Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

STOCK PURCHASE AGREEMENT 

BY AND BETWEEN 

REGENERON PHARMACEUTICALS, INC. 

AND 
 INTELLIA
THERAPEUTICS, INC. 
 DATED AS OF MAY 30, 2020 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	 1.
	  	Definitions	  	 	1	 
				
		  	1.1	  	Defined Terms	  	 	1	 
		  	1.2	  	Additional Defined Terms	  	 	4	 
			
	 2.
	  	Purchase and Sale of Common Stock	  	 	5	 
			
	 3.
	  	Closing Date; Deliveries	  	 	6	 
				
		  	3.1	  	Closing Date	  	 	6	 
		  	3.2	  	Deliveries	  	 	6	 
			
	 4.
	  	Representations and Warranties of the Company	  	 	6	 
				
		  	4.1	  	Organization, Good Standing and Qualification	  	 	6	 
		  	4.2	  	Capitalization and Voting Rights	  	 	7	 
		  	4.3	  	Subsidiaries	  	 	7	 
		  	4.4	  	Authorization	  	 	8	 
		  	4.5	  	No Defaults	  	 	8	 
		  	4.6	  	No Conflicts	  	 	8	 
		  	4.7	  	No Governmental Authority or Third-Party Consents	  	 	8	 
		  	4.8	  	Valid Issuance of Shares	  	 	9	 
		  	4.9	  	Litigation	  	 	9	 
		  	4.10	  	Licenses and Other Rights; Compliance with Laws	  	 	9	 
		  	4.11	  	Company SEC Documents; Financial Statements; Nasdaq Stock Market	  	 	9	 
		  	4.12	  	Absence of Certain Changes	  	 	10	 
		  	4.13	  	Internal Controls; Disclosure Controls and Procedures	  	 	10	 
		  	4.14	  	Offering	  	 	10	 
		  	4.15	  	No Integration	  	 	11	 
		  	4.16	  	Brokers’ or Finders’ Fees	  	 	11	 
		  	4.17	  	Not Investment Company	  	 	11	 
		  	4.18	  	Insurance	  	 	11	 
		  	4.19	  	No General Solicitation	  	 	11	 
		  	4.20	  	Foreign Corrupt Practices	  	 	11	 
		  	4.21	  	Regulation M Compliance	  	 	11	 
		  	4.22	  	Office of Foreign Assets Control	  	 	12	 
		  	4.23	  	U.S. Real Property Holding Corporation	  	 	12	 
		  	4.24	  	Intellectual Property	  	 	12	 
			
	 5.
	  	Representations and Warranties of the Investor	  	 	12	 
				
		  	5.1	  	Organization; Good Standing	  	 	12	 
		  	5.2	  	Authorization	  	 	12	 
		  	5.3	  	No Conflicts	  	 	12	 
		  	5.4	  	No Governmental Authority or Third-Party Consents	  	 	13	 
		  	5.5	  	Purchase Entirely for Own Account	  	 	13	 
		  	5.6	  	Disclosure of Information	  	 	13	 
		  	5.7	  	Investment Experience and Accredited Investor Status	  	 	13	 

									
		  	5.8	  	Restricted Securities	  	 	13	 
		  	5.9	  	Legends	  	 	14	 
		  	5.10	  	Financial Assurances	  	 	14	 
			
	 6.
	  	Investor’s Conditions to Closing	  	 	14	 
				
		  	6.1	  	Representations and Warranties	  	 	14	 
		  	6.2	  	Covenants	  	 	15	 
		  	6.3	  	Other Transaction Agreements	  	 	15	 
		  	6.4	  	No Material Adverse Effect	  	 	15	 
		  	6.5	  	Closing Deliverables	  	 	15	 
		  	6.6	  	Conduct of Business Pending Closing	  	 	15	 
			
	 7.
	  	Company’s Conditions to Closing	  	 	15	 
				
		  	7.1	  	Representations and Warranties	  	 	15	 
		  	7.2	  	Covenants	  	 	15	 
		  	7.3	  	Other Transaction Agreements	  	 	15	 
		  	7.4	  	Closing Deliverables	  	 	15	 
			
	 8.
	  	Mutual Conditions to Closing	  	 	16	 
				
		  	8.1	  	HSR Act and Other Qualifications	  	 	16	 
		  	8.2	  	Injunctions	  	 	16	 
		  	8.3	  	Absence of Litigation	  	 	16	 
		  	8.4	  	No Prohibition; Market Listing	  	 	16	 
			
	 9.
	  	Termination	  	 	16	 
				
		  	9.1	  	Ability to Terminate	  	 	16	 
		  	9.2	  	Effect of Termination	  	 	17	 
			
	 10.
	  	Additional Covenants and Agreements	  	 	17	 
				
		  	10.1	  	Voting of Securities	  	 	17	 
		  	10.2	  	Lock-Up Agreement	  	 	18	 
		  	10.3	  	Market Listing	  	 	19	 
		  	10.4	  	[Reserved]	  	 	19	 
		  	10.5	  	Assistance and Cooperation	  	 	19	 
		  	10.6	  	Effect of Waiver of Condition to Closing	  	 	19	 
		  	10.7	  	Nasdaq Matters	  	 	19	 
		  	10.8	  	Blue Sky Filings	  	 	19	 
		  	10.9	  	Legend Removal	  	 	19	 
			
	 11.
	  	Miscellaneous	  	 	20	 
				
		  	11.1	  	Governing Law; Submission to Jurisdiction	  	 	20	 
		  	11.2	  	Waiver	  	 	20	 
		  	11.3	  	Notices	  	 	20	 
		  	11.4	  	Entire Agreement	  	 	21	 
		  	11.5	  	Amendments	  	 	21	 
		  	11.6	  	Headings; Nouns and Pronouns; Section References	  	 	21	 
		  	11.7	  	Severability	  	 	21	 
		  	11.8	  	Assignment	  	 	21	 

									
		  	11.9	  	Successors and Assigns	  	 	21	 
		  	11.10	  	Counterparts	  	 	21	 
		  	11.11	  	Third Party Beneficiaries	  	 	21	 
		  	11.12	  	No Strict Construction	  	 	22	 
		  	11.13	  	Survival of Warranties	  	 	22	 
		  	11.14	  	Remedies	  	 	22	 
		  	11.15	  	Expenses	  	 	22	 

 Exhibit A – Form of Cross Receipt 

Exhibit B – Notices 

 STOCK PURCHASE AGREEMENT 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”), dated as of May 30, 2020, by and between Regeneron Pharmaceuticals,
Inc. (the “Investor”), a New York corporation with its principal place of business at 777 Old Saw Mill River Road, Tarrytown, New York 10591, and Intellia Therapeutics, Inc. (the “Company”), a Delaware corporation
with its principal place of business at 40 Erie Street, Suite 130, Cambridge, Massachusetts 02139. 
 WHEREAS, pursuant to the terms and
subject to the conditions set forth in this Agreement, the Company desires to issue and sell to the Investor, and the Investor desires to subscribe for and purchase from the Company, certain shares of common stock, par value $0.0001 per share, of
the Company (the “Common Stock”); and 
 WHEREAS, in partial consideration for the Investor’s willingness to enter
into this Agreement, the Company and the Investor are entering into the Amendment to the Collaboration Agreement and the Hemophilia Co-Co Agreements (each, as defined below). 

NOW, THEREFORE, in consideration of the following mutual promises and obligations, and for good and valuable consideration, the adequacy and
sufficiency of which are hereby acknowledged, the Investor and the Company agree as follows: 

1.    Definitions. 

1.1    Defined Terms. When used in this Agreement, the following terms shall have the respective meanings specified
therefor below: 
 “Affiliate” shall mean a Person that directly, or indirectly through one or more intermediaries,
Controls or is Controlled by, or is under common Control with, the Person specified. 
 “Agreement” shall have the meaning
set forth in the Preamble, including all Exhibits attached hereto. 
 “Amendment to the Collaboration Agreement” shall mean
the amendment to the Collaboration Agreement, dated as of May 30, 2020. 
 “Business Day” shall mean a day on which
commercial banking institutions in New York, New York are open for business. 
 “Collaboration Agreement” shall mean the
License and Collaboration Agreement, as amended, by and between the Company and Investor, dated as of April 11, 2016. 

“Common Stock Equivalents” shall mean any options, warrants or other securities or rights convertible into or exercisable or
exchangeable for, whether directly or following conversion into or exercise or exchange for other options, warrants or other securities or rights, shares of Common Stock. 

 “Control” (including the terms “Controlled by” or “under
common Control with”) shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. Without
limiting the generality of the foregoing, a Person shall be deemed to Control another Person if any of the following conditions is met: (i) in the case of corporate entities, direct or indirect ownership of more than fifty percent (50%) of the
stock or shares having the right to vote for the election of directors and (ii) in the case of non-corporate entities, direct or indirect ownership of more than fifty percent (50%) of the equity interest
with the power to direct the management and policies of such non-corporate entities. 

