Document:

EX-10.12

 Exhibit 10.12 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD
BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 CELL LINE LICENSE AGREEMENT 

This Cell Line License Agreement (“Agreement”), effective as of 11 October 2019 (“EFFECTIVE DATE”), is entered and made by and
between WuXi Biologics (Hong Kong) Limited, having an address at Flat/RM826, 8/F Ocean Centre Harbour City, 5 Canton Road TST, Hong Kong (“WuXi Biologics”) and Silverback Therapeutics, Inc., having its principal place of
business at 500Fairview Ave. N #600, Seattle, WA 98109 (“Licensee”). WuXi Biologics and Licensee may bereferred to herein individually as a “Party” and collectively as the “Parties.” 

The Parties agree as follows: 
  

	1.	 Definitions 

 

	 	1.1	 “Affiliate” of a person means any other person that directly or indirectly Controls, is
Controlled by, or is under common Control with, the person. 

  

	 	1.2	 “Client Product” means [***] of interest to Licensee, which is designated by the Licensee to
be produced by the Licensed Cell Line.Each different Client Product covered under this Agreement shall be specified in Appendix I. An amendment to this Agreement is required for each new Client Product produced by the Licensed Cell Line.

  

	 	1.3	 “Confidential Information” of a Party (the “Disclosing Party”) means all
information and materials disclosed by or on behalf of the Disclosing Party to the other Party (the “Receiving Party”) or its Related Persons (defined below) in connection with this Agreement. Confidential information shall be
identified as confidential in writing or, if disclosed verbally or by observation, summarized in writing and submitted to the Receiving Party within [***] of the oral or visual disclosure thereof; provided, however, information need not be labeled
or marked “confidential” to be deemed Confidential Information hereunder, if under the circumstances it is, or should be, understood to be confidential. The Confidential Information of both Parties includes the financial terms of this
Agreement, and the nature of any dispute and the outcome of any arbitration proceedings arising out of or in connection with this Agreement. 

  

	 	1.4	 “Construct” means a [***] developed by WuXi Biologics that is used for delivering genetic code
and for transfecting 

  

					
		  	***Certain Confidential Information Omitted
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and/or transforming the Host Cell Line for purposes of creating the Licensed Cell Line. 

  

	 	1.5	 “Control” over an entity means (a) owning 50% or more of the voting securities or other
ownership interests of such entity or (b) having the power to direct the management or policies of such entity. 

  

	 	1.6	 “Drug Product” means the final dosage form which contains Client Product produced by the
Licensed Cell Line, in association with other active or inactive ingredients. 

  

	 	1.7	 “Drug Substance” means bulk Client Product produced by the Licensed Cell Line, which has not
yet been packaged into its final dosage form. 

  

	 	1.8	 “Host Cell Line” means the proprietary cell line developed by WuXi Biologics,and designated by
WuXi Biologics as the [***], that is used in the manufacture and production of Client Products for clinical trials and commercial purposes. 

  

	 	1.9	 “Licensed Cell Line” means a transformed or transfected (using WuXi Biologics’
Construct(s)) version of the Host Cell Line that produces the Client Product. 

  

	 	1.10	 “Licensed Know-How” means any know-how and non-public information owned or controlled by Wuxi Biologics that is used or incorporated in the Process, and that is necessary to operate the Process as
described m the Technology Transfer Package. The word “control” when used in connection with Licensed Know-How includes both exclusively and non-exclusively
licensed know-how and non-public information, as well a right of WuXi Biologics to transfer such know-how and non-public information to Licensee. 

  

	 	1.11	 “Materials” means the biological materials, including the Licensed Cell Line, provided to
Licensee pursuant to the license granted under this Agreement. 

  

	 	1.12	 “Media and Feeds” means any proprietary media and feeds used in the Process.

  

	 	1.13	 “Process” means a process for manufacture of Client Product utilizing Licensed Know-How, Materials and Media and Feeds as described in the Technology Transfer Package. 

  

					
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	 	1.14	 “Regulatory Approval” means any and all approvals (including pricing and reimbursement
approvals), product and establishment licenses, registrations or authorizations of any kind of a Regulatory Authority necessary for the development, clinical testing, manufacture, quality testing, supply, use, storage, importation, export,
transport, marketing and sale of a Client Product (or any component thereof) for use in any country or other jurisdiction. 

  

	 	1.15	 “Related Persons” means a Party’s Affiliates and their respective directors, officers,
employees and agents. 

  

	 	1.16	 “Research Cell Bank” is a [***]. 

 

	 	1.17	 “Technology Transfer Package” means the information and data to be provided to Licensee
describing the Process and WuXi Biologics’, Licensed Know-How, Materials and Media and Feeds for manufacture of Client Product using the Licensed Cell Line and/or the Process, . 

 

	 	1.18	 “Third Party” means any person other than the Parties to this Agreement.

  

	 	1.19	 “Third Party Manufacturer” means (i) a Third Party whose primary business is contract
manufacturing, or (ii) a Third Party who has a contractual arrangement with Licensee or with a sublicensee of Licensee that includes manufacturing of Client Product and/or Drug Product by such Third Party for Licensee or such sublicensee.

  

	2.	 License 

 

	 	2.1	 WuXi Biologics hereby grants to Licensee and its Affiliate a
non-exclusive,worldwide license, with the right to grant sublicenses as provided in Section 2.3,to use: (a) Licensed Know-How in relation to the Licensed Cell
Line, (b) to use the Licensed Cell Line, Materials, Media and Feeds, and (c) to operate the Process, including the following licensed activities: 

  

	 	i.	 to make, have made, import and use any listed Client Product; and 

 

	 	ii.	 to make, have made, use, sell, have sold, offer for sale, import, keep and otherwise deal in Drug Substance and
Drug Product for any and all purposes. 

  

					
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	 	2.2	 The Licensee or its Affiliates may contract with a Third Party Manufacturer forthe limited purpose of
manufacturing Client Product on behalf of the Licensee orits Affiliates, provided that, such Third Party Manufactures are bound by thecontract to comply with the terms of this Agreement, and that the Licensee or its Affiliates will remain liable for
any Third Party Manufacturers’ breach of this Agreement. 

  

	 	2.2.1	 For the avoidance of doubt, a Third Party Manufacturer cannotmanufacture Client Product, Drug Substance or Drug
Product utilizing the Licensed Cell Line and Licensed Know-How without first being contracted with a Licensee, its Affiliates or sublicensee. 

 

	 	2.2.2	 A Third Party that has been granted a sublicense cannot grant, issue or transfer a sublicense to another Third
Party. 

  

	 	2.3	 Subject to the terms and conditions of this Agreement, Licensee shall have theright to grant sublicenses to
Third Parties for the rights granted to Licenseeunder this Agreement. Each sublicense agreement shall be in writing and providethat the applicable sublicensee is bound by all applicable terms and conditions ofthis Agreement, and Licensee shall
remain liable for any sublicensee’s breach ofthis Agreement. Licensee shall inform WuXi Biologics in writing any and all such sublicenses. [***]. Licensee shall provide WuXi Biologics at least [***] prior written notice if Licensee or its
Affiliates intend to grant sublicense to a Third Party under this agreement. 

  

	 	2.4	 Except as expressly provided in this Agreement, nothing in this Agreement shallbe deemed to have granted
Licensee (by implication, estoppel or otherwise) anyright, title, license or other interest in or with respect to any intellectual property, Know-How or information owned or controlled by WuXi Biologics.

  

	 	2.5	 This license starts (the “Commencement Date”) from the date WuXi Biologics completes transfection of
the Host Cell Line to generate the Client Licensed Cell Line. Invoicing of License fees will commence from the date WuXi Biologics completes Research Cell Bank generation from the Licensed Cell Line. 

 

	3.	 Transfer of Materials and Licensed Know-How

 WuXi Biologics shall disclose and make available, and shall cause its Affiliates to discloseand make available, to
Licensee, its Affiliates, or any one or more of its Third Party 

  

					
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Manufacturers designated by Licensee, all Materials, Confidential Information, andLicensed Know-How owned or controlled by WuXi Biologics as of the
Commencement Date, that is necessary or reasonably useful for Licensee and Third Party Manufacturersto operate the Process as described in the Technology Transfer Package. The Partiesshall agree in writing to a schedule for such transfer of the
Materials and Licensed Know-How. 
  

	4.	 License Fee 

As consideration for the license granted in Section 2 of this Agreement, and therepresentation and warranty set forth in Section 10
of this Agreement, Licensee agreesto pay WuXi Biologics as follows: (1) USD $100,000 for a License to manufacture a singletype of protein for use in a single Product; and (2) an additional one-time
payment ofUSD $[***] for any type of protein or proteins for use in any Client Product or Productsin the event that Licensee previously paid USD $100,000 under subsection (1) above.The total amount to be paid under this section shall not exceed
USD $[***]. 
  

	5.	 Cell Line Milestones. 

If Client manufactures all of its commercial supplies of the Client Product by utilizing a manufacturer other than Provider or its Affiliates
(“Third Party Manufacturer”) utilizing the [***] License, Client shall pay to Provider the following Milestones: 
  

	 	(1)	 First commercial sale: USD $[***] 

 

	 	(2)	 First Calendar Year in which annual Net Sales of USD $[***] are achieved: USD $[***] 

 

	 	(3)	 First Calendar Year in which annual Net Sales of USD $[***] are achieved: USD $[***] 

 

	 	(4)	 First Calendar Year in which annual Net Sales of USD $[***] are achieved: USD $[***] 

 

	 	(5)	 First Calendar Year in which annual Net Sales of USD $[***] are achieved: USD $[***] 

 

	6.	 Payment Terms 

Licensee shall pay WuXi Biologics’ undisputed invoice(s) within [***] ofreceipt by Licensee. Such payments will be made by wire transfer
to the accountdesignated by WuXi Biologics. Invoices must be submitted, and payment must bemade, without set-off or other deduction of any nature. 

  

					
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	7.	 Bank Account Details 

Unless the Parties otherwise mutually agree in writing, and such mutual agreement isset forth in a particular invoice, Licensee shall pay each
invoice in USD by wire transferto the account designated by WuXi Biologics. 
  

	8.	 Restriction 

Licensee agrees that no attempt will be made by or on behalf of Licensee to modify orreverse engineer the Licensed Cell Line or attempt to
reverse engineer, recreate orassemble the Construct(s). Licensee shall only use the Licensed Cell Line in the way as permitted by this Agreement and shall not use or have used the Licensed Cell Line forany purpose other than operating the Process,
the manufacture of Client Product, Drug Substance and Drug Product, and for other purposes reasonably related to securing Regulatory Approval for the Client Product and/or Drug Product. Licensee shall nottransfer the Licensed Cell Line to any Third
Party except to a permitted sublicensee, as described in Section 2 above. 
  

	9.	 Indemnity 

 

	 	9.1	 Licensee agrees to indemnify, hold harmless and defend WuXi Biologics, itsAffiliates, and their respective
directors, officers, employees and agentsharmless from and against any and all liabilities and damages (includingreasonable attorneys’ fees) resulting from any and all claims from any ThirdParty (“Claims”) to the extent arising from
the use of the Client Product, Drug Substance or Drug Product by Licensee; provided that Licensee shall have no obligation to indemnify any such Claims that arise from WuXi Biologics’ (i)negligence or intentional misconduct in connection with
the Licensed Cell Line(ii) material breach of this Agreement (including the representations andwarranties set forth in Section 10); or (iii) Host Cell Line components of theLicensed Cell Line or any Media and Feeds. 

