Document:

EX-10.15

 Exhibit 10.15 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED. 

RESEARCH LICENSE AND OPTION AGREEMENT 

This Research License and Option Agreement (“Agreement”) is effective as of June 17, 2020 (“Effective
Date”) made by and between CODIAK BIOSCIENCES, INC. a Delaware corporation having offices at 35 CambridgePark Drive, Suite 500, Cambridge, MA 02140
(“Codiak”), and SAREPTA THERAPEUTICS, INC., a Delaware corporation having offices at 215 First Street, Cambridge, MA 02142 (“Sarepta”). Each of Codiak and Sarepta
may be referred to in this Agreement individually as a “Party” or together as the “Parties.” 
 RECITALS

 WHEREAS, Sarepta is a biopharmaceutical company focusing on developing innovative therapeutics for people affected by rare
genetic disorders; 
 WHEREAS, Codiak owns or controls certain exosome-related technology and intellectual property; 

WHEREAS, Codiak and Sarepta entered into that certain Joint Research and Evaluation Agreement, dated September 5, 2019, as amended
on December 16, 2019 (the “Evaluation Agreement”); 
 WHEREAS, the research program contemplated by this
Agreement is of mutual interest to Sarepta and Codiak because the Parties would like to continue to evaluate a potential future clinical development and commercial licensing relationship and accordingly, the Parties plan to conduct the research
activities described herein; 
 WHEREAS, the outcome of the research activities conducted under this Agreement will inform whether
the Parties enter into such a future licensing relationship; and 
 WHEREAS, Codiak desires to grant Sarepta certain exclusive
options for Sarepta to obtain certain exclusive development and commercialization licenses from Codiak. 
 NOW, THEREFORE, the
Parties hereby agree as follows: 
 AGREEMENT 
  

	1.	 Definitions 

  

	1.1.	 “Acquiree” has the meaning set forth in Section 5.7.3(b). 

 

	1.2.	 “Acquiror” has the meaning set forth in Section 5.7.3(a). 

 

	1.3.	 “Additional Research Targets” means [***]. 

 

	1.4.	 “Additional Research Report” has the meaning set forth in Section 2.12 (Additional
Research). 

  

	1.5.	 “Affiliate” means, with respect to a Person, any other Person, directly or
indirectly through one or more intermediaries, controlled by, controlling, or under common control with such Person, whether now or in the future (but only for so long as such control continues), with “control” meaning (a) direct or
indirect beneficial ownership of more than 50% of the voting stock or other 

  
 1 

	 	
ownership interest of, or more than 50% interest in the income of, the applicable Person, or (b) the possession, directly or indirectly, of the power to direct the management or policies of
the applicable Person, whether through the ownership of voting securities or other equity rights, by contract relating to voting rights or corporate governance, or otherwise 

 

	1.6.	 “Agreement” has the meaning set forth in the preamble. 

 

	1.7.	 “Alliance Manager” has the meaning set forth in Section 3.1 (Alliance Managers).

  

	1.8.	 “Allowable Overruns” means, for a given Calendar Year, any FTE Costs or Out-of-Pocket Costs incurred by or on behalf of Codiak in the performance of the Codiak Research Activities under the Research Plan that (a) are not attributable to any
breach of this Agreement by Codiak and (b) are in excess of the aggregate amount budgeted for such Research Activities in the Research Budget for such Calendar Year by an amount not to exceed [***] of the amount budgeted for such activities in
such period under the Research Budget. 

  

	1.9.	 “Applicable Laws” means all applicable any federal, state, local, foreign or
multinational law, statute, standard, ordinance, code, rule, regulation, resolution or promulgation, or any order by any Governmental Authority, including for clarity any applicable rules, regulations, guidances, and other requirements of any
Regulatory Authority that may be in effect from time to time, or any license, franchise, permit or similar right granted under any of the foregoing, or any similar provision having the force or effect of law. 

 

	1.10.	 “Arbitration Notice” has the meaning set forth in Section 7.5.2 (Arbitration
Notice). 

  

	1.11.	 “Arbitrators” has the meaning set forth in Section 7.5.3 (Selection of
Arbitrators). 

  

	1.12.	 “Bankrupt Party” has the meaning set forth in Section 5.5 (Bankruptcy).

  

	1.13.	 “Bankruptcy Code” means Title 11, United States Code, as amended, or analogous
provisions of Applicable Law outside the United States. 

  

	1.14.	 “Bayh-Dole Act” means the Patent and Trademark Law Amendments Act of 1980, as amended,
codified at 35 U.S.C. §§ 200-212, as well as any regulations promulgated pursuant thereto, including 37 C.F.R. Part 401, and any successor statutes or regulations. 

 

	1.15.	 “Breach Inventions” has the meaning set forth in Section 6.1.11 (Breach
Inventions). 

  

	1.16.	 “Breaching Party” has the meaning set forth in Section 11.3.1 (Material Breach).

  

	1.17.	 “Business Day” means a day other than a Saturday, Sunday, or a bank or other public
holiday in Boston, Massachusetts. 

  

	1.18.	 “Calendar Quarter” means the respective periods of three consecutive calendar months
ending on March 31, June 30, September 30 or December 31, during the Term, or the applicable part thereof during the first or last calendar quarter of the Term. 

 

	1.19.	 “Calendar Year” means any calendar year ending on December 31, or the applicable
part thereof during the first or last year of the Term. 

  
 2 

	1.20.	 “Change of Control” means, with respect to a Party, that: (a) any Third Party
acquires directly or indirectly the beneficial ownership of any voting security of such Party, or if the percentage ownership of such Third Party in the voting securities of such Party is increased through stock redemption, cancellation, or other
recapitalization, and immediately after such acquisition or increase such Third Party is, directly or indirectly, the beneficial owner of voting securities representing more than 50% of the total voting power of all of the then outstanding voting
securities of such Party; (b) any merger, consolidation, recapitalization, or reorganization of such Party is consummated that results in all of the shareholders or equity holders of such Party immediately prior to such transaction owning less
than 50% of the outstanding voting securities of the surviving entity (or its parent entity) immediately following such transaction; (c) the shareholders or equity holders of such Party approve any plan of complete liquidation of such Party, in
each case, through one or more related transactions, other than to an Affiliate or pursuant to one or more related transactions that would result in shareholders or equity holders of such Party immediately prior to such transaction owning more than
50% of the outstanding voting securities of the surviving entity (or its parent entity) immediately following such transaction; or (d) the sale or transfer to any Third Party, in one or more related transactions, of all or substantially all of
such Party’s consolidated assets taken as a whole. Notwithstanding the foregoing, a Change of Control will not include a transaction primarily for the purpose of raising capital, whether through public offering, private equity financing, debt
financing, or otherwise. 

  

	1.21.	 “Clinical Trial” means any clinical trial in humans that is designed to generate data
in support or maintenance of an IND or MAA, or other similar marketing application. 

  

	1.22.	 “CMO” has the meaning set forth in Section 4.1 (Codiak Supply Obligations).

  

	1.23.	 “Codiak” has the meaning set forth in the preamble. 

 

	1.24.	 “Codiak Indemnitees” has the meaning set forth in Section 12.2 (Indemnification by
Sarepta). 

  

	1.25.	 “Codiak Licensed Know-How” means [***].

  

	1.26.	 “Codiak Licensed Patent Rights” means [***]. 

 

	1.27.	 “Codiak Licensed Technology” means [***]. 

 

	1.28.	 “Codiak Manufacturing Activities” has the meaning set forth in Section 4.1 (Codiak
Supply Obligations). 

  

	1.29.	 “Codiak Materials” means the Exosomes, exoASOs, cells, assays, compounds, payloads, and
products, and all other relevant reagents, in each case, provided by Codiak for use in the performance of activities under any Research Plan, but expressly excluding all Loaded Constructs. 

 

	1.30.	 “Codiak Owned Research Know-How” means the
[***]. 

  

	1.31.	 “Codiak Owned Research Patent Rights” means the [***]. 

 

	1.32.	 “Codiak Owned Research Technology” means the [***]. 

 

	1.33.	 “Codiak Platform Research Know-How” means
[***].  

  

	1.34.	 “Codiak Platform Research Patent Rights” means [***]. 

  
 3 

	1.35.	 “Codiak Proprietary Payload” means [***]. 

 

	1.36.	 “Codiak Proprietary Platform” means [***]. 

 

	1.37.	 “Codiak Research Activities” has the meaning set forth in Section 2.4 (Codiak
Research Activities). 

  

	1.38.	 “Codiak Sole Research Know-How” means [***].

  

	1.39.	 “Codiak Sole Research Patent Right” means [***]. 

 

	1.40.	 “Collaboration Agreement” has the meaning set forth in Section 7.4 (Option
Exercise; Execution of Collaboration Agreement). 

  

	1.41.	 “Collaboration Agreement Arbitration Draft” has the meaning set forth in
Section 7.5.1 (Arbitration Drafts). 

  

	1.42.	 “Collaboration Agreement Term Sheet” means the terms of the Collaboration Agreement set
forth in Schedule 1.42. 

  

	1.43.	 “Commercialize” or “Commercialization” means with respect to any
product, any and all activities directed to the marketing, promotion, distribution, pricing, reimbursement, import, export, offering for sale, and sale of such product and interacting with Regulatory Authorities following receipt of Regulatory
Approval in the applicable country or region for such product regarding the foregoing, including seeking and maintaining any required Pricing Approval, but excluding any activities directed to Manufacturing, Development, or Medical Affairs.
“Commercializing,” and “Commercialized” will be construed accordingly. 

  

	1.44.	 “Committee” means the JRC or any joint subcommittee established by the JRC, as
applicable. 

  

	1.45.	 “Competing Program” has the meaning set forth in Section 5.7.3 (New Affiliate
Exception). 

  

	1.46.	 “Confidential Information” has the meaning set forth in Section 9.1
(Confidential Information). 

  

	1.47.	 “Confidentiality Agreement” has the meaning set forth in Section 9.2 (Duty of
Confidence). 

  

	1.48.	 “Control”, “Controls,” or “Controlled by”
means the possession by a Party (whether by ownership, license, or otherwise other than pursuant to this Agreement) of (a) with respect to any tangible Know-How (including materials), the legal
authority or right to physical possession of such tangible Know-How, with the right to provide such tangible Know-How to the other Party on the terms set forth herein,
(b) with respect to Patent Rights, Regulatory Approvals, Regulatory Materials, intangible Know-How, or other Intellectual Property, the legal authority or right to grant a license, sublicense, access, or
right to use (as applicable) to the other Party under such Patent Rights, Regulatory Approvals, Regulatory Materials, intangible Know-How or other Intellectual Property on the terms set forth herein, or
(c) with respect to any product or material, the possession by a Party or its Affiliates of the ability (whether by sole or joint ownership, license, or otherwise, other than pursuant to the licenses granted under this Agreement) to grant an
exclusive (or non-exclusive, as applicable) license or sublicense of (i) Patent Rights that Cover such product or material or (ii) Know-How that is used in
connection with, the Exploitation of such product or material, in each case ((a), (b) and (c)), without breaching or otherwise violating the terms of any arrangement or agreement with a Third Party in existence as of the time such Party or its
Affiliates would first be required hereunder to grant the other Party such access, right to use, licenses, or sublicense. 

  
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 Notwithstanding any provision to the contrary set forth in this Agreement, a Party and its
Affiliates will not be deemed to “Control” any Know-How, Patent Rights, Regulatory Approvals, Regulatory Materials, or other Intellectual Property that, prior to the consummation of a Change of
Control of such Party, is owned or in-licensed by a Third Party that becomes an Affiliate of such acquired Party after the Effective Date as a result of such Change of Control unless (A) prior to the
consummation of such Change of Control, such acquired Party or any of its Affiliates also Controlled such Know-How, Patent Rights, Regulatory Approvals, Regulatory Materials, or other Intellectual Property,
(B) any such Know-How, Patent Rights, Regulatory Approvals, Regulatory Materials, or other Intellectual Property arise from participation by employees or consultants of such Third Party in any Research
Activities after such Change of Control, or (C) the Know-How, Patent Rights, Regulatory Approvals, Regulatory Materials, or other Intellectual Property owned or
in-licensed by such Third Party were not used in the performance of activities under this Agreement prior to the consummation of such Change of Control, but after the consummation of such Change of Control,
such acquired Party or any of its Affiliates uses any such Know-How, Materials, Patent Rights, Regulatory Approvals, Regulatory Materials, or other Intellectual Property in the performance of its obligations
or exercise of its rights under this Agreement, in each of which cases ((A) through (C)), such Know-How, Patent Rights, Regulatory Approvals, Regulatory Materials, or other Intellectual Property will be
“Controlled” by such Party for purposes of this Agreement. 
  

	1.49.	 “Cover,” “Covering,” or “Covered” means, with respect
to a particular subject matter at issue and a relevant Patent Right, that the manufacture, use, sale, offer for sale, or importation of such subject matter would fall within the scope of one or more claims in such Patent Right.

  

	1.50.	 “CREATE Act” means the Cooperative Research and Technology Enhancement Act of 2004, 35
U.S.C. § 103(c)(2)-(c)(3). 

  

	1.51.	 “Deliverables” means any and all deliverables, including the research reports prepared
and shared by the Parties under Section 2.6.2 (Research Reports), to be generated or provided by one Party to the other Party in connection with the performance of the Research Activities, as specified in the Research Plan.

  

	1.52.	 “Develop” or “Development” means, with respect to any product, any and
all internal and external research, development and regulatory activities regarding such product, including (a) research, process development, non-clinical testing,
non-clinical activities, pre-clinical testing, toxicology, pre-clinical activities, GLP toxicity studies, and Clinical Trials,
and (b) preparation, submission, review, and development of data or information for the purpose of submission to a Regulatory Authority to obtain authorization to conduct Clinical Trials and to obtain, support, or maintain Regulatory Approval
of such product, but excluding any activities directed to Manufacturing, Medical Affairs, or Commercialization. Development will include development and regulatory activities for additional forms, formulations or indications for a product after
receipt of Regulatory Approval of such product (including label expansion), including Clinical Trials initiated following receipt of Regulatory Approval or any Clinical Trial to be conducted after receipt of Regulatory Approval that was mandated by
the applicable Regulatory Authority as a condition of such Regulatory Approval with respect to an approved formulation or indication (such as post-marketing studies, observational studies, implementation and management of registries and analysis
thereof, in each case, if required by any Regulatory Authority in any region in the Territory to support or maintain Regulatory Approval for a pharmaceutical or biologic product in such region). “Developing,” and
“Developed” will be construed accordingly.  

  
 5 

	1.53.	 “Disclosing Party” has the meaning set forth in Section 9.1 (Confidential
Information). 

  

	1.54.	 “Dispute” has the meaning set forth in Section 13.9.1 (Exclusive Dispute
Resolution Mechanism). 

  

	1.55.	 “Divestiture Period” has the meaning set forth in Section 5.7.3(b).

  

	1.56.	 [***] means [***]. 

 

	1.57.	 “Dollar” means the U.S. dollar, and “$” will be interpreted accordingly.

  

	1.58.	 “Effective Date” has the meaning set forth in the preamble.

  

	1.59.	 “EMA” means the European Medicines Agency and any successor governmental authority
having substantially the same function. 

  

	1.60.	 “Evaluation Agreement” has the meaning set forth in the Recitals.

  

	1.61.	 “Executive Officers” means, for Codiak, the Chief Executive Officer of Codiak or
his/her designee, and for Sarepta, the Chief Executive Officer of Sarepta or his/her designee, provided, in each case, that such person is not a member of the JRC at the time that the applicable dispute arises. 

 

	1.62.	 “exoASO” means any exosome linked or otherwise connected to an antisense
oligonucleotide (but not, for clarity, a PMO). 

  

	1.63.	 “Exosome” means a biological vesicle that is produced by any cell, including any
eukaryotic cell, and that is characterized by a lipid-rich membrane enclosing an inner volume. Exosomes are produced by cells via, for example, but not limited to, export from the multivesicular body or through direct budding of the plasma membrane,
including vesicles that are naturally produced by cells or caused to be produced by cells through direct or indirect synthetic manipulation. 

  

	1.64.	 “Exploit” means Develop, have Developed, make, have made, use, have used, perform
Medical Affairs, have performed Medical Affairs, offer for sale, have offered for sale, sell, have sold, export, have exported, import, have imported, Manufacture, have Manufactured, Commercialize, have Commercialized or otherwise exploit.
“Exploitation” and “Exploiting” will be construed accordingly. 

  

	1.65.	 “FDA” means the United States Food and Drug Administration and any successor
governmental authority having substantially the same function. 

  

	1.66.	 “FD&C Act” means the United States Federal Food, Drug and Cosmetic Act, as amended
from time-to-time, together with any rules, regulations, and requirements promulgated thereunder (including all additions, supplements, extensions, and modifications
thereto). 

  

	1.67.	 “Field” means the diagnosis, prevention, treatment, or cure of all human disease.

  

	1.68.	 “Force Majeure” has the meaning set forth in Section 13.3 (Force Majeure).

  

	1.69.	 [***] means the [***]. 

  
 6 

	1.70.	 “FTE” means the equivalent of a full-time individual’s work for a 12-month period ([***]) of scientific or technical work carried out by one or more duly qualified employees of a given Party. In the case that any full-time individual works partially on activities under this
Agreement and partially on other work in a given year, then the full-time equivalent to be attributed to such individual’s work hereunder will be equal to the percentage of such individual’s total work time in such year that such
individual spent working on such activities under this Agreement. In no event will any one individual be counted as more than one FTE. Overtime, and work on weekends, holidays, and the like will not be counted with any multiplier (e.g. time-and-a-half or double time) toward the number of hours that are used to calculate the FTE contribution. 

 

	1.71.	 “FTE Costs” means, with respect to a Calendar Quarter, the FTE Rate times the
number of FTEs, or portion thereof, actually utilized in performing activities under a Research Plan during such Calendar Quarter. 

  

	1.72.	 “FTE Rate” means an initial rate of [***] per FTE per year; provided that
commencing with the Calendar Year that begins on January 1, 2022, such rate will be adjusted and will be the prior year’s rate, increased or decreased [***]. For the avoidance of doubt, such FTE Rate will be the fully-burdened rate and is
intended to cover the cost of salaries, benefits, infrastructure costs, travel, general laboratory or office supplies, postage, insurance, training, and all other general expenses and overhead items. Notwithstanding the foregoing, for any Calendar
Year during the Term that is less than a full year, the above referenced rate will be proportionately reduced to reflect such portion of such full Calendar Year. 

 

	1.73.	 “GCP” means the then-current good clinical practice standards for Clinical Trials for
pharmaceuticals or diagnostics (as applicable), as set forth in the United States Food, Drug and Cosmetic Act, as amended from time to time, or other Applicable Law, and such standards of good clinical practice as are required by the Regulatory
Authorities of the European Union and other countries for which the applicable product is intended to be developed, to the extent such standards are not less stringent than United States GCP. 

 

	1.74.	 “GLP” means the then-current good laboratory practice standards promulgated or endorsed
by the FDA as defined in 21 C.F.R. Part 58 or the successor thereto, or comparable regulatory standards in jurisdictions outside the United States. 

  

	1.75.	 “GMP” or “cGMP” means current good manufacturing practices as
specified in 21 C.F.R. Parts 11, 210 and 211, ICH Guideline Q7A, or equivalent laws, rules or regulations of an applicable Regulatory Authority at the time of manufacture. 

 

	1.76.	 “Governmental Authority” means any applicable government authority, court, tribunal,
arbitrator, agency, department, legislative body, commission or other instrumentality of (a) any government of any country or territory, (b) any nation, state, province, county, city or other political subdivision thereof, or (c) any
arbitral or supranational body. 

  

	1.77.	 “IND” means an Investigational New Drug application, Clinical Trial Application
or similar application or submission for approval to conduct human clinical investigations filed with or submitted to a Regulatory Authority in conformance with the requirements of such Regulatory Authority. 

 

	1.78.	 “Indemnified Party” has the meaning set forth in Section 12.3.1 (Notice).

  
 7 

	1.79.	 “Indemnifying Party” has the meaning set forth in Section 12.3.1 (Notice).

  

	1.80.	 “Independent Targeting Moiety” means [***]. 

 

	1.81.	 “Infringement” has the meaning set forth in Section 6.3.1 (Notification).

  

	1.82.	 “Infringement Action” has the meaning set forth in Section 6.3.2 (Right to Enforce
Sarepta Research Patent Rights). 

  

	1.83.	 “Initial Research Target” means [***]. 

 

	1.84.	 “Intellectual Property” means [***]. 

 

	1.85.	 “Invention” means any invention, discovery, improvement, modification, process, method,
assay, design, protocol, formula, data, know-how or trade secret, whether patentable, copyrightable or otherwise, that is discovered, generated, conceived, or reduced to practice by or on behalf of a Party or
its Affiliate or Subcontractor in the performance of activities under the Research Plan or otherwise under this Agreement. 

  

	1.86.	 “Jointly Invented Research Know-How” means
[***]. 

  

	1.87.	 “Jointly Invented Research Patent Rights” means [***]. 

 

	1.88.	 “Jointly Owned Research Know-How” means the
[***]. 

  

	1.89.	 “Jointly Owned Research Patent Rights” means the [***]. 

 

	1.90.	 “Jointly Owned Research Technology” means [***]. 

 

	1.91.	 “JRC” has the meaning set forth in Section 3.2.1 (Formation and Purpose of the
JRC). 

  

	1.92.	 “Know-How” means any invention, conception, discovery,
creation, improvement, or modification, whether or not patentable, including processes, methods, formulas, technical information, materials, compositions, formulas, skills, ideas, designs, drawings, procedures, biological materials, assays,
compounds, techniques, computer software and documentation, specifications, results, Research Results, data and know-how (including biological, chemical, pharmacological, toxicological, pharmaceutical,
physical and analytical, pre-clinical, clinical, safety, manufacturing and quality control data, and know-how, including study designs and protocols), in written,
electronic, or any other form, including all laboratory notebooks and other written materials containing or comprising the same; provided that Know-How does not include Patent Rights.

  

	1.93.	 [***] means [***]. 

 

	1.94.	 “Liabilities” has the meaning set forth in Section 12.1 (Indemnification by
Codiak). 

  

	1.95.	 “Loaded Construct” means [***]. 

 

	1.96.	 “Loaded Construct Research Know-How”
means [***]. 

  

	1.97.	 “Loaded Construct Research Patent Rights” means [***]. 

  
 8 

	1.98.	 “Losses” means liability, damage, loss, or expense (including reasonable
attorneys’ fees and expenses). 

  

	1.99.	 “Manufacture” means activities directed to manufacturing, processing, packaging,
labeling, filling, finishing, assembly, quality assurance, quality control, testing, and release, shipping, or storage of any pharmaceutical or biologic product (or any components or process steps involving any product or any companion diagnostic),
placebo, or comparator agent, as the case may be, including process development, qualification, and validation, scale-up, pre-clinical, clinical, and commercial
manufacture and analytic development, product characterization, and stability testing, but excluding activities directed to Development, Commercialization, or Medical Affairs. “Manufacturing” will be construed accordingly.

  

	1.100.	 “Manufacturing Costs” means, with respect to any Materials, the consolidated fully
burdened manufacturing cost in accordance with GAAP consistently applied, which will be the sum of: 

  

	 	1.100.1.	 “cost of goods” including the actual costs of materials, direct labor, ordinary course quality
assurance costs, stability testing cost, characterization testing, quality control, costs of engineering runs to support GMP production, release testing of drug substance and drug product, equipment maintenance costs, (if applicable) conversion of
bulk drug substance to drug product and final preparation of drug product, and other costs variable with production, scale-up expenses, customs and duty and charges levied by Governmental Authorities, costs of
packaging, failed lot charges in the ordinary course of production, costs of freight into or between Manufacturing sites, plus a reasonable allocation of the Manufacturing site’s fixed overhead consistent with the applicable Party’s
costing methodology, including depreciation for capital expenditures for equipment (but not other capital expenses), in each case, to the extent specifically allocable to any Materials (or components of the foregoing), which will be calculated in
accordance with GAAP; provided that any such allocation will be made on the basis of standard operating capacity operation of the relevant facility and in any event will exclude any costs and charges related to unused manufacturing capacity
and allocation of general corporate overhead; and 

  

	 	1.100.2.	 any actual invoiced costs from a CMO or other Third Party service provider (such as for external testing
services) solely and specifically related to the Manufacture of any Materials (or components of the foregoing).  

  

	1.101.	 “Marketing Approval Application” or “MAA” means any biologics license
application or other marketing authorization application, in each case, filed with the applicable Regulatory Authority in a country or other regulatory jurisdiction, which application is required to commercially market or sell a pharmaceutical or
biologic product in such country or jurisdiction (and any amendments thereto), including all Biologics License Applications (BLAs) or equivalent submitted to the FDA in the United States in accordance with the PHSA or any analogous application or
submission with any Regulatory Authority outside of the United States. 

  

	1.102.	 “Materials” means the Sarepta Materials, the Codiak Materials, and the Loaded
Constructs. 

  

	1.103.	 “Medical Affairs” means activities conducted by a Party’s medical affairs
departments (or, if a Party does not have a medical affairs department, the equivalent function thereof), including communications with key opinion leaders, medical education, symposia, advisory boards (to the extent related to medical affairs or
clinical guidance), activities performed in connection with patient registries, and other medical programs and communications, including educational grants, research grants (including conducting investigator-initiated studies), and charitable
donations to the extent related to medical affairs and not to other activities that do not involve the promotion, marketing, sale, or other Commercialization of products and are not conducted by a Party’s medical affairs (or equivalent)
departments. 

  
 9 

	1.104.	 “Modality” means [***]. 

 

	1.105.	 “Negotiation and Arbitration Period” means, on a Research Target-by-Research Target basis, the time period commencing on the date that Sarepta provides an Option Exercise Notice to Codiak with respect to such Research Target and
continuing until the conclusion of any and all negotiation and arbitration procedures described in Section 7.4 (Option Exercise; Execution of Collaboration Agreement) and Section 7.5 (Arbitration for Failure to Agree) for a Collaboration
Agreement including such Research Target. 

  

	1.106.	 “Negotiation Period” has the meaning set forth in Section 7.4 (Option Exercise;
Execution of the Commercial License Agreement). 

  

	1.107.	 “Non-Bankrupt Party” has the meaning set forth
in Section 5.5 (Bankruptcy). 

  

	1.108.	 “Non-Breaching Party” has the meaning set forth
in Section 11.3.1 (Material Breach). 

  

	1.109.	 “Option Exercise Fee” has the meaning set forth in Section 8.3 (Option Exercise
Fees). 

  

	1.110.	 “Option Exercise Notice” has the meaning set forth in Section 7.4 (Option
Exercise; Execution of the Commercial License Agreement). 

  

	1.111.	 “Option Term” means, on a Research Target-by-Research Target basis the time period beginning on the Effective Date and continuing until the earlier of (a) three months after the completion of all activities set forth in the Research Plan
and (b) the date that is two years after the Effective Date, as such date may be extended pursuant to Section 7.3 (Extension of Option Term). 

  

	1.112.	 “Out-of-Pocket
Costs” means [***]. 

  

	1.113.	 “Party” and “Parties” have the meaning set forth in the
preamble. 

  

	1.114.	 “Patent Rights” means any and all (a) issued patents, (b) pending patent
applications, including all provisional applications, substitutions, continuations, continuations-in-part, divisions and renewals, and all patents granted thereon, (c) patents-of-addition, reissues, reexaminations and extensions or restorations by existing or future extension or restoration mechanisms, including patent term
adjustments, patent term extensions, supplementary protection certificates or the equivalent thereof, (d) inventor’s certificates, (e) other forms of government-issued rights substantially similar to any of the foregoing, and
(f) United States and foreign counterparts of any of the foregoing. 

  

	1.115.	 “Payload Attachment Linker” means [***]. 

 

	1.116.	 “Person” means an individual, sole proprietorship, partnership, limited partnership,
limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization, including a government or political subdivision or
department or agency of a government. 

  
 10 

	1.117.	 [***] means the [***]. 

 

	1.118.	 “Pricing Approval” means, in any country where a Governmental Authority authorizes
reimbursement for, or approves or determines pricing for, pharmaceutical or biologic products, receipt (or, if required to make such authorization, approval or determination effective, publication) of such reimbursement authorization or pricing
approval or determination (as the case may be). 

  

	1.119.	 “Prosecution” or “Prosecute” means the preparation, filing,
prosecution, issuance, maintenance, and defense of any Patent Rights and any proceeding before the United States Patent and Trademark Office (including the Patent Trial and Appeal Board) and foreign patent offices in connection with Patent Rights,
including reissues, reexaminations, inter partes review, supplemental examination, appeals, interferences, derivation proceedings, oppositions, post grant reviews, and all other proceedings, and any judicial or other appeals of the foregoing.

  

	1.120.	 “Receiving Party” has the meaning set forth in Section 9.1 (Confidential
Information). 

  

	1.121.	 “Regulatory Approval” means any and all approvals, licenses, registrations, or
authorizations of any Regulatory Authority, in each case, that are necessary for the marketing and sale of a product in a country or group of countries (including all pricing and reimbursement approvals, if required for sale of a product in such
country or group of countries). 

  

	1.122.	 “Regulatory Authority” means any applicable government regulatory authority
involved in granting approvals for the Development, Manufacturing, or Commercialization of products, including the FDA and the EMA. 

  

	1.123.	 “Regulatory Materials” means all regulatory applications, submissions, notifications,
communications, correspondences, registrations, approvals and other filings made to, received from or otherwise conducted with a Regulatory Authority in order to Develop, Manufacture, perform Medical Affairs, Commercialize, or otherwise Exploit a
product in a particular country or jurisdiction, as well as minutes of any material meetings, telephone conferences, or discussions with the relevant Regulatory Authority. Regulatory Materials include all INDs, BLAs, MAAs, Regulatory Approvals and
Pricing Approvals. 

  

	1.124.	 “Reimbursable Research Costs” has the meaning set forth in Section 2.11.1
(Allocation of Research Costs). 

  

	1.125.	 “Replacement Target” means any of the following: (a) [***] and (b) [***].

  

	 	1.125.1.	 [***] means [***]. 

 

	 	1.125.2.	 [***] means [***]. 

 

	1.126.	 “Research Activities” has the meaning set forth in Section 2.5 (Sarepta
Research Activities). 

  

	1.127.	 “Research Budget” has the meaning set forth in Section 2.3 (Research Budget).

  

	1.128.	 “Research Costs” means [***]. 

 

	1.129.	 “Research Manufacturing Costs” has the meaning set forth in Section 4.2
(Manufacturing Costs). 

  
 11 

	1.130.	 “Research Patent Rights” means the [***]. 

 

	1.131.	 “Research Plan” has the meaning set forth in Section 2.2 (Research Plan).

  

	1.132.	 “Research Prepayment” has the meaning set forth in Section 8.2 (Research
Prepayment). 

  

	1.133.	 “Research Results” means all data and information generated in the performance
of activities under the Research Plan or otherwise under this Agreement during the Term and any and all research reports furnished by either Party to the other Party under this Agreement or the Research Plan, including any descriptions of
experiments conducted under the Research Plan and any and all corresponding analyses and conclusions. 

  

	1.134.	 “Research Targets” means the Initial Research Target and the Additional Research
Targets. 

  

	1.135.	 “Research Technology” means the [***]. 

 

	1.136.	 “Sarepta” has the meaning set forth in the preamble. 

 

	1.137.	 “Sarepta Indemnitees” has the meaning set forth in Section 12.1 (Indemnification
by Codiak). 

  

	1.138.	 “Sarepta Licensed Know-How” means [***].

  

	1.139.	 “Sarepta Licensed Patent Rights” means [***]. 

 

	1.140.	 “Sarepta Licensed Technology” means the [***]. 

 

	1.141.	 “Sarepta Materials” means [***]. 

 

	1.142.	 “Sarepta Option” has the meaning set forth in Section 7.1 (Option Grant).

  

	1.143.	 “Sarepta Owned Research Know-How” means the
[***]. 

  

	1.144.	 “Sarepta Owned Research Patent Rights” means the [***]. 

 

	1.145.	 “Sarepta Owned Research Technology” means the [***]. 

 

	1.146.	 “Sarepta Payload Research Know-How” means
[***]. 

  

	1.147.	 “Sarepta Payload Research Patent Rights” means [***]. 

 

	1.148.	 “Sarepta Proprietary Payload” means [***]. 

 

	1.149.	 “Sarepta Research Activities” has the meaning set forth in Section 2.5 (Sarepta
Research Activities). 

  

	1.150.	 “Sarepta Sole Research Know-How” means [***].

  

	1.151.	 “Sarepta Sole Research Patent Rights” means [***]. 

 

	1.152.	 “Specific Third Party IP” has the meaning set forth in Section 5.4.2 (Additional
Upstream Licenses). 

  
 12 

	1.153.	 “Subcontractor” means a Third Party contractor engaged by a Party to perform certain
obligations or exercise certain rights of such Party under this Agreement on a fee-for-service basis (including contract research organizations or contract manufacturing
organizations). 

  

	1.154.	 “Term” has the meaning set forth in Section 11.1 (Term).

  

	1.155.	 “Territory” means worldwide. 

 

	1.156.	 “Third Party” means any Person other than Sarepta, Codiak, or any of their Affiliates.

  

	1.157.	 “Upfront Payment” has the meaning set forth in Section 8.1 (Upfront Payment).

  

	1.158.	 “Upstream License” means [***]. 

 

	1.159.	 “Upstream Licensor” has the meaning set forth in Section 1.158 (Upstream License).

  

	1.160.	 “Withholding Taxes” has the meaning set forth in Section 8.5 (Taxes). 

  

	2.	 Research. 

 

	2.1.	 Research Goal. The goal of the Parties’ research under this Agreement will be to generate
data and results regarding the use of Codiak Licensed Know-How and of the Codiak Materials to (a) discover and research Exosome therapeutics that include Codiak Materials or Sarepta Materials and that are
directed to the Research Targets and (b) generate data and results therefrom to help Sarepta assess whether to exercise a Sarepta Option hereunder, in each case, in accordance with the Research Plan. 

 

	2.2.	 Research Plan. During the Term, the Parties will perform Development activities in accordance
with a written plan prepared by the Parties, which written plan will include (a) activities directed to: (i) improving delivery of Exosomes to muscle, (ii) developing techniques for loading specific payloads into Exosomes,
(iii) Manufacturing such Exosomes for testing, (iv) conducting pre-clinical studies, including animal testing and in vitro studies, for such Exosomes, and
(v) co-administration of Exosomes with certain other compounds to improve biodistribution in tissues and half life of the Exosomes (b) the requirements and anticipated timelines for each of the
activities described in (i) through (v), and (c) the Research Budget as further described in Section 2.3 (Research Budget) (such plan, as amended in accordance with this Agreement, the “Research Plan”). The initial
Research Plan is attached hereto as Schedule 2.2. During the Term, Codiak will update the Research Plan each Calendar Quarter. Codiak will share each updated Research Plan with the JRC to review, discuss, and determine whether to approve. No
update to the Research Plan will be effective unless approved by the JRC in accordance with Section 3.3 (Decision-Making) and Section 3.4 (Resolution of Committee Disputes). Once approved by the JRC, such updated Research Plan will become
effective and replace the prior Research Plan. Notwithstanding JRC’s right to approve updates to the Research Plan, each Party will have the right to make operational decisions with respect to the Codiak Research Activities (with respect to
Codiak) or the Sarepta Research Activities (with respect to Sarepta) to be performed under the Research Plan. In the event of any conflict between the terms of the Research Plan and the terms of this Agreement, the terms of this Agreement will
control. 

  
 13 

	2.3.	 Research Budget. The Research Plan will include a written budget pursuant to which Codiak or its
respective authorized Third Party designees will perform the Codiak Research Activities under the Research Plan, which budget will include a good-faith estimate of [***] (such budget, the “Research Budget”). All internal personnel
and resources of Codiak under each Research Budget will be expressed in terms of FTEs plus any direct Out-of-Pocket Costs to be incurred (e.g., from the
use of contract research organizations) in connection with the performance of the Codiak Research Activities as outlined in the Research Plan and such budgeted costs will be calculated using the relevant FTE Rates. The Parties will agree upon any
final changes to the attached initial Research Budget within [***] following the Effective Date. If the Research Budget includes a good-faith estimate for an
Out-of-Pocket Cost for which Codiak has not yet received a quote from a Third Party vendor, then, (i) Codiak will label such estimate as an estimate for which
Codiak has not yet received a quote and (ii) after Codiak receives a quote from such Third Party vendor, the good-faith estimate for the applicable Out-of-Pocket
Cost will automatically be replaced by the amount of such quote to the extent that the actual quote does not exceed the good-faith estimate by [***]. If such actual quote exceeds the good-faith estimate by [***], then the amount of such quote will
not automatically replace such good faith estimate in the Research Budget. In such event, if the Third Party vendor quote would cause Codiak to incur Research Costs in excess of the Reimbursable Research Costs, then the Parties will discuss in good
faith whether to increase the Research Budget as described in Section 2.11.2 (Excess Research Costs). 

  

	2.4.	 Codiak Research Activities. During the Term, Codiak will (a) perform all activities
allocated to it under the Research Plan and (b) prepare and deliver all Deliverables in accordance with the applicable Research Plan, including the preparation and delivery of all reports in accordance with Section 2.6.2 (Research Reports)
(collectively, together with any other Development activity or other activity expressly set forth under this Agreement to be performed by or on behalf of Codiak during the Term, the “Codiak Research Activities”). Codiak will
perform, or have performed, all Codiak Research Activities in accordance with the applicable Research Plan (including using diligent efforts to comply with the timelines for performance of such Codiak Research Activities specified therein) and the
Research Budget and otherwise in accordance with this Agreement. 

  

	2.5.	 Sarepta Research Activities. During the Term, Sarepta will (a) perform all activities
allocated to it under the Research Plan and (b) prepare and deliver all Deliverables in accordance with the applicable Research Plan, including the preparation and delivery of all reports in accordance with Section 2.6.2 (Research Reports)
(collectively, together with any other activity expressly set forth under this Agreement to be performed by or on behalf of Sarepta during the Term, the “Sarepta Research Activities,” and together with the Codiak Research
Activities, the “Research Activities”). Sarepta will be responsible for all FTE Costs and Out-of-Pocket Costs incurred by Sarepta in the performance of
the Sarepta Research Activities. Sarepta will perform, or have performed, all Sarepta Research Activities in accordance with the applicable Research Plan (including using diligent efforts to comply with the timelines for performance of such Sarepta
Research Activities specified therein) and otherwise in accordance with this Agreement. 

  

	2.6.	 Research Records and Reports. 

 

	 	2.6.1.	 Records. During the Term and for [***] thereafter, the Parties will maintain written and
electronic records of all Research Activities performed by such Party, including the Research Results, in sufficient detail and in good scientific manner, appropriate for scientific, patent, and regulatory purposes and in compliance with Applicable
Law with respect to activities intended to be submitted in Regulatory Materials (including INDs), which records will be complete and properly reflect all work done and results achieved in the performance of its Research Activities by or on behalf of
such Party. In addition, Codiak will calculate and maintain records of FTE effort and Out-of-Pocket Costs, in each case, incurred by it in the performance of activities
under the Research Plan in accordance with the summary reports in the form to be agreed to by the Parties and in accordance with Section 2.6.2 (Research Reports). 

  
 14 

	 	2.6.2.	 Research Reports. Each Party will keep the other Party reasonably informed on the status,
progress, and results of its activities under the Research Plan by providing the other Party, through the JRC, with a report containing summaries of the Research Results each Calendar Quarter during the Term in the format specified in the Research
Plan, which report will include (a) summaries of the Research Results generated by such Party since the last quarterly report provided to the other Party, (b) an update on such Party’s progress under the Research Plan with respect to
the performance of the Codiak Research Activities or Sarepta Research Activities, (c) a summary report or presentation in the form to be agreed to by the JRC, along with, in the case of Codiak, reasonable supporting documentation evidencing the
costs and expenses incurred in the performance of the Codiak Research Activities during such Calendar Quarter, (d) disclosure to the other Party of all Inventions within the Research Technology that such Party has developed or invented, whether
solely or jointly with others, since the last report and (i) that were submitted to such Party in invention disclosures or other similar documents by its or its Affiliates’ employees, agents, or independent contractors relating thereto, or
(ii) of which such Party is otherwise aware or for which such Party plans to pursue patent protection, and (e) a forecast of the Research Costs that Codiak expects to incur in the performance of the Research Activities during the upcoming
four Calendar Quarters, which must be in accordance with the Research Plan and corresponding Research Budget. Upon the written and reasonable request of either Party, the other Party will provide additional reports relating to the Research Results
and consider in good faith granting the requesting Party access to some or all of the raw data underlying any Research Results. 

  

	2.7.	 Conduct of Research. Each Party will perform the Research Activities in good scientific manner,
in compliance with all Applicable Laws, including cGMP, GLP, and GCP, as applicable. 

  

	2.8.	 Performance of Research Activities. Each Party will perform all Research Activities with
reasonable care and skill in accordance with all Applicable Laws and the terms of this Agreement. Each Party will devote the efforts of suitably qualified and trained employees and research assistants capable of carrying out the Research Activities
set forth under the Research Plan to a professional workmanlike standard and will provide all necessary materials and facilities therefor. 