“Controlled Subsidiary” shall mean any Affiliate for which the Investor owns, directly or indirectly, (i) in the case of
corporate entities, more than fifty percent (50%) of the stock or shares having the right to vote for the election of directors and (ii) in the case of non-corporate entities, more than fifty percent
(50%) of the equity interest with the power to direct the management and policies of such non-corporate entity. 

“Company Covered Person” shall mean, with respect to the Company as an “issuer” for purposes of Rule 506
promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1). 
 “Company’s
Knowledge” shall mean the knowledge of the executive officers (as defined in Rule 405 under the Securities Act) of the Company, after due inquiry, assuming the diligent exercise of such officers’ duties. 

“Cross Receipt” shall mean an executed document signed by each of the Company and the Investor, in substantially the form of
Exhibit A attached hereto. 
 “Disposition” or “Dispose of” shall mean any (i) offer, pledge,
sale, contract to sell, sale of any option or contract to purchase, purchase of any option or contract to sell, grant of any option, right or warrant for the sale of, or other disposition of or transfer of any shares of Common Stock, or any Common
Stock Equivalents, including, without limitation, any “short sale” or similar arrangement, or (ii) swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of
ownership of shares of Common Stock or Common Stock Equivalents, whether any such swap or transaction is to be settled by delivery of securities, in cash or otherwise. 

“Effect” shall have the meaning set forth in the definition of “Material Adverse Effect.” 

“Governmental Authority” shall mean any court, agency, authority, department or other instrumentality of any government or
country or of any national, federal, state, provincial, regional, county, city or other political subdivision of any such government or country or any supranational organization of which any such country is a member. 

“Hemophilia Co-Co Agreements” shall mean the
Co-Co Agreements (as such term is defined in the Collaboration Agreement) directed to Factor VIII and Factor IX, by and between the Company and Investor, dated as of May 30, 2020. 

  
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 “Intellectual Property” shall mean trademarks, trade names, trade dress,
service marks, copyrights, and similar rights (including registrations and applications to register or renew the registration of any of the foregoing), patents and patent applications, trade secrets, and any other similar intellectual property
rights. 
 “Intellectual Property License” shall mean any license, permit, authorization, approval, contract or consent
granted, issued by or with any Person relating to the use of Intellectual Property. 
 “Law” or “Laws”
shall mean all laws, statutes, rules, regulations, orders, judgments, injunctions and/or ordinances of any Governmental Authority. 

“Lien” shall mean a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other
restriction. 
 “Material Adverse Effect” shall mean any change, event or occurrence (each, an “Effect”)
that, individually or when taken together with all other Effects, has (i) a material adverse effect on the business, financial condition, assets, or results of operations of the Company and its Subsidiaries, taken as a whole, or (ii) a
material adverse effect on the Company’s ability to perform its obligations, or consummate the Transaction, in accordance with the terms of this Agreement. In the case of (i) or (ii), an Effect will not be considered a Material Adverse
Effect to the extent that such Effect results from or arises out of: (A) changes in conditions in the United States or global economy or capital or financial markets generally, including changes in interest or exchange rates; (B) changes
in general legal, regulatory, political, economic or business conditions, or changes in generally accepted accounting principles in the United States or interpretations thereof that, in each case, generally affect the biotechnology or
biopharmaceutical industries; (C) the announcement, pendency, or performance of the Transaction Agreements or the consummation of the Transaction, or the announcement of the identity of the Investor; (D) any change in the trading prices or
trading volume of the Common Stock (it being understood that the facts giving rise to or contributing to any such change may be deemed to constitute, or be taken into account when determining whether there has been or will be, a Material Adverse
Effect, except to the extent any of such facts is an Effect referred to in clauses (A) through (C) or (E) through (H) of this definition); (E) acts of war, sabotage or terrorism, or any escalation or worsening of any such acts of war,
sabotage or terrorism, (F) earthquakes, hurricanes, floods or other natural disasters, (G) pandemics or other health crises, including but not limited to the COVID-19 pandemic, (H) any action
taken by the Company contemplated by the Transaction Agreements or with the Investor’s written consent; (I) any breach, violation or non-performance by the Investor or any of its Affiliates under the
Collaboration Agreement; or (J) shareholder litigation arising out of or in connection with the execution, delivery or performance of the Transaction Agreements; provided, that, with respect to clauses (A), (B), (E), (F) and (G), such
Effect does not have a materially disproportionate and adverse effect on the Company relative to other companies in the biotechnology or biopharmaceutical industries. 

“Organizational Documents” shall mean (i) the Amended and Restated Certificate of Incorporation of the Company, as
amended through the date of this Agreement, and (ii) the Amended and Restated Bylaws of the Company, as amended through the date of this Agreement. 

  
 3 

 “Per Share Purchase Price” shall mean an amount equal to two (2) times
the volume-weighted average trading price of the Company’s Common Stock during the 30-day period ending on the Business Day that is two (2) Business Days prior to the Closing Date, to be calculated
and agreed to by each party. 
 “Person” shall mean any individual, partnership, limited liability company, firm,
corporation, trust, unincorporated organization, government, or any department or agency thereof or other entity, as well as any syndicate or group that would be deemed to be a Person under Section 13(d)(3) of the Exchange Act. 

“Shares of Then Outstanding Common Stock” shall mean, at any time, the most recent number of issued and outstanding shares of
Common Stock reported by the Company in the Company SEC Documents (as defined in this Agreement), plus shares of Common Stock issuable upon conversion of issued and outstanding preferred stock of the Company at such time. 

“Third Party” shall mean any Person (other than a Governmental Authority) other than the Investor, the Company, or any
Affiliate of the Investor or the Company. 
 “Transaction” shall mean the issuance and sale of the Shares by the Company,
and the purchase of the Shares by the Investor, in accordance with the terms hereof. 
 “Transaction Agreements” shall mean
this Agreement, the Amendment to the Collaboration Agreement, and the Hemophilia Co-Co Agreements. 

1.2    Additional Defined Terms. In addition to the terms defined in Section 1.1, the following terms shall have
the respective meanings assigned thereto in the sections indicated below: 
  

			
	 Defined Term
	  	Section
	Agreement	  	Preamble
	Aggregate Purchase Price	  	Section 2
	Change of Control	  	Section 10.2
	Closing	  	Section 3.1
	Closing Date	  	Section 3.1
	Common Stock	  	Preamble
	Company	  	Preamble
	Company SEC Documents	  	Section 4.11(a)
	Disqualification Event	  	Section 4.14

  
 4 

			
	 Defined Term
	  	Section
	Exchange Act	  	Section 4.11(a)
	Expiration Date	  	Section 10.1(a)
	Extraordinary Matters	  	Section 10.1(b)
	HSR Act	  	Section 4.7
	Investor	  	Preamble
	LAS	  	Section 4.7
	Lock-Up Period	  	Section 10.2
	Lock-Up Securities	  	Section 10.2
	Modified Clause	  	Section 11.7
	Permits	  	Section 4.10
	SEC	  	Section 4.7
	Securities Act	  	Section 4.11(a)
	Shares	  	Section 2
	Subsidiaries	  	Section 4.3
	Termination Date	  	Section 9.1(b)

 2.    Purchase and Sale of Common Stock. Subject to the terms and conditions of
this Agreement, at the Closing, the Company shall issue and sell to the Investor, free and clear of all liens, other than any liens arising as a result of any action by the Investor, and the Investor shall purchase from the Company, the number of
shares of Common Stock (rounded up) equal to $30,000,000.00 (the “Aggregate Purchase Price”) divided by the Per Share Purchase Price (such number of shares of Common Stock, the “Shares”); provided,
however, that the amount of Shares shall be reduced by such amount as required so that the total number of shares of Common Stock held by the Investor, including the Shares purchased under this Agreement, is equal to nineteen and
99/100 percent (19.99%) of the Company’s outstanding shares of Common Stock. In the event of any stock dividend, stock split, combination of shares, recapitalization, or other similar change in the capital structure of the Company after
the date hereof and on or prior to the Closing which affects or relates to the Common Stock, the number of Shares shall be adjusted proportionately. 

  
 5 

 3.    Closing Date; Deliveries. 

3.1    Closing Date. Subject to the satisfaction or waiver of all the conditions to the Closing set forth in
Sections 6, 7, and 8 hereof, the closing of the purchase and sale of the Shares hereunder (the “Closing”) shall be held on the first (1st) Business Day after the satisfaction of the conditions to Closing set forth in Sections 6, 7,
and 8 (other than those conditions that by their nature are to be satisfied at the Closing), at 10:00 a.m. Boston time, remotely via the exchange of documents and signatures, or at such other time, date and location as the parties may agree orally
or in writing. The date the Closing occurs is hereinafter referred to as the “Closing Date.” 

