Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made between Cullinan Oncology, Inc., a Delaware corporation (the
“Company”), and Nadim Ahmed (the “Executive”) and is effective as of the Executive’s first day of employment with the Company, which will be October 18, 2021 (the “Effective Date”). This
Agreement supersedes in all respects all prior agreements between the Executive and the Company regarding the subject matter herein, including without limitation any term sheet. 

WHEREAS, the Company desires to employ the Executive and the Executive desires to be employed by the Company on the terms and conditions
contained herein. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
 1. Employment.

 (a) Term. The Company shall employ the Executive and the Executive shall be employed by the Company pursuant to this Agreement
commencing as of the Effective Date and continuing until such employment is terminated in accordance with the provisions hereof (the “Term”). The Executive’s employment with the Company shall be “at will,” meaning
that the Executive’s employment may be terminated by the Company or the Executive at any time and for any reason subject to the terms of this Agreement. 

(b) Position and Duties. The Executive shall serve as the President and Chief Executive Officer (“CEO”) of the Company
and shall have such powers and duties as may from time to time be prescribed by the Board of Directors of the Company (the “Board”). In addition, the Company shall cause the Executive to be nominated for election to the Board and to
be recommended to the stockholders for election to the Board as long as the Executive remains CEO, provided that the Executive shall be deemed to have resigned from the Board and from any related positions upon ceasing to serve as CEO for any
reason. The Executive shall devote the Executive’s full working time and efforts to the business and affairs of the Company. Notwithstanding the foregoing, the Executive may (x) serve on up to two (2) boards of directors, with the
approval of the Board, or (y) engage in religious, charitable or other community activities, in each case, as long as such services and activities do not interfere with the Executive’s performance of the Executive’s duties to
the Company. 
 2. Compensation and Related Matters. 

(a) Base Salary. The Executive’s initial base salary shall be paid at the rate of $600,000 per year. The Executive’s base
salary shall be subject to periodic review by the Board or the Compensation Committee of the Board (the “Compensation Committee”) at least annually. The base salary in effect at any given time is referred to herein as
“Base Salary.” The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for executive officers. 

 (b) Incentive Compensation. The Executive shall be eligible to receive cash incentive
compensation as determined by the Board or the Compensation Committee from time to time. Commencing January 1, 2022, the Executive’s initial target annual incentive compensation shall be 50 percent of the Executive’s Base Salary.
The target annual incentive compensation in effect at any given time is referred to herein as “Target Bonus.” The actual amount of the Executive’s annual incentive compensation, if any, shall be determined in the sole
discretion of the Board or the Compensation Committee and based on milestones to be determined by the Board or the Compensation Committee. Except as provided in Section 5 below, the Executive must be employed by the Company on the date such
incentive compensation is paid in order to earn or receive any annual incentive compensation. For 2021 fiscal year, the Executive shall be paid a cash incentive compensation amount (using the same Company-based performance criteria as applicable to
other Company executives), prorated for the period from the Effective Date through December 31, 2021. 
 (c) Sign-On Bonus. The Company shall pay the Executive a sign-on bonus in the gross amount of $625,000, less applicable deductions and withholdings (the “Sign-On Bonus”), to be paid no later than the first regular payroll date following the Effective Date; provided that if the Executive resigns other than for Good Reason or is terminated by the
Company for Cause (as such terms are defined below) prior to the 12-month anniversary of the Effective Date, he shall repay the Company the gross amount of the Sign-On
Bonus within 30 days following the Date of Termination (as defined below); provided further, that if the Executive resigns other than for Good Reason or is terminated by the Company for Cause on or after the
12-month anniversary of the Effective Date but prior to the 18-month anniversary of the Effective Date, he shall repay the Company a prorated portion of the gross
Signing Bonus within 30 days following the Date of Termination, with such prorated portion to be calculated as the product of $34,722.22 multiplied by the number of months (rounded to the nearest tenth) between the Date of Termination and the 18-month anniversary of the Effective Date. 
 (d) Expenses. The Executive shall be entitled to
receive prompt reimbursement for all reasonable expenses (including commuting-related travel expenses) incurred by the Executive during the Term in performing services hereunder, in accordance with the policies and procedures then in effect and
established by the Company for its executive officers. 
 (e) Location. The Executive shall work remotely from New Jersey and from the
Company’s main office, currently located in Cambridge, MA, provided that the Executive may be required to travel elsewhere for business as necessary. 

(f) Other Benefits. The Executive shall be eligible to participate in or receive benefits under the Company’s employee benefit
plans in effect from time to time, subject to the terms of such plans. During the Executive’s employment with the Company, the Executive shall also be eligible for a housing allowance of $6,000 per month to secure temporary housing in the
Boston, MA area until the earlier of (i) four (4) years from the Effective Date, and (ii) the Executive no longer has a need for such temporary housing. 

