Document:

EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE
STOCK 
 Company: SQZ Biotechnologies Company, a Delaware corporation 

Number of Shares: As set forth in Paragraph A below 

Type/Series of Stock: Common Stock, $0.001 par value per share 

Warrant Price: $2.22 per Share, subject to adjustment 

Issue Date: October 21, 2015 
 Expiration Date:
October 20, 2025 See also Section 5.1(b). 

	Credit Facility:	 This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain
Loan and Security Agreement of even date herewith between Silicon Valley Bank and the Company (as amended and/or modified and in effect from time to time, the “Loan Agreement”). 

THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee or
transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase up to such number of fully paid and non-assessable shares of the above-stated
Type/Series of Stock (the “Class”) of the above-named company (the “Company”) as determined pursuant to Paragraph A below, at the above-stated Warrant Price, all as set forth above and as adjusted
pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its
parent company, SVB Financial Group. 
 A. Number of Shares. Upon the making of each Loan (as defined in the Loan Agreement), this
Warrant automatically shall become exercisable for such number of shares of the Class (cumulatively, the “Shares”) as shall equal (i)(a) 0.015, multiplied by (b) the amount of such Loan, divided by (ii) the Warrant
Price in effect on and as of the date of such Loan, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant. 

SECTION 1. EXERCISE. 
 1.1
Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form
attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by
the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

 1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the
aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which
this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

 

	
	 X = Y(A-B)/A

 where: 
  

	
	 X =  the number of Shares to be issued to the Holder;

	
	 Y =  the number of Shares with respect to which this Warrant is being exercised
(inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);

	
	 A =  the Fair Market Value (as determined pursuant to Section 1.3 below) of
one Share; and

	
	 B = the Warrant Price.

 1.3 Fair Market Value. If shares of the Class are then traded or quoted on a nationally recognized
securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) the Fair Market Value of one Share shall be
the closing price or last sale price of a share of the Class reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If shares of the Class are
not then traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

1.4 Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in
Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate, or arrange for a book entry, representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new
warrant of like tenor representing the Shares not so acquired. 
 1.5 Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or,
in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6 Treatment of Warrant Upon Acquisition of Company. 

(a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related
transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than
a merger or consolidation effected exclusively 

  
 2 

 
to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation
or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders beneficially
own a majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other
transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. 

(b) Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair market value of one Share as determined in accordance with
Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant
shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise,
Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued
upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public
Acquisition, then this Warrant will automatically expire immediately prior to the consummation of such Cash/Public Acquisition. 
 (c) Upon
the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other
property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in
accordance with the provisions of this Warrant. 
 (d) As used in this Warrant, “Marketable Securities” means
securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in
connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition,
except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. 

  
 3 

 SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the
Class payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and
kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or
otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or
consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2 Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the
Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the
number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the
provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events. 

2.3 No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the
fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.4 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company,
at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon
written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such adjustment. 

SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows: 

(a) [Intentionally Omitted]. 

(b) All Shares which may be issued upon the exercise of this Warrant shall, upon issuance in accordance with the terms hereof, be duly
authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws.
The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class and other securities as will be sufficient to permit the exercise in
full of this Warrant. 

  
 4 

 (c)The Company’s capitalization table attached hereto as Schedule 1 is true and
complete, in all material respects, as of the Issue Date. 
 3.2 Notice of Certain Events. If the Company proposes at any time
to: 
 (a) declare any dividend or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other
securities and whether or not a regular cash dividend; 
 (b) offer for subscription or sale pro rata to the holders of the outstanding
shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of
the Class; 
 (d) effect an Acquisition or to liquidate, dissolve or wind up; or 

(e) effect its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration statement under
the Act (the “IPO”); 
 then, in connection with each such event, the Company shall give Holder: 

(1) in the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written
notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the
Class will be entitled thereto) or for determining rights to vote, if any; 
 (2) in the case of the matters referred to
in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their
shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the
notice); and 
 (3) with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which
the Company proposes to file its registration statement in connection therewith. 
 The Company will also provide information requested by Holder that is
reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. 

  
 5 

 SECTION 4. REPRESENTATIONS AND COVENANTS OF THE HOLDER. 