3.2    Deliveries. 

(a)    Deliveries by the Company. The Company shall instruct its transfer agent at the Closing to register the
Shares in book-entry in the name of the Investor and the Company shall cause the transfer agent to deliver written confirmation of the book-entry delivery of the Shares to the Investor. The Company shall also deliver at the Closing:
(i) a certificate in form and substance reasonably satisfactory to the Investor and duly executed on behalf of the Company by an authorized executive officer of the Company, certifying that the conditions to Closing set forth in
Sections 6, 8.2, 8.3 and 8.4 of this Agreement have been fulfilled; (ii) a certificate of the secretary of the Company dated as of the Closing Date certifying (A) that attached thereto is a true and complete copy of the Second Amended
and Restated Bylaws of the Company as in effect on the Closing Date; (B) that attached thereto is a true and complete copy of all resolutions adopted by the Board of Directors of the Company authorizing the execution, delivery and
performance of this Agreement and the Transaction and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated hereby as of the Closing Date; and (C) that
attached thereto is a true and complete copy of the Company’s Second Amended and Restated Certificate of Incorporation, as in effect on the Closing Date; and (iii) a legal opinion of Goodwin Procter LLP, counsel to the Company, in
form and substance reasonably acceptable to Investor. 
 (b)    Deliveries by the Investor. At the Closing, the
Investor shall deliver to the Company the Aggregate Purchase Price by wire transfer of immediately available United States funds to an account designated by the Company. The Company shall notify the Investor in writing of the wiring instructions for
such account not less than two (2) Business Days before the Closing Date. The Investor shall also deliver, or cause to be delivered at the Closing: (i) a duly executed Cross Receipt and (ii) a certificate in form and
substance reasonably satisfactory to the Company and duly executed on behalf of the Investor by an authorized executive officer of the Investor, certifying that the conditions to Closing set forth in Section 7 of this Agreement have been
fulfilled. 
 4.    Representations and Warranties of the Company. The Company hereby represents and warrants to
the Investor that: 
 4.1    Organization, Good Standing and Qualification. 

(a)    Each of the Company and the Subsidiaries (as defined below) is a corporation duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization, with the requisite power and authority to own and use its 

  
 6 

 
properties and assets and to carry on its business as currently conducted. Each of the Company and the Subsidiaries has all requisite corporate power and corporate authority to own, lease and
operate its properties and assets, to carry on its business as now conducted, and as proposed to be conducted as described in the Company SEC Documents, and the Company has all requisite corporate power to enter into this Agreement, to issue and
sell the Shares, and to perform its obligations under and to carry out the other transactions contemplated by this Agreement. 

(b)    Each of the Company and the Subsidiaries is qualified to transact business and is in good standing in each
jurisdiction in which the character of the properties owned, leased or operated by the Company or Subsidiary, as applicable, or the nature of the business conducted by the Company or Subsidiary, as applicable, makes such qualification necessary,
except where the failure to be so qualified would not have a Material Adverse Effect. 
 4.2    Capitalization and
Voting Rights. 
 (a)    The authorized capital of the Company as of the date hereof consists of: (i) 120,000,000
shares of Common Stock of which, as of the date of this Agreement, 51,422,028 shares are issued and outstanding and (ii) 5,000,000 shares of preferred stock, par value $0.0001 per share, none of which are issued and outstanding as of the date of
this Agreement. All of the issued and outstanding shares of Common Stock (A) have been duly authorized and validly issued, (B) are fully paid and non-assessable, and (C) were issued in compliance with all applicable federal and state
securities Laws. 
 (b)    All of the authorized shares of Common Stock are entitled to one (1) vote per share.

 (c)    Except as described or referred to in Section 4.2(a) above or as set forth in the Company SEC Documents,
as of the date hereof, there are not: (i) any outstanding equity securities, options, warrants, rights (including conversion or preemptive rights) or other agreements pursuant to which the Company is or may become obligated to issue,
sell or repurchase any shares of its capital stock or any other securities of the Company or (ii) any restrictions on the transfer of capital stock of the Company other than pursuant to state and federal securities Laws. 

(d)    The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has
taken no action designed to, or which to the Company’s Knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the SEC (as defined
below) is contemplating terminating such registration. 
 (e)    Except as set forth in the Company SEC Documents and
in Section 10.1(a) below, the Company is not party to or subject to any agreement or understanding relating to the voting of shares of capital stock of the Company or the giving of written consents by a stockholder or director of the Company.

 4.3    Subsidiaries. The Company has disclosed all of its subsidiaries required to be disclosed pursuant to
Item 601(b)(21) of Regulation S-K in an exhibit to its Annual Report on Form 10-K (the “Subsidiaries”). The Company owns, directly or indirectly, all of the capital

  
 7 

 
stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully
paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. 

4.4    Authorization. 

(a)    All requisite corporate action on the part of the Company, its directors and stockholders required by applicable
Law for the authorization, execution and delivery by the Company of this Agreement and the performance of all obligations of the Company hereunder, including the authorization, issuance and delivery of the Shares, has been taken. 

(b)    This Agreement has been duly executed and delivered by the Company, and upon the due execution and delivery of
this Agreement by the Investor, this Agreement will constitute a valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms (except as such enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium, or other Laws of general application relating to or affecting enforcement of creditors’ rights and (ii) rules of Law governing specific performance, injunctive relief, or other
equitable remedies and limitations of public policy). 
 (c)    No stop order or suspension of trading of the Common
Stock has been imposed by Nasdaq, the SEC or any other Governmental Authority and remains in effect. 
 4.5    No
Defaults. The Company is not in default under or in violation of (a) its Organizational Documents; (b) any provision of applicable Law or any ruling, writ, injunction, order, Permit, judgment, or decree of any Governmental
Authority; or (c) any agreement, arrangement or instrument, whether written or oral, by which the Company or any of its assets are bound; except, in the case of subsections (b) and (c), as would not have a Material Adverse
Effect. There exists no condition, event or act which after notice, lapse of time, or both, would constitute a default or violation by the Company under any of the foregoing, except, in the case of subsections (b) and (c), as would not
have a Material Adverse Effect. 
 4.6    No Conflicts. The execution, delivery and performance of this Agreement
and compliance with the provisions hereof by the Company do not and shall not: (a) violate any provision of applicable Law or any ruling, writ, injunction, order, permit, judgment or decree of any Governmental Authority;
(b) constitute a breach of, or default under (or an event which, with notice or lapse of time or both, would become a default under) or conflict with, or give rise to any right of termination, cancellation or acceleration of, any
agreement, arrangement or instrument, whether written or oral, by which the Company or any of its assets are bound; (c) violate or conflict with any of the provisions of the Company’s Organizational Documents; or
(d) result in any encumbrance upon any of the Shares, other than restrictions pursuant to the securities Laws, or any of the properties or assets of the Company or any Subsidiary; except, in the case of subsections (a) and (b), as would
not have a Material Adverse Effect. 
 4.7    No Governmental Authority or Third-Party Consents. No consent,
approval, authorization or other order of, or filing with, or notice to, any Governmental Authority 

  
 8 

 
or other Third Party is required to be obtained or made by the Company in connection with the authorization, execution and delivery by the Company of any of this Agreement or with the
authorization, issue and sale by the Company of the Shares, except (a) such filings as may be required to be made with the Securities and Exchange Commission (the “SEC”) and with any state blue sky or securities regulatory
authority, which filings shall be made in a timely manner in accordance with all applicable Laws, (b) if and as required pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”),
and (c) if required, with respect to the Shares, the filing with The Nasdaq Stock Market LLC of, and the absence of unresolved issues with respect to, a Notification Form: Listing of Additional Shares (the “LAS”). 

4.8    Valid Issuance of Shares. When issued, sold and delivered at the Closing in accordance with the terms hereof
for the Aggregate Purchase Price, the Shares shall be duly authorized, validly issued, fully paid and nonassessable, free from any liens, encumbrances or restrictions on transfer, including preemptive rights, rights of first refusal or other similar
rights, other than as arising pursuant to this Agreement, as a result of any action by the Investor or under federal or state securities Laws. 

4.9    Litigation. Except as set forth in the Company SEC Documents filed prior to the date of this Agreement,
there is no action, suit, proceeding or investigation pending (of which the Company has received notice or otherwise is within the Company’s Knowledge) or, to the Company’s Knowledge, threatened, against the Company or which the Company
intends to initiate which has had or is reasonably likely to have a Material Adverse Effect. 
 4.10    Licenses and
Other Rights; Compliance with Laws. The Company has all franchises, permits, licenses and other rights and privileges (“Permits”) necessary to permit it to own its properties and to conduct its business as presently conducted
and is in compliance thereunder, except where the failure to be in compliance does not and would not have a Material Adverse Effect. The Company has not taken any action that would interfere with the Company’s ability to renew all such
Permit(s), except where the failure to renew such Permit(s) would not have a Material Adverse Effect. The Company is and has been in compliance with all Laws applicable to its business, properties and assets, and to the products and services sold by
it, except where the failure to be in compliance does not and would not have a Material Adverse Effect. 

