Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
 CODIAK
BIOSCIENCES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	1.	 	 Definitions
	  	 	1	 
			
	2.	 	 Registration Rights
	  	 	4	 
		 	2.1	  	 Demand Registration
	  	 	4	 
		 	2.2	  	 Company Registration
	  	 	6	 
		 	2.3	  	 Underwriting Requirements
	  	 	6	 
		 	2.4	  	 Obligations of the Company
	  	 	8	 
		 	2.5	  	 Furnish Information
	  	 	9	 
		 	2.6	  	 Expenses of Registration
	  	 	9	 
		 	2.7	  	 Delay of Registration
	  	 	10	 
		 	2.8	  	 Indemnification
	  	 	10	 
		 	2.9	  	 Reports Under Exchange Act
	  	 	12	 
		 	2.10	  	 Limitations on Subsequent Registration Rights
	  	 	13	 
		 	2.11	  	 “Market Stand-off” Agreement
	  	 	13	 
		 	2.12	  	 Restrictions on Transfer
	  	 	14	 
		 	2.13	  	 Termination of Registration Rights
	  	 	15	 
			
	3.	 	 Information and Observer Rights
	  	 	16	 
		 	3.1	  	 Delivery of Financial Statements
	  	 	16	 
		 	3.2	  	 Inspection
	  	 	17	 
		 	3.3	  	 Observer Rights
	  	 	17	 
		 	3.4	  	 Termination of Information and Observer Rights
	  	 	18	 
		 	3.5	  	 Confidentiality
	  	 	18	 
			
	4.	 	 Rights to Future Stock Issuances
	  	 	19	 
		 	4.1	  	 Right of First Offer
	  	 	19	 
		 	4.2	  	 Termination
	  	 	20	 
			
	5.	 	 Additional Covenants
	  	 	20	 
		 	5.1	  	 Insurance
	  	 	20	 
		 	5.2	  	 Employee Agreements
	  	 	20	 
		 	5.3	  	 Employee Stock
	  	 	21	 
		 	5.4	  	 Matters Requiring Investor Director Approval
	  	 	21	 
		 	5.5	  	 Board Matters
	  	 	22	 
		 	5.6	  	 Successor Indemnification
	  	 	22	 
		 	5.7	  	 Expenses of Counsel
	  	 	22	 
		 	5.8	  	 Indemnification Matters
	  	 	23	 
		 	5.9	  	 Right to Conduct Activities
	  	 	23	 
		 	5.10	  	 Tax Reporting
	  	 	24	 
		 	5.11	  	 Termination of Covenants
	  	 	24	 
			
	6.	 	 Miscellaneous
	  	 	24	 
		 	6.1	  	 Successors and Assigns
	  	 	24	 

  
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	 	 	 	  	 	  	Page	 
		 	6.2	  	 Governing Law
	  	 	25	 
		 	6.3	  	 Counterparts
	  	 	25	 
		 	6.4	  	 Titles and Subtitles
	  	 	25	 
		 	6.5	  	 Notices
	  	 	25	 
		 	6.6	  	 Amendments and Waivers
	  	 	25	 
		 	6.7	  	 Severability
	  	 	26	 
		 	6.8	  	 Aggregation of Stock
	  	 	26	 
		 	6.9	  	 Additional Investors
	  	 	26	 
		 	6.10	  	 Entire Agreement
	  	 	27	 
		 	6.11	  	 Dispute Resolution
	  	 	27	 
		 	6.12	  	 Delays or Omissions
	  	 	27	 
		 	6.13	  	 Further Assurances
	  	 	28	 
		 	6.14	  	 Acknowledgment
	  	 	28	 
		 	6.15	  	 The Board of Regents
	  	 	28	 
		 	6.16	  	 Effect on Prior Agreement
	  	 	28	 

 Schedule A - Schedule of Investors 

  
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 CODIAK BIOSCIENCES, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMEDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 17th day of November, 2017, by and among Codiak BioSciences, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is
referred to in this Agreement as an “Investor” and any additional Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with Subsection 6.9 hereof. 

RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred
Stock, Series B Preferred Stock and/or shares of Common Stock issued upon conversion thereof and possess registration rights, information rights, rights of first offer, and other rights pursuant to an Investors’ Rights Agreement dated as of
November 12, 2015 between the Company and such Investors (the “Prior Agreement”); 
 WHEREAS, the Existing
Investors are holders of over seventy-six percent (76%) of the Registrable Securities of the Company (as defined in the Prior Agreement), and desire to amend and restate the Prior Agreement in its entirety and
to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

WHEREAS, it is a condition to that certain Series C Preferred Stock Purchase Agreement of even date herewith between the Company and
certain of the Investors (the “Purchase Agreement”), that the Prior Agreement be amended and restated as set forth herein. 

NOW, THEREFORE, the Existing Investors hereby agree that the Prior Agreement shall be amended and restated and superseded and replaced
in its entirety by this Agreement, and the parties to this Agreement further agree as follows: 

1.    Definitions. For purposes of this Agreement: 

1.1    “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general or limited partner, managing member, fund manager, officer, director, stockholder or member of such Person or any venture
capital or other investment fund now or hereafter existing that is controlled by one or more general partners, fund managers or managing members of, or shares the same management company or investment adviser with, such Person, and any general
partners, fund managers or managing members of such venture capital or other investment fund. 
 1.2    “Common
Stock” means shares of the Company’s common stock, par value $0.0001 per share. 

1.3    “Competitor” means, as of any date, a Person engaged, directly or indirectly (including through
any partnership, limited liability company, corporation, joint 

  
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venture or similar arrangement (whether now existing or formed hereafter)), in the business conducted or proposed to be conducted by the Company on such date, but shall not include (i) any
financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20%) of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any
members of the Board of any Competitor, (ii) any Fidelity Investor or (iii) Hillhouse. 

1.4    “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may
become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged
untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged
omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or
Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.5    “Derivative Securities” means any securities or rights convertible into, or exercisable or
exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 

1.6    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 1.7    “Excluded Registration” means (i) a registration relating to the
sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include
substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable
upon conversion of debt securities that are also being registered. 
 1.8    “Fidelity” shall mean
Fidelity Management & Research Company and any successor or affiliated registered investment advisor to the Fidelity Investors. 

1.9    “Fidelity Investors” shall mean any Investors advised or subadvised by Fidelity or one of its
Affiliates. 
 1.10     “Form S-1” means such form under
the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

1.11    “Form S-3” means such form under the Securities
Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

  
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 1.12    “GAAP” means generally accepted accounting
principles in the United States. 
 1.13    “Hillhouse” means HH
RSV-CAK Holdings Limited and its Affiliates. 

1.14    “Holder” means any holder of Registrable Securities who is a party to this Agreement. 

1.15    “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.16    “Initiating Holders” means, collectively, Holders who properly initiate a registration request
under this Agreement. 
 1.17    “IPO” means the Company’s first underwritten public offering of
its Common Stock under the Securities Act. 
 1.18    “Key Employee” means any executive-level employee
(including, division director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement).

 1.19    “Major Investor” means (i) any Investor that, individually or together with such
Investor’s Affiliates, holds at least 500,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof), (ii) each Fidelity
Investor that holds any Registrable Securities and (iii) Hillhouse, so long as it holds any Registrable Securities. 

1.20    “New Securities” means, collectively, equity securities of the Company, whether or not currently
authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

1.21    “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 1.22    “Preferred Director” means any director of the
Company that the holders of record of the Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation. 

1.23    “Preferred Stock” means, collectively, shares of the Company’s Series A Preferred Stock,
Series B Preferred Stock and Series C Preferred Stock. 
 1.24    “Registrable Securities” means
(i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other
securities of the Company, acquired by the Investors on or after the date hereof; provided, however that shares of Common Stock acquired on the date hereof shall not be deemed Registrable Securities for

  
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purposes of Subsection 6.6; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or
other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the
applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection
2.13 of this Agreement. 
 1.25    “Registrable Securities then outstanding” means the number
of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible
securities that are Registrable Securities. 
 1.26    “Restricted Securities” means the securities of
the Company required to be notated with the legend set forth in Subsection 2.12(b) hereof. 

1.27    “SEC” means the Securities and Exchange Commission. 

1.28    “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.29    “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.30    “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 1.31    “Selling Expenses” means all underwriting discounts, selling
commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as
provided in Subsection 2.6. 
 1.32    “Series A Preferred Stock” means shares of the
Company’s Series A Preferred Stock, par value $0.0001 per share. 
 1.33    “Series B Preferred
Stock” means shares of the Company’s Series B Preferred Stock, par value $0.0001 per share. 

1.34    “Series C Preferred Stock” means shares of the Company’s Series C Preferred Stock, par value
$0.0001 per share. 
 2.    Registration Rights. The Company covenants and agrees as follows: 

2.1    Demand Registration. 

(a)    Form S-1 Demand. If at any time after the earlier of (i) five (5)
years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least forty percent (40%) of the Registrable
Securities then outstanding that the Company file a 

  
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Form S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding (or a lesser percent if
the anticipated aggregate offering price, net of Selling Expenses, would exceed $10 million), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”)
to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form
S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections
2.1(c) and 2.3. 
 (b)    Form S-3 Demand. If at any time when
it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form
S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days
after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration
by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c)    Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant
to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors (the “Board”) it would be materially detrimental to
the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially
interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving
as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with
respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke
this right more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such ninety (90) day period other
than pursuant to a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; a registration on any form that does not include substantially the
same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt
securities that are also being registered. 

  
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 (d)    The Company shall not be obligated to effect, or to take any
action to effect, any registration pursuant to Subsection 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty
(180) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective;
(ii) after the Company has effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection
2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated
registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to
Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time
as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand
registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d). 

2.2    Company Registration. If the Company proposes to register (including, for this purpose, a registration
effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at
such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3,
cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection
2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the
Company in accordance with Subsection 2.6. 
 2.3    Underwriting Requirements. 

(a)    If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The
underwriter(s) will be selected by the majority in interest of the Initiating Holders, subject only to the reasonable approval of the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) 

  
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enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if the managing
underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would
be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as
practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the
Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the
underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 

(b)    In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to
Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters,
and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to
be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to
include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine
that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as
practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above
provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included
in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below
twenty-five percent (25%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other
stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the
partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any
of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons
included in such “selling Holder,” as defined in this sentence. 

  
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 (c)    For purposes of Subsection 2.1, a registration shall not
be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than twenty-five (25%) of the total number of Registrable Securities that Holders have requested to be
included in such registration statement are actually included. 
 2.4    Obligations of the Company. Whenever
required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period
of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be
extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any
registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day
period shall be extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

(b)    prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus
used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c)    furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as
required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d)    use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e)    in the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the underwriter(s) of such offering; 

  
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 (f)    use its commercially reasonable efforts to cause all such
Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then
listed; 
 (g)    provide a transfer agent and registrar for all Registrable Securities registered pursuant to this
Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h)    promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any
disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or
advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i)    notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration
statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 

(j)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the
Company amend or supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any
registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under
Rule 10b5-1 of the Exchange Act. 
 2.5    Furnish Information. It shall
be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6    Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with
registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable and
documented fees and disbursements of one counsel for the selling Holders selected by the Holders of a majority of the Registrable Securities to be registered (“Selling Holder Counsel”), shall be borne and paid by the Company;
provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration 

  
 9 

 
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata
based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections
2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the
Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one
registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number
of Registrable Securities registered on their behalf. 
 2.7    Delay of Registration. No Holder shall have any
right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8    Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a)    To the extent permitted by law, the Company will indemnify and
hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel, accountants and investment advisers for each such Holder; any underwriter (as defined in the Securities Act) for
each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or
other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not
be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any
such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration. 

(b)    To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless
the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any
underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such
Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written 

  
 10 

 
information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that
the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering
received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c)    Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the
commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other
indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may
be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a
reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially prejudices the indemnifying
party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8. 

(d)    To provide for just and equitable contribution to joint liability under the Securities Act in any case in which
either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such
case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party
in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of

  
 11 

 
the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a
material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission;
provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such
registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b),
exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in
the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f)    Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public
offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall
survive the termination of this Agreement. 
 2.9    Reports Under Exchange Act. With a view to making available
to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a)    make and keep available adequate current public
information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b)    use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to
the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the
IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form
S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent 

  
 12 

 
annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing any Holder
of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10    Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall
not, without the prior written consent of the Holders of at least sixty percent (60%) of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow
such holder or prospective holder (i) to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the
inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included, or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such
holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. 

2.11    “Market Stand-off” Agreement. Each Holder hereby agrees
that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the managing underwriter (such
period not to exceed one hundred eighty (180) days, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports,
and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell;
contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any
securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for the IPO or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock
or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 (A) shall apply only to the IPO, (B) shall not apply to shares of Common Stock acquired in the IPO or in the open market following the
IPO and (C) shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the
Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if
all officers and directors and all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock) are subject to the
same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the

  
 13 

 
provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration
that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. If any of the obligations described in this Subsection 2.11 are waived or terminated with respect to any of the securities of any such
Holder, officer, director or greater than one-percent stockholder (in any such case, the “Released Securities”), the foregoing provisions shall be waived or terminated, as applicable, to the same extent and with respect to the same
percentage of securities of each Holder as the percentage of Released Securities represent with respect to the securities held by the applicable Holder, officer, director or greater than one-percent stockholder. 

2.12    Restrictions on Transfer. 

(a)    The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the
Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure
compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities
subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the IPO, SEC Rule 144,
in each case, to be bound by the terms of this Agreement. 
 (b)    Each certificate, instrument, or book entry
representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization,
merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

  
 14 

 (c)    The holder of such Restricted Securities, by acceptance of
ownership thereof, agrees to comply in all respects with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under
the Securities Act covering the proposed transaction or, following the IPO, the transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer.
Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written
opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act;
(ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with
respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act,
whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal
opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration;
provided that, with respect to transfers under the foregoing clause (y), each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book entry representing the Restricted
Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144 or pursuant to an effective registration statement, the appropriate restrictive legend set forth in Subsection 2.12(b),
except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions
of the Securities Act. 
 2.13    Termination of Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a)    the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of
Incorporation; 
 (b)    following the IPO, such time as Rule 144 or another similar exemption under the Securities Act
is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration (and without the requirement for the Company to be in compliance with the current public information required
under Rule 144(c)(1)); and 
 (c)    the six (6) year anniversary of the IPO. 

  
 15 

 3.    Information and Observer Rights. 

3.1    Delivery of Financial Statements. The Company shall deliver to each Major Investor, provided that the Board
has not reasonably determined that such Major Investor is a Competitor of the Company: 
 (a)    as soon as practicable,
but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between
(x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in Subsection 3.1(e)) for such year, with an explanation of any material differences
between such amounts and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent
public accountants selected by the Board; 
 (b)    as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited
balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal
year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c)    as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three
(3) quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period,
the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock
options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial officer or chief
executive officer of the Company as being true, complete, and correct; 
 (d)    as soon as practicable, but in any
event within thirty (30) days of the end of each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all
prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in
accordance with GAAP); 
 (e)    as soon as practicable, but in any event thirty (30) days before the end of each
fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such
months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 

  
 16 

 (f)     such other information relating to the financial condition,
business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information
(i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which
would adversely affect the attorney-client privilege between the Company and its counsel. 
 If, for any period, the Company has any
subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the
Company and all such consolidated subsidiaries.
 Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company
may cease providing the information set forth in this Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it
reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as
the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective. 

The Company shall promptly and accurately respond, and shall use its commercially reasonable efforts to cause its transfer agent to promptly
respond, to requests for information made on behalf of any Fidelity Investor relating to (i) accounting or securities law matters required in connection with its audit or (ii) the actual holdings of such Fidelity Investor, including in
relation to the total outstanding shares; provided, however, that the Company shall not be obligated to provide any such information that could reasonably result in a violation of applicable law or conflict with a confidentiality obligation of the
Company. 
 3.2    Inspection. The Company shall permit each Major Investor (provided that the Board has not
reasonably determined that such Major Investor is a Competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s
affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to
provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of
which would adversely affect the attorney-client privilege between the Company and its counsel. 
 3.3    Observer
Rights. The Company shall invite a representative of each of ARCH Venture Fund VIII, L.P. (“ARCH”), Flagship Ventures Fund V, L.P. (“Flagship”) and Hillhouse to attend all meetings of its Board of Directors and
of any of its committees in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at substantially the same time; provided,
however, that such representative shall agree to hold in confidence and 

  
 17 

 
trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such
representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a
conflict of interest, or if such Investor or its representative is a Competitor of the Company. The Company shall invite a representative of the University of Texas M.D. Anderson Cancer Center, a member institution of the University of Texas
(“UTMDACC”), to attend a Board meeting pursuant to the terms and conditions of that certain Letter Agreement, dated as of November 12, 2015, by and between the Company and The Board of Regents of the University of Texas System,
an agency of the State of Texas (“Board of Regents”) on behalf of UTMDACC. 
 3.4    Termination of
Information and Observer Rights. The covenants set forth in Subsections 3.1, 3.2 and 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO,
(ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the
Company’s Certificate of Incorporation; provided, that, with respect to (iii), the covenants set forth in Subsections 3.1 and 3.2 shall only terminate if the consideration received by the Holders in such Deemed Liquidation Event
is in the form of cash and/or marketable securities unless the Holders receive financial information and inspection rights from the acquiring company or other successor to the Company comparable to those set forth in Subsections 3.1 and
3.2, whichever event occurs first. 
 3.5    Confidentiality. Each Investor agrees that such Investor will
keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the
Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor), (b) is
or has been independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any
obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent
necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the
provisions of this Subsection 3.5; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person
that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure
and takes reasonable steps to minimize the extent of any such required disclosure. Notwithstanding the foregoing, in the case of any Fidelity Investor, such Fidelity Investor may identify the Company and the value of such Fidelity Investor’s
security holdings in the Company in accordance with applicable investment reporting and disclosure regulations or internal policies and respond to routine examinations, demands, requests or reporting requirements of a regulator without prior notice
to or consent from the Company. 

