Document:

EX-10.16

 Exhibit 10.16 

INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made as of
                                        by and
between CERULEAN PHARMA INC. a Delaware corporation (the “Company”), and
                                        (the
“Indemnitee”). 
 WHEREAS, the Company desires to attract and retain the services of highly qualified
individuals, such as Indemnitee, to serve as [directors on the Company’s Board of Directors (“Board”)][officers of the Company] and to indemnify its [directors][officers] so as to provide them with the maximum protection permitted by
law. 
 NOW, THEREFORE, in consideration of Indemnitee’s service as [a director][an officer] of
the Company and other good and valuable consideration, Company and Indemnitee hereby agree as follows: 
 1. Indemnification. The
Company shall indemnify, defend, and hold harmless Indemnitee from and against, and shall compensate and reimburse Indemnitee for, any Damages (as defined below) that are directly or indirectly suffered or incurred by Indemnitee as a result of, or
are directly or indirectly connected with, any threatened, pending or completed action or proceeding, whether civil, criminal, administrative or investigative, to which Indemnitee is or was a party, or is threatened to be made a party, by reason of,
or arising directly or indirectly from, the fact that Indemnitee is or was [a member of the Company’s Board][an officer of the Company], or any subsidiary of the Company, by reason of any action or inaction on the part of Indemnitee in his role
as [a member of the Company’s Board][an officer] or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee or agent of the Company or of another corporation, partnership, joint
venture, trust or other enterprise, provided however, that the Company shall not be obligated to indemnify Indemnitee under this Section 1: (1) if the Company can demonstrate that Indemnitee acted in bad faith and in a manner
Indemnitee could not reasonably have believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, that Indemnitee had no reasonable cause to believe Indemnitee’s conduct was
lawful; or (2) in an action by or in the right of the Company, for any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Company in the performance of any duty to the Company and its shareholders unless
and only to the extent that the court in which such action or proceeding is or was pending shall determine upon application that, in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for expenses
and then only to the extent that the court shall determine. The termination of any action or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a
presumption that (i) Indemnitee did not act in good faith, (ii) Indemnitee did not act in a manner which Indemnitee reasonably believed to be in the best interests of the Company, or (iii) with respect to any criminal action or
proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. “Damages” shall include any loss, damage, injury, liability, claim, demand, settlement, judgement, award, fine, penalty, tax, fee
(including any legal fee, expert fee, accounting fee or advisory fee), charge, cost (including any cost of investigation) or expense of any nature. 

2. Expenses; Indemnification Procedure. 

(a) Advancement of Expenses. The Company shall advance all expenses incurred by Indemnitee in connection with the investigation,
defense, settlement or appeal of any civil or criminal action or proceeding referenced in Section 1 hereof (but not amounts actually paid in settlement of any such action or proceeding). Indemnitee hereby undertakes to repay such amounts
advanced only if, and to the extent that, it shall ultimately be determined such expenses were not reasonable or that Indemnitee is not entitled to be indemnified by the Company as authorized hereby. The advances to be made hereunder shall be paid
by the Company to Indemnitee within twenty (20) days following delivery of a written request therefor by Indemnitee to the Company. 

 (b) Notice/Cooperation by Indemnitee. Indemnitee shall, as a condition precedent to his
right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement. Notice to the Company shall be
directed to the President of the Company at the address shown on the signature page of this Agreement (or such other address as the Company shall designate in writing to Indemnitee). In addition, Indemnitee shall give the Company such information
and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 
 (c) Procedure. Any indemnification
provided for in Section 1 shall be made no later than forty-five (45) days after receipt of the written request of Indemnitee. If a claim under this Agreement, under any statute, or under any provision of the Company’s Certificate of
Incorporation or Bylaws providing for indemnification, is not paid in full by the Company within forty-five (45) days after a written request for payment thereof has first been received by the Company, Indemnitee may, but need not, at any time
thereafter bring an action against the Company to recover the unpaid amount of the claim and, subject to Section 14 of this Agreement, Indemnitee shall also be entitled to be paid for the expenses (including attorneys’ fees) of bringing
such action. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in connection with any action or proceeding in advance of its final disposition) that Indemnitee has not met the standards
of conduct which make it permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed, but the burden of proving such defense shall be on the Company, and Indemnitee shall be entitled to receive interim payments of
expenses pursuant to Subsection 2(a) unless and until such defense may be finally adjudicated by court order or judgment from which no further right of appeal exists. It is the parties’ intention that if the Company contests Indemnitee’s
right to indemnification, the question of Indemnitee’s right to indemnification shall be for the court to decide, and neither the failure of the Company (including its Board of Directors, any committee or subgroup of the Board of Directors,
independent legal counsel, or its shareholders) to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable law, nor an actual
determination by the Company (including its Board of Directors, any committee or subgroup of the Board of Directors, independent legal counsel, or its shareholders) that Indemnitee has not met such applicable standard of conduct, shall create a
presumption that Indemnitee has or has not met the applicable standard of conduct. 
 (d) Selection of Counsel. In the event the
Company shall be obligated under Section 2(a) hereof to pay the expenses of any proceeding against Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of such proceeding, with counsel approved by Indemnitee, which
approval shall not be unreasonably withheld, upon the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the
Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same proceeding, provided that (i) Indemnitee shall have the right to employ his counsel in any such
proceeding at Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest on
any significant issue between the Company and Indemnitee in the conduct of any such defense or (C) the Company shall not, in fact, have employed counsel to assume the defense of such proceeding, then the fees and expenses of Indemnitee’s
counsel shall be at the expense of the Company. 