4.11    Company SEC Documents; Financial Statements; Nasdaq Stock Market. 

(a)    Since June 1, 2018, the Company has timely filed all required reports, schedules, forms, statements and other
documents (including exhibits and all other information incorporated therein), and any required amendments to any of the foregoing, with the SEC (the “Company SEC Documents”). As of their respective filing dates, each of the Company
SEC Documents complied in all material respects with the requirements of the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
the rules and regulations of the SEC promulgated thereunder applicable to such Company SEC Documents, and no Company SEC Documents when filed, declared effective or mailed, as applicable, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

  
 9 

 (b)    The financial statements of the Company included in its Annual
Report on Form 10-K for the fiscal year ended December 31, 2019, and in its quarterly reports on Form 10-Q for the quarterly period ended March 31, 2020, comply as to form in all material respects with
applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods
involved (except as may be indicated in the notes thereto) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended. Except
(i) as set forth in the Company SEC Documents or (ii) for liabilities incurred in the ordinary course of business subsequent to the date of the most recent balance sheet contained in the Company SEC Documents, the Company has no liabilities,
whether absolute or accrued, contingent or otherwise, other than those that would not, individually or in the aggregate, have a Material Adverse Effect. 

(c)    As of the date of this Agreement, the Common Stock is listed on The Nasdaq Global Market, and the Company has
taken no action designed to, or which is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common Stock from The Nasdaq Global Market. As of the date of this Agreement, the Company
has not received any notification that, and to the Company’s Knowledge, the SEC or The Nasdaq Stock Market LLC is contemplating terminating such listing or registration. 

4.12    Absence of Certain Changes. Except as disclosed in the Company SEC Documents filed prior to the date of
this Agreement, there has not occurred any event that has caused or would reasonably be expected to cause a Material Adverse Effect. 

4.13    Internal Controls; Disclosure Controls and Procedures. The Company maintains internal control over
financial reporting as defined in Rule 13a-15(f) under the Exchange Act. The Company has implemented the “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) required in order for the
Principal Executive Officer and Principal Financial Officer of the Company to engage in the review and evaluation process mandated by the Exchange Act, and is in compliance with such disclosure controls and procedures in all material respects. Each
of the Principal Executive Officer and the Principal Financial Officer of the Company (or each former Principal Executive Officer of the Company and each former Principal Financial Officer of the Company, as applicable) has made all certifications
required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 with respect to all reports, schedules, forms, statements and other documents required to be filed by the Company with the SEC. 

4.14    Offering. Subject to the accuracy of the Investor’s representations set forth in Sections 5.5, 5.6,
5.7, 5.8, and 5.9, the offer, sale, and issuance of the Shares to be issued in conformity with the terms of this Agreement constitute transactions which are exempt from the registration requirements of the Securities Act and from all applicable
state registration or qualification requirements. Neither the Company nor any Person acting on its behalf will take 

  
 10 

 
any action that would cause the loss of such exemption. No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of Regulation D (a “Disqualification
Event”) is applicable to the Company or, to the Company’s Knowledge, any Company Covered Person, except for a Disqualification Event as to which Rule 506(d)(2)(ii)–(iv) or (d)(3) is applicable. 

4.15    No Integration. The Company has not, directly or through any agent, sold, offered for sale, solicited
offers to buy, or otherwise negotiated in respect of any security (as defined in the Securities Act) which is or will be integrated with the Shares sold pursuant to this Agreement in a manner that would require the registration of the Shares under
the Securities Act. 
 4.16    Brokers’ or Finders’ Fees. No broker, finder, investment banker, or
other Person is entitled to any brokerage, finder’s, or other fee or commission from the Company in connection with the transactions contemplated by this Agreement. 

4.17    Not Investment Company. The Company is not, and immediately after receipt of the Aggregate Purchase Price
will not be, an “investment company” as defined in the Investment Company Act of 1940, as amended. 

4.18    Insurance. The Company is insured by insurers of recognized financial responsibility against such losses
and risks and in such amounts as are prudent and customary in the businesses in which the Company is engaged and for an enterprise at a substantially similar stage of lifecycle as the Company, including, but not limited to, directors and officers
insurance coverage. To the Company’s Knowledge, it will be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business. 

4.19    No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or
sold any of the Shares by any form of general solicitation or general advertising. The Company has not, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in
the Securities Act) in a manner or under any circumstances that would require the registration of the Shares under the Securities Act (including, without limitation, by virtue of the integration of the offering of the Shares with any prior offering
of Company shares). 
 4.20    Foreign Corrupt Practices. Neither the Company, nor to the Company’s
Knowledge, any agent or other Person acting on behalf of the Company, has (a) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity,
(b) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any contribution made by the Company (or
made by any Person acting on its behalf of which the Company is aware) which is in violation of Law, or (d) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable non-U.S.
anti-bribery Law. 
 4.21    Regulation M Compliance. The Company has not taken, directly or indirectly, any
action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Shares. 

  
 11 

 4.22    Office of Foreign Assets Control. Neither the Company
nor, to the Company’s Knowledge, any director, officer, agent, employee or Affiliate of the Company is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department. 

4.23    U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding
corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Investor’s request. 

4.24    Intellectual Property. The Intellectual Property that is owned by the Company is owned free from any liens
or restrictions, and all of the Company’s material Intellectual Property Licenses are in full force and effect in accordance with their terms and are free of any liens or restrictions except (a) where the failure to be free from
such liens or restrictions would not have a Material Adverse Effect or (b) as set forth in any such Intellectual Property License. Except as set forth in the Company SEC Documents, there is no legal claim or demand of any Person pertaining
to, or any proceeding which is pending (of which the Company has received notice or otherwise is within the Company’s Knowledge) or, to the Company’s Knowledge, threatened, (i) challenging the right of the Company in respect of any Company
Intellectual Property, or (ii) that claims that any default exists under any Intellectual Property License, except, in the case of (i) and (ii) above, where any such claim, demand or proceeding would not have a Material Adverse
Effect. 
 5.    Representations and Warranties of the Investor. The Investor hereby represents and warrants to
the Company, that: 
 5.1    Organization; Good Standing. The Investor is a corporation duly organized, validly
existing and in good standing under the laws of the State of New York. The Investor has or will have all requisite power and authority to enter into this Agreement, to purchase the Shares and to perform its obligations hereunder and to carry out the
other transactions contemplated by this Agreement. 
 5.2    Authorization. All requisite action on the part of
the Investor and its directors and stockholders, required by applicable Law for the authorization, execution and delivery by the Investor of this Agreement and the performance of all of its obligations hereunder, including the subscription for and
purchase of the Shares, has been taken. This Agreement has been duly executed and delivered by the Investor and upon the due execution and delivery thereof by the Company, will constitute valid and legally binding obligations of the Investor,
enforceable against the Investor in accordance with their respective terms (except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other Laws of general application relating
to or affecting enforcement of creditors’ rights and (b) rules of Law governing specific performance, injunctive relief or other equitable remedies and limitations of public policy). 

5.3    No Conflicts. The execution, delivery and performance of this Agreement and compliance with the provisions
thereof by the Investor do not and shall not: (a) violate any provision of applicable Law or any ruling, writ, injunction, order, permit, judgment or decree of 

  
 12 

 
any Governmental Authority, (b) constitute a breach of, or default under (or an event which, with notice or lapse of time or both, would become a default under) or conflict with, or
give rise to any right of termination, cancellation or acceleration of, any agreement, arrangement or instrument, whether written or oral, by which the Investor or any of its assets, are bound, or (c) violate or conflict with any of the
provisions of the Investor’s organizational documents (including any articles or memoranda of organization or association, charter, bylaws or similar documents), except, in the case of subsections (a), (b), and (c), as would not impair or
adversely affect the ability of the Investor to consummate the Transactions and perform its obligations under this Agreement and except, in the case of subsections (a) and (b), as would not have a material adverse effect on the Investor.

 5.4    No Governmental Authority or Third-Party Consents. No consent, approval, authorization, or other order
of any Governmental Authority or other Third Party is required to be obtained by the Investor in connection with the authorization, execution, and delivery of any of this Agreement or with the subscription for and purchase of the Shares, except as
required pursuant to the HSR Act. 
 5.5    Purchase Entirely for Own Account. The Shares shall be acquired for
investment for the Investor’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Investor has no present intention of selling, granting any participation or otherwise
distributing the Shares. The Investor does not have and will not have as of the Closing any contract, undertaking, agreement, or arrangement with any Person to sell, transfer or grant participation to a Person any of the Shares. 

5.6    Disclosure of Information. The Investor has received all the information from the Company and its management
that the Investor considers necessary or appropriate for deciding whether to purchase the Shares hereunder. The Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the Company,
its financial condition, results of operations and prospects and the terms and conditions of the offering of the Shares sufficient to enable it to evaluate its investment. 