  
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Notwithstanding anything to the contrary contained herein, UTMDACC and/or the Board of Regents shall have the right to disclose confidential information in accordance with the License Agreement,
dated as of November 12, 2015, by and between the Company and the Board of Regents on behalf of UTMDACC (the “License Agreement”) without breaching this Subsection 3.5. For the avoidance of doubt, in the event there
is a conflict between the terms of the License Agreement and this Agreement, the terms of the License Agreement shall control. 

4.    Rights to Future Stock Issuances. 

4.1    Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities
laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it, in such
proportions as it deems appropriate, among (i) itself and (ii) its Affiliates. 
 (a)    The Company
shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if
any, upon which it proposes to offer such New Securities. 
 (b)    By notification to the Company within twenty
(20) days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that
the Common Stock then held by such Major Investor (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by
such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day
period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During
the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that
portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly)
upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion
and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection
4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 

(c)    If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in
Subsection 4.1(b), the Company may, during the 

  
 19 

 
ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or
Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement
is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this
Subsection 4.1. 
 (d)    The right of first offer in this Subsection 4.1 shall not be applicable to
(i) Exempted Securities (as defined in the Company’s Certificate of Incorporation); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Series C Preferred Stock pursuant to the Purchase Agreement.

 (e)    In the event that the rights of a Major Investor to purchase New Securities under this Subsection 4.1
are waived with respect to a particular offering of New Securities without such Major Investor’s prior written consent (a “Waived Investor”) and any Major Investor that participated in waiving such rights actually purchases New
Securities in such offering, then the Company shall grant, and hereby grants, each Waived Investor the right to purchase, in a subsequent closing of such issuance on substantially the same terms and conditions, the same percentage of its full pro
rata share of such New Securities as the highest percentage of any such purchasing Major Investor’s full pro rata share. 

4.2    Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or
effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed
Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

5.    Additional Covenants. 

5.1    Insurance. The Company will use commercially reasonable efforts to maintain Directors and Officers liability
insurance and term “key-person” insurance on the Company’s Chief Executive Officer, each in an amount and on terms and conditions satisfactory to the Board, until such time as the Board determines that such insurance should be
discontinued. The key person policy shall name the Company as loss payee, and neither the policy shall be cancelable by the Company without the prior approval of the Board, including at least one of the Preferred Directors. Notwithstanding any other
provision of this Subsection 5.1 to the contrary, for so long as a Preferred Director is serving on the Board, the Company shall not cease to maintain a Directors and Officers liability insurance policy in an amount of at least
$2.0 million unless approved by all Preferred Directors then in office. 
 5.2    Employee Agreements. The
Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter
into a nondisclosure and proprietary rights assignment agreement; and (ii) each Key Employee to enter into a one (1) year noncompetition and nonsolicitation agreement, 

  
 20 

 
substantially in the form approved by the Board. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced
agreements or any restricted stock agreement between the Company and any employee, without the consent of the Board, including all Preferred Directors then in office. 

5.3    Employee Stock. Unless otherwise approved by the Board, including all Preferred Directors then in office, all
future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as
applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the
remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise
approved by the Board, including all Preferred Directors then in office, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares
at cost upon termination of employment of a holder of restricted stock. 
 5.4    Matters Requiring Investor Director
Approval. So long as the holders of Preferred Stock are entitled to elect at least one (1) Preferred Director, the Company hereby covenants and agrees with the Investors that it shall not, nor shall it permit any subsidiary to, without
approval of the Board, which approval must include the affirmative vote of all Preferred Directors then in office: 

(a)    make any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation,
partnership, or other entity unless it is wholly owned by the Company; 
 (b)    make any loan or advance to any Person,
including, without limitation, any employee or director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan approved by the Board,
including the Preferred Directors; 
 (c)    guarantee, directly or indirectly, any indebtedness except for trade
accounts of the Company or any subsidiary arising in the ordinary course of business; 
 (d)    make any material
investment inconsistent with any investment policy approved by the Board; 
 (e)    incur any aggregate indebtedness in
excess of $500,000 that is not already included in a budget approved by the Board, other than trade credit incurred in the ordinary course of business; 

(f)    otherwise enter into or be a party to any transaction with any director, officer, or employee of the Company or any
“associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, except for transactions contemplated by this Agreement and the Purchase Agreement; transactions resulting
in payments to or by the Company in an aggregate amount less than $500,000 per year; or transactions made in the ordinary course of business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms
that are approved by a majority of the Board; 

  
 21 

 (g)    hire, terminate, or change the compensation of the executive
officers, including approving any option grants or stock awards to executive officers; 
 (h)    change the principal
business of the Company, enter new lines of business, or exit the current line of business; 
 (i)    sell, assign,
license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary course of business; 

(j)    increase the shares of Common Stock reserved for issuance under the Company’s 2015 Stock Option Plan or adopt
any other equity incentive plan; or 
 (k)    enter into any corporate strategic relationship involving the payment,
contribution, or assignment by the Company or to the Company of money or assets greater than $500,000. 
 5.5    Board
Matters. Unless otherwise determined by the vote of a majority of the directors then in office, the Board shall meet at least five times per year (including at least once in each fiscal quarter) in accordance with an agreed-upon schedule. The
Company shall reimburse the directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board. The Company shall ensure that meetings of the
Board are accessible by teleconference or similar facilities for participants therein. The Company shall cause to be established, as soon as practicable after such request, and will maintain, an audit and compensation committee, each of which shall
consist solely of non-management directors. Each non-employee director shall be entitled in such person’s discretion to be a member of any Board committee. So long as the holders of Preferred Stock are entitled to elect at least one
(1) Preferred Director, each committee of the Board shall include at least one (1) Preferred Director. 

5.6    Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges
into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the
obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s By-laws, its Certificate of Incorporation, or
elsewhere, as the case may be. 
 5.7    Expenses of Counsel. In the event of a transaction which is a Sale of the
Company (as defined in the Voting Agreement (as defined in the Purchase Agreement)) before the Company has consummated its IPO, the reasonable and documented fees and disbursements of one counsel for the Major Investors (“Investor
Counsel”), in their capacities as stockholders, shall be borne and paid by the Company. At the outset of considering a transaction which, if consummated would constitute such a Sale of the Company, the Company shall use commercially
reasonable efforts to obtain the ability to share with the Investor Counsel (and such counsel’s clients) and shall share the confidential information (including, without limitation, the 

  
 22 

 
initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other compensation agreements
and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute such Sale of the Company. The Company shall be obligated to share (and cause the Company’s counsel and
investment bankers to share) such materials when distributed to the Company’s executives and/or any one or more of the other parties to such transaction(s). In the event that the Company’s legal counsel and Investor Counsel deem it
appropriate, in their reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney-client privilege, the
Company shall, and shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to the Company’s legal counsel and Investor Counsel. In the event that one or
more of the other party or parties to such transactions require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share such
information that can reasonably be shared without entry into such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without
undue burden to the clients of Investor Counsel. 
 5.8    Indemnification Matters. The Company hereby
acknowledges that one (1) or more of the directors nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance
provided by one or more of the Investors and certain of their affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its
obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be
required to advance the full amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the
extent legally permitted and as required by the Company’s Certificate of Incorporation or By-laws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the
Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect
thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the
foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company. 

5.9    Right to Conduct Activities. The Company hereby agrees and acknowledges that ARCH, Flagship, Hillhouse and
each Fidelity Investor (together with their respective Affiliates) each is a professional investment fund (each a “Fund”) and The Board of Regents, on behalf of UTMDACC, is an entity that has many opportunities to invest in
entities, and as such invests in numerous portfolio companies, some of which may be deemed 

  
 23 

 
competitive with the Company’s business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law,
neither any Fund nor The Board of Regents, on behalf of UTMDACC, shall be liable to the Company for any claim arising out of, or based upon, and shall not be restricted in any way from engaging in, directly or indirectly, (i) an
investment by such Fund or The Board of Regents, on behalf of UTMDACC, in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other representative or Affiliate of such Fund or The Board of Regents, on
behalf of UTMDACC to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company;
provided, however, subject to Section 6.15, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to
this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

5.10    Tax Reporting. The Company will comply with any obligation imposed on the Company to make any filing
(including any filing on Internal Revenue Service Form 5471) as a result of any interest that the Company holds in a non-U.S. Person or any activities that the Company conducts outside of the U.S. and shall include in such filing any information
necessary to obviate (to the extent possible) any similar obligation to which any shareholder would otherwise be subject with respect to such interest or such activity. The Company shall promptly provide each Investor with a copy of any such filing.

 5.11    Termination of Covenants. The covenants set forth in this Section 5, except for
Subsections 5.7, 5.9 and 5.10, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic
reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

6.    Miscellaneous. 

6.1    Successors and Assigns. The rights under this Agreement may be assigned (but only with all related
obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such
Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 500,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other
recapitalizations) or, if less, all of the Registrable Securities held by such Holder; provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of
such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and
conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate
or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate 

  
 24 

 
Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have
a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this
Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their
respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2    Governing Law. This Agreement shall be governed by the internal law of the State of Delaware. 

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

6.4    Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to
be considered in construing or interpreting this Agreement. 
 6.5    Notices. All notices and other
communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by
electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written
verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of
the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy (which shall not constitute notice) shall
also be sent to Stephen M. Davis, Goodwin Procter LLP, 620 Eighth Avenue, New York, NY 10018, sdavis@goodwinlaw.com; and if notice is given to the Investors, copies (which shall not constitute notice) shall also be given to the Persons listed
on the applicable portion of Schedule A. 
 6.6    Amendments and Waivers. Any term of this Agreement may be
amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of at least sixty percent
(60%) of the Registrable Securities then outstanding; provided that (i) Sections 2.11, 3.1, 3.2 and 3.4 shall not be modified, supplemented, amended or waived, in whole or in part, in a manner that adversely affects
the Fidelity Investors, without the prior written consent of the Fidelity Investors holding a majority 

  
 25 

 
of the Registrable Securities held by all Fidelity Investors and (ii) the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure
to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such
party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to (i) any Investor without the
written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be
deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction), (ii) The Board of
Regents, on behalf of UTMDACC, with respect to Subsections 3.5, 5.10 or 6.15, the definition of “Major Investor” in Subsection 1.16, or this clause of this Subsection 6.6 to the extent that any such amendment or
termination adversely affects the rights or obligations of UTMDACC as set forth in the aforementioned provisions or (iii) Hillhouse, with respect to Sections 3.3 or 5.9, the definition of “Affiliate” in Section 1.1, the
definition of “Competitor” in Section 1.3, the definition of “Major Investor” in Section 1.19, or this clause of this Subsection 6.6 to the extent that any such amendment or termination adversely affects
the rights or obligations of Hillhouse as set forth in the aforementioned provisions, without the prior written consent of Hillhouse. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto
that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has
consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

6.7    Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to
be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so
that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8    Aggregation of
Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as
among themselves in any manner they deem appropriate. 
 6.9    Additional Investors. Notwithstanding anything to
the contrary contained herein, if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an
additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional
Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

  
 26 

 6.10    Entire Agreement. This Agreement (including any Schedules
and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled. 
 6.11    Dispute Resolution. Any unresolved controversy or claim arising out of or
relating to this Agreement, except as (i) otherwise provided in this Agreement, or (ii) any such controversies or claims arising out of the Company’s intellectual property rights for which a provisional remedy or
equitable relief is sought, shall be submitted to arbitration by one arbitrator mutually agreed upon by the parties, and if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by
the American Arbitration Association (the “AAA”), then by one arbitrator having reasonable experience in corporate finance transactions of the type provided for in this Agreement and who is chosen by the AAA. The arbitration shall
take place in Boston, MA or Wilmington, DE, in accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding and may be entered in any court having jurisdiction thereof. There shall be
limited discovery prior to the arbitration hearing as follows: (a) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated, (b) depositions of all party
witnesses, and (c) such other depositions as may be allowed by the arbitrators upon a showing of good cause. Depositions shall be conducted in accordance with the Delaware Code of Civil Procedure, the arbitrator shall be required to provide in
writing to the parties the basis for the award or order of such arbitrator and a court reporter shall record all hearings, with such record constituting the official transcript of such proceedings. Each party will bear its own costs in respect
of any disputes arising under this Agreement. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the District of Delaware or the Court of Chancery of the State of
Delaware. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN
ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN
FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 6.12    Delays or
Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such
nonbreaching 

  
 27 

 
or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver
of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 6.13    Further Assurances. At any time or from time to time after the date hereof, the parties agree to
cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the
consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 

6.14    Acknowledgment. The Company acknowledges that the Investors (including without limitation, The Board of
Regents, on behalf of UTMDACC) are in the business of venture capital investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete
directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services
which compete with those of the Company. 
 6.15    The Board of Regents. The Board of Regents is an agency of the
State of Texas and under the constitution and laws of the State of Texas possesses certain rights and privileges, is subject to certain limitations and restrictions, and only has such authority as is granted to it under the constitution and laws of
the State of Texas. Notwithstanding any provision hereof, nothing in this Agreement is intended to be, nor will it be construed to be, a waiver of the sovereign immunity of the State of Texas or a prospective waiver or restriction of any of the
rights, remedies, claims, and privileges of the State of Texas. Moreover, notwithstanding the generality or specificity of any provision hereof, the provisions of this Agreement as they pertain to The Board of Regents are enforceable only to the
extent authorized by the constitution and laws of the State of Texas; accordingly, to the extent any provision hereof conflicts with the constitution or laws of the State of Texas or exceeds the right, power or authority of The Board of Regents to
agree to such provision, then that provision will not be enforceable against The Board of Regents or the State of Texas. 

6.16    Effect on Prior Agreement. Upon the execution and delivery of this Agreement by the Company and the holders
of at least seventy-six percent (76%) of the Registrable Securities (as defined in the Prior Agreement) who are party to the Prior Agreement (measured before giving effect to any purchase of shares of Series C
Preferred Stock by such Investors), the Prior Agreement automatically shall terminate and be of no further force and effect and shall be amended and restated in its entirety as set forth in this Agreement. 

[Remainder of Page Intentionally Left Blank] 

  
 28 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	 COMPANY:
  

CODIAK BIOSCIENCES, INC.

		
	By:	 	/s/ Douglas E. Williams
	Name: Douglas E. Williams
	Title: President and Chief Executive Officer

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ARCH VENTURE FUND VIII, L.P.
  

By: ARCH Venture Partners VIII, L.P., its General Partner
  

By: ARCH Venture Partners VIII, LLC, its General Partner

		
	By:	 	/s/ Mark McDonnell
		 	Name:	 	Mark McDonnell
		 	Title:	 	Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ARCH VENTURE FUND VIII OVERAGE, L.P.
  

By: ARCH Venture Partners VIII, LLC
 Its: General
Partner

		
	By:	 	/s/ Mark McDonnell
		 	Name:	 	Mark McDonnell
		 	Title:	 	Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FLAGSHIP VENTURES FUND V, L.P.
  

By: Flagship Ventures Fund V General Partner LLC, its General Partner

		
	By:	 	/s/ Noubar B. Afeyan
		 	Name:	 	Noubar B. Afeyan, Ph.D.
		 	Title:	 	Manager

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FLAGSHIP V VENTURELABS RX FUND, L.P.
  

By: Flagship Ventures Fund V General Partner LLC, its General Partner

		
	By:	 	/s/ Noubar B. Afeyan
		 	Name:	 	Noubar B. Afeyan, Ph.D.
		 	Title:	 	Manager

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY SELECT PORTFOLIOS: BIOTECHNOLOGY PORTFOLIO

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY ADVISOR SERIES VII: FIDELITY ADVISOR BIOTECHNOLOGY FUND

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY GROWTH COMPANY COMMINGLED POOL
  

By: Fidelity Management & Trust Co.