  
 2. 

 3. Additional Indemnification Rights; Nonexclusivity; Primacy of Indemnification. 

(a) Scope. Notwithstanding any other provisions of this Agreement, the Company hereby agrees to indemnify the Indemnitee to the fullest
extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Company’s Certificate of Incorporation, the Company’s Bylaws or by statute. In the event of
any change, after the date of this Agreement, in any applicable law, statute or rule which expands the right of a Delaware corporation to indemnify [a member of its Board][an officer], such changes shall be, ipso facto, within the purview of
Indemnitee’s rights and Company’s obligations, under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify [a member of its Board][an officer], such
changes, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 

(b) Nonexclusivity. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may
be entitled under the Company’s Certificate of Incorporation, its Bylaws, any agreement, any vote of shareholders or disinterested directors, Delaware law, or otherwise, both as to action in Indemnitee’s official capacity and as to action
in another capacity while holding such office. The indemnification provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though he may have ceased to serve in
such capacity at the time of any action or otherwise covered proceeding. 
 (c) [Primacy of Indemnification. The Company hereby
acknowledges that Indemnitee has or may have certain rights to indemnification, advancement of expenses and/or insurance provided by an Appointing Shareholder (as defined below) and/or affiliates of such Appointing Shareholder (collectively, the
“Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification
for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all expenses, judgments,
penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Certificate of Incorporation or Bylaws of the Company (or any other agreement between the Company and Indemnitee),
without regard to any rights Indemnitee may have against the Fund Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution,
subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification
from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company
and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 3(c).] 
 4.
Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the expenses, judgments, fines or penalties actually or reasonably incurred by him in the
investigation, defense, appeal or settlement of any civil or criminal action or proceeding, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such expenses, judgments, fines or
penalties to which Indemnitee is entitled. 
 5. [Indemnification of Related Parties. To the extent that Indemnitee is serving on the
Board at the direction of any shareholder of the Company who, pursuant to the Certificate of Incorporation or contractual arrangement, shall have the right to elect or appoint Indemnitee to the Board

  
 3. 

 
(an “Appointing Shareholder”), the Company shall indemnify and hold harmless such Appointing Shareholder and its affiliates from any threatened, pending or completed action or
proceeding, whether civil, criminal, administrative or investigative, arising by reason of the fact that Appointing Shareholder (or its affiliates) have the ability to appoint or elect Indemnitee to the Board, provided however, that (i) any
such indemnification shall be subject to the same limitations as set forth in Section 1 or otherwise herein; and (ii) no such indemnification shall be available to any Appointing Shareholder (or affiliate) in the event that Indemnitee
shall not be entitled to indemnification in the same or any related action or proceeding. The terms of this Agreement as they relate to procedures for indemnification of Indemnitee shall apply to any such indemnification of Appointing Shareholder
and its affiliates. ] 
 6. Mutual Acknowledgment. Both the Company and Indemnitee acknowledge that in certain instances, Federal law
or applicable public policy may prohibit the Company from indemnifying its directors, officers or other advisors under this Agreement or otherwise. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the
future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right under public policy to indemnify Indemnitee. 

7. Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do
any act in violation of applicable law. The Company’s inability, pursuant to court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. The provisions of this Agreement shall be severable as
provided in this Section 7. If this Agreement or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify Indemnitee to the full extent permitted by any
applicable portion of this Agreement that shall not have invalidated, and the balance of this Agreement not so invalidated shall be enforceable in accordance with its terms. 

8. Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify Indemnitee or to advance expenses in connection with any claim made against Indemnitee: 
 (a) Excluded
Acts. Any acts or omissions or transactions from which [a director][an officer] may not be relieved of liability under Delaware Law; 

(b) Claims Initiated by Indemnitee. With respect to proceedings or claims initiated or brought voluntarily by Indemnitee and not by way
of defense, except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement or any other statute or law, but such indemnification or advancement of expenses may be provided by the Company in
specific cases if the Board of Directors has approved the initiation or bringing of such suit; 
 (c) Lack of Good Faith. For any
expenses incurred by the Indemnitee with respect to any proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by the Indemnitee in such
proceeding was not made in good faith or was frivolous; 
 (d) Claims Under Section 16(b). For expenses and the payment of
profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute; 

(e) Insurance Payments. To the extent that payment is actually made to the Indemnitee under a valid, enforceable and collectible
insurance policy of the Company, and in the event the Company makes any indemnification payments to the Indemnitee and the Indemnitee is subsequently reimbursed from the proceeds of insurance, the Indemnitee will promptly refund such indemnification
payments to the Corporation to the extent of such insurance reimbursement; or 

  
 4. 

 (f) Judicial Determination. In connection with a judicial action by or in the right of the
Company, in respect of any claim, issue or matter as to which the Indemnitee shall have been adjudged to be liable in the performance of his duty to the Company unless and only to the extent that any court in which such action was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such expenses as such court shall deem proper. 

9. Effectiveness of Agreement. To the extent that the indemnification permitted under the terms of certain provisions of this Agreement
exceeds the scope of the indemnification provided for under Delaware law, such provisions shall not be effective unless and until the Company’s Certificate of Incorporation authorize such additional rights of indemnification. In all other
respects, the balance of this Agreement shall be effective as of the date set forth on the first page. 
 10. Construction of Certain
Phrases. 
 (a) For purposes of this Agreement, references to the “Company” shall include, in addition to the resulting
corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers,
employees or agents, so that if Indemnitee is or was a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this
Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 

(b) For purposes of this Agreement, references to “other enterprises” shall include employee benefit plans; references to
“fines” shall include any excise taxes assessed on Indemnitee with respect to an employee benefit plan; and references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent
of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants, or beneficiaries. 

11. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original. 

12. Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns, and shall inure to the
benefit of Indemnitee and Indemnitee’s estate, heirs, legal representatives and assigns. 
 13. Attorneys’ Fees. In the
event that any action is instituted by Indemnitee under this Agreement to enforce or interpret any of the terms hereof, Indemnitee shall be entitled to be paid all court costs and expenses, including reasonable attorneys’ fees, incurred by
Indemnitee with respect to such action, unless as a part of such action, the court of competent jurisdiction determines that each of the material assertions made by Indemnitee as a basis for such action were not made in good faith or were frivolous.
In the event of an action instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all court costs and expenses, including attorneys’
fees, incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action the court determines that each of Indemnitee’s material
defenses to such action were made in bad faith or were frivolous. 

  
 5. 

 14. Notices. All notices, requests, demands and other communications under this Agreement
shall be in writing and shall be deemed duly given (i) if delivered by hand and receipted for by the party addressee, on the date of such receipt, or (ii) if mailed by domestic certified or registered mail, properly addressed with postage
prepaid, on the third business day after the date postmarked; otherwise a notice shall be deemed duly given when such notice shall be actually received by the addressee. Addresses for notice to either party are as shown on the signature page of this
Agreement, or as subsequently modified by written notice. 
 15. Choice of Law. This Agreement shall be governed by and its
provisions construed in accordance with the laws of the State of Delaware as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware. 

[Remainder of page intentionally left blank] 

  
 6. 

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

					
	AGREED TO AND ACCEPTED	 		 	
			
	INDEMNITEE:	 		 	 COMPANY:

			
	  
	 		 	  

			
		 		 	By:
	Address:	 		 	
	  
	 		 	Title:
	  
	 		 	
	  
	 		 	Address:
			
		 		 	840 Memorial Drive, 5th Floor
		 		 	Cambridge, MA 02139

 [Signature Page to Indemnification Agreement]EX-10.17

 Exhibit 10.17 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”), made this 8th day of April 2009,
is entered into by Cerulean Pharma Inc., a Delaware corporation with its principal place of business at 161 First Street Cambridge, MA 02142 (the “Company”), and Oliver Fetzer (the “Employee”). 