(g) Paid Time Off. The Executive shall be entitled to take paid time off in accordance with the Company’s applicable paid time off
policy for executives, as may be in effect from time to time. For the avoidance of doubt, the Executive shall be entitled to take up to six weeks of paid time off per calendar year. 

  
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 (h) Equity. 

(i) In connection with the commencement of the Executive’s employment and subject to the approval of the Board, the
Executive shall be granted a stock option to purchase 2,710,000 shares of the Company’s common stock at an exercise price per share equal to the closing price of a share of Company common stock on the Effective Date (the
“Option”). The Option shall vest on a pro-rated basis commencing from the Effective Date, with 1/48 of the Option vesting on a monthly basis over four years, subject to the Executive’s
continued service relationship on each such vesting date. The Option shall be subject to the terms of and contingent upon the Executive’s execution of a stock option award agreement issued pursuant to the Company’s 2021 Stock Option and
Incentive Plan, as amended or restated from time to time (the “Plan”), on terms no less favorable than applicable to options to purchase Company common stock granted on or prior to the Effective Date to other executives of the
Company. 
 (ii) Subject to the approval of the Board, within 90 days of the Effective Date, the Executive shall be granted
performance restricted stock units (“PSUs”) representing a number of shares of Company common stock determined by the Board after consultation with the Executive, which will vest based on performance metrics, to be determined by the
Board prior to the grant date following consultation with the Executive, over a three-year period. The Executive must be employed by the Company on the date that the PSUs are awarded in order to receive the PSUs. The PSUs will be subject to the
terms of and contingent upon the Executive’s execution of a PSU award agreement issued pursuant to the Plan, and will vest in accordance with the terms of the applicable award agreement and the Plan. 

(iii) Each year of the Executive’s employment with the Company beginning January 1, 2023, the Board will consider
granting the Executive an annual equity award, which will be subject to the terms of and contingent upon the Executive’s execution of award agreements issued pursuant to the Plan, and will vest in accordance with the terms of the applicable
award agreements and the Plan. 
 (iv) Collectively, the Executive’s stock option award agreement, PSU award
agreement(s), award agreements for annual equity awards (if any) and the Plan are referred to as the “Equity Documents”. 

(v) Notwithstanding anything to the contrary in the Equity Documents, in the event that the Date of Termination is a result of
a termination by the Company without Cause under Section 3(d) or a termination by the Executive for Good Reason under Section 3(e), in each case during the Change in Control Period (as defined below), then any unvested stock options and
annual equity awards subject to time-based vesting only shall immediately accelerate and become fully vested and exercisable on the Date of Termination and the PSUs shall vest pro rata based on the period of Executive’s employment during the
applicable performance period. 

  
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 3. Termination. The Executive’s employment hereunder may be terminated without
any breach of this Agreement under the following circumstances: 
 (a) Death. The Executive’s employment hereunder shall
terminate upon death. 
 (b) Disability. The Company may terminate the Executive’s employment if the Executive is disabled and
unable to perform or expected to be unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 180 days (which need not be
consecutive) in any 12-month period. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then
existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall, submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the
Executive or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of
the issue. The Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Company’s determination of
such issue shall be binding on the Executive. Nothing in this Section 3(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C.
§2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 
 (c) Termination by the Company
for Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes of this Agreement, “Cause” shall mean any of the following: 

(i) conduct by the Executive constituting a material act of misconduct in connection with the performance of the Executive’s duties,
including, without limitation, (A) willful failure or refusal to perform material responsibilities that have been requested by the Board; (B) dishonesty to the Board with respect to any material matter; or (C) misappropriation of
funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; 

(ii) the commission by the Executive of acts satisfying the elements of (A) any felony or (B) a misdemeanor involving moral
turpitude, deceit, dishonesty or fraud; 
 (iii) any willful misconduct by the Executive, regardless of whether or not in the course of the
Executive’s employment, that would reasonably be expected to result in material injury or reputational harm to the Company or any of its subsidiaries or affiliates if the Executive were to continue to be employed in the same position; 

(iv) continued non-performance by the Executive of the Executive’s duties hereunder (other than
by reason of the Executive’s physical or mental illness, incapacity or disability) which has continued for more than 30 days following written notice of such non-performance from the Board; 

  
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 (v) a material breach by the Executive of any of the provisions contained in Section 8
of this Agreement or the Restrictive Covenants Agreement (as defined below); 
 (vi) a material violation by the Executive of any of the
Company’s written employment policies; or 
 (vii) the Executive’s failure to cooperate with a bona fide internal investigation or
an investigation by regulatory or law enforcement authorities, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the
inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation. 
 (d)
Termination by the Company without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause. Any termination by the Company of the Executive’s employment under this Agreement which does not
constitute a termination for Cause under Section 3(c) and does not result from the death or disability of the Executive under Section 3(a) or (b) shall be deemed a termination without Cause. 