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY MT. VERNON STREET TRUST: FIDELITY GROWTH COMPANY FUND

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY MT. VERNON STREET TRUST: FIDELITY SERIES GROWTH COMPANY FUND

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

YUKON INVESTORS, LLC
  

By: Pavilion Alternatives Group, LLC, its manager

		
	By:	 	/s/ Donn Cox
		 	Name:	 	Donn Cox
		 	Title:	 	President and Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ALEXANDRIA VENTURE INVESTMENTS, LLC, a Delaware limited liability company
  

By: ALEXANDRIA REAL ESTATE EQUITIES, INC., a Maryland corporation, managing member

		
	By:	 	/s/ Aaron Jacobson
		 	Name:	 	Aaron Jacobson
		 	Title:	 	VP – Corporate Counsel

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

Q-VENTURES PROGRAM II (CO-INVEST HOLDINGS) LTD.

		
	By:	 	/s/ Christopher L. Quinn
		 	Name:	 	Christopher L. Quinn
		 	Title:	 	CFO

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

HH RSV-CAK Holdings Limited

		
	By:	 	/s/ Colm John O’Connell
		 	Name:	 	Colm John O’Connell
		 	Title:	 	Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FAR WISE LIMITED

		
	By:	 	/s/ Yuan Sun
		 	Name:	 	Yuan Sun
		 	Title:	 	Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

BOXER CAPITAL, LLC

		
	By:	 	/s/ Aaron Davis
		 	Name:	 	Aaron Davis
		 	Title:	 	CEO

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ECOR1 CAPITAL FUND, L.P.
  

By: EcoR1 Capital, LLC, its General Partner

		
	By:	 	/s/ Oleg Nodelman
		 	Name:	 	Oleg Nodelman
		 	Title:	 	Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ECOR1 CAPITAL FUND QUALIFIED, L.P.
  

By: EcoR1 Capital, LLC, its General Partner

		
	By:	 	/s/ Oleg Nodelman
		 	Name:	 	Oleg Nodelman
		 	Title:	 	Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

CASDIN MASTER FUND, L.P.
  

By: Casdin Partners GP, LLC its General Partner

		
	By:	 	/s/ Eli Casdin
		 	Name:	 	Eli Casdin
		 	Title:	 	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR(S):
		
	Signature:	 	/s/ Douglas E. Williams
	Name: Douglas E. Williams

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR(S):
		
	Signature:	 	/s/ Alexander Casdin
	Name: Alexander Casdin

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR(S):
		
	Signature:	 	/s/ Nathan Jorgensen
	Name: Nathan Jorgensen

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR(S):
		
	Signature:	 	/s/ Mohamed Adel Ghanem
	Name: Mohamed Adel Ghanem

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENTEX-10.1

 Exhibit 10.1 

CODIAK BIOSCIENCES, INC. 

2015 STOCK OPTION AND GRANT PLAN 
  

	SECTION 1.	 GENERAL PURPOSE OF THE PLAN; DEFINITIONS 

The name of the plan is the Codiak BioSciences, Inc. 2015 Stock Option and Grant Plan (the “Plan”). The purpose of the Plan is to
encourage and enable the officers, employees, directors, Consultants and other key persons of Codiak BioSciences, Inc., a Delaware corporation (including any successor entity, the “Company”), and its Subsidiaries, upon whose judgment,
initiative and efforts the Company largely depends for the successful conduct of its business, to acquire a proprietary interest in the Company. 

The following terms shall be defined as set forth below: 

“Affiliate” of any Person means a Person that directly or indirectly, through one or more intermediaries, controls, is
controlled by or is under common control with the first mentioned Person. A Person shall be deemed to control another Person if such first Person possesses directly or indirectly the power to direct, or cause the direction of, the management and
policies of the second Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Award” or
“Awards,” except where referring to a particular category of grant under the Plan, shall include Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted
Stock Awards, Restricted Stock Units or any combination of the foregoing. 
 “Award Agreement” means a
written or electronic agreement setting forth the terms and provisions applicable to an Award granted under the Plan. Each Award Agreement may contain terms and conditions in addition to those set forth in the Plan; provided, however,
in the event of any conflict in the terms of the Plan and the Award Agreement, the terms of the Plan shall govern. 

“Board” means the Board of Directors of the Company. 

“Cause” shall have the meaning as set forth in the Award Agreement(s). In the case that any Award Agreement does not contain
a definition of “Cause,” it shall mean (i) the grantee’s dishonest statements or acts with respect to the Company or any Affiliate of the Company, or any current or prospective customers, suppliers vendors or other third parties
with which such entity does business; (ii) the grantee’s commission of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the grantee’s failure to perform his assigned
duties and responsibilities to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment of the Company, after written notice given to the grantee by the Company; (iv) the grantee’s gross negligence,
willful misconduct or insubordination with respect to the Company or any Affiliate of the Company; or (v) the grantee’s material violation of any provision of any agreement(s) between the grantee and the Company relating to noncompetition,
nonsolicitation, nondisclosure and/or assignment of inventions. 

  
 1 

 “Chief Executive Officer” means the Chief Executive Officer of the Company
or, if there is no Chief Executive Officer, then the President of the Company. 
 “Code” means the Internal Revenue Code of
1986, as amended, and any successor Code, and related rules, regulations and interpretations. 
 “Committee” means the
Committee of the Board referred to in Section 2. 
 “Consultant” means any natural person that provides bona fide
services to the Company (including a Subsidiary), and such services are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s
securities. 
 “Disability” means “disability” as defined in Section 422(c) of the Code. 

“Effective Date” means the date on which the Plan is adopted as set forth on the final page of the Plan. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 

“Fair Market Value” of the Stock on any given date means the fair market value of the Stock determined in good faith by the
Committee based on the reasonable application of a reasonable valuation method not inconsistent with Section 409A of the Code. If the Stock is admitted to trade on a national securities exchange, the determination shall be made by reference to
the closing price reported on such exchange. If there is no closing price for such date, the determination shall be made by reference to the last date preceding such date for which there is a closing price. If the date for which Fair Market Value is
determined is the first day when trading prices for the Stock are reported on a national securities exchange, the Fair Market Value shall be the “Price to the Public” (or equivalent) set forth on the cover page for the final prospectus
relating to the Company’s Initial Public Offering. 
 “Good Reason” shall have the meaning as set forth in the Award
Agreement(s). In the case that any Award Agreement does not contain a definition of “Good Reason,” it shall mean (i) a material diminution in the grantee’s base salary except for across-the-board salary reductions similarly affecting all or substantially all similarly situated employees of the Company or (ii) a change of more than 50 miles in the geographic location at which the
grantee provides services to the Company, so long as the grantee provides at least 90 days’ notice to the Company following the initial occurrence of any such event and the Company fails to cure such event within 30 days thereafter. 

“Grant Date” means the date that the Committee designates in its approval of an Award in accordance with applicable law as
the date on which the Award is granted, which date may not precede the date of such Committee approval. 
 “Holder” means,
with respect to an Award or any Shares, the Person holding such Award or Shares, including the initial recipient of the Award or any Permitted Transferee. 

  
 2 

 “Incentive Stock Option” means any Stock Option designated and qualified as
an “incentive stock option” as defined in Section 422 of the Code. 
 “Initial Public Offering” means the
consummation of the first firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act covering the offer and sale by the Company of its equity securities, as a result of or following which
the Stock shall be publicly held. 
 “Non-Qualified Stock Option” means any Stock
Option that is not an Incentive Stock Option. 
 “Option” or “Stock Option” means any option to purchase
shares of Stock granted pursuant to Section 5. 
 “Permitted Transferees” shall mean any of the following to whom a
Holder may transfer Shares hereunder (as set forth in Section 9(a)(ii)(A)): the Holder’s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Holder’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent of the beneficial
interest, a foundation in which these persons control the management of assets, and any other entity in which these persons own more than fifty percent of the voting interests; provided, however, that any such trust does not require or permit
distribution of any Shares during the term of the Award Agreement unless subject to its terms. Upon the death of the Holder, the term Permitted Transferees shall also include such deceased Holder’s estate, executors, administrators, personal
representatives, heirs, legatees and distributees, as the case may be. 
 “Person” shall mean any individual, corporation,
partnership (limited or general), limited liability company, limited liability partnership, association, trust, joint venture, unincorporated organization or any similar entity. 

“Restricted Stock Award” means Awards granted pursuant to Section 6 and “Restricted Stock” means Shares
issued pursuant to such Awards. 
 “Restricted Stock Unit” means an Award of phantom stock units to a grantee, which may be
settled in cash or Shares as determined by the Committee, pursuant to Section 8. 
 “Sale Event” means the
consummation of (i) the dissolution or liquidation of the Company, (ii) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (iii) a merger, reorganization or
consolidation pursuant to which the holders of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity (or its ultimate parent, if
applicable), (iv) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a Person or group of Persons, or (v) any other acquisition of the business of
the Company, as determined by the Board; provided, however, that the Company’s Initial Public Offering, any subsequent public offering or another capital raising event, or a merger effected solely to change the Company’s domicile
shall not constitute a “Sale Event.” 

  
 3 

 “Section 409A” means Section 409A of the Code and
the regulations and other guidance promulgated thereunder. 
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations thereunder. 
 “Service Relationship” means any relationship as a full-time
employee, part-time employee, director or other key person (including Consultants) of the Company or any Subsidiary or any successor entity (e.g., a Service Relationship shall be deemed to continue without interruption in the event an
individual’s status changes from full-time employee to part-time employee or Consultant). 
 “Shares” means shares of
Stock. 
 “Stock” means the Class A Common Stock, par value $0.0001 per share, of the Company. 

“Subsidiary” means any corporation or other entity (other than the Company) in which the Company has more than a
50 percent interest, either directly or indirectly. 
 “Ten Percent Owner” means an employee who owns or is deemed to
own (by reason of the attribution rules of Section 424(d) of the Code) more than 10 percent of the combined voting power of all classes of stock of the Company or any parent of the Company or any Subsidiary. 

“Termination Event” means the termination of the Award recipient’s Service Relationship with the Company and its
Subsidiaries for any reason whatsoever, regardless of the circumstances thereof, and including, without limitation, upon death, disability, retirement, discharge or resignation for any reason, whether voluntarily or involuntarily. The following
shall not constitute a Termination Event: (i) a transfer to the service of the Company from a Subsidiary or from the Company to a Subsidiary, or from one Subsidiary to another Subsidiary or (ii) an approved leave of absence for military
service or sickness, or for any other purpose approved by the Committee, if the individual’s right to re-employment is guaranteed either by a statute or by contract or under the policy pursuant to which
the leave of absence was granted or if the Committee otherwise so provides in writing. 
 “Unrestricted Stock Award” means
any Award granted pursuant to Section 7 and “Unrestricted Stock” means Shares issued pursuant to such Awards. 
  

	SECTION 2.	 ADMINISTRATION OF PLAN; COMMITTEE AUTHORITY TO SELECT GRANTEES AND DETERMINE AWARDS

 (a)    Administration of Plan. The Plan shall be administered by the Board, or at the
discretion of the Board, by a committee of the Board, comprised of not less than two directors. All references herein to the “Committee” shall be deemed to refer to the group then responsible for administration of the Plan at the relevant
time (i.e., either the Board of Directors or a committee or committees of the Board, as applicable). 
 (b)    Powers
of Committee. The Committee shall have the power and authority to grant Awards consistent with the terms of the Plan, including the power and authority: 

(i)    to select the individuals to whom Awards may from time to time be granted; 

  
 4 

 (ii)    to determine the time or times of grant, and the amount, if any,
of Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock Awards, Unrestricted Stock Awards, Restricted Stock Units, or any combination of the foregoing, granted to any one or more grantees;

 (iii)    to determine the number of Shares to be covered by any Award and, subject to the provisions of the Plan, the
price, exercise price, conversion ratio or other price relating thereto; 
 (iv)    to determine and, subject to
Section 12, to modify from time to time the terms and conditions, including restrictions, not inconsistent with the terms of the Plan, of any Award, which terms and conditions may differ among individual Awards and grantees, and to approve the
form of Award Agreements; 
 (v)    to accelerate at any time the exercisability or vesting of all or any portion of any
Award; 
 (vi)    to impose any limitations on Awards, including limitations on transfers, repurchase provisions and the
like, and to exercise repurchase rights or obligations; 
 (vii)    subject to Section 5(a)(ii) and any restrictions
imposed by Section 409A, to extend at any time the period in which Stock Options may be exercised; and 

(viii)    at any time to adopt, alter and repeal such rules, guidelines and practices for administration of the Plan and
for its own acts and proceedings as it shall deem advisable; to interpret the terms and provisions of the Plan and any Award (including Award Agreements); to make all determinations it deems advisable for the administration of the Plan; to decide
all disputes arising in connection with the Plan; and to otherwise supervise the administration of the Plan. 
 All decisions and interpretations of the
Committee shall be binding on all persons, including the Company and all Holders. 
 (c)    Award Agreement.
Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award. 

(d)    Indemnification. Neither the Board nor the Committee, nor any member of either or any delegate thereof, shall
be liable for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the Board and the Committee (and any delegate thereof) shall be entitled in all cases to
indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom to the fullest extent permitted by law and/or under the
Company’s governing documents, including its certificate of incorporation or bylaws, or any directors’ and officers’ liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between
such individual and the Company. 

  
 5 

 (e)    Foreign Award Recipients. Notwithstanding any provision of
the Plan to the contrary, in order to comply with the laws in other countries in which the Company and any Subsidiary operate or have employees or other individuals eligible for Awards, the Committee, in its sole discretion, shall have the power and
authority to: (i) determine which Subsidiaries, if any, shall be covered by the Plan; (ii) determine which individuals, if any, outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions
of any Award granted to individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent the Committee determines such actions to
be necessary or advisable (and such subplans and/or modifications shall be attached to the Plan as appendices); provided, however, that no such subplans and/or modifications shall increase the share limitation contained in
Section 3(a) hereof; and (v) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals.

  

	SECTION 3.	 STOCK ISSUABLE UNDER THE PLAN; MERGERS AND OTHER TRANSACTIONS; SUBSTITUTION 

(a)    Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be
8,400,000 Shares, subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the
issuance of Stock or otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for
issuance under the Plan. Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 8,400,000 Shares may be issued pursuant to Incentive Stock Options. The Shares
available for issuance under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than
8,400,000 Shares shall be granted to any one individual in any calendar year period. 
 (b)    Changes in Stock.
Subject to Section 3(c) hereof, if, as a result of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, the outstanding Shares are
increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional Shares or new or different shares or other securities of the Company or other
non-cash assets are distributed with respect to such Shares or other securities, in each case, without the receipt of consideration by the Company, or, if, as a result of any merger or consolidation, or sale
of all or substantially all of the assets of the Company, the outstanding Shares are converted into or exchanged for other securities of the Company or any successor entity (or a parent or subsidiary thereof), the Committee shall make an appropriate
and proportionate adjustment in (i) the maximum number of Shares reserved for issuance under the Plan, (ii) the number and kind of Shares or other securities subject to any then outstanding Awards under the Plan, (iii) the repurchase
price, if any, per Share subject to each outstanding Award, and (iv) the exercise price for each Share subject to any then outstanding Stock Options under the Plan, without changing the aggregate exercise price (i.e., the exercise price
multiplied by the number of Stock 

  
 6 

 
Options) as to which such Stock Options remain exercisable. The adjustment by the Committee shall be final, binding and conclusive. No fractional Shares shall be issued under the Plan resulting
from any such adjustment, but the Committee in its discretion may make a cash payment in lieu of fractional shares. 

(c)    Sale Events. 

(i)    Options. 

(A)    In the case of and subject to the consummation of a Sale Event, the Plan and all outstanding Options
issued hereunder shall terminate upon the effective time of any such Sale Event unless assumed or continued by the successor entity, or new stock options or other awards of the successor entity or parent thereof are substituted therefor, with an equitable or proportionate adjustment as to the number and kind of shares and, if appropriate, the per share exercise prices, as such parties shall agree (after taking into account any
acceleration hereunder and/or pursuant to the terms of any Award Agreement). 
 (B)    In the event of
the termination of the Plan and all outstanding Options issued hereunder pursuant to Section 3(c), each Holder of Options shall be permitted, within a period of time prior to the consummation of the Sale Event as specified by the Committee, to
exercise all such Options which are then exercisable or will become exercisable as of the effective time of the Sale Event; provided, however, that the exercise of Options not exercisable prior to the Sale Event shall be subject to the
consummation of the Sale Event. 
 (C)    Notwithstanding anything to the contrary in
Section 3(c)(i)(A), in the event of a Sale Event, the Company shall have the right, but not the obligation, to make or provide for a cash payment to the Holders of Options, without any consent of the Holders, in exchange for the cancellation
thereof, in an amount equal to the difference between (A) the value as determined by the Committee of the consideration payable per share of Stock pursuant to the Sale Event (the “Sale Price”) times the number of Shares subject to
outstanding Options being cancelled (to the extent then vested and exercisable, including by reason of acceleration in connection with such Sale Event, at prices not in excess of the Sale Price) and (B) the aggregate exercise price of all such
outstanding vested and exercisable Options. 
 (ii)    Restricted Stock and Restricted Stock Unit Awards. 