The Company desires to employ the Employee and the Employee desires to be employed by the Company. In consideration of the mutual covenants
and promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by the parties hereto, the parties agree as follows: 

1. Term of Employment. The Company hereby agrees to employ the Employee and the Employee hereby accepts employment with the Company,
upon the terms set forth in this Agreement, commencing on April 8th, 2009 (the “Commencement Date”). There shall be no definite term of employment, and the Employee’s
employment shall be at-will such that both the Company and the Employee remain free to end the employment relationship for any reason, at any time, with or without notice. 

2. Title and Capacity. Effective on the Commencement Date, the Employee shall (i) serve as President and Chief Executive Officer
of the Company and shall report to the Board of Directors of the Company (the “Board”) and (ii) be appointed as a member of the Board. The Employee shall be based at the Company’s headquarters in Cambridge, Massachusetts. 

The Employee hereby accepts such employment and agrees to undertake the duties and responsibilities inherent in such position and such other
duties and responsibilities as the Board shall from time to time reasonably assign to him. The Employee agrees to devote his entire business time, attention and energies to the business and interests of the Company. The

 
Employee agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein that may be adopted from time to time by the Company.

 3. Compensation and Benefits. 

3.1 Base Salary. The Company shall pay the Employee, in accordance with the Company’s regular payroll practices, a base salary at
the annualized rate of $340,000 for fiscal year 2009, subject to adjustment on an annual basis thereafter by the Board. 
 3.2 Bonus.
In addition to a base salary, the Employee will be eligible to receive a performance-based annual bonus for each fiscal year in which he is employed by the Company in the capacity of President and Chief Executive Officer. This bonus shall be based
upon reasonably attainable annual quantitative and qualitative performance objectives that will be mutually agreed upon by the Board and the Employee. The Employee’s annual bonus level target shall be set at fifty percent (50%) of
Employee’s base salary for the applicable fiscal year. The Board will determine, in its sole discretion, based upon its review of the achievement of the performance objectives for a given fiscal year and its consideration of the recommendation
of the Compensation Committee, whether (and in what amount) a bonus award is payable to the Employee. Any bonus awarded to Employee for fiscal year 2009 will be prorated for the Employee’s length of service within such year. 

To be eligible to receive a bonus award, the Employee must be an active employee on the date any such bonuses are distributed. 

3.3 Employee Benefits. The Employee shall be entitled to participate in all benefit plans and programs that the Company establishes and
makes available to its employees to the extent that the Employee is eligible under (and subject to the provisions of) the plan 

  
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documents governing those programs. The Employee shall be entitled to twenty-five (25) days paid vacation per year plus personal days and paid holidays generally offered by the Company to
its employees, each to be administered in accordance with Company policy. 
 3.4 Reimbursement of Expenses. The Company shall
reimburse the Employee for all reasonable travel, entertainment and other expenses incurred or paid by the Employee in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement in accordance
with the Company’s expense reimbursement policies as set forth in the Company’s employee handbook, a copy of which has been provided to the Employee. The reimbursement of expenses hereunder shall be subject to the terms and conditions set
forth in Section 19(e) of this Agreement. 
 3.5 Equity. 

(a) On the Commencement Date, the Company will grant the Employee an option to purchase 1,392,438 shares of common stock of the Company
$.0001 par value per share (“Common Stock”) at an exercise price equal to the fair market value of the Common Stock on the date of the grant (the “Initial Option”), as evidenced by Stock Option Agreements with the Employee
substantially in the forms of Exhibit A and Exhibit B to this Agreement. The shares subject to the Initial Option shall vest over a four (4) year period in accordance with the terms and provisions of such Stock Option
Agreements. 
 (b) Promptly following the closing of the Company’s next round of equity financing in which convertible preferred stock
is issued and sold by the Company (provided that such closing occurs during the term of this Agreement), the Company will recommend to the Board that the Employee be granted an option to purchase that number of shares of Common Stock which would
result in the aggregate number of shares of Common 

