plan, all Awards, and all actions taken in connection herewith and therewith shall be governed by and construed in accordance with the laws of the State of Minnesota without reference to principles of conflict of laws, except as superseded by applicable federal law.

			
	
			
				 Section 7.13
			Benefits Under Other Plans. Except as otherwise provided by the Committee, Awards granted to a Participant (including the grant and the receipt of benefits) shall be disregarded for purposes of determining the Participant’s benefits under, or contributions to, any qualified retirement plan, nonqualified plan and any other benefit plan maintained by the Participant’s employer. 

			
	
			
				 Section 7.14
			Validity. If any provision of the Plan is determined to be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if such illegal or invalid provision had never been included in the Plan.

			
	
			
				 Section 7.15
			Notice. Unless provided otherwise in an Award Agreement or policy adopted from time to time by the Committee, all communications to the Company provided for in the Plan, or any Award Agreement, shall be delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid (provided that international mail shall be sent via overnight or two-day delivery), or sent by facsimile or prepaid overnight courier to the Company at the address set forth below:

		
			Bridgewater Bancshares, Inc.
		

		
			Attn: Ben Klocke
		

		
			3800 American Boulevard West, Suite #100

Bloomington, MN 55431
		

		
			

		 

		

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			Such communications shall be deemed given:
		

			
	
			
				 (a)
			In the case of delivery by overnight service with guaranteed next day delivery, the next day or the day designated for delivery;

			
	
			
				 (b)
			In the case of certified or registered U.S. mail, five days after deposit in the U.S. mail; or

			
	
			
				 (c)
			In the case of facsimile, the date upon which the transmitting party receives confirmation of receipt by facsimile, telephone or otherwise;

		
			provided, however, that in no event shall any communication be deemed to be given later than the date it is actually received, provided it is actually received. In the event a communication is not received, it shall be deemed received only upon the showing of an original of the applicable receipt, registration or confirmation from the applicable delivery service provider. Communications that are to be delivered by facsimile, U.S. mail or by overnight service to the Company shall be directed to the attention of the Company’s General Counsel.
		

			
	
			
				 Section 7.16
			Clawback Policy.  Any Award, amount or benefit received under the Plan shall be subject to potential cancellation, recoupment, rescission, payback or other similar action in accordance with any applicable Company clawback policy (the “Policy”) or any applicable law. A Participant’s receipt of an Award shall be deemed to constitute the Participant’s acknowledgment of and consent to the Company’s application, implementation and enforcement of (i) the Policy and any similar policy established by the Company that may apply to the Participant, whether adopted prior to or following the making of any Award and (ii) any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation, as well as the Participant’s express agreement that the Company may take such actions as are necessary to effectuate the Policy, any similar policy and applicable law, without further consideration or action.

			
	
			
				 Section 7.17
			Breach of Restrictive Covenants.  Except as otherwise provided by the Committee, notwithstanding any provision of the Plan to the contrary, if the Participant breaches a non-competition, non-solicitation, non-disclosure, non-disparagement or other restrictive covenant set forth in an Award Agreement or any other agreement between the Participant and the Company or a Subsidiary, whether during or after the Participant's Termination of Service, in addition to and not in limitation of any other rights, remedies, damages, penalties or restrictions available to the Company under the Plan, an Award Agreement, any other agreement between the Participant and the Company or a Subsidiary, or otherwise at law or in equity, the Participant shall forfeit or pay to the Company:

			
	
			
				 (a)
			Any and all outstanding Awards granted to the Participant, including Awards that have become vested or exercisable;

			
	
			
				 (b)
			Any Shares held by the Participant in connection with the Plan that were acquired by the Participant after the Participant's Termination of Service and within the 12-month period immediately preceding the Participant's Termination of Service;

			
	
			
				 (c)
			The profit realized by the Participant from the exercise of any stock options and SARs that the Participant exercised after the Participant's Termination of Service and within the 12-month period immediately preceding the Participant's Termination of Service, which profit is the 

		 

		

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	difference between the exercise price of the stock option or SAR and the Fair Market Value of any Shares or cash acquired by the Participant upon exercise of such stock option or SAR; and

			
	
			
				 (d)
			The profit realized by the Participant from the sale, or other disposition for consideration, of any Shares received by the Participant in connection with the Plan after the Participant's Termination of Service and within the 12-month period immediately preceding the Participant's Termination of Service and where such sale or disposition occurs in such similar time period.

			
	
			
				Article 8
			
Defined Terms; CONSTRUCTION

			
	
			
				 Section 8.1
			Definitions. In addition to the other definitions contained in the Plan, unless otherwise specifically provided in an Award Agreement, the following definitions shall apply:

			
	
			
				 (a)
			“10% Shareholder” means an individual who, at the time of grant, owns Voting Securities possessing more than 10% of the total combined voting power of the Voting Securities.

			
	
			
				 (b)
			“Award” means an award under the Plan.

			
	
			
				 (c)
			“Award Agreement” means the document that evidences the terms and conditions of an Award. Such document shall be referred to as an agreement regardless of whether a Participant’s signature is required.