(A)    In the case of and subject to the consummation of a Sale Event, all unvested Restricted Stock and
unvested Restricted Stock Unit Awards (other than those becoming vested as a result of the Sale Event) issued hereunder shall be forfeited immediately prior to the effective time of any such Sale Event unless assumed or continued by the successor
entity, or awards of the successor entity or parent thereof are substituted therefor, with an equitable or proportionate adjustment as to the number and kind of shares subject to such awards as such parties shall agree (after taking into account any
acceleration hereunder and/or pursuant to the terms of any Award Agreement). 

  
 7 

 (B)    In the event of the forfeiture of Restricted
Stock pursuant to Section 3(c)(ii)(A), such Restricted Stock shall be repurchased from the Holder thereof at a price per share equal to the original per share purchase price paid by the Holder (subject to adjustment as provided in
Section 3(b)) for such Shares. 
 (C)    Notwithstanding anything to the contrary in
Section 3(c)(ii)(A), in the event of a Sale Event, the Company shall have the right, but not the obligation, to make or provide for a cash payment to the Holders of Restricted Stock or Restricted Stock Unit Awards, without consent of the
Holders, in exchange for the cancellation thereof, in an amount equal to the Sale Price times the number of Shares subject to such Awards, to be paid at the time of such Sale Event or upon the later vesting of such Awards. 

 

	SECTION 4.	 ELIGIBILITY 

Grantees under the Plan will be such full or part-time officers and other employees, directors, Consultants and key persons of the Company and
any Subsidiary who are selected from time to time by the Committee in its sole discretion; provided, however, that Awards shall be granted only to those individuals described in Rule 701(c) of the Securities Act. 

 

	SECTION 5.	 STOCK OPTIONS 

Upon the grant of a Stock Option, the Company and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award
Agreement shall be determined by the Committee, and such terms and conditions may differ among individual Awards and grantees. 
 Stock
Options granted under the Plan may be either Incentive Stock Options or Non-Qualified Stock Options. Incentive Stock Options may be granted only to employees of the Company or any Subsidiary that is a
“subsidiary corporation” within the meaning of Section 424(f) of the Code. To the extent that any Option does not qualify as an Incentive Stock Option, it shall be deemed a Non-Qualified Stock
Option. 
 (a)    Terms of Stock Options. The Committee in its discretion may grant Stock Options to those
individuals who meet the eligibility requirements of Section 4. Stock Options shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the
Committee shall deem desirable. 
 (i)    Exercise Price. The exercise price per share for the Shares covered by a
Stock Option shall be determined by the Committee at the time of grant but shall not be less than 100 percent of the Fair Market Value on the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the
exercise price per share for the Shares covered by such Incentive Stock Option shall not be less than 110 percent of the Fair Market Value on the Grant Date. 

(ii)    Option Term. The term of each Stock Option shall be fixed by the Committee, but no Stock Option shall be
exercisable more than ten years from the Grant Date. In the case of an Incentive Stock Option that is granted to a Ten Percent Owner, the term of such Stock Option shall be no more than five years from the Grant Date. 

  
 8 

 (iii)    Exercisability; Rights of a Stockholder. Stock Options
shall become exercisable and/or vested at such time or times, whether or not in installments, as shall be determined by the Committee at or after the Grant Date. The Award Agreement may permit a grantee to exercise all or a portion of a Stock Option
immediately at grant; provided that the Shares issued upon such exercise shall be subject to restrictions and a vesting schedule identical to the vesting schedule of the related Stock Option, such Shares shall be deemed to be Restricted Stock for
purposes of the Plan, and the optionee may be required to enter into an additional or new Award Agreement as a condition to exercise of such Stock Option. An optionee shall have the rights of a stockholder only as to Shares acquired upon the
exercise of a Stock Option and not as to unexercised Stock Options. An optionee shall not be deemed to have acquired any Shares unless and until a Stock Option shall have been exercised pursuant to the terms of the Award Agreement and this Plan and
the optionee’s name has been entered on the books of the Company as a stockholder. 
 (iv)    Method of
Exercise. Stock Options may be exercised by an optionee in whole or in part, by the optionee giving written or electronic notice of exercise to the Company, specifying the number of Shares to be purchased. Payment of the purchase price may be
made by one or more of the following methods (or any combination thereof) to the extent provided in the Award Agreement: 

(A)    In cash, by certified or bank check, by wire transfer of immediately available funds, or other
instrument acceptable to the Committee; 
 (B)    If permitted by the Committee, by the optionee
delivering to the Company a promissory note, if the Board has expressly authorized the loan of funds to the optionee for the purpose of enabling or assisting the optionee to effect the exercise of his or her Stock Option; provided, that at
least so much of the exercise price as represents the par value of the Stock shall be paid in cash if required by state law; 

(C)    If permitted by the Committee and the Initial Public Offering has occurred (or the Stock otherwise
becomes publicly-traded), through the delivery (or attestation to the ownership) of Shares that have been purchased by the optionee on the open market or that are beneficially owned by the optionee and are not then subject to restrictions under any
Company plan. To the extent required to avoid variable accounting treatment under ASC 718 or other applicable accounting rules, such surrendered Shares if originally purchased from the Company shall have been owned by the optionee for at least six
months. Such surrendered Shares shall be valued at Fair Market Value on the exercise date; 
 (D)    If
permitted by the Committee and the Initial Public Offering has occurred (or the Stock otherwise becomes publicly-traded), by the optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a
broker to promptly deliver to the Company cash or a check payable and acceptable to the Company for the purchase price; provided that in the event the optionee chooses to pay the purchase price as so provided, the optionee and the broker
shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Committee shall prescribe as a condition of such payment procedure; or 

  
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 (E)    If permitted by the Committee, and only with
respect to Stock Options that are not Incentive Stock Options, by a “net exercise” arrangement pursuant to which the Company will reduce the number of Shares issuable upon exercise by the largest whole number of Shares with a Fair Market
Value that does not exceed the aggregate exercise price. 
 Payment instruments will be received subject to collection. No certificates for
Shares so purchased will be issued to the optionee or, with respect to uncertificated Stock, no transfer to the optionee on the records of the Company will take place, until the Company has completed all steps it has deemed necessary to satisfy
legal requirements relating to the issuance and sale of the Shares, which steps may include, without limitation, (i) receipt of a representation from the optionee at the time of exercise of the Option that the optionee is purchasing the Shares
for the optionee’s own account and not with a view to any sale or distribution of the Shares or other representations relating to compliance with applicable law governing the issuance of securities, (ii) the legending of the certificate
(or notation on any book entry) representing the Shares to evidence the foregoing restrictions, and (iii) obtaining from optionee payment or provision for all withholding taxes due as a result of the exercise of the Option. The delivery of
certificates representing the shares of Stock (or the transfer to the optionee on the records of the Company with respect to uncertificated Stock) to be purchased pursuant to the exercise of a Stock Option will be contingent upon (A) receipt
from the optionee (or a purchaser acting in his or her stead in accordance with the provisions of the Stock Option) by the Company of the full purchase price for such Shares and the fulfillment of any other requirements contained in the Award
Agreement or applicable provisions of laws and (B) if required by the Company, the optionee shall have entered into any stockholders agreements or other agreements with the Company and/or certain other of the Company’s stockholders
relating to the Stock. In the event an optionee chooses to pay the purchase price by previously-owned Shares through the attestation method, the number of Shares transferred to the optionee upon the exercise of the Stock Option shall be net of the
number of Shares attested to. 
 (b)    Annual Limit on Incentive Stock Options. To the extent required for
“incentive stock option” treatment under Section 422 of the Code, the aggregate Fair Market Value (determined as of the Grant Date) of the Shares with respect to which Incentive Stock Options granted under the Plan and any other plan
of the Company or its parent and any Subsidiary that become exercisable for the first time by an optionee during any calendar year shall not exceed $100,000 or such other limit as may be in effect from time to time under Section 422 of the
Code. To the extent that any Stock Option exceeds this limit, it shall constitute a Non-Qualified Stock Option. 

(c)    Termination. Any portion of a Stock Option that is not vested and exercisable on the date of termination of
an optionee’s Service Relationship shall immediately expire and be null and void. Once any portion of the Stock Option becomes vested and exercisable, the optionee’s right to exercise such portion of the Stock Option (or the
optionee’s representatives and legatees as applicable) in the event of a termination of the optionee’s Service Relationship shall continue until the earliest of: (i) the date which is: (A) 12 months following the date on which the
optionee’s Service Relationship terminates due to death or Disability (or such longer period of time as determined by the Committee and set forth in the applicable Award Agreement), or (B) three months following the date on which the
optionee’s Service Relationship terminates if the termination is due to any reason other than death or Disability (or such longer period of time as 

  
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determined by the Committee and set forth in the applicable Award Agreement), or (ii) the Expiration Date set forth in the Award Agreement; provided that notwithstanding the
foregoing, an Award Agreement may provide that if the optionee’s Service Relationship is terminated for Cause, the Stock Option shall terminate immediately and be null and void upon the date of the optionee’s termination and shall not
thereafter be exercisable. 
  

	SECTION 6.	 RESTRICTED STOCK AWARDS 

(a)    Nature of Restricted Stock Awards. The Committee may, in its sole discretion, grant (or sell at par value or
such other purchase price determined by the Committee) to an eligible individual under Section 4 hereof a Restricted Stock Award under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted Stock
Award at the time of grant. Conditions may be based on continuing employment (or other Service Relationship), achievement of pre-established performance goals and objectives and/or such other criteria as the
Committee may determine. Upon the grant of a Restricted Stock Award, the Company and the grantee shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Committee, and such terms and
conditions may differ among individual Awards and grantees. 
 (b)    Rights as a Stockholder. Upon the grant of
the Restricted Stock Award and payment of any applicable purchase price, a grantee of Restricted Stock shall be considered the record owner of and shall be entitled to vote the Restricted Stock if, and to the extent, such Shares are entitled to
voting rights, subject to such conditions contained in the Award Agreement. The grantee shall be entitled to receive all dividends and any other distributions declared on the Shares; provided, however, that the Company is under no duty
to declare any such dividends or to make any such distribution. Unless the Committee shall otherwise determine, certificates evidencing the Restricted Stock shall remain in the possession of the Company until such Restricted Stock is vested as
provided in subsection (d) below of this Section, and the grantee shall be required, as a condition of the grant, to deliver to the Company a stock power endorsed in blank and such other instruments of transfer as the Committee may prescribe.

 (c)    Restrictions. Restricted Stock may not be sold, assigned, transferred, pledged or otherwise encumbered
or disposed of except as specifically provided herein or in the Award Agreement. Except as may otherwise be provided by the Committee either in the Award Agreement or, subject to Section 12 below, in writing after the Award Agreement is issued,
if a grantee’s Service Relationship with the Company and any Subsidiary terminates, the Company or its assigns shall have the right, as may be specified in the relevant instrument, to repurchase some or all of the Shares subject to the Award at
such purchase price as is set forth in the Award Agreement. 
 (d)    Vesting of Restricted Stock. The Committee
at the time of grant shall specify in the Award Agreement the date or dates and/or the attainment of pre-established performance goals, objectives and other conditions on which the substantial risk of
forfeiture imposed shall lapse and the Restricted Stock shall become vested, subject to such further rights of the Company or its assigns as may be specified in the Award Agreement. 

  
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	SECTION 7.	 UNRESTRICTED STOCK AWARDS 

The Committee may, in its sole discretion, grant (or sell at par value or such other purchase price determined by the Committee) to an eligible
person under Section 4 hereof an Unrestricted Stock Award under the Plan. Unrestricted Stock Awards may be granted in respect of past services or other valid consideration, or in lieu of cash compensation due to such grantee. 

 

	SECTION 8.	 RESTRICTED STOCK UNITS 

(a)    Nature of Restricted Stock Units. The Committee may, in its sole discretion, grant to an eligible person
under Section 4 hereof Restricted Stock Units under the Plan. The Committee shall determine the restrictions and conditions applicable to each Restricted Stock Unit at the time of grant. Vesting conditions may be based on continuing employment
(or other Service Relationship), achievement of pre-established performance goals and objectives and/or other such criteria as the Committee may determine. Upon the grant of Restricted Stock Units, the grantee
and the Company shall enter into an Award Agreement. The terms and conditions of each such Award Agreement shall be determined by the Committee and may differ among individual Awards and grantees. On or promptly following the vesting date or dates
applicable to any Restricted Stock Unit, but in no event later than March 15 of the year following the year in which such vesting occurs, such Restricted Stock Unit(s) shall be settled in the form of cash or shares of Stock, as specified in the
Award Agreement. Restricted Stock Units may not be sold, assigned, transferred, pledged, or otherwise encumbered or disposed of. 

(b)    Rights as a Stockholder. A grantee shall have the rights of a stockholder only as to Shares, if any, acquired
upon settlement of Restricted Stock Units. A grantee shall not be deemed to have acquired any such Shares unless and until the Restricted Stock Units shall have been settled in Shares pursuant to the terms of the Plan and the Award Agreement, the
Company shall have issued and delivered a certificate representing the Shares to the grantee (or transferred on the records of the Company with respect to uncertificated stock), and the grantee’s name has been entered in the books of the
Company as a stockholder. 
 (c)    Termination. Except as may otherwise be provided by the Committee either in
the Award Agreement or in writing after the Award Agreement is issued, a grantee’s right in all Restricted Stock Units that have not vested shall automatically terminate upon the grantee’s cessation of Service Relationship with the Company
and any Subsidiary for any reason. 
  

	SECTION 9.	 TRANSFER RESTRICTIONS; COMPANY RIGHT OF FIRST REFUSAL; COMPANY REPURCHASE RIGHTS 

(a)    Restrictions on Transfer. 

(i)    Non-Transferability of Stock Options. Stock Options and, prior to
exercise, the Shares issuable upon exercise of such Stock Option, shall not be transferable by the optionee otherwise than by will, or by the laws of descent and distribution, and all Stock Options shall be exercisable, during the optionee’s
lifetime, only by the optionee, or by the optionee’s legal representative or guardian in the event of the optionee’s incapacity. Notwithstanding the foregoing, the Committee, in its sole discretion, may provide in the Award Agreement
regarding a given Stock Option that the optionee may transfer by gift, without consideration for the transfer, 

  
 12 

 
his or her Non-Qualified Stock Options to his or her family members (as defined in Rule 701 of the Securities Act), to trusts for the benefit of such
family members, or to partnerships in which such family members are the only partners (to the extent such trusts or partnerships are considered “family members” for purposes of Rule 701 of the Securities Act), provided that the transferee
agrees in writing with the Company to be bound by all of the terms and conditions of this Plan and the applicable Award Agreement, including the execution of a stock power upon the issuance of Shares. Stock Options, and the Shares issuable upon
exercise of such Stock Options, shall be restricted as to any pledge, hypothecation, or other transfer, including any short position, any “put equivalent position” (as defined in the Exchange Act) or any “call equivalent
position” (as defined in the Exchange Act) prior to exercise. 
 (ii)    Shares. No Shares shall be sold,
assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of or encumbered, whether voluntarily or by operation of law, unless (i) the transfer is in compliance with the terms of the applicable Award Agreement,
all applicable securities laws (including, without limitation, the Securities Act), and with the terms and conditions of this Section 9, (ii) the transfer does not cause the Company to become subject to the reporting requirements of the
Exchange Act, and (iii) the transferee consents in writing to be bound by the provisions of the Plan and the Award Agreement, including this Section 9. In connection with any proposed transfer, the Committee may require the transferor to
provide at the transferor’s own expense an opinion of counsel to the transferor, satisfactory to the Committee, that such transfer is in compliance with all foreign, federal and state securities laws (including, without limitation, the
Securities Act). Any attempted transfer of Shares not in accordance with the terms and conditions of this Section 9 shall be null and void, and the Company shall not reflect on its records any change in record ownership of any Shares as a
result of any such transfer, shall otherwise refuse to recognize any such transfer and shall not in any way give effect to any such transfer of Shares. The Company shall be entitled to seek protective orders, injunctive relief and other remedies
available at law or in equity including, without limitation, seeking specific performance or the rescission of any transfer not made in strict compliance with the provisions of this Section 9. Subject to the foregoing general provisions, and
unless otherwise provided in the applicable Award Agreement, Shares may be transferred pursuant to the following specific terms and conditions (provided that with respect to any transfer of Restricted Stock, all vesting and forfeiture provisions
shall continue to apply with respect to the original recipient): 
 (A)    Transfers to Permitted
Transferees. The Holder may transfer any or all of the Shares to one or more Permitted Transferees; provided, however, that following such transfer, such Shares shall continue to be subject to the terms of this Plan (including this
Section 9) and such Permitted Transferee(s) shall, as a condition to any such transfer, deliver a written acknowledgment to that effect to the Company and shall deliver a stock power to the Company with respect to the Shares. Notwithstanding
the foregoing, the Holder may not transfer any of the Shares to a Person whom the Company reasonably determines is a direct competitor or a potential competitor of the Company or any of its Subsidiaries. 