  
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Stock owned by the Employee or subject to outstanding stock options held by the Employee representing five percent (5%) of the Company’s Common Stock immediately following such closing
(as calculated on a fully-diluted basis to include shares of Common Stock issuable upon conversion of then outstanding convertible preferred stock and issuable upon exercise of then outstanding stock options and warrants) (such option, the
“Anti-Dilution Option”). The Anti-Dilution Option shall have an exercise price equal to the fair market value of the Common Stock on the date of grant, as determined by the Board, and shall be evidenced by Stock Option Agreements with the
Employee substantially in the forms of Exhibit A and/or Exhibit B to this Agreement (except with respect to the number of shares covered by the option and the grant date of the option), and shall vest over a four (4) year period
in accordance with the terms and provisions of such Stock Option Agreements. 
 3.6 Withholding. All salary, bonus and other
compensation or benefits payable to the Employee shall be subject to applicable withholdings and taxes. 
 4. Payments Upon Resignation
By The Employee Without Good Reason or Termination By The Company For Cause. 
 4.1 Payment upon Voluntary Resignation or Termination
for Cause. If the Employee voluntarily resigns his employment other than for Good Reason (as defined in Section 4.2), or if the Company terminates the Employee for Cause (as defined in Section 4.3), the Company shall pay the Employee all accrued
and unpaid base salary through the Employee’s date of termination and any vacation that is accrued but unused as of such date. The Employee shall not be eligible for any severance or separation payments (including, but not limited to, those
described in Sections 5, 6 and 7 of this Agreement) or any continuation of benefits (other than those provided for under the Federal Consolidated Omnibus Budget Reconciliation Act 

  
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(“COBRA”)), or any other compensation pursuant to this Agreement or otherwise. The Employee also shall have such rights, if any, with respect to outstanding stock options and restricted
stock grants as may be provided under the agreement applicable to each. 
 4.2 Definition of “Good Reason”. For purposes of
this Agreement, “Good Reason” means the occurrence, without the Employee’s written consent, of any of the events or circumstances set forth in clauses (a) through (c) below, provided, however, that an event described in
clauses (a) through (c) below shall not constitute Good Reason unless it is communicated in writing, within 90 days of the first occurrence of an event giving rise to the claim, by the Employee to the Board or its successor and unless it
is not corrected by the Company or its successor within thirty (30) days of the Company’s receipt of such written notice: 
 (a)
the assignment to the Employee of duties inconsistent in any material respect with the Employee’s position (including status, offices, titles and reporting requirements), authority or responsibilities, or any other action or omission by the
Company, in each case which results in a material diminution of the Employee’s duties, authority or responsibilities; 
 (b) a
material reduction in the Employee’s base salary; or 
 (c) a change by the Company in the location at which the Employee performs his
principal duties for the Company to a new location that is both (i) outside a radius of 50 miles from the Employee’s principal residence and (ii) more than 30 miles from the location at which the Employee performed his principal
duties for the Company. 

  
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 If the Company fails to timely correct an event of Good Reason, the termination of
Executive’s employment shall become effective 60 days after such notice is received by the Company. 
 4.3 Definition of
“Cause”. For purposes of this Agreement, “Cause” is defined as: (i) a good faith finding by the Board (excluding the Employee, if applicable) of (a) the Employee’s failure to (1) perform reasonably
assigned lawful duties or (2) comply with a lawful instruction of the Board so long as, in the case of (2), the instruction is consistent with the scope and responsibilities of the Employee’s position, or (b) the Employee’s
dishonesty, willful misconduct or gross negligence, or (c) the Employee’s substantial and material failure or refusal to perform according to, or to comply with, the policies, procedures or practices established by the Company or the Board
and, in the case of (a) or (c), the Employee has had ten (10) days written notice to cure his failure to so perform or comply; or (ii) the Employee’s indictment, or the entering of a guilty plea or plea of “no contest”
with respect to a felony or any crime involving moral turpitude. 
 4.4 Taxes. 

(a) In the event that the Company (i) undergoes a “Change in Ownership or Control” (as defined below) within four (4) years of the
Commencement Date, (ii) no capital stock of the Company is readily tradeable on an established securities market or otherwise within the meaning of 280G(b)(5)(A)(ii)(I) of the Internal Revenue Code of 1986, as amended (the “Code”) and
(iii)the Employee becomes entitled to receive a Contingent Compensation Payment (as defined below) relating to such Change in Ownership or Control, then the Company shall determine which of the payments or benefits due to the Employee (under this
Agreement or otherwise) following such Change in Ownership or Control constitute 

  
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Contingent Compensation Payments and the amount, if any, of the excise tax (the “Excise Tax”) payable pursuant to Section 4999 of the Code by the Employee with respect to such
Contingent Compensation Payments. If any such Excise Tax would be payable by the Employee, then the Company shall seek the approval by the Company’s stockholders of the Contingent Compensation Payment in a manner intended to comply with
Section 280G(b)(5)(B) of the Code (the “Cleansing Vote”) such that the Employee will not be subject to the Excise Tax. The Company makes no representation or warranty to the Employee that the Cleansing Vote will result in the
Company’s stockholders approving the Contingent Compensation Payments. 
 (b) In the event the Code, rules and regulations under the
Code or other applicable laws are amended after the date of this Agreement such that successfully obtaining the approval of the Company’s stockholders of the Contingent Compensation Payments will no longer avoid the application of the Excise
Tax to the Contingent Compensation Payments, the Company and the Employee agree to re-negotiate this Section 4 in good faith in order to minimize the impact of the Excise Tax (or any similar successor tax) on the Employee. 