(e) Termination by the Executive. The Executive may terminate employment hereunder at any time for any reason, including but not limited
to, Good Reason. For purposes of this Agreement, “Good Reason” shall mean that the Executive has completed all steps of the Good Reason Process (hereinafter defined) following the occurrence of any of the following events without
the Executive’s consent (each, a “Good Reason Condition”): 
 (i) a material diminution in the
Executive’s responsibilities, authority or duties or reporting line; 
 (ii) a material diminution in the
Executive’s Base Salary, except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially
all senior management employees of the Company; 
 (iii) the relocation of the Executive’s principal office from New
Jersey; or 
 (iv) a material breach of this Agreement by the Company. 

The “Good Reason Process” consists of the following steps: 

(i) the Executive reasonably determines in good faith that a Good Reason Condition has occurred; 

  
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 (ii) the Executive notifies the Company in writing of the first occurrence
of the Good Reason Condition within 60 days of the first occurrence of such condition; 
 (iii) the Executive cooperates in
good faith with the Company’s efforts, for a period of not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition; 

(iv) notwithstanding such efforts, the Good Reason Condition continues to exist at the end of the Cure Period; and 

(v) the Executive terminates employment within 60 days after the end of the Cure Period. 

If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to have occurred. 

4. Matters related to Termination. 

(a) Notice of Termination. Except for termination as specified in Section 3(a), any termination of the Executive’s employment
by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall
indicate the specific termination provision in this Agreement relied upon. 
 (b) Date of Termination. “Date of
Termination” shall mean: (i) if the Executive’s employment is terminated by death, the date of death; (ii) if the Executive’s employment is terminated on account of disability under Section 3(b) or by the Company
for Cause under Section 3(c), the date on which Notice of Termination is given; (iii) if the Executive’s employment is terminated by the Company without Cause under Section 3(d), the date on which a Notice of Termination is given
or the date otherwise specified by the Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive under Section 3(e) other than for Good Reason, 30 days after the date on which a Notice of
Termination is given, and (v) if the Executive’s employment is terminated by the Executive under Section 3(e) for Good Reason, the date on which a Notice of Termination is given after the end of the Cure Period. Notwithstanding the
foregoing, in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company for purposes of this
Agreement. 
 (c) Accrued Obligations. If the Executive’s employment with the Company is terminated for any reason, the Company
shall pay or provide to the Executive (or to the Executive’s authorized representative or estate) (i) any Base Salary earned through the Date of Termination; (ii) unpaid expense reimbursements (subject to, and in accordance
with, Section 2(d) of this Agreement); and (iii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination, which vested benefits shall be paid and/or provided in accordance
with the terms of such employee benefit plans (collectively, the “Accrued Obligations”). 

  
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 (d) Resignation of All Other Positions. To the extent applicable, the Executive shall
be deemed to have resigned from all officer and board member positions that the Executive holds with the Company or any of its respective subsidiaries and affiliates upon the termination of the Executive’s employment for any reason. The
Executive shall execute any documents in reasonable form as may be requested to confirm or effectuate any such resignations. 
 5.
Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason Outside the Change in Control Period. If the Executive’s employment is terminated by the Company without Cause as provided in
Section 3(d), or the Executive terminates employment for Good Reason as provided in Section 3(e), in each case outside of the Change in Control Period, then, in addition to the Accrued Obligations, and subject to (i) the
Executive signing a separation agreement and release in a form and manner satisfactory to the Company, which shall include, without limitation, a general release of claims against the Company and all related persons and entities substantially in the
form used by the Company for other members of senior management of the Company, a reaffirmation of all of the Executive’s Continuing Obligations (as defined below), and, in the Company’s sole discretion, a
one-year post-employment noncompetition agreement, and shall provide that if the Executive materially breaches any of the Continuing Obligations, all payments of the Severance Amount shall immediately cease
(the “Separation Agreement”), and (ii) the Separation Agreement becoming irrevocable, all within 60 days after the Date of Termination (or such shorter period as set forth in the Separation Agreement): 

(a) the Company shall pay the Executive an amount equal to 12 months of the Executive’s Base Salary (the “Severance
Amount”); 
 (b) a prorated bonus for the year of termination, based on actual performance for the entire year and the period of the
Executive’s employment in such year, and paid at the time annual bonuses for the year of termination are paid to other executives of the Company (a “Prorated Bonus”); and 