5.7    Investment Experience and Accredited Investor Status; Investment Intent. The Investor is an “accredited
investor” (as defined in Regulation D under the Securities Act). The Investor has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares to be
purchased hereunder. 
 5.8    Restricted Securities. The Investor understands that the Shares, when issued,
shall be “restricted securities” under the federal securities Laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such Laws the Shares may be resold without registration
under the Securities Act only in certain limited circumstances. The Investor represents that it is familiar with Rule 144 of the Securities Act, as presently in effect. 

  
 13 

 5.9    Legends. 

(a)    The Investor understands that all of its shares of Common Stock of the Company shall be subject to the following
legends: 
  

	 	(1)	 “These securities have not been registered under the Securities Act of 1933. They may not be sold, offered
for sale, pledged or hypothecated in the absence of a registration statement in effect with respect to the securities under the Securities Act or an opinion of counsel (which counsel shall be reasonably satisfactory to Intellia Therapeutics, Inc.)
that such registration is not required or unless sold pursuant to Rule 144 of the Securities Act.”; and 

  

	 	(2)	 “These securities are subject to transfer restrictions set forth in a Stock Purchase Agreement by and
between Regeneron Pharmaceuticals, Inc. and Intellia Therapeutics, Inc., a copy of which is on file with the Secretary of Intellia Therapeutics, Inc.” 

(b)    In order to satisfy the foregoing requirements of Section 5.9(a), Investor covenants and agrees to use its
commercially reasonable efforts to, as promptly as practicable, but in no event later than thirty (30) days after the Closing Date, transfer and maintain (in Investor’s name) all shares of Common Stock owned by Investor prior to the
Transaction to the Company’s transfer agent in book entry form for electronic application of the legends set forth above. 

5.10    Financial Assurances. As of the date hereof and as of the Closing Date, the Investor has and will have
access to cash in an amount sufficient to pay to the Company the Aggregate Purchase Price. 
 6.    Investor’s
Conditions to Closing. The Investor’s obligation to purchase the Shares at the Closing is subject to the fulfillment as of the Closing of the following conditions (unless waived in writing by the Investor): 

6.1    Representations and Warranties. The representations and warranties made by the Company in Section 4
hereof shall be true and correct (a) as of the date of this Agreement and (b) as of the Closing Date as though made on and as of the Closing Date, except to the extent such representations and warranties are specifically made as of a
particular date, in which case such representations and warranties shall be true and correct as of such date; provided, however, that for purposes of this Section 6.1, all such representations and warranties of the Company (other
than Sections 4.1(a), 4.2, 4.3, 4.4, 4.8, 4.14, 4.15, and 4.19 of this Agreement) shall be deemed to be true and correct for purposes of this Section 6.1 unless the failure or failures of such representations and warranties to be so true and
correct, without regard to any “material,” “materiality,” or “Material Adverse Effect” qualifiers set forth therein, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse
Effect; provided further that, if the Closing does not occur within forty-five (45) days after the date of this Agreement, the representations made by the Company in Section 4.2(a) may be updated and delivered to the Investor prior to
Closing such that Section 4.2(a) shall be true and correct as of the Closing Date as though made on and as of the Closing Date. 

  
 14 

 6.2    Covenants. All covenants and agreements contained in this
Agreement to be performed or complied with by the Company on or prior to the Closing Date shall have been performed or complied with in all material respects. 

6.3    Other Transaction Agreements. The Company shall have duly executed and delivered to the Investor the other
Transaction Agreements, and there shall have been no termination of the other Transaction Agreements that, as of the Closing, is effective. 

6.4    No Material Adverse Effect. From and after the date of this Agreement until the Closing Date, there shall
have occurred no event that has caused or would reasonably be expected to cause a Material Adverse Effect. 

6.5    Closing Deliverables. The Company shall deliver or cause to be delivered to the Investor all items listed in
Section 3.2(a). 
 6.6    Conduct of Business Pending Closing. During the period from the date of
this Agreement until the Closing Date, except as (a) consented to in writing by the Investor (which consent shall not be unreasonably withheld, conditioned or delayed) or (b) otherwise contemplated by any of the Transaction
Agreements, the Company shall have (i) operated its business only in the ordinary course, (ii) maintained its existence under applicable law, (iii) used commercially reasonable efforts to maintain and enforce its
material Intellectual Property, (iv) paid all applicable material taxes when due and payable, and (v) (A) not declared, set aside or pay any dividend or make any other distribution or payment (whether in cash, stock or
property or any combination thereof) in respect of its capital stock, (B) not made any other actual, constructive or deemed distribution in respect of any shares of its capital stock or otherwise make any payments to stockholders in
their capacity as such, and (C) not redeemed, repurchased or otherwise acquired any securities of the Company or any of its Subsidiaries. 

7.    Company’s Conditions to Closing. The Company’s obligation to issue and sell the Shares at the
Closing is subject to the fulfillment as of the Closing of the following conditions (unless waived in writing by the Company): 

7.1    Representations and Warranties. The representations and warranties made by the Investor in
Section 5 hereof shall be true and correct as of the date of this Agreement and as of the Closing Date as though made on and as of the Closing Date, except to the extent such representations and warranties are specifically made as of a
particular date, in which case such representations and warranties shall be true and correct as of such date. 

7.2    Covenants. All covenants and agreements contained in this Agreement to be performed or complied with by the
Investor on or prior to the Closing Date shall have been performed or complied with in all material respects. 

7.3    Other Transaction Agreements. The Investor shall have duly executed and delivered to the Company the other
Transaction Agreements, and there shall have been no termination of the other Transaction Agreements that, as of the Closing, is effective. 

7.4    Closing Deliverables. The Investor shall deliver or cause to be delivered to the Company all items listed in
Section 3.2(b). 

  
 15 

 8.    Mutual Conditions to Closing. The obligations of the
Investor and the Company to consummate the Closing are subject to the fulfillment as of the Closing Date of the following conditions: 

8.1    HSR Act and Other Qualifications. The filings required under the HSR Act in connection with the Transaction
Agreements, as applicable, shall have been made and the required waiting period shall have expired or been terminated as of the Closing Date, and all other authorizations, consents, waivers, permits, approvals, qualifications, and registrations to
be obtained or effected with any Governmental Authority, including, without limitation, necessary blue sky permits and qualifications required by any state for the offer and sale to the Investor of the Shares, shall have been obtained and shall be
in effect as of the Closing Date. 
 8.2    Injunctions. There shall be no Law, injunction (whether temporary,
preliminary or permanent), judgment, or ruling enacted, promulgated, issued, entered, amended, or enforced by any Governmental Authority in effect enjoining, restraining, preventing, or prohibiting the consummation of the transactions contemplated
by any Transaction Agreement or making the consummation of the transactions contemplated by any Transaction Agreement illegal. 

8.3    Absence of Litigation. There shall be no action, suit, proceeding, or investigation by a Governmental
Authority pending or currently threatened in writing against the Company or the Investor that questions the validity of any of the Transaction Agreements, the right of the Company or the Investor to enter into any Transaction Agreement or to
consummate the transactions contemplated hereby or thereby or which, if determined adversely, would impose substantial monetary damages on the Company or the Investor as a result of the consummation of the transactions contemplated by any
Transaction Agreement. 
 8.4    No Prohibition; Market Listing. (a) No provision of any applicable
Law and no judgment, injunction (preliminary or permanent), order, or decree that prohibits, makes illegal, or enjoins the consummation of the Transaction shall be in effect; and (b) the Common Stock shall be eligible for listing on The
Nasdaq Global Market. 
 9.    Termination. 