(c) For purposes of this Section 4.4, the following terms shall have the following respective meanings: 

(i) “Change in Ownership or Control” shall mean a change in the ownership or effective control of the Company or in the ownership
of a substantial portion of the assets of the Company determined in accordance with Section 280G(b)(2) of the Code. 
 (ii)
“Contingent Compensation Payment” shall mean any payment (or benefit) in the nature of compensation that is made or made available (under this Agreement or otherwise) to a “disqualified individual” (as defined in
Section 280G(c) of the 

  
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Code) and that is contingent (within the meaning of Section 280G(b)(2)(A)(i) of the Code) on a Change in Ownership or Control of the Company. 

(d) The provisions of this Section 4.4 are intended to apply to any and all payments or benefits available to the Employee under this
Agreement or any other agreement or plan of the Company under which the Employee receives Contingent Compensation Payments. The obligations set forth in this Section 4.4 will terminate and be of no further force or effect on the date that is
four (4) years from the Commencement Date. 
 5. Termination Without Cause; Resignation for Good Reason. If the Employee’s
employment with the Company is terminated by the Company without Cause (as defined in Section 4.3), or by the Employee’s voluntary resignation for Good Reason (as defined in Section 4.2), other than in connection with a Change in
Control (as defined in Section 7.2(a)), then the Employee shall be paid all accrued and unpaid base salary and any accrued but unused vacation through the date of termination. In addition, subject to the Employee’s execution and
non-revocation of a binding severance and mutual release agreement in a form satisfactory to the Company (hereinafter, a “Severance Agreement”), the Employee shall be eligible to receive the following separation benefits: 

5.1 an amount equal to (i) nine (9) months of Employee’s weighted average base salary for the 12 months preceding the
Employee’s date of termination (or for such lesser period as the Employee has been employed by the Company prior to such termination) plus (ii) an amount equal to three-fourths (3/4) of the last bonus, if any, paid to the Employee
pursuant to Section 3.2, all of which shall be payable, in full and in a lump-sum cash payment (subject to applicable withholdings) within thirty (30) days following the date of termination, provided that the Severance Agreement has been
executed and any applicable revocation period with respect 

  
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thereto has expired as of such date. The payment of severance hereunder shall be subject to the terms and conditions of Section 19 of this Agreement; and 

5.2 upon the Employee’s termination from employment pursuant to this Section 5, the Company shall continue the Employee and his
dependants on its medical and dental plans in accordance with the applicable plans, or to the extent the Employee and his dependants cannot be maintained on such plans, the Company will obtain comparable policies for the Employee and shall pay only
that portion of the medical and dental premiums that it pays on behalf of its actively employed executives who receive the same type of coverage for a period of nine (9) months after the Employee’s termination; provided, however,
that if the Employee becomes re-employed with another employer and is eligible to receive such benefits from such employer on terms at least as favorable to the Employee and his dependants as those being provided by the Company, then the Company
shall no longer be required to provide those particular benefits to the Employee and his dependants. At the end of the nine (9) month period, the Employee may continue such policies on his own behalf or pursuant to COBRA, if applicable, and
shall be responsible for all premiums thereafter. The provision of benefits hereunder shall be subject to the terms and conditions of Section 19 of this Agreement. 

6. Termination by Reason of Death or Disability. 

6.1 If the Employee’s employment with the Company is terminated by reason of the Employee’s death or Disability (as defined below),
then the Employee (or his estate, if applicable) shall be paid, within thirty (30) days of the date of the Employee’s death or determination of Disability, all accrued and unpaid base salary and any accrued but unused vacation through the date
of termination. In addition, subject to the execution and non-revocation of a Severance Agreement by the Employee, his estate or his legal representative(s), 

  
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as applicable, the Employee or his estate, as applicable, shall also be eligible to receive an annual bonus in an amount equal to the total bonus, if any, that he would have been paid for the
year in which his termination by reason of death or Disability occurred, pro-rated for the length of service since the last bonus period. This pro-rata bonus, if any, shall be payable in a lump sum no later than the later of (i) two and a half
months after the end of the Company’s tax year in which the bonus is earned and (ii) two an a half months after the end of the employee’s tax year in which the bonus is earned. The pro-rata bonus shall be subject to all applicable
withholding taxes, and shall be subject to the terms and conditions set forth in Section 19 of this Agreement. 
 6.2 For purposes of
this Agreement, “Disability” shall mean the Employee’s absence from the full-time performance of the Employee’s duties with the Company for 180 consecutive calendar days as a result of incapacity due to mental or physical illness
which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Employee or the Employee’s legal representative. 