  

	2.9.	 Materials. To facilitate the conduct of the Research Activities or the performance of other
activities under this Agreement, Codiak will provide the Codiak Materials and Loaded Constructs (as set forth in Article 4 (Manufacture and Supply)) and Sarepta will provide to Codiak any Sarepta Materials described in the Research Plan, in each
case, in the quantities and the manner set forth in the Research Plan, for the performance of the Research Activities thereunder. Except as otherwise set forth in this Agreement, all such Materials will remain the sole property of the supplying
Party, will be used only in the performance of obligations or exercise of rights under this Agreement expressly in accordance with the applicable Research Plan or other written agreement by the Parties, will be subject to any limitations specified
in writing by the supplying Party in connection with such provision and use, may not be transferred or permitted to be transferred to any Third Party without the supplying Party’s prior written consent (except as expressly permitted under the
applicable Research Plan), and will not be used in research or testing involving human subjects, unless expressly agreed by the supplying Party. Without limiting the foregoing, the Parties will jointly own title to all Loaded Constructs produced in
connection with, or for use in, the Research 

  
 15 

	 	
Activities. Each Party acknowledges that the other Party is providing the Materials for investigational use only in laboratory animals or in in vitro experiments as further set forth in
the Research Plan. Without limiting the foregoing, neither Party will reverse engineer, disassemble, compile, or determine the composition of any Materials Controlled by the other Party and provided to such Party hereunder, except to the extent
required in order to perform each Party’s Research Activities. Each Party acknowledges and agrees that the Materials may have biological or chemical properties that are unpredictable and unknown and that they are to be used with caution and
prudence. Except as otherwise set forth in this Agreement, THE MATERIALS ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR ANY
PARTICULAR PURPOSE OR ANY WARRANTY THAT THE USE OF THE MATERIALS WILL NOT INFRINGE OR VIOLATE ANY PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY. 

  

	2.10.	 Subcontractors. Each Party will have the right to engage Subcontractors to perform its
obligations under the Research Plan to the extent such Subcontractors are specified in the Research Plan or otherwise agreed by the other Party (such agreement not to be unreasonably withheld); provided that any such Subcontractor is bound by
written obligations of confidentiality and non-use consistent with this Agreement and has agreed to assign to such Party (or exclusively license to such Party, with the right to grant sublicenses through
multiple tiers) all Inventions or other Intellectual Property developed or invented by such Subcontractor in the course of performing such subcontracted work. Each Party will be responsible for providing oversight of its respective Subcontractors,
for any obligations that have been delegated or subcontracted to any Subcontractor, and for the performance of its Subcontractors. 

  

	2.11.	 Research Costs. 

 

	 	2.11.1.	 Allocation of Research Costs. Sarepta will be responsible for all FTE Costs and Out-of-Pocket Costs incurred by Codiak in the performance of the Codiak Research Activities to the extent within the Research Budget during the Term, plus Allowable
Overruns (the “Reimbursable Research Costs”). [***]. 

  

	 	2.11.2.	 Excess Research Costs. On a Calendar Quarter basis, if Codiak incurs or expects to incur Research
Costs in excess of the Reimbursable Research Costs with respect to the Codiak Research Activities performed during such Calendar Quarter, then the Parties, through the JRC, will discuss whether to approve an increase in the amount budgeted in the
Research Budget. Unless the JRC so approves (which approval will not be unreasonably withheld) such an increase to the Research Budget in writing, Sarepta will not be obligated to reimburse Codiak for any costs or expenses in excess of the
Reimbursable Research Costs (either before or after such costs have been incurred) for such Codiak Research Activities, and, in any event, Codiak will not be relieved of its obligations to perform such Research Activities pursuant to the Research
Plan. 

  

	 	2.11.3.	 Invoicing and Payment for Research Costs. Beginning after the first Calendar Quarter following
the Effective Date, no later than [***] after the end of each Calendar Quarter, Codiak will provide Sarepta with an invoice of actual FTE Costs and Out-of-Pocket Costs
incurred in connection with the performance of the Research Activities during such Calendar Quarter. Each invoice submitted to Sarepta pursuant to this Section 2.11.3 (Invoicing and Payment for Research Costs) will contain a detailed and
itemized calculation (consistent with the reporting format attached hereto as Schedule 2.11.3) of 

  
 16 

	 	
such costs incurred and be accompanied by reasonable supporting documents evidencing such Research Costs. In accordance with Sarepta’s reimbursement obligations set forth in
Section 2.11.1 (Allocation of Research Costs), Sarepta will pay Codiak’s total Reimbursable Research Costs incurred during the Term to the extent in excess of the amount of the Research Prepayment (other than those amounts that Sarepta
disputes in good faith in accordance with the terms and conditions of this Agreement) set forth in each such applicable invoice in accordance with Section 8.4 (Invoicing and Payment), beginning with the first invoice received following the
Calendar Quarter during which Codiak’s total Reimbursable Research Costs incurred during the Term have exceeded the amount of the Research Prepayment. 

  

	 	2.11.4.	 Research Cost Disputes. If Sarepta disputes in good faith any portion of a report or invoice for
Research Costs provided by Codiak pursuant to this Section 2.11 (Research Costs), then Sarepta will promptly notify Codiak of such disputed amount (and in any event prior to the date payment would otherwise have been due on such invoice) and
the Parties will use good faith efforts to resolve such dispute expediently. Any Research Costs subject to such dispute will be reimbursed as described in Section 2.11.1 (Allocation of Research Costs) within [***] after the resolution of such
dispute. 

  

	2.12.	 Additional Research. If either Party or its Affiliates decide to perform, or to engage a Third
Party academic institution or Third Party contract research organization, to perform, non-clinical or pre-clinical research activities regarding Exosome therapeutic
products directed to a Research Target or Replacement Target during the Term, solely as permitted under Section 5.7.2 (Research Exception), then such Party will provide to the other Party (a) written notice of the commencement of such non-clinical or pre-clinical research activities, which notice will include the purpose of such non-clinical or pre-clinical research and (b) every [***] during the Term, a report setting forth the results of such non-clinical or pre-clinical
research activities, which report must include the information set forth on Schedule 2.12 (Additional Research Report Requirements) for such Research Target or Replacement Target, as applicable (such report, an “Additional Research
Report”). 

  

	3.	 Governance. 

 

	3.1.	 Alliance Managers. Promptly after the Effective Date, each Party will appoint a representative to
act as its alliance manager under this Agreement (each, an “Alliance Manager”) by providing written notification to the other Party. The Alliance Managers will be primarily responsible for facilitating the flow of information and
otherwise promoting communication, coordination, and collaboration between the Parties under this Agreement. The Alliance Managers will have the right to attend all meetings of the JRC and all other Committees (if any) as non-voting members, and will bring matters to the attention of the relevant Committee if the Alliance Manager reasonably believes that such matter warrants such attention. Each Party may replace its Alliance Manager
at any time upon written notice to the other Party. 

  

	3.2.	 Joint Research Committee. 

 

	 	3.2.1.	 Formation and Purpose of the JRC. Within [***] after the Effective Date, Sarepta and Codiak will
establish a joint research committee (“JRC”), which will have the responsibilities set forth in this Article 3 (Governance). The JRC will dissolve upon the expiration of the Term. The JRC will have no responsibility and authority
other than that which responsibility and authority is expressly set forth in this Article 3 (Governance). 

  
 17 

	 	3.2.2.	 Membership. Each Party will designate up to [***] representatives with appropriate knowledge,
expertise, and decision-making authority to serve as members of the JRC. Each Party may replace its JRC representatives at any time upon written notice to the other Party. Sarepta will designate one of its JRC members as one of the co-chairpersons of the JRC and Codiak will designate one of its members as the other co-chairperson of the JRC. For each Calendar Year, the
co-chairpersons will alternate serving in the role of “lead co-chairperson” for the JRC. The lead co-chairperson or his
or her designee, in collaboration with the Alliance Managers, will be responsible for calling meetings, preparing and circulating an agenda in advance of each meeting, and preparing and issuing minutes of each meeting within [***] thereafter. Such
minutes will be finalized upon endorsement by all JRC members. 

  

	 	3.2.3.	 Meetings. The JRC will hold meetings at [***], but in no event will such meetings be held less
frequently than [***] each Calendar Quarter, unless otherwise agreed by the Parties. The JRC will meet alternatively at Codiak’s facilities in Cambridge, MA, U.S., and Sarepta’s facilities in Cambridge, MA, U.S., or at such locations as
the Parties may otherwise agree, with the first JRC meeting to be held at Sarepta’s offices. Meetings of the JRC may be held by audio or video teleconference with the consent of each Party; provided, however, that at least [***]
JRC meeting per year will be held in-person unless otherwise agreed by the Parties. The Alliance Manager of each Party will attend each meeting of the JRC as a
non-voting participant. Each Party will be responsible for all of its own expenses of participating in any JRC meeting. 

 

	 	3.2.4.	 Ad Hoc Meetings. On [***] prior written notice, either Party may request an ad-hoc meeting of a Committee if such Party reasonably believes that a significant matter must be addressed before the next regularly scheduled JRC meeting, and such Party will provide the JRC materials reasonably
adequate to enable an informed discussion by its members no later than [***] before any such ad-hoc meeting. Ad-hoc meetings may occur via audio or video teleconference
or in-person as the Parties may agree. 

  

	 	3.2.5.	 Meeting Agendas. Each Party will disclose to the other Party the proposed agenda items along with
appropriate information at least [***] in advance of each meeting of the JRC; provided that under exigent circumstances requiring JRC input, a Party may provide its agenda items to the other Party within a lesser period of time in advance of
the meeting, or may propose that there not be a specific agenda for a particular meeting, so long as such other Party consents to such later addition of such agenda items or the absence of a specific agenda for such JRC meeting.

  

	 	3.2.6.	 Non-Member Attendance. Each Party may from time to time
invite a reasonable number of participants, in addition to its representatives, to attend the Committee meetings in a non-voting capacity; provided that if either Party intends to have any Third Party
(including any consultant) attend such a meeting, then such Party will provide at least [***] prior written notice to the other Party and obtain the other Party’s approval for such Third Party to attend such meeting, which approval will not be
unreasonably withheld or delayed. Such Party will ensure that such Third Party is bound by confidentiality and non-use obligations consistent with the terms of this Agreement. 

  
 18 

	 	3.2.7.	 Specific Responsibilities of the JRC. The responsibilities of the JRC will be to:

  

	 	(a)	 coordinate the Research Activities and facilitate communications between the Parties with respect to the
Research Activities; 

  

	 	(b)	 review, discuss, and determine whether to approve all updates to the Research Plan (including the Research
Budget set forth therein) as described in Section 2.2 (Research Plan) and Section 2.11.2 (Excess Research Costs); 

  

	 	(c)	 review and discuss the results of performance of the Research Activities under the Research Plan, including all
reports provided by the Parties, as described in Section 2.6.2 (Research Reports) and the anticipated timeline for initiating and completing all activities set forth in the Research Plan; 

 

	 	(d)	 determine whether to approve excess costs incurred in the performance of activities under the Research Plan, as
described in Section 2.11.1 (Allocation of Research Costs) and Section 2.11.2 (Excess Research Costs); 

  

	 	(e)	 determine the form to be used for research reports, as described in Section 2.6.2 (Research Reports);

  

	 	(f)	 establish joint subcommittees as it deems necessary or advisable to further the purpose of this Agreement;

  

	 	(g)	 oversee the operation of any joint subcommittee established by JRC, including resolving any disputed matter of
such Committees; and 

  

	 	(h)	 perform such other functions as appropriate to further the purposes of this Agreement, as expressly set forth
in this Agreement, or allocated to it by the Parties’ written agreement. 

  

	3.3.	 Decision-Making. 

 

	 	3.3.1.	 General Decision-Making Process. A quorum for a meeting of the JRC will require the presence of at least
one representative from each Party and no action taken at any Committee meeting will be effective unless at least one representative of each Party is participating. All decisions within the authority of the JRC will be made by consensus, with each
Party’s representatives collectively having one vote. Except as otherwise expressly set forth in this Agreement, the phrase “determine,” “designate,” “approve,” or “determine whether to approve” by the
JRC or any Committee and similar phrases used in this Agreement will mean approval in accordance with this Section 3.3 (Decision-Making), including the escalation and
tie-breaking provisions set forth in this Section 3.3 (Decision-Making) and Section 3.4 (Resolution of Committee Disputes). For the avoidance of doubt, matters
that are specified in Section 3.2.7 (Specific Responsibilities of the JRC) to be reviewed and discussed (as opposed to reviewed, discussed, and approved) do not require any agreement or decision by either Party and are not subject to the voting
and decision-making procedures set forth in this Section 3.3 (Decision-Making) or Section 3.4 (Resolution of Committee Disputes). 

 

	 	3.3.2.	 Decisions of Subcommittees. If a joint subcommittee is unable to reach agreement as to a particular
matter within such committee’s scope of authority within [***] of the meeting at which such matter was discussed, then a Party may refer such matter to the JRC for resolution in accordance with Section 3.3.3 (Decisions of the JRC).

  
 19 

	 	3.3.3.	 Decisions of the JRC. The JRC will use good faith efforts, in compliance with this
Section 3.3.3 (Decisions of the JRC), to promptly resolve any such matter for which it has authority. If, after the use of good faith efforts, the JRC is unable to resolve any such matter referred to it by any other Committee or any matter with
respect to the matters within the scope of the JRC’s authority or any other disagreement between the Parties that may be referred to the JRC, in each case, within a period of [***], then a Party may refer such matter to the Party’s
respective Executive Officer for resolution in accordance with Section 3.4.1 (Referral to Executive Officers). 

  

	3.4.	 Resolution of Committee Disputes. 

 

	 	3.4.1.	 Referral to Executive Officers. If a Party makes an election under Section 3.3.3 (Decisions
of the JRC) to refer for resolution by the Executive Officers a matter as to which the JRC cannot reach a consensus decision, then the JRC will submit in writing the respective positions of the Parties to their respective Executive Officers. The
Executive Officers will use good faith efforts to resolve any such matter so referred to them as soon as practicable but in any event within [***] after such matter is referred to them, and any final decision that the Executive Officers agree to in
writing will be conclusive and binding on the Parties as a decision of the JRC. 

  

	 	3.4.2.	 Final Decision Making Authority. If the Executive Officers are unable to reach agreement on any
such matter so referred within [***] after such matter is referred to them (or such longer period as the Executive Officers may agree upon), then: 

  

	 	(a)	 Sarepta Final Decision Making Authority. Subject to Section 3.5 (Limitations on Committee Authority
and Decision-Making), [***]. 

  

	 	(b)	 Matters Requiring Agreement; Status Quo. [***]. 

 

	3.5.	 Limitations of Committee Authority and Decision-Making. Each Committee will only have the powers
expressly assigned to it in this Article 3 (Governance) and elsewhere in this Agreement and will not have the authority to: (a) modify or amend the terms and conditions of this Agreement; (b) waive or determine either Party’s
compliance with the terms and conditions of this Agreement; or (c) decide any issue in a manner that would conflict with the express terms and conditions of this Agreement. In addition, notwithstanding any provision to the contrary set forth in
this Agreement, without the other Party’s prior written consent, neither Party (in the exercise of a Party’s final decision-making authority), the JRC, any other Committee, nor a Party’s Executive Officer, in each case, may make a
decision that could reasonably be expected to require the other Party to take any action that such other Party reasonably believes would (i) require such other Party to violate any Applicable Law, the requirements of any Regulatory Authority,
or any agreement with any Third Party entered into by such other Party or (ii) require such other Party to infringe or misappropriate any Intellectual Property rights of any Third Party. 

 

	3.6.	 Dissolution of the JRC. The JRC will be dissolved and its responsibilities under this Agreement will
terminate upon the expiration or termination of this Agreement. 

  
 20 

	4.	 Manufacture and Supply. 

 

	4.1.	 Codiak Supply Obligations. Subject to the terms and conditions of this Agreement, Codiak will be
responsible for supplying or will supply to Sarepta any and all requirements of Codiak Materials and Loaded Constructs to be used in the conduct of the Research Activities, provided that if Sarepta fails to provide to Codiak any Sarepta
Materials set forth in the Research Plan and required for Codiak to so supply any such Loaded Constructs, then Codiak’s obligation to supply such Loaded Constructs required to perform the Research Activities will be tolled until and to the
extent that Sarepta provides any such required Sarepta Materials for loading. Codiak may perform its obligations set forth under this Section 4.1 (Codiak Supply Obligations) (the “Codiak Manufacturing Activities”) itself or
through a Third Party contract manufacturer (“CMO”) approved in writing by Sarepta. 

  

	4.2.	 Manufacturing Costs. During the Term, Sarepta will be responsible for all Manufacturing Costs
incurred by Codiak in the performance of the Codiak Manufacturing Activities with respect to the Research Activities, with no additional mark-up, to the extent incurred in accordance with the Research Budget,
plus Allowable Overruns (the “Research Manufacturing Costs”). Research Manufacturing Costs will be reimbursed in accordance with Section 2.11.3 (Invoicing and Payment for Research Costs). 

 

	5.	 License Grants and Exclusivity. 

 

	5.1.	 License Grant to Codiak. Subject to the terms and conditions of this Agreement, Sarepta, on
behalf of itself and its Affiliates, hereby grants and agrees to grant to Codiak and its Affiliates a non-exclusive, fully paid, royalty-free, worldwide license, with the right to grant sublicenses only to its
Affiliates and Subcontractors (solely to the extent such Subcontractors are permitted under this Agreement in accordance with Section 2.10 (Subcontractors)), under the Sarepta Licensed Technology solely to perform the Codiak Research Activities
and Codiak’s other obligations under this Agreement, including to Manufacture and supply Codiak Materials and Loaded Constructs in accordance with Article 4 (Manufacture and Supply). 

 

	5.2.	 License Grants to Sarepta. 

 

	 	5.2.1.	 Non-Exclusive License. Codiak hereby grants and agrees to grant
to Sarepta and its Affiliates a non-exclusive, royalty-free, worldwide license, with the right to grant sublicenses only to its Affiliates and Subcontractors (solely to the extent such Subcontractors are
permitted under this Agreement in accordance with Section 2.10 (Subcontractors)), under the Codiak Licensed Technology solely to perform the Sarepta Research Activities and Sarepta’s other obligations under this Agreement.

  

	 	5.2.2.	 License Grant to Codiak Exosome Platform Research Technology. Codiak will, and hereby
does, grant to Sarepta a non-exclusive, fully paid, perpetual, royalty-free, worldwide license, with the right to grant sublicenses (through multiple tiers), under the Codiak Platform Research Know-How and Codiak Platform Research Patent Rights, in each case, that were conceived, generated, or created, or, in the case of a patentable invention, invented by one or more employees, agents, or independent
contractors of Sarepta or its Affiliates or Subcontractors either alone or jointly with one or more employees, agents, or independent contractors of Codiak or its Affiliates or Subcontractors (a) with respect to such Codiak Platform Research Know-How and Codiak Platform Research Patent Rights that relate to Payload Attachment Linkers or Independent Targeting Moieties, for any and all purposes, and (b) with respect to all other such Codiak Platform
Research Know-How and Codiak Platform Research Patent Rights not described in clause (a), solely to Exploit products that include a Sarepta Proprietary Payload and are not and do not include any Exosomes.

  
 21 

	5.3.	 No Implied Licenses. Except as expressly set forth herein, neither Party will acquire any license
or other intellectual property interest, express or implied, whether by implication, estoppel, or otherwise, under or to any Patent Rights, Know-How, or other Intellectual Property owned or Controlled by the
other Party. 

  

	5.4.	 Third Party Agreements. 

 

	 	5.4.1.	 Existing Upstream Licenses. Codiak agrees that all upfront, milestone, royalty, and other payments to
any Third Party with respect to any Upstream License to which Codiak is a party listed on Schedule 1.158 will be the responsibility of Codiak. Sarepta agrees that all upfront, milestone, royalty, and other payments to any Third Party with
respect to any Upstream License to which Sarepta is a party will be the responsibility of Sarepta. 

  

	 	5.4.2.	 Additional Upstream Licenses. [***]. 

 

	 	(a)	 [***]. 

  

	 	(b)	 [***]. 

  

	 	(c)	 [***]. 

  

	 	(d)	 [***]. 

  

	5.5.	 Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by a Party to the
other (including the Sarepta Options) are and will otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, licenses of right to “intellectual property” as defined under Section 101 of the Bankruptcy
Code. The Parties agree that the Parties and their respective sublicensees, as sublicensees of such rights under this Agreement, will retain and may fully exercise all of their rights and elections under the Bankruptcy Code and any foreign
counterpart thereto. The Parties further agree that upon commencement of a bankruptcy proceeding by or against a Party (the “Bankrupt Party”) under the Bankruptcy Code, the other Party (the
“Non-Bankrupt Party”) will be entitled to a complete duplicate of, or complete access to (as the Non-Bankrupt Party deems appropriate), all such
intellectual property and all embodiments of such intellectual property. Such intellectual property and all embodiments of such intellectual property will be promptly delivered to the Non-Bankrupt Party
(a) upon any such commencement of a bankruptcy proceeding and upon written request by the Non-Bankrupt Party, unless the Bankrupt Party elects to continue to perform all of its obligations under this
Agreement, or (b) if not delivered under clause (a) above, upon the rejection of this Agreement by or on behalf of the Bankrupt Party and upon written request by the Non-Bankrupt Party. The Bankrupt
Party (in any capacity, including debtor in possession) and its successors and assigns (including any trustee) agree not to interfere with the exercise by the Non-Bankrupt Party or its Affiliates of its rights
and licenses to such intellectual property and such embodiments of intellectual property in accordance with this Agreement, and agrees to assist the Non-Bankrupt Party and its Affiliates in obtaining such
intellectual property and such embodiments of intellectual property in the possession or Control of Third Parties as are reasonably necessary or desirable for the Non-Bankrupt Party to exercise such rights and
licenses in accordance with this Agreement. The foregoing provisions are without prejudice to any rights the Non-Bankrupt Party may have arising under the Bankruptcy Code or other Applicable Laws.

  
 22 

	5.6.	 Reserved Rights. Neither Party grants to the other Party any rights or licenses in any Patent
Rights, Know-How, copyrights, or other intellectual property or other proprietary rights of such Party, except as specifically set forth in this Agreement. All rights not expressly granted by a Party under
this Agreement are reserved by such Party and may be used by such Party for any purpose that does not violate the terms of this Agreement. 

  

	5.7.	 Exclusivity. 

 

	 	5.7.1.	 Exclusivity Obligations. Subject to Section 5.7.2 (Research Exception) and
Section 5.7.3 (New Affiliate Exception): 

  

	 	(a)	 Replacement Target Exclusivity. During the Term with respect to a Replacement Target, except for
activities conducted pursuant to this Agreement, [***], whether by itself or with or through any of its Affiliates or any Third Party (directly or indirectly), Develop, Manufacture, perform Medical Affairs, Commercialize, or otherwise Exploit, or
enable or facilitate any of its Affiliates or any Third Party to Develop, Manufacture, perform Medical Affairs, Commercialize, or otherwise Exploit, in each case, any Exosome therapeutic product directed to any Replacement Target. 

  

	 	(b)	 Research Target Exclusivity. On a Research Target-by-Research Target basis, during the Term with respect to a Research Target, except for activities conducted pursuant to this Agreement, [***], whether by itself or with or through any of its
Affiliates or any Third Party (directly or indirectly), Develop, Manufacture, perform Medical Affairs, Commercialize, or otherwise Exploit, or enable or facilitate any of its Affiliates or any Third Party to, Develop, Manufacture, perform Medical
Affairs, Commercialize, or otherwise Exploit, in each case, any Exosome therapeutic product directed to any Research Target. 

  

	 	5.7.2.	 Research Exception. Notwithstanding the restrictions set forth in Section 5.7.1 (Exclusivity
Obligations), [***] and its Affiliates may conduct non-clinical or pre-clinical research regarding Exosome therapeutic products directed to a Research Target or a
Replacement Target, provided that, in each case, [***] will provide written notice [***] if [***] or its Affiliates commence any such non-clinical or pre-clinical
research outside of the activities conducted by [***] under this Agreement and will provide [***] with Additional Research Reports, in each case, as set forth in Section 2.12 (Additional Research) with respect to such activities. [***] may
engage Third Party academic institutions (but not for-profit or other commercial Persons) or Third Party contract research organizations to conduct such non-clinical or pre-clinical research regarding Exosome therapeutic products directed to a Research Target or a Replacement Target. For avoidance of doubt, in connection with any non-clinical
or pre-clinical research activities permitted under this Section 5.7.2 (Research Exception), [***]. 

  

	 	5.7.3.	 New Affiliate Exception. Notwithstanding the restrictions set forth in Section 5.7.1
(Exclusivity Obligations), if (A) a Third Party becomes an Affiliate of [***] during the Term through merger, acquisition, consolidation, or other similar transaction and (B) such new Affiliate, as of the effective date of such
transaction, is engaged in Development, Manufacturing, performance of Medical Affairs, Commercialization, or other Exploitation activities that, if conducted by [***], would cause [***] to violate the terms of

  
 23 

	 	
Section 5.7.1 (Exclusivity Obligations) with respect to a Research Target or a Replacement Target (as applicable) (the program of conduct of such activities, a “Competing
Program”), then: 

  

	 	(a)	 If such transaction is a Change of Control of [***], then such new Affiliate (an “Acquiror”)
may continue to Exploit products that are the subject of such Competing Program and [***] will not be in violation of its exclusivity obligations set forth in Section 5.7.1 (Exclusivity Obligations) with respect to the applicable Research
Target or Replacement Target, as long as (i) no Codiak Licensed Technology or Sarepta Licensed Technology is used by or on behalf of [***], its Acquiror, and their respective Affiliates in more than a de minimis fashion in connection
with any activities conducted under such Competing Program, and (ii) [***], its Acquiror and their respective Affiliates institute commercially reasonable technical and administrative safeguards to ensure the requirements set forth in the foregoing
clause (i) are met, including by creating “firewalls” between the personnel working under such Competing Program and the personnel teams charged with working on any Research Activities or having access to data from activities
performed under this Agreement or Confidential Information of the Parties. 

  

	 	(b)	 If such transaction is not a Change of Control of [***], then [***] and its new Affiliate (an
“Acquiree”) will have [***] (or such other period as may be agreed in writing by the Parties) (the “Divestiture Period”) from the closing date of such transaction to wind down or divest to a Third Party all rights,
title, and interests in and to such Competing Program, and during such Divestiture Period, such Acquiree’s conduct of such Competing Program will not constitute a breach by [***] of its exclusivity obligations set forth in Section 5.7.1
(Exclusivity Obligations), as long as during such Divestiture Period, (i) no Codiak Licensed Technology or Sarepta Licensed Technology is used by or on behalf of [***], its Acquiree and their respective Affiliates in more than a de
minimis fashion in connection with any activities conducted under such Competing Program, and (ii) [***], its Acquiree, and their respective Affiliates institute commercially reasonable technical and administrative safeguards to ensure the
requirements set forth in the foregoing clause (i) are met, including by creating “firewalls” between the personnel working under such Competing Program and the personnel teams charged with working on any Research Activities or having
access to data from activities performed under this Agreement or Confidential Information of the Parties. [***] will keep [***] reasonably informed, of its efforts and progress in effecting such divesture until the Acquiree completes the same.
 

  

	6.	 Intellectual Property.  

 

	6.1.	 Ownership of Research Technology. 

 

	 	6.1.1.	 Codiak Platform Research Technology. Codiak will solely own [***]. To the extent any [***] are
conceived, generated, or created or, in the case of a patentable invention, invented solely by one or more employees, agents, or independent contractors of Sarepta or its Affiliates or Subcontractors or jointly with one or more employees, agents, or
independent contractors of Codiak or its Affiliates or Subcontractors, Sarepta will and hereby does assign and transfer to Codiak, without additional consideration, all of its rights, title, and interests in and to such [***], and Codiak hereby
accepts such assignment. 

  
 24 

	 	6.1.2.	 Sarepta Payload Research Technology. Sarepta will solely own all rights, title, and interests in
and to the [***]. To the extent any [***] are conceived, generated, or created or, in the case of a patentable invention, invented solely by one or more employees, agents, or independent contractors of Codiak or its Affiliates or Subcontractors or
jointly with one or more employees, agents, or independent contractors of Sarepta or its Affiliates or Subcontractors, Codiak will and hereby does assign and transfer to Sarepta, without additional consideration, all of its rights, title, and
interests in and to such [***], and Sarepta hereby accepts such assignment. 

  

	 	6.1.3.	 Loaded Construct Research Technology. The Parties will jointly own all rights, title, and
interests in and to [***]. 

  

	 	(a)	 [***]. Unless otherwise agreed in writing by the Parties and except for activities conducted pursuant to this
Agreement, during the Term and thereafter neither Party will, whether by itself or with or through any of its Affiliates or any Third Party (directly or indirectly), [***]. 

 

	 	6.1.4.	 Other Ownership Rights. Subject to Section 6.1.1 (Codiak Platform Research Technology),
Section 6.1.2 (Sarepta Payload Research Technology) and Section 6.1.3 (Loaded Construct Research Technology): 

  

	 	(a)	 Codiak will solely own [***]; 

 

	 	(b)	 Sarepta will solely own [***]; and 

 

	 	(c)	 The Parties will jointly own [***]. 

 

	 	6.1.5.	 Inventorship. For purposes of this Section 6.1 (Ownership of Research Technology), all
determinations of inventorship will be in accordance with U.S. patent law. 

  

	 	6.1.6.	 Jointly Owned Research Technology. Subject to the terms and conditions set forth in this
Agreement, including Section 6.1.3(a) ([***]), Article 5 (License Grants and Exclusivity) and Article 7 (Exclusive Collaboration Option), each Party is entitled to practice the Jointly Owned Research Technology for all purposes on a worldwide
basis and to license such Jointly Owned Research Technology through multiple tiers without consent of the other Party (where consent is required by Applicable Law, such consent is deemed hereby granted) and without a duty of accounting to the other
Party. In furtherance of the foregoing, each Party will grant and hereby does grant to the other Party all further permissions, consents, and waivers with respect to, and all licenses under, the Jointly Owned Research Technology, throughout the
world, necessary to provide the other Party with full rights of use and Exploitation of the Jointly Owned Research Technology. Without limitation, each Party will cooperate with the other Party if, in accordance with the provisions of this Agreement
regarding Prosecution, the Parties determine to apply for U.S. or foreign patent protection for any Jointly Owned Research Technology and will obtain the cooperation of the individual inventors of any such Jointly Owned Research Technology. Nothing
in this Section 6.1.6 (Jointly Owned Research Technology) will be construed as a grant of a license, either implied or otherwise, under any Intellectual Property other than the Jointly Owned Research Technology. 

  
 25 

	 	6.1.7.	 Disclosure of Inventions. During the Term, each Party will promptly disclose to the other Party
all Inventions within the Research Technology that it develops or invents, whether solely or jointly with others, that are to be assigned, or jointly owned with, the other Party pursuant to this Section 6.1 (Ownership of Research Technology)
(in any event, prior to the filing of any patent application with respect to such Inventions), including all invention disclosures or other similar documents submitted to such Party by its or its Affiliates’ employees, agents, or independent
contractors relating thereto. Each Party will also respond promptly to reasonable requests from the other Party for additional information relating to such Inventions. Prior to expiration of the Option Term, each Party will, upon the request of the
other Party, provide to such requesting Party a fulsome description of all Inventions within the Research Technology that the requested Party has developed or invented, whether solely or jointly with others, including patent applications, patents,
invention disclosures or similar documents submitted to the requested Party by its or its Affiliates’ employees, agents, or independent contractors relating thereto (other than Inventions previously disclosed to the requesting Party).

  

	 	6.1.8.	 Personnel Obligations. Each employee, agent, or independent contractor of a Party or its
respective Affiliates or Subcontractors performing work under this Agreement will, prior to commencing such work, be bound by invention assignment obligations, including: (a) promptly reporting any invention, discovery, process, or other
Intellectual Property; (b) presently assigning to the applicable Party all of his or her rights, title, and interests in and to any invention, discovery, process or other Intellectual Property; (c) cooperating in the preparation, filing,
prosecution, maintenance, and enforcement of any patent or patent application; and (d) performing all acts and signing, executing, acknowledging, and delivering any and all documents required for effecting the obligations and purposes of this
Agreement. It is understood and agreed that any such invention assignment agreement need not reference or be specific to this Agreement. 

  

	 	6.1.9.	 Covenants in Support of Assignment. Each Party will take (and cause its Affiliates and
Subcontractors, and their respective employees, agents, and contractors to take) such further actions reasonably requested by the other Party to evidence the assignments of Intellectual Property set forth in this Section 6.1 (Ownership of
Research Technology) and to assist the other Party in obtaining Patent Rights and other Intellectual Property protection for Inventions within the Codiak Owned Research Technology, Sarepta Owned Research Technology, or Breach Inventions, as
applicable, including executing further assignments, consents, releases, and other commercially reasonable documentation and providing good faith testimony by affidavit, declaration, in-person, or other proper
means in support of any effort by the other Party to establish, perfect, defend, or enforce its rights in any Codiak Owned Research Technology, Sarepta Owned Research Technology, or Breach Inventions, as applicable, through prosecution of
governmental filings, regulatory proceedings, litigation, and other means, including through the filing, prosecution, maintenance, and enforcement of the Codiak Owned Research Technology, Sarepta Owned Research Technology, or Breach Inventions, as
applicable. Without limitation, each Party will cooperate with the other Party if such other Party applies for U.S. or foreign patent protection for Inventions within the Codiak Owned Research Technology, Sarepta Owned Research Technology, or Breach
Inventions, as applicable, and will obtain the cooperation of the individual inventors of any such Codiak Owned Research Technology, Sarepta Owned Research Technology, or Breach Inventions, as applicable. If either Party is unable to assign any
Codiak Owned Research Technology, Sarepta Owned Research Technology, or Breach Inventions, as applicable, to the other Party as set forth in this Section 6.1 

  
 26 

	 	
(Ownership of Research Technology), then each Party hereby grants and agrees to grant to the other Party a royalty-free, fully paid-up, worldwide,
exclusive, perpetual, irrevocable license (with the right to grant sublicenses through multiple tiers) under such Codiak Owned Research Technology, Sarepta Owned Research Technology, or Breach Inventions, as applicable, for any and all purposes.

  

	 	6.1.10.	 Inventions under the Evaluation Agreement. Notwithstanding any provision to the contrary set forth in
the Evaluation Agreement, all Know-How, Inventions, and Patent Rights conceived, generated, or created or, in the case of a patentable invention, invented by one or more employees, agents, or independent
contractors of a Party or its Affiliates or Subcontractors, either alone or jointly with one or more employees, agents, or independent contractors of the other Party or its Affiliates or Subcontractors, in each case, in the planning or conduct of
activities under the Evaluation Agreement will be deemed to have been conceived, generated, or created or, in the case of a patentable invention, invented in the planning or conduct of activities under this Agreement and will be categorized in
accordance with the Intellectual Property ownership definitions and provisions set forth in this Section 6.1 (Ownership of Research Technology). 

  

	 	6.1.11.	 Breach Inventions. In the event that either Party uses any of the other Party’s Materials or
Know-How in a manner that is not expressly permitted under the terms of this Agreement, in each case, all Inventions arising from such activities or use, whether patentable or not, will belong solely and
exclusively to the other Party (“Breach Inventions”). The breaching Party will and hereby does, and will cause all of its Affiliates and Subcontractors its and their employees, agents and independent contractors to, assign to the
other Party all of their respective rights, title, and interests in and to all Breach Inventions. The breaching Party will, and will cause all of its Affiliates and Subcontractors its and their employees, agents and independent contractors to,
cooperate with the other Party to execute and deliver any and all documents that the other Party deems reasonably necessary to perfect and enforce its right hereunder to such Breach Inventions, including by executing consistent confirmatory
assignments and by providing good faith testimony by declaration, affidavit, in-person, or otherwise. 

  

	6.2.	 Patent Prosecution. 

 

	 	6.2.1.	 By Sarepta. [***]. Sarepta will be responsible for and pay all costs and expenses incurred in connection
with the Prosecution of such Patent Rights. 

  

	 	6.2.2.	 By Codiak. [***]. Except as set forth otherwise in this Agreement or as otherwise agreed in writing by
the Parties, Codiak will be responsible for and pay all costs and expenses incurred in connection with the Prosecution of such Patent Rights. During the Term, Codiak will keep Sarepta reasonably informed as to material developments with respect to
the Prosecution of such Patent Rights, including providing to Sarepta notice in advance of abandoning any such Patent Rights. In addition, [***]. Prior to the expiration of the Option Term for a Research Target, or if Sarepta exercises the Sarepta
Option, then prior to the expiration of the Negotiation and Arbitration Period, Codiak shall, upon Sarepta’s reasonable request from time to time, provide to Sarepta copies of all filings and correspondence with patent offices [***] for Sarepta
to perform diligence in connection with the Sarepta Option and negotiation of the Collaboration Agreement for such Research Target(s). 

  
 27 

	 	6.2.3.	 Sarepta Right to Step-In. If, during the Term, [***]. In
such event, [***].  

  

	 	6.2.4.	 Cooperation. The non-prosecuting Party will (a) obtain and
deliver to the prosecuting Party any necessary documents for the prosecuting Party to exercise its rights to prepare, prosecute, defend, and maintain all Patent Rights pursuant to this Section 6.2 (Patent Prosecution), (b) render all signatures
that will be necessary in connection with all such patent filings, and (c) assist the prosecuting Party in all other reasonable ways that are necessary for the issuance of those Patent Rights for which such prosecuting Party is responsible, as
well as for the preparation, prosecution, defense, and maintenance of such Patent Rights. 

  

	 	6.2.5.	 Coordination in Prosecution. Notwithstanding [***], the Parties will, and will cause their
Affiliates to, cooperate and implement reasonable patent filing and prosecution strategies (including filing divisionals, continuations, strategically using terminal disclaimers to overcome obviousness type double patenting rejections, as necessary,
in accordance with standard patent practice) to (a) ensure that patent coverage will protect Codiak Platform Research Know-How, the Loaded Construct Research
Know-How, and the Sarepta Payload Research Know-How and (b) maximize the patent term of all Codiak Owned Research Patent Rights, Sarepta Owned Research Patent
Rights, and Jointly Owned Research Patent Rights. Without limiting the foregoing, [***]. In furtherance of the foregoing, the Parties will, and will cause their Affiliates to, cooperate and implement reasonable patent filing and prosecution
strategies (including filing divisionals, continuations, or otherwise) so that Loaded Construct Research Patent Rights, Sarepta Payload Research Patent Rights, and Codiak Platform Research Patent Rights are pursued in mutually exclusive patent
applications. 

  

	 	6.2.6.	 Common Interest Agreement. With regard to any information or opinions disclosed following the
Effective Date pursuant to this Agreement, by one Party to the other Party, regarding the Prosecution of Patent Rights, in each case, under this Agreement (collectively, “Common Interest IP”), the Parties agree that, as of the
Effective Date, they have a common legal interest in determining the ownership, scope, validity or enforceability of such Common Interest IP, and whether, and to what extent, Third Party intellectual property rights may affect the conduct of the
activities conducted pursuant to this Agreement, and have a further common legal interest in defending against any actual or prospective Third Party claims based on allegations of misuse or infringement of intellectual property rights relating to
the Development, Manufacturing, Commercialization, and other Exploitation conducted pursuant to this Agreement. Accordingly, the Parties agree that all such information and materials obtained by the Parties from each other in connection with the
matters described above, including legally privileged documents, information, factual materials, mental impressions, memoranda, and client communications, whether oral or written (“Exchanged Materials”), will be used for purposes of
the Parties’ common legal interests with respect to the conduct of activities pursuant to this Agreement. “Exchanged Materials” include information developed by a Party’s counsel in the course of any litigations, patent
proceedings, investigations, evaluations, or analyses pertaining to actual or prospective Common Interest IP or otherwise in connection with the matters described above. Any records or materials prepared by a Party that contain or reveal any
Exchanged Materials disclosed to such Party by the other Party, will be subject to the same obligations as the Exchanged Materials. The Parties acknowledge and agree that, as of the time that any Exchanged Materials are disclosed by a Party to
the other Party following the Effective Date pursuant to this 

  
 28 

	 	
Agreement, (a) the Parties share a common legal interest with respect to the Exchanged Materials and the disclosure and use of such Exchanged Materials, (b) the common legal interests
of the Parties will be furthered by the Parties’ disclosure of such Exchanged Materials with one another in accordance with this Section 6.2.6 (Common Interest Agreement), (c) all such Exchanged Materials will be treated as protected by
the attorney-client privilege, the attorney work product privilege, and any other privilege or immunity that may otherwise be applicable, and (d) such disclosures of Exchanged Materials will not be deemed to create any waiver or implied waiver
or limitation of any privilege or immunity that may apply to such Exchanged Materials. By sharing any such Exchanged Materials, neither Party intends to waive or limit any privilege or immunity that may apply to the Exchanged Materials. Neither
Party will have the authority to waive any privilege or immunity on behalf of the other Party without such other Party’s prior written consent, nor will the waiver of privilege or immunity resulting from the conduct of one Party be deemed to
apply against the other Party. 

  

	6.3.	 Patent Enforcement.  

 

	 	6.3.1.	 Notification. Each Party will promptly notify the other in the event of any actual or suspected
infringement of any Sarepta Owned Research Patent Right, Codiak Owned Research Patent Right, or Jointly Owned Research Patent Right (an “Infringement”). Each Party will provide any available evidence of such Infringement with such
notification.  