The Holder represents and warrants to, and agrees with, the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being acquired for
investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this
Warrant or the Shares. 
 4.2 Disclosure of Information. Holder is aware of the Company’s business affairs and financial
condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has
had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such
information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the
Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act. 
 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under
the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Shares issued
upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is
aware of the provisions of Rule 144 promulgated under the Act. 
 4.6 No Voting Rights. Holder, as a Holder of this Warrant, will not
have any voting rights until the exercise of this Warrant. 
 4.7 Market Stand-Off. In
connection with the IPO, 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):
(a) 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 

  
 6 

 
capital stock of the Company, including without limitation shares of Common Stock issuable upon the exercise of this Warrant (“Capital Stock”) held immediately prior to
the effectiveness of the registration statement for the IPO, or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Capital Stock, whether any such
transaction described in clause (a) or (b) above is to be settled by delivery of Capital Stock or other securities, in cash or otherwise. The restrictions of this Section 4.7 shall apply only to the IPO, shall not apply to the sale of any
shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holder if all officers, directors and holders of more than one percent (1%) of the outstanding Common Stock (after giving effect to the conversion
into Common Stock of all outstanding preferred stock of the Company) enter into similar agreements. The underwriters in connection with the IPO are intended third party beneficiaries of this Section 4.7 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the IPO that are consistent with this Section 4.8 or that are
necessary to give further effect thereto. 
 SECTION 5. MISCELLANEOUS. 

5.1 Term; Automatic Cashless Exercise Upon Expiration. 

(a) Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from
time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 
 (b) Automatic Cashless Exercise
upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall
automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate
representing the Shares issued upon such exercise to Holder. 
 5.2 Legends. Each certificate evidencing Shares shall be imprinted
with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED OCTOBER 21, 2015, MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH
REGISTRATION. 
 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant
may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and
legal opinions 

  
 7 

 
reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group
(Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not
require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act. 
 5.4
Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby
makes to the Company each of the representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of
Section 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee, provided, however, in
connection with any such transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant and/or Shares being transferred with the name, address and taxpayer identification number of the transferee
and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be
bound by all of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or
any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor. 

5.5 Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered
and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual
receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such
address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as
follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
  

	
	 SVB Financial Group

	 Attn: Treasury Department 3003 Tasman Drive, HC 215

	 Santa Clara, CA 95054

	 Telephone: (408) 654-7400

	 Facsimile: (408) 988-8317

	 Email address: derivatives@svb.com

 Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

 

	
	 SQZ Biotechnologies Company

	 Attn: Chief Executive Officer

	 Venture Development Center

  
 8 

	
	 100 Morrissey Boulevard

	 Boston, MA 02125

	 Telephone: 617.898.8824

	 Facsimile:

	 Email: [XXX]

  

	
	 With a copy (which shall not constitute notice) to:

 

	 Latham & Watkins LLP

	 Attn: Peter N. Handrinos

	 John Hancock Tower 200 Clarendon Street

	 Boston, MA 02116

	 Telephone: 617.948.6000

	 Facsimile: 617.948.6001

	 Email: [XXX]

 5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either
generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this
Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute
one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto. 

5.9 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without giving
effect to its principles regarding conflicts of law that would result in the application of the laws of any other jurisdiction. 
 5.10
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 

5.11 Business Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley
Bank is closed. 

  
 9 

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
  

			
	 “COMPANY”

	
	 SQZ BIOTECHNOLOGIES COMPANY

		
	 By:
	 	 /s/ Armon Sharei

	 Name:
	 	 Armon Sharei

	 Title:
	 	 Chief Executive Officer

	
	 “HOLDER”

	
	 SILICON VALLEY BANK

		
	 By:
	 	 /s/ Matt Griffiths

		
	 Name:
	 	 Matt Griffiths

		 	 (Print)

	 Title:
	 	 Vice President

  
 10 

 APPENDIX 1 

NOTICE OF EXERCISE 

1.    The undersigned Holder hereby exercises its right to purchase ___________ shares of the Common/Series ______
Preferred [circle one] Stock of __________________ (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 

 

			
	 [    ]
	  	 check in the amount of $________ payable to order of the Company enclosed
herewith