(c) subject to the Executive’s copayment of premium amounts at the applicable active employees’ rate and the Executive’s proper
election to receive benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall pay to the group health plan provider or the COBRA provider a monthly payment equal to the
monthly employer contribution that the Company would have made to provide health insurance to the Executive if the Executive had remained employed by the Company until the earliest of (A) the 12 month anniversary of the Date of Termination;
(B) the date that the Executive becomes eligible for group medical plan benefits under any other employer’s group medical plan; or (C) the cessation of the Executive’s health continuation rights under COBRA; provided,
however, that if the Company determines that it cannot pay such amounts to the group health plan provider or the COBRA provider (if applicable) without potentially violating applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), then the Company shall convert such payments to payroll payments directly to the Executive for the time period specified above. Such payments to the Executive shall be subject to
tax-related deductions and withholdings and paid on the Company’s regular payroll dates. 

  
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 Except for the Prorated Bonus, the amounts payable under Section 5, to the extent taxable, shall be
paid out in substantially equal installments in accordance with the Company’s payroll practice over 12 months commencing within 60 days after the Date of Termination; provided, however, that if the
60-day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as “non-qualified deferred
compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), shall begin to be paid in the second calendar year by the last day of such
60-day period; provided, further, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Date
of Termination. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

6. Severance Pay and Benefits Upon Termination by the Company without Cause or by the Executive for Good Reason within the Change in Control
Period. The provisions of this Section 6 shall apply in lieu of, and expressly supersede, the provisions of Section 5 if (i) the Executive’s employment is terminated either (a) by the Company without Cause as provided in
Section 3(d), or (b) by the Executive for Good Reason as provided in Section 3(e), and (ii) the Date of Termination is within the Change in Control Period. These provisions shall terminate and be of no further force or effect
after the Change in Control Period. 
 (a) If the Executive’s employment is terminated by the Company without Cause as provided in
Section 3(d) or the Executive terminates employment for Good Reason as provided in Section 3(e) and in each case the Date of Termination occurs during the Change in Control Period, then, in addition to the Accrued Obligations, and subject
to the signing of a general release of claims against the Company and all related persons and entities (the “Release”) by the Executive and the Release becoming fully effective, all within the time frame set forth in the Release but
in no event more than 60 days after the Date of Termination, the Company shall pay the Executive a lump sum in cash in an amount equal to the sum of (A) 24 months of the Executive’s then-current Base Salary (or the Executive’s Base
Salary in effect immediately prior to the Change in Control, if higher), plus (B) the amount that the Company would have paid to the group health plan provider or the COBRA provider as a monthly employer contribution to continue the
Executive’s group health insurance if the Executive had remained employed by the Company for an additional 24 months (the “Change in Control Payment”). In addition, the Executive will be paid the Prorated Bonus. 

Except for the Prorated Bonus, the amounts payable under Section 6(a), to the extent taxable, shall be paid or commence to be paid within 60 days after
the Date of Termination; provided, however, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments to the extent they qualify as “non-qualified
deferred compensation” within the meaning of Section 409A of the Code, shall be paid or commence to be paid in the second calendar year by the last day of such 60-day period. 

(b) [Intentionally omitted.] 
 (c)
Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below: 

  
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 (i) “Change in Control” shall mean a “Sale Event”
as defined in the Plan. 
 (ii) “Change in Control Period” shall mean the period commencing on the
occurrence of the first event constituting a Change in Control and ending twelve (12) months after the occurrence of the first event constituting a Change in Control. 

7. Section 409A. 

(a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s separation from service within the
meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement or otherwise on account of the Executive’s separation from service would be considered deferred compensation otherwise subject to the 20 percent additional tax imposed pursuant to
Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one
day after the Executive’s separation from service, or (B) the Executive’s death. If any such delayed cash payment is otherwise payable on an installment basis, the first payment shall include a
catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of this provision, and the balance of the
installments shall be payable in accordance with their original schedule. 
 (b) All in-kind benefits
provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which the expense was incurred. The amount of in-kind benefits provided or
reimbursable expenses incurred in one taxable year shall not affect the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other
aggregate limitation applicable to medical expenses). Such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

(c) To the extent that any payment or benefit described in this Agreement constitutes
“non-qualified deferred compensation” under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment, then such
payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in
Treasury Regulation Section 1.409A-1(h). 

  
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 (d) The parties intend that this Agreement will be administered in accordance with
Section 409A of the Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with
Section 409A of the Code. Each payment pursuant to this Agreement or the Restrictive Covenants Agreement is intended to constitute a separate payment for purposes of Treasury Regulation
Section 1.409A-2(b)(2). The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all
related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 

(e) The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of this
Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section. 