 

	 	9.2	 WuXi Biologics shall defend, indemnify and hold Client, any
sub-Licensees,Third Party Manufacturers, and Client Related Persons harmless from andagainst Losses resulting from Claims arising out of or related to infringement ofany Intellectual Property rights in
connection with this License and that aresolely based on Licensed Know-How. 

  

	10.	 Representations and Warranties 

  

					
		  	
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 10.1 WuXi Biologics represents and warrants that: (i) it is a corporation dulyorganized
validly existing and in good standing under the laws of the Hong Kong; (ii) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action on the part of WuXi Biologics; (iii) the
performance of WuXi Biologics’ obligations under this Agreement will not conflict with its charter documentsor result in a material breach of any agreements, contracts or other arrangements towhich it is a party; (iv) WuXi Biologics will
not, before Termination of this Agreement, enter into any agreements, contracts or other arrangements that would be materiallyinconsistent with its obligations under this Agreement; (v) WuXi Biologics has sufficient facilities, experienced
personnel and other capabilities reasonably suited to enable it to perform its obligations under this Agreement; and (vi) WuXi Biologics has the right togrant the licenses or sublicenses, as the case may be, therefor granted under this
Agreement. 
 10.2 Licensee represents and warrants that: (i) it is a corporation duly organizedvalidly existing and in good standing
under the laws of Delaware; (ii) the execution,delivery and performance of this Agreement have been duly authorized by all necessary corporate action on the part of Licensee; (iii) the performance of Licensee’s obligationsunder this
Agreement will not conflict with its charter documents or result in a material breach of any agreements, contracts or other arrangements to which it is a party; (iv) Licensee has sufficient facilities, experienced personnel and other
capabilitiesreasonably suited to enable it to perform its obligations under this Agreement; and (v) Licensee will not, before Termination of this Agreement, enter into any agreements,contracts or other arrangements that would be materially
inconsistent with its obligations under this Agreement 
 10.3 Disclaimer of Warranties. THE LICENSED
KNOW-HOW, AND LICENSED CELL LINES ARE PROVIDED AND LICENSED TO LICENSEE “AS IS”, AND WUXI BIOLOGICS AND ITS RESPECTIVE AFFILIATES MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OR CONDITIONS OF ANY
KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT THERETO OR TO THE PRODUCTS OR WUXI BIOLOGICS TECHNOLOGY, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, VALIDITY OF THE RIGHTS LICENSED HEREUNDER, OR
NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 
  

	11.	 Confidentiality 

11.1 Subject to the exceptions listed below, during the term of this Agreement andfor [***] thereafter, the Receiving Party shall, and shall
ensure that its Related Persons will, (a) maintain the Disclosing Party’s Confidential Information in confidence,(b) not use such Confidential Information other than in connection with this Agreement,

  

					
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and (c) not disclose such Confidential Information to any Third Party other than (i) thoseof its Related Persons that have a need to know such Confidential Information inconnection with
the Activities conducted pursuant to the Agreement and are obligatedto maintain such Confidential Information in confidence and (ii) to the extent requiredby applicable law or judicial order, or (iii) to the extent reasonably necessary
toprosecute or defend litigation or arbitration in relation to this Agreement, and, in eithercase, only after the Receiving Party gives the Disclosing Party prompt advance writtennotice of such requirement and reasonably cooperates with the
Disclosing Party’s effortsto limit or avoid such disclosure, to seek a protective order or secure confidentialtreatment of the Confidential Information, and/or to seek any other remedies availableto the Disclosing Party at law or in equity.
Notwithstanding the foregoing, theexistence of this Agreement and its non-technical terms may be disclosed confidentiallyin connection with a potential financing or acquisition or in discussion with a
potential acquirer of Client Product 
 11.2 The Receiving Party’s obligations set forth in Section 11.1 do not apply
toConfidential Information if (a) the information is public knowledge or becomes public knowledge after disclosure through no act or omission of the Receiving Party or any ofits Related Persons, (b) the information can be shown by the
Receiving Party to havebeen in its possession prior to disclosure, (c) the information was rightfully received ona non-confidential basis from a Third Party that was not obligated to maintain the
information in confidence, or (d) the Receiving Party can show that equivalentinformation was developed independently by the Receiving Party without reference tothe Disclosing Party’ Confidential Information. 

11.3 Licensee may disclose the Confidential Information of WuXi Biologics to aThird Party for the purpose of exercising Licensee’s license
rights hereunder (including disclosure to potential Third Party sublicensees), provided that Licensee shall, prior tosuch disclosure, ensure that each Third Party to which disclosure is to be made is madeaware of the obligations contained in this
Agreement and agrees to be subject toobligations of confidentiality and non-use no less onerous than those contained in this Agreement. Any breaches of the obligations of confidentiality and non-use contained inthis Agreement by such Third Party shall be treated as a breach of such obligations by Licensee. 

11.4 Notwithstanding anything to the contrary in this Agreement, a Party maydisclose this Agreement and its terms, and material developments or
materialinformation generated under this Agreement, in securities filings with the U.S. Securitiesand Exchange Commission (or equivalent foreign agency) and any rules of stockexchanges where the Parties may be listed to the extent required by
applicable law after 

  

					
		  	
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complying with the procedure set forth in this Section 11.4. In such event, the Partyseeking such disclosure will prepare a draft confidential treatment request andproposed redacted version
of this Agreement to request confidential treatment for this Agreement, and the other Party will promptly give its input in a reasonable manner inorder to allow the Party seeking disclosure to file its request within the timelinesproscribed by
applicable laws and regulations. The Party seeking such disclosureshall exercise commercially reasonable efforts to obtain confidential treatment of this Agreement from the U.S. Securities and Exchange Commission (or equivalent foreignagency) as
represented by the redacted version reviewed by the other Party. 
 11.5 The provisions of this Section 11 shall survive termination or
expiry of this Agreement. 
  

	12.	 Termination 

12.1. Voluntary Termination by Licensee. 

Licensee shall have the right to terminate this Agreement upon at least six (6) monthsprior written notice to WuXi Biologics, and upon
payment of all amounts due to WuXiBiologics through such termination effective date. 
 12.2 Termination for Default 

(a) Nonpayment. In the event Licensee fails to pay any amounts rightfully due and payable to WuXi Biologics hereunder, and fails to make
such payments within thirty (30)days after receiving written notice of such failure, WuXi Biologics may terminate this Agreement upon written 45 days written notice to Licensee. 

(b) Material Breach. In the event a Party commits a material breach of itsobligation under this Agreement and fails to cure that breach
within thirty (30) daysafter receiving written notice thereof, a Party may terminate this Agreementimmediately upon written notice to the other Party. 
  

	13.	 Miscellaneous. 

13.1 Assignment. This Agreement may not be assigned or otherwise transferredby either Party without the prior written consent of the
other Party, which consent shallnot be unreasonably withheld, conditioned or delayed; provided, however, that a Partymay, without such consent, assign this Agreement in its entirety (a) to an Affiliate, or (b)to a Third Party in
connection with a merger, acquisition, consolidation or a sale 

  

					
		  	
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involving all or substantially all of the assets or business of such Party. Any attempted assignment or transfer in violation of this Section 13.1 shall be void. 

13.2 Regulatory Assistance. WuXi Biologics will provide assistance to Licensee,and any sublicensee, in respect of Licensee’s or
such sublicensee’s regulatory filingactivities for the Client Product and/or Drug Product, subject to agreement ofreasonable commercial terms for provision of such assistance. 

13.3 Governing Law. The laws of the state of New York, without giving effect toprinciples of conflict of laws, govern all matters
relating to this Agreement. 
 13.4 Arbitration. The Parties shall engage in good faith consultation to resolveany dispute,
controversy, or claim arising out of, relating to, or in connection with this agreement, including with respect to its formation, applicability, breach, termination,validity or enforceability. Such consultation will begin immediately after one party
has delivered to the other party a request for consultation. If the dispute, controversy, orclaim cannot be resolved within [***] days following the date on which the requestfor consultation is delivered, then it will be finally settled by
arbitration in accordancewith this Section 13. Any dispute arising or in connection with this Agreement shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Proceduresin effect at the time of applying for
arbitration in New York. Arbitral award is final andbinding upon both parties. The arbitration wilt be conducted in the English language bya single arbitrator and the arbitrator must be fluent in the English language. Thearbitration proceedings will
be confidential, and the arbitrator may issue appropriate protective orders in accordance with JAMS’s arbitration rules then in effect to safeguardeach party’s Confidential Information. During the course of arbitration, the Parties shall
continue to implement the terms of this Agreement. The arbitral award will be in writing,state the reasons for the award, and be final and binding upon the parties. Judgementupon the award may be entered by any court having jurisdiction thereof over
therelevant party or its assets. Notwithstanding the foregoing, each Party has the right to institute an action in a court of proper jurisdiction for injunctive or other equitable relief pending a final decision by the arbitrator. 

13.5 Counterparts. This Agreement may be executed in two (2) or morecounterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile, .pdf or other electronically transmitted signatures and such signatures shallbe deemed to bind each Party hereto as if they were the
original signatures. 

  

					
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 IN WITNESS WHEREOF, the Parties hereto have caused this AGREEMENT to be duly executed as of the Effective
Date set forth above. 
  

									
	WuXi Biologics (Hong Kong) Limited	 		 	Silverback Therapeutics, Inc.
					
	 By:
	 	/s/ Chris Chen	 		 	 By:
	 	/s/ Peter A. Thompson, MD, FACP
	Print Name:	 	 Chris Chen
	 		 	Name:	 	Peter A. Thompson, MD, FACP
	Title:	 	CEO	 		 	Title:	 	

  

									
		 		 		 	 

	 	

  

					
		  	  
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 Appendix I 

List of Service Agreements for Licensee Products 
  

							
	 	  	 Licensee Product Name
	  	 Contract (e.g., Master Service Agreements)
	  	 Effective Date

	1	  	[***]	  	[***]	  	[***]
	2	  		  		  	
	3	  		  		  	
	4	  		  		  	
	5	  		  		  	

 [***] 

  

					
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		  	12 of 12EX-10.13

 Exhibit 10.13 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of November 21, 2016 (the “Effective
Date”) between SILICON VALLEY BANK, a California corporation (“Bank”), and SILVERBACK THERAPEUTICS, INC., a Delaware corporation (“Borrower”), provides the terms on which Bank shall lend to Borrower and
Borrower shallrepay Bank. The parties agree as follows: 
 1. ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such
terms are defined therein. 
 2. LOAN AND TERMS OF PAYMENT 

2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit
Extensions and accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.1.1 Term Loan
Advances. 
 (a) Availability. Subject to the terms and conditions of this Agreement, Borrower may request that Bank make certain
term loan advances (each a “Term Loan Advance” and, collectively, the “Term Loan Advances”) from two (2) tranches, as described below, in multiple advances in an aggregate original principal amount not to
exceed the Term Loan Commitment, as follows: (i) the first (1st) tranche shall be available to Borrower from the Effective Date through the Tranche One Commitment Termination Date in multiple
advances in the aggregate original principal amount not to exceed Three Million Five Hundred Thousand Dollars ($3,500,000) (each, a “Tranche One Term Loan Advance”), and (ii) provided that Borrower has achieved the Tranche Two
Milestone, the second (2nd) tranche shall be available to Borrower from the date on which Borrower achieves the Tranche Two Milestone through the Tranche Two Commitment Termination Date in the
aggregate original principal amount not to exceed One Million Five Hundred Thousand Dollars ($1,500,000) (each, a “Tranche Two Term Loan Advance”). Each Term Loan Advance, other than the final Term Loan Advance, must be in an amount
of not less than Five Hundred Thousand Dollars ($500,000). After repayment, no Term Loan Advance may be re-borrowed. 