(B)    Transfers Upon Death. Upon the death of the Holder, any Shares then held by the Holder at the
time of such death and any Shares acquired after the Holder’s death by the Holder’s legal representative shall be subject to the provisions of this Plan, and the Holder’s estate, executors, administrators, personal representatives,
heirs, legatees and distributees shall be obligated to convey such Shares to the Company or its assigns under the terms contemplated by the Plan and the Award Agreement. 

  
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 (b)    Right of First Refusal. In the event that a Holder desires
at any time to sell or otherwise transfer all or any part of his or her Shares (other than shares of Restricted Stock which by their terms are not transferrable), the Holder first shall give written notice to the Company of the Holder’s
intention to make such transfer. Such notice shall state the number of Shares that the Holder proposes to sell (the “Offered Shares”), the price and the terms at which the proposed sale is to be made and the name and address of the
proposed transferee. At any time within 30 days after the receipt of such notice by the Company, the Company or its assigns may elect to purchase all or any portion of the Offered Shares at the price and on the terms offered by the proposed
transferee and specified in the notice. The Company or its assigns shall exercise this right by mailing or delivering written notice to the Holder within the foregoing 30-day period. If the Company or its
assigns elect to exercise its purchase rights under this Section 9(b), the closing for such purchase shall, in any event, take place within 45 days after the receipt by the Company of the initial notice from the Holder. In the event that the
Company or its assigns do not elect to exercise such purchase right, or in the event that the Company or its assigns do not pay the full purchase price within such 45-day period, the Holder shall be required
to pay a transaction processing fee of $10,000 to the Company (unless waived by the Committee) and then may, within 60 days thereafter, sell the Offered Shares to the proposed transferee and at the same price and on the same terms as specified in
the Holder’s notice. Any Shares not sold to the proposed transferee shall remain subject to the Plan. If the Holder is a party to any stockholders agreements or other agreements with the Company and/or certain other of the Company’s
stockholders relating to the Shares, (i) the transferring Holder shall comply with the requirements of such stockholders agreements or other agreements relating to any proposed transfer of the Offered Shares, and (ii) any proposed
transferee that purchases Offered Shares shall enter into such stockholders agreements or other agreements with the Company and/or certain of the Company’s stockholders relating to the Offered Shares on the same terms and in the same capacity
as the transferring Holder. 
 (c)    Company’s Right of Repurchase. 

(i)    Right of Repurchase for Unvested Shares Issued Upon the Exercise of an Option. Upon a Termination Event, the
Company or its assigns shall have the right and option to repurchase from a Holder of Shares acquired upon exercise of a Stock Option which are still subject to a risk of forfeiture as of the Termination Event. Such repurchase rights may be
exercised by the Company within the later of (A) six months following the date of such Termination Event or (B) seven months after the acquisition of Shares upon exercise of a Stock Option. The repurchase price shall be equal to the lower
of the original per share price paid by the Holder, subject to adjustment as provided in Section 3(b) of the Plan, or the current Fair Market Value of such Shares as of the date the Company elects to exercise its repurchase rights. 

(ii)    Right of Repurchase With Respect to Restricted Stock. Upon a Termination Event, the Company or its assigns
shall have the right and option to repurchase from a Holder of Shares received pursuant to a Restricted Stock Award any Shares that are still subject to a risk of forfeiture as of the Termination Event. Such repurchase right may be exercised by the
Company within six months following the date of such Termination Event. The repurchase price shall be the lower of the original per share purchase price paid by the Holder, subject to adjustment as provided in Section 3(b) of the Plan, or the
current Fair Market Value of such Shares as of the date the Company elects to exercise its repurchase rights. 

  
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 (iii)    Procedure. Any repurchase right of the Company shall be
exercised by the Company or its assigns by giving the Holder written notice on or before the last day of the repurchase period of its intention to exercise such repurchase right. Upon such notification, the Holder shall promptly surrender to the
Company, free and clear of any liens or encumbrances, any certificates representing the Shares being purchased, together with a duly executed stock power for the transfer of such Shares to the Company or the Company’s assignee or assignees.
Upon the Company’s or its assignee’s receipt of the certificates from the Holder, the Company or its assignee or assignees shall deliver to him, her or them a check for the applicable repurchase price; provided, however, that the
Company may pay the repurchase price by offsetting and canceling any indebtedness then owed by the Holder to the Company. 

(d)    Reserved. 

(e)    Escrow Arrangement. 

(i)    Escrow. In order to carry out the provisions of this Section 9 of this Plan more effectively, the
Company shall hold any Shares issued pursuant to Awards granted under the Plan in escrow together with separate stock powers executed by the Holder in blank for transfer. The Company shall not dispose of the Shares except as otherwise provided in
this Plan. In the event of any repurchase by the Company (or any of its assigns), the Company is hereby authorized by the Holder, as the Holder’s attorney-in-fact,
to date and complete the stock powers necessary for the transfer of the Shares being purchased and to transfer such Shares in accordance with the terms hereof. At such time as any Shares are no longer subject to the Company’s repurchase and
first refusal rights, the Company shall, at the written request of the Holder, deliver to the Holder a certificate representing such Shares with the balance of the Shares to be held in escrow pursuant to this Section. 

(ii)    Remedy. Without limitation of any other provision of this Plan or other rights, in the event that a Holder
or any other Person is required to sell a Holder’s Shares pursuant to the provisions of Sections 9(b) or (c) hereof and in the further event that he or she refuses or for any reason fails to deliver to the Company or its designated
purchaser of such Shares the certificate or certificates evidencing such Shares together with a related stock power, the Company or such designated purchaser may deposit the applicable purchase price for such Shares with a bank designated by the
Company, or with the Company’s independent public accounting firm, as agent or trustee, or in escrow, for such Holder or other Person, to be held by such bank or accounting firm for the benefit of and for delivery to him, her, them or it,
and/or, in its discretion, pay such purchase price by offsetting any indebtedness then owed by such Holder as provided above. Upon any such deposit and/or offset by the Company or its designated purchaser of such amount and upon notice to the Person
who was required to sell the Shares to be sold pursuant to the provisions of Sections 9(b) or (c), such Shares shall at such time be deemed to have been sold, assigned, transferred and conveyed to such purchaser, such Holder shall have no further
rights thereto (other than the right to withdraw the payment thereof held in escrow, if applicable), and the Company shall record such transfer in its stock transfer book or in any appropriate manner. 

  
 15 

 (f)    Lockup Provision. If requested by the Company, a Holder
shall not sell or otherwise transfer or dispose of any Shares (including, without limitation, pursuant to Rule 144 under the Securities Act) held by him or her for such period following the effective date of a public offering by the Company of
Shares as the Company shall specify reasonably and in good faith. If requested by the underwriter engaged by the Company, each Holder shall execute a separate letter confirming his or her agreement to comply with this Section. 

(g)    Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding Shares are increased or decreased or are exchanged for a different number or kind of securities of the Company, the
restrictions contained in this Section 9 shall apply with equal force to additional and/or substitute securities, if any, received by Holder in exchange for, or by virtue of his or her ownership of, Shares. 

(h)    Termination. The terms and provisions of Section 9(b) and Section 9(c) (except for the
Company’s right to repurchase Shares still subject to a risk of forfeiture upon a Termination Event) shall terminate upon the closing of the Company’s Initial Public Offering or upon consummation of any Sale Event, in either case as a
result of which Shares are registered under Section 12 of the Exchange Act and publicly-traded on any national security exchange. 
  

	SECTION 10.	 TAX WITHHOLDING 

(a)    Payment by Grantee. Each grantee shall, no later than the date as of which the value of an Award or of any
Shares or other amounts received thereunder first becomes includable in the gross income of the grantee for income tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any Federal, state, or
local taxes of any kind required by law to be withheld by the Company with respect to such income. The Company and any Subsidiary shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise
due to the grantee. The Company’s obligation to deliver stock certificates (or evidence of book entry) to any grantee is subject to and conditioned on any such tax withholding obligations being satisfied by the grantee. 

(b)    Payment in Stock. The Company’s minimum required tax withholding obligation may be satisfied, in whole
or in part, by the Company withholding from Shares to be issued pursuant to an Award a number of Shares having an aggregate Fair Market Value (as of the date the withholding is effected) that would satisfy the minimum withholding amount due. 

 

	SECTION 11.	 SECTION 409A AWARDS. 

To the extent that any Award is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A
(a “409A Award”), the Award shall be subject to such additional rules and requirements as may be specified by the Committee from time to time. In this regard, if any amount under a 409A Award is payable upon a “separation from
service” (within the meaning of Section 409A) to a grantee who is considered a “specified employee” (within the meaning of Section 409A), then no such payment shall be made prior to the date that is the earlier of
(i) six months and one day after the grantee’s separation from service, or (ii) the grantee’s death, but only to the extent such delay is necessary to prevent such payment from being

  
 16 

 
subject to interest, penalties and/or additional tax imposed pursuant to Section 409A. The Company makes no representation or warranty and shall have no liability to any grantee under the
Plan or any other Person with respect to any penalties or taxes under Section 409A that are, or may be, imposed with respect to any Award. 
  

	SECTION 12.	 AMENDMENTS AND TERMINATION 

The Board may, at any time, amend or discontinue the Plan and the Committee may, at any time, amend or cancel any outstanding Award for the
purpose of satisfying changes in law or for any other lawful purpose, but no such action shall adversely affect rights under any outstanding Award without the consent of the holder of the Award. The Committee may exercise its discretion to reduce
the exercise price of outstanding Stock Options or effect repricing through cancellation of outstanding Stock Options and by granting such holders new Awards in replacement of the cancelled Stock Options. To the extent determined by the Committee to
be required either by the Code to ensure that Incentive Stock Options granted under the Plan are qualified under Section 422 of the Code or otherwise, Plan amendments shall be subject to approval by the Company stockholders entitled to vote at
a meeting of stockholders. Nothing in this Section 12 shall limit the Board’s or Committee’s authority to take any action permitted pursuant to Section 3(c). The Board reserves the right to amend the Plan and/or the terms of any
outstanding Stock Options to the extent reasonably necessary to comply with the requirements of the exemption pursuant to paragraph (f)(4) of Rule 12h-1 of the Exchange Act. 

 

	SECTION 13.	 STATUS OF PLAN 

With respect to the portion of any Award that has not been exercised and any payments in cash, Stock or other consideration not received by a
grantee, a grantee shall have no rights greater than those of a general creditor of the Company unless the Committee shall otherwise expressly so determine in connection with any Award. 

 

	SECTION 14.	 GENERAL PROVISIONS 

(a)    No Distribution; Compliance with Legal Requirements. The Committee may require each person acquiring Shares
pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to distribution thereof. No Shares shall be issued pursuant to an Award until all applicable securities law and other
legal and stock exchange or similar requirements have been satisfied. The Committee may require the placing of such stop-orders and restrictive legends on certificates for Stock and Awards as it deems appropriate. 

(b)    Delivery of Stock Certificates. Stock certificates to grantees under the Plan shall be deemed delivered for
all purposes when the Company or a stock transfer agent of the Company shall have mailed such certificates in the United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company; provided that stock
certificates to be held in escrow pursuant to Section 9 of the Plan shall be deemed delivered when the Company shall have recorded the issuance in its records. Uncertificated Stock shall be deemed delivered for all purposes when the Company or
a stock transfer agent of the Company shall have given to the grantee by electronic mail (with proof of receipt) or by United States mail, addressed to the grantee, at the grantee’s last known address on file with the Company, notice of
issuance and recorded the issuance in its records (which may include electronic “book entry” records). 

  
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 (c)    No Employment Rights. The adoption of the Plan and
the grant of Awards do not confer upon any Person any right to continued employment or Service Relationship with the Company or any Subsidiary. 

(d)    Trading Policy Restrictions. Option exercises and other Awards under the Plan shall be subject to the
Company’s insider trading policy-related restrictions, terms and conditions as may be established by the Committee, or in accordance with policies set by the Committee, from time to time. 

(e)    Designation of Beneficiary. Each grantee to whom an Award has been made under the Plan may designate a
beneficiary or beneficiaries to exercise any Award on or after the grantee’s death or receive any payment under any Award payable on or after the grantee’s death. Any such designation shall be on a form provided for that purpose by the
Committee and shall not be effective until received by the Committee. If no beneficiary has been designated by a deceased grantee, or if the designated beneficiaries have predeceased the grantee, the beneficiary shall be the grantee’s estate.

 (f)    Legend. Any certificate(s) representing the Shares shall carry substantially the following legend (and
with respect to uncertificated Stock, the book entries evidencing such shares shall contain the following notation): 
 The transferability
of this certificate and the shares of stock represented hereby are subject to the restrictions, terms and conditions (including repurchase and restrictions against transfers) contained in the Codiak BioSciences, Inc. 2015 Stock Option and
Grant Plan and any agreements entered into thereunder by and between the company and the holder of this certificate (a copy of which is available at the offices of the company for examination). 

(g)    Information to Holders of Options. In the event the Company is relying on the exemption from the registration
requirements of Section 12(g) of the Exchange Act contained in paragraph (f)(1) of Rule 12h-1 of the Exchange Act, the Company shall provide the information described in Rule 701(e)(3), (4) and
(5) of the Securities Act to all holders of Options in accordance with the requirements thereunder. The foregoing notwithstanding, the Company shall not be required to provide such information unless the optionholder has agreed in writing, on a
form prescribed by the Company, to keep such information confidential. 
  

	SECTION 15.	 EFFECTIVE DATE OF PLAN 

The Plan shall become effective upon adoption by the Board and shall be approved by stockholders in accordance with applicable state law and
the Company’s articles of incorporation and bylaws within 12 months thereafter. If the stockholders fail to approve the Plan within 12 months after its adoption by the Board of Directors, then any Awards granted or sold under the Plan shall be
rescinded and no additional grants or sales shall thereafter be made under the Plan. Subject to such approval by stockholders and to the requirement that no Shares may be issued 

  
 18 

 
hereunder prior to such approval, Stock Options and other Awards may be granted hereunder on and after adoption of the Plan by the Board. No grants of Stock Options and other Awards may be made
hereunder after the tenth anniversary of the date the Plan is adopted by the Board or the date the Plan is approved by the Company’s stockholders, whichever is earlier. 
  

	SECTION 16.	 GOVERNING LAW 

This Plan, all Awards and any controversy arising out of or relating to this Plan and all Awards shall be governed by and construed in
accordance with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of Massachusetts, without regard to
conflict of law principles that would result in the application of any law other than the law of the Commonwealth of Massachusetts. 
 DATE ADOPTED BY THE
BOARD OF DIRECTORS:    November 12, 2015 
 DATE APPROVED BY THE
STOCKHOLDERS:             November 12, 2015 

  
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 CODIAK BIOSCIENCES, INC. 

AMENDMENT NO. 1 TO 

2015 STOCK OPTION AND GRANT PLAN 

WHEREAS, the Board of Directors and the stockholders of Codiak BioSciences, Inc. (the “Corporation”) approved and adopted the
2015 Stock Option and Grant Plan (the “Plan”) of the Corporation on November 11, 2015; 
 WHEREAS, the Board of
Directors and the stockholders of the Corporation have determined that it is in the best interest of the Corporation to amend the Plan as set forth in this Amendment. 

NOW, THEREFORE, the Plan is amended as follows: 
  

	1.	 Amendment of the 2015 Stock Option and Grant Plan 

1.01. Section 3(a) of the Plan is hereby amended and restated in its entirety to read as follows: 

“Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 17,000,000 Shares,
subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or
otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan.
Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 17,000,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under
the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 17,000,000 Shares shall be granted to
any one individual in any calendar year period.” 
  

	2.	 Miscellaneous. 

2.01. Effect. Except as amended hereby, the Plan shall remain in full force and effect. 

2.02. Defined Terms. All capitalized terms used but not specifically defined herein shall have the same meanings given such terms
in the Plan unless the context clearly indicates or dictates a contrary meaning. 

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

			
	ADOPTED BY BOARD OF DIRECTORS:	  	February 18, 2016 & June 8, 2016
		
	APPROVED BY STOCKHOLDERS:	  	August 8, 2016

  
 2 

 CODIAK BIOSCIENCES, INC. 