8. Continuing Obligations.  

(a) Restrictive Covenants Agreement. As a condition of the Executive’s employment, the Executive is required to enter into the
Employee Confidentiality, Assignment, Nonsolicitation and Noncompetition Agreement attached hereto as Exhibit A (the “Restrictive Covenants Agreement”). For purposes of this Agreement, the obligations in this Section 8
and those that arise in the Restrictive Covenants Agreement and any other agreement relating to confidentiality, assignment of inventions, or other restrictive covenants shall collectively be referred to as the “Continuing
Obligations.” 
 (b) Third-Party Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the
terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information, other than confidentiality restrictions (if any), or the Executive’s engagement in any business.
The Executive represents to the Company that the Executive’s execution of this Agreement, the Executive’s employment with the Company and the performance of the Executive’s proposed duties for the Company will not violate any
obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Company, the Executive will not disclose or make use of any information in violation of any agreements with or rights of any such
previous employer or other party, and the Executive will not bring to the premises of the Company any copies or other tangible embodiments of non-public information belonging to or obtained from any such
previous employment or other party. 
 (c) Litigation and Regulatory Cooperation. During and for 24 months after the Executive’s
employment, the Executive shall reasonably cooperate with the Company, including in (i) the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate
to events or occurrences that transpired while the Executive was employed by the Company, (ii) the investigation, whether internal or external, of any matters about which the Company believes the Executive may have knowledge or information and
(iii) after his employment, the reasonable transitioning of duties. The Executive’s full cooperation in connection with such claims, actions or investigations shall include, but not be limited to, being available to meet with counsel to
answer questions or to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Company in
connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Company. The Company shall
reimburse the Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this
Section 8(c). 

  
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 (d) Relief. The Executive agrees that it would be difficult to measure any damages
caused to the Company which might result from any breach by the Executive of the Continuing Obligations, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the
Executive breaches, or proposes to breach, any portion of the Continuing Obligations, the Company shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such
breach without showing or proving any actual damage to the Company. 
 9. Consent to Jurisdiction. The parties hereby consent to the
jurisdiction of the state and federal courts of the Commonwealth of Massachusetts. Accordingly, with respect to any such court action, the Executive (a) submits to the exclusive personal jurisdiction of such courts; (b) consents to
service of process; and (c) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 

10. Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements between the parties concerning such subject matter. 
 11. Withholding; Tax Effect. All payments made
by the Company to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. Nothing in this Agreement shall be construed to require the Company to make any payments to
compensate the Executive for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. 

12. Assignment; Successors and Assigns. Neither the Executive nor the Company may make any assignment of this Agreement or any interest
in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement (including the Restrictive Covenants Agreement) without
the Executive’s consent to any affiliate or to any person or entity with whom the Company shall hereafter effect a reorganization or consolidation, into which the Company merges or to whom it transfers all or substantially all of its properties
or assets; provided further that if the Executive remains employed or becomes employed by the Company, the purchaser or any of their affiliates in connection with any such transaction, then the Executive shall not be entitled to any payments,
benefits or vesting pursuant to Section 2(h)(iii), Section 5 or Section 6 of this Agreement solely as a result of such transaction. This Agreement shall inure to the benefit of and be binding upon the Executive and the Company, and
each of the Executive’s and the Company’s respective successors, executors, administrators, heirs and permitted assigns. In the event of the Executive’s death after the Executive’s termination of employment but prior to the
completion by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to the Executive’s death (or to the
Executive’s estate, if the Executive fails to make such designation). 

  
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 13. Enforceability. If any portion or provision of this Agreement (including, without
limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or
provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by
law. 
 14. Survival. The provisions of this Agreement shall survive the termination of this Agreement and/or the termination of the
Executive’s employment to the extent necessary to effectuate the terms contained herein. 
 15. Waiver. No waiver of any
provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement,
shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
 16.
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or
certified mail, postage prepaid, return receipt requested, to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Board. 

17. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized
representative of the Company. 
 18. Effect on Other Plans and Agreements. An election by the Executive to resign for Good Reason
under the provisions of this Agreement shall not be deemed a voluntary termination of employment by the Executive for the purpose of interpreting the provisions of any of the Company’s benefit plans, programs or policies. Nothing in this
Agreement shall be construed to limit the rights of the Executive under the Company’s benefit plans, programs or policies except as otherwise provided in Section 8 hereof, and except that the Executive shall have no rights to any severance
benefits under any Company severance pay plan, offer letter or otherwise. Except for the Restrictive Covenants Agreement, in the event that the Executive is party to an agreement with the Company providing for payments or benefits under such plan or
agreement and under this Agreement, the terms of this Agreement shall govern and the Executive may receive payment under this Agreement only and not both. Further, Section 5 and Section 6 of this Agreement are mutually exclusive and in no
event shall the Executive be entitled to payments or benefits pursuant to both Section 5 and Section 6 of this Agreement. 
 19.
Governing Law. This is a Massachusetts contract and shall be construed under and be governed in all respects by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles thereof. With respect to
any disputes concerning federal law, such disputes shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the First Circuit. 