  

	 	6.3.2.	 Right to Enforce Sarepta Research Patent Rights. During the Term, [***]will have the sole right,
but not the obligation, to initiate [***]. 

  

	 	6.3.3.	 Right to Enforce Codiak Research Patent Rights and Jointly Owned Research Patent Rights. During the
Term, Codiak will have the sole right, but not the obligation, to initiate [***]. 

  

	 	6.3.4.	 Collaboration. Each Party will provide to the enforcing Party reasonable assistance in the enforcement
action brought under this Section 6.3 (Patent Enforcement), at such enforcing Party’s request and expense, including to be named in such action if required by Applicable Laws to pursue such action. During the Term, the enforcing Party will
keep the other Party regularly informed of the status and progress of such enforcement efforts and will reasonably consider the other Party’s comments on any such efforts, including determination of litigation strategy and filing of material
papers to the competent court. The non-enforcing Party will be entitled to separate representation in such matter by counsel of its own choice and at its own expense, but such Party will at all times cooperate
fully with the enforcing Party. The enforcing Party will not settle any claim, suit, or action that is brought under this Section 6.3 (Patent Enforcement) in any manner that would limit the rights of the other Party (including under a Sarepta
Option) or impose any obligation on the other Party, without the prior written consent of the other Party (which consent will not be unreasonably withheld, conditioned, or delayed). 

 

	 	6.3.5.	 Expenses and Recoveries. Except as expressly provided otherwise in this Section 6.3 (Patent
Enforcement), the enforcing Party bringing a claim, suit, or action under this Section 6.3 (Patent Enforcement) will be solely responsible for any expenses incurred by such Party as a result of such claim, suit, or action. If such Party
recovers monetary damages in such claim, suit, or action, then such recovery will be allocated [***]. 

  
 29 

	6.4.	 Defense of Third Party Claims. 

 

	 	6.4.1.	 Claims Related to Research Activities. Codiak will promptly inform Sarepta in writing if Codiak
receives written notice, or otherwise becomes aware, of alleged infringement, misappropriation, or other violation of a Third Party’s Intellectual Property based upon Codiak’s performance of its Research Activities hereunder. Sarepta will
promptly inform Codiak in writing if Sarepta receives written notice, or otherwise becomes aware, of alleged infringement, misappropriation, or other violation of a Third Party’s Intellectual Property based upon Sarepta’s performance of
its Research Activities hereunder. [***]. Codiak will keep Sarepta advised of all material developments in the conduct of any proceedings in defending any such claim of alleged infringement, misappropriation, or other violation and Sarepta will
reasonably cooperate with Codiak in the conduct of such defense. In no event may Codiak settle any such infringement, misappropriation, or other violation claim in a manner that would limit the rights of Sarepta (including under a Sarepta Option) or
impose any obligation on Sarepta, in each case, without Sarepta’s prior written consent, which consent will not be unreasonably withheld, delayed, or conditioned. 

 

	6.5.	 CREATE Act/35 USC §102(c). Notwithstanding any provision to the contrary in
this Article 6 (Intellectual Property), neither Party will have the right to make an election under the CREATE Act/35 USC §102(c) when exercising its rights under this Article 6 (Intellectual Property) without the prior written consent of the
other Party. With respect to any such permitted election, the Parties will use reasonable efforts to cooperate and coordinate their activities with respect to any submissions, filings, or other activities in support thereof, including, as needed,
the filing of terminal disclaimers. The Parties acknowledge and agree that this Agreement is a “joint research agreement” as defined in the CREATE Act/35 USC §102(c). 

 

	7.	 Exclusive Collaboration Option. 

 

	7.1.	 Option Grant. Subject to the terms and conditions of this Agreement, Codiak, on behalf of
itself and its Affiliates, hereby grants to Sarepta and its Affiliates, on a Research Target-by-Research Target basis, an exclusive option to obtain the exclusive
license as set forth in the Collaboration Agreement Term Sheet for Exosome therapeutics directed to one or more Research Targets selected by Sarepta in the Field in the Territory (the “Sarepta Option”). Sarepta may exercise the
Sarepta Option with respect to one or more Research Targets during the Option Term in accordance with Section 7.4 (Option Exercise; Execution of Collaboration Agreement). 

 

	7.2.	 Replacement of Research Targets. During the Term with respect to a Research Target, Sarepta will
have the right (but not the obligation) to replace any Research Target for which Sarepta has not provided an Option Exercise Notice with a Replacement Target by providing notice thereof to Codiak. Each such notice will identify the Replacement
Target and the Research Target that such Replacement Target will replace. Following receipt of such notice, such Replacement Target will become a “Research Target” hereunder and such replaced Research Target will no longer be considered a
“Research Target” hereunder. 

  

	7.3.	 Extension of Option Term. In the event that the Parties have not completed the Research
Activities set forth in the then-current Research Plan prior to the [***] anniversary of the Effective Date, then the Option Term will automatically be extended for one additional [***] period. 

  
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	7.4.	 Option Exercise; Execution of Collaboration Agreement. Sarepta or its Affiliate may exercise a
Sarepta Option, on a Research Target-by-Research Target basis, at any time during the Option Term by providing to Codiak written notice of exercise thereof (each an
“Option Exercise Notice”). Each Option Exercise Notice will specify the Research Target or Research Targets for which Sarepta has decided to exercise a Sarepta Option. Following receipt of an Option Exercise Notice, the Parties will
have an additional period of [***] (the “Negotiation Period”) to negotiate in good faith the terms of a definitive agreement pursuant to which Codiak will grant to Sarepta the exclusive license set forth in the Collaboration
Agreement Term Sheet for Exosome therapeutics directed to the Research Targets for which Sarepta has exercised a Sarepta Option and which definitive agreement will otherwise include the terms and conditions set forth in the Collaboration Agreement
Term Sheet and such other reasonable terms and conditions as are customary in agreements of such type (the “Collaboration Agreement”). However, if the Parties have already entered into a Collaboration Agreement for any Research
Target at the time Sarepta exercises the Sarepta Option for an additional Research Target in accordance with this Agreement, then, unless otherwise agreed by the Parties, the Collaboration Agreement will be automatically amended to include the
applicable additional Research Target in accordance with Section 7.6 (Subsequent Option Exercise Notices) without any change to the other terms and conditions of the Collaboration Agreement.  

 

	7.5.	 Arbitration for Failure to Agree. If the Parties cannot reach agreement on the terms of the
Collaboration Agreement prior to the expiration of the Negotiation Period, then the final terms and conditions of the Collaboration Agreement will be determined through binding arbitration as follows: 

 

	 	7.5.1.	 Arbitration Drafts. Each Party will (a) prepare a draft of the Collaboration Agreement
(which draft will be consistent with the terms set forth in the Collaboration Agreement Term Sheet), to be used in such arbitration proceeding (each a “Collaboration Agreement Arbitration Draft”) and (b) submit its
Collaboration Agreement Arbitration Draft to the other Party within [***] following the expiration of the Negotiation Period. Within [***] following the last Party’s submission of its Collaboration Agreement Arbitration Draft to the other
Party, the Parties will meet and determine whether they agree to enter into either Party’s Collaboration Agreement Arbitration Draft, or a modified version of either, as the Collaboration Agreement. 

 

	 	7.5.2.	 Arbitration Notice. If the Parties are unable to agree on the terms of the Collaboration
Agreement within the [***] period set forth in Section 7.5.1 (Arbitration Drafts), then either Party may submit to the other Party written notice of its election to determine the terms of the Collaboration Agreement through binding arbitration
(an “Arbitration Notice”) and Arbitrators will be appointed in accordance with the provisions of Section 7.5.3 (Selection of Arbitrators). 

 

	 	7.5.3.	 Selection of Arbitrators. The determination of the terms and conditions of the Collaboration
Agreement will be resolved by final and binding arbitration before a panel of three arbitrators (the “Arbitrators”), with each arbitrator having not less than 10 years of experience in the biotechnology or pharmaceutical industry
and subject matter expertise with respect to the matter subject to arbitration. Any Arbitrator chosen hereunder will have educational training and industry experience sufficient to demonstrate a reasonable level of industry knowledge relevant to the
selection of the Collaboration Agreement Arbitration Draft and will not have previously been engaged by either Party. Each Party will promptly select one Arbitrator no later than [***] after receipt of the Arbitration Notice. The Arbitrators chosen
by each Party will choose the third Arbitrator no later than [***] after the date on which the last of the Arbitrators chosen by the Parties was selected. 

  
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	 	7.5.4.	 Selection of Collaboration Agreement Arbitration Draft. Within [***] following the appointment of
such three Arbitrators, each Party will submit its Collaboration Agreement Arbitration Draft to the Arbitrators. For clarity, the Collaboration Agreement Arbitration Draft submitted to the Arbitrators by each Party must be identical to the
Collaboration Agreement Arbitration Draft previously submitted to the other Party in accordance with Section 7.5.1 (Arbitration Drafts). The Arbitrators will be instructed to select one of the Parties’ Collaboration Agreement Arbitration
Drafts within [***] following the receipt of the latter of such Collaboration Agreement Arbitration Drafts and to select the draft that they determine to contain the most fair, balanced, and customary terms (in addition to reflecting the terms set
forth in the Collaboration Agreement Term Sheet set forth on Schedule 1.42). The Arbitrators will agree to comply with such [***] time limit before accepting appointment. The authority of the Arbitrators will be limited to selecting only one
or the other of the Collaboration Agreement Arbitration Drafts submitted by the Parties. The selection by the Arbitrators of one Party’s Collaboration Agreement Arbitration Draft will be binding and conclusive upon both Parties and their
Affiliates, such Collaboration Agreement Arbitration Draft will be the applicable Collaboration Agreement, and the Parties will execute the same within [***] of the Arbitrators’ decision. 

 

	 	7.5.5.	 Responsibility for Costs of Arbitration. Each Party will bear its own costs and expenses (including
legal fees and expenses) relating to the arbitration proceeding, except [***]. 

  

	7.6.	 Subsequent Option Exercise Notices. If the Parties have executed the Collaboration Agreement with
respect to the one or more Research Targets at the time Sarepta exercises the Sarepta Option with respect to an additional Research Target in accordance with this Agreement, then the Parties will memorialize the automatic extension of the
Collaboration Agreement to include such additional Research Target in the scope of the Collaboration Agreement by executing an amendment to such Collaboration Agreement. 

 

	7.7.	 Termination of Options. On a Sarepta Option-by-Sarepta Option basis and Research Target-by-Research Target or Replacement Target-by-Replacement Target basis, if (a) Sarepta does not deliver to Codiak an Option Exercise Notice for a particular Research Target (including a Replacement Target) during the Option Term, or
(b) Sarepta elects, in its sole discretion, to deliver written notice to Codiak to terminate (i) a Sarepta Option with respect to such Research Target prior to the expiration of the Option Term or (ii) this Agreement with respect to a
Replacement Target, then, in each case ((a) and (b)), (A) the Sarepta Option with respect to such Research Target will expire, (B) the Option Term and the Term of this Agreement will each expire with respect to such Research Target or
Replacement Target, as applicable, effective as of the date of expiration or such written notice (as applicable), (C) each Party’s rights and obligations under this Agreement (including the exclusivity set forth in Section 5.7.1
(Exclusivity Obligations)) with respect to such Research Target or Replacement Target, as applicable, will terminate effective as of the date of such written notice, and (D) the effects of termination set forth in Section 11.4 (Effects of
Termination), as applicable, will apply to such Research Target or Replacement Target, as applicable.  

  

	8.	 Financial Terms.  

 

	8.1.	 Upfront Payment. Sarepta will pay Codiak a
non-refundable, non-creditable, one-time payment of $7,000,000 no later than 10 days after Sarepta’s receipt of an invoice
therefor from Codiak (the “Upfront Payment”). Codiak may submit an invoice for the Upfront Payment to Sarepta on the Effective Date or at any time thereafter. 

  
 32 

	8.2.	 Research Prepayment. Sarepta will pay Codiak a
non-refundable one-time payment of $3,000,000 as prepaid funding for the Research Activities (the “Research Prepayment”), which Research Prepayment will
be credited against the Reimbursable Research Costs owed by Sarepta to Codiak as set forth in Section 2.11 (Research Costs). Sarepta will pay the Research Prepayment no later than [***] after receipt of an invoice therefor from Codiak. Codiak
may submit an invoice for the Research Prepayment to Sarepta on the Effective Date or at any time thereafter. 

  

	8.3.	 Option Exercise Fees. No later than [***] following execution of the Collaboration Agreement (or
an amendment thereto as set forth under Section 7.6 (Subsequent Option Exercise Notices)) with respect to [***] Research Targets following Sarepta’s exercise of the Sarepta Option with respect thereto and Sarepta’s receipt of a
corresponding invoice therefor from Codiak, Sarepta will pay to Codiak a payment of $12,500,000 per Research Target for which Sarepta exercises a Sarepta Option (for each Research Target, an “Option Exercise Fee”). If Sarepta
exercises the Sarepta Option for all five Research Targets and the Parties execute the Collaboration Agreement (or one or more amendments thereto) for all five Research Targets, then the maximum total due for all Option Exercise Fees would be
$62,500,000. 

  

	8.4.	 Invoicing and Payment. All amounts payable and calculations under this Agreement will be in
Dollars. Each payment to be made to Codiak under this Agreement will be made by bank wire transfer in immediately available funds to such bank account as may be designated in writing by Codiak from time to time. Except as otherwise set forth herein,
for all payments to be made by Sarepta to Codiak hereunder, Codiak will provide to Sarepta an invoice for such payment obligation. Sarepta will pay an undisputed invoices no later than [***] after receipt of such invoice from Codiak.

  

	8.5.	 Taxes. Each Party will be liable for any and all taxes, duties, and other levies applied by a
Governmental Authority of any country or territory on payments made to such Party by the other Party under this Agreement. In the event that any payments due to a Party are subject to any taxes, duties, levies, imposts, assessments, deductions,
fees, or other similar charges required by Applicable Laws to be paid to a Governmental Authority (“Withholding Taxes”), the paying Party may deduct the amount of such Withholding Taxes from the applicable payment otherwise payable
to the other Party. In such event, the paying Party will, on a timely basis, notify the other Party of such obligation, pay the taxes to the proper taxing authority and send evidence of the payment of such obligation to the other Party following
that payment. Any amount of Withholding Taxes withheld and remitted by a paying Party to a relevant Governmental Authority constitutes payment to the other Party in satisfaction of the paying Party’s obligations under this Article 8 (Financial
Terms), as if the amount were paid directly to the other Party. For clarity, in the event that any payment due to a Party is subject to such Withholding Tax, the paying Party will not have any obligation to pay to such Party any amount exceeding the
amount of such payment minus the amount of such Withholding Tax. Each Party will use reasonable efforts to assist the other Party in claiming exemptions from, or reductions in, such deductions or withholdings as permitted by Applicable Laws,
including under any treaty in effect. The paying Party will be responsible for withholding and remitting Withholding Taxes to Governmental Authorities in accordance with this Section 8.5 (Taxes) and Applicable Laws. In the event that a
Governmental Authority retroactively determines that a payment made by a Party to the other Party pursuant to this Agreement should have been subject to Withholding Taxes, and the paying Party remits such Withholding Taxes to the Governmental
Authority, the paying Party will have the right (A) to offset such amount, including any interest and penalties that may be imposed thereon (except to the extent any such interest or penalties result from the negligence of the paying Party),
against future payment obligations of the paying Party under this Agreement, or (B) to invoice the other Party for such 

  
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amount (which will be payable by the other Party within [***] following its receipt of such invoice). Notwithstanding anything else in this Section 8.5 (Taxes), if Sarepta assigns this
Agreement to any Person, or redomiciles, and if, as a result of such action, Withholding Taxes with respect to payments under this Agreement arise or increase, then any applicable payments will be increased to take into account such Withholding
Taxes as may be necessary so that, after making all required withholdings and deductions, Codiak receives an amount equal to the sum it would have received had no such new or increased withholding been made, provided that, if Codiak is
entitled under any applicable tax treaty to a reduction of rate of, or the elimination of, or recovery of, such Withholding Tax, then Codiak will use best efforts to deliver to the appropriate Governmental Authority or the other Party the prescribed
forms necessary to reduce the applicable rate of withholding, relieve Sarepta or its assignee of its obligation to withhold tax, or recover any amount of tax withheld, and, in such case, Sarepta or its assignee may apply the reduced rate of
withholding, or not withhold, as the case may be. 

  

	8.6.	 Records and Audit. Each Party will maintain complete and accurate records in sufficient detail to
permit the other Party to confirm the accuracy of the amount of Reimbursable Research Costs and Manufacturing Costs subject to reimbursement. Upon reasonable prior notice, such records will be available during regular business hours for a period of
three years from the creation of individual records for examination by an independent certified public accountant selected by the auditing Party and reasonably acceptable to the audited Party for the sole purpose of verifying for the auditing Party
the accuracy of the financial reports furnished by the audited Party pursuant to this Agreement or of any payments made, or required to be made, by or to the audited Party pursuant to this Agreement. Such audits may occur no more often than once
each Calendar Year and will be limited to the pertinent books and records for any Calendar Year ending [***] before the date of the request. Such auditor will not disclose the audited Party’s Confidential Information to the auditing Party,
except to the extent such disclosure is necessary to verify the accuracy of the financial reports furnished by the audited Party or the amount of payments to or by the audited Party under this Agreement. Any amounts shown to be owed but unpaid, or
overpaid and in need of a refund, will be paid or refunded (as the case may be) within [***] after the accountant’s report. The auditing Party will bear the full cost of such audit unless such audit reveals an overpayment to, or an underpayment
by, the audited Party that resulted from a discrepancy in the financial report provided by the audited Party for the audited period, which overpayment to or underpayment by the audited Party is more than the greater of (i) [***] of the amount set
forth in such report and (ii) [***], in which case the audited Party will reimburse the auditing Party for the costs for such audit. The audit rights in this Section 8.6 (Records and Audit) will survive the Term for three years following the
effective date of any termination or expiration of this Agreement. 

  

	9.	 Confidentiality; Publication. 

 

	9.1.	 Confidential Information. As used herein, the term “Confidential Information”
includes the terms of this Agreement, Inventions, the Deliverables, and any technical, scientific, business or other information that may be disclosed by one Party (the “Disclosing Party”) to the other Party (the
“Receiving Party”) in connection with this Agreement, including any information that is disclosed by or on behalf of the Disclosing Party or any of its Affiliates or otherwise made available to the Receiving Party or any of its
Affiliates or permitted recipients, including information disclosed prior to the Effective Date pursuant to the Confidentiality Agreement or the Evaluation Agreement, regardless of whether such information is specifically designated as confidential
and regardless of whether such information is in oral, written, electronic or other form. Additionally, Confidential Information includes: 

  

	 	9.1.1.	 the terms and conditions of this Agreement, which will be considered Confidential Information of both
Parties and kept confidential by each of the Parties in accordance with this Article 9 (Confidentiality; Publication); 

  
 34 

	 	9.1.2.	 the identities of the Research Targets and Replacement Targets, which will be considered the
Confidential Information of Sarepta; 

  

	 	9.1.3.	 all Codiak Licensed Technology, other than Jointly Owned Research Technology, and Codiak Owned Research
Technology, which will be considered the Confidential Information of Codiak; 

  

	 	9.1.4.	 all Sarepta Licensed Technology, other than Jointly Owned Research Technology, and Sarepta Owned
Research Technology, which will be considered the Confidential Information of Sarepta; and 

  

	 	9.1.5.	 without limiting each Party’s rights under Article 6 (Intellectual Property), all Jointly Owned
Research Technology, which will be considered the Confidential Information of both Parties. 

  

	9.2.	 Duty of Confidence. The Receiving Party will (a) hold in confidence the Confidential
Information of the Disclosing Party and refrain from disclosing the Confidential Information of the Disclosing Party to any Third Party without the express written consent of the Disclosing Party, (b) will safeguard the other Party’s
Confidential Information using at least the same degree of care with which the Receiving Party holds its own confidential information (but in no event less than a reasonable degree of care), and (c) not use the Confidential Information of the
Disclosing Party for any purpose other than as expressly permitted under this Agreement. Without limiting the foregoing, neither Party will use the other Party’s Confidential Information for any purpose other than performing the Research
Activities, its obligations under this Agreement or as otherwise expressly permitted under this Agreement, and will permit only those employees who have a need to know the other Party’s Confidential Information and who are similarly bound by
confidentiality, non-disclosure and non-use provisions at least as restrictive or protective of the Parties as those set forth in this Agreement to access such
Confidential Information. Notwithstanding any provision to the contrary set forth in this Agreement, each Party may disclose the other Party’s Confidential Information to consultants, advisors, collaborators, Subcontractors, and sublicensees
who have a need to know such information in order to perform obligations or exercise rights under this Agreement. The Receiving Party will use diligent efforts to cause the foregoing Persons to comply with the restrictions on use and disclosure set
forth in this Section 9.2 (Duty of Confidence), and will be responsible for ensuring that such Persons maintain the Disclosing Party’s Confidential Information in accordance with this Article 9 (Confidentiality; Publication). The Receiving
Party’s obligations under this Article 9 (Confidentiality; Publication) will continue throughout the Term and for five years following the termination or expiration of this Agreement. The Confidentiality Agreement by and between Codiak and
Sarepta dated January 24, 2019 (the “Confidentiality Agreement”) and the confidentiality and non-use provisions of the Evaluation Agreement are hereby superseded and replaced by this
Agreement, and all information disclosed pursuant to such Confidentiality Agreement and Evaluation Agreement prior to the Effective Date will be protected and governed by this Article 9 (Confidentiality; Publication). Each Party will promptly notify
the other Party of any misuse or unauthorized disclosure of the other Party’s Confidential Information. 

  
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	9.3.	 Exceptions. Information will not be Confidential Information of such Disclosing Party, and the
confidentiality and non-use obligations set forth in Section 9.1 (Confidential Information) and Section 9.2 (Duty of Confidence) will not apply to such information, to the extent that the Receiving
Party can demonstrate through competent evidence that such information: 

  

	 	9.3.1.	 was lawfully known by the Receiving Party without restriction prior to disclosure under this Agreement;

  

	 	9.3.2.	 was lawfully disclosed to the Receiving Party by a third party without an obligation of confidentiality;

  

	 	9.3.3.	 entered the public domain through means other than an unauthorized disclosure or other breach of this
Agreement, the Evaluation Agreement, or the Confidentiality Agreement by the Receiving Party; or 

  

	 	9.3.4.	 was independently developed by the Receiving Party without knowledge or use of or access to Confidential
Information disclosed by the Disclosing Party under this Agreement. 

 Any combination of features or disclosures will not
be deemed to fall within the foregoing exclusions merely because individual features are published or available to the general public or in the rightful possession of the Receiving Party unless the combination itself and principle of operation are
published or available to the general public or in the rightful possession of the Receiving Party. 
  

	9.4.	 Authorized Disclosures. In addition to the exceptions contained in Section 9.2 (Duty of
Confidence) and Section 9.3 (Exceptions), a Party may disclose the other Party’s Confidential Information (including this Agreement and the terms herein) to the extent that such disclosure is reasonably necessary in the following
instances: 

  

	 	9.4.1.	 solely with respect to Research Results that are the Confidential Information of the other Party, the
prosecution and maintenance of any Sarepta Owned Research Patent Rights, Codiak Owned Research Patent Rights, or Jointly Owned Research Patent Rights, in each case, as contemplated by this Agreement; 

 

	 	9.4.2.	 disclosure of the existence and applicable terms of this Agreement and the status and results of the
Research Activities (other than (i) with respect to disclosures by Sarepta, Codiak Platform Research Know-How, (ii) with respect to disclosures by Codiak, Sarepta Payload Research Know-How, or (iii) with respect to disclosures by either Party, the Jointly Owned Research Know-How) to actual or bona fide potential investors, acquirors,
sublicensees, lenders, and other financial or commercial partners, and their respective attorneys, accountants, banks, investors, and advisors, solely for the purpose of evaluating or carrying out an actual or potential investment, acquisition,
sublicense, debt transaction or collaboration; provided that, in each such case, (a) such Persons are bound by obligations of confidentiality, non-disclosure, and
non-use at least as restrictive or protective of the Parties as those set forth in this Agreement or otherwise customary for such type and scope of disclosure, and (b) that any such disclosure is limited
to the maximum extent practicable for the particular context in which it is being disclosed; 

  

	 	9.4.3.	 to the extent such Confidential Information is required to be produced under Applicable Law (including
in connection with any filing with the United States Securities and Exchange Commission or any other Governmental Authority) or the rules of any securities exchange; provided that, to the extent permitted under Applicable Law, in such case
the 

  
 36 

	 	
Receiving Party will (a) promptly notify the Disclosing Party in writing of the existence, terms, and circumstances of such required disclosure; (b) allow the Disclosing Party to offer
its objections to the production of the applicable Confidential Information; (c) cooperate with the Disclosing Party to take legally available steps to limit such disclosure; (d) disclose only those portions of Confidential Information
that the Receiving Party is, in the opinion of its counsel, legally obligated to disclose; and (e) seek confidential treatment for all Confidential Information so disclosed; or 

 

	 	9.4.4.	 to prosecute or defend litigation so long as there is [***] prior written notice given by the Receiving
Party before filing, and to enforce Patent Rights in connection with the Receiving Party’s rights and obligations pursuant to this Agreement; provided that a protective order or similar measures are sought by the Receiving Party with
respect to the Confidential Information to be disclosed, to the extent reasonably possible. 

  

	9.5.	 No Publication. Neither Party may publish, present, or otherwise disclose any Research Results or
other data or results generated by either Party under the Research Plan for any purpose during the Term; provided that each Party may file and Prosecute patent applications using Research Results and other data and results generated by a
Party under the Research Plan in accordance with this Agreement. Publication rights of the Parties in the event that Sarepta exercises a Sarepta Option pursuant to Article 7 (Exclusive Collaboration Option) will be addressed in the Collaboration
Agreement. 

  

	9.6.	 Announcements. Following the execution of this Agreement, each Party will have the right to issue
a press release or make a public announcement relating to this Agreement or the Research Activities with the prior written approval of the other Party, which approval will not be unreasonably withheld, conditioned, or delayed. The Parties agree that
after a press release (including any initial press release) or other public announcement has been reviewed and approved by the other Party under this Section 9.6 (Announcement), each Party may make subsequent public disclosures of the
information contained in such press release or other public announcement without the further approval of the other Party, so long as the information in such press release or other public announcement remains true, correct and the most current
information with respect to the subject matters set forth therein. Notwithstanding anything to the contrary set forth in this Agreement, each Party may issue a press release or public announcement as required, in the reasonable judgment of such
Party, by Applicable Law, including by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange or listing entity.

  

	9.7.	 Use of Name in Announcements. Neither Party will use the name, trade name, service marks,
trademarks, trade, dress or logos of the other Party (or any of its Affiliates) in press releases, advertising, public announcement, or any other publication, without the other Party’s prior written consent in each instance.

  

	9.8.	 Residual Knowledge. Each Party agrees that the Receiving Party will not be liable for the use by
any of its or its Affiliates’ officers, directors, employees, or agents of specific Confidential Information of the Disclosing Party that is retained in the unaided memory of such officer, director, employee, or agent; provided that:
(a) such officer, director, employee or agent is authorized to have had access to such Confidential Information (i.e., had a need to know), and such officer, director, employee, or agent is not aware that such Confidential Information is
the confidential information of the Disclosing Party at the time of such use, despite the Receiving Party taking reasonable steps to notify such officer, director, employee, or agent of the confidential nature of

  
 37 

	 	
the Disclosing Party’s Confidential Information; and (b) nothing in this Section 9.8 (Residual Knowledge) is intended to grant, and this Section 9.8 (Residual Knowledge) will
not be deemed to grant, the Receiving Party, its Affiliates, or its officers, directors, employees, and agents (i) a right to disclose the Disclosing Party’s Confidential Information, or (ii) a license under any Patent Rights, Know-How, or other intellectual property right of the Disclosing Party; and (c) such officer, director, employee, or agent has not been directed to or otherwise intentionally memorized or retained such
Confidential Information for use outside this Agreement. 

  

	10.	 Representations, Warranties, and Covenants. 

 

	10.1.	 Mutual Representations and Warranties. Each Party hereby represents and warrants to the other
Party, as of the Effective Date, that: 

  

	 	10.1.1.	 Good Standing. Each Party is duly organized, validly existing, and in good standing under the
Applicable Laws of the jurisdiction of its incorporation or organization; 

  

	 	10.1.2.	 Corporate Power and Authority. Each Party (a) has the requisite power and authority and the
legal right to enter into this Agreement and to perform its obligations hereunder and (b) has taken all requisite action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder;

  

	 	10.1.3.	 Binding Obligation. This Agreement has been duly executed and delivered on behalf of each Party,
and constitutes a legal, valid and binding obligation, enforceable against each Party in accordance with the terms hereof; and 

  

	 	10.1.4.	 No Conflict. The execution, delivery, and performance of this Agreement by each Party will not
constitute a default under or conflict with any agreement, instrument or understanding to which either entity is a party or by which either entity is bound, or violate any Applicable Law of any Governmental Authority or administrative or other
agency having jurisdiction over either Party. 

  

	10.2.	 Additional Representations and Warranties of Codiak. Codiak hereby represents and warrants to Sarepta,
as of the Effective Date, that: 

  

	 	10.2.1.	 Right to Grant Licenses. Codiak has the full right, power, and authority to grant all of the
licenses, option rights and other rights granted to Sarepta under this Agreement. 

  

	 	10.2.2.	 Absence of Liens. Except as set forth on Schedule 10.2.2, Codiak’s rights, title, and
interests in and to all the Codiak Licensed Technology are free of any lien, encumbrance, charge, security interest, or mortgage, or liability. All liens, encumbrances, charges, security interests, or mortgages listed on Schedule 10.2.2 grant
security interests that are subject to Sarepta’s interests under this Agreement. 

  

	 	10.2.3.	 Prior Grants. Codiak has not previously assigned, transferred, conveyed, or granted any license or other
rights under the Codiak Licensed Technology that would conflict with or limit the scope of any of the rights, options or licenses granted to Sarepta hereunder. 

 

	 	10.2.4.	 Third Party Obligations. Except as set forth on Schedule 10.2.4, Codiak is not a party to
any agreement with a Third Party under which Codiak has obligations to such Third Party with respect to the use of the Codiak Licensed Technology licensed to Sarepta hereunder. Codiak has provided to Sarepta copies of all agreements listed on
Schedule 10.2.4.  

  
 38 

	 	10.2.5.	 Title to Codiak Technology. (a) Schedule 10.2.5 sets forth a complete and accurate
list of all Patent Rights existing as of the Effective Date that are Controlled by Codiak or any of its Affiliates and that Cover the Codiak Licensed Know-How or are otherwise necessary or reasonably useful to
perform the Research Activities as contemplated in the Research Plan as of the Effective Date; (b) Codiak Controls and will Control throughout the Term all Patent Rights listed on Schedule 10.2.5; and (c) except as otherwise noted
on Schedule 10.2.5, Codiak exclusively owns all rights, title, and interests in and to such Patent Rights, and where Codiak does not exclusively own any such Patent Right, Schedule 10.2.5 identifies the Third Party that Controls such
Patent Right and the agreement pursuant to which Codiak Controls such Patent Right. 

  

	 	10.2.6.	 Absence of Claims and Proceedings. Neither Codiak nor its Affiliates have received written notice
of any claim, demand, proceedings, investigation, or other legal action of any nature pending or threatened (in a writing delivered to Codiak) by any Regulatory Authority or Third Party with respect to any Codiak Licensed Technology, or any facility
where Codiak Materials are Manufactured, and there is no judgement or settlement against or owed by Codiak or its Affiliates related to any Codiak Licensed Technology or Codiak Materials. Other than as set forth on footnote 1 of Schedule
10.2.5, there are no claims, judgments, or settlements against or owed by Codiak or any of its Affiliates, nor any pending reissue, reexamination, inter partes review, interference, protest, opposition, nullity, or similar invalidity
proceeding with respect to any Codiak Licensed Patent Rights, and neither Codiak nor any of its Affiliates have received written notice as of the Effective Date of any threatened claims, litigation, challenges or any reissue, reexamination, inter
partes review, interference, opposition, or similar proceedings seeking to invalidate or otherwise challenge the ownership, scope, duration, validity, enforceability, priority, or right to use any Codiak Licensed Patent Rights.

  

	 	10.2.7.	 Conception of Codiak Licensed Technology. To the knowledge of Codiak, the conception,
development, and reduction to practice of any of the Codiak Licensed Technology have not constituted or involved the misappropriation of trade secrets or other rights or property of any Third Party. 

 

	 	10.2.8.	 Status of Codiak Patent Rights. (a) all Codiak Licensed Patent Rights are being diligently
prosecuted in the respective patent offices in accordance with Applicable Law, and the inventors thereof and parties prosecuting such applications have complied in all material respects with their duty of candor and disclosure to the U.S. Patent and
Trademark Office and other foreign patent offices in connection with such applications; (b) the inventorship of the Codiak Licensed Patent Rights is properly identified on each issued patent within the Codiak Licensed Patent
Rights and Codiak has no knowledge of any disputes with respect to inventorship of any Codiak Licensed Patent Rights; and (c) all fees required to be paid by Codiak in any jurisdiction in order to maintain the Codiak Licensed Patent Rights have
been timely paid in full for the Codiak Licensed Patent Rights such that the Codiak Licensed Patent Rights are subsisting and in good standing. 

  
 39 

	 	10.2.9.	 Assignment of Inventions. To the extent permissible under Applicable Law, (a) all employees,
agents, advisors, consultants, contractors or other representatives of Codiak or its Affiliates performing activities under this Agreement are under an obligation to assign all rights, title, and interests in and to their Inventions and other Know-How, whether or not patentable, and intellectual property therein, to Codiak or its Affiliates as the sole owner thereof; (b) Sarepta will have no obligation to contribute to any remuneration of any
inventor employed or previously employed by Codiak or any of its Affiliates in respect of any such Inventions and other Know-How and intellectual property therein that are so assigned to Codiak or its
Affiliate; and (c) Codiak will pay all such remuneration due to such Inventions and other Know-How and intellectual property rights therein. 

 

	 	10.2.10.	 Trade Secrets. Codiak and its Affiliates have taken commercially reasonable measures consistent
with industry practices to protect the secrecy, confidentiality, and value of all Codiak Licensed Know-How that constitute trade secrets under Applicable Law (including requiring all employees, consultants,
and independent contractors to execute binding and enforceable agreements requiring all such employees, consultants, and independent contractors to maintain the confidentiality of such Codiak Licensed
Know-How) and, to Codiak’s knowledge, such Codiak Licensed Know-How has not been used, disclosed to, or discovered by any Third Party except pursuant to such
confidentiality agreements and there has not been a breach by any party to such confidentiality agreements. 

  

	 	10.2.11.	 Bayh-Dole Act. The Codiak Licensed Technology has not been created pursuant to, and is not
subject to, any funding agreement with any Governmental Authority or any Third Party, and is not subject to the requirements of the Bayh-Dole Act or any similar provision of any Applicable Law. 

 

	 	10.2.12.	 Infringement of Third Party Intellectual Property. To the knowledge of Codiak and except as
disclosed by Codiak to Sarepta on May 8, 2020 and June 16, 2020, the Development, Manufacture, Commercialization, or other exploitation of the Codiak Materials, in each case, by either Party as contemplated under this Agreement, does not
and will not infringe, misappropriate, or otherwise violate any intellectual property of any Third Party. There is no pending litigation, or litigation that has been threatened in writing, that alleges, or any written communication
received by Codiak or any of its Affiliates alleging, that Codiak’s practice of the Codiak Licensed Technology or use of the Codiak Materials prior to the Effective Date has infringed, misappropriated, or otherwise violated the intellectual
property of any Third Party. 

  

	 	10.2.13.	 Authority to Use Codiak Licensed Technology. There is no claim or demand of any Person asserted to
Codiak or any of its Affiliates that challenges the rights of Codiak to use or license any of the Codiak Licensed Technology. 

  

	 	10.2.14.	 Manufacturing Process. To the knowledge of Codiak, the process that Codiak is using to Manufacture the
Codiak Materials does not require the use of any Third Party Intellectual Property that is not readily commercially available or to which Codiak does not have a transferable license. 

 

	 	10.2.15.	 Manufacturing Agreements. Codiak has provided to Sarepta true, complete, and correct (redacted) copies
of all agreements relating to the Manufacture or supply of the Codiak Materials and components thereof that are in effect as of the Effective Date (excluding any agreements for the purchase of ordinary course components or materials acquired by
purchase order or without a supply agreement). 

  
 40 

	 	10.2.16.	 Infringement by Third Parties. To the knowledge of Codiak, no Third Party is infringing or
misappropriating the Codiak Licensed Technology in the Territory. 

  

	 	10.2.17.	 Upstream Licenses. The Upstream Licenses set forth on Schedule 1.158 constitute all
agreements pursuant to which Codiak or its Affiliates Control any Know-How or Patent Rights that are necessary or reasonably useful to perform any Research Activities or, to the knowledge of Codiak, Exploit
the Codiak Materials (based on licenses or other rights granted to Codiak by such Third Party). Codiak nor any of its Affiliates is in breach of an existing Upstream License, nor have they received or given any written notice of default or
termination under any existing Upstream License. To the knowledge of Codiak, Codiak and its Affiliates have not performed or omitted to perform any act that would provide a right to terminate any Upstream License. 

 

	 	10.2.18.	 No Investigations. There are no investigations, inquiries, actions, or other proceedings pending
before or, to the knowledge of Codiak, threatened by any Regulatory Authority or other Governmental Authority in the Territory with respect to any Codiak Materials arising from any violation of Applicable Law by Codiak, its Affiliates, or a Third
Party acting on its or their behalf, and Codiak has not received notice threatening any such investigation, inquiry, action, or other proceeding. 

  

	 	10.2.19.	 Development and Manufacture of Codiak Materials. Codiak and its Affiliates have conducted, and to
Codiak’s knowledge their respective contractors and consultants have conducted, prior to the Effective Date, all Development and Manufacture of the Codiak Materials and all components thereof in accordance with all Applicable Laws, including as
applicable GLP, GCP, and GMP and any applicable anti-corruption or anti-bribery laws or regulations of any Governmental Authority with jurisdiction over such
Exploitation. To Codiak’s knowledge, Codiak and its Affiliates did not use in any capacity in connection with the Exploitation of the Codiak Materials any Person that had been debarred pursuant to Section 306 of the FD&C Act, as
amended, or that was the subject of a conviction described in such section. 

  

	 	10.2.20.	 Disclosure of Scientific Facts. Except as disclosed in writing to Sarepta prior to the Effective Date,
to Codiak’s knowledge, there are no specific safety, efficacy, or regulatory issues that would preclude Sarepta or Codiak from Exploiting an exosome therapeutic product incorporating the Codiak Materials in the Territory in compliance with
Applicable Law. 

  

	 	10.2.21.	 Diligence. Codiak has provided Sarepta with the opportunity to review all written material data (or
reasonable summaries thereof) in Codiak’s possession that relates to and is material to the Parties’ rights and anticipated activities under this Agreement (as such rights and activities are understood as of the Effective Date), has not
intentionally failed to furnish Sarepta with any information requested by Sarepta, and has not intentionally concealed from Sarepta any information in its possession, including information relating to the Codiak Licensed Technology or Codiak
Proprietary Platform, in each case, that Codiak reasonably believes would be material to Sarepta’s decision to enter into this Agreement and undertake the commitments and obligations set forth herein. 

  
 41 

	10.3.	 Additional Representations and Warranties of Sarepta. Sarepta hereby represents and warrants to Codiak,
as of the Effective Date, that: 

  

	 	10.3.1.	 Right to Grant Licenses. Sarepta has the full right, power, and authority to grant all of the licenses
and other rights granted to Codiak under this Agreement. 

  

	 	10.3.2.	 Absence of Claims and Proceedings. Neither Sarepta nor its Affiliates have received written
notice of any claim, demand, proceedings, investigation, or other legal action of any nature pending or threatened (in a writing delivered to Sarepta) by any Regulatory Authority or Third Party with respect to use of any Sarepta Materials, or any
facility where Sarepta Materials are Manufactured, and there is no judgment or settlement against or owed by Sarepta or its Affiliates related to any Sarepta Materials. 

 

	 	10.3.3.	 Conception of Sarepta Licensed Technology. To the knowledge of Sarepta, the conception, development, and
reduction to practice of any of the Sarepta Licensed Technology have not constituted or involved the misappropriation of trade secrets or other rights or property of any Third Party. 

 

	 	10.3.4.	 Assignment of Inventions. To the extent permissible under Applicable Law, (a) all employees,
agents, advisors, consultants, contractors or other representatives of Sarepta or its Affiliates performing activities under this Agreement are under an obligation to assign all rights, title, and interests in and to their Inventions and other Know-How, whether or not patentable, and intellectual property therein, to Sarepta or its Affiliates as the sole owner thereof; (b) Codiak will have no obligation to contribute to any remuneration of any
inventor employed or previously employed by Sarepta or any of its Affiliates in respect of any such Inventions and other Know-How and intellectual property therein that are so assigned to Sarepta or its
Affiliate; and (c) Sarepta will pay all such remuneration due to such Inventions and other Know-How and intellectual property rights therein. 