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

			
	
			
				 (e)
			If the Participant is subject to an employment agreement (or other similar agreement) with the Company or a Subsidiary that provides a definition of termination for “cause” (or the like), then, for purposes of the Plan, the term “Cause” has the meaning set forth in such agreement; and in the absence of such a definition, “Cause” means (i) any act of (A) fraud or intentional misrepresentation or (B) embezzlement, misappropriation or conversion of assets or opportunities of the Company or a Subsidiary, (ii) willful violation of any law, rule or regulation in connection with the performance of the Participant's duties to the Company or a Subsidiary (other than traffic violations or similar offenses), (iii) with respect to any employee of the Company or a Subsidiary, commission of any act of moral turpitude or conviction of a felony or (iv) the willful or negligent failure of the Participant to perform the Participant’s duties to the Company or a Subsidiary in any material respect.

		
			Further, the Participant shall be deemed to have terminated for Cause if, after the Participant’s Termination of Service, facts and circumstances arising during the course of the Participant’s employment with the Company are discovered that would have constituted a termination for Cause.
		

		
			Further, all rights a Participant has or may have under the Plan shall be suspended automatically during the pendency of any investigation by the Board or its designee or during any negotiations between the Board or its designee and the Participant regarding any actual or alleged act or omission by the Participant of the type described in the applicable definition of “Cause.”
		

			
	
			
				 (f)
			“Change in Control” has the meaning ascribed to it in Section ‎4.2.

			
	
			
				 (g)
			“Code” means the Internal Revenue Code of 1986.

		
			

		 

		

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				 (h)
			“Code Section 409A” means the provisions of Section 409A of the Code and any rules, regulations and guidance promulgated thereunder.

			
	
			
				 (i)
			“Committee” means the Committee acting under Article ‎5, and in the event a Committee is not currently appointed, the Board.

			
	
			
				 (j)
			“Company” means Bridgewater Bancshares, Inc., a Minnesota corporation.

			
	
			
				 (k)
			“Director Participant” means a Participant who is a member of the Board or the board of directors of a Subsidiary that is not otherwise an employee of the Company or a Subsidiary.

			
	
			
				 (l)
			“Disability” means the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or last for a continuous period of not less than 12 months, or is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident or health plan covering the Company’s or a Subsidiary’s employees.

			
	
			
				 (m)
			“Effective Date” has the meaning ascribed to it in Section ‎1.1.

			
	
			
				 (n)
			“Exchange Act” means the Securities Exchange Act of 1934.

			
	
			
				 (o)
			“Fair Market Value”  means, as of any date, the officially-quoted closing selling price of the Shares on such date on the principal national securities exchange on which Shares are listed or admitted to trading or, if there have been no sales with respect to Shares on such date, or if the Shares are not so listed or admitted to trading, the Fair Market Value shall be the value established by the Committee in good faith and, to the extent required, in accordance with Code Section 409A and Section 422 of the Code.

			
	
			
				 (p)
			“Form S-8” means a Registration Statement on Form S-8 promulgated by the U.S. Securities and Exchange Commission or any successor thereto.

			
	
			
				 (q)
			If the Participant is subject to an employment agreement (or other similar agreement) with the Company or a Subsidiary that provides a definition of termination for “good reason” (or the like), then, for purposes of the Plan, the term “Good Reason” has the meaning set forth in such agreement; and in the absence of such a definition, “Good Reason” means the occurrence of any one of the following events, unless the Participant agrees in writing that such event shall not constitute Good Reason:

			
	
			
				 (i)
			A material, adverse change in the nature, scope or status of the Participant’s position, authorities or duties from those in effect immediately prior to the applicable Change in Control;

			
	
			
				 (ii)
			A material reduction in the Participant’s aggregate compensation or benefits in effect immediately prior to the applicable Change in Control; or

			
	
			
				 (iii)
			Relocation of the Participant’s primary place of employment of more than 50 miles from the Participant’s primary place of employment immediately prior to the applicable Change in Control, or a requirement that the Participant engage in travel that is materially greater than prior to the applicable Change in Control.

		
			

		 

		

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			Notwithstanding any provision of this definition to the contrary, prior to the Participant’s Termination of Service for Good Reason, the Participant must give the Company written notice of the existence of any condition set forth in clause (i) – (iii) immediately above within 90 days of its initial existence and the Company shall have 30 days from the date of such notice in which to cure the condition giving rise to Good Reason, if curable. If, during such 30-day period, the Company cures the condition giving rise to Good Reason, the condition shall not constitute Good Reason. Further notwithstanding any provision of this definition to the contrary, in order to constitute a termination for Good Reason, such termination must occur within 12 months of the initial existence of the applicable condition.
		

			
	
			
				 (r)
			“ISO” means a stock option that is intended to satisfy the requirements applicable to an “incentive stock option” described in Section 422(b) of the Code.

			
	
			
				 (s)
			“Participant” has the meaning ascribed to it in Section ‎1.2.

			
	
			
				 (t)
			“Plan” means the Bridgewater Bancshares, Inc. 2019 Equity Incentive Plan.