7. Termination Following Change of Control. 

7.1 Benefits to Employee Upon a Change of Control Termination. In the event of a Change of Control Termination (as defined in
Section 7.2(c) below), the Employee shall be entitled to all accrued and unpaid base salary and any accrued but unused vacation through the date of termination. In addition, subject to the Employee’s execution and non-revocation of a
binding Severance Agreement, the Employee shall be eligible to receive the following separation benefits: 
 (a) the separation benefits
described in and payable at the time and in the manner set forth in Sections 5.1 and 5.2 above, except that all references to “nine (9) months” 

  
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in such Sections shall be replaced with “twelve (12) months” for purposes of this Section 7, and the words “three-fourths (3/4) of” in Section 5.1 shall be
deleted; and 
 (b) full and immediate vesting of the shares subject to the Initial Option, the Anti-Dilution Option (provided the Company
has granted to the Employee the Anti-Dilution Option in accordance with Section 3.5(b)) and any other stock option or other equity awards that may be granted to the Employee by the Company in the future. The Initial Option and the Anti-Dilution
Option, and any additional equity awards granted to the Employee will remain exercisable following termination to the extent set forth in the applicable stock option agreements. 

7.2 Key Definitions. As used herein, the following terms shall have the following respective meanings: 

(a) “Change in Control” means an event or occurrence set forth in any one or more of subsections (i) through
(iv) below (including an event or occurrence that constitutes a Change in Control under one of such subsections but is specifically exempted from another such subsection): 

(i) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) more than 50% of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); or 

  
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 (ii) the consummation of a merger, consolidation, reorganization, recapitalization or share
exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company in one or a series of transactions (a “Business Combination”), unless, immediately following such Business Combination,
all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors, respectively, of the resulting or acquiring
corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets either directly or through one or more
subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding
Company Common Stock and Outstanding Company Voting Securities, respectively; or 
 (iii) approval by the stockholders of the Company of a
complete or substantially complete liquidation or dissolution of the Company. 
 (b) “Change in Control Date” means the
first date during the period of time the Employee is employed pursuant to this Agreement on which a Change in Control occurs. Anything in this Agreement to the contrary notwithstanding, if (a) a Change in Control occurs, (b) the
Employee’s employment with the Company is terminated prior to the date on which the Change in Control occurs, and (c) it is reasonably demonstrated by the Employee that 

  
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such termination of employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control or (ii) otherwise arose in connection with
or in anticipation of a Change in Control, then for all purposes of this Agreement the “Change in Control Date” shall mean the date immediately prior to the date of such termination of employment. 

(c) Change of Control Termination occurs where the Employee is terminated without Cause (as defined in Section 4.3) or resigns
for Good Reason (as defined in Section 4.2), in either case within twelve (12) months following the Change in Control Date. 
 8.
Mitigation. The Employee shall not be required to mitigate the amount of any payment or benefits provided for in Sections 5 or 7 by seeking other employment or otherwise except with regard to medical and dental coverage if new employment
is obtained. 

  
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 9. Other Agreements. The Employee agrees to become bound by and subject to the obligations
of (i) the Second Amended and Restated Right of First Refusal and Co-Sale Agreement and (ii) the Second Amended and Restated Voting Agreement, in each case dated as of December 7, 2007 and by and among the Company and certain of its
stockholders, to the same extent as a “Founder” thereunder (as defined therein). Employee acknowledges that he has received and reviewed a copy of each of the foregoing agreements. 

10. Survival. The provisions of Sections 5, 6 and 7 shall survive the termination of this Agreement for any reason. 

11. Invention and Non-Disclosure Agreement. The Employee and the Company shall enter into the Invention and Non-Disclosure Agreement
attached hereto as Exhibit C, effective as of the Commencement Date. 
 12. Notices. Any notices delivered under this
Agreement shall be deemed duly delivered three (3) business days after it is sent by registered or certified mail, return receipt requested, postage prepaid, or one (1) business day after it is sent for next-business day delivery signature
required via a reputable nationwide overnight courier service, in each case to the address of the recipient set forth in the introductory paragraph hereto. Either party may change the address to which notices are to be delivered by giving notice of
such change to the other party in the manner set forth in this Section 12. 
 13. Pronouns. Whenever the context may require,
any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa. 