AMENDMENT NO. 2 TO 

2015 STOCK OPTION AND GRANT PLAN 

WHEREAS, the Board of Directors and the stockholders of Codiak BioSciences, Inc. (the “Corporation”) approved and adopted the
2015 Stock Option and Grant Plan (the “Plan”) of the Corporation on November 12, 2015, which was amended on August 8, 2016; 

WHEREAS, the Board of Directors and the stockholders of the Corporation have determined that it is in the best interest of the Corporation to
amend the Plan as set forth in this Amendment. 
 NOW, THEREFORE, the Plan is amended as follows: 

 

	1.	 Amendment of the 2015 Stock Option and Grant Plan 

1.01. Section 3(a) of the Plan is hereby amended and restated in its entirety to read as follows: 

“Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 21,000,000 Shares,
subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or
otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan.
Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 21,000,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under
the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 21,000,000 Shares shall be granted to
any one individual in any calendar year period.” 
  

	2.	 Miscellaneous. 

2.01. Effect. Except as amended hereby, the Plan shall remain in full force and effect. 

2.02. Defined Terms. All capitalized terms used but not specifically defined herein shall have the same meanings given such terms
in the Plan unless the context clearly indicates or dictates a contrary meaning. 

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

			
	ADOPTED BY BOARD OF DIRECTORS:	  	January 22, 2018
		
	APPROVED BY STOCKHOLDERS:	  	June 5, 2018

  
 2 

 CODIAK BIOSCIENCES, INC. 

AMENDMENT NO. 3 TO 

2015 STOCK OPTION AND GRANT PLAN 

WHEREAS, the Board of Directors and the stockholders of Codiak BioSciences, Inc. (the “Corporation”) approved and adopted the
2015 Stock Option and Grant Plan (the “Plan”) of the Corporation on November 12, 2015, which was amended on August 8, 2016 and June 5, 2018; 

WHEREAS, the Board of Directors and the stockholders of the Corporation have determined that it is in the best interest of the Corporation to
amend the Plan as set forth in this Amendment. 
 NOW, THEREFORE, the Plan is amended as follows: 

 

	1.	 Amendment of the 2015 Stock Option and Grant Plan 

1.01. Section 3(a) of the Plan is hereby amended and restated in its entirety to read as follows: 

“Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 25,000,000 Shares,
subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or
otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan.
Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 25,000,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under
the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 25,000,000 Shares shall be granted to
any one individual in any calendar year period.” 
  

	2.	 Miscellaneous. 

2.01. Effect. Except as amended hereby, the Plan shall remain in full force and effect. 

2.02. Defined Terms. All capitalized terms used but not specifically defined herein shall have the same meanings given such terms
in the Plan unless the context clearly indicates or dictates a contrary meaning. 

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

			
	ADOPTED BY BOARD OF DIRECTORS:	  	October 4, 2018
		
	APPROVED BY STOCKHOLDERS:	  	October 9, 2018

  
 2 

 CODIAK BIOSCIENCES, INC. 

AMENDMENT NO. 4 TO 

2015 STOCK OPTION AND GRANT PLAN 

WHEREAS, the Board of Directors and the stockholders of Codiak BioSciences, Inc. (the “Corporation”) approved and adopted the
2015 Stock Option and Grant Plan (the “Plan”) of the Corporation on November 11, 2015; 
 WHEREAS, the Board of
Directors and the stockholders of the Corporation have determined that it is in the best interest of the Corporation to amend the Plan as set forth in this Amendment. 

NOW, THEREFORE, the Plan is amended as follows: 

1.    Amendment of the 2015 Stock Option and Grant Plan 

1.01.    Section 3(a) of the Plan is hereby amended and restated in its entirety to read as follows: 

“Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 30,500,000 Shares,
subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or
otherwise terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan.
Subject to such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 30,500,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance
under the Plan may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 30,500,000 Shares shall be
granted to any one individual in any calendar year period.” 
 2.    Miscellaneous. 

2.01.    Effect. Except as amended hereby, the Plan shall remain in full force and effect. 

2.02.    Defined Terms. All capitalized terms used but not specifically defined herein shall have the same
meanings given such terms in the Plan unless the context clearly indicates or dictates a contrary meaning. 

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

 CODIAK BIOSCIENCES, INC. 

AMENDMENT NO. 5 TO 

2015 STOCK OPTION AND GRANT PLAN 

WHEREAS, the Board of Directors and the stockholders of Codiak BioSciences, Inc. (the “Company”) approved and adopted the
2015 Stock Option and Grant Plan (the “Plan”) of the Company on November 12, 2015, which was amended on August 8, 2016, June 5, 2018, October 4, 2018 and February 11, 2019; 

WHEREAS, the Board of Directors and the stockholders of the Company have determined that it is in the best interest of the Company and its
stockholders to amend the Plan as set forth in this Amendment No. 5 to 2015 Stock Option and Grant Plan (this “Amendment”). 

NOW, THEREFORE, the Plan is amended as follows: 
  

	1.	 Amendment of the 2015 Stock Option and Grant Plan 

1.01 The Plan is hereby amended by inserting the following language as Section 2(f): 

“Delegation of Authority to Grant Awards. Subject to applicable law, the Committee, in its discretion, may delegate to a committee
consisting of one or more officers of the Company including the Chief Executive Officer of the Company all or part of the Administrator’s authority and duties with respect to the granting of Awards to individuals who are not members of the
delegated committee.” 
 1.02. Section 3(a) of the Plan is hereby amended and restated in its entirety to read as follows:

 “Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 34,500,000 Shares,
subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise
terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan. Subject to
such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 34,500,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan
may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 34,500,000 Shares shall be granted to any one
individual in any calendar year period.” 
  

	2.	 Miscellaneous. 

2.01. Effect. Except as amended hereby, the Plan shall remain in full force and effect. 

2.02. Defined Terms. All capitalized terms used but not specifically defined herein shall have the same meanings given such terms
in the Plan unless the context clearly indicates or dictates a contrary meaning. 

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

			
	ADOPTED BY BOARD OF DIRECTORS:	  	July 29, 2019

  
 2 

 CODIAK BIOSCIENCES, INC. 

AMENDMENT NO. 6 TO 

2015 STOCK OPTION AND GRANT PLAN 

WHEREAS, the Board of Directors and the stockholders of Codiak BioSciences, Inc. (the “Company”) approved and adopted
the 2015 Stock Option and Grant Plan (the “Plan”) of the Company on November 12, 2015, which was amended on August 8, 2016, June 5, 2018, October 4, 2018, February 11, 2019 and July 29, 2019; 

WHEREAS, the Board of Directors and the stockholders of the Company have determined that it is in the best interest of the Company and
its stockholders to amend the Plan as set forth in this Amendment No. 6 to 2015 Stock Option and Grant Plan (this “Amendment”). 

NOW, THEREFORE, the Plan is amended as follows: 
  

	1.	 Amendment of the 2015 Stock Option and Grant Plan 

1.02. Section 3(a) of the Plan is hereby amended and restated in its entirety to read as follows: 

“Stock Issuable. The maximum number of Shares reserved and available for issuance under the Plan shall be 36,000,000 Shares,
subject to adjustment as provided in Section 3(b). For purposes of this limitation, the Shares underlying any Awards that are forfeited, canceled, reacquired by the Company prior to vesting, satisfied without the issuance of Stock or otherwise
terminated (other than by exercise) and Shares that are withheld upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall be added back to the Shares available for issuance under the Plan. Subject to
such overall limitations, Shares may be issued up to such maximum number pursuant to any type or types of Award, and no more than 36,000,000 Shares may be issued pursuant to Incentive Stock Options. The Shares available for issuance under the Plan
may be authorized but unissued Shares or Shares reacquired by the Company. Beginning on the date that the Company becomes subject to Section 162(m) of the Code, Options with respect to no more than 36,000,000 Shares shall be granted to any one
individual in any calendar year period.” 
  

	2.	 Miscellaneous. 

2.01. Effect. Except as amended hereby, the Plan shall remain in full force and effect. 

2.02. Defined Terms. All capitalized terms used but not specifically defined herein shall have the same meanings given such terms
in the Plan unless the context clearly indicates or dictates a contrary meaning. 

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

			
	ADOPTED BY BOARD OF DIRECTORS:	  	January 15, 2020
		
	APPROVED BY STOCKHOLDERS:	  	March 5, 2020

  
 2 

 INCENTIVE STOCK OPTION GRANT NOTICE 

UNDER THE CODIAK BIOSCIENCES, INC. 

2015 STOCK OPTION AND GRANT PLAN 

Pursuant to the Codiak BioSciences, Inc. 2015 Stock Option and Grant Plan (the “Plan”), Codiak BioSciences, Inc., a Delaware
corporation (together with any successor, the “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein, all
or any part of the number of shares of Common Stock, par value $0.0001 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and conditions set
forth in this Incentive Stock Option Grant Notice (the “Grant Notice”), the attached Incentive Stock Option Agreement (the “Agreement”) and the Plan. This Stock Option is intended to qualify as an “incentive stock
option” as defined in Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). To the extent that any portion of the Stock Option does not so qualify, it shall be deemed a non-qualified stock option. 
  

	 Name of Optionee: 
	__________________ (the “Optionee”) 

  

	 No. of Shares: 
	__________ Shares of Common Stock 

  

	 Grant Date: 
	__________________ 

  

	 Vesting Commencement Date: 
	__________________ (the “Vesting Commencement Date”) 

  

	 Expiration Date: 
	__________________ (the “Expiration Date”) 

  

	 Option Exercise Price/Share: 
	$_________________ (the “Option Exercise Price”) 

  

	 Vesting Schedule: 
	 25 percent of the Shares shall vest and become exercisable on the first anniversary of the Vesting Commencement Date; provided that the Optionee
continues to have a Service Relationship with the Company at such time. Thereafter, the remaining 75 percent of the Shares shall vest and become exercisable in equal quarterly installments over the following three (3) years, provided the
Optionee continues to have a Service Relationship with the Company on each vesting date. Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in
Section 3(c) of the Plan[; provided, however, that if the Company is subject to a Change in Control, 50% of Optionee’s then unvested Shares shall vest immediately prior to the consummation of such Change in Control;
][provided, further, however, that if the Company is (a) subject to a Change in Control and (b) Optionee’s employment is terminated by the Company or successor corporation, as the case may be, without Cause, or
Optionee terminates her employment 

	 	 
for Good Reason, in either case, within ninety (90) days prior to the effective date of such Change in Control if the Company is in discussions with the potential acquirer, or within twelve
(12) months after the effective date of the Change in Control, then Optionee shall receive immediate acceleration of vesting of 100% of Optionee’s then unvested Shares. The terms “Change in Control”, “Cause” and
“Good Reason” have the meanings ascribed to them in the employment agreement dated [__], 201[_] by and between Optionee and the Company]. 

Attachments: Incentive Stock Option Agreement, 2015 Stock Option and Grant Plan 

  
 2 

 INCENTIVE STOCK OPTION AGREEMENT 

UNDER THE CODIAK BIOSCIENCES, INC. 

2015 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

 1.    Vesting, Exercisability and Termination. 

(a)    No portion of this Stock Option may be exercised until such portion shall have vested and become exercisable. 

(b)    Except as set forth below, and subject to the determination of the Committee in its sole discretion to accelerate
the vesting schedule hereunder, this Stock Option shall be vested and exercisable on the respective dates indicated below: 

(i)    This Stock Option shall initially be unvested and unexercisable. 

(ii)    This Stock Option shall vest and become exercisable in accordance with the Vesting Schedule set
forth in the Grant Notice. 
 (c)    Termination. Except as may otherwise be provided by the Committee, if the
Optionee’s Service Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter terminate subject, in each
case, to Section 3(c) of the Plan): 
 (i)    Termination Due to Death or Disability. If the
Optionee’s Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee, the Optionee’s legal
representative or legatee for a period of 12 months from the date of death or Disability or until the Expiration Date, if earlier. 

(ii)    Other Termination. If the Optionee’s Service Relationship terminates for any reason
other than death or Disability, and unless otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of termination or until the Expiration
Date, if earlier; provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination. 

For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be
conclusive and binding on the Optionee and his or her representatives or legatees. Any portion of this Stock Option that is not vested and exercisable on the date of termination of the Service Relationship shall terminate immediately and be null and
void. 

  
 3 

 (d)    It is understood and intended that this Stock Option is intended
to qualify as an “incentive stock option” as defined in Section 422 of the Code to the extent permitted under applicable law. Accordingly, the Optionee understands that in order to obtain the benefits of an incentive stock option
under Section 422 of the Code, no sale or other disposition may be made of Shares for which incentive stock option treatment is desired within the one-year period beginning on the day after the day of the
transfer of such Shares to him or her, nor within the two-year period beginning on the day after Grant Date of this Stock Option and further that this Stock Option must be exercised within three months after
termination of employment as an employee (or 12 months in the case of death or disability) to qualify as an incentive stock option. If the Optionee disposes (whether by sale, gift, transfer or otherwise) of any such Shares within either of these
periods, he or she will notify the Company within 30 days after such disposition. The Optionee also agrees to provide the Company with any information concerning any such dispositions required by the Company for tax purposes. Further, to the extent
this Stock Option and any other incentive stock options of the Optionee having an aggregate Fair Market Value in excess of $100,000 (determined as of the Grant Date) first become exercisable in any year, such options will not qualify as incentive
stock options. 
 2.    Exercise of Stock Option. 

(a)    The Optionee may exercise this Stock Option only in the following manner: Prior to the Expiration Date, the Optionee
may deliver a Stock Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares with respect to which this Stock Option is
then exercisable. Such notice shall specify the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations contained in such Section
of the Plan, including the requirement that the Committee specifically approve in advance certain payment methods. 

(b)    Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable
after the Expiration Date. 
 3.    Incorporation of Plan. Notwithstanding anything herein to the contrary, this
Stock Option shall be subject to and governed by all the terms and conditions of the Plan. 
 4.    Transferability
of Stock Option. This Stock Option is personal to the Optionee and is not transferable by the Optionee in any manner other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s
lifetime only by the Optionee (or by the Optionee’s guardian or personal representative in the event of the Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such
beneficiary to the Company, and may revoke or change such designation at any time by filing written notice of revocation or change with the Company; such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s
death to the extent provided herein. If the Optionee does not designate a beneficiary, or if the designated beneficiary predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein
in the event of the Optionee’s death. 

  
 4 

 5.    Restrictions on Transfer of Shares. The Shares acquired
upon exercise of the Stock Option shall be subject to certain transfer restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan. 

6.    Miscellaneous Provisions. 

(a)    Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the
provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(b)    Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization,
reincorporation, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of
securities of the Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or her ownership of, this Stock
Option or Shares acquired pursuant thereto. 
 (c)    Change and Modifications. This Agreement may not be orally
changed, modified or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee. 

(d)    Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation
Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of Massachusetts, without regard to conflict of law principles that would result
in the application of any law other than the law of the Commonwealth of Massachusetts. 
 (e)    Headings. The
headings are intended only for convenience in finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(f)    Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such
determination shall in no manner affect the legality or enforceability of any other provision hereof. 

(g)    Notices. All notices, requests, consents and other communications shall be in writing and be deemed given
when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Optionee shall be addressed as set forth underneath their signatures
below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(h)    Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment.

  
 5 

 (i)    Counterparts. For the convenience of the parties and to
facilitate execution, this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

(j)    Integration. This Agreement constitutes the entire agreement between the parties with respect to this Stock
Option and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

7.    Dispute Resolution. 

(a)    Except as provided below, any dispute arising out of or relating to the Plan or this Stock Option, this Agreement,
or the breach, termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures
(the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1 16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The
place of arbitration shall be Massachusetts. 
 (b)    The arbitration shall commence within 60 days of the date on which
a written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each
party may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of
interrogatories or the response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all
persons that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within
six months of the selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory
damages and shall not multiply actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 

(c)    The Company, the Optionee, each party to the Agreement and any other holder of Shares issued pursuant to this
Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies equally to requests for temporary, preliminary or permanent injunctive relief, except that in
the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm. 

(d)    Each Party (i) hereby irrevocably submits to the jurisdiction of any United States District Court of competent
jurisdiction for the purpose of enforcing the award or decision 

  
 6 

 
in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject
personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an inconvenient forum, that the
venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any court of any other jurisdiction
which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees that its, his or her
submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in other jurisdictions
by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

[SIGNATURE PAGE FOLLOWS] 

  
 7 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby
agreed to by the undersigned as of the date first above written. 
  

			
	CODIAK BIOSCIENCES, INC.
		