		
	 [    ]
	  	 Wire transfer of immediately available funds to the Company’s account

		
	 [    ]
	  	 Cashless Exercise pursuant to Section 1.2 of the Warrant

		
	 [    ]
	  	 Other [Describe] __________________________________________

 2.    Please issue a certificate or certificates representing the Shares in the name
specified below: 
  

			
		 	 
		 	 Holder’s Name

		
		 	 
		
		 	 
		 	 (Address)

 3.    By its execution below and for the benefit of the Company, Holder hereby restates
each of the representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	HOLDER:
	 
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
		
	(Date):	 	 

  
 Appendix 1 

 SCHEDULE 1 

Company Capitalization Table 

See attached 
 [Intentionally
Omitted] 

  
 Schedule 1EX-10.10

 Exhibit 10.10 

 
 

 
 SQZ Biotechnologies Company 

134 Coolidge Avenue 
 Watertown,
Massachusetts 02472 
 July 17, 2019 
 Teri Loxam 

Dear Teri: 
 SQZ Biotechnologies Company (the
“Company”) is pleased to offer you the position of Chief Financial Officer in Watertown, MA. The following represents our offer of employment to join the Company and is contingent upon satisfactory completion of your references and the
Company’s standard background check. To accept this offer, please print, sign, and return via email this letter by July 18, 2019. 
 Start
Date: 
 Mutually agreed upon date 
 Position: 

Chief Financial Officer 
 Status: 

Regular Full-Time, Exempt 
 Reporting to: 

Armon Sharei, Chief Executive Officer 
 Annual Base Salary:

 $400,000 
 Which will be paid semi-monthly 

Hiring Bonus: 
 Total of $250,000 less normal witholdings
payable in two installments. The first installment of $125,000 within 2 payroll periods upon your start date; the second installment of $125,000 payable within two payroll periods following your 12 month anniversary. If you terminate your employment
voluntarily before the end of the first 12 months of employment you will be required to repay the first installment of the Hiring Bonus to the Company in full. If you terminate your employment voluntarily before the end of 24 months of employment
you will be required to repay the second installment of the Hiring Bonus to the Company in full. 
 Allowances: 

Commuting/Housing Allowance: 
 The Company will reimburse
Employee, beginning on Employee’s start date with the Company and continuing up to July 31, 2021, for reasonable temporary housing expenses incurred by Employee in the Boston, MA area (or another location should the Company relocate) and
reasonable costs incurred by Employee in commuting from their current residence to the temporary residence in the Boston, MA area. Commuting allowance will be no greater than $5000/month net and to be grossed up as defined below 

  
 Confidential 1 

 

 
  

 Relocation Allowance: 

The Company will provide the Employee with a lump sum payment net applicable withholding taxes, payable no later than the second paycheck following the
confirmation of relocation initiation by July 31, 2021. If the Employee terminates employment voluntarily before July 31, 2022 the Employee will be required to repay the Relocation Bonus to the Company, including all applicable taxes, in
full. The lump sum payment will be $40,000 net and to be grossed up as defined below. 
 Gross-Up Payment: For each
calendar year in which Employee receives the Commuting and Housing Allowance and/or the Relocation Allowance (the “Allowances”), Employee will receive an additional cash payment such that Employee receives the entire net amount of such
Allowances after deduction of any federal, state and local income tax, and employment tax (the “Gross-Up Payment”). The amount of the Gross-Up Payment will be
equal to the amount of the Allowances paid, multiplied by Employee’s marginal rate of federal, state and local income tax (net of the maximum reduction in federal income taxes that may be obtained from the deduction of such state and local
taxes) and employment taxes in the calendar year for which the Gross-Up Payment is to be made (the “Marginal Rate”), divided by 1.0 minus such Marginal Rate. 

Stock Options: 
 Subject to the approval of the Board, the
Company will grant you a stock option (the “Option”) representing 1.5% (250,328 shares) ownership under the Company’s 2014 Stock Incentive Plan (the “Plan”) for the purchase of common stock of the Company (subject to
adjustment in the event any stock split, stock dividend or other similar event) for an exercise price per share equal to the per share fair market value of the common stock on the date of grant, as determined by the Board. The Option shall be
subject to all terms, vesting schedules and other provisions set forth in the Plan and in a separate option agreement. 
 Performance Incentive Program:

 You are eligible to participate in the Company’s annual performance based incentive program, which provides employees with cash bonuses based on
the performance of the employee and the company, in each case established and evaluated by the Company in its discretion and subject to the approval of the Board of Directors of the Company, (the “Board”). 