 

	 	10.3.5.	 Infringement of Third Party Intellectual Property. There is no pending litigation, or litigation that
has been threatened in writing, that alleges, or any written communication received by Sarepta or any of its Affiliates alleging, that Sarepta’s practice of the Sarepta Licensed Technology prior to the Effective Date has infringed,
misappropriated, or otherwise violated the intellectual property of any Third Party. 

  

	10.4.	 Non-Contravention. During the Term, neither Party, nor its
Affiliates, will grant any right to any Third Party that would conflict with this Agreement or with the rights granted by it to the other Party hereunder. Without limiting the foregoing, (a) Codiak will not sell, license or otherwise transfer
any Codiak Licensed Technology in any manner that is inconsistent with Sarepta’s exclusive rights under the Sarepta Option and (b) Codiak will not amend any term of any agreement listed on Schedule 10.2.4 in a manner that adversely
affects Sarepta’s rights and licenses under this Agreement, including the Sarepta Options. 

  

	10.5.	 Adequate Resources. Each Party will maintain sufficient resources to perform the activities for
which it is responsible under this Agreement in accordance herewith. 

  

	10.6.	 Compliance with Upstream Licenses. Codiak will comply with each Upstream License to which it is a
party and will not, without the prior written consent of Sarepta, breach or otherwise take any action that would permit such other party thereunder to terminate such Upstream License or otherwise adversely affect the rights granted to Sarepta under
this Agreement, including any Sarepta Option. 

  
 42 

	10.7.	 Compliance with Laws. Each Party will comply with all Applicable Laws and other legal
requirements applicable to such Party in the performance of activities under this Agreement and the performance of the activities hereunder. 

  

	10.8.	 Confidentiality. All employees of each Party and its Affiliates and Subcontractors working under this
Agreement will be bound by appropriate confidentiality provisions at least as protective as those contained in Article 9 (Confidentiality; Publication). 

  

	10.9.	 Debarment. Neither Sarepta, Codiak, nor any of their Affiliates, agents, or employees have
(a) been listed by any federal or state agency as excluded, debarred, suspended, or otherwise ineligible to participate in any Federal Health Care Program, as such term is defined in 42 U.S.C. § 1320a – 7b(f); or (b) been
convicted of any crime relating to any Federal Health Care Program. Each Party will promptly notify the other Party in writing in the event that such Party or any of its personnel, is listed by a federal or state agency as excluded, debarred,
suspended or otherwise ineligible to participate in any Federal Health Care Program or is convicted of any crime relating to any such program. In such event, the other Party will have the right to terminate this Agreement immediately upon providing
written notice of such termination to such Party. 

  

	10.10.	 DISCLAIMER. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES OR GIVES ANY
REPRESENTATION OR WARRANTY TO THE OTHER PARTY OF ANY NATURE, EXPRESS OR IMPLIED, RELATING TO THE RESEARCH ACTIVITIES OR RESULTS OR OTHER DELIVERABLES HEREUNDER, OR AS TO THE ACHIEVEMENT OF ANY PARTICULAR RESULTS OR OUTCOMES. 

 

	11.	 Term and Termination. 

 

	11.1.	 Term. The term of this Agreement will begin on the Effective Date and, unless earlier terminated
in accordance with its terms, will expire on the earliest of (a) the expiration of the Option Term with respect to all Research Targets without Sarepta providing any Option Exercise Notice and (b) the end of the Negotiation and Arbitration
Period for all Research Targets for which Sarepta has provided an Option Exercise Notice during the Option Term (the “Term”). 

  

	11.2.	 Termination for Convenience. Sarepta may terminate this Agreement, on a Research Target-by-Research Target basis or Replacement Target-by-Replacement Target basis, or in its
entirety, for any reason or no reason at any time upon 60 days’ prior written notice to Codiak. 

  

	11.3.	 Termination for Cause. 

 

	 	11.3.1.	 Material Breach. Either Party (the “Non-Breaching
Party”) may terminate this Agreement, effective upon written notice to the other Party, if the other Party (the “Breaching Party”) materially breaches this Agreement and fails to cure such breach within [***] after
receiving written notice thereof, provided that if such breach cannot be cured within such [***] period, then such termination will not be effective if such breach has been cured within [***] after such notice if the Breaching Party commences
actions to cure such default within such [***] period. 

  

	 	11.3.2.	 Insolvency. A Party may terminate this Agreement, effective upon written notice to the other Party, in
the event of (a) the bankruptcy or dissolution of the other Party; (b) the other Party making a general assignment for the benefit of its creditors; or (c) the appointment of a trustee, conservator, receiver, or similar fiduciary for
the other Party or substantially all of the assets of the other Party as a result of the other Party’s insolvency. 

  
 43 

	 	11.3.3.	 Disputes Regarding Material Breach. If the Parties reasonably and in good faith disagree as to
whether there has been a material breach, then the Breaching Party that disputes whether there has been a material breach may contest the allegation in accordance with the dispute resolution terms of this Agreement, and the applicable cure period
will toll upon the initiation of such dispute resolution procedures. If, as a result of such dispute resolution process, it is finally determined pursuant to the dispute resolution terms of this Agreement that the Breaching Party committed a
material breach of this Agreement, then the applicable cure period will resume and unless such alleged breach was cured during the pendency of such cure period (once resumed), this Agreement will terminate effective as of the expiration of such cure
period. This Agreement will remain in full force and effect during the pendency of any such dispute resolution proceeding and all cure periods. Any such dispute resolution proceeding will not suspend any obligations of either Party hereunder and
each Party will use reasonable efforts to mitigate any damages. Any payments that are made by one Party to the other Party pursuant to this Agreement pending resolution of the dispute will be promptly refunded if it is determined pursuant to the
dispute resolution terms of this Agreement that such payments are to be refunded by one Party to the other Party. If, as a result of such dispute resolution proceeding, it is determined that the Breaching Party did not commit such material breach
(or such material breach was cured in accordance with Section 11.3.1 (Material Breach)), then no termination of this Agreement will be effective, and this Agreement will continue in full force and effect. 

 

	11.4.	 Effects of Termination. Upon termination of this Agreement with respect to any Research Target
(including replacement of such Research Target with a Replacement Target) or Replacement Target, or in its entirety (a) by Sarepta pursuant to Section 11.2 (Termination for Convenience), (b) by either Party pursuant to Section 11.3
(Termination for Cause) or (c) through expiration of the Term under Section 11.1 (Term): 

  

	 	11.4.1.	 Termination of Options. If this Agreement is terminated in its entirety, then all Sarepta Options
granted under this Agreement will terminate. If this Agreement is terminated with respect to any Research Target, then the Sarepta Option for such Research Target will terminate. 

 

	 	11.4.2.	 Termination of License. If this Agreement is terminated in its entirety, then the licenses granted under
this Agreement will terminate. If this Agreement is terminated with respect to a Research Target, then such license will terminate only with respect to such Research Target. 

 

	 	11.4.3.	 Termination of Rights and Obligations. Except as set forth in this Section 11.4 (Effects of
Termination) or Section 11.5 (Survival), as of the effective date of such termination all rights and obligations of the Parties (a) under this Agreement will terminate if this Agreement is terminated in its entirety, (b) with
respect to the applicable Research Target will terminate, if this Agreement is terminated with respect to such Research Target, or (c) with respect to the applicable Replacement Target will terminate, if this Agreement is terminated with
respect to such Replacement Target. 

  
 44 

	 	11.4.4.	 Return or Destruction of Confidential Information. Promptly after expiration or termination of this
Agreement in its entirety without Sarepta having exercised any Sarepta Option, each Receiving Party will return to the Disclosing Party or destroy, at the Disclosing Party’s election, all Confidential Information of the Disclosing Party that is
in the possession or control of the Receiving Party related to this Agreement. Nothing in this Agreement will prevent a Party retaining any records as required by Applicable Law. 

 

	 	11.4.5.	 Return or Destruction of Materials. Promptly after expiration or termination of this Agreement in
its entirety without Sarepta having exercised any Sarepta Option, (a) Sarepta will, at Codiak’s request, destroy any remaining unused Codiak Materials or Loaded Constructs in its possession and provide Codiak with written evidence of such
destruction or return to Codiak, at Codiak’s cost, any unused Codiak Materials and (b) Codiak will, at Sarepta’s request, destroy any remaining unused Sarepta Materials or Loaded Constructs in its possession and provide Sarepta with
written evidence of such destruction or return to Sarepta, at Sarepta’s cost, any unused Sarepta Materials. Nothing in this Agreement will prevent either Party from retaining any records as required by Applicable Law. 

 

	 	11.4.6.	 Ability to Publish. In the event of expiration of this Agreement or termination of this Agreement by
Sarepta pursuant to Section 11.2 (Termination for Convenience) or by Codiak pursuant to Section 11.3 (Termination for Cause), notwithstanding any provision to the contrary set forth in this Agreement, Codiak may, in its sole discretion,
publish or present any Research Results that relate solely to the Codiak Proprietary Platform and do not relate to any Sarepta Materials, provided that, in all cases, Sarepta will have the right to review all proposed publications or
presentations prior to submission of such publication or presentation to ensure that such publication or presentation does not disclose any Confidential Information of Sarepta; provided further that Sarepta shall have [***] to conduct such
review. 

  

	 	11.4.7.	 Payment of Unavoidable Costs. In the event of termination of this Agreement by Sarepta pursuant
to Section 11.2 (Termination for Convenience) or by Codiak pursuant to Section 11.3 (Termination for Cause), Sarepta will pay Codiak the amount of any financial commitments incurred by Codiak prior to termination in accordance with the
Research Budget that exceed amounts paid by Sarepta to Codiak hereunder prior to such termination and that cannot be canceled; provided that Sarepta will only be responsible for paying FTE Costs (as
pro-rated in accordance with the applicable Research Budget) and Out-of-Pocket Costs until 30 days after the effective date of
such termination. Upon receipt of notice of termination of this Agreement, Codiak will promptly terminate any outstanding commitments and avoid incurring any further costs under the applicable Research Plan. No later than [***] after the
effective date of termination or expiration of this Agreement, unless another period is agreed to in writing by the Parties, Codiak may provide an invoice in respect of the final payment due and payable pursuant to the Research Budget in accordance
with this Section 11.4.7 (Payment of Unavoidable Costs). Sarepta will pay all such amounts in accordance with the invoicing and payment provisions of Section 8.4 (Invoicing and Payment). Notwithstanding anything to the contrary
set forth in this Agreement, it is understood that, in no event will the funds payable to Codiak exceed the Research Budget plus the then-applicable Allowable Overruns. In addition, within [***] after such effective date of termination,
Codiak will provide Sarepta with a final accounting for the applicable Research Budget(s). If the final accounting indicates an amount is due to Codiak, then Sarepta will make such final payment in accordance with the invoicing and payment
provisions of Section 8.4 (Invoicing and Payment). If the final accounting indicates an overpayment by Sarepta, then Codiak will refund such overpayment to Sarepta within [***] of the final accounting by wire transfer or electronic funds
transfer in immediately available funds to an account designated by Sarepta in writing. 

  
 45 

	 	11.4.8.	 Execution of Collaboration Agreement. In the event that the Term expires and the Parties have entered
into the Collaboration Agreement with respect to one or more Research Targets, then the terms of the Collaboration Agreement will control with respect to such Research Targets and the subject matter set forth therein. 

 

	11.5.	 Survival. Termination or expiration of this Agreement will not affect the rights and obligations
of the Parties accrued prior to termination or expiration hereof. The provisions of Section 1 (Definitions), Section 2.6.1 (Records) (for the time period set forth therein), Section 5.2.2 (License Grant to Codiak Exosome Platform
Research Technology), Section 5.3 (No Implied Licenses), Section 5.6 (Reserved Rights), Section 6.1 (Ownership of Research Technology (except for Section 6.1.7 (Disclosure of Inventions)), Section 7.7 (Termination of
Options), Section 8.6 (Records and Audit) (for the time period set forth therein) Section 9 (Confidentiality; Publication), Section 11.4 (Effects of Termination), Section 11.5 (Survival), Section 12 (Indemnification,
Liability, Insurance) (except for Section 12.6 (Insurance)) and Section 13 (General Provisions) will survive such termination. 

  

	12.	 Indemnification, Liability, Insurance. 

 

	12.1.	 Indemnification by Codiak. Codiak will indemnify, defend, and hold harmless Sarepta and its
Affiliates, and each of their respective directors, officers, employees, and agents (collectively “Sarepta Indemnitees”), from and against all losses, liabilities, damages, and expenses, including reasonable attorneys’ fees and
costs (collectively, “Liabilities”), to the extent resulting from any claims, demands, actions, or other proceedings by any Third Party arising out of: 

 

	 	12.1.1.	 the conduct of the Codiak Research Activities by or on behalf of Codiak (including by an Affiliate or
Subcontractor of Codiak); 

  

	 	12.1.2.	 the breach of any representation, warranty, or covenant under this Agreement by or on behalf of Codiak
or any of its Affiliates; 

  

	 	12.1.3.	 any claim that the use of the Codiak Materials by either Party or its respective Affiliates in
accordance with this Agreement and in connection with the Research Activities infringes, misappropriates, or otherwise violates any Intellectual Property owned or Controlled by such Third Party; or 

 

	 	12.1.4.	 the gross negligence, recklessness, or wrongful intentional acts or omissions of any Codiak Indemnitees
in the course of performing activities under this Agreement; 

 except, in each case (Section 12.1.1 through
Section 12.1.4), to the extent such Liabilities arise from any Third Party claim for which Sarepta is responsible for indemnifying Codiak pursuant to Section 12.2 (Indemnification by Sarepta), as to which Liabilities each Party will
indemnify the other to the extent of their respective liability. 
  

	12.2.	 Indemnification by Sarepta. Sarepta will indemnify, defend, and hold harmless Codiak and its
Affiliates and each of their respective directors, officers, employees, and agents (collectively “Codiak Indemnitees”), from and against all Liabilities to the extent resulting from any claims, demands, actions, or other proceedings
by any Third Party arising out of: 

  

	 	12.2.1.	 the conduct of the Sarepta Research Activities by or on behalf of Sarepta (including by an Affiliate or
Subcontractor of Sarepta); 

  
 46 

	 	12.2.2.	 the breach of any representation, warranty, or covenant under this Agreement by or on behalf of Sarepta
or any of its Affiliates; 

  

	 	12.2.3.	 any claim that the use of the Sarepta Materials by either Party or its respective Affiliates in
accordance with this Agreement and in connection with the Research Activities infringes, misappropriates, or otherwise violates any Intellectual Property owned or Controlled by such Third Party; 

 

	 	12.2.4.	 any claim brought against Codiak or its Affiliates by the Third Party licensor under one of
Sarepta’s Upstream Licenses alleging that the performance of the Research Activities infringes, misappropriates or otherwise violates the Intellectual Property owned or Controlled by such Third Party licensor; or 

 

	 	12.2.5.	 the gross negligence, recklessness, or wrongful intentional acts or omissions of any Sarepta Indemnitees
in the course of performing activities under this Agreement 

 except, in each case (Section 12.2.1 through
Section 12.2.5), to the extent such Liabilities arise from any Third Party claim for which Codiak is responsible for indemnifying Sarepta pursuant to Section 12.1 (Indemnification by Codiak), as to which Liabilities each Party will
indemnify the other to the extent of their respective liability. 
  

	12.3.	 Indemnification Procedure. 

 

	 	12.3.1.	 Notice. If either Party is seeking indemnification under Section 12.1
(Indemnification by Codiak) or Section 12.2 (Indemnification by Sarepta) (the “Indemnified Party”), then it will promptly inform the other Party (the “Indemnifying Party”) of the claim giving rise to the
obligation to indemnify pursuant to such Section as soon as reasonably practicable after receiving notice of the Third Party claim, provided, however, that no delay or failure on the part of the Indemnified Party in notifying the
Indemnifying Party will relieve the Indemnifying Party from any obligation hereunder unless (and then only to the extent that) such delay or failure is prejudicial to or otherwise adversely affects the Indemnifying Party. 

 

	 	12.3.2.	 Control. The Indemnifying Party will have the right, exercisable by notice to the Indemnified
Party within [***] after receipt of notice from the Indemnified Party of the commencement of or assertion of any Third Party claim, to assume the direction and control of the defense, litigation, settlement, appeal, or other disposition of any such
claim for which it is obligated to indemnify the Indemnified Party (including the right to settle the claim solely for monetary consideration) with counsel selected by the Indemnifying Party and reasonably acceptable to the Indemnified Party. During
such time as the Indemnifying Party is controlling the defense of such Third Party claim, the Indemnified Party will cooperate with the Indemnifying Party, and will cause its Affiliates and agents to cooperate upon request of the Indemnifying Party,
in the defense or prosecution of the claim, including by furnishing such records, information, and testimony and attending such conferences, discovery proceedings, hearings, trials or appeals as may reasonably be requested by the Indemnifying Party.
In the event that the Indemnifying Party does not notify the Indemnified Party of the Indemnifying Party’s intent to defend any Third Party claim within [***] after notice thereof, the Indemnified Party may (without further notice

  
 47 

	 	
to the Indemnifying Party) undertake the defense thereof with counsel of its choice and at the Indemnifying Party’s expense (including reasonable, out-of-pocket attorneys’ fees and costs and expenses of enforcement or defense). The Indemnifying Party or the Indemnified Party, as the case may be, will have the right to participate (including the
right to conduct discovery, interview and examine witnesses and participate in all settlement conferences), but not control, at its own expense and with counsel of its choice, in the defense of any claim that has been assumed by the other Party.

  

	 	12.3.3.	 Settlement. Notwithstanding any provision to the contrary in this Agreement, the
Indemnifying Party will not enter into any settlement, consent judgment, or other voluntary final disposition of any claim subject to indemnification hereunder that has an adverse effect on the rights of any Indemnified Party hereunder or on the
Codiak Licensed Technology or Sarepta Licensed Technology, or admits any wrongdoing or fault by any Sarepta Indemnitees or Codiak Indemnitees, or imposes on any Sarepta Indemnitees or Codiak Indemnitees any payment or other liability, without the
prior written consent of such Indemnified Party. 

  

	12.4.	 Mitigation of Loss. Each Indemnified Party will take and will procure that its Affiliates take all such
reasonable steps and action as are reasonably necessary or as the Indemnifying Party may reasonably require in order to mitigate any claims (or potential losses or damages) under this Article 12 (Indemnification, Liability, Insurance). Nothing in
this Agreement will or will be deemed to relieve any Party of any common law or other duty to mitigate any losses incurred by it. 

  

	12.5.	 LIMITATION OF LIABILITY. NOTWITHSTANDING ANY PROVISION TO THE CONTRARY SET FORTH IN THIS
AGREEMENT, NEITHER PARTY, THEIR DIRECTORS, OFFICERS, EMPLOYEES, OR AGENTS, WILL BE LIABLE TO THE OTHER PARTY WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT FOR ANY INDIRECT, PUNITIVE, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES, INCLUDING
INCIDENTAL DAMAGES, ECONOMIC DAMAGES, OR LOST PROFITS, EVEN IF SUCH PARTY HAS BEEN INFORMED, SHOULD HAVE KNOWN OR IN FACT KNEW OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED THAT THIS SECTION 12.5 (LIMITATION OF LIABILITY) WILL NOT APPLY TO THE
PARTIES’ INDEMNIFICATION RIGHTS AND OBLIGATIONS UNDER SECTION 12.1 (INDEMNIFICATION BY CODIAK) OR SECTION 12.2 (INDEMNIFICATION BY SAREPTA) OR ANY BREACH OF SECTION 5.7 (EXCLUSIVITY) OR ARTICLE 9 (CONFIDENTIALITY; PUBLICATION).

  

	12.6.	 Insurance. Each Party will procure and maintain, during the Term, commercial general liability
insurance, including product liability insurance, with minimum “A-” Best rated insurance carriers to cover its activities under this Agreement as is (a) normal and customary in the
pharmaceutical industry for similarly situated parties (with, in any event, limits of not less than $5,000,000 per occurrence and in the aggregate) and (b) otherwise required by Applicable Laws. Each Party will provide the other Party with
evidence of such insurance by furnishing a certificate of insurance upon request. It is understood that such insurance will not be construed to create a limit of either Party’s liability, including with respect to its indemnification
obligations under this Article 12 (Indemnification; Liability; Insurance). Notwithstanding the foregoing, each Party may self-insure to the extent that it self-insures for its other activities. 

  
 48 

	13.	 General Provisions. 

 

	13.1.	 Assignment. No rights hereunder may be assigned by either Party, directly or by merger or other
operation of law, without the express written consent of the other Party; provided that either Party may assign this Agreement to an Affiliate or in connection with a merger, acquisition, change of control, or sale of all or substantially all
of its stock or assets to which this Agreement relates without any such written consent being required so long as the assignee is bound to the terms of this Agreement. Any prohibited assignment of this Agreement or the rights hereunder will be null
and void. No assignment will relieve either Party of responsibility for the performance of any obligations which accrued prior to such assignment. 

  

	13.2.	 Performance by Affiliates. Either Party may exercise its rights and perform its obligations under this
Agreement directly or through one or more of its Affiliates and each Party’s Affiliates will have the benefit of all rights (including all licenses) of such Party under this Agreement. Accordingly, in this Agreement “Sarepta” will be
interpreted to mean “Sarepta or its Affiliates” and “Codiak” will be interpreted to mean “Codiak or its Affiliates” where necessary to give each Party’s Affiliates the benefit of the rights provided to the
applicable Party in this Agreement (but not the right to enforce this Agreement against the other Party). Each Party will remain responsible hereunder for the acts and omissions of its respective Affiliates hereunder, and any breach of the terms or
conditions of this Agreement by an Affiliate in the performance of such Party’s obligations hereunder will be deemed a breach of this Agreement by such Party. 

 

	13.3.	 Force Majeure. Neither Party will be held liable to the other Party nor be deemed to have
defaulted under or breached this Agreement for failure or delay performing any obligation under this Agreement to the extent that such failure or delay is caused by or results from acts of God, embargoes, war, acts of war (whether war be declared or
not), terrorism, insurrections, riots, civil commotions, strikes, lockouts, or other labor disturbances (other than strikes, lockouts, or labor disturbances involving a Party’s own employees), government actions, fire, earthquakes, floods,
epidemics, pandemics, or quarantines (“Force Majeure”) and for so long as such failure or delay continues to be caused by or result from such Force Majeure event. The Parties agree the effects of the
COVID-19 pandemic that is ongoing as of the Effective Date may be invoked as a Force Majeure for the purposes of this Agreement even though the pandemic is ongoing to the extent those effects are not
reasonably foreseeable by the Parties as of the Effective Date. Notwithstanding the foregoing, a Party will not be excused from making payments owed hereunder due to any such Force Majeure circumstances affecting such Party. The affected Party will
notify the other Party in writing of any Force Majeure circumstances that may affect its performance under this Agreement as soon as reasonably practical, will provide a good faith estimate of the period for which its failure or delay in performance
under the Agreement is expected to continue based on currently available information, and will undertake reasonable efforts necessary to mitigate and overcome such Force Majeure circumstances and resume normal performance of its obligations
hereunder as soon a reasonably practicable under the circumstances. If the Force Majeure circumstance continues, then the affected Party will update such notice to the other Party on a bi-weekly basis, or more
frequently if requested by the other Party, to provide updated summaries of its mitigation efforts and its estimates of when normal performance under the Agreement will be able to resume. In any event, if a Party’s failure to perform its
obligations under this Agreement as a result of a Force Majeure event continues for longer than [***], then the other Party may terminate this Agreement by providing written notice to the Party affected by the Force Majeure event.

  

	13.4.	 Amendments. No change, modification, addition, or amendment to this Agreement, or waiver of any term or
condition of this Agreement, is valid or enforceable unless in writing and signed and dated by authorized officers of the Parties to this Agreement. 

  
 49 

	13.5.	 Waiver. A waiver by either Party of a breach or violation of any provision of this Agreement will not
constitute or be construed as a waiver of any subsequent breach or violation of that provision or as a waiver of any breach or violation of any other provision of this Agreement. 

 

	13.6.	 Enforceability. If any provision of this Agreement will be found by a court of competent jurisdiction to
be void, invalid, or unenforceable, then the same will be reformed to comply with Applicable Law or stricken if not so conformable, so as not to affect the validity or enforceability of the remainder of this Agreement. 

 

	13.7.	 Relationship between the Parties. Nothing herein will be deemed to establish a relationship of principal
and agent between Codiak and Sarepta, nor any of their agents or employees, nor will this Agreement be construed as creating any form of legal association or arrangement which would impose liability upon one Party for the act or failure to act of
the other Party. Nothing in this Agreement, express or implied, is intended to confer on any person other than the Parties or their permitted assigns any benefits, rights, or remedies. 

 

	13.8.	 Notices. All communications hereunder will be in writing, by electronic mail or by confirmed fax,
and will be deemed to have been duly given (a) upon personal delivery, (b) upon deposit with a recognized courier with next-day delivery instructions, or (c) one Business Day after sending, if
sent by electronic mail and no delivery failure notification has been received: 

 If to Codiak: 

Codiak BioSciences, Inc. 
 35
CambridgePark Dr., Suite 500 
 Cambridge, MA 02140 

Attention: [***] 
 Email: [***]

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

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 

3580 Carmel Mountain Road, Suite 300 

San Diego, CA 92130 
 Attention:
[***] 
 Email: [***] 
 If to
Sarepta: 
 Sarepta Therapeutics 

215 First Street, Suite 415 

Cambridge, MA 02142 USA 

Attention: [***] 
 Email: [***]

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

Ropes & Gray LLP 

Prudential Tower 800 Boylston Street 

Boston, MA 02199 
 Attention:
[***] 
 Email: [***] 

  
 50 

	13.9.	 Dispute Resolution. 

 

	 	13.9.1.	 Exclusive Dispute Resolution Mechanism. The Parties agree that, except as expressly set forth in
this Agreement, the procedures set forth in this Section 13.9 (Dispute Resolution) will be the exclusive mechanism for resolving any dispute, controversy, or claim between the Parties arising out of or relating to this Agreement (whether based
on contract, tort or otherwise) (each, a “Dispute,” and collectively, the “Disputes”). For the avoidance of doubt, this Section 13.9 (Dispute Resolution) will not apply with respect to resolution of any
decision that is within the authority of the JRC. 

  

	 	13.9.2.	 Resolution by Executive Officers. Except as otherwise provided in this Section 13.9.2
(Resolution by Executive Officers) or as provided in Section 13.9.5 (Preliminary Injunctions), in the event of any Dispute regarding the construction or interpretation of this Agreement, or the rights, duties, or liabilities of either Party
hereunder, the Parties will first attempt in good faith to resolve such Dispute by negotiation and consultation between themselves. In the event that such Dispute is not resolved on an informal basis within [***], either Party may, by written notice
to the other Party, refer the Dispute to the Executive Officer of the other Party for attempted resolution by good faith negotiation [***] after such notice is received. Each Party may, in its sole discretion, seek resolution of any and all Disputes
that are not resolved under this Section 13.9.2 (Resolution by Executive Officers) or Section 13.9.6 (Patent and Trademark Disputes) in accordance with Section 13.9.3 (Litigation; Governing Law; Jurisdiction). 

 

	 	13.9.3.	 Litigation; Governing Law; Jurisdiction. Any unresolved Dispute that was subject to
Section 13.9.2 (Resolution by Executive Officers), will be brought exclusively in a court of competent jurisdiction, federal or state, located in Boston, MA, and in no other jurisdiction, and each Party consents and agrees to the personal
jurisdiction of any such court with subject matter jurisdiction in any action arising from such Dispute. Each Party hereby irrevocably waives any claim that such court lacks jurisdiction over such Party or constitutes an inconvenient or improper
forum. This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach, or termination hereof, and any remedies relating thereto, will be construed, governed, interpreted, and applied in
accordance with the laws of the Commonwealth of Massachusetts, United States of America, without regard to its conflict of laws principles. The Parties hereby agree that any final judgment rendered by any such federal or state court of the
Commonwealth of Massachusetts in any action or proceeding involving any Dispute, from which no appeal can be or is taken, may be enforced by the prevailing Party in any court of competent jurisdiction. 

 

	 	13.9.4.	 Waiver of Jury Trial. Each Party hereby jointly and severally waives any and all right to trial
by jury in any action or proceeding relating to this Agreement or any other document delivered hereunder or in connection herewith, or any transaction arising from or connected to any of the foregoing. Each of the Parties represents that this waiver
is knowingly, willingly, and voluntarily given. 

  
 51 

	 	13.9.5.	 Preliminary Injunctions. Notwithstanding any provision to the contrary set forth in this
Agreement, in the event of an actual or threatened breach of a Party’s obligations under this Agreement, a Party may seek a temporary restraining order or a preliminary injunction from any court of competent jurisdiction in order to prevent
immediate and irreparable injury, loss, or damage on a provisional basis. 

  

	 	13.9.6.	 Patent and Trademark Disputes. Notwithstanding any provision to the contrary set forth in this
Agreement, any and all issues regarding the scope, construction, validity, and enforceability of any Patent Rights or trademark relating to a licensed or created under this Agreement will be determined in a court or other tribunal, as the case may
be, of competent jurisdiction under the applicable patent or trademark laws of the country in which such Patent Rights or trademark rights were granted or arose. 

 

	 	13.9.7.	 Payment Tolling. During the pendency of any dispute resolution proceeding between the Parties under this
Section 13.9 (Dispute Resolution) regarding the obligation to make any payment under this Agreement from one Party to the other Party (in whole or in part), the obligation to make such payment (solely with respect to any disputed amounts) will
be tolled until the final outcome of such dispute has been established. 

  

	 	13.9.8.	 Confidentiality. Any and all activities conducted under this Section 13.9 (Dispute Resolution),
including any and all proceedings and decisions hereunder, will be deemed Confidential Information of each of the Parties, and will be subject to Article 9 (Confidentiality; Publication), to the extent applicable and in accordance with Applicable
Law. 

  

	13.10.	 Further Assurances. From time to time after the Effective Date, each Party will execute, acknowledge,
and deliver to each other any further documents, assurances, and other matters, and will take any other action consistent with the terms and conditions of this Agreement, that may reasonably be requested by a Party and necessary or desirable to
carry out the purpose of this Agreement. 

  

	13.11.	 Non-Solicitation. Each Party agrees that, during the Term
and for a period of [***] thereafter, it will not, directly or indirectly, solicit to employ or engage as an independent contractor any current employee of the other Party or its Affiliates who has been involved in the performance of the Research
Activities. Notwithstanding the foregoing, the following solicitations will not be prohibited: (a) solicitations by independent contractors of a Party or its Affiliates, so long as they are not specifically directed by such Party to solicit
such individuals; (b) solicitations initiated through general advertisements and general circulation materials not directly targeted at such individuals; and (c) solicitations of such individuals who have first contacted such Party on
their own initiative, directly or through Third Party recruiters, regarding employment, or engagement as an independent contractor. 

  

	13.12.	 Entire Agreement. This Agreement, including the Schedules and exhibits hereto embody the entire
understanding between the Parties relating to the subject matter hereof and supersede all prior understandings and agreements, whether written or oral. This Agreement may not be varied except by a written document signed by duly authorized
representatives of both Parties. 

  
 52 

	13.13.	 Interpretation. Except where the context expressly requires otherwise: (a) the use of any gender
herein will be deemed to encompass references to either or both genders, and the use of the singular will be deemed to include the plural (and vice versa); (b) the words “include”, “includes” and “including” will be
deemed to be followed by the phrase “without limitation” and will not be interpreted to limit the provision to which it relates; (c) the word “will” will be construed to have the same meaning and effect as the word
“shall”; (d) any definition of or reference to any agreement, instrument or other document herein will be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, or otherwise
modified (subject to any restrictions on such amendments, supplements, or modifications set forth herein); (e) any reference herein to any Person will be construed to include the Person’s successors and assigns; (f) the words
“herein”, “hereof” and “hereunder”, and words of similar import, will be construed to refer to this Agreement in each of their entirety, as the context requires, and not to any particular provision hereof; (g) all
references herein to Sections, Schedules, or Exhibits will be construed to refer to Sections, Schedules, or Exhibits of this Agreement, and references to this Agreement include all Schedules and Exhibits hereto; (h) the word “notice”
means notice in writing (whether or not specifically stated) and will include notices, consents, approvals, and other written communications contemplated under this Agreement; (i) provisions that require that a Party, the Parties, or any
committee hereunder “agree,” “consent” or “approve” or the like will require that such agreement, consent, or approval be specific and in writing, whether by written agreement, letter, approved minutes, or otherwise
(but excluding e-mail and instant messaging); (j) references to any specific law, rule or regulation, article, Section or other division thereof, will be deemed to include the then-current amendments thereto
or any replacement or successor law, rule or regulation thereof; and (k) the term “or” will be interpreted in the inclusive sense commonly associated with the term “and/or.” 

 

	13.14.	 Construction. This Agreement has been prepared, examined, negotiated, and revised by each Party and
their respective attorneys, and no implication will be drawn and no provision will be construed against any Party to this Agreement by virtue of the purported identity of the drafter of this Agreement or any portion thereof. 

 

	13.15.	 Counterparts. This Agreement may be executed in two or more counterparts, all of which taken
together will be regarded as one and the same instrument. Each Party may execute this Agreement in AdobeTM Portable Document Format (PDF) sent by electronic mail. PDF signatures of authorized
signatories of the Parties will be deemed to be original signatures, will be valid and binding upon the Parties, and, upon delivery, will constitute due execution of this Agreement. 

[Signature Page Follows] 

  
 53 

 IN WITNESS WHEREOF, the duly authorized representatives of the Parties hereby execute this
Agreement as of the date first written above. 
  

									
	 SAREPTA
 Sarepta Therapeutics,
Inc.
	 		 	 CODIAK
 Codiak BioSciences,
Inc.

									
					
	By:	 	/s/ Douglas S. Ingram	 		 	By:	 	/s/ Douglas E. Williams

									
	Name:	 	Douglas S. Ingram	 		 	Name:	 	Douglas E. Williams
	Title:	 	President and CEO	 		 	Title:	 	CEO

 [Signature Page to Research License and Option Agreement] 

 Schedule 1.42 

Collaboration Agreement Term Sheet 

[***] 

 Schedule 1.158 

Upstream Licenses 
 [***]

 Schedule 2.2 

Initial Research Plan 

[***] 

 Schedule 2.11.3 

Research Costs Reporting Format 

[***] 

 Schedule 2.12 

Additional Research Report Requirements 

[***] 

 Schedule 10.2.2 

Liens 
 [***] 

 Schedule 10.2.4 

Third Party Obligations 

[***] 

 Schedule 10.2.5 

Codiak Licensed Patent Rights 

Updated June 16, 2020 

[***]EX-10.16

 Exhibit 10.16 

Execution Version 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT is made and dated as of September 30, 2019 and is entered into by and among CODIAK BIOSCIENCES, INC., a
Delaware corporation, and each of its Subsidiaries (hereinafter collectively referred to as the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (collectively, referred
to as the “Lenders”) and HERCULES CAPITAL, INC., a Maryland corporation, in its capacity as administrative agent and collateral agent for itself and the Lenders (in such capacity, the “Agent”). 

RECITALS 
 A. Borrower has
requested the Lenders make available to Borrower a loan in an aggregate principal amount of up to Seventy-Five Million Dollars ($75,000,000) (the “Term Loan”); and 

B. The Lenders are willing to make the Term Loan on the terms and conditions set forth in this Agreement. 

AGREEMENT 
 NOW,
THEREFORE, Borrower, Agent and the Lenders agree as follows: 
 SECTION 1. DEFINITIONS AND RULES OF CONSTRUCTION 

1.1 Unless otherwise defined herein, the following capitalized terms shall have the following meanings: 

“Account Control Agreement(s)” means any agreement entered into by and among the Agent, Borrower and a third party bank or other
institution (including a Securities Intermediary) in which Borrower maintains a Deposit Account or an account holding Investment Property and which perfects Agent’s first priority security interest in the subject account or accounts. 

“ACH Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit H, which account numbers shall
be redacted for security purposes if and when filed publicly by the Borrower. 
 “Advance(s)” means a Term Loan Advance. 

“Advance Date” means the funding date of any Advance. 

“Advance Request” means a request for an Advance submitted by Borrower to Agent in substantially the form of Exhibit A, which
account numbers shall be redacted for security purposes if and when filed publicly by the Borrower. 
 “Affiliate” means
(a) any Person that directly or indirectly controls, is controlled by, or is under common control with the Person in question, (b) any Person directly or indirectly owning, controlling or holding with power to vote ten percent (10%) or
more of the outstanding voting securities of another Person, (c) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held by another Person with power to vote such
securities, or (d) any Person related by blood or marriage to any Person described in subsection (a), (b) or (c) of this paragraph. As used in the definition of “Affiliate,” the term “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

 “Agreement” means this Loan and Security Agreement, as amended from time to time.

 “All Source Proceeds” means unrestricted (including, not subject to any redemption, clawback, escrow or similar encumbrance or
restriction) net cash proceeds from one or more bona fide equity financings, Subordinated Indebtedness and/or upfront proceeds from business development transactions permitted under this Agreement, in each case after August 27, 2019, subject to
verification by Agent (including supporting documentation reasonably requested by Agent). 
 “Amortization Date” means May 1,
2022; provided however, if the Interest Only Extension Conditions are satisfied, then November 1, 2022. 
 “Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to Borrower or any of its Affiliates from time to time concerning or relating to bribery or corruption, including without limitation the United States Foreign Corrupt
Practices Act of 1977, as amended, the UK Bribery Act 2010 and other similar legislation in any other jurisdictions. 
 “Anti-Terrorism
Laws” means any laws, rules, regulations or orders relating to terrorism or money laundering, including without limitation Executive Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the laws comprising or
implementing the Bank Secrecy Act, and the laws administered by OFAC. 
 “Blocked Person” means any Person: (a) listed in the
annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of,
Executive Order No. 13224, (c) a Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports
“terrorism” as defined in Executive Order No. 13224, or (e) a Person that is named a “specially designated national” or “blocked person” on the most current list published by OFAC or other similar list. 

“Borrower Products” means all products, software, service offerings, technical data or technology currently being designed,
manufactured or sold by Borrower or which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development, collectively, together with all products, software, service offerings, technical
data or technology that have been sold, licensed or distributed by Borrower since its incorporation. 
 “Borrower’s Books”
means Borrower’s or any of its Subsidiaries’ books and records including ledgers, federal, state, local and foreign tax returns, records regarding Borrower’s or its Subsidiaries’ assets or liabilities, the Collateral, business
operations or financial condition, and all computer programs or storage or any equipment containing such information. 
 “Business
Day” means any day other than Saturday, Sunday and any other day on which banking institutions in the State of California are closed for business. 

“Cash” means all cash, cash equivalents and liquid funds. 

  
 2 

 “Change in Control” means any reorganization, recapitalization, consolidation or
merger (or similar transaction or series of related transactions) of Borrower, sale or exchange of outstanding shares (or similar transaction or series of related transactions) of Borrower in which the holders of Borrower’s outstanding shares
immediately before consummation of such transaction or series of related transactions do not, immediately after consummation of such transaction or series of related transactions, retain shares representing more than fifty percent (50%) of the
voting power of the surviving entity of such transaction or series of related transactions (or the parent of such surviving entity if such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower is the
surviving entity; provided, however, that an initial public offering shall not constitute a Change in Control. 
 “Closing Date”
means the date of this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to (i) any Indebtedness, lease, dividend, letter of credit or other obligation of another, including any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or
sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account
of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a Person
against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The
amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 

“Copyright License” means any written agreement granting any right to use any Copyright or Copyright registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Copyrights” means all
copyrights, whether registered or unregistered, held pursuant to the laws of the United States of America, any State thereof, or of any other country. 

“Deposit Accounts” means any “deposit accounts,” as such term is defined in the UCC, and includes any checking account,
savings account, or certificate of deposit that is not evidenced by an instrument. 
 “Designated Account” means the account
number ending 644 (last three digits), maintained by Borrower with Silicon Valley Bank, or any other account that Borrower designates from time to time to Agent in writing with reasonable notice. 

“Domestic Subsidiary” means any Subsidiary that is not a Foreign Subsidiary. 

“Due Diligence Fee” means Twenty Thousand Dollars ($20,000), which fee has been paid to the Lenders prior to the Closing Date, and
shall be deemed fully earned on such date regardless of the early termination of this Agreement. 
 “Equity Interests” means, with
respect to any Person, the capital stock, partnership or limited liability company interest, or other equity securities or equity ownership interests of such Person. 

  
 3 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and
the regulations promulgated thereunder. 
 “Excluded Accounts” means (A) any account solely used as a payroll account or
withholding tax account and any fiduciary account; provided that any payroll or similar account will only hold an amount sufficient to pay the next two (2) payroll cycles, (B) deposit, securities, commodity or similar accounts with
financial institutions inside of the United States of America so long as no more than $100,000 in the aggregate is maintained in such accounts at any time, and (C) deposit, securities, commodity or similar accounts with financial
institutions outside the United States of America so long as no more than $500,000 in the aggregate is maintained in such accounts at any time. 

“Excluded Subsidiary” means (a) any Foreign Subsidiary and (b) any Foreign Subsidiary Holding Company. 

“FDA” means the U.S. Food and Drug Administration or any successor thereto. 