(b) Repayment. 
 (i)
Interest Only Payments. For each Term Loan Advance, Borrower shall make monthly payments of interest-only commencing on the first (1st) calendar day of the first (1st) month following the month in which the Funding Date occurs with respect to such Term Loan Advance and continuing thereafter during the Interest-Only Period on the first (1st) calendar day of each
successive month. 

 (ii) Principal and Interest Payments. For each Term Loan Advance, commencing on the first
(1st) calendar day of the first (1st) month following the Interest-Only Period (the “Conversion Date”) and continuing on the first
(1st) calendar day of each month thereafter, Borrower shall make thirty (30) consecutive equal monthly payments of principal each in an amount which would fully amortize the outstanding Term
Loan Advances, as of the Conversion Date, over the Term Loan Repayment Period, plus accrued interest (“Term Loan Scheduled Payment”). All unpaid principal and accrued and unpaid interest on the Term Loan Advances is due and payable
in full on the Term Loan Maturity Date. 
 (c) Prepayment. 

(i) Mandatory Prepayment Upon an Acceleration. If the Term Loan Advances are accelerated following the occurrence of an Event of
Default or otherwise, Borrower shall immediately pay to Bank an amount equal to the sum of (A) all accrued and unpaid interest with respect to the Term Loan Advances through the date the prepayment is made, plus (B) all unpaid principal
with respect to the Term Loan Advances, plus (C) the Final Payment, plus (D) the Make-Whole Premium, plus (E) all other sums, if any, that shall have become due and payable hereunder in connection with the Term Loan Advances,
including interest at the Default Rate with respect to any past due amounts. 
 (ii) Permitted Prepayment. So long as an Event of
Default has not occurred and is not continuing, Borrower shall have the option to prepay all, but not less than all, of the Term Loan Advances advanced by Bank under this Agreement, provided Borrower(A) delivers written notice to Bank of its
election to prepay the Term Loan Advances at least thirty (30) days prior to such prepayment, and (B) pays, on the date of such prepayment (1) all accrued and unpaid interest with respect to such Term Loan Advances through the date
the prepayment is made, plus (2) all unpaid principal with respect to such Term Loan Advances, plus (3) the Final Payment, plus (4) the Make-Whole Premium, plus (5) all other sums, if any, that shall have become due and payable
hereunder in connection with the Term Loan Advances, including interest at the Default Rate with respect to any past due amounts. 

2.2 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.2(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at
a per annum rate equal to the greater of (i)(A) the Prime Rate fixed as of the Funding Date of the applicable Term Loan Advance, minus(B) one and three-quarters of one percent (1.75%) or (ii) one and three-quarters of one percent (1.75%). All
interest shall be payable monthly in accordance with Section 2.2(c). 
 (b) Default Rate. Immediately upon the occurrence and
during the continuance of an Event of Default, Obligations shall bear interest at a rate per annum which is five percent (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”), Fees and expenses which are
required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or
acceptance of the increased interest rate provided in this Section 2.2(b) is not a permitted alternative to timely 

  
 2 

 
payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c) Payment; Interest Computation. Interest is payable monthly on the first(1st) calendar day of each month and shall be computed on
the basis of a three hundred sixty(360)-day year for the actual number of days elapsed. In computing interest, (i) all payments received after 12:00 p.m. Pacific time on any day shall be deemed received
at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day
on which it is made, such day shall be included in computing interest on such Credit Extension. 
 2.3 Fees. Borrower shall
pay to Bank: 
 (a) Good Faith Deposit. Borrower has paid to Bank a deposit of Fifteen Thousand Dollars ($15,000) (the “Good
Faith Deposit”) to initiate Bank’s due diligence review process. Any portion of the Good Faith Deposit not utilized to pay Bank Expenses on the Effective Date will be returned to the Borrower’s Designated Deposit Account; 

(b) Final Payment. The Final Payment due on the earlier of (i) the Term Loan Maturity Date, (ii) the final payment date of
each Term Loan Advance, or (iii) at the time of a prepayment pursuant to the terms of Sections 2.1.1(c)(i) and 2.1.1(c)(ii); 
 (c)
Make-Whole Premium. The Make-Whole Premium when due pursuant to the terms of Sections 2.1.1(c)(i) and 2.1.1(c)(ii); and 
 (d)
Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement, which fees for documentation and negotiation of this Agreement will not exceed Fifteen Thousand
Dollars ($15,000) as of the Effective Date provided negotiations are not protracted) incurred through and after the Effective Date, when due (or, if there is no stated due date, upon demand by Bank). 

(e) Fees Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by Bank, Borrower shall not be entitled to
any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s obligation to make loans and advances hereunder. Bank may deduct
amounts owing by Borrower under the clauses of this Section 2.3 pursuant to the terms of Section 2.3(d). Bank shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses
of this Section 2.3. 
 2.4 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or
counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a
day that is not a Business Day, the payment shall be 

  
 3 

 
due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied.
Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application
is not specified elsewhere in this Agreement. 
 (c) Bank may debit any of Borrower’s deposit accounts, including the Designated
Deposit Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

2.5 Withholding. Payments received by Bank from Borrower under this Agreement will be made free and clear of and without
deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority (including any interest, additions to tax or penalties applicable
thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment or other sum payable hereunder to Bank,
Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such required withholding or deduction,
Bank receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full amount withheld or deducted to the relevant Governmental Authority. Borrower will, upon request,
furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any withholding payment if the amount or validity of such withholding payment is
contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this Section 2.5 shall survive the termination of
this Agreement. 
 3. CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to
the condition precedent that Bank shall have received, in form and substance reasonably satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation:

 (a) duly executed original signatures to the Loan Documents; 

(b) duly executed original signatures to the Warrant; 

(c) duly executed original signatures to the Control Agreement; 

(d) the Operating Documents and good standing certificates of Borrower certified by the Secretaries of State of the States of Delaware and
Washington and each other 

  
 4 

 
jurisdiction in which Borrower is qualified to conduct business, each as of a date no earlier than thirty (30) days prior to the Effective Date; 

(e) duly executed original signatures to the completed Borrowing Resolutions for Borrower; 

(f) certified copies, dated as of a recent date, of financing statement searches, as Bank may request, accompanied by written evidence
(including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(g) the Perfection Certificate of Borrower, together with the duly executed original signature thereto; 

(h) a bailee’s waiver in favor of Bank for each location where Borrower maintains property with a third party, by each such third party,
together with the duly executed original signatures thereto; 
 (i) a copy of Borrower’s Registration Rights Agreement and/or
Investors’ Rights Agreement and any amendments thereto; 
 (j) evidence satisfactory to Bank that the insurance policies and
endorsements required by Section 6.5 hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Bank; and 

(k) payment of the fees and Bank Expenses then due as specified in Section 2.3 hereof. 

3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension, including the initial
Credit Extension, is subject to the following conditions precedent: 
 (a) timely receipt of an executed Payment/Advance Form; 

(b) the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of the
Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of Default shall have occurred and be
continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and complete in all material respects;
provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and

  
 5 

 
warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 

(c) Bank determines to its sole but reasonable satisfaction that there has not been a Material Adverse Change. 

3.3 Post-Closing Conditions. Within ten (10) days after the Effective Date, Bank shall have received, in form and substance
satisfactory to Bank, a landlord’s consent in favor of Bank for 500 Fairview Ave N, Seattle, Washington 98109 by the landlord thereof, together with the duly executed original signatures thereto. 

3.4 Covenant to Deliver. Except as otherwise provided in Section 3.3, Borrower agrees to deliver to Bank each item required
to be delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of
Borrower’s obligation to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 

3.5 Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of a Term Loan
Advance set forth in this Agreement, to obtain a Term Loan Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Pacific time on the Funding Date of the Term Loan Advance.
Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by a Responsible Officer or his or her designee. Bank may rely on any telephone
notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit the Term Loan Advances to the Designated Deposit Account on the Funding Date of such Term Loan Advance. Bank may make Term Loan Advances under this
Agreement based on instructions from a Responsible Officer or his or her designee or without instructions if the Term Loan Advances are necessary to meet Obligations which have become due. 

4. CREATION OF SECURITY INTEREST. 

4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the
Obligations, a continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless of
the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first
priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this Agreement). 

If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity
obligations) are repaid in full in cash. Upon 

  
 6 

 
payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at the sole
cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full,
and (y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services, if any. In the event such Bank
Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105%); and (y) if
such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due in
connection therewith (as estimated by Bank in its reasonable business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and
shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien under this
Agreement). If Borrower shall acquire a commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds
thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 
 4.3
Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including
a notice that any disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. 

5. REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. Borrower is duly existing and in good standing as a Registered
Organization in its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the
failure to do so could not reasonably be expected to have a Material Adverse Change. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by Borrower, entitled “Perfection Certificate”. Borrower
represents and warrants to Bank that(a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the jurisdiction set
forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; (d) the Perfection Certificate accurately sets
forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its 

  
 7 

 
chief executive office); (e) Borrower (and each of its predecessors) has not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any
organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate pertaining to Borrower and each of its Subsidiaries is accurate and complete (it being understood and agreed that Borrower
may from time to time update certain information in the Perfection Certificate after the Effective Date to the extent permitted by one or more specific provisions in this Agreement). 

The execution, delivery and performance by Borrower of the Loan Documents to which it is a party have been duly authorized, and do not
(i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict or violate any applicable order,
writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration,
or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect (or are being obtained pursuant to Section 6.1(b)) or
(v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in default under any agreement to which it is a
party or by which it is bound in which the default could reasonably be expected to have a Material Adverse Change. 
 5.2
Collateral. Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral
Accounts at or with any bank or financial institution other than Bank or Bank’s Affiliates except for the Collateral Accounts described in the Perfection Certificate delivered to Bank in connection herewith and which Borrower has taken such
actions as are necessary to give Bank a perfected security interest there in, pursuant to the terms of Section 6.6(b). The Accounts are bona fide, existing obligations of the Account Debtors. 

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection
Certificate. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to Section 7.2. 

All Inventory is in all material respects of good and marketable quality, free from material defects. 

Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for
(a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software
that is commercially available to the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate, provided that none of the foregoing shall be deemed to be a representation of non-infringement of Intellectual Property rights. To Borrower’s knowledge, each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of
the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business 

  
 8 

 
has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been made that any part of its Intellectual Property violates the rights of
any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 

Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 

5.3 Litigation. There are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in
writing by or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, One Hundred Thousand Dollars($100,000). 

5.4 Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries
delivered to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations. There has not been any material deterioration in Borrower’s consolidated
financial condition since the date of the most recent financial statements submitted to Bank. 
 5.5 Solvency. The fair
salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds the fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement;
and Borrower is able to pay its debts (including trade debts) as they mature. 
 5.6 Regulatory Compliance. Borrower is not an
“investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not 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 (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any Requirements of Law the violation of which could
reasonably be expected to have a Material Adverse Change. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to Borrower’s knowledge, by previous Persons, in disposing,
producing, storing, treating, or transporting any hazardous substance other than in compliance with applicable laws. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations of, made all declarations or filings
with, and given all notices to, all Government Authorities that are necessary to continue their respective businesses as currently conducted which, if not obtained, could result in a Material Adverse Change. 

5.7 Subsidiaries; Investments. Borrower does not own any stock, partnership, or other ownership interest or other equity
securities except for Permitted Investments. 
 5.8 Tax Returns and Payments; Pension Contributions. Borrower has timely filed
all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except (a) to the extent such taxes are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or (b) if such taxes,

  
 9 

 
assessments, deposits and contributions do not, individually or in the aggregate, exceed Ten Thousand Dollars ($10,000). 