9.1    Ability to Terminate. This Agreement may be terminated at any time prior to the Closing by: 

(a)    mutual written consent of the Company and the Investor; 

(b)    either the Company or the Investor, upon written notice to the other after one hundred and eighty (180) days
from the date of this Agreement (the “Termination Date”), if the Transaction shall not have been consummated by the Termination Date; provided, however, that the right to terminate this Agreement under this
Section 9.1(b) shall not be available to any party whose failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, the failure to consummate the Transaction prior to the Termination Date; 

(c)    either the Company or the Investor, upon written notice to the other, if any of the mutual conditions to the
Closing set forth in Section 8 shall have become incapable 

  
 16 

 
of fulfillment by the Termination Date and shall not have been waived in writing by the other party; provided, however, that the right to terminate this Agreement under this
Section 9.1(c) shall not be available to any party whose failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, the failure to consummate the Transaction prior to the Termination Date; 

(d)    the Investor, if (i) any of the representations and warranties of the Company contained in
Section 4 of this Agreement shall fail to be true and correct, (ii) there shall be a breach by the Company of any covenant of the Company in this Agreement that, in either case, (A) would result in the failure of
a condition set forth in Sections 6 or 8, and (B) which is not curable or, if curable, is not cured on or prior to the twentieth (20th) day after written notice thereof is given by the Investor to the Company, or (iii) the
Closing Date shall not have occurred by the Termination Date; or 
 (e)    the Company, if (i) any of the
representations and warranties of the Investor contained in Section 5 of this Agreement shall fail to be true and correct or (ii) there shall be a breach by the Investor of any covenant of the Investor in this Agreement that,
in either case, (A) would result in the failure of a condition set forth in Section 6.5 or 8, and (B) which is not curable or, if curable, is not cured on or prior to the twentieth (20th) day after written notice thereof
is given the Company to the Investor. 
 9.2    Effect of Termination. In the event of the termination of this
Agreement pursuant to Section 9.1 hereof, (a) this Agreement (except for this Section 9.2 and Section 11 hereof (other than Section 11.13) and any definitions set forth in this Agreement and used
in such sections) shall forthwith become void and have no effect, without any liability on the part of any party hereto or its Affiliates, and (b) all filings, applications, and other submissions made pursuant to this Agreement, to the
extent practicable, shall be withdrawn from the agency or other Person to which they were made or appropriately amended to reflect the termination of the transactions contemplated hereby; provided, however, that nothing contained in this
Section 9.2 shall relieve any party from liability for fraud or any intentional or willful breach of this Agreement. 

10.    Additional Covenants and Agreements. 

10.1    Voting of Securities. 

(a)    The Investor agrees that, during the period commencing on the Closing Date and throughout the Technology
Collaboration Term (as defined in the Collaboration Agreement), including any extension thereof (the “Expiration Date”), at any meeting of the stockholders of Company or any adjournment or postponement thereof, and except as
permitted by Section 10.1(b) with respect to Extraordinary Matters, the Investor shall, and shall cause its Affiliates, to (i) appear at such meeting or otherwise cause all of the Common Stock held by the Investor or any of
its Affiliates to be counted as present thereat for purposes of calculating a quorum and (ii) from and after the date hereof until the Expiration Date, vote all of the Common Stock held by the Investor or any of its Affiliates (or cause
all of the Common Stock held by the Investor or any of its Affiliates to be voted) in accordance with the recommendations of the Board of Directors with respect to any proposal to be voted upon at such meeting. The Investor and its
Affiliates shall not take or commit or agree to take any action inconsistent with the foregoing. 

  
 17 

 (b)    With respect to Extraordinary Matters (as defined below), the
Investor and its Affiliates may vote, or execute a written consent with respect to, any or all of the voting securities of the Company as to which they are entitled to vote or execute a written consent, as they may determine in their sole
discretion. With respect to this Section 10.1(b), “Extraordinary Matters” shall mean: 
  

	 	(1)	 any transaction which would result in a Change of Control; 

 

	 	(2)	 any other issuance of shares of Common Stock or Common Stock Equivalents voted upon by stockholders of the
Company; 

  

	 	(3)	 any vote of the Company’s stockholders with respect to any stock option or stock purchase plan, or any
material amendment thereto, or other equity compensation arrangement or material amendment thereto, which has been approved by the Company’s Compensation Committee and taken as a whole is not generally and materially consistent with the
Company’s equity compensation historical practices; and 

  

	 	(4)	 any liquidation or dissolution of the Company. 

10.2    Lock-Up Agreement. During the period commencing on the Closing Date and throughout the Technology
Collaboration Term (as defined in the Collaboration Agreement, as amended), including any extension thereof (the “Lock-Up Period”), without the prior approval of the Board of Directors of the Company, the Investor shall not
(i) Dispose of or transfer any of the shares of Common Stock held by the Investor or any of its Controlled Subsidiaries (together with (1) any shares of Common Stock issued in respect thereof as a result of any stock
split, stock dividend, share exchange, merger, consolidation or similar recapitalization and (2) any shares of Common Stock issued as (or issuable upon the exercise of any warrant, right or other security that is issued as) a dividend or
other distribution with respect to, or in exchange or in replacement of, the Shares) (the “Lock-Up Securities”), including, without limitation, any “short sale” or similar
arrangement, or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Shares, whether any such swap or transaction is to be
settled by delivery of securities, in cash or otherwise; provided, however, that the foregoing shall not prohibit the Investor or its Controlled Subsidiaries from transferring Lock-Up Securities to an Affiliate of the Investor if such
transferee Affiliate executes an agreement with the Company to be bound by the restrictions set forth in Section 10.1(a) and Section 10.2. Notwithstanding any other provision of this Section 10.2, this
Section 10.2 shall not prohibit or restrict any disposition of Lock-Up Securities by the Investor in connection with (A) a bona fide tender offer by a Person other than the Investor or the Company involving a Change of
Control of the Company that is not opposed by the Company’s Board of Directors (but only after the Company’s filing of a Schedule 14D-9, or any amendment thereto, with the SEC disclosing the recommendation of the Company’s
Board of Directors with respect to such tender offer); or (B) an issuer tender offer by the Company. For the purposes of this Agreement, a “Change of  

  
 18 

 
Control” means the transfer, in one transaction or a series of related transactions, to a Person or group of affiliated Persons, of shares of capital stock of the Company if, after
such transfer, the stockholders of the Company immediately prior to such transfer do not own at least twenty percent (20%) of the outstanding voting securities of the Company (or the surviving entity). 

10.3    Market Listing. From the date hereof through the Closing Date, Company shall use all reasonable efforts to
(a) maintain the listing and trading of the Common Stock on The Nasdaq Global Market and (b) effect the listing of the Shares on The Nasdaq Global Market, including submitting the LAS to The Nasdaq Stock Market LLC, if
required. 
 10.4    [Reserved]. 

10.5    Assistance and Cooperation. Prior to the Closing, upon the terms and subject to the conditions set forth in
this Agreement, each of the parties agrees to use all reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate with the other party in doing, all things necessary, proper or advisable
to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Agreement, including using all reasonable efforts to: (a) cause the conditions precedent set forth in Sections 6, 7, and
8 to be satisfied (including, in the case of the Company, promptly notifying the Investor of any notice from the Nasdaq Stock Market LLC with respect to the LAS); (b) obtain all necessary actions or non-actions, waivers, consents, approvals, orders
and authorizations from Governmental Authorities and make all necessary registrations, declarations and filings (including registrations, declarations and filings with Governmental Authorities, if any); and (c) obtain all necessary
consents, approvals or waivers from Third Parties. 
 10.6    Effect of Waiver of Condition to Closing. In the
event that, as of the Closing, the Investor provides written notice to the Company of its waiver of the condition regarding a Material Adverse Effect set forth in Section 6.4 of this Agreement, the Investor shall be deemed to have waived
any right of recourse against the Company for, and agreed not to sue the Company in respect of, any and all events or inaccuracies in any representations or warranties of the Company (a) that, as of the Closing, have caused or would
reasonably be expected to cause such Material Adverse Effect and (b) of which the Investor had notice in writing from the Company immediately prior to the Closing. 

10.7    Nasdaq Matters. Prior to the Closing, the Company shall comply in all material respects with all listing,
reporting, filing, and other obligations under the rules of Nasdaq. 
 10.8    Blue Sky Filings. The Company
shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Shares for, sale to the Investor at the Closing under applicable securities or “Blue Sky” laws of the
states of the United States, and shall provide evidence of such actions promptly upon request of the Investor. 

10.9    Legend Removal. The Company shall direct its transfer agent to remove the transfer restriction set forth in
Section 5.9(a)(i) applicable to the Shares upon the written 

  
 19 

 
request of the Investor, within two (2) Business Days of the Company’s receipt of such request, at such time as the Shares (a) may be sold by the Investor pursuant to Rule
144 or (b) may be transferred without the requirement that the Company be in compliance with the public information requirements and without volume or manner-of-sale restrictions under Rule 144.
The Investor, or if the Company’s transfer agent requires, the Company, shall provide such opinions of counsel reasonably requested by the Company’s transfer agent in connection with the removal of legends pursuant to this
Section 10.9. The Company shall direct its transfer agent to remove the transfer restriction set forth in Section 5.9(a)(ii) applicable to the Shares upon expiration of the
Lock-Up Period. 
 11.    Miscellaneous. 