  
 12 

 20. Conditions. Notwithstanding anything to the contrary herein, the effectiveness of
this Agreement shall be conditioned on (i) the Executive’s satisfactory completion of reference and background checks, if so requested by the Company, and (ii) the Executive’s submission of satisfactory proof of the
Executive’s legal authorization to work in the United States. 
 21. D&O Insurance; Indemnification. 

(a) The Executive shall be covered by the Company’s directors and officers liability insurance to the same extent that such coverage is
maintained for other officers or directors of the Company. 
 (b) The Company shall indemnify the Executive pursuant to the terms of an
indemnification agreement to be entered into by the Company and the Executive. 
 22. Counterparts. This Agreement may be executed in
any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document. 

IN WITNESS WHEREOF, the parties have executed this Agreement effective on the Effective Date. 

 

			
	CULLINAN ONCOLOGY, INC.
		
	By:	 	 /s/ Tony Rosenberg

	Its:	 	 Chairman of the Board of Directors

	
	EXECUTIVE
	
	 /s/ Nadim Ahmed

Nadim Ahmed

  
 13 

 Exhibit A 

Restrictive Covenants AgreementExhibit 4.2

  
    

    

    Term Sheet – Date 30 May 2018

     

     

    

    Investment by Hunter Bay Partners Pty Ltd (ACN 082 637 670) into Hunter Energy Pty Ltd (ACN 624 824 791)

     

    

    

    
      	 	No.

            	 	Item

            	 	Description

            
	 	
              1

            	 	
              Parties (or each a Party)

            	 	
              The parties to this document are:

              (a)        Hunter Energy Pty Ltd (ACN 624 824 791) (Company);

              (b)        Hunter Bay Partners Pty Ltd  ACN 082 637 670 (or its nominee) 

              

                           (HBP); and

              (c)        Arthur Phillip Nominees Pty Ltd and Fontelina Pty Ltd ACN 145 837 845 (Founders).

            
	 	
              2

            	 	
              Investment Opportunity

            	 	
              •          The Company has the exclusive right to acquire and own the assets of the Redbank Power Station (151MW) which has been on care and maintenance.

              •          The Company is
                  seeking to raise $2.5 million to support the evaluation of re-commissioning / restart capital expenditure, acquisition of water rights, negotiation of coal and offtake  contracts, option purchase and continuing care and  maintenance.

            
	 	
              3

            	 	
              Summary

            	 	
              This document outlines:

              (a)       the terms on which HBP will subscribe for, and the Company will issue, 20,666,666 fully paid ordinary shares in the capital of the Company (Subscription

                  Shares) for a total subscription price of $2.5 million or 12.097c per share (Subscription Amount)  (Transaction);

              (b)       the key terms of a new shareholders' agreement in respect of the Company (Shareholders' Agreement) required in connection with the
                Transaction; and

              (c)        various other matters relating to the Transaction.

            
	 	
              4

            	 	
              Binding document

            	 	
              This document is intended to legally bind the Parties.

            
	 	
              5

            	 	
              Approvals

            	 	
              The Company procures that they and all existing representative directors on the board of the Company will approve the issue of the Subscription Shares to HBP and the appointment of a HBP nominee as a director of the Company.

            

    

    

    

    
      
        

    

    
      	 	No.

            	 	Item	 	Description

            
	 	
              6

            	 	
              Subscription

            	 	
              HBP  will  subscribe for, and the Company will issue, the Subscription Shares for the Subscription Amount on or before 1 June 2018.

               

              In the event Subscription is  not completed by 6  June 2018  this agreement shall terminate and cease to be of force or effect unless otherwise agreed in writing between the parties.

            
	 	
              7

            	 	
              Issued capital

            	  	
              Following completion of the subscription contemplated by clause 61 the share capital In the Company will be held as follows:

               
	Shareholder

            	 	Shares

            	 	Percentage
	
              Founders and others

            	

            	
              62,000,000 fully paid ordinary

              (The existing performance shares shall be converted into ordinary shares. Of the 31,000,000 options on issue, 30,000,000 will be cancelled. The remaining 1m options are exercisable at 60c and expire on 30 April 2023)

            	 	75.0%
	
              HBP

            	 	
              20,666,666 fully paid ordinary shares          

            	 	25.0%
	
              Total

            	 	
              82,666,660 fully paid ordinary          

              1,000,000 options

            	 	100% shares
	 	
              8

            	 	
              Board composition

            	 	
              When the Subscription Shares are issued to HBP, the board of the  Company will consist of:

              (a)       Two (2) directors, appointed by the Founders;

              (b)       One (1) director, appointed by  HBP.