To the extent Borrower defers payment of any contested taxes, Borrower shall (i) notify Bank in writing of the commencement of, and any
material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a
“Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower. Borrower has paid all amounts necessary to
fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of
any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

5.9 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions solely as working capital and to fund its general
business requirements and not for personal, family, household or agricultural purposes. 
 5.10 Full Disclosure. No written
representation, warranty or other statement of Borrower in any certificate or written statement given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written
statements given to Bank, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the
projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected
or forecasted results). 
 5.11 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a
representation or warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation,
of any Responsible Officer, provided that in connection with any representation regarding Intellectual Property, “knowledge” shall specifically exclude any obligation of inquiry or investigation, including but not limited to any obligation
to obtain a freedom-to-operate legal opinion. 
 6.
AFFIRMATIVE COVENANTS 
 Borrower shall do all of the following: 

6.1 Government Compliance. 

(a) Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain
qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a Material Adverse Change. 

  
 10 

 
Borrower shall comply, and have each Subsidiary comply, in all material respects, with all laws, ordinances and regulations to which it is subject. 

(b) Obtain all of the Governmental Approvals necessary for the performance by Borrower of its obligations under the Loan Documents to which it
is a party and the grant of a security interest to Bank in the Collateral. Borrower shall promptly provide copies of any such obtained Governmental Approvals to Bank. 

6.2 Financial Statements, Reports, Certificates. Provide Bank with the following: 

(a) Monthly Financial Statements. As soon as available, but no later than thirty (30) days after the last day of each month, a
company-prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial
Statements”); 
 (b) Monthly Compliance Certificate. Within thirty (30) days after the last day of each month and
together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms and conditions of this
Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement (if any) and such other information as Bank may reasonably request; 

(c) Annual Operating Budget and Financial Projections. Commencing with the 2017 fiscal year of Borrower, within ninety (90) days
after the last day of each fiscal year of Borrower (and more frequently as updated), (i) annual operating budgets (including income statements, balance sheets and cash flow statements, by quarter) for the upcoming fiscal year of Borrower, and
(ii) annual financial projections for the following fiscal year (on a quarterly basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial projections;

 (d) Annual Financial Statements. (A) at all times that Borrower’s Board of Directors requires Borrower to prepare
audited financial statements, as soon as available, but no later than two hundred forty (240) days after the last day of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together
with an unqualified opinion on the financial statements from an independent certified public accounting firm reasonably acceptable to Bank and (B) at all other times, as soon as available, but no later than sixty (60) days after the last
day of Borrower’s fiscal year, a company-Prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations during such fiscal year certified by a Responsible Officer and in a form acceptable to Bank; 

(e) Other Statements. Within five (5) days of delivery, copies of all statements, reports and notices made available to
Borrower’s security holders, in their capacity as security holders, or to any holders of Subordinated Debt, in their capacity as holders of Subordinated Debt; 

(f) SEC Filings. In the event that Borrower becomes subject to the reporting requirements under the Exchange Act within five
(5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any 

  
 11 

 
Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to
be delivered pursuant to the terms hereof (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; provided, however, Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the
posting of any such documents; 
 (g) Legal Action Notice. A prompt report of any legal actions pending or threatened in writing
against Borrower or any of its Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred Thousand Dollars ($100,000) or more; and 

(h) Other Financial Information. Other financial information reasonably requested by Bank. 

6.3 Reserved. 

6.4 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports and
timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes contested
pursuant to the terms of Section 5.8 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in
accordance with their terms. 
 6.5 Insurance. 

(a) Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry, location and
stage of operations and as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are satisfactory to Bank. All property
policies shall have a lender’s loss payable endorsement showing Bank as the sole lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or
additional insured with respect to any such insurance providing coverage in respect of any Collateral. 
 (b) Ensure that proceeds payable
under any property policy are, at Bank’s option, payable to Bank on account of the Obligations. 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 any casualty policy toward the replacement or repair of destroyed or damaged property in amounts: (x) up to Two Hundred Thousand Dollars ($200,000) with respect to any loss, but not exceeding Two Hundred Fifty Thousand Dollars
($250,000) in the aggregate for all losses under all casualty policies in any one year and (y) greater than Two Hundred Fifty Thousand Dollars ($250,000) with respect to any loss if there is no material impairment of the

  
 12 

 
prospect of repayment of any portion of the Obligations as determined by Bank in its sole discretion. In each of the foregoing cases, any such replaced or repaired property (1) shall be of
equal or like value as the replaced or repaired Collateral and (2) shall be deemed Collateral in which Bank has been granted a first priority security interest, and (ii) after the occurrence and during the continuance of an Event of
Default, all proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. 

(c) At Bank’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each provider
of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Bank, that it will give Bank thirty (30) days prior written notice before
any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make
all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

6.6 Operating Accounts. 

(a) Maintain Borrower’s primary banking relationship, including, without limitation, its operating and other deposit accounts, investment
management, Letters of Credit, and foreign exchange services, with Bank and Bank’s Affiliates. 
 (b) Provide Bank five (5) days
prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the
applicable bank or financial institution (other than Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect
Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts
exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 

6.7 Reserved. 

6.8 Protection of Intellectual Property Rights. 

(a) (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property to the extent that the failure to so
protect, defend or maintain would not reasonably be expected to result in a Material Adverse Change; (ii) promptly advise Bank in writing of material infringements of its Intellectual Property; and (iii) not allow any Intellectual Property
material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 
 (b)
Provide written notice to Bank within ten (10) days of entering or becoming bound by any Restricted License (other than over-the-counter software that is

  
 13 

 
commercially available to the public). Borrower shall take such steps as Bank reasonably requests to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for
(i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or
entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this Agreement and the other Loan Documents. It
being understood that the Collateral does not include any Intellectual Property as described on Exhibit A. 
 6.9
Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to
the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 

6.10 Reserved. 

6.11 Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the negative covenants contained in Sections
7.3 and 7.7 hereof, at the time that Borrower forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower shall, upon Bank’s request in its sole and absolute discretion,
(a) cause such new Subsidiary to provide to Bank either a joinder to the Loan Agreement to cause such Subsidiary to become a co-borrower hereunder or a Guaranty, together with such appropriate financing
statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets (other than Intellectual Property) of such newly
formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary (other than Intellectual Property of such
Subsidiary), in form and substance satisfactory to Bank, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, which in its opinion is
appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan Document. 

6.12 Further Assurances. Execute any further instruments and take further action as Bank reasonably requests to perfect or
continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) days after the same are sent or received, copies of all correspondence, reports, documents and other filings with any
Governmental Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of the Governmental Approvals or otherwise on the operations of
Borrower or any of its Subsidiaries. 

  
 14 

 7. NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or
permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn-out or obsolete
Equipment that is, in the reasonable judgment of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower;(c) consisting of Permitted Liens or Permitted Investments; (d) consisting of the
sale or issuance of any stock of Borrower permitted under Section 7.2 of this Agreement; and (e) consisting of Borrower’s use or transfer of money or Cash Equivalents in the ordinary course of its business for the payment of ordinary
course business expenses in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents. 
 7.2
Changes in Business, Management, Control, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or
reasonably related thereto; (b) liquidate or dissolve; (c) fail to provide notice to Bank of Peter Thompson departing from or ceasing to be an officer of Borrower within five (5) days prior to his departure from Borrower; or
(d) permit or suffer any Change in Control. 
 Borrower shall not, without at least thirty (30) days prior written notice to Bank:
(1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Twenty-Five Thousand Dollars ($25,000) in Borrower’s assets or property) or deliver any portion of the
Collateral valued, individually or in the aggregate, in excess of Twenty-Five Thousand Dollars ($25,000) to a bailee at a location other than (i) to a bailee and at a location already disclosed in the Perfection Certificate, or
(ii) deliveries of chemical or biological materials (such as, but not limited to, reagents, gene sequences, nucleic acids, cell lines, compounds, proteins and vectors) pursuant to license agreements, collaboration agreements, and other similar
agreements in the ordinary course of Borrower’s business, (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if
any) assigned by its jurisdiction of organization. If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Twenty-Five Thousand Dollars ($25,000) to a bailee, and Bank and such bailee are
not already parties to a bailee agreement governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a
bailee agreement in form and substance satisfactory to Bank. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit
any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (the “Target”) (including,
without limitation, by the formation of any Subsidiary) (an “Acquisition”) other than in connection with a Permitted Acquisition. A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 

  
 15 

 7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or
permit any Subsidiary to do so, other than Permitted Indebtedness. 
 7.5 Encumbrance. Create, incur, allow, or suffer any
Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority
security interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any
Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition
of “Permitted Liens” herein. 
 7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account
except pursuant to the terms of Section 6.6(b) hereof. 
 7.7 Distributions; Investments. (a) Pay any dividends or
make any distribution or payment or redeem, retire or purchase any capital stock, provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise
in exchange thereof, (ii) Borrower may pay dividends solely in common stock; and (iii) Borrower may repurchase the stock of former employees, consultants, or other holders of common stock pursuant to stock repurchase agreements so long as
an Event of Default does not exist at the time of such repurchase and would not exist after giving effect to such repurchase as a result of such repurchase, provided that the aggregate amount of all such repurchases does not exceed Two Hundred Fifty
Thousand Dollars ($250,000) per fiscal year or such great amounts with Bank’s prior written consent; or (b) directly or indirectly make any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted
Investments, or permit any of its Subsidiaries to do so. 
 7.8 Transactions with Affiliates. Directly or indirectly enter
into or permit to exist any material transaction with any Affiliate of Borrower, except for (i) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than
would be obtained in an arm’s length transaction with a non-affiliated Person; (ii) investments made pursuant to the Series A Purchase Agreement; and (iii) any amendment modification or waiver
pursuant to the HoldCo License that would not reasonably be expected to have a Material Adverse Change. 
 7.9 Subordinated
Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any
document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank. 

7.10 Compliance. Become an “investment company” or a company controlled by an “investment company”, under
the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in 

  
 16 

 
Regulation U of the Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of
ERISA, (b) prevent a Reportable Event or Prohibited Transaction, as defined in ERISA from occurring, or (c) comply with the Federal Fair Labor Standards Act, the failure of any of the conditions described in clauses (a) through (c)
which could reasonably be expected to have a Material Adverse Change; or violate any other law or regulation, if the violation could reasonably be expected to have a Material Adverse Change or permit any of its Subsidiaries to do so; withdraw or
permit any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could
reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 

8. EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension when due, or
(b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Term Loan Maturity Date). During the cureperiod,
the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2 Covenant Default. 