  
 - 14 - 

 14. Entire Agreement. This Agreement and all exhibits hereto constitute the entire
agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. 

15. Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Employee.

 16. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts (without reference to the conflict of laws provisions thereof). Any action, suit or other legal proceeding arising under or relating to any provision of this Agreement shall be commenced only in a court of the Commonwealth of
Massachusetts (or, if appropriate, a federal court located within the Commonwealth of Massachusetts), and the Company and the Employee each consents to the jurisdiction of such a court. The Company and the Employee each hereby irrevocably waive any
right to a trial by jury in any action, suit or other legal proceeding arising under or relating to any provision of this Agreement. 
 17.
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any corporation with which or into which the Company may be merged or which may
succeed to its assets or business; provided, however, that the obligations of the Employee are personal and shall not be assigned by him. 

18. Acknowledgment. The Employee states and represents that he has had an opportunity to fully discuss and review the terms of this
Agreement with an attorney. The Employee further states and represents that he has carefully read this Agreement, understands the 

  
 - 15 - 

 
contents herein, freely and voluntarily assents to all of the terms and conditions hereof, and signs his name of his own free act. 

19. Payments Subject to Section 409A. Subject to the provisions in this Section 19, any severance payments or benefits under
this Agreement shall begin only upon the date of the Employee’s “separation from service” (determined as set forth below) which occurs on or after the date of termination of the Employee’s employment. The following rules shall
apply with respect to distribution of the payments and benefits, if any, to be provided to the Employee under this Agreement: 
 (a) It is
intended that each installment of the severance payments and benefits provided under this Agreement shall be treated as a separate “payment” for purposes of Section 409A of the Code and the guidance issued thereunder (“Section
409A”). Neither the Company nor the Employee shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. 

(b) If, as of the date of Employee’s “separation from service” from the Company, the Employee is not a “specified
employee” (within the meaning of Section 409A), then each installment of the severance payments and benefits shall be made on the dates and terms set forth in this Agreement. 

(c) If, as of the date of the Employee’s “separation from service” from the Company, the Employee is a “specified
employee” (within the meaning of Section 409A), then: 
 (i) Each installment of the severance payments and benefits due under
this Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when the separation from service occurs, be paid within the short-

  
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term deferral period (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation § 1.409A-1(b)(4) to the maximum extent
permissible under Section 409A; and 
 (ii) Each installment of the severance payments and benefits due under this Agreement that is
not described in paragraph c(i) above and that would, absent this subsection, be paid within the six-month period following the Employee’s “separation from service” from the Company shall not be paid until the date that is six months
and one day after such separation from service (or, if earlier, the Employee’s death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six
months and one day following the Employee’s separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of
this sentence shall not apply to any installment of severance payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by
reason of the application of Treasury Regulation § 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation
§ 1.409A-1(b)(9)(iii) must be paid no later than the last day of the Employee’s second taxable year following the taxable year in which the separation from service occurs. 

(d) The determination of whether and when the Employee’s separation from service from the Company has occurred shall be made and in a
manner consistent with, and based on the presumptions set forth in, Treasury Regulation § 1.409A-1(h). 

  
 - 17 - 

 (e) All reimbursements and in-kind benefits provided under this Agreement shall be made or
provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that (i) any reimbursement is for
expenses incurred during the Employee’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for
reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement is
not subject to set off or liquidation or exchange for any other benefit. 
 (f) Notwithstanding anything herein to the contrary, the
Company shall have no liability to the Employee or to any other person if the payments and benefits provided hereunder that are intended to be exempt from or compliant with Section 409A are not so exempt or compliant. 

20. Miscellaneous. 
 20.1
No delay or omission by the Company in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall
not be construed as a bar to or waiver of any right on any other occasion. 
 20.2 The captions of the sections of this Agreement are for
convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. 

  
 - 18 - 

 20.3 In case any provision of this Agreement shall be invalid, illegal or otherwise
unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 
 IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set forth above. 
  

			
	CERULEAN PHARMA INC.
		
	By:	 	 /s/ Alan Crane

	Title:	 	 President & CEO

	
	EMPLOYEE
	
	 /s/ Oliver Fetzer

	Oliver Fetzer, Ph.D

  
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