Incentive Bonus Plan: 
 Your target bonus for a full
calendar year will be 35% of your annual base salary based on the attainment of performance metrics and/or individual performance objectives. This plan will be based on individual performance goals established and achieved after you start and along
with the overall Company performance. To help provide support for the loss of cash as a result of your departure from your previous employer the Company will not pro-rate your target incentive bonus for 2019
but pay the full target bonus for the year. Eligibility for any award under this plan is contingent on your employment at the Company on the date the award is paid 

All payments and other amounts contemplated to be payable by this letter are subject to tax and other withholdings as required by law. 

  
 Confidential 2 

 

 
  

 Health & Wellness Benefits: 

While employed you will be eligible to participate in the employee benefit plans and programs that the Company establishes and makes available to its regular
full-time employees, subject to terms of those plans and programs. 

Employment-At-Will: 

Your employment with the Company is “at will.” Which means it may be terminated at any time by you or SQZ, with or without cause. It also means that
your job duties, title and responsibility and reporting level, work schedule, compensation and benefits, as well as the Company’s personnel policies and procedures, may be changed with prospective effect, with or without notice, at any time in
the sole discretion of the Company. 
 As a condition of employment, you will be required to (1) sign and comply with the Company’s Employee
Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement, a copy of which is enclosed with this letter, (2) sign and return a satisfactory I-9 Immigration form and provide
sufficient documentation establishing your employment eligibility in the United States of America and (3) provide satisfactory proof of your identity as required by U.S. law. 

During your employment with Company, you will be subject to and required to comply with all company policies, and applicable laws and regulations. The Company
requires that, as a full-time employee, you devote your full business time, attention, skill, and efforts to the tasks and duties of your position as assigned by the Company. If you wish to request consent to provide services (for any or no
compensation) to any other person or business entity while employed by the Company, please discuss that with me in advance of accepting another position. 

Notwithstanding any of the above, if you accept this offer, this letter and the Employee Nondisclosure, Noncompetition and Assignment of Intellectual Property
Agreement will constitute the complete agreement between you and Company with respect to the terms and conditions of your employment. Any prior or contemporaneous representations (whether oral or written) not contained in this letter or the Employee
Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement or contrary to those contained in this letter or the Employee Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement, that may have been made to
you are expressly cancelled and superseded by this offer. 
 This letter will be interpreted and construed in accordance with the laws of the Commonwealth
of Massachusetts, without regard to any conflicts of laws principles that would result in the application of the laws of another jurisdiction. While other terms and conditions of your employment may change in the future, the at-will nature of your employment may not be changed, except in a subsequent letter or written agreement, signed by you and a duly authorized officer Company. 

If you wish to accept employment with the Company under the terms described in this offer, please sign and date this letter and the enclosed Employee
Nondisclosure, Noncompetition and Assignment of Intellectual Property Agreement and return them to me by July 18, 2019 after which time this offer will automatically expire. 

  
 Confidential 3 

 

 
  

 If you have any questions, regarding this offer or employment with the Company, please feel free to contact
me. I look forward to your favorable reply and to a productive and enjoyable work relationship. 
 Sincerely, 

SQZ Biotechnologies Company 
 /s/ Armon Sharei 

By: 
 Name: Armon Sharei 

Title: CEO 
 By signing below, you represent that your
performance of services to the Company will not violate any duty which you may have to any other person or entity (such as a present or former employer), including obligations concerning providing services (whether or not competitive) to others,
confidentiality of proprietary information and assignment of inventions, ideas, patents or copyrights, and you agree that you will not do anything in the performance of services hereunder that would violate any such duty. 

I accept the offer of employment set forth in this letter dated 7/17/19 and will start my employment on 9/3/19. 

 

					
	 /s/ Teri Loxam
	 		  	Date: 7/17/19
	Teri Loxam	 		  	

  
 Confidential 4

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