(a) Borrower fails or neglects to perform any obligation in Section 3.3, 6.2,6.4, 6.5, 6.6, 6.7 (if applicable), 6.8(b), or violates any
covenant in Section 7; or 
 (b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant
or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the
default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten
(10) day period, and such default is likely to be cured within areasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such
reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to
financial covenants (if any) or any other covenants set forth in clause (a) above; 
 8.3 Material Adverse Change. A
Material Adverse Change occurs; 

  
 17 

 8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control of
Borrower (including a Subsidiary), or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days after
the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

(b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver, or
(ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business; 
 8.5
Insolvency. (a) Borrower or any of its Subsidiaries is unable to pay its debts (including trade debts) as they become due or otherwise becomes insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or
(c) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and is not dismissed or stayed within thirty (30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist
and/or until any Insolvency Proceeding is dismissed); 
 8.6 Other Agreements. There is, under any agreement to which Borrower
is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of
One Hundred Thousand Dollars ($100,000); or (b) any breach or default by Borrower, the result of which could have a Material Adverse Change; 

8.7 Judgments; Penalties. One or more fines, penalties or final judgments, orders or decrees for the payment of money in an
amount, individually or in the aggregate, of at least One Hundred Thousand Dollars ($100,000) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower by
any Governmental Authority, and the same are not, within ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments are not
discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 

8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or
later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9 Subordinated Debt. Any document, instrument, or agreement evidencing the subordination of any Subordinated Debt shall for
any reason be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or

  
 18 

 
obligation thereunder, or the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement; or 

8.10 Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an
adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental Authority that designatesa hearing with respect to any applications for renewal of any of such Governmental Approval or that
could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision or such revocation, rescission, suspension, modification or non-renewal
(i) cause, or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and
such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any of its Subsidiaries to hold any Governmental
Approval in any other jurisdiction. 
 9. BANK’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, without notice or
demand, do any or all of the following: 
 (a) declare all Obligations immediately due and payable (but if an Event of Default described in
Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money or
extending credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 
 (c) for any
Letters of Credit other than the cash secured Letter of Credit described in the Perfection Certificate delivered to Bank on the Effective Date, demand that Borrower (i) deposit cash with Bank in an amount equal to (x) if such Letters of
Credit are denominated in Dollars, then at least one hundred five percent (105%); and (y) if such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110%) of the Dollar Equivalent of the aggregate
face amount of all of such Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations relating to
such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be
paid or payable over the remaining term of any Letters of Credit; 
 (d) terminate any FX Contracts; 

(e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

  
 19 

 (f) make any payments and do any acts it considers necessary or reasonable to protect the
Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any
part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without
charge, to exercise any of Bank’s rights or remedies; 
 (g) apply to the Obligations any (i) balances and deposits of Borrower it
holds, or (ii) amount held by Bank owing to or for the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store, finish,
maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels,
Patents, Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any
Collateral and, in connection with Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other
directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and
receive possession of Borrower’s Books; and 
 (k) exercise all rights and remedies available to Bank under the Loan Documents or at
law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security;(b) sign
Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines
reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based
thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has
occurred until all Obligations have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and powers,
coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 

  
 20 

 9.3 Protective Payments. If Borrower fails to obtain the insurance called for
by Section 6.5 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, Bank may obtain such
insurance or make such payment, and all amounts so paid by Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable
efforts to provide Borrower with notice of Bank obtaining such insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of
any Event of Default. 
 9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is
continuing, Bank shall have the right to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or
otherwise, to the Obligations. Bank shall pay any surplus to Borrower by credit to the Designated Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, directly or indirectly,
enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or
deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 
 9.5 Bank’s Liability for
Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the
Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or
destruction of the Collateral. 
 9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require
strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder
shall be effective unless signed by the party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are
cumulative. Bank has all rights and remedies provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other
remedy available at law or in equity, and Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any
default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

  
 21 

 10. NOTICES 

All notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be
in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt
requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when
delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or
facsimile number by giving the other party written notice thereof in accordance with the terms of this Section 10. 
  

							
	     
	 	 If to Borrower:
	  	 Silverback Therapeutics, Inc.
	  	     

		 		  	 500 Fairview Ave N.
	  	
		 		  	 Seattle, Washington 98109
	  	
		 		  	 Attn: Peter Thompson, Chief Executive Officer
	  	
		 		  	 Fax:
                                         
               
	  	
		 		  	 Email:
                                         
           
	  	
				
		 	 If to Bank:
	  	 Silicon Valley Bank
	  	
		 		  	 555 Mission Street, Suite 900
	  	
		 		  	 San Francisco, California 94105
	  	
		 		  	 Attn: Jackie Spencer, Director
	  	

 11. CHOICE OF LAW, VENUE, JURY TRIAL WAIVER AND JUDICIAL REFERENCE 

Except as otherwise expressly provided in any of the Loan Documents, California law governs the Loan Documents without regard to principles of
conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from
bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the
granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons,
complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be
deemed completed upon the 

  
 22 

 
earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH
PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR
RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at any time shall be decided by a
reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure Section 638
(or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the jurisdiction of such
court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant
provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records
relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply
to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The
parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery
rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or
of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against
collateral, or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

This Section 11 shall survive the termination of this Agreement. 

  
 23 

 12. GENERAL PROVISIONS 

12.1 Termination Prior to Term Loan Maturity Date; Survival. All covenants, representations and warranties made in this Agreement
shall continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations, any other obligations
which, by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may be terminated prior
to the Term Loan Maturity Date by Borrower pursuant to the terms and conditions set forth in Section 2.1.1(c)(ii). Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination shall continue to
survive notwithstanding this Agreement’s termination. 
 12.2 Successors and Assigns. This Agreement binds and is for the
benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank
has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other
Loan Documents( other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof). Notwithstanding the foregoing, prior to the occurrence of an Event of Default, Bank shall not assign any interest in
the Loan Documents to an operating company which is a known direct competitor of Borrower (as determined by Bank). 
 12.3
Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless
against: (i) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any other partyin connection with the transactions contemplated by the Loan Documents; and (ii) all losses or
expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from, consequential to, or arising from transactions between Bank and Borrower (including reasonable attorneys’ fees
and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross negligence or willful misconduct. 

This Section 12.3 shall survive until all statutes of limitation with respect to the Claims, losses, and expenses for which indemnity is
given shall have run. 
 12.4 Time of Essence. Time is of the essence for the performance of all Obligations in this
Agreement. 
 12.5 Severability of Provisions. Each provision of this Agreement is severable from every other provision in
determining the enforceability of any provision. 
 12.6 Correction of Loan Documents. Bank may correct patent errors and fill
in any blanks in the Loan Documents consistent with the agreement of the parties. 

  
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 12.7 Amendments in Writing; Waiver; Integration. No purported amendment or
modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which
enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment,
supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or
dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements,
understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.8 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 
 12.9
Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or
Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best
efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in
connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a
confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank,
or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a third party, if Bank does not know that the third party is
prohibited from disclosing the information. 
 Bank Entities may use anonymous forms of confidential information for aggregate datasets, for
analyses or reporting, and for any other uses not expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement. 

12.10 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank arising out of or relating
to the Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled. 

  
 25 

 12.11 Electronic Execution of Documents. The words “execution,”
“signed,” “signature” and words of like import in any Loan Document shall be deemed to includeelectronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and
enforceability as a manually executed signature or the use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform
Electronic Transactions Act. 
 12.12 Captions. The headings used in this Agreement are for convenience only and shall not
affect the interpretation of this Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they
and their attorneys have participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.
The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract.

 12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits,
rights or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express
party to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

13. DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive,
the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement,
the following capitalized terms have the following meanings: 
 “Account” is any “account” as defined in the Code
with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Acquisition” is defined in Section 7.3. 

“Affiliate” is, with respect to any Person, each other Person that owns or controls directly or indirectly the Person, any
Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for 

  
 26 

 
any Person that is a limited liability company, that Person’s managers and members and member, and for any Person that is a stockholder of Borrower, including, without limitation, any
general partner, managing member, officer or director of such stockholder, or any venture capital or private equity fund now or hereafter existing which is controlled by one or more general partners (or member thereof) or managing members of, or
shares the same management or advisory company (or stockholder or member thereof) with, stockholder. 
 “Agreement” is
defined in the preamble hereof. 
 “Bank” is defined in the preamble hereof. 

“Bank Entities” is defined in Section 12.9. 

“Bank Expenses” are all audit fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses)
for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower. 

“Bank Services” are any products, credit services, and/or financial accommodations previously, now, or hereafter provided to
Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct deposit of payroll, business credit cards,
and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related thereto(each, a “Bank Services Agreement”).

 “Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions substantially in the form attached hereto as
Exhibit D. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either
Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; and (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue. 

  
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 “Change in Control” means (a) at any time, any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), (other than OrbiMed Private Investments VI, LP, together with its Affiliates) shall
become, or obtain rights (whether by means or warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under
the Exchange Act),directly or indirectly, of forty-nine percent (49%) or more of the ordinary voting power for the election of directors of Borrower (determined on a fully diluted basis) other than by the sale of Borrower’s equity securities in
a public offering or to venture capital or private equity investors so long as Borrower identifies to Bank the venture capital or private equity investors at least seven (7) Business Days prior to the closing of the transaction and provides to
Bank a description of the material terms of the transaction; (b) commencing when there are two or more members of the board of directors (or other equivalent governing body), during any period of twelve (12) consecutive months thereafter a
majority of the members of the board of directors (or other equivalent governing body) are composed of individuals that qualify under none of the following categories (i) individuals who were members of that board or equivalent governing body
on the first day of such period, (ii) individuals whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above, or such individuals’ respective Affiliates,
constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred
to in clauses (i) and (ii) above, or such individuals’ respective Affiliates, constituting at the time of such election or nomination at least a majority of that board or equivalent governing body; (c) OrbiMed Private Investments VI,
LP, together with its Affiliates, ceases to own at least 20% of the voting securities of Borrower; or (d) at any time, Borrower shall cease to own and control, of record and beneficially, directly or indirectly, one hundred percent (100%) of
each class of outstanding capital stock of each subsidiary of Borrower free and clear of all Liens (except Liens created by this Agreement). 

“Claims” is defined in Section 12.3. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of
California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently indifferent Articles or Divisions of the Code, the definition of such term contained in Article or
Division 9 shall govern; provided further, 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, Bank’s Lien on any Collateral is governed by the
Uniform Commercial Code in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions
thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

  
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 “Commodity Account” is any “commodity account” as defined in the
Code with such additions to such term as may hereafter be made. 
 “Compliance Certificate” is that certain certificate in
the form attached hereto as Exhibit B. 
 “Contingent Obligation” is, for any Person, any direct or indirect liability,
contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and
(c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange
rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the
Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support
arrangement. 
 “Control Agreement” is any control agreement entered into among the depository institution at which
Borrower maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of
the Code) over such Deposit Account, Securities Account, or Commodity Account. 
 “Conversion Date” is defined in
Section 2.1.1(b)(ii). 
 “Copyrights” are any and all copyright rights, copyright applications, copyright
registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Term Loan Advance or any other extension of credit by Bank for Borrower’s benefit. 

“Default Rate” is defined in Section 2.2(b). 

“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Designated Deposit Account” is the multicurrency account denominated in Dollars, account number *******___
(last 3 digits), maintained by Borrower with Bank. 
 “Dollar Equivalent” is, at any time, (a) with respect to any
amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in a Foreign Currency,the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange
in San Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency. 

  
 29 

 “Dollars,” “dollars” or use of the sign
“$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States.

 “Effective Date” is defined in the preamble hereof. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be made,
and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of principal and accrued
interest) equal to (a) in connection with the Tranche One Term Loan Advances, the aggregate original principal amount of the Tranche One Term Loan Advances multiplied by seven and one half of one percent (7.50%) and (b) in connection with
the Tranche Two Term Loan Advances, the aggregate original principal amount of the Tranche Two Term Loan Advances multiplied by six and one half of one percent (6.50%). 

“Financing” means a bona fide second tranche of private equity financing (including, but not limited to, a financing pursuant
to Second Tranche Put Right) with investors and on terms satisfactory to Bank in its reasonable business judgment; provided that the investors and terms set forth in the Series A Purchase Agreement shall be deemed to be satisfactory to the Bank.