	By:	 	 
		 	Name: Doug Williams
		 	Title: President and Chief Executive Officer
	
	 Address:
  

500 Technology Square, 9th Floor

 
 Cambridge, MA 02139

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof, and understands that this Stock Option is subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY
INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 7 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 
  

	
	OPTIONEE:
	
	   

	Name:
	
	Address:
	
	   

	
	   

	
	   

  
 8 

 
	
	DESIGNATED BENEFICIARY:
	
	   

	
	Beneficiary’s Address:
	
	   

	
	   

	
	   

  
 9 

 Appendix A 

STOCK OPTION EXERCISE NOTICE 
 Codiak
BioSciences, Inc. 
 Attention: ______ 
 ______________ 

______________ 
 Pursuant to the terms of the
grant notice and stock option agreement between the undersigned and Codiak BioSciences, Inc. (the “Company”) dated __________ (the “Agreement”) under the Codiak BioSciences, Inc. 2015 Stock Option and Grant Plan, I,
[Insert Name] ________________, hereby [Circle One] partially/fully exercise such option by including herein payment in the amount of $______ representing the purchase price for [Fill in number of Shares] _______ Shares. I have chosen the following
form(s) of payment: 
  

							
		 	[  ]	  	1.	  	Cash
		 	[  ]	  	2.	  	Certified or bank check payable to Codiak BioSciences, Inc.
		 	[  ]	  	3.	  	Other (as referenced in the Agreement and described in the Plan (please describe))
		 		  		  	______________________________________________________.

 In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company
as follows: 
 (i)    I am purchasing the Shares for my own account for investment only, and not for
resale or with a view to the distribution thereof. 
 (ii)    I have had such an opportunity as I have
deemed adequate to obtain from the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company. 

(iii)    I have sufficient experience in business, financial and investment matters to be able to evaluate
the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 

(iv)    I can afford a complete loss of the value of the Shares and am able to bear the economic risk of
holding such Shares for an indefinite period of time. 
 (v)    I understand that the Shares may not be
registered under the Securities Act of 1933 (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be
sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration
requirement thereof). I further acknowledge that certificates representing Shares will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations. 

  
 10 

 (vi)    I have read and understand the Plan and
acknowledge and agree that the Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 

(vii)    I understand and agree that the Company has a right of first refusal with respect to the Shares
pursuant to Section 9(b) of the Plan. 
 (viii)    I understand and agree that the Company has
certain repurchase rights with respect to the Shares pursuant to Section 9(c) of the Plan. 

(ix)    I understand and agree that I may not sell or otherwise transfer or dispose of the Shares for a
period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 
  

			
	Sincerely yours,
	
	 
	Name:
	
	Address:
	
	 
	
	 
	
	 
		
	Date:	 	 

  
 11 

 NON-QUALIFIED STOCK OPTION GRANT NOTICE 

UNDER THE CODIAK BIOSCIENCES, INC. 

2015 STOCK OPTION AND GRANT PLAN 

Pursuant to the Codiak BioSciences, Inc. 2015 Stock Option and Grant Plan (the “Plan”), Codiak BioSciences, Inc., a Delaware
corporation (together with any successor, the “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified herein, all
or any part of the number of shares of Common Stock, par value $0.0001 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and conditions set
forth in this Non-Qualified Stock Option Grant Notice (the “Grant Notice”), the attached Non-Qualified Stock Option Agreement (the “Agreement”) and
the Plan. This Stock Option is not intended to qualify as an “incentive stock option” as defined in Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). 

 

	 Name of Optionee: 
	__________________ (the “Optionee”) 

  

	 No. of Shares: 
	__________ Shares of Common Stock 

  

	 Grant Date: 
	__________________ 

  

	 Vesting Commencement Date: 
	__________________ (the “Vesting Commencement Date”) 

  

	 Expiration Date: 
	__________________ (the “Expiration Date”) 

  

	 Option Exercise Price/Share: 
	$_________________ (the “Option Exercise Price”) 

  

	 Vesting Schedule: 
	 25 percent of the Shares shall vest and become exercisable on the first anniversary of the Vesting Commencement Date; provided that the Optionee
continues to have a Service Relationship with the Company at such time. Thereafter, the remaining 75 percent of the Shares shall vest and become exercisable in equal quarterly installments over the following three (3), provided the Optionee
continues to have a Service Relationship with the Company on each vesting date. Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in
Section 3(c) of the Plan[; provided, however, that if the Company is subject to a Change in Control, 50% of Optionee’s then unvested Shares shall vest immediately prior to the consummation of such Change in Control;
][provided, further, however, that if the Company is (a) subject to a Change in Control and (b) Optionee’s employment is terminated by the Company or successor corporation, as the case may be, without Cause, or
Optionee terminates her employment for Good Reason, in either case, within ninety (90) days prior to 

	 	 
the effective date of such Change in Control if the Company is in discussions with the potential acquirer, or within twelve (12) months after the effective date of the Change in Control,
then Optionee shall receive immediate acceleration of vesting of 100% of Optionee’s then unvested Shares. The terms “Change in Control”, “Cause” and “Good Reason” have the meanings ascribed to them in the
employment agreement dated [__], 201[_] by and between Optionee and the Company]. 

 Attachments:
Non-Qualified Stock Option Agreement, 2015 Stock Option and Grant Plan 

  
 2 

 NON-QUALIFIED STOCK OPTION AGREEMENT 

UNDER THE CODIAK BIOSCIENCES, INC. 

2015 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

 1.    Vesting, Exercisability and Termination. 

(a)    No portion of this Stock Option may be exercised until such portion shall have vested and become exercisable. 

(b)    Except as set forth below, and subject to the determination of the Committee in its sole discretion to accelerate
the vesting schedule hereunder, this Stock Option shall be vested and exercisable on the respective dates indicated below: 

(i)    This Stock Option shall initially be unvested and unexercisable. 

(ii)    This Stock Option shall vest and become exercisable in accordance with the Vesting Schedule set
forth in the Grant Notice. 
 (c)    Termination. Except as may otherwise be provided by the Committee, if the
Optionee’s Service Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter terminate subject, in each
case, to Section 3(c) of the Plan): 
 (i)    Termination Due to Death or Disability. If the
Optionee’s Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may be exercised, to the extent exercisable on the date of such termination, by the Optionee, the Optionee’s legal
representative or legatee for a period of 12 months from the date of death or Disability or until the Expiration Date, if earlier. 

(ii)    Other Termination. If the Optionee’s Service Relationship terminates for any reason
other than death or Disability, and unless otherwise determined by the Committee, this Stock Option may be exercised, to the extent exercisable on the date of termination, for a period of 90 days from the date of termination or until the Expiration
Date, if earlier; provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination. 

For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be
conclusive and binding on the Optionee and his or her representatives or legatees and any Permitted Transferee. Any portion of this Stock Option that is not vested and exercisable on the date of termination of the Service Relationship shall
terminate immediately and be null and void. 

  
 3 

 2.    Exercise of Stock Option. 

(a)    The Optionee may exercise this Stock Option only in the following manner: Prior to the Expiration Date, the Optionee
may deliver a Stock Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares with respect to which this Stock Option is
then exercisable. Such notice shall specify the number of Shares to be purchased. Payment of the purchase price may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations contained in such Section
of the Plan, including the requirement that the Committee specifically approve in advance certain payment methods. 

(b)    Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable
after the Expiration Date. 
 3.    Incorporation of Plan. Notwithstanding anything herein to the contrary, this
Stock Option shall be subject to and governed by all the terms and conditions of the Plan. 
 4.    Transferability
of Stock Option. This Stock Option is personal to the Optionee and is not transferable by the Optionee in any manner other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s
lifetime only by the Optionee (or by the Optionee’s guardian or personal representative in the event of the Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such
beneficiary to the Company, and may revoke or change such designation at any time by filing written notice of revocation or change with the Company; such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s
death to the extent provided herein. If the Optionee does not designate a beneficiary, or if the designated beneficiary predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein
in the event of the Optionee’s death. 
 5.    Restrictions on Transfer of Shares. The Shares acquired upon
exercise of the Stock Option shall be subject to certain transfer restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan. 

6.    Miscellaneous Provisions. 

(a)    Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the
provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(b)    Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization,
reincorporation, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of
securities of the Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or her ownership of, this Stock
Option or Shares acquired pursuant thereto. 

  
 4 

 (c)    Change and Modifications. This Agreement may not be orally
changed, modified or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee. 

(d)    Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation
Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of Massachusetts, without regard to conflict of law principles that would result
in the application of any law other than the law of the Commonwealth of Massachusetts. 
 (e)    Headings. The
headings are intended only for convenience in finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(f)    Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such
determination shall in no manner affect the legality or enforceability of any other provision hereof. 

(g)    Notices. All notices, requests, consents and other communications shall be in writing and be deemed given
when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Optionee shall be addressed as set forth underneath their signatures
below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(h)    Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment.

 (i)    Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

(j)    Integration. This Agreement constitutes the entire agreement between the parties with respect to this Stock
Option and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

7.    Dispute Resolution. 

(a)    Except as provided below, any dispute arising out of or relating to the Plan or this Stock Option, this Agreement,
or the breach, termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures
(the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1-16, and judgment upon the award rendered by the arbitrators may be entered by any
court having jurisdiction thereof. The place of arbitration shall be Massachusetts. 

  
 5 

 (b)    The arbitration shall commence within 60 days of the date on
which a written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition,
each party may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering
of interrogatories or the response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all
persons that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within
six months of the selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory
damages and shall not multiply actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 

(c)    The Company, the Optionee, each party to the Agreement and any other holder of Shares issued pursuant to this
Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies equally to requests for temporary, preliminary or permanent injunctive relief, except that in
the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm. 

(d)    Each Party (i) hereby irrevocably submits to the jurisdiction of any United States District Court of competent
jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not
subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an inconvenient forum,
that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any court of any other
jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees that its, his or
her submission to jurisdiction and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in other
jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

[SIGNATURE PAGE FOLLOWS] 

  
 6 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby
agreed to by the undersigned as of the date first above written. 
  

			
	CODIAK BIOSCIENCES, INC.
		
	By:	 	 
		 	Name: Doug Williams
		 	Title: President and Chief Executive Officer
	
	 Address:
  

500 Technology Square, 9th Floor

 
 Cambridge, MA 02139

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof, and understands that this Stock Option is subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY
INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 7 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 
  

	
	OPTIONEE:
	
	   

	Name:
	
	Address:
	
	   

	
	   

	
	   

  
 7 

 
	
	DESIGNATED BENEFICIARY:
	
	   

	
	Beneficiary’s Address:
	
	   

	
	   

	
	   

  
 8 

 Appendix A 

STOCK OPTION EXERCISE NOTICE 
 Codiak
BioSciences, Inc. 
 Attention: ______ 
 ______________ 

______________ 
 Pursuant to the terms of the
grant notice and stock option agreement between the undersigned and Codiak BioSciences, Inc. (the “Company”) dated __________ (the “Agreement”) under the Codiak BioSciences, Inc. 2015 Stock Option and Grant Plan, I,
[Insert Name] ________________, hereby [Circle One] partially/fully exercise such option by including herein payment in the amount of $______ representing the purchase price for [Fill in number of Shares] _______ Shares. I have chosen the following
form(s) of payment: 
  

							
		 	[  ]	  	1.	  	Cash
		 	[  ]	  	2.	  	Certified or bank check payable to Codiak BioSciences, Inc.
		 	[  ]	  	3.	  	Other (as referenced in the Agreement and described in the Plan (please describe))
		 		  		  	______________________________________________________.

 In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company
as follows: 
 (i)    I am purchasing the Shares for my own account for investment only, and not for
resale or with a view to the distribution thereof. 
 (ii)    I have had such an opportunity as I have
deemed adequate to obtain from the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company. 

(iii)    I have sufficient experience in business, financial and investment matters to be able to evaluate
the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 

(iv)    I can afford a complete loss of the value of the Shares and am able to bear the economic risk of
holding such Shares for an indefinite period of time. 
 (v)    I understand that the Shares may not be
registered under the Securities Act of 1933 (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be
sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration
requirement thereof). I further acknowledge that certificates representing Shares will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations. 

  
 9 

 (vi)    I have read and understand the Plan and
acknowledge and agree that the Shares are subject to all of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 

(vii)    I understand and agree that the Company has a right of first refusal with respect to the Shares
pursuant to Section 9(b) of the Plan. 
 (viii)    I understand and agree that the Company has
certain repurchase rights with respect to the Shares pursuant to Section 9(c) of the Plan. 

(ix)    I understand and agree that I may not sell or otherwise transfer or dispose of the Shares for a
period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 
  

			
	Sincerely yours,
	
	 
	Name:
	
	Address:
	
	 
	
	 
	
	 
		
	Date:	 	 

  
 10 

 EARLY EXERCISE 

NON-QUALIFIED STOCK OPTION GRANT NOTICE 

UNDER THE CODIAK BIOSCIENCES, INC. 

2015 STOCK OPTION AND GRANT PLAN 

Pursuant to the Codiak BioSciences, Inc. 2015 Stock Option and Grant Plan (the “Plan”), Codiak BioSciences, Inc., a Delaware
corporation (together with any successor thereto, the “Company”), has granted to the individual named below, an option (the “Stock Option”) to purchase on or prior to the Expiration Date, or such earlier date as is specified
herein, all or any part of the number of shares of Common Stock, par value $0.0001 per share (“Common Stock”), of the Company indicated below (the “Shares”), at the Option Exercise Price per share, subject to the terms and
conditions set forth in this Early Exercise Non-Qualified Stock Option Grant Notice (the “Grant Notice”), the attached Early Exercise Non-Qualified Stock
Option Agreement (the “Agreement”) and the Plan. This Stock Option is not intended to qualify as an “incentive stock option” as defined in Section 422(b) of the Internal Revenue Code of 1986, as amended from time to time
(the “Code”). 
  

	 Name of Optionee: 
	__________________ (the “Optionee”) 

  

	 No. of Shares: 
	__________ Shares of Common Stock 

  

	 Grant Date: 
	__________________ 

  

	 Vesting Commencement Date: 
	__________________ (the “Vesting Commencement Date”) 

  

	 Expiration Date: 
	__________________ (the “Expiration Date”) 

  

	 Option Exercise Price/Share: 
	$_________________ (the “Option Exercise Price”) 

  

	 Vesting Schedule: 
	 25 percent of the Shares shall vest on the first anniversary of the Vesting Commencement Date; provided that the Optionee continues to have a
Service Relationship with the Company at such time. Thereafter, the remaining 75 percent of the Shares shall vest in 36 equal monthly installments following the first anniversary of the Vesting Commencement Date, provided the Optionee continues
to have a Service Relationship with the Company on each vesting date. Notwithstanding anything in the Agreement to the contrary, in the case of a Sale Event, this Stock Option and the Shares shall be treated as provided in Section 3(c) of the
Plan[; provided, however, that if the Company is subject to a Change in Control, 50% of Optionee’s then unvested Shares shall vest immediately prior to the consummation of such Change in Control[; provided, further,
however, that if the Company is (a) subject to a Change in Control and (b) Optionee’s employment is terminated by the Company or successor corporation, as the case may be, without

  
 1 

	 	 
Cause, or Optionee terminates her employment for Good Reason, in either case, within ninety (90) days prior to the effective date of such Change in Control if the Company is in discussions
with the potential acquirer, or within twelve (12) months after the effective date of the Change in Control, then Optionee shall receive immediate acceleration of vesting of 100% of Optionee’s then unvested Shares. The terms “Change
in Control”, “Cause” and “Good Reason” have the meanings ascribed to them in the employment agreement dated [__], 201[_] by and between Optionee and the Company]. 

Attachments: Early Exercise Non-Qualified Stock Option Agreement, Restricted Stock Agreement, 2015 Stock Option
and Grant Plan 

  
 2 

 EARLY EXERCISE 

NON-QUALIFIED STOCK OPTION AGREEMENT 

UNDER THE CODIAK BIOSCIENCES, INC. 

2015 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Grant Notice and the Plan.

 1.    Vesting, Exercisability and Termination. 

(a)    This Stock Option shall be immediately exercisable, regardless of whether the Shares are vested. 

(b)    Except as set forth below, and subject to the determination of the Committee in its sole discretion to accelerate
the vesting schedule hereunder, the Shares shall be vested on the respective dates indicated below: 

(i)    All Shares shall initially be unvested. 

(ii)    The Shares shall vest in accordance with the Vesting Schedule set forth in the Grant Notice. 

(c)    Termination. Except as may otherwise be provided by the Committee, if the Optionee’s Service
Relationship is terminated, the period within which to exercise this Stock Option will be subject to earlier termination as set forth below (and if not exercised within such period, shall thereafter terminate subject, in each case, to
Section 3(c) of the Plan): 
 (i)    Termination Due to Death or Disability. If the
Optionee’s Service Relationship terminates by reason of such Optionee’s death or Disability, this Stock Option may continue to be exercised, to the extent the Shares are vested on the date of termination, by the Optionee, the
Optionee’s legal representative or legatee for a period of 12 months from the date of death or Disability or until the Expiration Date, if earlier. 

(ii)    Other Termination. If the Optionee’s Service Relationship terminates for any reason
other than death or Disability, and unless otherwise determined by the Committee, this Stock Option may continue to be exercised, to the extent the Shares are vested on the date of termination, for a period of 90 days from the date of termination or
until the Expiration Date, if earlier; provided however, if the Optionee’s Service Relationship is terminated for Cause, this Stock Option shall terminate immediately upon the date of such termination. 