			
	
			
				 (u)
			“Policy” has the meaning ascribed to it in Section ‎7.16.

			
	
			
				 (v)
			“Predecessor Plan” means, collectively, the Bridgewater Bancshares, Inc. 2005 Combined Incentive and Non-Statutory Stock Option Plan, the Bridgewater Bancshares, Inc. 2012 Combined Incentive and Non-Statutory Stock Option Plan, and the Bridgewater Bancshares, Inc. 2017 Combined Incentive and Non-Statutory Stock Option Plan.

			
	
			
				 (w)
			“SAR” has the meaning ascribed to it in Section ‎2.1(b).

			
	
			
				 (x)
			“Securities Act” means the Securities Act of 1933.

			
	
			
				 (y)
			“Share” means a share of Stock.

			
	
			
				 (z)
			“Shareholders” means the shareholders of the Company.

			
	
			
				 (aa)
			“Stock” means the common stock of the Company, $0.01 par value per share.

			
	
			
				 (bb)
			“Subsidiary” means any corporation or other entity that would be a “subsidiary corporation,” as defined in Section 424(f) of the Code, with respect to the Company.

			
	
			
				 (cc)
			“Termination of Service” means the first day occurring on or after a grant date on which the Participant ceases to be an employee and director of, and service provider to the Company and each Subsidiary, regardless of the reason for such cessation, subject to the following: 

			
	
			
				 (i)
			The Participant’s cessation as an employee or service provider shall not be deemed to occur by reason of the transfer of the Participant between the Company and a Subsidiary or between two Subsidiaries.

			
	
			
				 (ii)
			The Participant’s cessation as an employee or service provider shall not be deemed to occur by reason of the Participant’s being on a leave of absence from the Company or a Subsidiary approved by the Company or Subsidiary otherwise receiving the Participant’s services.

			
	
			
				 (iii)
			If, as a result of a sale or other transaction, the Subsidiary for whom the Participant is employed (or to whom the Participant is providing services) ceases to be a Subsidiary, and the Participant is not, following the transaction, an employee or director of, or service provider to, the 

		 

		

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	Company or an entity that is then a Subsidiary, then the occurrence of such transaction shall be treated as the Participant’s Termination of Service caused by the Participant being discharged by the entity for whom the Participant is employed or to whom the Participant is providing services.

			
	
			
				 (iv)
			A service provider, other than an employee or director, whose services to the Company or a Subsidiary are governed by a written agreement with such service provider shall cease to be a service provider at the time the provision of services under such written agreement ends (without renewal); and such a service provider whose services to the Company or a Subsidiary are not governed by a written agreement with the service provider shall cease to be a service provider on the date that is 90 days after the date the service provider last provides services requested by the Company or a Subsidiary.

			
	
			
				 (v)
			Notwithstanding the foregoing, in the event that any Award constitutes deferred compensation, the term Termination of Service shall be interpreted by the Committee in a manner consistent with the definition of “separation from service” as defined under Code Section 409A.

			
	
			
				 (dd)
			“Voting Securities” means any securities that ordinarily possess the power to vote in the election of directors without the happening of any precondition or contingency.

			
	
			
				 Section 8.2
			Construction. In the Plan, unless otherwise stated, the following uses apply:

			
	
			
				 (a)
			Actions permitted under the Plan may be taken at any time in the actor’s reasonable discretion;

			
	
			
				 (b)
			References to a statute shall refer to the statute and any amendments and any successor statutes, and to all regulations promulgated under or implementing the statute, as amended, or its successors, as in effect at the relevant time;

			
	
			
				 (c)
			In computing periods from a specified date to a later specified date, the words “from” and “commencing on” (and the like) mean “from and including,” and the words “to,” “until” and “ending on” (and the like) mean “to, and including”;

			
	
			
				 (d)
			References to a governmental or quasi-governmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of the agency, authority or instrumentality; 

			
	
			
				 (e)
			Indications of time of day shall be based upon the time applicable to the location of the principal headquarters of the Company;

			
	
			
				 (f)
			The words “include,” “includes” and “including” mean “include, without limitation,” “includes, without limitation” and “including, without limitation,” respectively;

			
	
			
				 (g)
			All references to articles and sections are to articles and sections in the Plan unless otherwise specified;

			
	
			
				 (h)
			All words used shall be construed to be of such gender or number as the circumstances and context require;

			
	
			
				 (i)
			The captions and headings of articles and sections appearing in the Plan have been inserted solely for convenience of reference and shall not be considered a part of the Plan, nor shall any of them affect the meaning or interpretation of the Plan or any of its provisions; 

		
			

		 

		

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				 (j)
			Any reference to an agreement, plan, policy, form, document or set of documents, and the rights and obligations of the parties under any such agreement, plan, policy, form, document or set of documents, shall mean such agreement, plan, policy, form, document or set of documents as amended from time to time, and any and all modifications, extensions, renewals, substitutions or replacements thereof; and

			
	
			
				 (k)
			All accounting terms not specifically defined in the Plan shall be construed in accordance with GAAP.

		 

		

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