 “Foreign Currency” means lawful money of a country other than the United States. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business
Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and Bank under which Borrower commits to
purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 
 “GAAP” is generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or
personal 

  
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property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business
interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental Approval” is any
consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Guaranty” is any guarantee of all or any part of the Obligations, as the same may from
time to time be amended, restated, modified or otherwise supplemented. 
 “HoldCo License” is that certain Exclusive
License Agreement entered into as of March 31, 2016 by and between Borrower and OPI VI – IP HoldCo LLC. 

“Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or services, such as
reimbursement and other obligations for surety bonds and letters of credit,(b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent Obligations. 

“Indemnified Person” is defined in Section 12.3. 

“Insolvency Proceeding” is 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 relief. 

“Intellectual Property” means, with respect to any Person, all of such Person’s right,title, and interest in and to the
following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

(e) any and all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

  
 31 

 (f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents.

 “Interest-Only Period” means, for each Term Loan Advance, the period commencing on the first (1st) calendar day of the
first (1st) month following the month in which the Funding Date of such Term Loan Advance occurs and continuing through May 31, 2018. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term
as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out
ofBorrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities),
and any loan, advance or capital contribution to any Person. 
 “Letter of Credit” is a standby or commercial letter of
credit issued by Bank upon request of Borrower based upon an application, guarantee, indemnity, or similar agreement. 

“Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether
voluntarily incurred or arising by operation of law or otherwise against any property. 
 “Loan Documents” are,
collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other documents related to this Agreement, the Warrant, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by
Borrower or any guarantor, and any other present or future agreement by Borrower and/or any guarantor with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

“Make-Whole Premium” is, for each Term Loan Advance, an amount equal to one percent (1%) of the aggregate outstanding
principal amount of each Term Loan Advance if the prepayment is made on or before the first (1st) anniversary of the Effective Date. No Make-Whole Premium shall be charged if the Term Loan
Advances are replaced with a new facility from Bank. 
 “Material Adverse Change” is (a) a material impairment in the
perfection or priority of Bank’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of
the prospect of repayment of any portion of the Obligations. 
 “Monthly Financial Statements” is defined in
Section 6.2(a). 
 “Net Proceeds” means the gross proceeds received by Borrower from the Financing, less reasonable
and customary closing costs (including, but not limited to, reasonable attorneys’ fees, brokers’ fees or commissions, investment bankers’ fees or commissions and similar items) owed 

  
 32 

 
to any Person in an arm’s length transaction that are actually incurred in connection with the Financing. 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees, Bank Expenses, and other
amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents (other than the Warrant), or otherwise, including, without limitation, all obligations relating to letters of credit (including reimbursement obligations
for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities,or obligations of Borrower assigned to Bank, and to
perform Borrower’s duties under the Loan Documents (other than the Warrant). 
 “Operating Documents” are, for any
Person, such Person’s formation documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date,
and,(a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its
partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto. 

“Patents” means all patents, patent applications and like protections including without limitation improvements, divisions,
continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment/Advance Form” is that certain form attached hereto as Exhibit C. 

“Perfection Certificate” is defined in Section 5.1. 

  
 33 

 “Permitted Acquisition” means any Acquisition, consisting of a single
transaction or a series of related transactions, by the Borrower or any Subsidiary in the form of Acquisitions ofany other Person if (a) total cash consideration paid by Borrower for all such Acquisitions does not in the aggregate exceed Five
Hundred Thousand Dollars ($500,000) in any fiscal year of Borrower, provided, that foregoing cash consideration shall not be applicable when consideration paid by Borrower in connection with a Permitted Acquisition is in the form of Borrower’s
capital stock; (b) the Target shall be in a similar line of business as that of the Borrower; (c) the Target shall be a going concern (other than in respect of the formation of a Subsidiary formed to effect the Acquisition) in accordance
with the representations set forth in Section 5.5, not involved in any material litigation that is not covered by reserves and/or insurance satisfactory to Bank; (d)no Event of Default has occurred and is continuing or would exist as a result
of such Acquisition, including, without limitation, Borrower’s compliance with Section 6.11; (e) if such Acquisition is in the form of a merger by the Borrower into another Person, the Borrower is the surviving legal entity; (f) if
such Acquisition is in the form of a merger by a Subsidiary into anotherPerson, one hundred percent (100%) of the outstanding and issued equity of the surviving legal entity shall be owned by the Borrower or a Subsidiary; and (g) no
Indebtedness shall be assumed by any Borrower in connection with such Acquisition other than Permitted Indebtedness. 
 “Permitted
Indebtedness” is: 
 (a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 

(c) Subordinated Debt; 
 (d)
unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 
 (e) Indebtedness incurred as a result of endorsing
negotiable instruments received in the ordinary course of business; 
 (f) Indebtedness secured by Liens permitted under clauses
(a) and (c) of the definition of “Permitted Liens” hereunder; and 
 (g) extensions, refinancings, modifications,
amendments and restatements of any items of Permitted Indebtedness (a) through (f) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its
Subsidiary, as the case may be. 
 “Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate; 

(b) Investments consisting of Cash Equivalents; 

  
 34 

 (c) Investments consisting of the endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of Borrower; 
 (d) Investments consisting of deposit accounts in which Bank has a
perfected security interest; 
 (e) Investments accepted in connection with Transfers permitted by Section 7.1; 

(f) Investments (i) by Borrower in Subsidiaries not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year
and (ii) by Subsidiaries in other Subsidiaries not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year or in Borrower, provided, the foregoing limitations shall not apply to any Subsidiary that becomes a
Borrower under this Agreement pursuant to Section 6.11; 
 (g) Investments consisting of (i) travel advances and employee
relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans toemployees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee
stock purchase plans or agreements approved by Borrower’s Board of Directors; 
 (h) 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 business; and 

(i) 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 paragraph (i) shall not apply to Investments of Borrower in any Subsidiary. 

“Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents;

 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being
contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted
thereunder; 
 (c) purchase money Liens (i) on Equipment acquired or held by Borrower incurred for financing the acquisition of the
Equipment securing no more than One Hundred Thousand Dollars ($100,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the
Equipment; 
 (d) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in the ordinary course
of business so long as such Liens attach only to Inventory, 

  
 35 

 
securing liabilities in the aggregate amount not to exceed One Hundred Thousand Dollars ($100,000) and which are not delinquent or remain payable without penalty or which are being contested in
good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions,
social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (f) Liens
incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the
principal amount of the indebtedness may not increase; 
 (g) leases or subleases of real property granted in the ordinary course of
Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other
than Intellectual Property) granted in the ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases,licenses and sublicenses do not prohibit
granting Bank a security interest therein; 
 (h) 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 discreet geographical areas outside of the United States; 
 (i) Liens arising from attachments or
judgments, orders, or decrees in circumstances not constituting an Event of Default under Sections 8.4 and 8.7; and 
 (j) Liens in favor of
other financial institutions arising in connection with Borrower’s deposit and/or securities accounts held at such institutions, provided that Bank has a perfected security interest in the amounts held in such deposit and/or securities
accounts. 
 “Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture,
company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that, in the event such rate of interest is less than zero, such rate shall be deemed to be zero for purposes of this Agreement; and provided
further that if such rate ofinterest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any reason as determined by Bank, the “Prime Rate” shall mean the rate of interest
per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to be the lowest rate of interest charged by Bank in connection with extensions of credit
to debtors). 

  
 36 

 “Registered Organization” is any “registered organization” as
defined in the Code with such additions to such term as may hereafter be made. 
 “Requirement of Law” is as to any Person,
the organizational or governing documents of such Person, and any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such
Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible Officer” is any of
the Chief Executive Officer, President, Chief Financial Officer and Controller of Borrower. 
 “Restricted License” is any
material license or other material 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 Bank’s right to sell any Collateral, other than the Restricted License itself due to the termination or expiration thereof according to its terms. It
being understood that the Restricted License constituting Collateral does not include any Intellectual Property as described on Exhibit A 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 “Second Tranche Put Right” shall have the meaning set for in the Series A Purchase Agreement. 

“Securities Account” is any “securities account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Series A Purchase Agreement” is that certain Series A Preferred Stock Purchase Agreement entered
into as of April 1, 2016 by Borrower and the investors named therein. 
 “Subordinated Debt” is indebtedness incurred
by Borrower subordinated to all of Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other
creditor), on terms acceptable to Bank. 
 “Subsidiary” is, as to any Person, a corporation, partnership, limited liability
company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of
the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person.
Unless the context otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 

“Target” is defined in Section 7.3. 

“Term Loan Advance” is defined in Section 2.1.1(a). 

  
 37 

 “Term Loan Commitment” is Five Million Dollars ($5,000,000). 

“Term Loan Maturity Date” is, for each Term Loan Advance, the date that the final Term Loan Scheduled Payment is due, but in
no event later than November 1, 2020. 
 “Term Loan Repayment Period” is a period of time equal to thirty
(30) consecutive months commencing on the Conversion Date. 
 “Term Loan Scheduled Payment” is defined in
Section 2.1.1(b)(ii). 
 “Trademarks” means any trademark and servicemark rights, whether registered or not,
applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Tranche One Commitment Termination Date” is September 30, 2017. 

“Tranche One Term Loan Advance” is defined in Section 2.1.1(a). 

“Tranche Two Commitment Termination Date” is December 31, 2017. 

“Tranche Two Milestone” means Bank’s receipt of evidence satisfactory to Bank that Borrower has received aggregate Net
Proceeds of at least Twenty-Five Million Dollars ($25,000,000) on or before December 31, 2017. 
 “Tranche Two Term Loan
Advance” is defined in Section 2.1.1(a). 
 “Transfer” is defined in Section 7.1. 

“Warrant” is that certain Warrant to Purchase Common Stock dated as of the Effective Date executed by Borrower in favor of
Bank, as the same may be amended, modified, supplemented or restated from time to time. 
 [Signature page follows.] 

  
 38 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
 BORROWER: 
 SILVERBACK
THERAPEUTICS, INC. 
  

			
		
	By:	 	/s/ Peter Thompson
		 	Name: Peter Thompson
		 	Title: Acting President & Chief Executive Officer 

 BANK: 
  

			
	SILICON VALLEY BANK
		
	By:	 	/s/ Jackie Spencer
		 	Name: Jackie Spencer
		 	Title: Director

 [Signature Page to Loan and Security Agreement] 

 EXHIBIT A 

COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures,
letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and

 All Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include any Intellectual Property; provided, however, the Collateral shall include all
Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in such Accounts and
such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of Bank’s security
interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 
 Pursuant to the terms of a
certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual Property without Bank’s prior written consent. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

			
	TO:        SILICON VALLEY BANK	  	Date: _____________________________
		
	FROM:    SILVERBACK THERAPEUTICS, INC.	  	

 The undersigned authorized officer of SILVERBACK THERAPEUTICS, INC., a Delaware corporation
(“Borrower”), certifies that under the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 

(1) Borrower is in complete compliance for the period ending          with all required covenants
except as noted below; (2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date
shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local
taxes, assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its
Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP
consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance
with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

					
	 Reporting Covenants
	  	 Required
	  	 Complies

			
	 Monthly financial statements +
 Compliance
Certificate (“CC”)
	  	Monthly within 30 days	  	Yes        No
			
	Annual financial statement + CC	  	(a) if Board requires audited financial statement, FYE within 240 days (CPA Audited) and (b) at all other times, FYE within 60 days (company-prepared)	  	Yes        No
			
	Annual budget and board-approved projections	  	FYE within 90 days*	  	Yes        No
			
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes        No

  

	*	 commencing with 2017 fiscal year of Borrower. 