            
	 	
              9

            	 	
              Shareholders' Agreement

            	 	
              A Shareholders' Agreement will be entered into by the Parties. The Shareholders Agreement will cover the issues outlined in Annexure A including in particular the matters requiring agreement
                between the Founders and HBP.

            
	 	
              10

            	 	
              Conditions of Investment

            	 	
              Conditions of HBP's investment into the Company consist of:

              (a)       That the Company steps into and adheres to the exact binding obligations that Albertson Resources Pty Ltd (ACN 135 851 213) (Albertson)  has

                entered into with Biogreen Energy Pty Ltd (ACN 608 060 984) (Biogreen) as   per the Binding Option Agreement dated 18 December 2017. Specifically, that Albertson shall pay Biogreen a total of $9.5m
                in consideration comprising the $4.5 million option exercise payment and a $5.0 million amount payable out of the profits generated by the Company.

              (b)       That the Company will pay Albertson and Hunter Bay the amounts detailed in  Annexure B

              (c)       That for the period  until  the secondary  fund raising   all costs for key staff namely James Myatt, Warren Kember, Arthur Phillip Pty Ltd and Arthur Phillip Pty Ltd related
                overheads are capped at $45,000 per month.

              (d)       That following the deduction of agreed payments (not   less than $25k per mth) to Arthur Phillip and such amounts as  are otherwise agreed to fairly compensate for other work to
                such parties as necessary, the management fee post commencement of operations (calculated at 5% of EBITDA) is to be shared 75% to the Founders and 25% to HBP.

            

    

    

    

    
      
        

    

    	 	
            No.

          	 	
            Item

          	 	
            Description

          
	 	
            11

          	 	
            Timetable

          	 	
            The Parties will negotiate in good faith with a view to all relevant Parties executing a final Subscription Agreement and a new Shareholders' Agreement and completing the Transaction by 6 June 2018.

          
	 	
            12

          	 	
            Confidentiality

          	 	
            The Parties agree that any information which they obtain about the affairs or assets of the other Party will be kept confidential (other than disclosure to agents, advisers or representatives or as required by
              law or the rules of any applicable stock exchange) and will not be used for any purpose other than in connection with the Transaction contemplated by this document.

          
	 	
            13

          	 	
            Costs

          	 	
            Each Party will bear its own costs in relation to this document and the Transaction contemplated by it.

          
	 	
            14

          	 	
            Governing law

          	 	
            The laws of New South Wales govern this document and the Parties agree to submit to the non-exclusive jurisdiction of the courts of New South Wales.

          

    

    

    
      
        

    

    EXECUTED this 30th day of May 2018

    

    

    Signed sealed and delivered by

    Hunter Energy  Pty Ltd  (ACN 624 824 791)  by:

    

    

    	 	 	 	
                  /s/ Warren Kember

          
	 	
             Director

          	 	
            Director/Secretary

          
	 	 	 	 
	 	 	 	
                  Warren Kember

          
	 	
             Full name of Director

          	 	
            Full name of Director/Secretary

          
	 	 	 	 
	
            Signed sealed and delivered by

          	 	 
	
            Fontelina Pty Ltd ACN 145 837 845 by:

          	 	 
	 	 	 	 
	 	
                 /s/ Richard Poole

          	 	 
	 	
              Director

          	 	 
	 	 	 	 
	 	
                Richard Poole

          	 	 
	 	
             Full name of Director

          	 	 
	 	 	 	 
	
            Signed sealed and delivered by

          	 	 
	
            Hunter Bay Partners Pty Ltd ACN 082 637 670 by:

          	 	 
	 	 	 	 
	 	
                /s/ John McGuigan

          	 	 
	 	
              Director

          	 	 
	 	 	 	 
	 	
               John McGuigan

          	 	 
	 	
            Full name of Director

          	 	 

    

    

    
      
        

    

    Annexure A - Basic and fundamental issues to be covered by the Shareholders Agreement

    

    

    	 	
            No.