“Foreign Subsidiary” means any Subsidiary other than a Subsidiary organized under the laws of any state within the United States of
America. 
 “Foreign Subsidiary Holding Company” means any Subsidiary substantially all of whose assets consist of directly or
indirectly owned Equity Interests in (or Equity Interests in and debt obligations owed or treated as owed by) one or more Foreign Subsidiaries. 

“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time. 

“IND” means an Investigational New Drug Application submitted to the FDA pursuant to 21 C.F.R. § 312 (or its successor
regulation) requesting authorization to initiate clinical trials in human subjects. 
 “Indebtedness” means indebtedness of any
kind, including (a) all indebtedness for borrowed money or the deferred purchase price of property or services (excluding trade credit entered into in the ordinary course of business due within ninety (90) days), including reimbursement
and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations,
(d) non-contingent obligations to reimburse any bank or Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument, (e) equity securities of any Person
subject to repurchase or redemption other than at the sole option of such Person, other than any such equity securities that are subject to repurchase or redemption solely after the 91st day after the Term Loan Maturity Date, (f) earn outs,
purchase price adjustments, deferred purchase amounts and similar payment obligations or any nature arising out of purchase and sale contracts, and (g) all Contingent Obligations. 

“Initial Facility Charge” means Three Hundred Thirty-Seven Thousand Five Hundred Dollars ($337,500), which is payable to the Lenders
in accordance with Section 4.1(f). 
 “Insolvency Proceeding” means any proceeding by or against any Person under the United
States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other similar
relief. 

  
 4 

 “Intellectual Property” means all of Borrower’s Copyrights; Trademarks;
Patents; Licenses; trade secrets and inventions; mask works; Borrower’s applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together with Borrower’s rights
to sue for past, present and future infringement of Intellectual Property and the goodwill associated therewith. 
 “Interest Only
Extension Conditions” shall mean satisfaction of each of the following events: (a) no default or Event of Default shall have occurred; and (b) Borrower shall have achieved Performance Milestone III on or before April 30, 2022,
subject to verification by Agent (including supporting documentation reasonably requested by Agent). 
 “Investment” means any
beneficial ownership (including stock, partnership, limited liability company interests, or other securities) of or in any Person, or any loan, advance or capital contribution to any Person or any assets of another Person not in the ordinary course
of business. 
 “IRS” means the United States Internal Revenue Service. 

“Joinder Agreements” means for each Domestic Subsidiary, a completed and executed Joinder Agreement in substantially the form
attached hereto as Exhibit F. 
 “License” means any Copyright License, Patent License, Trademark License or other license of
rights or interests. 
 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security
interest, encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, and any lease in the nature of a
security interest. 
 “Loan” means the Advances made under this Agreement. 

“Loan Documents” means this Agreement, the promissory notes (if any), the ACH Authorization, the Account Control Agreements, the
Joinder Agreements, all UCC Financing Statements, the Pledge Agreement, and any other documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same may from time to time be amended, modified,
supplemented or restated. 
 “Material Adverse Effect” means a material adverse effect upon: (i) the business, operations,
properties, assets or financial condition of Borrower and its Subsidiaries taken as a whole; or (ii) the ability of Borrower to perform or pay the Secured Obligations in accordance with the terms of the Loan Documents, or the ability of Agent or the
Lenders to enforce any of its rights or remedies with respect to the Secured Obligations; or (iii) the Collateral or Agent’s Liens on the Collateral or the priority of such Liens (other than as a result of a failure by the Agent to make
any necessary filings or maintain possession of any possessory collateral). 
 “Maximum Term Loan Amount” means Seventy-Five
Million Dollars ($75,000,000). 
 “MSC Investment Conditions” means that Borrower maintains Qualified Cash in an amount equal to
or greater than the lesser of (i) 110% of the aggregate outstanding Secured Obligations (inclusive of any Prepayment Charge and End of Term Charge that would be due and owing if the outstanding Loans were prepaid at the time of measurement)
plus the Qualified Cash A/P Amount or (ii) 100% of the consolidated Cash of Borrower and its Subsidiaries, unless compliance with the foregoing conditions is waived in writing from time to time by Agent with respect to specified periods, in
Agent’s sole discretion. 

  
 5 

 “MSC Subsidiary” means Codiak Securities Corporation, a wholly-owned Subsidiary
incorporated in the Commonwealth of Massachusetts or the State of Delaware for the purpose of holding Investments as a Massachusetts security corporation under 830 CMR 63.38B.1 of the Massachusetts tax code and applicable regulations (as the same
may be amended, modified or replaced from time to time). 
 “Non-Core Indication” means a
specific indication not within the fields of immune-oncology, autoimmune disease, vaccines or any other indication Borrower, in its reasonable discretion, upon prior consultation with Agent, deems to be “core” to Borrower and for which the
development and/or commercialization by Borrower of engEx exosome therapeutics for such indication would not be expected to be consistent with Borrower’s primary business objectives as of the Closing Date. 

“Non-Core Intellectual Property” means any Intellectual Property not material to
Borrower’s business upon prior consultation with Agent, other than any Intellectual Property with respect to engEx exosome therapeutics. 

“Non-Disclosure Agreement” means that certain
Non-Disclosure Agreement by and between Hercules Capital, Inc. and Codiak Biosciences, Inc. dated as of June 3, 2019. 

“OFAC” is the U.S. Department of Treasury Office of Foreign Assets Control. 

“OFAC Lists” are, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive
Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders. 

“Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in existence or a
Patent application is pending, in which agreement Borrower now holds or hereafter acquires any interest. 
 “Patents” means all
letters patent of, or rights corresponding thereto, in the United States of America or in any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States
of America or any other country. 
 “Performance Milestone I” means receipt by Agent prior to March 15, 2021, of evidence
reasonably satisfactory to Agent that (a) Borrower has received All Source Proceeds after August 21, 2019 and prior to March 15, 2021 in an amount greater than or equal to Seventy-Five Million Dollars ($75,000,000) and (b) the
FDA has not prohibited the Borrower from proceeding with a Phase 1 clinical trial under an IND for a product candidate that is wholly-owned by the Borrower, and the Borrower has provided evidence sufficient to Lender that preparing to launch its
planned Phase 1 clinical trial, in each case subject to verification by Agent (including supporting documentation reasonably requested by Agent). 

“Performance Milestone II” means receipt by Agent prior to June 15, 2021, of evidence reasonably satisfactory to Agent that
(a) Borrower has achieved Performance Milestone I and (b) Borrower is currently conducting or has completed a Phase 1 trial for a wholly-owned product candidate, and the FDA has not prohibited Borrower from proceeding with clinical trials
under a separate IND submitted for a second product candidate that is also wholly-owned by the Borrower; provided that, for the avoidance of doubt, such second product candidate must be a molecular entity that is distinct from the product candidate
evaluated in the Phase 1 trial, in each case subject to verification by Agent (including supporting documentation reasonably requested by Agent). 

  
 6 

 “Performance Milestone III” means receipt by Agent, of evidence reasonably
satisfactory to Agent prior to April 30, 2022 that (a) Borrower has achieved Performance Milestone II and (b) either (i) Borrower has received All Source Proceeds after August 21, 2019 and prior to December 31, 2021, in an
amount greater than or equal to One Hundred Twenty-Five Million Dollars ($125,000,000) or (ii) Borrower has entered into an additional business development transaction permitted under this Agreement (excluding any business development
transaction applied to satisfy Performance Milestone I) that Agent in its reasonable discretion deems to be validating, in each case subject to verification by Agent (including supporting documentation reasonably requested by Agent). 

“Permitted Acquisition” means any acquisition (including by way of merger) by Borrower of all or substantially all of the assets of
another Person, or of a division or line of business of another Person, or capital stock of another Person, in each case located primarily within the United States of America, which is conducted in accordance with the following requirements: 

(a) such acquisition is of a business or Person engaged in a line of business related to that of the Borrower or its Subsidiaries; 

(b) if such acquisition is structured as a stock acquisition, then the Person so acquired shall either (i) become a wholly-owned
Subsidiary of Borrower or of a Subsidiary and the Borrower shall comply, or cause such Subsidiary to comply, with Section 7.13 hereof or (ii) such Person shall be merged with and into Borrower (with the Borrower being the surviving
entity); 
 (c) if such acquisition is structured as the acquisition of assets, such assets shall be acquired by Borrower, and shall be free
and clear of Liens other than Permitted Liens; 
 (d) the Borrower shall have delivered to the Lenders not less than ten (10) nor more
than forty five (45) days prior to the date of such acquisition, notice of such acquisition together with pro forma projected financial information, copies of all material documents relating to such acquisition, and historical financial
statements for such acquired entity, division or line of business, in each case in form and substance reasonably satisfactory to the Lenders and demonstrating compliance with the covenants set forth in Section 7 hereof on a pro forma basis as
if the acquisition occurred on the first day of the most recent measurement period; 
 (e) both immediately before and after such acquisition
no Default or Event of Default shall have occurred and be continuing; and 
 (f) the sum of the purchase price of such proposed new
acquisition, computed on the basis of total acquisition consideration paid or incurred, or to be paid or incurred, by Borrower with respect thereto, including the amount of Permitted Indebtedness assumed or to which such assets, businesses or
business or ownership interest or shares, or any Person so acquired, is subject, shall not be greater than (i) $2,500,000 in cash or other consideration (other than stock of Borrower not prohibited by the terms of this Agreement) for any single
acquisition or group of related acquisitions or (ii) $5,000,000 in cash or other consideration (other than stock of Borrower not prohibited by the terms of this Agreement) for all such acquisitions during the term of this Agreement. 

“Permitted In-Licenses” means (a) any License with respect to which Borrower is the
licensee, in which: (i) Borrower and its Subsidiaries are not reasonably likely to be required to transfer, in cash or other consideration (other than other than stock of Borrower not prohibited by the terms of this Agreement), prior to the
Term Loan Maturity Date, assets or property valued (book or market) at more than $7,500,000 in the aggregate for all such Licenses and (ii) is not a Restricted License. 

  
 7 

 “Permitted Indebtedness” means: 

(i) Indebtedness of Borrower in favor of the Lenders or Agent arising under this Agreement or any other Loan Document; 

(ii) Indebtedness existing on the Closing Date which is disclosed in Schedule 1A; 

(iii) Indebtedness of up to $500,000 outstanding at any time secured by a Lien described in clause (vii) of the defined
term “Permitted Liens,” provided such Indebtedness does not exceed the cost of the Equipment financed with such Indebtedness; 

(iv) (A) Indebtedness to trade creditors incurred in the ordinary course of business (due within 120 days), and
(B) Indebtedness incurred in the ordinary course of business with corporate credit cards in an amount to not exceed $500,000 outstanding at any time; 

(v) Indebtedness that also constitutes a Permitted Investment; 

(vi) Subordinated Indebtedness; 

(vii) reimbursement obligations in connection with letters of credit that are secured by Cash and issued on behalf of the
Borrower or a Subsidiary thereof in an amount not to exceed $5,000,000 at any time outstanding, 
 (viii) other unsecured
Indebtedness in an amount not to exceed $500,000 at any time outstanding, 
 (ix) intercompany Indebtedness as long as either
(A) each of the Subsidiary obligor and the Subsidiary obligee under such Indebtedness is a Borrower or Domestic Subsidiary that has executed a Joinder Agreement, or (B) the obligor is a Foreign Subsidiary and the obligee is a Borrower or
Domestic Subsidiary and such Indebtedness does not exceed $500,000 at any time outstanding; 
 (x) Indebtedness consisting of
interest rate, currency, or commodity swap agreements, interest rate cap or collar agreements or arrangements entered into in the ordinary course of business and designated to protect Borrower or its Subsidiaries against fluctuations in interest
rates, currency exchange rates, or commodity prices, as long as the aggregate outstanding nominal value outstanding of such Indebtedness does not exceed $500,000; 

(xi) [reserved]; 

(xii) Indebtedness consisting of financing of insurance premiums in the ordinary course of business; 

(xiii) to the extent constituting Indebtedness obligations, Indebtedness in respect of netting services or overdraft protection
or otherwise in connection with deposit or securities accounts in the ordinary course of business; and 

  
 8 

 (xiv) extensions, refinancings and renewals of any items of Permitted
Indebtedness, provided that the principal amount is not increased or the terms modified to impose materially more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investment” means: 

(i) Investments existing on the Closing Date which are disclosed in Schedule 1B; 

(ii) short-term, customary, non-speculative money market securities pursuant to
Borrower’s investment policy, a copy of which has been provided to Agent; 
 (iii) repurchases of stock from former or
existing employees, directors, or consultants of Borrower under the terms of applicable repurchase agreements in an aggregate amount not to exceed $250,000 in any fiscal year, provided that no Event of Default has occurred, is continuing or would
exist after giving effect to the repurchases; 
 (iv) Investments accepted in connection with Permitted Transfers; 

(v) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or
suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 

(vi) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and
suppliers who are not Affiliates, in the ordinary course of business, provided that this subparagraph (vi) shall not apply to Investments of Borrower in any Subsidiary; 

(vii) Investments consisting of loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds
to employees, officers or directors relating to the purchase of capital stock of Borrower pursuant to employee stock purchase plans or other similar agreements approved by Borrower’s Board of Directors, in each case in the ordinary course of
business of Borrower and collectively in an aggregate outstanding amount to not exceed $1,000,000; 
 (viii) Investments
consisting of (a) travel advances, employee relocation loans and other employee loans and in the ordinary course of business and (b) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its
Subsidiaries pursuant to employee stock purchase plans or agreements; 
 (ix) Investments in newly-formed Domestic
Subsidiaries, provided that each such Domestic Subsidiary has entered into or enters into a Joinder Agreement promptly after its formation by Borrower and execute such other documents as shall be reasonably requested by Agent; 

(x) Investments in Foreign Subsidiaries approved in advance in writing by Agent; 

(xi) joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the nonexclusive
licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed $500,000 in the aggregate in any fiscal year; 

  
 9 

 (xii) [reserved]; 

(xiii) Investments in Deposit Accounts in the ordinary course of business; 

(xiv) Investments consisting of interest rate, currency, or commodity swap agreements, interest rate cap or collar agreements
or arrangements entered into in the ordinary course of business and designated to protect a Person against fluctuations in interest rates, currency exchange rates, or commodity prices as long as the aggregate outstanding nominal value outstanding of
such Indebtedness does not exceed $500,000; 
 (xv) Permitted Acquisitions; 

(xvi) Investments in the MSC Subsidiary, so long as an Event of Default does not exist at the time of such Investment and would
not exist after giving effect to such Investment and provided that Borrower is, at all times, in compliance with the MSC Investment Conditions; 

(xvii) additional Investments that do not exceed $500,000 in the aggregate. 

“Permitted Liens” means: 

(i) Liens in favor of Agent or the Lenders; 

(ii) Liens existing on the Closing Date which are disclosed in Schedule 1C; 

(iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in
good faith by appropriate proceedings diligently conducted; provided, that Borrower maintains adequate reserves therefor on Borrower’s Books in accordance with GAAP; 

(iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other like
Persons arising in the ordinary course of Borrower’s business and imposed without action of such parties; provided, that the payment thereof is not yet required; 

(v) Liens arising from judgments, decrees or attachments in circumstances which do not constitute an Event of Default
hereunder; 
 (vi) the following deposits, to the extent made in the ordinary course of business: deposits under
worker’s compensation, unemployment insurance, social security and other similar laws, or to secure the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure indemnity, performance or other
similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory obligations (other than Liens arising under ERISA or environmental Liens) or surety or appeal bonds, or to secure
indemnity, performance or other similar bonds; 
 (vii) Liens on Equipment or software or other intellectual property
constituting purchase money Liens and Liens in connection with capital leases securing Indebtedness permitted in clause (iii) of “Permitted Indebtedness”; 

(viii) Liens incurred in connection with Subordinated Indebtedness; 

  
 10 

 (ix) leasehold interests in leases or subleases and licenses granted in the
ordinary course of business and not interfering in any material respect with the business of the licensor; 
 (x) Liens in
favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties that are promptly paid on or before the date they become due; 

(xi) Liens on insurance proceeds securing the payment of financed insurance premiums that are promptly paid on or before the
date they become due (provided that such Liens extend only to such insurance proceeds and not to any other property or assets); 

(xii) statutory and common law rights of set-off and other similar rights as to
deposits of cash and securities in favor of banks, other depository institutions and brokerage firms; 
 (xiii) easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business so long as they do not
materially impair the value or marketability of the related property; 
 (xiv) (A) Liens on Cash securing obligations
permitted under clause (vii) of the definition of Permitted Indebtedness and (B) security deposits in connection with real property leases, the combination of (A) and (B) in an aggregate amount not to exceed $500,000 at any time; and

 (xv) Permitted Out-Licenses and
non-exclusive licenses of Intellectual Property granted to third parties in the ordinary course of business and licenses of Intellectual Property that could not result in a legal transfer of title of the
licensed property that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United States of America; 

(xvi) Liens in favor of other financial institutions arising in connection with Deposit Accounts and/or securities accounts
held at such institutions in the ordinary course of business; 
 (xvii) Liens consisting of pledges of cash, cash equivalents
or government securities to secure swap or foreign exchange contracts or letters of credit, in a combined aggregate amount outstanding not to exceed $500,000; 

(xviii) the filing of UCC financing statements solely as a precautionary measure in connection with operating leases or
consignment of goods; 
 (xix) Liens not otherwise permitted hereunder securing Indebtedness with respect to specific assets
in an aggregate outstanding amount not to exceed $500,000; and 
 (xx) Liens incurred in connection with the extension,
renewal or refinancing of the Indebtedness secured by Liens of the type described in clauses (i) through (xiv) above; provided, that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and
the principal amount of the Indebtedness being extended, renewed or refinanced (as may have been reduced by any payment thereon) does not increase. 

“Permitted Out-Licenses” means the following licenses entered into in the ordinary course of
business: 

  
 11 

 (i) non-exclusive licenses and
similar arrangements for the use of Intellectual Property; 
 (ii) licenses that could not result in a legal transfer of
title of the licensed property that may be exclusive in respects other than territory; 
 (iii) licenses that could not
result in a legal transfer of title of the licensed property that may be exclusive as to territory: 
 (x) but only as to discreet
geographical areas outside of the United States of America, 
 (y) solely for Non-Core Indications
or Non-Core Intellectual Property, or 
 (z) that are exclusive licenses for specific disease
indications and/or specific disease targets. 
 “Permitted Transfers” means: 

(i) sales of Inventory in the ordinary course of business, 

(ii) Permitted Out-Licenses, 

(iii) dispositions of worn-out, obsolete or surplus Equipment at fair market value in
the ordinary course of business, 
 (iv) the sale or issuance of any stock of Borrower not prohibited under this Agreement,

 (v) the use or transfer of Cash in the ordinary course of business in a manner that is not prohibited by the terms of this
Agreement or the other Loan Documents, 
 (vi) Permitted Liens and Permitted Investments, and 

(vii) other transfers of assets having a fair market value of not more than $500,000 in the aggregate in any fiscal year. 

“Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association,
corporation, limited liability company, institution, other entity or government. 
 “Pledge Agreement” means the Pledge Agreement
dated as of the Closing Date between Borrower and Agent, as the same may from time to time be amended, restated, modified or otherwise supplemented. 

“Qualified Cash” means the amount of Borrower’s Cash held in accounts in the United States subject to an Account Control
Agreement in favor of Agent. 
 “Qualified Cash A/P Amount” means the amount of Borrower’s and its Subsidiaries’
accounts payable that have not been paid within ninety (90) days from the invoice date of the relevant account payable. 

  
 12 

 “Receivables” means (i) all of Borrower’s Accounts, Instruments,
Documents, Chattel Paper, Supporting Obligations, letters of credit, proceeds of any letter of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto. 

“Required Lenders” means at any time, the holders of more than 50% of the sum of the aggregate unpaid principal amount of the Term
Loans then outstanding. 
 “Restricted License” means any material License or other agreement with respect to which Borrower is
the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such License or agreement or any other property, or (b) for which a default under or termination of could
interfere with the Agent’s right to sell any Collateral. 
 “Sanctioned Country” means, at any time, a country or territory
which is the subject or target of any Sanctions. 
 “Sanctioned Person” means, at any time, (a) any Person listed in any
Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the European Union or any EU member
state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the European Union or Her
Majesty’s Treasury of the United Kingdom. 
 “SBA Funding Date” means each date on which a Lender which is an SBIC funds any
portion of the Term Loan. 
 “Secured Obligations” means Borrower’s obligations under this Agreement and any Loan Document,
including any obligation to pay any amount now owing or later arising. 
 “Subordinated Indebtedness” means Indebtedness
subordinated to the Secured Obligations in amounts and on terms and conditions satisfactory to Agent in its sole discretion and subject to a subordination agreement in form and substance satisfactory to Agent in its sole discretion. 

“Subsequent Financing” means the closing of Borrower’s next institutional financing which becomes effective after the Closing
Date and is broadly marketed to multiple investors. 
 “Subsidiary” means an entity, whether a corporation, partnership, limited
liability company, joint venture or otherwise, in which Borrower owns or controls 50% or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Commitment” means as to any Lender, the obligation of such Lender, if any, to make a Term Loan Advance to the Borrower in a
principal amount not to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule 1.1. 

  
 13 

 “Term Loan Advance” means each Tranche 1 Advance, Tranche 2 Advance, Tranche 3
Advance, Tranche 4 Advance and any other Term Loan funds advanced under this Agreement. 
 “Term Loan Cash Interest Rate” means
for any day a per annum rate of interest equal to the greater of either (i) 9.00% plus the prime rate as reported in The Wall Street Journal minus 5.25%, and (ii) 9.00%. 

“Term Loan Maturity Date” means October 1, 2024; provided that if such day is not a Business Day, the Term Loan Maturity Date
shall be the immediately preceding Business Day. 
 “Term Loan PIK Interest Rate” means, for any day a per annum rate of interest
equal to (a) during any PIK Deferral Period, the Cash Interest Reduction Amount, multiplied by 1.2, and (b) otherwise, 0.00%. 

“Trademark License” means any written agreement granting any right to use any Trademark or Trademark registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Trademarks” means all
trademarks (registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United
States of America, any State thereof or any other country or any political subdivision thereof. 
 “Tranche 4 Facility Charge”
means three-quarters of one percent (0.75%) of the Tranche 4 Advances, which is payable to the Lenders in accordance with Section 4.2(d). 

“UCC” means the Uniform Commercial Code as the same is, from time to time, in effect in the State of California; provided, that in
the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code as the same is, from time
to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to time, in such other jurisdiction solely for purposes of the provisions thereof
relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 
 “U.S.
Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code. 1.2 The following terms are defined in the Sections or subsections referenced opposite such terms: 

 

					
	 Defined Term
	  	Section	 
	 Agent
	  	 	Preamble	 
	 Assignee
	  	 	11.14	 
	 Borrower
	  	 	Preamble	 
	 Cash Interest Reduction Amount
	  	 	2.2	(c)(iii) 
	 Claims
	  	 	11.11	 
	 Collateral
	  	 	3.1	 
	 Confidential Information
	  	 	11.13	 

  
 14 

					
	 End of Term Charge
	  	 	2.6	 
	 Event of Default
	  	 	9	 
	 Financial Statements
	  	 	7.1	 
	 Indemnified Person
	  	 	6.3	 
	 Initial Tranche 1 Advance
	  	 	2.2	(a) 
	 Lenders
	  	 	Preamble	 
	 Liabilities
	  	 	6.3	 
	 Maximum Rate
	  	 	2.3	 
	 Open Source Licenses
	  	 	5.10	 
	 Participant Register
	  	 	11.8	 
	 PIK Deferral Period
	  	 	2.2	(c)(iii) 
	 Prepayment Charge
	  	 	2.5	 
	 Publicity Materials
	  	 	11.19	 
	 Register
	  	 	11.7	 
	 Rights to Payment
	  	 	3.1	 
	 SBA
	  	 	7.16	 
	 SBIC
	  	 	7.16	 
	 SBIC Act
	  	 	7.16	 
	 Term Loan PIK Interest
	  	 	2.2	(c)(ii) 
	 Tranche 1 Advance
	  	 	2.2	(a) 
	 Tranche 2 Advance
	  	 	2.2	(a) 
	 Tranche 3 Advance
	  	 	2.2	(a) 
	 Tranche 4 Advance
	  	 	2.2	(a) 

 1.3 Unless otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a
“Section,” “subsection,” “Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. Unless otherwise specifically
provided herein, any accounting term used in this Agreement or the other Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP,
consistently applied. Unless otherwise defined herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC. For all purposes under the Loan
Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized on the first date of its existence by the holders of its Equity Interests at such time. 
 SECTION 2. THE LOAN 

2.1 [Reserved] 

2.2 Term Loan. 

  
 15 

 (a) Advances. Subject to the terms and conditions of this Agreement, the
Lenders will severally (and not jointly) make in an amount not to exceed its respective Term Commitment, and Borrower agrees to draw, a Term Loan Advance of Ten Million Dollars ($10,000,000) on the Closing Date (the “Initial Tranche 1
Advance”). Beginning on the Closing Date, and continuing through December 15, 2020, Borrower may request additional Term Loan Advances in an aggregate amount up to Fifteen Million Dollars ($15,000,000) in minimum increments of $2,500,000
(each, together with the Initial Tranche 1 Advance, a “Tranche 1 Advance”). Subject to the terms and conditions of this Agreement, beginning on Borrower’s achievement of Performance Milestone 1 and continuing through March 31,
2021, Borrower may request and the Lenders shall severally (and not jointly) make an additional Term Loan Advance in a principal amount of Ten Million Dollars ($10,000,000) (the “Tranche 2 Advance”). Subject to the terms and conditions of
this Agreement, beginning on Borrower’s achievement of Performance Milestone II and continuing through June 30, 2021, Borrower may request and the Lenders shall severally (and not jointly) make an additional Term Loan Advance in a
principal amount of Ten Million Dollars ($10,000,000), (the “Tranche 3 Advance”). Subject to the terms and conditions of this Agreement, and conditioned on approval by the Lenders’ investment committee in its sole and unfettered
discretion, on or before December 15, 2021, Borrower may request additional Term Loan Advances in an aggregate principal amount up to Thirty Million Dollars ($30,000,000), in minimum increments of Five Million Dollars ($5,000,000) (each, a
“Tranche 4 Advance”). The aggregate outstanding Term Loan Advances may be up to the Maximum Term Loan Amount plus, for the avoidance of doubt, any amount equal to the Term Loan PIK Interest added to principal pursuant to
Section 2.2(c)(ii). 
 (b) Advance Request. To obtain a Term Loan Advance, Borrower shall complete, sign and deliver an
Advance Request (at least three (3) Business Days before the Advance Date other than the Closing Date, which shall be at least one (1) Business Day) to Agent. The Lenders shall fund the Term Loan Advance in the manner requested by the
Advance Request provided that each of the conditions precedent set forth in Section 4 and applicable to such Term Loan Advance is satisfied as of the requested Advance Date. 

(c) Interest. 

(i) Term Loan Cash Interest Rate. In addition to interest accrued pursuant to the Term Loan PIK Interest Rate, the principal
balance (including, for the avoidance of doubt, any amount equal to the Term Loan PIK Interest added to principal pursuant to Section 2.2(c)(ii)) of each Term Loan Advance shall bear interest thereon from such Advance Date (or from the date
such amount equal to the Term Loan PIK Interest is added to the principal) at the Term Loan Cash Interest Rate (as may be reduced for a given period in an amount equal to the applicable Cash Interest Reduction Amount pursuant to
Section 2.2(c)(iii)) based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed. The Term Loan Cash Interest Rate will float and change on the day the “prime rate” changes from time
to time. 
 (ii) Term Loan PIK Interest Rate. In addition to interest accrued pursuant to the Term Loan Cash Interest Rate,
the principal balance of each Term Loan Advance shall bear interest thereon during any PIK Deferral Period at the Term Loan PIK Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days
elapsed (the “Term Loan PIK Interest”), which amount shall be added to the outstanding principal balance and so capitalized so as to increase the outstanding principal balance of the Term Loan Advances on each payment date for such
Advance, and which amount shall be payable when the principal amount of the applicable Advance is payable in accordance with Section 2.2(d). 

  
 16 

 (iii) Borrower may elect, by prior written notice to Agent either:
(a) prior to an Advance Date, or (b) at least five (5) Business Days prior to the first Business Day of a fiscal quarter (or such shorter period as Agent may allow in its sole discretion), to reduce the then effective per annum Term
Loan Cash Interest Rate applicable to the Term Loan Advances, by up to 1.00% (the amount of such reduction, the “Cash Interest Reduction Amount”) for a period specified in such notice, provided that such period shall begin on the first
Business Day of the next fiscal quarter and shall end on the last day of such next fiscal quarter or any subsequent fiscal quarter thereafter (the “PIK Deferral Period”), provided that after the expiration of any PIK Deferral Period, the
reduction to the Term Loan Cash Interest Rate by an amount equal to the Cash Interest Reduction Amount shall cease to apply. If during a PIK Deferral Period, Borrower desires to terminate such PIK Deferral Period prior to the previously requested
end date of the PIK Deferral Period, Borrower may by written notice to Agent at least five (5) Business Days prior to the previously scheduled end date of such PIK Deferral Period (or such shorter period as Agent may allow in its sole
discretion), elect an earlier end date (which must be the last day of a fiscal quarter that is no earlier than the last day of the fiscal quarter after the commencement of such PIK Deferral Period). If during a PIK Deferral Period, Borrower desires
to change the Cash Interest Reduction Amount, Borrower may by written notice to Agent at least five (5) Business Days prior to the first Business Day of the fiscal quarter when such change is to take effect (or such shorter period as Agent may
allow in its sole discretion), elect a different Cash Interest Reduction Amount, provided that the Cash Interest Reduction Amount shall not be changed more frequently than once during any fiscal quarter. 

 (d) Payment. Borrower will pay interest on each Term Loan Advance in arrears on the first Business Day of each month,
beginning the month after the Advance Date. Borrower shall repay the aggregate Term Loan principal balance that is outstanding on the day immediately preceding the Amortization Date, in equal monthly installments of principal and interest (mortgage
style) beginning on the Amortization Date and continuing on the first Business Day of each month thereafter until the Secured Obligations (other than inchoate indemnity obligations) are repaid. The entire Term Loan principal balance and all accrued
but unpaid interest hereunder, shall be due and payable on Term Loan Maturity Date. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless of any counterclaim or defense. The Lenders will
initiate debit entries to the Borrower’s Designated Account as authorized on the ACH Authorization (i) on each payment date of all periodic obligations payable to the Lenders under each Advance and (ii) reasonable and documented out-of-pocket legal fees and costs incurred by Agent or the Lenders in connection with Section 11.12 of this Agreement; provided that, with respect to clause
(i) above, in the event that the Lenders or Agent informs Borrower that the Lenders will not initiate a debit entry to Borrower’s account for a certain amount of the periodic obligations due on a specific payment date, Borrower shall pay
to the Lenders such amount of periodic obligations in full in immediately available funds on such payment date; provided, further, that, with respect to clause (i) above, if the Lenders or Agent informs Borrower that the Lenders will not
initiate a debit entry as described above later than the date that is three (3) Business Days prior to such payment date, Borrower shall pay to the Lenders such amount of periodic obligations in full in immediately available funds on the date
that is three (3) Business Days after the date on which the Lenders or Agent notifies Borrower of such; provided, further, that, with respect to clause (ii) above, in the event that the Lenders or Agent informs Borrower that the Lenders
will not initiate a debit entry to Borrower’s account for certain amount of such out-of-pocket legal fees and costs incurred by Agent or the Lenders, Borrower shall
pay to the Lenders such amount in full in immediately available funds within three (3) Business Days. 

  
 17 

 2.3 Maximum Interest. Notwithstanding any provision in this Agreement or any
other Loan Document, it is the parties’ intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable hereto (which under
the laws of the State of California shall be deemed to be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court of competent jurisdiction shall finally determine that Borrower has actually
paid to the Lenders an amount of interest in excess of the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrower shall be
applied as follows: first, to the payment of the Secured Obligations consisting of the outstanding principal; second, after all principal is repaid, to the payment of the Lenders’ accrued interest, reasonable and documented out-of-pocket costs, expenses, professional fees and any other Secured Obligations; and third, after all Secured Obligations are repaid, the excess (if any) shall be refunded
to Borrower. 
 2.4 Default Interest. In the event any payment is not paid on the scheduled payment date, an amount equal to
five percent (5%) of the past due amount shall be payable on demand. In addition, upon the occurrence and during the continuation of an Event of Default hereunder, all outstanding Secured Obligations, including principal, interest, compounded
interest, and professional fees, shall bear interest at a rate per annum equal to the rate set forth in Section 2.2(c), plus five percent (5%) per annum. In the event any interest is not paid when due hereunder, delinquent interest shall be
added to principal and shall bear interest on interest, compounded at the rate set forth in Section 2.2(c) or Section 2.4, as applicable. 

2.5 [reserved]. 

2.6 Prepayment. At its option upon at least five (5) Business Days prior written notice to Agent, Borrower may prepay all
or a portion of the outstanding Advances by paying the entire principal balance (or such portion thereof), all accrued and unpaid interest thereon, together with a prepayment charge equal to the following percentage of the Advance amount being
prepaid: with respect to each Advance (which Advance amount shall include, for the avoidance of doubt, any principal that has been added to the principal balance of such Advance pursuant to Section 2.2(c)(ii)), if such Advance amounts are prepaid in
any of the first twelve (12) months following the Closing Date, 2.0%; after twelve (12) months but on or prior to twenty-four (24) months, 1.5%; and after twenty-four (24) months but on or prior to
thirty-six (36) months, 1.0% (each, a “Prepayment Charge”). If at any time Borrower elects to make a prepayment, and at such time, there are outstanding Advances under multiple tranches, the
Prepayment Charge shall be determined by applying the amount of such prepayment in the following order: first, to the outstanding principal amount (and accrued but unpaid interest thereon) of Advances outstanding under the Tranche with the latest
initial funding date; second, to the outstanding principal amount (and accrued but unpaid interest thereon) of Advances outstanding under the Tranche with the next latest initial funding date and so on until the entire principal balance of all
Advances made hereunder (and all accrued but unpaid interest thereon) is paid in full. Borrower agrees that the Prepayment Charge is a reasonable calculation of the Lenders’ lost profits in view of the difficulties and impracticality of
determining actual damages resulting from an early repayment of the Advances. Borrower shall prepay the outstanding amount of all principal and accrued interest through the prepayment date and the Prepayment Charge upon the occurrence of a Change in
Control. Notwithstanding the foregoing, 

  
 18 

 
Agent and the Lenders agree to waive the Prepayment Charge if Agent and the Lenders (in their sole and absolute discretion) agree in writing to refinance the Advances prior to the Term Loan
Maturity Date. Any amounts paid under this Section shall be applied by Agent to the then unpaid outstanding amount of any Secured Obligations (including principal and interest) in such order and priority as Agent may choose in its sole discretion.

 2.7 End of Term Charge. On the earliest to occur of (i) the Term Loan Maturity Date, (ii) the date that Borrower
prepays the outstanding Secured Obligations (other than any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the Secured
Obligations become due and payable, Borrower shall pay the Lenders a charge equal to 5.50% of the aggregate original principal amount of all Advances (the “End of Term Charge”). Notwithstanding the required payment date of such End of Term
Charge, the applicable pro rata portion of the End of Term Charge shall be deemed earned by the Lenders as of each date a Term Loan Advance is made. 

2.8 Pro Rata Treatment. Each payment (including prepayment) on account of any fee and any reduction of the Term Loan Advances
shall be made pro rata according to the Term Commitments of the relevant Lender. 
 2.9 Taxes; Increased Costs. The Borrower,
the Agent and the Lenders each hereby agree to the terms and conditions set forth on Addendum 1 attached hereto. 
 2.10
Treatment of Prepayment Charge and End of Term Charge. Borrower agrees that any Prepayment Charge and any End of Term Charge payable shall be presumed to be the liquidated damages sustained by each Lender as the result of the early termination, and
Borrower agrees that it is reasonable under the circumstances currently existing and existing as of the Closing Date. The Prepayment Charge and the End of Term Charge shall also be payable in the event the Secured Obligations (and/or this Agreement)
are satisfied or released by foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure, or by any other means. Borrower expressly waives (to the fullest extent it may lawfully do so) the provisions of any present or future
statute or law that prohibits or may prohibit the collection of the foregoing Prepayment Charge and End of Term Charge in connection with any such acceleration. Borrower agrees (to the fullest extent that each may lawfully do so): (a) each of the
Prepayment Charge and the End of Term Charge is reasonable and is the product of an arm’s length transaction between sophisticated business people, ably represented by counsel; (b) each of the Prepayment Charge and the End of Term Charge
shall be payable notwithstanding the then prevailing market rates at the time payment is made; (c) there has been a course of conduct between the Lenders and Borrower giving specific consideration in this transaction for such agreement to pay
the Prepayment Charge and the End of Term Charge as a charge (and not interest) in the event of prepayment or acceleration; (d) Borrower shall be estopped from claiming differently than as agreed to in this Section 2.10. Borrower expressly
acknowledges that their agreement to pay each of the Prepayment Charge and the End of Term Charge to the Lenders as herein described was on the Closing Date and continues to be a material inducement to the Lenders to provide the Term Loans. 

SECTION 3. SECURITY INTEREST 

3.1 As security for the prompt and complete payment when due (whether on the payment dates or otherwise) of all the Secured
Obligations, subject to Section 3.2, Borrower grants to Agent a security interest in all of Borrower’s right, title, and interest in and, to and under all of Borrower’s personal property and other assets including the following
property whether now owned 

  
 19 

 
or hereafter acquired (collectively, the “Collateral”): (a) Receivables; (b) Equipment; (c) Fixtures; (d) General Intangibles (other than Intellectual Property); (e) Inventory;
(f) Investment Property; (g) Deposit Accounts; (h) Cash; (i) Goods; and all other tangible and intangible personal property of Borrower whether now or hereafter owned or existing, leased, consigned by or to, or acquired by, Borrower
and wherever located, and any of Borrower’s property in the possession or under the control of Agent; and, to the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for,
and rents, profits and products of each of the foregoing; provided, however, that the Collateral shall include all Accounts and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all
or any part, or rights in, the Intellectual Property (the “Rights to Payment”). Notwithstanding the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual
Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of the date of this Agreement, include the Intellectual Property to the extent necessary to permit perfection of
Agent’s security interest in the Rights to Payment. 
 3.2 Notwithstanding the broad grant of the security interest set
forth in Section 3.1, above, the Collateral shall not include (a) more than 65% of the presently existing and hereafter arising issued and outstanding shares of capital stock owned by Borrower of any Excluded Subsidiary which shares
entitle the holder thereof to vote for directors or any other matter, (b) the assets of any (i) Excluded Subsidiary (including the Equity Interests of any Subsidiary thereof) or (ii) MSC Subsidiary, (c) nonassignable licenses, permits
or contracts, which by their terms require the consent of the licensor thereof or another party (but only to the extent such prohibition on transfer is enforceable under applicable law, including, without limitation, Sections 9406, 9407 and 9408 of
the UCC), or (d) Excluded Accounts. 
 3.3 The security interest granted in Section 3.1 of this Agreement shall
continue until the Secured Obligations (other than contingent indemnification or reimbursement obligations that are not yet due and payable) have been paid in full and Lender has no further commitment or obligation hereunder or under the other Loan
Documents to make any further Advances, and shall thereupon terminate, and Lender shall, at Borrower’s expense, take all actions reasonably requested by Borrower to evidence such termination. 

SECTION 4. CONDITIONS PRECEDENT TO LOAN 

The obligations of the Lenders to make the Loan hereunder are subject to the satisfaction by Borrower of the following conditions: 

4.1 Initial Advance. On or prior to the Closing Date, Borrower shall have delivered to Agent the following: 

(a) executed copies of the Loan Documents and all other documents and instruments reasonably required by Agent to effectuate
the transactions contemplated hereby or to create and perfect the Liens of Agent with respect to all Collateral, in all cases in form and substance reasonably acceptable to Agent; 

(b) a legal opinion of Borrower’s counsel in form and substance reasonably acceptable to Agent, 

(c) certified copy of resolutions of Borrower’s board of directors evidencing approval of the Loan and other transactions
evidenced by the Loan Documents; 

  
 20 

 (d) certified copies of the Certificate of Incorporation and the Bylaws, as
amended through the Closing Date, of Borrower; 
 (e) a certificate of good standing for Borrower from its state of
incorporation and similar certificates from all other jurisdictions in which it does business and where the failure to be qualified would have a Material Adverse Effect; 

(f) payment of the Due Diligence Fee (to the extent not already paid), Initial Facility Charge and reimbursement of
Agent’s and the Lenders’ current expenses reimbursable pursuant to this Agreement and which have been invoiced to Borrower prior to the date hereof, which amounts may be deducted from the initial Advance; 

(g) all copies of each insurance policy required hereunder; and 

(h) such other documents as Agent may reasonably request. 

4.2 All Advances. On each Advance Date: 

(a) Agent shall have received (i) an Advance Request for the relevant Advance as required by Section 2.2(b), each
duly executed by Borrower’s Chief Executive Officer or Chief Financial Officer, and (ii) any other documents Agent may reasonably request. 