11.1    Governing Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in
accordance with the Laws of the State of Delaware, without regard to the conflict of laws principles thereof that would require the application of the Law of any other jurisdiction. Any action brought, arising out of, or relating to this Agreement
shall be brought in the Court of Chancery of the State of Delaware. Each party hereby irrevocably submits to the exclusive jurisdiction of said Court in respect of any claim relating to the validity, interpretation and enforcement of this Agreement,
and hereby waives, and agrees not to assert, as a defense in any action, suit, or proceeding in which any such claim is made that it is not subject thereto or that such action, suit, or proceeding may not be brought or is not maintainable in such
courts, or that the venue thereof may not be appropriate or that this agreement may not be enforced in or by such courts. The parties hereby consent to and grant the Court of Chancery of the State of Delaware jurisdiction over such parties and over
the subject matter of any such claim. The parties hereby consent to and agree that mailing of process or other papers in connection with any such action, suit, or proceeding in the manner provided in Section 11.3 or in such other manner as may
be permitted by law shall be valid and sufficient thereof. 
 11.2    Waiver. Waiver by a party of a breach
hereunder by the other party shall not be construed as a waiver of any subsequent breach of the same or any other provision. No delay or omission by a party in exercising or availing itself of any right, power or privilege hereunder shall preclude
the later exercise of any such right, power or privilege by such party. No waiver shall be effective unless made in writing with specific reference to the relevant provision(s) of this Agreement and signed by a duly authorized representative of the
party granting the waiver. 
 11.3    Notices. All notices, instructions and other communications hereunder or in
connection herewith shall be in writing, shall be sent to the address of the relevant party set forth on Exhibit B attached hereto and shall be (a) delivered personally, (b) sent by registered or
certified mail, return receipt requested, postage prepaid, (c) sent via a reputable nationwide overnight courier service or (d) sent by electronic mail, with a confirmation copy to be sent by registered or certified mail,
return receipt requested, postage prepaid. Any such notice, instruction or communication shall be deemed to have been delivered upon receipt if delivered by hand, three (3) Business Days after it is sent by registered or certified mail,
return receipt requested, postage prepaid, one (1) Business Day after it is sent via a reputable nationwide overnight courier service or when transmitted with electronic confirmation of receipt, if transmitted by electronic mail (if such
transmission is made during regular business hours of the 

  
 20 

 
recipient on a Business Day; or otherwise, on the next Business Day following such transmission). Either party may change its address by giving notice to the other party in the manner provided
above. 
 11.4    Entire Agreement. The Transaction Agreements contain the entire agreement among the parties
with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous arrangements or understandings, whether written or oral, with respect hereto and thereto. 

11.5    Amendments. No provision in this Agreement shall be supplemented, deleted or amended except in a writing
executed by an authorized representative of each of the Investor and the Company. 
 11.6    Headings; Nouns and
Pronouns; Section References. Headings in this Agreement are for convenience of reference only and shall not be considered in construing this Agreement. Whenever the context may require, any pronouns used herein shall include the corresponding
masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice-versa. References in this Agreement to a section or subsection shall be deemed to refer to a section or subsection of this Agreement
unless otherwise expressly stated. 
 11.7    Severability. If, under applicable Laws, any provision hereof is
invalid or unenforceable, or otherwise directly or indirectly affects the validity of any other material provision(s) of this Agreement in any jurisdiction (“Modified Clause”), then, it is mutually agreed that this Agreement shall
endure and that the Modified Clause shall be enforced in such jurisdiction to the maximum extent permitted under applicable Laws in such jurisdiction; provided that the parties shall consult and use all reasonable efforts to agree upon, and hereby
consent to, any valid and enforceable modification of this Agreement as may be necessary to avoid any unjust enrichment of either party and to match the intent of this Agreement as closely as possible, including the economic benefits and rights
contemplated herein. 
 11.8    Assignment. Neither this Agreement nor any of the rights or obligations hereunder
may be assigned by either the Investor or the Company without (a) the prior written consent of the Company in the case of any assignment by the Investor or (b) the prior written consent of the Investor in the case of an assignment
by the Company. 
 11.9    Successors and Assigns. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and permitted assigns. 
 11.10    Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument. 

11.11    Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or
enforceable by any Third Party, including any creditor of any party hereto. No Third Party shall obtain any right under any provision of this Agreement or shall by reason of any such provision make any claim in respect of any debt, liability or
obligation (or otherwise) against any party hereto. 

  
 21 

 11.12    No Strict Construction. This Agreement has been prepared
jointly and will not be construed against either party. 
 11.13    Survival of Warranties. The representations
and warranties of the Company and the Investor contained in this Agreement shall survive the Closing for eighteen (18) months, except for (a) the representations and warranties set forth in Sections 4.1, 4.2, 4.4, 4.5(a), 4.6(c), 4.7, 4.8,
4.11, 4.14, 4.15, 4.16, 4.17 and Sections 5.1, 5.2, 5.5, 5.7, and 5.8, which shall survive the Closing and (b) the representation and warranty of the Investor in Section 5.10, which shall not survive the Closing. The parties hereby
acknowledge and agree that the rights of the parties hereunder are special, unique and of extraordinary character, and that if any party refuses or otherwise fails to act, or to cause its Affiliates to act, in accordance with the provisions of this
Agreement, such refusal or failure would result in irreparable injury to the Company or the Investor as the case may be, the exact amount of which would be difficult to ascertain or estimate and the remedies at law for which would not be reasonable
or adequate compensation. Accordingly, if any party refuses or otherwise fails to act, or to cause its Affiliates to act, in accordance with the provisions of this Agreement, then, in addition to any other remedy which may be available to any
damaged party at law or in equity, such damaged party will be entitled to seek specific performance and injunctive relief, without posting bond or other security, and without the necessity of proving actual or threatened damages, which remedy such
damaged party will be entitled to seek in any court of competent jurisdiction. 
 11.14    Remedies. The rights,
powers and remedies of the parties under this Agreement are cumulative and not exclusive of any other right, power or remedy which such parties may have under any other agreement or Law. No single or partial assertion or exercise of any right, power
or remedy of a party hereunder shall preclude any other or further assertion or exercise thereof. 

11.15    Expenses. Each party shall pay its own fees and expenses in connection with the preparation, negotiation,
execution and delivery of the Transaction Agreements. 
 (Signature Page Follows) 

  
 22 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date
first above written. 
  

					
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Nouhad Husseini

		 	Name:	 	Nouhad Husseini
		 	Title:	 	Senior Vice President, Business Development

  
 Signature Page to
Stock Purchase Agreement 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date
first above written. 
  

					
	INTELLIA THERAPEUTICS, INC.
		
	By:	 	 /s/ John M. Leonard

		 	Name:	 	John M. Leonard, M.D.
		 	Title:	 	President and Chief Executive Officer

  
 Signature Page to
Stock Purchase Agreement 

 EXHIBIT A 

FORM OF CROSS RECEIPT 

CROSS RECEIPT 
 Intellia
Therapeutics, Inc. hereby acknowledges receipt from Regeneron Pharmaceuticals, Inc. on June 1, 2020 of $30,000,000.00, representing the purchase price for 925,218 shares of Common Stock, par value $0.0001 per share, of Intellia Therapeutics,
Inc., pursuant to that certain Share Purchase Agreement, dated as of May 30, 2020, by and between Regeneron Pharmaceuticals, Inc. and Intellia Therapeutics, Inc. 

 

			
	INTELLIA THERAPEUTICS, INC.
		
	By:	 	
                     
                                         
               

		 	Name:
		 	Title:

 Regeneron Pharmaceuticals, Inc. hereby acknowledges receipt from Intellia Therapeutics, Inc. on
June 1, 2020 of 925,218 shares of Common Stock, par value $0.0001 per share, of Intellia Therapeutics, Inc., delivered pursuant to that certain Share Purchase Agreement, dated as of May 30, 2020, by and between Regeneron Pharmaceuticals,
Inc. and Intellia Therapeutics, Inc. 
  

			
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	
                     
                                         
               

		 	Name:
		 	Title:

 EXHIBIT B 

NOTICES 
  

	(a)	 If to the Investor: 

Regeneron Pharmaceuticals, Inc. 

777 Old Saw Mill River Road 

Tarrytown, New York 10591 

Attention: President & CEO 

Copy: General Counsel 
 with a
copy to: 
 Morgan, Lewis & Bockius LLP 

502 Carnegie Center 
 Princeton,
New Jersey 08540 
 Attention: David C. Schwartz, Esq. 
  

	(b)	 If to the Company: 

Intellia Therapeutics, Inc. 
 40
Erie Street, Suite 130 
 Cambridge, Massachusetts 02139 

Attention: General Counsel 

Email: ntlanotice@intelliatx.com 

with a copy to: 
 Goodwin
Procter LLP 
 100 Northern Avenue 

Boston, MA 02210 
 Attention:
Arthur McGivern, Esq. 
 Email: amcgivern@goodwinlaw.comExhibit
10.1

 

FORM
OF LETTER AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is entered into this _____ day of May, 2020 by and between Brownie’s
Marine Group, Inc., a Florida corporation (the “Company”) and ___________________, an individual (the
“Recipient”).

 

WHEREAS,
the Recipient is an employee or independent contractor of the Company, as applicable.

 

WHEREAS,
in such role the Recipient has been working on the development of the Company’s BLU3-VENT mechanical ventilator project
(the “BLU3-VENT Project”), the core technology of which is the
Company’s proprietary breathing air pump and respiration detection sensor originally invented for the Company’s NEMO
tankless diving system.