Other Matters 
  

			
	Have there been any amendments of or other changes to the capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this
Compliance Certificate.	  	Yes        No

 The following are the exceptions with respect to the certification above: (If no exceptions
exist, state “No exceptions to note.”) 

__________________________________________________________________________________________________________ 

__________________________________________________________________________________________________________ 

 

			
	 SILVERBACK THERAPEUTICS, INC.
  

By: __________________________________

Name: _______________________________

Title: ________________________________
	  	 BANK USE ONLY
  

Received by:_________________________________

                          
          AUTHORIZED SIGNER
  

Date:_______________________________________
  

Verified:____________________________________

                          
          AUTHORIZED SIGNER
  

Date:_______________________________________
  

Compliance Status:        Yes        No

 EXHIBIT C 

LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON EASTERN TIME 
 Fax
To:                                         
                                         
                                         
                                         
    Date: __________ 
 LOAN PAYMENT: 

SILVERBACK THERAPEUTICS, INC. 
  

			
	From Account #________________________________	  	To Account #___________________________________
	                                      
          (Deposit Account #)	  	                                      
      (Loan Account #)
	 Principal $____________________________________
  
	  	and/or Interest $_________________________________
	Authorized Signature:_____________________	  	Phone Number:_________________________________
	Print Name/Title:_____________________________	  	

 LOAN ADVANCE: 

Complete Outgoing Wire Request section below if all or a portion of the funds from this Credit Extension are for an outgoing wire. 

From Account #________________________________                To Account #
_______________________________________ 

                          
                      (Loan Account
#)                                         
                                        (Deposit
Account #) 
 Amount of Credit Extension $__________________________ 

All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the date of
the request for a Credit Extension ; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further
that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date: 

Authorized
Signature:__________________                                    
Phone Number: 
 Print Name/Title: _______________________     

OUTGOING WIRE REQUEST: 

Complete only if all or a portion of funds from the Credit Extension above is to be wired. 

Deadline for same day processing is noon, Eastern Time 

Beneficiary Name: _____________________________    Amount of Wire: $ 

Beneficiary Bank: ______________________________    Account Number: 

City and State:     ________________________________ 

Beneficiary Bank Transit (ABA)
#:_________                     Beneficiary Bank Code (Swift, Sort, Chip, etc.):_______ 

                          
                                         
                                         
                                         
   (For International Wire Only) 
 Intermediary
Bank:________________________                             Transit (ABA) #:_________________________ 

For Further Credit to:______________________________________________________     

Special Instruction: ________________________________________________________     

By signing below,I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and
conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us). 

Authorized Signature: ___________________________    2nd Signature (if required): 

__________________________ 
 Print Name/Title:
______________________________    Print Name/Title: 
 __________________________ 

Telephone #: __________________________________    Telephone 

#:________________________________________ 

 EXHIBIT D 

FORM OF BORROWING RESOLUTIONS 

[See Attached] 

 

 
 CORPORATE BORROWING CERTIFICATE 

 

					
	BORROWER:	 	SILVERBACK THERAPEUTICS, INC. 	  	DATE: November __, 2016
	BANK:	 	SILICON VALLEY BANK	  	

 I hereby certify as follows, as of the date set forth above: 

1. I am the Secretary, Assistant Secretary or other officer of the Borrower. My title is as set forth below. 

2. Borrower’s exact legal name is set forth above. Borrower is a corporation existing under the laws of the State of Delaware. 

3. Attached hereto are true, correct and complete copies of Borrower’s Articles/Certificate of Incorporation (including amendments), as filed with the
Secretary of State of the state in which Borrower is incorporated as set forth above. Such Articles/Certificate of Incorporation have not been amended, annulled, rescinded, revoked or supplemented, and remain in full force and effect as of the date
hereof. 
 4. The following resolutions were duly and validly adopted by Borrower’s Board of Directors at a duly held meeting of such directors (or
pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified, repealed, rescinded, amended or revoked, and Silicon Valley
Bank (“Bank”) may rely on them until Bank receives written notice of revocation from Borrower. 

RESOLVED, that any one of the following officers or employees of Borrower, whose names, titles and
signatures are below, may act on behalf of Borrower: 
  

							
	 Name
	  	 Title
	  	 Signature
	  	 Authorized to Add
or
Remove
Signatories

	_____________________________	  	_____________________________	  	_____________________________	  	☐
	_____________________________	  	_____________________________	  	_____________________________	  	☐
	_____________________________	  	_____________________________	  	_____________________________	  	☐
	_____________________________	  	_____________________________	  	_____________________________	  	☐

 RESOLVED FURTHER, that any one of the persons designated above with
a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower. 

RESOLVED FURTHER, that such individuals may, on behalf of Borrower: 

Borrow Money. Borrow money from Bank. 

  
 - 1 - 

 Execute Loan Documents. Execute any loan documents Bank requires. 

Grant Security. Grant Bank a security interest in any of Borrower’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has an
interest and receive cash or otherwise use the proceeds. 
 Apply for Letters of Credit. Apply for letters of credit from Bank. 

Enter Derivative Transactions. Execute spot or forward foreign exchange contracts, interestrate swap agreements, or other derivative
transactions. 
 Issue Warrants. Issue warrants for Borrower’s capital stock. 

Further Acts. Designate other individuals to request advances, pay fees and costs and execute other documents or agreements (including
documents or agreement that waive Borrower’s rightto a jury trial) they believe to be necessary to effect these resolutions. 

RESOLVED FURTHER, that all acts authorized by the above resolutions and any
prior acts relating thereto are ratified. 
 5. The persons listed above are Borrower’s officers or employees with their titles and signatures
shownnext to their names. 
  

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 *** If the Secretary, Assistant Secretary or other certifying officer executing above is designated
by the resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 

I, the __________________________ of Borrower, hereby certify as to paragraphs 1 through 5 above, as of the date set forth above. 

 

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 - 2 - 

 FIRST AMENDMENT 

TO 
 LOAN AND SECURITY
AGREEMENT 
 THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is entered into this 22nd day of
December, 2017 by and between SILICON VALLEY BANK, a California corporation (“Bank”) and SILVERBACK THERAPEUTICS, INC., a Delaware corporation (“Borrower”). 

RECITALS 

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of November 21, 2016, (as the same may from time
to time be amended, modified, supplemented or restated, the “Loan Agreement”). 
 B. Bank has extended credit to Borrower
for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement to extend the Tranche Two
Commitment Termination Date and make certain other revisions to the Loan Agreement as more fully set forth herein. 
 D. Bank has agreed to
so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject to the conditions and in reliance upon the representations and warranties set forth below. 

AGREEMENT 

NOW, THEREFORE, in consideration of the
foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan
Agreement. 
 2. Amendments to Loan Agreement. 

2.1 Section 2.3 (Fees). Section 2.3 of the Loan Agreement is hereby amended by adding Section 2.3(f) to the Loan
Agreement immediately after Section 2.3(e) of the Loan Agreement as follows: 
 (f) Unused Term Loan Facility
Fee. In the event that the Borrower does not request a Tranche Two Term Loan Advance on or prior to the Tranche Two Commitment Termination Date, Borrower shall pay to Bank a non-refundable facility fee of Thirty-Five Thousand and 00/100 Dollars
($35,000) (the “Unused Commitment Fee”). The Unused Commitment Fee shall be fully earned as of the Tranche Two Commitment Termination Date and payable by Borrower to Bank upon the earlier of (i) the Term Loan Maturity Date, or
(ii) at 

 
the time of a prepayment pursuant to the terms of Sections 2.1.1(c)(i) and 2.1.1(c)(ii). 

2.2 Section 13 (Definitions Amended). The following terms and their respective definitions set forth in Section 13.1 are
amended in their entirety and replaced with the following: 
 “Tranche Two Commitment Termination Date” is March 31,
2018. 
 “Warrant” is, individually and collectively, the Original Warrant and the Additional Warrant. 

2.3 Section 13 (Definitions Added). The following terms and their respective definitions are hereby added to Section 13.1
in alphabetical order: 
 “Additional Warrant” is that certain Warrant to Purchase Common Stock, dated as of
December 22, 2017, executed by Borrower in favor of Bank, as the same may be amended, modified, supplemented or restated from time to time. 

“Original Warrant” is that certain Warrant to Purchase Common Stock dated as of the Effective Date executed by Borrower in
favor of Bank, as the same may be amended, modified, supplemented or restated from time to time. 
 “Unused Commitment Fee”
is defined in Section 2.3(f). 
 3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2, above, are effective for the purposes set forth herein and shall be limited precisely
as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the
future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the
Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

3.3 In addition to those Events of Default specifically enumerated in the Loan Documents, the failure to comply with the terms of any
covenant or agreement contained herein shall constitute an Event of Default and shall entitle the Bank to exercise all rights and remedies provided to the Bank under the terms of any of the other Loan Documents as a result of the occurrence of the
same. 

  
 2 

 4. Representations and Warranties. To induce Bank to enter into this
Amendment, Borrower hereby represents and warrants to Bank as follows: 
 4.1 Immediately after giving effect to this Amendment
(a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which
case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing; 
 4.2 Borrower has
the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment; 

4.3 The organizational documents of Borrower delivered to Bank on the Effective Date remain true, accurate and complete and have not
been amended, supplemented or restated and are and continue to be in full force and effect; 
 4.4 The execution and delivery by
Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized; 

4.5 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree
of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 
 4.7 This Amendment has been duly executed and
delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other
similar laws of general application and equitable principles relating to or affecting creditors’ rights. 
 5.
Integration. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations
between the parties about the subject matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 

  
 3 

 6. Counterparts. This Amendment may be executed in any number of counterparts
and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 
 7. Effectiveness.
This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by each party hereto, (b) the due execution and delivery to Bank of the Additional Warrant by each party hereto, and
(c) payment of Bank’s legal fees and expenses in connection with the negotiation and preparation of this Amendment. 
 [Signature
page follows.] 

  
 4 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above. 
 BORROWER: 

 

			
	SILVERBACK THERAPEUTICS, INC.
		
	By:	 	/s/ Russ Hawkinson
		 	Name: Russ Hawkinson
		 	Title: Acting CFO

 BANK: 
  

			
	SILICON VALLEY BANK
		
	By:	 	/s/ Derek Scalf
		 	Name: Derek Scalf
		 	Title: Vice President

  
 [Signature Page to First
Amendment to Loan and Security Agreement] 

 DocuSign Envelope ID: DD4C21A0-3666-494F-96DD-069713BD1BC7 

			
	 

	  	 Deferral Agreement

 

							
	Deferral Agreement Effective Date:	  	 	  	  April
6                            , 20 20    
	 		 
	Loan Agreement Date (use restated date if applicable):	  		  	  November 21                  , 20
16    
	 		 
	Borrower:	  		  	  Silverback Therapeutics, Inc.        
	 		 
	 	  	☐	  	If this box is checked, additional Borrowers (“Additional Borrowers”) are listed in the Annex attached hereto (Borrower and such
Additional Borrowers, collectively, “Borrower”).
	 		 
	Loan Agreement:	  		  	That certain Loan and Security Agreement, dated as of the Loan Agreement Date, between Borrower, Additional Borrowers, if any, and Silicon Valley Bank
(“Bank”), as amended, restated or otherwise modified and in effect from time to time.
	 		 
	 Guarantor(s) or Pledgor(s):
	  	☐	  	If this box is checked, the obligations of Borrower are guaranteed or secured by a pledge of assets and the Consent and
Ratification attached hereto shall apply and must be completed for each Guarantor and/or Pledgor.

 Reference is made to the Loan Agreement and the other terms defined herein. Borrower and Bank hereby agree to the Terms and
Conditions attached hereto and any applicable Annex and/or Consent and Ratification attached hereto, each of which is incorporated herein by reference (collectively, the “Deferral Agreement”). 