(b) The representations and warranties set forth in this Agreement shall be true and correct in all material respects on and as
of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and
correct in all material respects as of such date. 
 (c) Borrower shall be in compliance with all the terms and provisions
set forth herein and in each other Loan Document on its part to be observed or performed, and at the time of and immediately after such Advance no Event of Default shall have occurred and be continuing. 

(d) With respect to any Tranche 4 Advance, the Borrower shall have paid the Tranche 4 Facility Charge with respect to each such
Tranche 4 Advance. 
 (e) Each Advance Request shall be deemed to constitute a representation and warranty by Borrower on the
relevant Advance Date as to the matters specified in paragraphs (b) and (c) of this Section 4.2 and as to the matters set forth in the Advance Request. 

4.3 No Default. As of the Closing Date and each Advance Date, (i) no fact or condition exists that would (or would, with
the passage of time, the giving of notice, or both) constitute an Event of Default and (ii) no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 

  
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 SECTION 5. REPRESENTATIONS AND WARRANTIES OF BORROWER 

Borrower represents and warrants that: 

5.1 Corporate Status. Borrower is a corporation duly organized, legally existing and in good standing under the laws of the
State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or location of its properties require such qualifications and where the failure to be qualified could reasonably be expected
to have a Material Adverse Effect. Borrower’s present name, former names (if any), locations, place of formation, tax identification number, organizational identification number and other information are correctly set forth in Exhibit B, as may
be updated by Borrower in a written notice (including any Compliance Certificate) provided to Agent after the Closing Date. 

5.2 Collateral. Borrower owns the Collateral and the Intellectual Property, free of all Liens, except for Permitted Liens.
Borrower has the power and authority to grant to Agent a Lien in the Collateral as security for the Secured Obligations. 

5.3 Consents. Borrower’s execution, delivery and performance of this Agreement and all other Loan Documents, (i) have
been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of any Lien upon the Collateral, other than Permitted Liens and the Liens created by this Agreement and the other Loan
Documents, (iii) do not violate any provisions of Borrower’s Certificate or Articles of Incorporation (as applicable), bylaws, or any material law, regulation, order, injunction, judgment, decree or writ to which Borrower is subject and
(iv) except as described on Schedule 5.3, do not violate in any material respect any material contract or agreement or require the consent or approval of any other Person which has not already been obtained. The individual or individuals
executing the Loan Documents are duly authorized to do so. 
 5.4 Material Adverse Effect. No event that has had or could
reasonably be expected to have a Material Adverse Effect has occurred and is continuing. Borrower is not aware of any event likely to occur that is reasonably expected to result in a Material Adverse Effect. 

5.5 Actions Before Governmental Authorities. There are no actions, suits or proceedings at law or in equity or by or before any
governmental authority now pending or, to the knowledge of Borrower, threatened in writing against or affecting Borrower or its property, that is reasonably expected to result in a Material Adverse Effect. 

5.6 Laws. Neither Borrower nor any of its Subsidiaries is in violation of any law, rule or regulation, or in default with
respect to any judgment, writ, injunction or decree of any governmental authority, where such violation or default is reasonably expected to result in a Material Adverse Effect. Borrower is not in default in any manner under any provision of any
agreement or instrument evidencing material Indebtedness, or any other material agreement to which it is a party or by which it is bound and for which such default would reasonably be expected to result in a Material Adverse Effect. 

Neither Borrower nor any of its Subsidiaries is an “investment company” or a company “controlled” by an
“investment company” under the Investment Company Act of 1940, as amended. Neither Borrower nor any of its Subsidiaries is engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the
Federal Reserve Board of Governors). Borrower and each of its Subsidiaries has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an
“affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Neither Borrower’s nor any of its
Subsidiaries’ properties or assets has been used by Borrower or such Subsidiary or, to Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than in material
compliance with 

  
 22 

 
applicable laws. Borrower and each of its Subsidiaries has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all
governmental authorities that are necessary to continue their respective businesses as currently conducted. 
 None of
Borrower, any of its Subsidiaries, or any of Borrower’s or its Subsidiaries’ Affiliates or any of their respective agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement is
(i) in violation of any Anti Terrorism Law, (ii) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding or attempts to violate, any of the prohibitions set forth in any Anti
Terrorism Law, or (iii) is a Blocked Person. None of Borrower, any of its Subsidiaries, or to the knowledge of Borrower and any of their Affiliates or agents, acting or benefiting in any capacity in connection with the transactions contemplated
by this Agreement, (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (y) deals in, or otherwise engages in any transaction relating to,
any property or interest in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti Terrorism Law. None of the funds to be provided under this Agreement will be used, directly or indirectly,
(a) for any activities in violation of any applicable anti-money laundering, economic sanctions and anti-bribery laws and regulations laws and regulations or (b) for any payment to any governmental official or employee, political party,
official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices
Act of 1977, as amended. 
 5.7 Information Correct and Current. No information, report, Advance Request, financial
statement, exhibit or schedule furnished, by or on behalf of Borrower to Agent in connection with any Loan Document or included therein or delivered pursuant thereto (other than the projections) contained, or, when taken as a whole, contains or will
contain any material misstatement of fact or, when taken together with all other such information or documents, omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were, are or will be made, not materially misleading at the time such statement was made or deemed made. Additionally, any and all financial or business projections provided by Borrower to Agent, whether prior to or after the Closing
Date, shall be (i) provided in good faith and based on the most current data and information available to Borrower, and (ii) the most current of such projections provided to Borrower’s Board of Directors (it being understood that such
projections are subject to significant uncertainties and contingencies, many of which are beyond the control of Borrower, that no assurance is given that any particular projections will be realized and that actual results may differ materially).

 5.8 Tax Matters. Except as described on Schedule 5.8, except those that do not, individually or in the aggregate, exceed
$250,000, and except those being contested in good faith by appropriate proceedings with adequate reserves taken in connection thereto in accordance with GAAP, (a) Borrower and its Subsidiaries have filed all material federal and state income
Tax returns and other material Tax returns that they are required to file, (b) Borrower and its Subsidiaries have duly paid for all federal and material state income Taxes and other Taxes or installments thereof (including any interest or
penalties) as and when due, which have or may become due pursuant to such returns, and (c) Borrower has paid or fully reserved for any tax assessment received by Borrower for the three (3) years preceding the Closing Date, if any and
(d) to the Borrower’s knowledge, there are no proposed or pending Tax assessments, deficiencies, audits or other proceedings with respect to Borrower or any Subsidiary, in each case, except (i)

  
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Taxes that are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with GAAP or (ii) to the
extent that the failure to do so could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

5.9 Intellectual Property Claims. Borrower is the sole owner of, or otherwise has the right to use, the Intellectual Property
material to Borrower’s business. Except as described on Schedule 5.9, (i) each of the material Copyrights, Trademarks and Patents is valid and enforceable, (ii) no material part of the Intellectual Property has been judged invalid or
unenforceable, in whole or in part, and (iii) to the best of Borrower’s knowledge, no claim has been made in writing alleging to Borrower that any material part of the Intellectual Property violates the rights of any third party. Exhibit C
is a true, correct and complete list of each of Borrower’s Patents, registered Trademarks, registered Copyrights, and material agreements under which Borrower licenses Intellectual Property from third parties (other than shrink-wrap software
licenses or other licenses which, if terminated, would not reasonably be expected to result in a Material Adverse Effect), together with application or registration numbers, as applicable, owned by Borrower or any Subsidiary, in each case as of the
Closing Date. Borrower is not in material breach of, nor has Borrower failed to perform any material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge, no third party to any such contract,
license or agreement is in material breach thereof or has failed to perform any material obligations thereunder, except as would not reasonably be expected to result in a Material Adverse Effect. 

5.10 Intellectual Property. To the best of Borrower’s knowledge, except as described on Schedule 5.10, Borrower has all
material rights with respect to Intellectual Property necessary or material in the operation or conduct of Borrower’s business as currently conducted and proposed to be conducted by Borrower. Without limiting the generality of the foregoing,
and in the case of Licenses, except for restrictions that are unenforceable under Division 9 of the UCC, Borrower has the right, to the extent required to operate Borrower’s business, to freely transfer, license or assign Intellectual Property
necessary or material in the operation or conduct of Borrower’s business as currently conducted and proposed to be conducted by Borrower, without condition, restriction or payment of any kind (other than license payments in the ordinary course
of business) to any third party, and Borrower owns or has the right to use, pursuant to valid licenses, all software development tools, library functions, compilers and all other third-party software and other items that are material to
Borrower’s business and used in the design, development, promotion, sale, license, manufacture, import, export, use or distribution of Borrower Products except customary covenants in inbound license agreements and equipment leases where
Borrower is the licensee or lessee. Borrower is not a party to, nor is it bound by, any Restricted License. 
 No material software or other
materials used by Borrower or any of its Subsidiaries (or used in any Borrower Products or any Subsidiaries’ products) are subject to an open-source or similar license (including but not limited to the General Public License, Lesser General
Public License, Mozilla Public License, or Affero License) (collectively, “Open Source Licenses”) in a manner that would cause such software or other materials to have to be (i) distributed to third parties at no charge or a minimal
charge (royalty-free basis); (ii) licensed to third parties to modify, make derivative works based on, decompile, disassemble, or reverse engineer; or (iii) used in a manner that does could require disclosure or distribution in source code
form. 

  
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 5.11 Borrower Products. Except as described on Schedule 5.11, no material
Intellectual Property owned by Borrower or Borrower Product has been or is subject to any actual or, to the knowledge of Borrower, threatened in writing litigation, proceeding (including any proceeding in the United States Patent and Trademark
Office or any corresponding foreign office or agency) or outstanding decree, order, judgment, settlement agreement or stipulation that restricts in any manner Borrower’s use, transfer or licensing thereof or that would reasonably be expected to
adversely affect the validity, use or enforceability thereof. There is no decree, order, judgment, agreement, stipulation, arbitral award or other provision entered into in connection with any litigation or proceeding before a governmental authority
that obligates Borrower to grant licenses or ownership interest in any future Intellectual Property material to the operation or conduct of the business of Borrower or Borrower Products. Borrower has not received any written notice or claim, or, to
the knowledge of Borrower, oral notice or claim, challenging or questioning Borrower’s ownership in any material Intellectual Property (or written notice of any claim challenging or questioning the ownership in any material licensed
Intellectual Property of the owner thereof) or suggesting that any third party has any claim of legal or beneficial ownership with respect thereto nor, to Borrower’s knowledge, is there a reasonable basis for any such claim. To the
Borrower’s knowledge, neither Borrower’s use of its material Intellectual Property nor the production and sale of Borrower Products infringes the material Intellectual Property or other rights of others. 

5.12 Financial Accounts. Exhibit D, as may be updated by the Borrower in a written notice provided to Agent after the Closing
Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any Subsidiary maintains Deposit Accounts and (b) all institutions at which Borrower or any Subsidiary maintains an account
holding Investment Property, and such exhibit correctly identifies the name, address and telephone number of each bank or other institution, the name in which the account is held, a description of the purpose of the account, and the complete account
number therefor. 
 5.13 Employee Loans. Borrower has no outstanding loans to any employee, officer or director of the
Borrower nor has Borrower guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party. 

5.14 Capitalization and Subsidiaries. Borrower’s capitalization as of the Closing Date is set forth on Schedule 5.14
annexed hereto. Borrower does not own any stock, partnership interest or other securities of any Person, except for Permitted Investments. Attached as Schedule 5.14, as may be updated by Borrower in a written notice provided after the Closing Date,
is a true, correct and complete list of each Subsidiary. 
 SECTION 6. INSURANCE; INDEMNIFICATION 

6.1 Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance, on an occurrence form,
against risks customarily insured against by businesses of Borrower’s size in Borrower’s line of business in similar locations. Such risks shall include the risks of bodily injury, including death, property damage, personal injury,
advertising injury, and contractual liability per the terms of the indemnification agreement found in Section 6.3. Borrower must maintain a minimum of $2,000,000 of commercial general liability insurance for each occurrence. Borrower has and
agrees to maintain a minimum of $2,000,000 of directors’ and officers’ insurance for each occurrence and $5,000,000 in the aggregate. So long as there are any Secured Obligations (other than inchoate indemnification or reimbursement
obligations or other obligations which, by their terms, survive termination of this Agreement) outstanding, Borrower 

  
 25 

 
shall also cause to be carried and maintained insurance upon the Collateral, insuring against all risks of physical loss or damage howsoever caused, in an amount not less than the full
replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles. If Borrower fails to obtain the insurance called for by this Section 6.1 or fails to pay any premium thereon or fails to pay
any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral, Agent may obtain such insurance or make such payment, and all amounts so paid by Agent are
immediately due and payable, bearing interest at the then highest rate applicable to the Secured Obligations, and secured by the Collateral. Agent will make reasonable efforts to provide Borrower with notice of Agent obtaining such insurance at the
time it is obtained or within a reasonable time thereafter. No payments by Agent are deemed an agreement to make similar payments in the future or Agent’s waiver of any Event of Default. 

6.2 Certificates. Borrower shall deliver to Agent certificates of insurance that evidence Borrower’s compliance with its
insurance obligations in Section 6.1 and the obligations contained in this Section 6.2. Borrower’s insurance certificate shall state Agent (shown as “Hercules Capital, Inc., as Agent”) is an additional insured for commercial
general liability, a lenders loss payable for all risk property damage insurance, subject to the insurer’s approval, and a lenders loss payable for property insurance and additional insured for liability insurance for any future insurance that
Borrower may acquire from such insurer. Attached to the certificates of insurance will be additional insured endorsements for liability and lender’s loss payable endorsements for all risk property damage insurance. Notwithstanding the
foregoing, (i) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of casualty policies up to $500,000 in the aggregate for all losses under all casualty policies in any one
year, toward the replacement or repair of destroyed or damaged property; provided that any such replaced or repaired property (A) shall be of equal or like value as the replaced or repaired Collateral and (B) shall be deemed Collateral in
which Agent has been granted a first priority security interest (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Agent’s lien in this Agreement), and (ii) after the
occurrence and during the continuance of an Event of Default, all proceeds payable under any such casualty policy shall, at the option of Agent, be payable to Agent on account of the Secured Obligations. All certificates of insurance will provide
for a minimum of twenty (20) days advance written notice to Agent of cancellation (other than cancellation for non-payment of premiums, for which ten (10) days’ advance written notice shall be
sufficient). Any failure of Agent to scrutinize such insurance certificates for compliance is not a waiver of any of Agent’s rights, all of which are reserved. Borrower shall provide Agent with copies of each insurance policy, and upon entering
or amending in any material manner any insurance policy required hereunder, Borrower shall provide Agent with copies of such policies and shall promptly deliver to Agent updated insurance certificates with respect to such policies. 

6.3 Indemnity. Borrower agrees to indemnify and hold Agent, the Lenders and their officers, directors, employees, agents, in- house attorneys, representatives and shareholders (each, an “Indemnified Person”) harmless from and against any and all claims, reasonable and documented out-of-pocket costs, expenses, damages and liabilities (including such claims, costs, expenses, damages and liabilities based on liability in tort, including strict liability in tort), including reasonable
and documented out-of-pocket attorneys’ fees and disbursements and other costs of investigation or defense (including those incurred upon any appeal) (collectively,
“Liabilities”), that may be instituted or asserted against or incurred by such Indemnified Person as the result of credit having been extended, suspended or terminated under this Agreement and the other Loan Documents or the administration
of such credit, or in connection with or arising out of 

  
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the transactions contemplated hereunder and thereunder, or any actions or failures to act in connection therewith, or arising out of the disposition or utilization of the Collateral, excluding in
all cases Liabilities to the extent resulting solely from any Indemnified Person’s gross negligence or willful misconduct. This Section 6.3 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages,
etc. arising from any non-Tax claim. In no event shall any Indemnified Person be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits,
business or anticipated savings). This Section 6.3 shall survive the repayment of indebtedness under, and otherwise shall survive the expiration or other termination of, the Loan Agreement. 

SECTION 7. COVENANTS OF BORROWER 

Borrower agrees as follows: 

7.1 Financial Reports. Borrower shall furnish to Agent the financial statements and reports listed hereinafter (the
“Financial Statements”): 
 (a) as soon as practicable (and in any event within 30 days) after the end of each
month, unaudited interim and year-to-date financial statements as of the end of such month (prepared on a consolidated and consolidating basis, if applicable), including
balance sheet and related statements of income; 
 (b) as soon as practicable (and in any event within 45 days) after the end
of each calendar quarter, unaudited interim and year-to-date financial statements as of the end of such calendar quarter (prepared on a consolidated and consolidating
basis, if applicable), including balance sheet and related statements of income and cash flows accompanied by a report detailing any material contingencies (including the commencement of any material litigation by or against Borrower) or any other
occurrence that would reasonably be expected to have a Material Adverse Effect, certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for
the absence of footnotes, and (ii) that they are subject to normal year end adjustments; as well as the most recent capitalization table for Borrower, including the weighted average exercise price of employee stock options; 

(c) as soon as practicable (and in any event within 180 days, prior to the effective date of an initial public offering, and
after the effective date of an initial public offering, within 90 days or such later date as permitted by applicable law) after the end of each fiscal year, unqualified (other than as to going concern or a qualification resulting solely from the
scheduled maturity of the Advances occurring within one year from the date such opinion is delivered) audited financial statements as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including balance
sheet and related statements of income and cash flows, and setting forth in comparative form the corresponding figures for the preceding fiscal year, certified by a firm of independent certified public accountants selected by Borrower and reasonably
acceptable to Agent, accompanied by any management report from such accountants; 
 (d) as soon as practicable (and in any
event within 30 days) after the end of each month, a Compliance Certificate in the form of Exhibit E; 
 (e) as soon as
practicable (and in any event within 30 days) after the end of each quarter, a report showing agings of accounts receivable and accounts payable; 

  
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 (f) promptly after the sending or filing thereof, as the case may be,
(i) copies of any proxy statements, financial statements or reports that Borrower has made generally available to holders of its preferred stock and (ii) copies of any regular, periodic and special reports or registration statements that
Borrower files with the Securities and Exchange Commission or any governmental authority that may be substituted therefor, or any national securities exchange. Documents required to be delivered pursuant to the terms of clause (b) and (c) of
this Section 7.1 (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such
documents, or provides a link thereto, on Borrower’s website on the Internet at Borrower’s website address; 
 (g)
promptly following board meetings and in the same manner as it gives to its directors, summaries of all historical performance materials that Borrower provides to its directors in connection with meetings of the Board of Directors; 

(h) financial and business projections promptly following their approval by Borrower’s Board of Directors, and in any
event, within 60 days after the end of Borrower’s fiscal year, as well as budgets, operating plans and other financial information reasonably requested by Agent; and 

(i) immediate notice if Borrower or any Subsidiary has knowledge that Borrower, or any Subsidiary or Affiliate of Borrower, is
listed on the OFAC Lists or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or predicate crimes to money laundering. 

Borrower shall provide Agent with prompt written notice of any material change in its (a) accounting policies or reporting practices,
except as required by GAAP or (b) fiscal years or fiscal quarters. The fiscal year of Borrower shall end on December 31. 
 The executed
Compliance Certificate and all Financial Statements required to be delivered pursuant to clauses (a), (b), (c) and (d) shall be sent via e-mail to financialstatements@htgc.com with a copy to
legal@htgc.com and Janice Bourque provided, that if e-mail is not available or sending such Financial Statements via e-mail is not possible, they shall be faxed to Agent
at: (650) 473-9194, attention Account Manager: Codiak BioSciences, Inc. 
 7.2
Management Rights. Borrower shall permit any representative that Agent or the Lenders authorizes, including its attorneys and accountants, to inspect the Collateral and examine and make copies and abstracts of the books of account and records of
Borrower at reasonable times and upon reasonable notice during normal business hours; provided, however, that so long as no Event of Default has occurred and is continuing, such examinations shall be limited to no more often than once per
fiscal year. In addition, in connection with any such examination, any such representative shall have the right to meet with management and officers of Borrower to discuss such books of account and records. In addition, Agent or the Lenders shall be
entitled at reasonable times and intervals and upon reasonable prior written notice to consult with and advise the management and officers of Borrower concerning significant business issues affecting Borrower. Such consultations shall not
unreasonably interfere with Borrower’s business operations. The parties intend that the rights granted Agent and the Lenders shall constitute “management rights” within the meaning of 29 C.F.R.
Section 2510.3-101(d)(3)(ii), but that any advice, recommendations or participation by Agent or the Lenders with respect to any business issues shall not be deemed to give Agent or the Lenders, nor be
deemed an exercise by Agent or the Lenders of, control over Borrower’s management or policies. 

  
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 7.3 Further Assurances. Borrower shall from time to time execute, deliver
and file, alone or with Agent, any financing statements, security agreements, collateral assignments, notices, control agreements, promissory notes or other documents to perfect, give the highest priority to Agent’s Lien on the Collateral
(subject to Permitted Liens) as Agent may reasonably request from time to time or as otherwise specifically required under the Loan Documents. Borrower shall from time to time procure any instruments or documents as may be reasonably requested by
Agent, and take all further action that may be necessary, or that Agent may reasonably request, to perfect and protect the Liens granted hereby and thereby in accordance with the Loan Documents. In addition, and for such purposes only, Borrower
hereby authorizes Agent to execute and deliver on behalf of Borrower and to file such financing statements (including an indication that the financing statement covers “all assets or all personal property” of Borrower in accordance with Section 9-504 of the UCC), collateral assignments, notices, control agreements, security agreements and other documents without the signature of Borrower either in Agent’s name or in the name of Agent as
agent and attorney-in-fact for Borrower. Borrower shall protect and defend Borrower’s title to the Collateral and Agent’s Lien thereon against all Persons
claiming any interest adverse to Borrower or Agent other than Permitted Liens. 
 7.4 Indebtedness. Borrower shall not
create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Subordinated Indebtedness for borrowed money or take any actions which
impose on Borrower an obligation to prepay any Subordinated Indebtedness for borrowed money, except for (a) the conversion of Indebtedness into equity securities and the payment of cash in lieu of fractional shares in connection with such
conversion, (b) purchase money Indebtedness pursuant to its then applicable payment schedule, (c) prepayment by any Subsidiary of (i) inter- company Indebtedness owed by such Subsidiary to any Borrower, or (ii) if such Subsidiary
is not a Borrower, intercompany Indebtedness owed by such Subsidiary to another Subsidiary that is not a Borrower, (d) as otherwise permitted hereunder or approved in writing by Agent or (e) the Indebtedness under the Loan Documents
pursuant to Section 2.5. 
 7.5 Collateral. Borrower shall at all times keep the Collateral, the Intellectual Property
and all other property and assets used in Borrower’s business or in which Borrower now or hereafter holds any interest free and clear from any Liens whatsoever (except for Permitted Liens), and shall give Agent prompt written notice of any
known legal process affecting the Collateral, the Intellectual Property, such other property and assets, in each case, with a value in excess of $500,000, or any Liens thereon, provided however, that the Collateral and such other property and assets
may be subject to Permitted Liens except that there shall be no Liens whatsoever on Intellectual Property. Borrower shall not agree with any Person other than Agent or the Lenders not to encumber its property (other than holders of Permitted Liens).
Borrower shall not enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of any Borrower to create, incur, assume or suffer to exist any Lien upon any of its property (including Intellectual Property),
whether now owned or hereafter acquired, to secure its obligations under the Loan Documents to which it is a party other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or capital
lease obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby) and (c) customary restrictions on the assignment of leases, licenses and other agreements.
Borrower shall cause its Subsidiaries to protect and defend such Subsidiary’s title to its assets from and against all Persons claiming any interest adverse to such Subsidiary, and Borrower shall cause its Subsidiaries at all times to keep such
Subsidiary’s property and assets free and clear from any known legal process or Liens whatsoever (except for Permitted Liens, provided however, that there shall be no Liens whatsoever on Intellectual Property), and shall give Agent prompt
written notice of any legal process affecting such Subsidiary’s assets with a value in excess of $500,000. 

  
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 7.6 Investments. Borrower shall not directly or indirectly acquire or own,
or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments. 

7.7 Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or redeem any class of stock
or other Equity Interest other than pursuant to employee, director or consultant repurchase plans, stock option plans or agreements, restricted stock agreements or other similar agreements, provided, however, in each case the repurchase or
redemption price does not exceed the original consideration paid for such stock or Equity Interest, or (b) declare or pay any cash dividend or make any other cash distribution on any class of stock or other Equity Interest, except that a
Subsidiary may pay dividends or make other distributions to Borrower or any Subsidiary of Borrower, or (c) lend money to any employees, officers or directors or guarantee the payment of any such loans granted by a third party in excess of
$500,000 in the aggregate outstanding other than Permitted Investments or (d) waive, release or forgive any Indebtedness owed by any employees, officers or directors in excess of $500,000 in the aggregate per fiscal year. 

7.8 Transfers. Except for Permitted Transfers, Borrower shall not, and shall not allow any Subsidiary to, voluntarily or
involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial or legal interest in any material portion of its assets. 

7.9 Mergers or Acquisitions. Other than Permitted Acquisitions and Permitted
In-Licenses, Borrower shall not merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with or into any other business organization (other than mergers or consolidations of 

(a) a Subsidiary which is not a Borrower into another Subsidiary or into Borrower or (b) a Borrower into another Borrower), or acquire, or
permit any of its Subsidiaries to acquire, in each case including for the avoidance of doubt through a merger, purchase, in-licensing arrangement or any similar transaction, all or substantially all of the
capital stock or any property of another Person. 
 7.10 Taxes. Borrower shall, and shall cause each of its Subsidiaries to,
pay when due all material Taxes of any nature whatsoever now or hereafter imposed or assessed against Borrower or the Collateral or upon Borrower’s ownership, possession, use, operation or disposition thereof or upon Borrower’s rents,
receipts or earnings arising therefrom, unless the same are being contested in good faith and by appropriate proceedings diligently conducted and for which adequate reserves are being maintained in accordance with GAAP. Borrower shall, and shall
cause each of its Subsidiaries to, file on or before the due date therefor (taking into account proper extensions) all material federal and state income Tax returns and other material Tax returns required to be filed. 

7.11 Corporate Changes. Neither Borrower nor any Subsidiary shall change its corporate name, legal form or jurisdiction of
formation without ten (10) days’ prior written notice to Agent. Neither Borrower nor any Subsidiary shall suffer a Change in Control unless, as part of the transaction(s) resulting in such a Change in Control, the Secured Obligations
(other than inchoate indemnity obligations) are repaid in full in cash. Neither Borrower nor any Subsidiary shall relocate its chief executive office or its principal place of business unless: (i) it has provided prior written notice to Agent;
and (ii) such relocation shall be within the continental United States 

  
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 of America. Neither Borrower nor any Domestic Subsidiary shall relocate any tangible item of
Collateral with an aggregate value in excess of $500,000 (other than (x) sales of Inventory in the ordinary course of business, (y) relocations of mobile Equipment in the possession of its employees or agents, and (z) relocations of
Collateral from a location described on Exhibit B to another location described on Exhibit B) unless (i) it has provided prompt written notice to Agent, (ii) such relocation is within the continental United States of America and, (iii) if
such relocation is to a third party bailee, it has delivered a bailee agreement in form and substance reasonably acceptable to Agent. 

7.12 Deposit Accounts. Neither Borrower nor any Subsidiary (other than the MSC Subsidiary) shall maintain any Deposit Accounts,
or accounts holding Investment Property other than, in each case, any Excluded Accounts, except, in each case, with respect to which Agent has an Account Control Agreement. 

7.13 Borrower shall notify Agent of each Subsidiary formed subsequent to the Closing Date and, within 20 days of formation,
shall cause any such Domestic Subsidiary to execute and deliver to Agent a Joinder Agreement. 
 7.14 MSC Investment
Conditions. At any time that the MSC Subsidiary has any assets or liabilities, Borrower shall satisfy the MSC Investment Conditions at all times. 

7.15 Notification of Event of Default. Borrower shall notify Agent promptly and in any case within three (3) Business Days
of Borrower obtaining knowledge of the occurrence of any Event of Default. 
 7.16 One or more affiliates of Agent and
Lenders have received a license from the U.S. Small Business Administration (“SBA”) to extend loans as a small business investment company (“SBIC”) pursuant to the Small Business Investment Act of 1958, as amended, and the
associated regulations (collectively, the “SBIC Act”). Portions of the Loan to Borrower may be made by Lender under the SBIC Act. Addendum 2 to this Agreement outlines various responsibilities of Agent, each Lender and Borrower associated
with a loan made by a SBIC, and such Addendum 2 is hereby incorporated in this Agreement. 
 7.17 Use of Proceeds. Borrower
agrees that the proceeds of the Loans shall be used solely to pay related fees and expenses in connection with this Agreement and for working capital and general corporate purposes. The proceeds of the Loans Credit will not be used in violation of
Anti-Corruption Laws or applicable Sanctions. 
 7.18 [Reserved]. 

7.19 Compliance with Laws. 

Borrower shall implement and maintain, and shall cause its Subsidiaries to maintain, compliance in all material respects with
all applicable laws, rules or regulations (including any law, rule or regulation with respect to the making or brokering of loans or financial accommodations), and shall, or cause its Subsidiaries to, obtain and maintain all required governmental
authorizations, approvals, licenses, franchises, permits or registrations reasonably necessary in connection with the conduct of Borrower’s business. 

  
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 Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or
any of its Subsidiaries permit any Affiliate to, directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Person listed on the OFAC Lists. Neither Borrower nor any of its Subsidiaries shall, nor shall
Borrower or any of its Subsidiaries, permit any Affiliate to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving of any
contribution of funds, goods or services to or for the benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224 or
any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
Executive Order No. 13224 or other Anti-Terrorism Law. 
 Borrower intends to implement and maintain in effect by
December 31, 2019 policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and Borrower, its
Subsidiaries and their respective officers and employees and to the knowledge of Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. 

None of Borrower, any of its Subsidiaries or any of their respective directors, officers or employees, or to the knowledge of
Borrower, any agent for Borrower or its Subsidiaries that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Loan, use of proceeds or other transaction contemplated by this
Agreement will violate Anti-Corruption Laws or applicable Sanctions. 
 7.20 [Reserved.] 

7.21 Intellectual Property. Each Borrower shall (i) protect, defend and maintain the validity and enforceability of
Intellectual Property material to its business; (ii) promptly advise Agent in writing of material infringements of Intellectual Property material to its business of which Borrower is aware; and (iii) not allow any Intellectual Property
material to its business to be abandoned, forfeited or dedicated to the public without Agent’s written consent. 
 7.22
Transactions with Affiliates. Borrower shall not and shall not permit any Subsidiary to, directly or indirectly, enter into or permit to exist any transaction of any kind with any Affiliate of Borrower or such Subsidiary on terms that are less
favorable to Borrower or such Subsidiary, as the case may be, than those that might be obtained in an arm’s length transaction from a Person who is not an Affiliate of Borrower or such Subsidiary. 

7.23 Post-Closing Obligations. Notwithstanding any provision herein or in any other Loan Document to the contrary, to the
extent not actually delivered on or prior to the Closing Date, Borrower shall deliver to Agent (or its designated agent): 

(a) within forty-five (45) days of the Closing Date (or such later date as Agent may determine in its sole discretion),
executed landlord waivers, in form and substance satisfactory to Agent in its sole discretion for the following locations: 

(i) 500 Technology Square, 9th Floor, Cambridge, MA 02139; 

(ii) 4 Hartwell Place, Lexington, MA 02140; 

(iii) 35 Cambridge Park Drive, Cambridge, MA 02140; and 

  
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 (b) within forty-five (45) days of the Closing Date (or such later date
as Agent may determine in its sole discretion), executed bailee waivers, in form and substance satisfactory to Agent in its sole discretion for the following locations: 

(i) 480 Pleasant Street, Lee, MA 02138; 

(ii) 726 Heartland Trail, Madison, WI 53717; 

(iii) 401 Terry Avenue North, Seattle, WA 98109; and 

(c) within ten (10) days of the Closing Date (or such later date as Agent may determine in its sole discretion), all
insurance certificates required hereunder which shall be in form and substance satisfactory to Agent in its sole discretion. 

(d) within two (2) days of the Closing Date, an executed Account Control Agreement (in form and substance satisfactory to
Agent in sole discretion) among Borrower, Agent and Silicon Valley Bank. 
 SECTION 8. RIGHT TO INVEST 

8.1 The Lenders or their assignee or nominee shall have the right, in its discretion, to participate in the Subsequent
Financing in an amount of up to $5,000,000 on the same terms, conditions and pricing afforded to others participating in the Subsequent Financing. 

SECTION 9. EVENTS OF DEFAULT 

The occurrence of any one or more of the following events shall be an Event of Default: 

9.1 Payments. Borrower fails to pay (i) any scheduled payment of principal or interest due under this Agreement or any of
the other Loan Documents on the due date or (ii) any other payment due on the Secured Obligations hereunder within five (5) Business Days; provided, however, that an Event of Default shall not occur on account of a failure to pay due
solely to an administrative or operational error of Agent or the Lenders or Borrower’s bank if Borrower had the funds to make the payment when due and makes the payment within three (3) Business Days following Borrower’s knowledge of
such failure to pay; or 
 9.2 Covenants. Borrower breaches or defaults in the performance of any covenant or Secured
Obligation under this Agreement, or any of the other Loan Documents or any other agreement among Borrower, Agent and the Lenders, and (a) with respect to a default under any covenant under this Agreement (other than under Sections 6, 7.4, 7.5,
7.6, 7.7, 7.8, 7.9, 7.14, 7.15, 7.16, 7.17, 7.19, 7.21, 7.22 and 7.23), any other Loan Document, or any other agreement among Borrower, Agent and the Lenders, such default continues for more than twenty (20) days after the earlier of the date
on which (i) Agent or the Lenders has given notice of such default to Borrower and (ii) Borrower has actual knowledge of such default or (b) with respect to a default under any of Sections 6, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, 7.14, 7.15,
7.16, 7.17, 7.19, 7.21, 7.22 and 7.23, the occurrence of such default; or 
 9.3 Material Adverse Effect. A circumstance has
occurred that could reasonably be expected to have a Material Adverse Effect; provided that solely for purposes of this Section 9.3, the occurrence of any of the following, in and of itself, shall not constitute a Material Adverse Effect:
(a) adverse results or delays in any nonclinical or clinical trial or (b) the denial, delay or 

  
 33 

 
limitation of approval of, or taking of any other regulatory action by, the FDA. In determining whether a Material Adverse Effect has occurred under this Section 9.3, Agent’s primary,
though not sole, consideration will be whether Borrower has or will have sufficient cash resources to repay the Secured Obligations as and when due. The clear intention of Borrower’s investors to continue to fund Borrower in the amounts and
timeframe necessary, in Agent’s good faith judgment, to enable Borrower to satisfy the Secured Obligations as they become due and payable is the most significant criterion Agent shall consider in making any such determination; or 

9.4 Representations. Any representation or warranty, when taken as a whole, made by Borrower in any Loan Document shall have
been false or misleading in any material respect when made or when deemed made; or 
 9.5 Insolvency. Borrower (A) (i)
shall make an assignment for the benefit of creditors; or (ii) shall be unable to pay its debts as they become due in the ordinary course of business; or (iii) shall file a voluntary petition in bankruptcy; or (iv) shall file any
petition, answer, or document seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances except as
permitted under Section 7.10 of this Agreement; or (v) shall seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e.,
33-1/3% or more) of the assets or property of Borrower; or (vi) shall cease operations of its business as its business has normally been conducted, or terminate substantially all of its employees; or
(vii) Borrower or its directors or majority shareholders shall take any action initiating any of the foregoing actions described in clauses (i) through (vi); or (B) either (i) forty-five (45) days shall have expired after the
commencement of an involuntary action against Borrower seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being
dismissed or all orders or proceedings thereunder affecting the operations or the business of Borrower being stayed; or (ii) a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be
timely appealed; or (iii) Borrower shall file any answer admitting or not contesting the material allegations of a petition filed against Borrower in any such proceedings; or (iv) the court in which such proceedings are pending shall enter
a decree or order granting the relief sought in any such proceedings; or (v) forty-five (45) days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower
or of all or any substantial part of the properties of Borrower without such appointment being vacated; or 
 9.6
Attachments; Judgments. Any portion of Borrower’s assets in an amount greater than $500,000 is attached or seized, or a levy is filed against any such assets that is not removed, rescinded or dismissed within thirty (30) days, or a
judgment or judgments is/are entered for the payment of money (not covered by independent third party insurance as to which liability has not been rejected by such insurance carrier), individually or in the aggregate, of at least $500,000, or
Borrower is enjoined or in any way prevented by court order from conducting any part of its business; or 
 9.7 Other
Obligations. The occurrence of any default (beyond any applicable grace or cure periods) under any agreement or obligation of Borrower giving rise to the ability by the counterparty to accelerate any Indebtedness in excess of $500,000. 

  
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 SECTION 10. REMEDIES 

10.1 General. Upon and during the continuance of any one or more Events of Default to the extent not prohibited by applicable
law, (i) Agent may, and at the direction of the Required Lenders shall, accelerate and demand payment of all or any part of the outstanding Secured Obligations together with the applicable Prepayment Charge and declare them to be immediately
due and payable (provided, that upon the occurrence and during the continuance of an Event of Default of the type described in Section 9.5, all of the outstanding Secured Obligations (including, without limitation, the Prepayment Charge and the
End of Term Charge) shall automatically be accelerated and made due and payable, in each case without any further notice or act), (ii) Agent may, at its option, sign and file in Borrower’s name any and all collateral assignments, notices,
control agreements, security agreements and other documents it deems necessary or appropriate to perfect or protect the repayment of the Secured Obligations, and in furtherance thereof, Borrower hereby grants Agent an irrevocable power of attorney
coupled with an interest exercisable solely during the continuance of an Event of Default, and (iii) Agent may notify any of Borrower’s account debtors to make payment directly to Agent, compromise the amount of any such account on
Borrower’s behalf and endorse Agent’s name without recourse on any such payment for deposit directly to Agent’s account. Agent may, and at the direction of the Required Lenders shall, exercise all rights and remedies with respect to
the Collateral under the Loan Documents or otherwise available to it under the UCC and other applicable law, including the right to release, hold, sell, lease, liquidate, collect, realize upon, or otherwise dispose of all or any part of the
Collateral and the right to occupy, utilize, process and commingle the Collateral. All Agent’s rights and remedies shall be cumulative and not exclusive. 

10.2 Collection; Foreclosure. Upon the occurrence and during the continuance of any Event of Default, Agent may, and at the
direction of the Required Lenders shall, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially
reasonable preparation or processing, in such order as Agent may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten
(10) calendar days’ prior written notice to Borrower. Agent may require Borrower to assemble the Collateral and make it available to Agent at a place designated by Agent that is reasonably convenient to Agent and Borrower. The proceeds of
any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Agent in the following order of priorities: 

First, to Agent and the Lenders in an amount sufficient to pay in full Agent’s and the Lenders’ reasonable and documented out-of-pocket costs and professionals’ and advisors’ fees and expenses as described in Section 11.12; 

Second, to the Lenders in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the default
rate interest pursuant to Section 2.4), in such order and priority as Agent may choose in its sole discretion; and 
 Finally, after the
full and final payment in Cash of all of the Secured Obligations (other than inchoate obligations), to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct.

 Agent shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations
of a secured party under the UCC. 
 10.3 No Waiver. Agent shall be under no obligation to marshal any of the Collateral for
the benefit of Borrower or any other Person, and Borrower expressly waives all rights, if any, to require Agent to marshal any Collateral. 

  
 35 

 10.4 Cumulative Remedies. The rights, powers and remedies of Agent hereunder
shall be in addition to all rights, powers and remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies provided herein shall not be construed as a waiver of or election of
remedies with respect to any other rights, powers and remedies of Agent. 
 SECTION 11. MISCELLANEOUS 

11.1 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 11.2 Notice. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted under the Loan Documents or with respect to
the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by electronic mail or hand delivery or delivery by an overnight
express service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States of America mails, with proper first class postage prepaid, in each case addressed to the party to be notified as follows: 

(a) If to Agent: 

HERCULES CAPITAL, INC. 

Legal Department 

Attention: Chief Legal Officer and Janice Bourque 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 

email: legal@htgc.com; jbourque@htgc.com 

Telephone: 650-289-3060 

(b) If to the Lenders: 

HERCULES CAPITAL, INC. 

Legal Department 

Attention: Chief Legal Officer and Janice Bourque 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 

email: legal@htgc.com; jbourque@htgc.com 

Telephone: 650-289-3060 

(c) If to Borrower: 

CODIAK BIOSCIENCES, INC. 

Attention: Linda Bain 

500 Technology Square, 9th Floor 

Cambridge, MA 021139 

email: linda.bain@codiakbio.com 

  
 36 

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

GOODWIN PROCTER LLP 

100 Northern Avenue 

Boston, MA 02210 

Attention: Mark D. Smith 

Telephone: 617-570-1750 

email: marksmith@goodwinprocter.com 

or to such other address as each party may designate for itself by like notice. 