 

WHEREAS,
the Company has agreed to pay the Recipient additional compensation over and above his agreed upon compensation for his work on
the BLU3-VENT Project (the “Additional Compensation”) in the amount set forth on Schedule A hereto,
all or a portion of which shall be paid in shares of the Company’s restricted common stock (the “Compensation
Shares”).

 

NOW
THEREFORE, in consideration of the mutual covenants and promises hereafter set forth and for other good and valuable consideration,
receipt of which is acknowledged, the parties hereto agree as follows:

 

1.
Additional Compensation.

 

(a)
Upon the terms and conditions set forth in this Agreement, the Company shall pay the Recipient the Additional Compensation set
forth on Schedule A hereto, including the portion of which is represented by the Compensation Shares set forth therein.

 

(b)
The Additional Compensation is paid as additional consideration for the services rendered by the Recipient to the Company in the
ordinary course of his employment with or services to the Company, as a bonus, and without the payment of any consideration other
than the Recipient’s services to the Company. The issuance of the Compensation Shares
is made and granted as a stand-alone award, separate and apart from, and outside of, any stock option or equity compensation plan
of the Company. The payment of the Additional Compensation, including the issuance of the Compensation Shares, shall not
confer upon the Recipient any right to be retained by or in the employ or service of the Company and shall not interfere in any
way with the right of the Company to terminate the Recipient.

 

(c)
The Compensation Shares shall be fully paid and nonassessable. The Company may issue a stock certificate or evidence the Recipient’s
interest by using a restricted book entry account with the Company’s transfer agent. The certificate representing the Compensation
Shares shall bear the following or substantially similar restrictive legend:

 

“THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“SECURITIES ACT”), OR ANY
STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED OR DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO BROWNIE’S
MARINE GROUP, INC. THAT AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS IS AVAILABLE.”

 

    	 	1	 

     

    

 

2.
Representations and Warranties of the Recipient. The Recipient hereby represents and warrants to the Company as
follows:

 

(a)
The Recipient is acquiring the Compensation Shares for his own account with the present intention of holding such securities for
purposes of investment, and that he has no intention of distributing such Compensation Shares or selling, transferring or otherwise
disposing of such Compensation Shares in a public distribution, in any of such instances, in violation of the federal securities
laws of the United States of America. The Recipient understands that (i) the Compensation Shares are “restricted securities,”
as defined in Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities Act”);
(ii) such Compensation Shares have not been registered under the Securities Act; (iii) the Compensation Shares may not be distributed,
re-offered or resold except through a valid and effective registration statement or pursuant to a valid exemption from the registration
requirements under the Securities Act; and (iv) the Company is under no obligation to register the sale, transfer or other disposition
of the Compensation Shares under the Securities Act or to take any other action necessary in order to make compliance with an
exemption from such registration available.

 

(b)
The Recipient is not relying on the Company or any of its employees or agents with respect to the legal, tax, economic and related
considerations of this Agreement or the payment of the Additional Consideration, including the Compensation Shares, and the Recipient
has relied on the advice of, or has consulted with, his own accountants, attorneys, and advisors.

 

(c)
The Company has advised the Recipient to seek the Recipient’s own tax and financial advice with regard to the federal and
state tax considerations resulting from the Recipient’s receipt of the Additional Compensation, including the Compensation
Shares. The Recipient understands that the Company will report to appropriate taxing authorities the payment to the Recipient
of compensation income resulting from the Additional Compensation. The Recipient understands that he is solely responsible for
the payment of all federal and state taxes resulting from the receipt of the Additional Compensation. The Company does not make
any representation or undertaking regarding the treatment of any tax withholding in connection with the Additional Compensation.

 

(d)
Recipient has been provided access via the Securities and Exchange Commission (the “Commission”) public
website at www.sec.gov with access to copies of the Company’s Annual Report on Form 10-K for the period ended December
31, 2018, the Company’s Quarterly Report for the period ended September 30, 2019 and the Company’s other filings with
the Commission (collectively, the “SEC Reports”), and represents and warrants that it has read and reviewed
these reports (including the “Risk Factors” contained therein), together with the Company’s other filings with
the Commission. No representations or warranties have been made to the Recipient by the Company or any of its officers, employees,
agents, affiliates or subsidiaries, other than any representations contained herein and in the SEC Reports, and Recipient is not
relying upon any representations other than any contained in the SEC Reports.

 

3.
Miscellaneous.

 

(a)
Amendment. The Company may amend this Agreement at any time and from time to time; provided, however, that
no amendment of this Agreement that would materially and adversely impair the Recipient’s rights or entitlements with respect
to the Additional Compensation shall be effective without the prior written consent of the Recipient.

 

(b)
Severability. In the event any parts of this Agreement are found to be void, the remaining provisions of this Agreement
shall nevertheless be binding with the same effect as though the void parts were deleted.

 

(c)
Arbitration. Any controversy, dispute or claim arising out of or relating to this Agreement, or its interpretation, application,
implementation, breach or enforcement which the parties are unable to resolve by mutual agreement, shall be settled by submission
by either party of the controversy, claim or dispute to binding arbitration in Broward County, Florida (unless the parties agree
in writing to a different location), before a single arbitrator in accordance with the rules of the American Arbitration Association
then in effect. The decision and award made by the arbitrator shall be final, binding and conclusive on all parties hereto for
all purposes, and judgment may be entered thereon in any court having jurisdiction thereof.

 

(d)
Benefit. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their legal representatives,
successors and assigns.

 

    	 	2	 

     

    

 

(e)
Notices and Addresses. 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 (a) personal delivery to the party to be notified,
(b) when sent, if sent by electronic mail or facsimile (if provided), during normal business hours of the recipient, and if not
sent during normal business hours, then on the recipient’s next business day, (c) five (5) business days after having been
sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with
a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of
receipt. All communications sent to the Company shall be sent to: 300 NW 25 Avenue, Suite 1, Pompano Beach, Florida 33069 to the
attention of the Chief Executive Officer, with a copy to the Company’s counsel at Pearlman Law Group LLP, 200 South Andrews
Avenue, Suite 901, Fort Lauderdale, Florida 33301, to the attention of Brian A. Pearlman, Esq., email: brian@pslawgroup.net.
All communications to the Recipient shall be sent to the Recipient’s address as set forth in the books and records of the
Company, or to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance
with this section.

 

(f)
Attorneys’ Fees. In the event that there is any controversy or claim arising out of or relating to this Agreement,
or to the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of
this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses.

 

(g)
Governing Law. This Agreement and any dispute, disagreement, or issue of construction or interpretation arising hereunder
whether relating to its execution, its validity, the obligations provided herein or performance shall be governed or interpreted
according to the laws of the State of Florida without regard to choice of law considerations.

 

(h)
Entire Agreement. This Agreement constitutes the entire Agreement between the parties and supersedes all prior oral and
written agreements between the parties hereto with respect to the subject matter hereof.

 

(i)
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile
signature.

 

(j)
Section or Paragraph Headings. Section headings herein have been inserted for reference only and shall not be deemed to
limit or otherwise affect, in any matter, or be deemed to interpret in whole or in part any of the terms or provisions of this
Agreement.

 

(k)
Stop-Transfer Orders. The Recipient agrees that, in order to ensure compliance with the restrictions set forth in this
Agreement, the Company may issue appropriate “stop transfer” instructions against the Compensation Shares to its duly
authorized transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to
the same effect in its own records. The Company shall not be required (i) to transfer on its books any Compensation Shares that
have been sold or otherwise transferred in violation of this Agreement or (ii) to treat the owner of such Compensation Shares
or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Compensation Shares shall have
been so transferred.

 

(l)
Conformity to Securities Laws. The Recipient acknowledges that this Agreement is intended to conform to the extent necessary
with all provisions of the Securities Act and the Securities Exchange Act of 1934, as amended, and any and all regulations and
rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding
anything herein to the contrary, the Agreement shall be administered, and the Additional Compensation is paid, only in such a
manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, this Agreement shall be deemed
amended to the extent necessary to conform to such laws, rules and regulations.

 

(m)
Role of Counsel. The Recipient acknowledges his understanding that this Agreement was prepared at the request of the Company
by Pearlman Law Group LLP, its counsel, and that such firm did not represent the Recipient in conjunction with this Agreement
or any of the related transactions. The Recipient, as further evidenced by his signature below, acknowledges that he has had the
opportunity to obtain the advice of independent counsel of his choosing prior to his execution of this Agreement and that he has
availed himself of this opportunity to the extent he deemed necessary and advisable.

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and date first above written.

 

	Recipient:
	 	Brownie’s
Marine Group, Inc.

	 	 	 	 
		 	By:	                           

 

    	 	3	 

     

    

 

Schedule
A

 

	Total
    Additional Compensation	$_____________________
	Cash
    portion	$_____________________
	Total
    Compensation Shares	______________________
	Value
    of Compensation Shares	$_____________________

 

    	 	4

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