 

									
	BANK:	 		 	BORROWER:
			
	SILICON VALLEY BANK	 		 	 Silverback Therapeutics, Inc.
					
	By:	 	/s/ Peter Sletteland	 		 	By:	 	/s/ Peter Thompson
			
	  Peter Sletteland	 		 	 Peter Thompson
		 		 		 		 	
	Name	 		 	Name
			
	  Vice President	 		 	 CEO
			
	Title	 		 	Title
					
		 		 		 	By:	 	 
					
		 		 		 	 	 	 
			
		 		 	Name
					
		 		 		 	 	 	 
			
		 		 	Title

  

					
	© 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley
Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
			
	Rev. March 30, 2020	  	Deferral Agreement	  	Page 1 of 6

 DocuSign Envelope ID: DD4C21A0-3666-494F-96DD-069713BD1BC7 

			
	 

	  	 Terms and Conditions

Deferral Agreement

  

	1.	 Definitions. Capitalized terms used but notdefined herein shall have the meanings ascribed to such terms
in the Loan Agreement. 

  

	2.	 Interest Payments. Borrower shall at all times continue to make regularly scheduled monthly payments of
accrued interest on each applicable payment date under the Loan Agreement. 

  

	3.	 Extension of Principal Payment Dates. 

 

	 	a.	 The payment dates for all monthly paymentsof principal in respect of any term loans (butnot any other
facilities) which are due following the Deferral Agreement Effective Date shall each be extended by six (6) months. 

  

	 	b.	 To the extent that the Loan Agreement permits Borrower to extend the period during which Borrower is only
required to make payments of accrued interest (and no principal payments) (the “Interest Only Period”) upon achieving one or more milestones or other thresholds, which milestones or thresholds have not yet been achieved as of the
Deferral Agreement Effective Date, by execution of the Deferral Agreement, Borrower agrees that (a) the six (6) month extension of the Interest Only Period provided for by this Deferral Agreement shall supersede and replace any and all
extensions of the Interest Only Period set forth in the Loan Agreement, and (b) any and all extensions of the Interest Only Period set forth in the Loan Agreement as of the Deferral Agreement Effective Date are hereby void, and shall be of no
further force and effect. Nothing herein shall be construed asa modification or amendment of the existing terms and conditions in the Loan Agreement that provide for Bank to increase availability or to make additional advances or extensions of
credit to Borrower, including if such increase or additional advances or extensions of credit require Borrower to achieve the same milestone or threshold that would have previously extended the Interest Only Period prior to Borrower entering into
this Deferral Agreement. 

  

	 	c.	 The amount of each monthly payment of principal following the extension shall be the same as the amount of the
scheduled monthly payment of principal prior to the Deferral Agreement Effective Date.

	 	d.	 All deferred principal payments shall continue to be secured by all Collateral granted or pledged to Bank under
the Loan Documents. 

  

	4.	 Extension of Maturity Date. The maturity date(s) for all term loans (but not any other facilities) under
the Loan Agreement that occur after the Deferral Agreement Effective Date shall be extended by six (6) months, and the corresponding definitions of such maturity dates in the Loan Agreement shall be deemed to be amended accordingly.

  

	5.	 Representations and Warranties. Borrower hereby represents and warrants that (a) Borrower has the
power and authority to execute and deliver to Bank the Deferral Agreement, (b) the execution and delivery to Bank by Borrower of the Deferral Agreement and the performance of Borrower’s obligations under the Loan Agreement, as amended by
the Deferral Agreement, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on
Borrower, except as already has been obtained or made and (c) the Deferral Agreement has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except
as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws and equitable principals relating to or affecting creditors rights. 

 

	6.	 Ratification. Borrower hereby ratifies, confirms, and reaffirms all terms and conditions of all Loan
Documents and all security or other collateral granted to Bank, and confirms that the indebtedness secured thereby includes, without limitation, the Obligations and all deferred principal payments. 

 

	7.	 Release. For good and valuable consideration, Borrower hereby forever relieves, releases, and discharges
Bank and its present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and
causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts,

 

  

					
	© 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley
Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
			
	Rev. March 30, 2020	  	Deferral Agreement	  	Page 2 of 6

 DocuSign Envelope ID: DD4C21A0-3666-494F-96DD-069713BD1BC7 

			
	 

	  	 Terms and Conditions 

Deferral Agreement

  

	 	
circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution hereof (collectively “Released Claims”).
Without limiting the foregoing, the Released Claims shall include any and all liabilities or claims arising out of or in any manner whatsoever connected with or related to the Loan Documents, any instruments, agreements or documents executed in
connection with any of the foregoing or the origination, negotiation, administration, servicing or enforcement of any of the foregoing. Borrower expressly acknowledges and waives any and all rights under Section 1542 of the California Civil
Code, which provides that: 

 “A general release does not extend to claims that the creditor or releasing party does not
know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.” 

By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover
facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown,
suspected or unsuspected; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set
aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Bank
with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights. This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit,
or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to Bank to enter into the Deferral Agreement, and that Bank
would not have done so but for Bank’s expectation that such release is

 valid and enforceable in all events. Borrower hereby represents and warrants to Bank, and Bank
is relying thereon, that (a), except as expressly stated herein, neither Bank nor any agent, employee or representative of Bank has made any statement or representation to Borrower regarding any fact relied upon by Borrower in entering into the
Deferral Agreement, (b) Borrower has made such investigation of the facts pertaining hereto and all of the matters appertaining thereto, as it deems necessary; (c) the terms hereof are contractual and not a mere recital; (d) the
Deferral Agreement has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and the Deferral Agreement is signed freely, and without duress, by Borrower and(e) Borrower represents and warrants that it is the
sole and lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity
any claims or other matters herein released. Borrower shall indemnify Bank, defend and hold it harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims or
matters released herein. 
  

	8.	 Full Force and Effect; Limitations of Deferral Agreement. Other than as expressly provided in the
Deferral Agreement, the terms of the Loan Agreement remain in full force and effect. Bank’s agreement to defer principal payments pursuant to the Deferral Agreement in no way shall constitute a waiver of or forbearance from any existing
defaults under any of the Loan Documents, nor shall it obligate Bank to defer any future payments or waive or forbear from any future defaults under any of the Loan Documents. Nothing in the Deferral Agreement shall constitute a satisfaction of the
Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Loan Documents, unless the party is expressly released by Bank in writing. No maker will be released by virtue of the Deferral Agreement.

  

	9.	 Miscellaneous. 

 

	 	a.	 The Deferral Agreement may be executed and delivered in any number of counterparts and all of such counterparts
taken together shall be deemed to constitute one and the same instrument. 

 

  

					
	© 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley
Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
			
	Rev. March 30, 2020	  	Deferral Agreement	  	Page 3 of 6

 DocuSign Envelope ID: DD4C21A0-3666-494F-96DD-069713BD1BC7 

			
	 

	  	 Terms and Conditions

Deferral Agreement

  

	 	b.	 The words “execution,” “signed,” “signature” and words of like import in any Loan
Document, including the Deferral Agreement, shall be deemed to include electronic signatures, including any Electronic Signature as defined in the Electronic Transactions Law (2003 Revision) of the Cayman Islands (the “Cayman Islands
Electronic Signature Law”), or the keeping of records in electronic form, including any Electronic Record, as defined in Cayman Islands Electronic Signature Law, each of which shall be of the same legal effect, validity and enforceability
as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions
Act or the Cayman Islands Electronic

	 	
Signature Law; provided, however that sections 8 and 19(3) of the Cayman Islands Electronic Signature Law shall not apply to this Deferral Agreement or the execution or delivery thereof.

  

	 	c.	 The Deferral Agreement shall be effective as of the Deferral Agreement Effective Date. 

 

	 	d.	 The Deferral Agreement is a Loan Document and will be construed, interpreted, and applied in accordance with
the laws of the jurisdiction whose laws govern the Loan Agreement (excluding its body of law controlling conflicts of law). Each party to the Deferral Agreement submits to the jurisdiction of the same state and federal courts to which it submitted
under the Loan Agreement. 

  

	 	e.	 In the event of any action or proceeding to enforce the Deferral Agreement, Bank shall be entitled to recover
from Borrower its attorneys’ fees and expenses, disbursements and court costs. 

 

  
 [End of Terms and
Conditions – Annex and Consent and Ratification Follow] 

  

					
	© 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley
Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
			
	Rev. March 30, 2020	  	Deferral Agreement	  	Page 4 of 6

 DocuSign Envelope ID: DD4C21A0-3666-494F-96DD-069713BD1BC7 

			
	 

	  	 Annex

Deferral Agreement

  

 Additional Borrowers 

Deferral Agreement Effective Date: April 6                
    , 2020         
 Borrower: Silverback Therapeutics, Inc.     

This Annex forms a part of the Deferral Agreement dated as of the date indicated above between Silicon Valley Bank and Borrower, as defined above. Capitalized
terms used but not defined in this Annex shall have the meanings ascribed to them in the Deferral Agreement. 
 Each of the undersigned (collectively, the
“Additional Borrowers”) is a party to the Loan Agreement and hereby agrees to the terms and conditions set forth in the Deferral Agreement. Upon its execution hereof, each Additional Borrower shall be deemed to be a party to the
Deferral Agreement. 
  

									
	By:	 	   
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	By:	 	   
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	By:	 	   
	 		 	By:	 	   

	 	 		 	 
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	© 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley
Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
			
	Rev. March 30, 2020	  	Deferral Agreement	  	Page 5 of 6

 DocuSign Envelope ID: DD4C21A0-3666-494F-96DD-069713BD1BC7 

			
	 

	  	 Consent and Ratification

Deferral Agreement

  

 This Consent and Ratification should be signed only to the extent that the Deferral Agreement to which it
is attached indicates that it is applicable. Otherwise, this Consent and Ratification is not applicable and void and the following signature blocks should be left blank. 

Each of the undersigned, in its capacity as a guarantor or pledgor of the Obligations under the Loan Agreement and the other Loan Documents, acknowledges
receipt of the Deferral Agreement. Each of the undersigned further: (i) consents to the Deferral Agreement and the transactions and agreements contemplated thereby; (ii) reaffirms and acknowledges its continuing obligations under the
guaranty, pledge agreement or other Loan Document(s) to which it is a party, and that such obligations remain in full force and effect; and (iii) acknowledges that Bank may, but shall be under no obligation to, obtain from the undersigned from
time to time further acknowledgment of its continuing obligation under such agreement(s) or with respect to any extension of the time for payment of the Obligations or of any amendment of the terms thereof, waiver of any default, or forbearance in
the exercise of any remedy afforded Bank by the terms of such Obligations or by law. 
  

									
	By:	 	   
	 		 	By:	 	   

	 	 		 	 
	Name	 		 	Name
	 	 		 	 
	Title	 		 	Title
	 	 		 	 

  

									
	By:	 	   
	 		 	By:	 	   

	 	 		 	 
	Name	 		 	Name
	 	 		 	 
	Title	 		 	Title
	 	 		 	 

  

									
	By:	 	   
	 		 	By:	 	   

	 	 		 	 
	Name	 		 	Name
	 	 		 	 
	Title	 		 	Title
	 	 		 	 

  

									
	By:	 	   
	 		 	By:	 	   

	 	 		 	 
	Name	 		 	Name
	 	 		 	 
	Title	 		 	Title
	 	 		 	 

  

					
	© 2020 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley
Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
			
	Rev. March 30, 2020	  	Deferral Agreement	  	Page 6 of 6

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