11.3 Entire Agreement; Amendments. 

(a) This Agreement and the other Loan Documents constitute the entire agreement and understanding of the parties hereto in
respect of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure or confidentiality agreements, letters, negotiations or other
documents or agreements, whether written or oral, with respect to the subject matter hereof or thereof (including Agent’s revised proposal letter dated as of August 21, 2019 and executed on August 27, 2019, and the Non-Disclosure Agreement). 
 (b) Neither this Agreement, any other Loan Document, nor any
terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 11.3(b). The Required Lenders and Borrower party to the relevant Loan Document may, or, with the written consent of the
Required Lenders, the Agent and the Borrower party to the relevant Loan Document may, from time to time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any
provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (ii) waive, on such terms and conditions as the Required Lenders or the Agent, as the
case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or
modification shall (A) forgive the principal amount or extend the final scheduled date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee
payable hereunder or extend the scheduled date of any payment thereof, in each case without the written consent of each Lender directly affected thereby; (B) eliminate or reduce the voting rights of any Lender under this Section 11.3(b)
without the written consent of such Lender; (C) reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other
Loan Documents, release all or substantially all of the Collateral or release a Borrower from its obligations under the Loan Documents, in each case without the written consent of all Lenders; or (D) amend, modify or waive any provision of
Section 11.18 or Addendum 3 without the written consent of the Agent. Any such waiver and any such amendment, supplement or modification shall apply equally to each Lender and shall be binding upon Borrower, the Lender, the Agent and all future
holders of the Loans. 

  
 37 

 11.4 No Strict Construction. The parties hereto have participated jointly in
the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 
 11.5 No Waiver. The
powers conferred upon Agent and the Lenders by this Agreement are solely to protect its rights hereunder and under the other Loan Documents and its interest in the Collateral and shall not impose any duty upon Agent or the Lenders to exercise any
such powers. No omission or delay by Agent or the Lenders at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver
of any such right or remedy to which Agent or the Lenders is entitled, nor shall it in any way affect the right of Agent or the Lenders to enforce such provisions thereafter. 

11.6 Survival. All agreements, representations and warranties contained in this Agreement and the other Loan Documents or in
any document delivered pursuant hereto or thereto shall be for the benefit of Agent and the Lenders and shall survive the execution and delivery of this Agreement for so long as any Secured Obligations (other than contingent obligations for which no
claim has been asserted) remain outstanding. Sections 6.3, 11.14, 11.15 and 11.17 shall survive the termination of this Agreement. 

11.7 Successors and Assigns. The provisions of this Agreement and the other Loan Documents shall inure to the benefit of and be
binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement or any of the other Loan Documents without Agent’s express prior written consent, and any such attempted assignment shall be
void and of no effect. Agent and the Lenders may not assign, transfer, or endorse its rights hereunder and under the other Loan Documents without Borrower’s express prior written consent, such consent not to be unreasonably withheld, and all of
such rights shall inure to the benefit of Agent’s and the Lenders’ successors and assigns; provided, if an Event of Default has occurred and is continuing, Agent and the Lenders may assign, transfer, or endorse its rights hereunder and
under the other Loan Document without such Borrower’s consent; provided further that as long as no Event of Default has occurred and is continuing, neither Agent nor any Lender may assign, transfer or endorse its rights hereunder or under the
Loan Documents to any party that is a direct competitor of Borrower (as reasonably determined by Borrower), a vulture hedge fund or any other party designated by Borrower in writing on or prior to the Closing Date, it being acknowledged that in all
cases, any transfer to an Affiliate of any Lender or Agent shall be allowed. Agent will make reasonable efforts to provide Borrower with notice of any assignment, transfer or endorsement at the time it is made or within a reasonable time thereafter.
Notwithstanding the foregoing, (x) in connection with any assignment by a Lender as a result of a forced divestiture at the request of any regulatory agency, the restrictions set forth herein shall not apply and Agent and the Lenders may
assign, transfer or indorse its rights hereunder and under the other Loan Documents to any Person or party and (y) in connection with a Lender’s own financing or securitization transactions, the restrictions set forth herein shall not
apply and Agent and the Lenders may assign, transfer or indorse its rights hereunder and under the other Loan Documents to any Person or party providing such financing or formed to undertake such securitization transaction and any transferee of such
Person or party upon the occurrence of a default, event of default or similar occurrence with respect to such financing or securitization transaction; provided that no such sale, transfer, pledge or assignment under this clause (y) shall
release such Lender from any of its obligations hereunder or substitute any such Person or party for such Lender as a party hereto until Agent shall have received and accepted an effective assignment agreement from such Person or party in form
satisfactory to Agent executed, delivered and fully completed by the 

  
 38 

 
applicable parties thereto, and shall have received such other information regarding such assignee as Agent reasonably shall require. The Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain at one of its offices in the United States a register for the recordation of the names and addresses of the Lender(s), and the Term Commitments of, and principal amounts (and stated interest) of the Loans owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Agent and the Lender(s) shall treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior
notice. 
 11.8 Participations. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans
or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any
information relating to a participant’s interest in any commitments, loans, its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of
credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its
capacity as Agent) shall have no responsibility for maintaining a Participant Register. Borrower agrees that each participant shall be entitled to the benefits of the provisions in Addendum 1 attached hereto (subject to the requirements and
limitations therein, including the requirements under Section 7 of Addendum 1 attached hereto (it being understood that the documentation required under Section 7 of Addendum 1 attached hereto shall be delivered to the participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 11.7; provided that such participant shall not be entitled to receive any greater payment under Addendum 1 attached hereto, with
respect to any participation, than its participating Lender would have been entitled to receive. 
 11.9 Governing Law. This
Agreement and the other Loan Documents have been negotiated and delivered to Agent and the Lenders in the State of California, and shall have been accepted by Agent and the Lenders in the State of California. Payment to Agent and the Lenders by
Borrower of the Secured Obligations is due in the State of California. This Agreement and the other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws
principles that would cause the application of laws of any other jurisdiction. 
 11.10 Consent to Jurisdiction and Venue.
All judicial proceedings (to the extent that the reference requirement of Section 11.10 is not applicable) arising in or under or related to this Agreement or any of the other Loan Documents may be brought in any state or federal court located
in the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in Santa Clara County, State of California; (b) waives any
objection as to jurisdiction or venue in Santa Clara County, State of California; or (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any
judgment rendered 

  
 39 

 
thereby in connection with this Agreement or the other Loan Documents. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if
given in accordance with the requirements for notice set forth in Section 11.2, and shall be deemed effective and received as set forth in Section 11.2. Nothing herein shall affect the right to serve process in any other manner permitted
by law or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 
 11.11 Mutual
Waiver of Jury Trial / Judicial Reference. 
 (a) Because disputes arising in connection with complex financial transactions
are most quickly and economically resolved by an experienced and expert Person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying
such applicable laws. EACH OF BORROWER, AGENT AND THE LENDERS SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY,
“CLAIMS”) ASSERTED BY BORROWER AGAINST AGENT, THE LENDERS OR THEIR RESPECTIVE ASSIGNEE OR BY AGENT, THE LENDERS OR THEIR RESPECTIVE ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims without limitation and any Claims for
damages, breach of contract, tort, specific performance, or any equitable or legal relief of any kind, arising out of this Agreement, or any other Loan Document (other than to the extent arising from Agent or any Lender’s gross negligence or
willful misconduct). 
 (b) If the waiver of jury trial set forth in Section 11.10(a) is ineffective or unenforceable,
the parties agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee
selected by the Presiding Judge of the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. 

(c) In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in
Section 11.11, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial
reference. 
 11.12 Professional Fees. Borrower promises to pay Agent’s and the Lenders’ fees and reasonable and
documented out-of-pocket expenses necessary to finalize the loan documentation, including but not limited to reasonable and documented out-of-pocket attorneys’ fees, UCC searches, filing costs, and other miscellaneous expenses. In addition, Borrower promises to pay any and all reasonable and documented out-of-pocket attorneys’ and other professionals’ fees and expenses incurred by Agent and the Lenders after the Closing Date in connection with or related to: (a) the Loan; (b) the
administration, collection, or enforcement of the Loan; (c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or termination under the Loan Documents; (e) the protection, preservation, audit, field
exam, sale, lease, liquidation, or disposition of Collateral or the exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative, arbitration, or out of court proceeding in connection with or related to
Borrower or the Collateral, and any appeal or review thereof; and (g) any bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action related to Borrower, the Collateral, the Loan
Documents, including representing Agent or the Lenders in any adversary proceeding or contested matter commenced or continued by or on behalf of Borrower’s estate, and any appeal or review thereof. Notwithstanding the foregoing, in no event
shall the Borrower pay any of Agent’s and Lender’s attorney’s fees in excess of Seventy-Five Thousand Dollars ($75,000) in the aggregate incurred prior to the Closing Date. 

  
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 11.13 Confidentiality. Agent and the Lenders acknowledge that certain items
of Collateral and information provided to Agent and the Lenders by Borrower are confidential and proprietary information of Borrower, if and to the extent such information either (x) is marked as confidential by Borrower at the time of
disclosure, or (y) should reasonably be understood to be confidential (the “Confidential Information”). Accordingly, Agent and the Lenders agree that any Confidential Information it may obtain in the course of acquiring,
administering, or perfecting Agent’s security interest in the Collateral shall not be disclosed to any other Person or entity in any manner whatsoever, in whole or in part, without the prior written consent of Borrower, except that Agent and
the Lenders may disclose any such information: (a) to its Affiliates and its partners, investors, lenders, directors, officers, employees, agents, advisors, counsel, accountants, counsel, representative and other professional advisors if Agent
or the Lenders in their reasonable good faith discretion determines that any such party should have access to such information in connection with such party’s responsibilities in connection with the Loan or this Agreement and, provided that
such recipient of such Confidential Information either (i) agrees to be bound by the confidentiality provisions of this paragraph or (ii) is otherwise subject to confidentiality restrictions that reasonably protect against the disclosure
of Confidential Information which are no less restrictive than the terms of this Section 11.13; (b) if such information is generally available to the public or to the extent such information becomes publicly available other than as a result of
a breach of this Section or becomes available to Agent or any Lender, or any of their respective Affiliates on a non- confidential basis from a source other than the Borrower; (c) if required in any
report, statement or testimony to be submitted to any governmental authority having or claiming to have jurisdiction over Agent or the Lenders and any rating agency; (d) if required or appropriate in response to any summons or subpoena or in
connection with any litigation, to the extent permitted or deemed advisable by Agent’s or the Lenders’ counsel; (e) to comply with any legal requirement or law applicable to Agent or the Lenders or demanded by any governmental
authority; (f) to the extent reasonably necessary in connection with the exercise of, or preparing to exercise, or the enforcement of, or preparing to enforce, any right or remedy under any Loan Document (including Agent’s sale, lease, or
other disposition of Collateral after the occurrence an Event of Default), or any action or proceeding relating to any Loan Document; (g) to any participant or assignee of Agent or the Lenders or any prospective participant or assignee,
provided, that such participant or assignee or prospective participant or assignee agrees in writing to be bound by confidentiality restrictions similar to those under this Section 11.13; (h) otherwise to the extent consisting of general
portfolio information that does not identify Borrower; or (i) otherwise with the prior written consent of Borrower; provided, that any disclosure made in violation of this Agreement shall not affect the obligations of Borrower or any of its
Affiliates or any guarantor under this Agreement or the other Loan Documents. Agent’s and the Lenders’ obligations under this Section 11.13 shall supersede all of their respective obligations under the
Non-Disclosure Agreement. 
 11.14 Assignment of Rights. Borrower acknowledges and
understands that Agent or the Lenders may, subject to Section 11.7, sell and assign all or part of its interest hereunder and under the Loan Documents to any Person or entity (an “Assignee”). After such assignment the term
“Agent” or “Lender” as used in the Loan Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies of Agent and the Lenders hereunder with respect to the interest so
assigned; but with respect to any such interest not so transferred, Agent and the Lenders shall retain all rights, powers and remedies hereby given. No such assignment by Agent or the Lenders shall relieve Borrower of any of its obligations
hereunder. the Lenders agrees that in the event of any transfer by it of the promissory note(s) (if any), it will endorse thereon a notation as to the portion of the principal of the promissory note(s), which shall have been paid at the time of such
transfer and as to the date to which interest shall have been last paid thereon. 

  
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 11.15 Revival of Secured Obligations. This Agreement and the Loan Documents
shall remain in full force and effect and continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of creditors, if a receiver or
trustee is appointed for all or any significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Agent or the Lenders. The Loan Documents and the Secured Obligations and Collateral security shall continue
to be effective, or shall be revived or reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part thereof is rescinded, avoided or avoidable, reduced in
amount, or must otherwise be restored or returned by, or is recovered from, Agent, the Lenders or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though
such payment, performance, or transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations
shall be deemed, without any further action or documentation, to have been revived and reinstated until the Secured Obligations (other than contingent obligations for which no claim has been asserted) are fully satisfied. 

11.16 Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of
counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. Delivery of an executed counterpart
signature page of this Agreement by telecopier or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. 

11.17 No Third Party Beneficiaries. No provisions of the Loan Documents are intended, nor will be interpreted, to provide or
create any third-party beneficiary rights or any other rights of any kind in any Person other than Agent, the Lenders and Borrower unless specifically provided otherwise herein, and, except as otherwise so provided, all provisions of the Loan
Documents will be personal and solely among Agent, the Lenders and the Borrower. 
 11.18 Agency. Agent and each Lender
hereby agree to the terms and conditions set forth on Addendum 3 attached hereto. Borrower acknowledges and agrees to the terms and conditions set forth on Addendum 3 attached hereto. 

11.19 Publicity. None of the parties hereto nor any of its respective member businesses and Affiliates shall, without the other
parties’ prior written consent, publicize or use (a) the other party’s name (including a brief description of the relationship among the parties hereto), logo or hyperlink to such other parties’ web site, separately or together,
in written and oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or on its web site (together, the “Publicity Materials”); (b) the names of officers of such other parties in the
Publicity Materials; and (c) such other parties’ name, trademarks, servicemarks in any news or press release concerning such party; provided however, notwithstanding anything to the contrary herein, no such consent shall be required
(i) to the extent necessary to comply with the requests of any regulators, legal requirements or laws applicable to such party, pursuant to any listing 

  
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 agreement with any national securities exchange (so long as such party provides prior notice
to the other party hereto to the extent reasonably practicable) and (ii) to comply with Section 11.13. 
 (SIGNATURES TO FOLLOW)

  
 43 

 IN WITNESS WHEREOF, Borrower, Agent and the Lenders have duly executed and delivered this
Loan and Security Agreement as of the day and year first above written. 
  

			
	BORROWER:
	
	CODIAK BIOSCIENCES, INC.
		
	Signature:	 	 /s/ Douglas E. Williams

	Print Name: Douglas E. Williams
	Title: Chief Executive Officer

 [Signature Page to Loan and Security Agreement (Hercules/Codiak)] 

 Accepted in Palo Alto, California: 

 

			
	AGENT:
	
	HERCULES CAPITAL, INC.
		
	Signature:	 	 /s/ Jennifer Choe

	Print Name:	 	Jennifer Choe
	Title:	 	Assistant General Counsel
	
	LENDERS:
	
	HERCULES CAPITAL, INC.
		
	Signature:	 	 /s/ Jennifer Choe

	Print Name:	 	Jennifer Choe
	Title:	 	Assistant General Counsel

 [Signature Page to Loan and Security Agreement (Hercules/Codiak)] 

 Table of Addenda, Exhibits and Schedules 

 

			
	Addendum 1:	  	Taxes; Increased Costs
		
	Addendum 2:	  	SBA Provisions
		
	Addendum 3:	  	Agent and Lender Terms
		
	Exhibit A:	  	Advance Request
		  	Attachment to Advance Request
		
	Exhibit B:	  	Name, Locations, and Other Information for Borrower
		
	Exhibit C:	  	Borrower’s Patents, Trademarks, Copyrights and Licenses
		
	Exhibit D:	  	Borrower’s Deposit Accounts and Investment Accounts
		
	Exhibit E:	  	Compliance Certificate
		
	Exhibit F:	  	Joinder Agreement
		
	Exhibit G:	  	[Reserved]
		
	Exhibit H:	  	ACH Debit Authorization Agreement
		
	Exhibit I:	  	Conversion Election Notice
		
	Exhibit J-1:	  	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
		
	Exhibit J-2:	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
		
	Exhibit J-3:	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
		
	Exhibit J-4:	  	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
		
	Schedule 1.1	  	Commitments
	Schedule 1	  	Subsidiaries
	Schedule 1A	  	Existing Permitted Indebtedness
	Schedule 1B	  	Existing Permitted Investments
	Schedule 1C	  	Existing Permitted Liens
	Schedule 5.3	  	Consents, Etc.
	Schedule 5.8	  	Tax Matters
	Schedule 5.9	  	Intellectual Property Claims
	Schedule 5.10	  	Intellectual Property
	Schedule 5.11	  	Borrower Products
	Schedule 5.14	  	Capitalization

  
 2 

 ADDENDUM 1 to LOAN AND SECURITY AGREEMENT 

TAXES; INCREASED COSTS 
  

	1.	 Defined Terms. For purposes of this Addendum 1: 

 

	 	a.	 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net
income (however denominated) or that are franchise Taxes or branch profits Taxes. 

  

	 	b.	 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or
required to be withheld or deducted from a payment to a Recipient, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (A) imposed as a result of such Recipient
being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (B) that are Other Connection
Taxes, (ii) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Term Commitment pursuant to a law in effect on the date on
which (A) such Lender acquires such interest in the Loan or Term Commitment or (B) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2 or Section 4 of this Addendum 1, amounts
with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (iii) Taxes attributable to such
Recipient’s failure to comply with Section 7 of this Addendum 1 and (iv) any withholding Taxes imposed under FATCA. 

  

	 	c.	 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of
the Code, and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among governmental authorities and implementing such Sections of the Code. 

 

	 	d.	 “Foreign Lender” means a Lender that is not a U.S. Person. 

 

	 	e.	 “Indemnified Taxes” means (i) Taxes, other than Excluded Taxes, imposed on or with
respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (ii) to the extent not otherwise described in clause (i), Other Taxes. 

 

	 	f.	 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a
present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under,
received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

 

	 	g.	 “Other Taxes” means all present or future stamp, court or documentary, intangible, recording,
filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document,
except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 

  
 3 

	 	h.	 “Recipient” means the Agent or any Lender, as applicable. 

 

	 	i.	 “Withholding Agent” means the Borrower and the Agent. 

 

	2.	 Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower
under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the
deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant
governmental authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such
deductions and withholdings applicable to additional sums payable under this Section 2 or Section 4 of this Addendum 1) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or
withholding been made. 

  

	3.	 Payment of Other Taxes by Borrower. The Borrower shall timely pay to the relevant governmental
authority in accordance with applicable law, or at the option of the Agent timely reimburse it for the payment of, any Other Taxes. 

  

	4.	 Indemnification by Borrower. The Borrower shall indemnify each Recipient, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under Section 2 of this Addendum 1 or this Section 4) payable or paid by such
Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant governmental authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent
manifest error. 

  

	5.	 Indemnification by the Lenders. Each Lender shall severally indemnify the Agent, within 10 days
after demand therefor, for (a) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Agent for such Indemnified Taxes and without limiting the obligation of the Borrower
to do so), (b) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.8 of the Agreement relating to the maintenance of a Participant Register and (c) any Excluded Taxes attributable to such
Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the
relevant governmental authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Agent to set off and apply any and all
amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender from any other source against any amount due to the Agent under this Section 5. 

  
 4 

	6.	 Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a
governmental authority pursuant to the provisions of this Addendum 1, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Agent. 

  

	7.	 Status of Lenders. 

 

	 	a.	 Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made
under any Loan Document shall deliver to the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Agent as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding
two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 7(b)(i), 7(b)(ii) and 7(b)(iv) of this Addendum 1) shall not be required if in the Lender’s reasonable judgment
such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

 

	 	b.	 Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person,

  

	 	i.	 any Lender that is a U.S. Person shall deliver to the Borrower and the Agent on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent), executed copies of IRS Form W-9 certifying that such Lender is
exempt from U.S. federal backup withholding tax; 

  

	 	ii.	 any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent),
whichever of the following is applicable: 

  

	 	A.	 in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a
party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form
W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption
from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

  

	 	B.	 executed copies of IRS Form W-8ECI; 

  
 5 

	 	C.	 in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit J-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A)
of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form
W-8BEN-E; or 

  

	 	D.	 to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form
W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-2 or Exhibit
J-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more
direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit J-4 on
behalf of each such direct and indirect partner; 

  

	 	iii.	 any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent),
executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Borrower or the Agent to determine the withholding or deduction required to be made; and 

  

	 	iv.	 if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed
by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Agent at
the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s
obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (iv), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

  

	 	c.	 Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or
inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing of its legal inability to do so. 

  
 6 

	8.	 Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to the provisions of this Addendum 1 (including by the payment of additional amounts pursuant to the provisions of this Addendum 1), it shall pay to
the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under the provisions of this Addendum 1 with respect to the Taxes giving rise to such refund), net of all reasonable and documented out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant governmental authority with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section 8 (plus any penalties, interest or other charges imposed by the relevant
governmental authority) in the event that such indemnified party is required to repay such refund to such governmental authority. Notwithstanding anything to the contrary in this Section 8, in no event will the indemnified party be required to
pay any amount to an indemnifying party pursuant to this Section 8 the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have
been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
Section 8 shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

  

	9.	 Increased Costs. If any change in applicable law shall subject any Recipient to any Taxes (other
than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, commitments, or other obligations, or its
deposits, reserves, other liabilities or capital attributable thereto, and the result shall be to increase the cost to such Recipient of making, converting to, continuing or maintaining any Term Loan or of maintaining its obligation to make any such
Loan, or to reduce the amount of any sum received or receivable by such Recipient (whether of principal, interest or any other amount), then, upon the request of such Recipient, the Borrower will pay to such Recipient such additional amount or
amounts as will compensate such Recipient for such additional costs incurred or reduction suffered. 

  

	10.	 Survival. Each party’s obligations under the provisions of this Addendum 1 shall survive the
resignation or replacement of the Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Term Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

  
 7 

 ADDENDUM 2 to LOAN AND SECURITY AGREEMENT 

SBIC 
 (a)
Borrower’s Business. For purposes of this Addendum 2, Borrower shall be deemed to include its “affiliates” as defined in Title 13 Code of Federal Regulations Section 121.103. Borrower represents and warrants to
Agent and the Lenders as of each SBA Funding Date and covenants to Agent and the Lenders for a period of one year after each SBA Funding Date or for such longer period as set forth below with respect to subsections 2, 3, 4, 5, 6 and 7 below, as
follows: 
  

	 	1.	 Size Status. Borrower does not have tangible net worth in excess of $19.5 million or average net income
after Federal income taxes (excluding any carry-over losses) for the preceding two completed fiscal years in excess of $6.5 million; 

  

	 	2.	 No Relender. Borrower’s primary business activity does not involve, directly or indirectly, providing
funds to others, purchasing debt obligations, factoring, or long-term leasing of equipment with no provision for maintenance or repair; 

  

	 	3.	 No Passive Business. Borrower is engaged in a regular and continuous business operation (excluding the mere
receipt of payments such as dividends, rents, lease payments, or royalties). Borrower’s employees are carrying on the majority of day to day operations. Borrower will not pass through substantially all of the proceeds of the Loan to another
entity; 

  

	 	4.	 No Real Estate Business. Borrower is not classified under North American Industry Classification System (NAICS)
codes 531110 (lessors of residential buildings and dwellings), 531120 (lessors of nonresidential buildings except miniwarehouses), 531190 (lessors of other real estate property), 237210 (land subdivision), or 236117 (new housing for-sale builders). Borrower is not classified under NAICS codes 236118 (residential remodelers), 236210 (industrial building construction), or 236220 (commercial and institutional building construction), if
Borrower is primarily engaged in construction or renovation of properties on its own account rather than as a hired contractor. Borrower is not classified under NAICS codes 531210 (offices of real estate agents and brokers), 531311 (residential
property managers), 531312 (nonresidential property managers), 531320 (offices of real estate appraisers), or 531390 (other activities related to real estate), unless it derives at least 80 percent of its revenue from non-Affiliate sources. The proceeds of the Loan will not be used to acquire or refinance real property unless Borrower (x) is acquiring an existing property and will use at least 51 percent of the usable
square footage for its business purposes; (y) is building or renovating a building and will use at least 67 percent of the usable square footage for its business purposes; or (z) occupies the subject property and uses at least
67 percent of the usable square footage for its business purposes. 

	 	5.	 No Project Finance. Borrower’s assets are not intended to be reduced or consumed, generally without
replacement, as the life of its business progresses, and the nature of Borrower’s business does not require that a stream of cash payments be made to the business’s financing sources, on a basis associated with the continuing sale of
assets (e.g., real estate development projects and oil and gas wells). The primary purpose of the Loan is not to fund production of a single item or defined limited number of items, generally over a defined production period, where such production
will constitute the majority of the activities of Borrower (e.g., motion pictures and electric generating plants). 

  

	 	6.	 No Farm Land Purchases. Borrower will not use the proceeds of the Loan to acquire farm land which is or is
intended to be used for agricultural or forestry purposes, such as the production of food, fiber, or wood, or is so taxed or zoned. 

  

	 	7.	 No Foreign Investment. The proceeds of the Loan will not be used substantially for a foreign operation.
Borrower will not, on or within one year after each SBA Funding Date and each other Loan provided by a Lender that is an SBIC, have more than 49 percent of its employees or tangible assets located outside the United States of America. The
representation in this subsection (7) is made only as of the date any Loan is advanced hereunder. 

(b) Small Business Administration Documentation. Agent and the Lenders acknowledge that Borrower completed,
executed and delivered to Agent prior to each SBA Funding Date SBA Forms 480, 652 and 1031 (Parts A and B) together with a business plan showing Borrower’s financial projections (including balance sheets and income and cash flows statements)
for the period described therein and a written statement (whether included in the purchase agreement or pursuant to a separate statement) from Agent regarding its intended use of proceeds from the sale of securities to the Lenders (the “Use of
Proceeds Statement”). Borrower represents and warrants to Agent and the Lenders that the information regarding Borrower and its affiliates set forth in the SBA Form 480, Form 652 and Form 1031 and the Use of Proceeds Statement delivered as of
each SBA Funding Date is accurate and complete. 
 (c) Inspection. The following covenants contained in this
Section (c) are intended to supplement and not to restrict the related provisions of the Loan Documents. Subject to the preceding sentence, Borrower will permit, for so long as the Lenders holds any debt or equity
securities of Borrower, Agent, the Lenders or their representative, at Agent’s or the Lenders’ expense, and examiners of the SBA to visit and inspect the properties and assets of Borrower, to examine its books of account and records, and
to discuss Borrower’s affairs, finances and accounts with Borrower’s officers, senior management and accountants, all at such reasonable times as may be requested by Agent or the Lenders or the SBA. 

(d) Annual Assessment. Upon request of Agent or Lender, promptly after the end of each calendar year (but in any
event prior to February 28 of each year) and at such other times as may be reasonably requested by Agent or the Lenders, Borrower will deliver to Agent a written assessment of the economic impact of the Lenders’ investment in Borrower,
specifying the full-time equivalent jobs created or retained in connection with the investment, the impact of the investment on the businesses of Borrower in terms of expanded revenue and taxes, other economic 

  
 2 

 benefits resulting from the investment (such as technology development or commercialization,
minority business development, or expansion of exports) and such other information as may be required regarding Borrower in connection with the filing of the Lenders’ SBA Form 468. The Lenders will assist Borrower with preparing such
assessment. In addition to any other rights granted hereunder, Borrower will grant Agent and the Lenders and the SBA access (during regular business hours and upon reasonable prior notice) to Borrower’s books and records for the purpose of
verifying the use of such proceeds. Borrower also will furnish or cause to be furnished to Agent and the Lenders such other information regarding the business, affairs and condition of Borrower as Agent or the Lenders may from time to time
reasonably request, and such information shall be certified by the President, Chief Executive Officer or Chief Financial Officer of Borrower to the extent requested by Agent or Lender for compliance with the SBIC Act. 

(e) Use of Proceeds. Borrower will use the proceeds from the Loan only for purposes set forth in
Section 7.17. Borrower will deliver to Agent from time to time promptly following Agent’s request, a written report, certified as correct by Borrower’s Chief Financial Officer, verifying the purposes and amounts for which proceeds
from the Loan have been disbursed. Borrower will supply to Agent such additional information and documents as Agent reasonably requests with respect to its use of proceeds and will, to the extent required by Section 7.2, permit Agent and the
Lenders and the SBA to have access (during regular business hours and upon reasonable prior notice) to any and all Borrower records and information and personnel as Agent deems necessary to verify how such proceeds have been or are being used, and
to assure that the proceeds have been used for the purposes specified in Section 7.17. 
 (f) Activities and
Proceeds. Neither Borrower nor any of its affiliates (if any) will engage in any activities or use directly or indirectly the proceeds from the Loan for any purpose for which a small business investment company is prohibited from
providing funds by the SBIC Act, including 13 C.F.R. §107.720. The Borrower shall not, nor shall it cause or permit any of its Subsidiaries to, without obtaining the prior written approval of Agent, change Borrower’s current business
activity to a business activity which a licensee under the SBIC Act is prohibited from providing funds by the SBIC Act. The Borrower agrees that any such change in its or any such Subsidiary’s business activities without such prior written
consent of Agent shall constitute a material breach of the obligations of the Borrower under this Addendum 2. 
 (g)
[Reserved] 
 (h) Compliance and Resolution. Borrower agrees that a failure to comply with
Borrower’s obligations under this Addendum, or any other set of facts or circumstances where it has been asserted by any governmental regulatory agency (or Agent or the Lenders believes that there is a substantial risk of such assertion)
that Agent, the Lenders and their affiliates are not entitled to hold, or exercise any significant right with respect to, any securities issued to the Lenders by Borrower, will constitute a breach of the obligations of Borrower under the financing
agreements among Borrower, Agent and the Lenders. In the event of (i) a failure to comply with Borrower’s obligations under this Addendum; or (ii) an assertion by any governmental regulatory agency (or Agent or the Lenders believes
that there is a substantial risk of such assertion) of a failure to comply with Borrower’s obligations under this Addendum, then (i) Agent, the Lenders and Borrower will meet and resolve any such issue in good faith to the satisfaction of
Borrower, Agent, the Lenders, and any governmental regulatory agency, and (ii) upon request of the Lenders or Agent, Borrower will cooperate and assist with any assignment of the financing agreements among Hercules Technology III, L.P. and
Hercules Capital, Inc. 

  
 3 

 ADDENDUM 3 to LOAN AND SECURITY AGREEMENT 

Agent and Lender Terms 

(a) Each Lender hereby irrevocably appoints Hercules Capital, Inc. to act on its behalf as the Agent hereunder and under the
other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.

 (b) Each Lender agrees to indemnify the Agent in its capacity as such (to the extent not reimbursed by Borrower and
without limiting the obligation of Borrower to do so), according to its respective Term Commitment percentages (based upon the total outstanding Term Loan Commitments) in effect on the date on which indemnification is sought under this Addendum 3,
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time be imposed on, incurred by or asserted against the Agent in
any way relating to or arising out of, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Agent
under or in connection with any of the foregoing; The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

(c) Agent in Its Individual Capacity. The Person serving as the Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each such Person serving
as Agent hereunder in its individual capacity. 
 (d) Exculpatory Provisions. The Agent shall have no duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent shall not: 
  

	 	(i)	 be subject to any fiduciary or other implied duties, regardless of whether any default or any Event of Default
has occurred and is continuing; 

  

	 	(ii)	 have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the Lenders, provided that the Agent shall not be required to take any action that, in its opinion or the
opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or applicable law; and 

  

	 	(iii)	 except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and the Agent
shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by any Person serving as the Agent or any of its Affiliates in any capacity.

 (e) The Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Lenders or as the Agent shall believe in good faith shall be necessary, under the circumstances or (ii) in the absence of its own gross negligence or willful misconduct. 

(f) The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Agent. Reliance by Agent. Agent may rely, and shall be fully protected in acting, or refraining to act, upon, any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper
or document that it has no reason to believe to be other than genuine and to have been signed or presented by the proper party or parties or, in the case of cables, telecopies and telexes, to have been sent by the proper party or parties. In the
absence of its gross negligence or willful misconduct, Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to Agent and conforming to the
requirements of the Loan Agreement or any of the other Loan Documents. Agent may consult with counsel, and any opinion or legal advice of such counsel shall be full and complete authorization and protection in respect of any action taken, not taken
or suffered by Agent hereunder or under any Loan Documents in accordance therewith. Agent shall have the right at any time to seek instructions concerning the administration of the Collateral from any court of competent jurisdiction. Agent shall not
be under any obligation to exercise any of the rights or powers granted to Agent by this Agreement, the Loan Agreement and the other Loan Documents at the request or direction of the Lenders unless Agent shall have been provided by the Lenders with
adequate security and indemnity against the costs, expenses and liabilities that may be incurred by it in compliance with such request or direction. 

  
 2 

 EXHIBIT A 

ADVANCE REQUEST 
  

							
	 To:    
	  	
Agent:                  
                                         
                             
	  	
Date:                
    
	  	 __________, 20[ ]

			
		  	Hercules Capital, Inc. (the “Agent”)	  	
		  	400 Hamilton Avenue, Suite 310	  		  	
		  	Palo Alto, CA 94301	  		  	
		  	email: legal@htgc.com	  		  	
		  	Attn:	  		  	

 Codiak BioSciences, Inc. (“Borrower”) hereby requests from Hercules Capital, Inc. (“Lender”) an Advance in
the amount of _____________________ Dollars ($________________) on ______________, _____ (the “Advance Date”) pursuant to the Loan and Security Agreement among Borrower, Agent and the Lenders (the “Agreement”). Capitalized words
and other terms used but not otherwise defined herein are used with the same meanings as defined in the Agreement. 
 Please: 

(a) Issue a check payable to
Borrower                             ________ 

        or 

(b) Wire Funds to Borrower’s account ________ [IF FILED PUBLICLY, ACCOUNT INFO REDACTED FOR SECURITY PURPOSES] 

 

							
	                    	 	Bank:	 	 	  	
		 	Address:	 	 	  	
		 	ABA Number:	 	 	  	
		 	Account Number:	 	 	  	
		 	Account Name:	 	 	  	
		 	Contact Person:	 	 	  	
		 	Phone Number	 		  	
		 	To Verify Wire Info:	 	 	  	
		 	Email address:	 	 	  	

 Borrower represents that the conditions precedent to the Advance set forth in the Agreement are satisfied and
shall be satisfied upon the making of such Advance, including but not limited to: (i) that no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing; (ii) that the
representations and warranties set forth in the Agreement are and shall be true and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date; (iii) that Borrower is in compliance with all the terms and provisions set forth in each Loan Document on its part to be observed or performed, which shall have been true and correct in all
material respects as of such date; and (iv) that as of the Advance Date, no fact or condition exists that would (or would, with the passage of time, the giving of notice, or both) constitute an Event of Default is continuing under the Loan
Documents. Borrower understands and acknowledges that Agent has the right to review the financial information supporting this representation and, based upon such review in its sole discretion, the Lenders may decline to fund the requested Advance.

  
 3 

 Borrower hereby represents that Borrower’s corporate status and locations have not
changed since the date of the Agreement or, if the Attachment to this Advance Request is completed, are as set forth in the Attachment to this Advance Request. 

Borrower agrees to notify Agent promptly before the funding of the Loan if any of the matters which have been represented above shall not be
true and correct on the Borrowing Date and if Agent has received no such notice before the Advance Date then the statements set forth above shall be deemed to have been made and shall be deemed to be true and correct as of the Advance Date. 

 

			
	 Executed as of [
	  	                    ], 20[ ].

  

	
	BORROWER:
	
	CODIAK BIOSCIENCES, INC.
	
	SIGNATURE:________________________
	TITLE:______________________________
	PRINT NAME:________________________

  

  
 4 

 ATTACHMENT TO ADVANCE REQUEST 

Dated: _______________________ 
 Borrower hereby
represents and warrants to Agent that Borrower’s current name and organizational status is as follows: 
  

					
	                	 	Name:	  	Codiak BioSciences, Inc.
		 	Type of organization:	  	Corporation
		 	State of organization:	  	Delaware
		 	Organization file number:	  	5765543

 Borrower hereby represents and warrants to Agent that the street addresses, cities, states and postal codes of its current
locations are as follows: 

  
 5 

 EXHIBIT B 

NAME, LOCATIONS, AND OTHER INFORMATION FOR BORROWER 

1. Borrower represents and warrants to Agent that Borrower’s current name and organizational status as of the Closing Date is as follows: 

 

			
	Name:	  	Codiak BioSciences, Inc.
		
	Type of organization:	  	Corporation
		
	State of organization:	  	Delaware
		
	Organization file number:	  	5765543

 2. Borrower represents and warrants to Agent that for five (5) years prior to the Closing Date, Borrower
did not do business under any other name or organization or form except the following: 
 Name: Kodiak Biotechnologies, Inc. 

Used during dates of:      June 12, 2015 – August 25, 2015 

Type of Organization:    Same as above. 

State of organization:      Same as above. 

Organization file Number:    Same as above. 

Borrower’s fiscal year ends on December 31 

Borrower’s federal employer tax identification number is: 47-4926530 

3. Borrower represents and warrants to Agent that its chief executive office is located at 500 Technology Square, 9th Floor, Cambridge, MA 02139. 

 EXHIBIT C 

BORROWER’S PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES 

See attached. 

			
	Privileged and Confidential	  	
	For: Codiak BioSciences	  	Updated: September 26, 2019

 Codiak Patents and Applications 

Acquired Families – Currently Codiak BioSciences, Inc. 