For purposes hereof, the Committee’s determination of the reason for termination of the Optionee’s Service Relationship shall be
conclusive and binding on the Optionee and his or her representatives or legatees and any Permitted Transferee. Any portion of this Stock Option with respect to Shares that are not vested and exercisable on the date of termination of the Service
Relationship shall terminate immediately and be null and void. 

  
 3 

 2.    Exercise of Stock Option. 

(a)    The Optionee may exercise this Stock Option only in the following manner: Prior to the Expiration Date, the Optionee
may deliver a Stock Option exercise notice (an “Exercise Notice”) in the form of Appendix A hereto indicating his or her election to purchase some or all of the Shares. Such notice shall specify the number of
Shares to be purchased. To the extent this Stock Option is only partially exercised, such exercise shall first be with respect to the Shares, if any, that have previously vested, and then with respect to the Shares that will next vest, with the
Shares that vest at the latest date being exercised last. Payment of the purchase price may be made by one or more of the methods described in Section 5 of the Plan, subject to the limitations contained in such Section of the Plan, including
the requirement that the Committee specifically approve in advance certain payment methods. 
 (b)    In the event the
Optionee exercises a portion of this Stock Option with respect to Shares that have not vested, the Optionee shall also deliver a Restricted Stock Agreement covering such unvested Shares in the form of Appendix B hereto (the “Restricted
Stock Agreement”) with the same vesting schedule for such Shares as set forth for such Shares herein. 

(c)    Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable
after the Expiration Date. 
 3.    Incorporation of Plan. Notwithstanding anything herein to the contrary, this
Stock Option shall be subject to and governed by all the terms and conditions of the Plan. 
 4.    Transferability
of Stock Option. This Stock Option is personal to the Optionee and is not transferable by the Optionee in any manner other than by will or by the laws of descent and distribution. The Stock Option may be exercised during the Optionee’s
lifetime only by the Optionee (or by the Optionee’s guardian or personal representative in the event of the Optionee’s incapacity). The Optionee may elect to designate a beneficiary by providing written notice of the name of such
beneficiary to the Company, and may revoke or change such designation at any time by filing written notice of revocation or change with the Company; such beneficiary may exercise the Optionee’s Stock Option in the event of the Optionee’s
death to the extent provided herein. If the Optionee does not designate a beneficiary, or if the designated beneficiary predeceases the Optionee, the legal representative of the Optionee may exercise this Stock Option to the extent provided herein
in the event of the Optionee’s death. 
 5.    Restrictions on Transfer of Shares. The Shares acquired upon
exercise of the Stock Option shall be subject to certain transfer restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan and, if applicable, the Restricted Stock Agreement. 

  
 4 

 6.    Miscellaneous Provisions. 

(a)    Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the
provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(b)    Adjustments for Changes in Capital Structure. If, as a result of any reorganization, recapitalization,
reincorporation, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Common Stock, the outstanding shares of Common Stock are increased or decreased or are exchanged for a different number or kind of
securities of the Company, the restrictions contained in this Agreement shall apply with equal force to additional and/or substitute securities, if any, received by the Optionee in exchange for, or by virtue of his or her ownership of, this Stock
Option or Shares acquired pursuant thereto. 
 (c)    Change and Modifications. This Agreement may not be orally
changed, modified or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Optionee. 

(d)    Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation
Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of Massachusetts, without regard to conflict of law principles that would
result in the application of any law other than the law of the Commonwealth of Massachusetts. 
 (e)    Headings.
The headings are intended only for convenience in finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(f)    Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such
determination shall in no manner affect the legality or enforceability of any other provision hereof. 

(g)    Notices. All notices, requests, consents and other communications shall be in writing and be deemed given
when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Optionee shall be addressed as set forth underneath their signatures
below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(h)    Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment.

  
 5 

 (i)    Counterparts. For the convenience of the parties and to
facilitate execution, this Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

(j)    Integration. This Agreement constitutes the entire agreement between the parties with respect to this Stock
Option and supersedes all prior agreements and discussions between the parties concerning such subject matter. 

7.    Dispute Resolution. 

(a)    Except as provided below, any dispute arising out of or relating to the Plan or this Stock Option, this Agreement,
or the breach, termination or validity of the Plan, this Stock Option or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures
(the “J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1 - 16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The
place of arbitration shall be Massachusetts. 
 (b)    The arbitration shall commence within 60 days of the date on which
a written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In addition, each
party may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the answering of
interrogatories or the response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity of all
persons that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered within
six months of the selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual compensatory
damages and shall not multiply actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 

(c)    The Company, the Optionee, each party to the Agreement and any other holder of Shares issued pursuant to this
Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 7 applies equally to requests for temporary, preliminary or permanent injunctive relief, except that in
the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm. 

(d)    Each Party (i) hereby irrevocably submits to the jurisdiction of any United States District Court of competent
jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not
subject personally to the jurisdiction of the above named courts, that its property is exempt or immune 

  
 6 

 
from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is
improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any court of any other jurisdiction which may be called upon to grant an
enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees that its, his or her submission to jurisdiction and its, his or her
consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be enforced in other jurisdictions by suit, action or proceeding on the judgment,
or in any other manner provided by or pursuant to the laws of such other jurisdiction. 
 [SIGNATURE PAGE FOLLOWS] 

  
 7 

 The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby
agreed to by the undersigned as of the date first above written. 
  

			
	CODIAK BIOSCIENCES, INC.
		
	By:	 	 
		 	Name: Doug Williams
		 	Title: President and Chief Executive Officer
	
	 Address:
  

500 Technology Square, 9th Floor

 
 Cambridge, MA 02139

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof, and understands that this Stock Option is subject to the terms of the Plan and of this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and this Agreement, SPECIFICALLY
INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 7 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 
  

	
	OPTIONEE:
	
	   

	Name:
	
	Address:
	
	   

	
	   

	
	   

  
 8 

 
	
	DESIGNATED BENEFICIARY:
	
	   

	
	Beneficiary’s Address:
	
	   

	
	   

	
	   

  
 9 

 Appendix A 

STOCK OPTION EXERCISE NOTICE 
 Codiak
BioSciences, Inc.  
 Attention: [____________________] 

____________________________ 
 ____________________________ 

Pursuant to the terms of the grant notice and stock option agreement between the undersigned and Codiak BioSciences, Inc. 2015 (the
“Company”) dated __________ (the “Agreement”) under the Codiak BioSciences, Inc. 2015 Stock Option and Grant Plan, I, [Insert Name] ________________, hereby [Circle One] partially/fully exercise such option
by including herein payment in the amount of $______ representing the purchase price for [Fill in number of Shares] _______ Shares. I have chosen the following form(s) of payment: 

 

							
		 	[  ]	  	1.	  	Cash
		 	[  ]	  	2.	  	Certified or bank check payable to Codiak BioSciences, Inc. 2015
		 	[  ]	  	3.	  	Other (as referenced in the Agreement and described in the Plan (please describe))
		 		  		  	______________________________________________________.

 In connection with my exercise of the option as set forth above, I hereby represent and warrant to the Company
as follows: 
 (i)    I am purchasing the Shares for my own account for investment only, and not for
resale or with a view to the distribution thereof. 
 (ii)    I have had such an opportunity as I have
deemed adequate to obtain from the Company such information as is necessary to permit me to evaluate the merits and risks of my investment in the Company and have consulted with my own advisers with respect to my investment in the Company. 

(iii)    I have sufficient experience in business, financial and investment matters to be able to evaluate
the risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 

(iv)    I can afford a complete loss of the value of the Shares and am able to bear the economic risk of
holding such Shares for an indefinite period of time. 
 (v)    I understand that the Shares may not be
registered under the Securities Act of 1933 (it being understood that the Shares are being issued and sold in reliance on the exemption provided in Rule 701 thereunder) or any applicable state securities or “blue sky” laws and may not be
sold or otherwise transferred or disposed of in the absence of an effective registration statement under the Securities Act of 1933 and under any applicable state securities or “blue sky” laws (or exemptions from the registration
requirement thereof). I further acknowledge that certificates representing Shares will bear restrictive legends reflecting the foregoing and/or that book entries for uncertificated Shares will include similar restrictive notations. 

  
 10 

 (vi)    To the extent required, I have executed and
delivered to the Company the Restricted Stock Agreement attached as Appendix B to the Agreement. 

(vii)    I have read and understand the Plan and acknowledge and agree that the Shares are subject to all
of the relevant terms of the Plan, including without limitation, the transfer restrictions set forth in Section 9 of the Plan. 

(viii)    I understand and agree that the Company has a right of first refusal with respect to the Shares
pursuant to Section 9(b) of the Plan. 
 (ix)    I understand and agree that the Company has certain
repurchase rights with respect to the Shares pursuant to Section 9(c) of the Plan. 
 (x)    I
understand and agree that I may not sell or otherwise transfer or dispose of the Shares for a period of time following the effective date of a public offering by the Company as described in Section 9(f) of the Plan. 

 

			
	Sincerely yours,
	
	 
	Name:
	
	Address:
	
	 
	
	 
	
	 
		
	Date:	 	 

  
 11 

 Appendix B 

RESTRICTED STOCK AGREEMENT FOR EARLY EXERCISE OPTION 

UNDER THE CODIAK BIOSCIENCES, INC. 

2015 STOCK OPTION AND GRANT PLAN 

All capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Early Exercise Non-Qualified Stock Option Grant Notice (the “Grant Notice”) and Early Exercise Non-Qualified Stock Option Agreement (the “Option Agreement”)
between Codiak BioSciences, Inc. (the “Company”) and _______________ (the “Grantee”) for __________________ Shares of Common Stock with a Grant Date of ___________, ______ under the Codiak BioSciences, Inc. 2015
Stock Option and Grant Plan (the “Plan”). 
 1.    Purchase and Sale of Shares; Vesting. 

(a)    Purchase and Sale. The Company hereby sells to the Grantee, and the Grantee hereby purchases from the
Company, on ________________, 20[__],the number of Shares set forth in the Stock Option Exercise Notice (_______ Shares) dated __________ , pursuant to the Grant Notice and Option Agreement, for the aggregate Option Exercise Price for the Shares so
purchased. 
 (b)    Vesting. The risk of forfeiture shall lapse with respect to the Shares, and such Shares shall
become vested, on the respective dates indicated on the Vesting Schedule set forth in the Grant Notice. 

2.    Repurchase Right. Upon a Termination Event, the Company shall have the right to repurchase Shares of
Restricted Stock that are unvested as of the date of such Termination Event as set forth in Section 9(c) of the Plan. 

3.    Restrictions on Transfer of Shares. The Shares (whether or not vested) shall be subject to certain transfer
restrictions and other limitations including, without limitation, the provisions contained in Section 9 of the Plan 

4.    Incorporation of Plan. Notwithstanding anything herein to the contrary, this Restricted Stock Agreement shall
be subject to and governed by all the terms and conditions of the Plan. 
 5.    Miscellaneous Provisions. 

(a)    Record Owner; Dividends. The Grantee and any Permitted Transferees, during the duration of this Agreement,
shall be considered the record owners of and shall be entitled to vote the Shares if and to the extent the Shares are entitled to voting rights. The Grantee and any Permitted Transferees shall be entitled to receive all dividends and any other
distributions declared on the Shares; provided, however, that the Company is under no duty to declare any such dividends or to make any such distribution. 

 (b)    Section 83(b) Election. The Grantee shall consult with the
Grantee’s tax advisor to determine whether it would be appropriate for the Grantee to make an election under Section 83(b) of the Code with respect to the Shares. Any such election must be filed with the Internal Revenue Service within 30
days of the date of exercise. If the Grantee makes an election under Section 83(b) of the Code, the Grantee shall give prompt notice to the Company (and provide a copy of such election to the Company). 

(c)    Equitable Relief. The parties hereto agree and declare that legal remedies may be inadequate to enforce the
provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement. 

(d)    Change and Modifications. This Agreement may not be orally changed, modified or terminated, nor shall any
oral waiver of any of its terms be effective. This Agreement may be changed, modified or terminated only by an agreement in writing signed by the Company and the Grantee. 

(e)    Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation
Law of the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of Massachusetts, without regard to conflict of law principles that would result
in the application of any law other than the law of the Commonwealth of Massachusetts. 
 (f)    Headings. The
headings are intended only for convenience in finding the subject matter and do not constitute part of the text of this Agreement and shall not be considered in the interpretation of this Agreement. 

(g)    Saving Clause. If any provision(s) of this Agreement shall be determined to be illegal or unenforceable, such
determination shall in no manner affect the legality or enforceability of any other provision hereof. 

(h)    Notices. All notices, requests, consents and other communications shall be in writing and be deemed given
when delivered personally, by telex or facsimile transmission or when received if mailed by first class registered or certified mail, postage prepaid. Notices to the Company or the Grantee shall be addressed as set forth underneath their signatures
below, or to such other address or addresses as may have been furnished by such party in writing to the other. 

(i)    Benefit and Binding Effect. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto, their respective successors, assigns, and legal representatives. The Company has the right to assign this Agreement, and such assignee shall become entitled to all the rights of the Company hereunder to the extent of such assignment.

 (j)    Counterparts. For the convenience of the parties and to facilitate execution, this Agreement may be
executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. 

  
 13 

 6.    Dispute Resolution. 

(a)    Except as provided below, any dispute arising out of or relating to the Plan or the Shares, this Agreement, or the
breach, termination or validity of the Plan, the Shares or this Agreement, shall be finally settled by binding arbitration conducted expeditiously in accordance with the J.A.M.S./Endispute Comprehensive Arbitration Rules and Procedures (the
“J.A.M.S. Rules”). The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. Sections 1 - 16, and judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof. The place
of arbitration shall be Commonwealth of Massachusetts. 
 (b)    The arbitration shall commence within 60 days of the
date on which a written demand for arbitration is filed by any party hereto. In connection with the arbitration proceeding, the arbitrator shall have the power to order the production of documents by each party and any third-party witnesses. In
addition, each party may take up to three depositions as of right, and the arbitrator may in his or her discretion allow additional depositions upon good cause shown by the moving party. However, the arbitrator shall not have the power to order the
answering of interrogatories or the response to requests for admission. In connection with any arbitration, each party to the arbitration shall provide to the other, no later than seven business days before the date of the arbitration, the identity
of all persons that may testify at the arbitration and a copy of all documents that may be introduced at the arbitration or considered or used by a party’s witness or expert. The arbitrator’s decision and award shall be made and delivered
within six months of the selection of the arbitrator. The arbitrator’s decision shall set forth a reasoned basis for any award of damages or finding of liability. The arbitrator shall not have power to award damages in excess of actual
compensatory damages and shall not multiply actual damages or award punitive damages, and each party hereby irrevocably waives any claim to such damages. 

(c)    The Company, the Grantee, each party to the Agreement and any other holder of Shares issued pursuant to this
Agreement (each, a “Party”) covenants and agrees that such party will participate in the arbitration in good faith. This Section 6 applies equally to requests for temporary, preliminary or permanent injunctive relief, except that in
the case of temporary or preliminary injunctive relief any party may proceed in court without prior arbitration for the limited purpose of avoiding immediate and irreparable harm. 

(d)    Each Party (i) hereby irrevocably submits to the jurisdiction of any United States District Court of competent
jurisdiction for the purpose of enforcing the award or decision in any such proceeding, (ii) hereby waives, and agrees not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not
subject personally to the jurisdiction of the above named courts, that its property is exempt or immune from attachment or execution (except as protected by applicable law), that the suit, action or proceeding is brought in an inconvenient forum,
that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby waives and agrees not to seek any review by any court of any other
jurisdiction which may be called upon to grant an enforcement of the judgment of any such court. Each Party hereby consents to service of process by registered mail at the address to which notices are to be given. Each Party agrees that its, his or
her submission to jurisdiction 

  
 14 

 
and its, his or her consent to service of process by mail is made for the express benefit of each other Party. Final judgment against any Party in any such action, suit or proceeding may be
enforced in other jurisdictions by suit, action or proceeding on the judgment, or in any other manner provided by or pursuant to the laws of such other jurisdiction. 

[SIGNATURE PAGE FOLLOWS] 

  
 15 

 The foregoing Restricted Stock Agreement is hereby accepted and the terms and conditions
thereof are hereby agreed to by the undersigned as of the date written in Section 1(a) above. 
  

			
	CODIAK BIOSCIENCES, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	Address:
	
	 
	
	 
	
	 

 The undersigned hereby acknowledges receiving and reviewing a copy of the Plan, including, without limitation,
Section 9 thereof and understands that the Shares purchased hereby are subject to the terms of the Plan, the Grant Notice, and this Agreement. This Agreement is hereby accepted, and the terms and conditions of the Plan, the Grant Notice and
this Agreement, SPECIFICALLY INCLUDING THE ARBITRATION PROVISIONS SET FORTH IN SECTION 6 OF THIS AGREEMENT, are hereby agreed to, by the undersigned as of the date first above written. 

 

	
	GRANTEE:
	
	   

	Name:
	
	Address:

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