 

																			
	 Ref #
	  	 Country
	  	 Title
	  	Application
Number	  	Application
Date	  	Publication
Number	  	Publication
Date	  	Patent
Number	  	Grant Date	  	 Status

	 C0004US001
	  	United States	  	Exosome transfer of nucleic acids to cells	  	60/797,149	  	05/03/2006	  		  		  		  		  	Expired
	 C0004US002
	  	United States	  	Exosome transfer of nucleic acids to cells	  	11/799,148	  	04/30/2007	  	2007-0298118	  	12/27/2007	  	9,085,778	  	07/21/2015	  	Granted
	 C0004US003
	  	United States	  	Exosome transfer of nucleic acids to cells	  	14/750,457	  	06/25/2015	  	2015-0290343	  	10/15/2015	  	9,629,929	  	04/25/2017	  	Granted
	 C0004US004
	  	United States	  	Exosome transfer of nucleic acids to cells	  	15/476,844	  	03/31/2017	  	2017-0258938	  	09/14/2017	  	9,889,210	  	02/13/2018	  	Granted
	 C0004US005
	  	United States	  	Exosome transfer of nucleic acids to cells	  	15/857,539	  	12/28/2017	  	2018-0236104	  	08/23/2018	  		  		  	Expired
	 C0004US006
	  	United States	  	Exosome transfer of nucleic acids to cells	  	16/201,937	  	11/27/2018	  	2019-0111155	  	04/18/2019	  		  		  	Pending
	 C0004CH001
	  	Switzerland	  	Exosome transfer of nucleic acids to cells	  	07748459.0	  	05/02/2007	  	2010663	  	01/07/2009	  	2010663	  	03/18/2015	  	Granted
	 C0004CN001
	  	China P.R.	  	Exosome transfer of nucleic acids to cells	  	2007800154
69	  	05/02/2007	  	101432432	  	05/13/2009	  		  		  	Expired
	 C0004CN002
	  	China P.R.	  	Exosome transfer of nucleic acids to cells	  		  		  		  		  		  		  	Expired
	 C0004CN003
	  	China P.R.	  	Exosome transfer of nucleic acids to cells	  	2015110229
04.5	  	05/02/2007	  	105838739	  	08/10/2016	  		  		  	Pending
	 C0004CN004
	  	China P.R.	  	Exosome transfer of nucleic acids to cells	  	2015110278
01.8	  	05/02/2007	  	105886535	  	08/24/2016	  		  		  	Pending

  
 1 

			
	Privileged and Confidential	  	
	For: Codiak BioSciences	  	Updated: September 26, 2019

  

																			
	 Ref #
	  	 Country
	  	 Title
	  	Application Number	  	Application
Date	  	Publication
Number	  	Publication
Date	  	Patent Number	  	Grant Date	  	 Status

	 C0004CN005
	  	China P.R.	  	Exosome transfer of nucleic acids to cells	  	2015110206 35.9	  	05/02/2007	  	105821081	  	08/03/2016	  		  		  	Pending
	 C0004DE001
	  	Germany	  	Exosome transfer of nucleic acids to cells	  	2010663	  	05/02/2007	  	2010663	  	01/07/2009	  	602007040 676.5	  	03/18/2015	  	Granted
	 C0004EP001
	  	EPC	  	Exosome transfer of nucleic acids to cells	  	07748459.0	  	05/02/2007	  	2010663	  	01/07/2009	  	2010663	  	03/18/2015	  	Granted
	 C0004EP002
	  	EPC	  	Exosome transfer of nucleic acids to cells	  	15158949.6	  	05/02/2007	  	2905339	  	08/12/2015	  		  		  	Pending
	 C0004EP003
	  	EPC	  	Exosome transfer of nucleic acids to cells	  	18158203.2	  	05/02/2007	  	3378942	  	09/26/2018	  		  		  	Pending
	 C0004ES001
	  	Spain	  	Exosome transfer of nucleic acids to cells	  	07748459.0	  	05/02/2007	  	2010663	  	01/07/2009	  	2010663	  	03/18/2015	  	Granted
	 C0004FR001
	  	France	  	Exosome transfer of nucleic acids to cells	  	07748459.0	  	05/02/2007	  	2010663	  	01/07/2009	  	2010663	  	03/18/2015	  	Granted
	 C0004GB001
	  	United Kingdom	  	Exosome transfer of nucleic acids to cells	  	07748459.0	  	05/02/2007	  	2010663	  	01/07/2009	  	2010663	  	03/18/2015	  	Granted
	 C0004HK003
	  	Hong Kong	  	Exosome transfer of nucleic acids to cells	  	19120924.6	  	03/14/2019	  		  		  		  		  	Pending
	 C0004IE001
	  	Ireland	  	Exosome transfer of nucleic acids to cells	  	07748459.0	  	05/02/2007	  	2010663	  	01/07/2009	  	2010663	  	03/18/2015	  	Granted
	 C0004IT001
	  	Italy	  	Exosome transfer of nucleic acids to cells	  	5020150000 24792	  	05/02/2007	  	2010663	  	01/07/2009	  	2010663	  	03/18/2015	  	Granted
	 C0004WO001
	  	PCT	  	Exosome transfer of nucleic acids to cells	  	PCT/SE2007 /050298	  	05/02/2007	  	WO 2007/126386	  	11/08/2007	  		  		  	Expired

  
 2 

			
	Privileged and Confidential	  	
	For: Codiak BioSciences	  	Updated: September 26, 2019

  

																			
	 Ref #
	  	 Country
	  	 Title
	  	Application
Number	  	Application
Date	  	Publication
Number	  	Publication
Date	  	Patent Number	 	Grant Date	  	 Status

	 C0005US001
	  	United States	  	Delivery of therapeutic agent	  	14/442,578	  	11/13/2013	  	2016-0168572	  	06/16/2016	  	9,856,477	 	01/02/2018	  	Granted
	 C0005US002
	  	United States	  	Delivery of therapeutic agent	  	15/824,793	  	11/28/2017	  	2018-0135056	  	05/17/2018	  	10,370,663	 	08/06/2019	  	Granted
	 C0005US003
	  	United States	  	Delivery of therapeutic agent	  	16/530,750	  	08/02/2019	  		  		  		 		  	Pending
	 C0005CA001
	  	Canada	  	Delivery of therapeutic agent	  	2,930,339	  	11/13/2013	  	2,930,339	  	05/22/2014	  		 		  	Pending
	 C0005CH001
	  	Switzerland	  	Delivery of therapeutic agent	  	13789802.9	  	11/13/2013	  	2920306	  	09/23/2015	  	2920306	 	06/27/2018	  	Granted
	 C0005CN001
	  	China P.R.	  	Delivery of therapeutic agent	  	2013800696 83.X	  	11/13/2013	  	CN105051192A	  	11/11/2015	  		 		  	Pending
	 C0005DE001
	  	Germany	  	Delivery of therapeutic agent	  	2920306	  	11/13/2013	  	2920306	  	09/23/2015	  	60 2013 039 472.5	 	06/27/2018	  	Granted
	 C0005EP001
	  	EPC	  	Delivery of therapeutic agent	  	13789802.9	  	11/13/2013	  	2920306	  	09/23/2015	  	2920306	 	06/27/2018	  	Granted
	 C0005EP002
	  	EPC	  	Delivery of therapeutic agent	  	18172402.2	  	11/13/2013	  	3415627	  	12/19/2018	  		 		  	Pending
	 C0005ES001
	  	Spain	  	Delivery of therapeutic agent	  	2920306	  	11/13/2013	  	2920306	  	09/23/2015	  	ES2686129 (T3)	 	06/27/2018	  	Granted
	 C0005FR001
	  	France	  	Delivery of therapeutic agent	  	13789802.9	  	11/13/2013	  	2920306	  	09/23/2015	  	2920306	 	06/27/2018	  	Granted
	 C0005GB001
	  	United Kingdom	  	Delivery of therapeutic agent	  	13789802.9	  	11/13/2013	  	2920306	  	09/23/2015	  	2920306	 	06/27/2018	  	Granted
	 C0005HK001
	  	Hong Kong	  	Delivery of therapeutic agent	  	16103132.5	  	03/17/2016	  	1216105 A	  	10/14/2016	  	1216105 B	 	02/01/2019	  	Granted
	 C0005HK002
	  	Hong Kong	  	Delivery of therapeutic agent	  	19100801.8	  	01/28/2019	  		  		  		 		  	Pending
	 C0005IE001
	  	Ireland	  	Delivery of therapeutic agent	  	13789802.9	  	11/13/2013	  	2920306	  	09/23/2015	  	2920306	 	06/27/2018	  	Granted

  
 3 

			
	Privileged and Confidential	  	
	For: Codiak BioSciences	  	Updated: September 4, 2019

  

 Codiak BioSciences, Inc. Trademark Applications 

 

															
	 Ref #
	  	 Country
	  	 Mark
	  	Application
Nu mber	  	Application
Date	  	 Reg.
Number
	  	 Reg. Date
	  	 Status

								
	 5000.0020000
	  	United States	  	CODIAK	  	88/294,723	  	02/08/2019	  		  		  	Pending
								
	 5000.0030000
	  	United States	  	CODIAK BIOSCIENCES	  	88/294,747	  	02/08/2019	  		  		  	Pending
								
	 5000.0040000
	  	United States	  	 

 (CODIAK & Design white/green color version)
	  	88/294,781	  	02/08/2019	  		  		  	Pending
								
	 5000.0050000
	  	United States	  	 

 (CODIAK & Design black/green color version)
	  	88/294,800	  	02/08/2019	  		  		  	Pending
								
	 5000.0060000
	  	United States	  	 

 (CODIAK & DESIGN black/white color version)
	  	88/294,812	  	02/08/2019	  		  		  	Pending
								
	 5000.0070000
	  	United States	  	EXOVACC	  	88/314,032	  	02/25/2019	  		  		  	Pending
								
	 5000.007EM0 0
	  	European Union	  	EXOVACC	  	A0088987	  	08/23/2019	  		  		  	Pending
								
	 5000.007IB00
	  	International	  	EXOVACC	  	A0088987	  	08/23/2019	  		  		  	Pending
								
	 5000.0130000
	  	United States	  	EXOTOPE	  	88/277,792	  	01/26/2019	  		  		  	Pending
								
	 5000.0140000
	  	United States	  	ENGEX	  	88/205,781	  	11/26/2018	  		  		  	Pending

  
 1 

 EXHIBIT D 

BORROWER’S DEPOSIT ACCOUNTS AND INVESTMENT ACCOUNTS 
  

													
	 Bank

Name
	  	Account
Number	  	Branch
Address	  	Company/
Subsidiary	  	Purpose of
Account	  	Avg.
Balance	 
	Silicon Valley Bank	  	3301424850	  		  	Codiak
BioSciences, Inc.	  	LOC Collateral –
500 TS	  	$	366,000	 
	Silicon Valley Bank	  	3302676788	  		  	Codiak
BioSciences, Inc.	  	LOC Collateral –
Alewife	  	$	3,730,000	 
	Silicon Valley Bank	  	3302647492	  		  	Codiak
BioSciences, Inc.	  	LOC Collateral –
Lexington CMF	  	$	439,600	 
	Silicon Valley Bank	  	3301424488	  		  	Codiak Securities
Corporation	  	MSC Investment
Account	  	$	250,000	 
	Silicon Valley Bank	  	3301373644	  		  	Codiak
BioSciences, Inc.	  	Operating Account	  	$	250,000	 
	Silicon Valley Bank	  	6600001590	  		  	Codiak
BioSciences, Inc.	  	Operating Cash
Sweep Account	  	$	9,131,000	 
	Silicon Valley Bank	  	6600001944	  		  	Codiak Securities
Corporation	  	MSC Account
Sweep	  	$	141,000	 

 EXHIBIT E 

COMPLIANCE CERTIFICATE 
 Hercules Capital,
Inc. (as “Agent”) 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Reference is made to that
certain Loan and Security Agreement dated September 30, 2019 and the Loan Documents (as defined therein) entered into in connection with such Loan and Security Agreement all as may be amended from time to time (hereinafter referred to
collectively as the “Loan Agreement”) by and among Hercules Capital, Inc. (the “Agent”), the several banks and other financial institutions or entities from time to time party thereto (collectively, the “Lender”) and
Codiak BioSciences, Inc. (the “Company”) as Borrower. All capitalized terms not defined herein shall have the same meaning as defined in the Loan Agreement. 

The undersigned is an Officer of the Company, knowledgeable of all Company financial matters, and is authorized to provide certification of
information regarding the Company; hereby certifies, in such capacity and not in his individual capacity, that in accordance with the terms and conditions of the Loan Agreement, the Company is in compliance for the period ending ___________ of all
covenants, conditions and terms and hereby reaffirms that all representations and warranties contained therein are true and correct in all material respects (to the extent not already qualified by materiality) on and as of the date of this
Compliance Certificate with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, after giving effect in all cases to any standard(s) of materiality
contained in the Loan Agreement as to such representations and warranties. Attached are the required documents supporting the above certification. The undersigned further certifies that the attached financial statements are prepared in accordance
with GAAP (except for the absence of footnotes with respect to unaudited financial statement and subject to normal year end adjustments) and are consistent from one period to the next except as explained below. 

 

					
	REPORTING REQUIREMENT	  	REQUIRED	  	 CHECK IF
 ATTACHED

			
	Interim Financial Statements	  	Monthly within 30 days	  	
			
	Interim Financial Statements	  	Quarterly within 45 days	  	
			
		  	FYE within 180 days	  	
		  	prior to an initial public	  	
		  	offering; FYE within 90	  	
		  	days after an initial public	  	
	Audited Financial Statements	  	offering	  	

 ACCOUNTS OF BORROWER AND ITS SUBSIDIARIES AND AFFILIATES 

The undersigned hereby also confirms the below disclosed accounts represent all depository accounts and securities accounts presently open in the name of each
Borrower or Borrower’s Subsidiary/Affiliate, as applicable. 

 Each new account that has been opened since delivery of the previous Compliance Certificate is designated
below with a “*”. 
  

													
	  	  	  	  	  	  	  	  	  	  	Last	  	  
	  	  	 	  	 	  	 	  	Account	  	Month	  	  
	  	  	 	  	 	  	 	  	Type	  	Ending	  	  
	  	  	 	  	Depository	  	Financial	  	(Depository /	  	Account	  	Purpose of
	  	  	 	  	AC #	  	Institution	  	Securities)	  	Balance	  	Account
	 BORROWER

Name/Address:
	  	 
	    	  	1  	  	 	  	 	  	 	  	 	  	 
	    	  	2  	  	 	  	 	  	 	  	 	  	 
	    	  	3  	  	 	  	 	  	 	  	 	  	 
	    	  	4  	  	 	  	 	  	 	  	 	  	 
	    	  	5  	  	 	  	 	  	 	  	 	  	 
	    	  	6  	  	 	  	 	  	 	  	 	  	 
	    	  	7  	  	 	  	 	  	 	  	 	  	 
	 
	 SUBSIDIARY /

AFFILIATE
 Name/Address
	  	 
	 	  	1  	  	 	  	 	  	 	  	 	  	 
	 	  	2  	  	 	  	 	  	 	  	 	  	 
	 	  	3  	  	 	  	 	  	 	  	 	  	 
	 	  	4  	  	 	  	 	  	 	  	 	  	 
	 	  	5  	  	 	  	 	  	 	  	 	  	 
	 	  	6  	  	 	  	 	  	 	  	 	  	 
	 	  	7  	  	 	  	 	  	 	  	 	  	 
	 

 
			
	Very Truly Yours,
	
	CODIAK BIOSCIENCES, INC.

 
			
		
	By:	 	      

			
	Name:	 	      

			
	Its:	 	      

 EXHIBIT F 

FORM OF JOINDER AGREEMENT 

This Joinder Agreement (the “Joinder Agreement”) is made and dated as of [ ], 20[ ], and is entered into by and
between__________________., a ___________ corporation (“Subsidiary”), and HERCULES CAPITAL, INC., a Maryland corporation (as “Agent”). 

RECITALS 
 A.
Subsidiary’s Affiliate, [    ] (“Company”) [has entered/desires to enter] into that certain Loan and Security Agreement dated September 30, 2019, with the several banks and other financial institutions or
entities from time to time party thereto as lender (collectively, the “Lenders”) and the Agent, as such agreement may be amended, restated, supplemented or otherwise modified (the “Loan Agreement”), together with the other
agreements executed and delivered in connection therewith; 
 B. Subsidiary acknowledges and agrees that it will benefit both directly and
indirectly from Company’s execution of the Loan Agreement and the other agreements executed and delivered in connection therewith; 

AGREEMENT 
 NOW THEREFORE,
Subsidiary and Agent agree as follows: 
  

	1.	 The recitals set forth above are incorporated into and made part of this Joinder Agreement. Capitalized terms
not defined herein shall have the meaning provided in the Loan Agreement. 

  

	2.	 By signing this Joinder Agreement, Subsidiary shall be bound by the terms and conditions of the Loan Agreement
the same as if it were the Borrower (as defined in the Loan Agreement) under the Loan Agreement, mutatis mutandis, provided however, that (a) with respect to (i) Section 5.1 of the Loan Agreement, Subsidiary represents that it is an
entity duly organized, legally existing and in good standing under the laws of [    ], (b) neither Agent nor the Lenders shall have any duties, responsibilities or obligations to Subsidiary arising under or related to the Loan
Agreement or the other Loan Documents, (c) that if Subsidiary is covered by Company’s insurance, Subsidiary shall not be required to maintain separate insurance or comply with the provisions of Sections 6.1 and 6.2 of the Loan Agreement, and
(d) that as long as Company satisfies the requirements of Section 7.1 of the Loan Agreement, Subsidiary shall not have to provide Agent separate Financial Statements. To the extent that Agent or the Lenders has any duties, responsibilities or
obligations arising under or related to the Loan Agreement or the other Loan Documents, those duties, responsibilities or obligations shall flow only to Company and not to Subsidiary or any other Person or entity. By way of example (and not an
exclusive list): (i) Agent’s providing notice to Company in accordance with the Loan Agreement or as otherwise agreed among Company, Agent and the Lenders shall be deemed provided to Subsidiary; (ii) a Lender’s providing an Advance to
Company shall be deemed an Advance to Subsidiary; and (iii) Subsidiary shall have no right to request an Advance or make any other demand on the Lenders. 

 

	3.	 Subsidiary agrees not to certificate its equity securities without Agent’s prior written consent, which
consent may be conditioned on the delivery of such equity securities to Agent in order to perfect Agent’s security interest in such equity securities. 

	4.	 Subsidiary acknowledges that it benefits, both directly and indirectly, from the Loan Agreement, and hereby
waives, for itself and on behalf on any and all successors in interest (including without limitation any assignee for the benefit of creditors, receiver, bankruptcy trustee or itself as
debtor-in-possession under any bankruptcy proceeding) to the fullest extent provided by law, any and all claims, rights or defenses to the enforcement of this Joinder
Agreement on the basis that (a) it failed to receive adequate consideration for the execution and delivery of this Joinder Agreement or (b) its obligations under this Joinder Agreement are avoidable as a fraudulent conveyance.

  

	5.	 As security for the prompt, complete and indefeasible payment when due (whether on the payment dates or
otherwise) of all the Secured Obligations, Subsidiary grants to Agent a security interest in all of Subsidiary’s right, title, and interest in and to the Collateral. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO JOINDER AGREEMENT] 

 

			
	SUBSIDIARY:
	
	    _________________________________.
		
		 	By:
		 	Name:
		 	Title:
		
		 	Address:
		
		 	 Telephone: ___________
 email:
____________

	
	AGENT:
	
	HERCULES CAPITAL, INC.
		
		 	By:____________________________________
		 	Name:__________________________________
		 	Title: ___________________________________
		
		 	Address:
		 	400 Hamilton Ave., Suite 310
		 	 Palo Alto, CA 94301
 email:
legal@htgc.com

		 	Telephone: 650-289-3060

 EXHIBIT G 

[RESERVED] 

 EXHIBIT H 

ACH DEBIT AUTHORIZATION AGREEMENT 

Hercules Capital, Inc. 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Re: Loan and Security
Agreement dated _______________ (the “Agreement”) by and among _______________ (“Borrower”) and Hercules Capital, Inc., as agent (“Agent”) and the lenders party thereto (collectively, the “Lenders”) 

In connection with the above referenced Agreement, the Borrower hereby authorizes the Agent to initiate debit entries for (i) the periodic payments due
under the Agreement and (ii) reasonable and documented out-of-pocket legal fees and costs incurred by Agent or the Lenders pursuant to Section 11.12 of the
Agreement to the Borrower’s account indicated below; provided, however, that Agent shall provide Borrower with an invoice of such fees and costs. The Borrower authorizes the depository institution named below to debit to such account. 

[IF FILED PUBLICLY, ACCOUNT INFO REDACTED FOR SECURITY PURPOSES] 
  

			
	DEPOSITORY NAME	  	BRANCH
		
	CITY	  	STATE AND ZIP CODE
		
	TRANSIT/ABA NUMBER	  	ACCOUNT NUMBER

 This authority will remain in full force and effect so long as any amounts are due under the Agreement. 

 

	
	
                   
                                         
                                

(Borrower)

	
	 By: _________________________________________

	
	 Name: _________________________________________

	
	 Date: ________________________________________

 EXHIBIT J-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Loan and Security Agreement dated as of September 30, 2019 (as amended, supplemented or otherwise
modified from time to time, the “Loan Agreement”) by and among Codiak BioSciences, Inc., a Delaware corporation, and each of its Subsidiaries (as defined in the Loan Agreement) (hereinafter collectively referred to as the
“Borrower”), the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as the “Lenders”), and HERCULES CAPITAL, INC., a Maryland corporation, in its
capacity as administrative agent and collateral agent for itself and the Lenders (in such capacity, the “Agent”). 
 Pursuant to
the provisions of Addendum 1 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is
providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “ten percent shareholder” of the Borrower within the meaning of
Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Agent and the Borrower with a certificate of its non-U.S. Person
status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the
information provided in this certificate changes, or if a lapse in time or change in circumstances renders the information in this certificate obsolete, expired or inaccurate in any material respect, the undersigned shall promptly so inform the
Borrower and the Agent in writing and deliver promptly to the Agent and the Borrower an updated certificate or other appropriate documentation (including any new documentation reasonably requested by the Agent or the Borrower) or promptly notify the
Agent and the Borrower in writing of its legal ineligibility to do so, and (2) the undersigned shall have at all times furnished the Borrower and the Agent with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless
otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement. 
  

									
	Date: _____________ ___, 20___	  	                	  	[NAME OF LENDER]
					
		  		  	By:	 	      
	  	
		  		  	Name:	 	      
	  	
		  		  	Title:	 	      
	  	

 EXHIBIT J-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Loan and Security Agreement dated as of September 30, 2019 (as amended, supplemented or otherwise
modified from time to time, the “Loan Agreement”) by and among Codiak BioSciences, Inc., a Delaware corporation, and each of its Subsidiaries (as defined in the Loan Agreement) (hereinafter collectively referred to as the
“Borrower”), the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as the “Lenders”), and HERCULES CAPITAL, INC., a Maryland corporation, in its
capacity as administrative agent and collateral agent for itself and the Lenders (in such capacity, the “Agent”). 
 Pursuant to
the provisions of Addendum 1 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “ten percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a
“controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned
has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, or if a lapse in time or change in circumstances renders the information
in this certificate obsolete, expired or inaccurate in any material respect, the undersigned shall promptly so inform such Lender in writing and deliver promptly to such Lender an updated certificate or other appropriate documentation (including any
new documentation reasonably requested by such Lender) or promptly notify such Lender in writing of its legal ineligibility to do so, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan
Agreement. 
  

									
	Date: _____________ ___, 20___	  	                	  	[NAME OF PARTICIPANT]
					
		  		  	By:	 	      
	  	
		  		  	Name:	 	      
	  	
		  		  	Title:	 	      
	  	

 EXHIBIT J-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Loan and Security Agreement dated as of September 30, 2019 (as amended, supplemented or otherwise
modified from time to time, the “Loan Agreement”) by and among Codiak BioSciences, Inc., a Delaware corporation, and each of its Subsidiaries (as defined in the Loan Agreement) (hereinafter collectively referred to as the
“Borrower”), the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as the “Lenders”), and HERCULES CAPITAL, INC., a Maryland corporation, in its
capacity as administrative agent and collateral agent for itself and the Lenders (in such capacity, the “Agent”). 
 Pursuant to
the provisions of Addendum 1 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect
partners/members are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan
agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “ten percent shareholder” of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of
the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form
W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided in this certificate changes, or if a lapse in time or change in circumstances renders the information in this certificate obsolete, expired or inaccurate in any material respect, the undersigned shall
promptly so inform such Lender in writing and deliver promptly to such Lender an updated certificate or other appropriate documentation (including any new documentation reasonably requested by such Lender) or promptly notify such Lender in writing
of its legal ineligibility to do so, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Loan
Agreement and used herein shall have the meanings given to them in the Loan Agreement. 
  

									
	Date: _____________ ___, 20___	  	                	  	[NAME OF PARTICIPANT]
					
		  		  	By:	 	      
	  	
		  		  	Name:	 	      
	  	
		  		  	Title:	 	      
	  	

 EXHIBIT J-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Loan and Security Agreement dated as of September 30, 2019 (as amended, supplemented or otherwise
modified from time to time, the “Loan Agreement”) by and among Codiak BioSciences, Inc., a Delaware corporation, and each of its Subsidiaries (as defined in the Loan Agreement) (hereinafter collectively referred to as the
“Borrower”), the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as the “Lenders”), and HERCULES CAPITAL, INC., a Maryland corporation, in its
capacity as administrative agent and collateral agent for itself and the Lenders (in such capacity, the “Agent”). 
 Pursuant to
the provisions of Addendum 1 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this
certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any promissory note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Loan Agreement
or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “ten percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its
direct or indirect partners/members is a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Agent and the Borrower with IRS Form W-8IMY accompanied by one of
the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form
W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned
agrees that (1) if the information provided in this certificate changes, or if a lapse in time or change in circumstances renders the information in this certificate obsolete, expired or inaccurate in any material respect, the undersigned shall
promptly so inform the Borrower and the Agent in writing and deliver promptly to the Borrower and the Agent an updated certificate or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Agent)
or promptly notify the Borrower and the Agent in writing of its legal ineligibility to do so, and (2) the undersigned shall have at all times furnished the Borrower and the Agent with a properly completed and currently effective certificate in
either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan
Agreement. 
  

									
	Date: _____________ ___, 20___	  	                	  	[NAME OF LENDER]
					
		  		  	By:	 	      
	  	
		  		  	Name:	 	      
	  	
		  		  	Title:	 	      
	  	

 SCHEDULE 1.1 

COMMITMENTS 
  

									
	 LENDERS
	  	TRANCHE	 	  	TERM COMMITMENT	 
	 Hercules Capital, Inc.
	  	 	Tranche 1	 	  	$	25,000,000	 
	 Hercules Capital, Inc.
	  	 	Tranche 2	 	  	$	10,000,000	 
	 Hercules Capital, Inc.
	  	 	Tranche 3	 	  	$	10,000,000	 
	 Hercules Capital, Inc.
	  	 	Tranche 4	 	  	$	30,000,000	* 
	 TOTAL COMMITMENTS
	  				  	$	75,000,000	* 

  

	*	 Funding of Tranche 4 is subject to approval by Lender’s investment committee in its sole discretion.

 Schedule 1        Subsidiaries 

Codiak Securities Corporation 

 Schedule 1A Existing Permitted Indebtedness 

 

													
	Silicon Valley Bank	  	3301424850	  		  	Codiak
Biosciences, Inc.	  	LOC Collateral –
500 TS	  	$	366,000	 
	Silicon Valley Bank	  	3302676788	  		  	Codiak
Biosciences, Inc.	  	LOC Collateral –
Alewife	  	$	3,730,000	 
	Silicon Valley Bank	  	3302647492	  		  	Codiak
Biosciences, Inc.	  	LOC Collateral –
Lexington CMF	  	$	439,600	 

 Schedule 1B     Existing Permitted Investments 

Investments held in account number 19-SV1556 maintained with Silicon Valley Bank. 

 Schedule 1C     Existing Permitted Liens 

 

													
	Silicon Valley Bank	  	3301424850	  		  	Codiak
Biosciences, Inc.	  	LOC Collateral –
500 TS	  	$	366,000	 
	Silicon Valley Bank	  	3302676788	  		  	Codiak
Biosciences, Inc.	  	LOC Collateral –
Alewife	  	$	3,730,000	 
	Silicon Valley Bank	  	3302647492	  		  	Codiak
Biosciences, Inc.	  	LOC Collateral –
Lexington CMF	  	$	439,600	 

 Schedule 5.3     Consents, Etc. 

NONE. 

 Schedule 5.8     Tax Matters 

NONE. 

 Schedule 5.9     Intellectual Property Claims 

NONE. 

 Schedule 5.10     Intellectual Property 

NONE. 

 Schedule 5.11     Borrower Products 

NONE. 

 Schedule 5.14     Capitalization 

See attached. 

 Codiak BioSciences, Inc. 

Capitalization Table 
 8/27/2019 

 

																																									
	 Stockholder Name
	 	Outstanding
Stock
Options	 	 	Common
Stock	 	 	Outstanding
Series A
Preferred
Stock	 	 	Outstanding
Series B
Preferred
Stock	 	 	Outstanding
Series C
Preferred
Stock	 	 	Total	 	 	Preferred
Percentage	 	 	Percentage
Outstanding	 	 	Percentage
Outstanding +
Issued
Options	 	 	Percentage
Fully
Diluted	 
	 ARCH
	 	 	—  	 	 	 	500,000	 	 	 	20,450,000	 	 	 	5,333,333	 	 	 	1,320,097	 	 	 	27,603,430	 	 	 	36.66	% 	 	 	28.36	% 	 	 	21.29	% 	 	 	21.05	% 
	 Flagship
	 	 	—  	 	 	 	3,798,671	 	 	 	8,500,000	 	 	 	4,833,332	 	 	 	1,320,096	 	 	 	18,452,099	 	 	 	19.82	% 	 	 	18.96	% 	 	 	14.23	% 	 	 	14.07	% 
	 Fidelity
	 	 	—  	 	 	 	—  	 	 	 	2,000,000	 	 	 	6,500,000	 	 	 	5,280,388	 	 	 	13,780,388	 	 	 	18.64	% 	 	 	14.16	% 	 	 	10.63	% 	 	 	10.51	% 
	 Raghu Kalluri, M.D., Ph.D.
	 	 	2,282,300	 	 	 	5,770,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	8,052,300	 	 	 	0.00	% 	 	 	5.93	% 	 	 	6.21	% 	 	 	6.14	% 
	 M.D. Anderson
	 	 	—  	 	 	 	4,760,250	 	 	 	1,587,500	 	 	 	187,497	 	 	 	—  	 	 	 	6,535,247	 	 	 	2.40	% 	 	 	6.71	% 	 	 	5.04	% 	 	 	4.98	% 
	 Douglas E. Williams
	 	 	7,138,583	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	66,004	 	 	 	7,204,587	 	 	 	0.09	% 	 	 	0.07	% 	 	 	5.56	% 	 	 	5.49	% 
	 Eric S. Lander, Ph.D.
	 	 	240,000	 	 	 	5,770,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6,010,000	 	 	 	0.00	% 	 	 	5.93	% 	 	 	4.63	% 	 	 	4.58	% 
	 Alaska
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	3,333,333	 	 	 	1,320,097	 	 	 	4,653,430	 	 	 	6.29	% 	 	 	4.78	% 	 	 	3.59	% 	 	 	3.55	% 
	 QIA
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	3,960,291	 	 	 	3,960,291	 	 	 	5.36	% 	 	 	4.07	% 	 	 	3.05	% 	 	 	3.02	% 
	 Alexandria Equities
	 	 	—  	 	 	 	—  	 	 	 	500,000	 	 	 	333,333	 	 	 	1,320,097	 	 	 	2,153,430	 	 	 	2.91	% 	 	 	2.21	% 	 	 	1.66	% 	 	 	1.64	% 
	 Robert Brenner
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 Tavistock
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,584,116	 	 	 	1,584,116	 	 	 	2.14	% 	 	 	1.63	% 	 	 	1.22	% 	 	 	1.21	% 
	 Richard Brudnick
	 	 	1,550,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,550,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	1.20	% 	 	 	1.18	% 
	 Sun Family Office
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,320,097	 	 	 	1,320,097	 	 	 	1.79	% 	 	 	1.36	% 	 	 	1.02	% 	 	 	1.01	% 
	 Hillhouse
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,320,097	 	 	 	1,320,097	 	 	 	1.79	% 	 	 	1.36	% 	 	 	1.02	% 	 	 	1.01	% 
	 Linda C. Bain
	 	 	1,900,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,900,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	1.47	% 	 	 	1.45	% 
	 Benny Sorensen
	 	 	1,295,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,295,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	1.00	% 	 	 	0.99	% 
	 Konstantin Konstantinov
	 	 	1,500,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,500,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	1.16	% 	 	 	1.14	% 
	 EcoR1
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	792,058	 	 	 	792,058	 	 	 	1.07	% 	 	 	0.81	% 	 	 	0.61	% 	 	 	0.60	% 
	 BIDMC
	 	 	—  	 	 	 	577,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	577,000	 	 	 	0.00	% 	 	 	0.59	% 	 	 	0.44	% 	 	 	0.44	% 
	 CPRIT
	 	 	—  	 	 	 	432,750	 	 	 	112,500	 	 	 	—  	 	 	 	—  	 	 	 	545,250	 	 	 	0.15	% 	 	 	0.56	% 	 	 	0.42	% 	 	 	0.42	% 
	 Casdin Capital
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	528,038	 	 	 	528,038	 	 	 	0.71	% 	 	 	0.54	% 	 	 	0.41	% 	 	 	0.40	% 
	 Steven Gillis, Ph.D.
	 	 	525,383	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	525,383	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.41	% 	 	 	0.40	% 
	 Sriram Sathyanarayanan
	 	 	715,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	715,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.55	% 	 	 	0.55	% 
	 Nicole Barna
	 	 	650,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	650,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.50	% 	 	 	0.50	% 
	 Michelle Legler
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 Jan Lotvall
	 	 	—  	 	 	 	496,557	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	496,557	 	 	 	0.00	% 	 	 	0.51	% 	 	 	0.38	% 	 	 	0.38	% 
	 Scott Estes
	 	 	715,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	715,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.55	% 	 	 	0.55	% 
	 Stelios Papadopoulos
	 	 	400,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	400,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.31	% 	 	 	0.30	% 
	 Avak Kahvejian
	 	 	315,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	315,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.24	% 	 	 	0.24	% 
	 Charlie Cooney
	 	 	275,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	275,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.21	% 	 	 	0.21	% 
	 Noubar Afeyan
	 	 	114,288	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	114,288	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.09	% 	 	 	0.09	% 
	 Leah Bowen-Cogswell
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 Briggs Morrison
	 	 	225,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	225,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.17	% 	 	 	0.17	% 
	 Jonathan Poole
	 	 	225,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	225,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.17	% 	 	 	0.17	% 
	 Kathryn Golden
	 	 	—  	 	 	 	73,125	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	73,125	 	 	 	0.00	% 	 	 	0.08	% 	 	 	0.06	% 	 	 	0.06	% 
	 James Thornton
	 	 	240,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	240,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.19	% 	 	 	0.18	% 
	 Damian Houde
	 	 	—  	 	 	 	26,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	26,000	 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.02	% 	 	 	0.02	% 
	 Padmanee Sharma
	 	 	100,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	100,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.08	% 	 	 	0.08	% 
	 Robert Scheiber
	 	 	100,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	100,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.08	% 	 	 	0.08	% 
	 James Allison
	 	 	100,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	100,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.08	% 	 	 	0.08	% 
	 Vincenzo Bronte
	 	 	100,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	100,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.08	% 	 	 	0.08	% 
	 Kyriakos Economides
	 	 	160,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	160,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.12	% 	 	 	0.12	% 
	 Aaron Noyes
	 	 	75,742	 	 	 	44,258	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	120,000	 	 	 	0.00	% 	 	 	0.05	% 	 	 	0.09	% 	 	 	0.09	% 
	 Exosome Ventures AB
	 	 	—  	 	 	 	79,772	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	79,772	 	 	 	0.00	% 	 	 	0.08	% 	 	 	0.06	% 	 	 	0.06	% 
	 Dalia Burzyn
	 	 	80,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	80,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.06	% 	 	 	0.06	% 
	 Jacquline Chalem Pierciey
	 	 	—  	 	 	 	26,250	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	26,250	 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.02	% 	 	 	0.02	% 
	 Nuruddeen Lewis
	 	 	115,400	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	115,400	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.09	% 	 	 	0.09	% 
	 Ke Xu
	 	 	81,875	 	 	 	25,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	106,875	 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.08	% 	 	 	0.08	% 
	 Kimberly Barry
	 	 	180,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	180,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.14	% 	 	 	0.14	% 
	 Raymond Moniz
	 	 	65,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	65,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.05	% 	 	 	0.05	% 
	 Tong Zi
	 	 	60,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	60,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.05	% 	 	 	0.05	% 
	 Kevin Dooley
	 	 	75,000	 	 	 	30,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	105,000	 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.08	% 	 	 	0.08	% 
	 Alexander Casdin
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	52,803	 	 	 	52,803	 	 	 	0.07	% 	 	 	0.05	% 	 	 	0.04	% 	 	 	0.04	% 
	 Agata Villiger-Oberbek
	 	 	100,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	100,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.08	% 	 	 	0.08	% 
	 Delai Chen
	 	 	—  	 	 	 	22,500	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	22,500	 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 	 	 	0.02	% 
	 Adam Boutin
	 	 	75,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	75,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.06	% 	 	 	0.06	% 
	 John Kulman
	 	 	—  	 	 	 	50,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	50,000	 	 	 	0.00	% 	 	 	0.05	% 	 	 	0.04	% 	 	 	0.04	% 
	 Ge Li
	 	 	—  	 	 	 	—  	 	 	 	50,000	 	 	 	—  	 	 	 	—  	 	 	 	50,000	 	 	 	0.07	% 	 	 	0.05	% 	 	 	0.04	% 	 	 	0.04	% 
	 Mark Scuzzarella
	 	 	205,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	205,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.16	% 	 	 	0.16	% 
	 Rane Harrison
	 	 	55,560	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	55,560	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.04	% 	 	 	0.04	% 
	 Leonid Gaydukov
	 	 	35,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Raymond Bourdeau
	 	 	85,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	85,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.07	% 	 	 	0.06	% 
	 Tracey Dembro
	 	 	33,800	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	33,800	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Russell McConnell
	 	 	85,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	85,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.07	% 	 	 	0.06	% 
	 Su Chul Jang
	 	 	95,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	95,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.07	% 	 	 	0.07	% 
	 Sushrut Kamerkar
	 	 	33,020	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	33,020	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Nikki Ross
	 	 	31,750	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	31,750	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Eva Murphy
	 	 	30,480	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	30,480	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 William Dahlberg
	 	 	25,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	25,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Shelly Martin
	 	 	35,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Jorge Sanchez-Salazar
	 	 	22,860	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	22,860	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Chang Ling Sia
	 	 	35,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Young Jun Choi
	 	 	28,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	28,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Katherine Keane
	 	 	25,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	25,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Palak Shah
	 	 	19,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	19,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Christine McCoy
	 	 	18,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Michael Doherty
	 	 	32,780	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	32,780	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.02	% 
	 Lei O’Malley
	 	 	25,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 				 	 	25,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Andrew Grube
	 	 	19,063	 	 	 	8,937	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	28,000	 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.02	% 	 	 	0.02	% 
	 Madeleine Youniss
	 	 	22,500	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	22,500	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Sonya Haupt
	 	 	14,440	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	14,440	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Katherine Kirwin
	 	 	24,440	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	24,440	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Kim Ellis
	 	 	35,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Teresa McDonald
	 	 	25,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	25,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Kayla Desanty
	 	 	13,500	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	13,500	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Nathan Jorgensen
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	13,200	 	 	 	13,200	 	 	 	0.02	% 	 	 	0.01	% 	 	 	0.01	% 	 	 	0.01	% 
	 Kelly O’Connor
	 	 	12,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	12,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Raymond Yang
	 	 	25,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	25,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Tik Yan Chan
	 	 	25,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	25,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Cristina James
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 Mohamed Adel Ghanem
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6,600	 	 	 	6,600	 	 	 	0.01	% 	 	 	0.01	% 	 	 	0.01	% 	 	 	0.01	% 
	 Yu Zhou
	 	 	—  	 	 	 	4,047	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	4,047	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 Kayla Therapeutics
	 	 	—  	 	 	 	924,068	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	924,068	 	 	 	0.00	% 	 	 	0.95	% 	 	 	0.71	% 	 	 	0.70	% 
	 Emily Siliezar
	 	 	7,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	7,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Thomas Kotarakos
	 	 	650,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	650,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.50	% 	 	 	0.50	% 
	 Joanne Lim
	 	 	75,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	75,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.06	% 	 	 	0.06	% 
	 Conlin O’Neil
	 	 	80,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	80,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.06	% 	 	 	0.06	% 
	 Susan Barr
	 	 	75,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	75,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.06	% 	 	 	0.06	% 
	 Meghan Humphreys
	 	 	13,500	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	13,500	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Julian Vasquez
	 	 	13,500	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	13,500	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Leila Albers
	 	 	80,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	80,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.06	% 	 	 	0.06	% 
	 Aaron Sulentic
	 	 	13,500	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	13,500	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Shailedra Patel
	 	 	650,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	650,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.50	% 	 	 	0.50	% 
	 Olga Burenkova
	 	 	30,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	30,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Aditya Utturkar
	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 Cara Lowen
	 	 	760,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	760,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.59	% 	 	 	0.58	% 
	 Andrea DiFabio
	 	 	1,400,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	1,400,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	1.08	% 	 	 	1.07	% 
	 Philip Maderia
	 	 	220,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	220,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.17	% 	 	 	0.17	% 
	 Kyle LaVigne
	 	 	60,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	60,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.05	% 	 	 	0.05	% 
	 Lisa Jacob
	 	 	18,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 David Lechner
	 	 	25,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	25,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.02	% 	 	 	0.02	% 
	 Monique Kauke
	 	 	35,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Wei Zhang
	 	 	35,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Charan Lang
	 	 	35,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Karen Bernstein
	 	 	225,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	225,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.17	% 	 	 	0.17	% 
	 Tim Harris
	 	 	200,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	200,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.15	% 	 	 	0.15	% 
	 Joanne Gibbons
	 	 	600,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	600,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.46	% 	 	 	0.46	% 
	 John Finn
	 	 	650,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	650,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.50	% 	 	 	0.50	% 
	 Jessica Poppe
	 	 	60,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	60,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.05	% 	 	 	0.05	% 
	 Shu-Wei Wu
	 	 	18,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 John Robblee
	 	 	205,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	205,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.16	% 	 	 	0.16	% 
	 Kristen Flansburg
	 	 	85,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	85,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.07	% 	 	 	0.06	% 
	 Ronan Hunt
	 	 	18,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Nai-Jia Huang
	 	 	35,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	35,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.03	% 	 	 	0.03	% 
	 Anthony Lantigua
	 	 	6,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.00	% 
	 Michelle McCarty
	 	 	18,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.01	% 	 	 	0.01	% 
	 Erik Held
	 	 	60,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	60,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.05	% 	 	 	0.05	% 
	 Luke Ascolillo
	 	 	75,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	75,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.06	% 	 	 	0.06	% 
	 Yi Zhang
	 	 	85,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	85,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.07	% 	 	 	0.06	% 
	 Xi Zhang
	 	 	100,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	100,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.08	% 	 	 	0.08	% 
	 Joon Chong Yee
	 	 	100,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	100,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.08	% 	 	 	0.08	% 
	 Timothy Soos
	 	 	205,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	205,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.16	% 	 	 	0.16	% 
	 Wendy Broom
	 	 	205,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	205,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.16	% 	 	 	0.16	% 
	 Kate Niazi-Sai
	 	 	600,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	600,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.46	% 	 	 	0.46	% 
	 Wendy Hill
	 	 	600,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	600,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.46	% 	 	 	0.46	% 
	 Ajay Verma
	 	 	900,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	900,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.69	% 	 	 	0.69	% 
	 Andrew Wood
	 	 	70,000	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	70,000	 	 	 	0.00	% 	 	 	0.00	% 	 	 	0.05	% 	 	 	0.05	% 
		 	 	—  	 	 	 	—  	 	 				 	 	—  	 	 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Totals:
	 	 	32,340,264	 	 	 	23,419,185	 	 	 	33,200,000	 	 	 	20,520,828	 	 	 	20,204,079	 	 	 	129,684,356	 	 	 	100.00	% 	 	 	100.00	% 	 	 	100.00	% 	 	 	98.88	% 
	 Total Shares Outstanding
	 				 				 				 				 				 	 	97,344,092	 	 				 				 				 			
	 Total Shares + Outstanding Options
	 				 				 				 				 				 	 	129,684,356	 	 				 				 				 			
	 Options Available For Grant
	 				 				 				 				 				 	 	1,474,619	 	 				 				 				 	 	1.12	% 
	 Total Fully Diluted
	 				 				 				 				 				 	 	131,158,975	 	 				 				 				 	 	100.00	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]