          	 	
            Description

          
	 	
            1

          	 	
            Objectives of the Company

          
	 	
            2

          	 	
            Composition, proceedings and remuneration of the Board

          
	 	
            3

          	 	
            Deadlock Procedures

          
	 	
            4

          	 	
            Issue and Transfer of Shares - Pre-emptive Rights Provisions

          
	 	
            5

          	 	
            Drag Along and Tag Along Rights

          
	
             

             

            

             

            

             

            

          	
            6

             

            

             

            

             

            

          	 	
            Unanimity Issues - Matters that require unanimous approvals of the Founders and HBP:

             

            (a)          (change in nature of Business) the Business of the
              Company is the acquisition and recommissioning of the Redbank Power Station (151 MW) and the obtaining of all relevant rights to permit its operation with the objective of producing an EBITDA of approximately $20m per annum followed by the
              addition of associated developments such as Gas fired turbines, solar and other energy related opportunities at the Redbank Power Station;

             

            (b)          (Business IP) changing any Business IP or branding of the Company, the Business or the Application;

             

            (c)           other than the issue of securities or debt necessary to secure the agreed secondary funding required to restart the plant totaling an estimated $30-$35m or funding required to
              meet a forecast short fall in cash within the following 8 months of the forecast

             

            i)            (allotment of securities) the allotment of Shares, convertible notes, options or other securities in the Company;

             

            ii)           (liabilities and indemnities) the Company entering into or agreeing to any commitment,
              indemnity or liability (whether actual or contingent) of more than $200,000 which is not specifically provided for in the Annual Business Plan and Budget or otherwise in the ordinary and usual course of the Business;

             

            (d)           (dividend policy) the dividend policy shall be set at 50% of NPAT unless otherwise unanimously
              agreed between the parties. It is acknowledged that it is unlikely that this payment shall be made in the first year of operation and will be subject to the requirements of secured lenders.

             

            (e)           (material
                agreements) other than agreements to issue securities or debt as set out in (c) above, or as included in the Annual Business Plan and Budget, the entry into, termination, variation, assignment, novation or enforcement of, or waiver
              of a right under, or decision not to comply with, any material agreement to which the Company is a party (which, for the avoidance of doubt, includes the Commercial Agreements). For the purposes of this clause a material agreement is any agreement not specifically provided for in the Annual Business Plan and Budget to a value of in excess of $200,000;

          

    

    

    
      
        

    

    
      	 	
              (f)           (employee schemes) other than the issue of 5% of employee options exercisable @ 15c per share on or before 30 June 2023 to the CEO (proposed Mr James Myatt or his nominee), the
                  approval of any employee Share or option scheme for the issue of Shares to employees, directors or consultants of the Company;

               

              (g)          (transfer

                    of assets) the transfer by the Company of an asset or assets of the Company having an aggregate book or market value (whichever is the greater) of more than 5% of the aggregate book value of the Company's assets;

               

              (h)          (Encumbrances) other than agreements to issue securities or debt as set out in (c) above, the grant of any Encumbrance over any assets of the Company;

               

              (i)         (capital expenditure) any capital expenditure above that specifically provided for in the Annual Business Plan and Budget which:

               

              (i)          is in excess of $100,000; or

               

              (ii)          would otherwise cause total capital
                  expenditure of the Company to exceed that specifically provided for in the Annual Business Plan and Budget by $100,000 or more;

               

              (j)            (Annual Business
                    Plan and Budget) the approval of the Annual Business Plan and Budget;

               

              (k)           (Senior Employees) the employment of any employee with a remuneration in excess of $200,000 and the appointment of any director other than a director appointed pursuant to clause 8 of the Term Sheet.

               

              (I)            (Liquidation or Reconstruction) voluntary

                  liquidation or reconstruction of the Company.

            

    

    

    
      
        

    

    
      Annexure B   - Hunter Energy Acquisition of Rights

    

    

    

    	
            No.

          	 	
             Description

          
	
            1

          	 	
            Albertson Resources  Pty Ltd (Albertson) agrees to nominate Hunter Energy Pty Ltd (Hunter Energy) as its nominee under the Binding Option Agreement dated 18 December 2017 between Albertson and Biogreen Energy Pty Ltd (Biogreen). A copy of
              the Binding Option Agreement is attached.

          
	
            2

          	 	
            Hunter Energy agrees to step into and assume all the rights and obligations of Albertson under the above Binding Option Agreement.

          
	
            3

          	 	
            Albertson will notify Biogreen that it has nominated Hunter Energy as its nominee in accordance with the terms of the Binding Option Agreement.

          
	
            4

          	 	
            In consideration of Albertson's nomination of Hunter Energy as its nominee and the obligations assumed by HBP in this Term Sheet Hunter Energy will pay the following amounts:

            i.         An initial amount to Albertson of $1 million on the date when Hunter Energy exercises the option under the Binding Option Agreement.

            ii.        A success fee to Albertson being calculated as 75% of the aggregate amount of $4.5 million to be paid out of the audited profits of Hunter Energy arising out of the profits
              generated from the Redbank Power Station provided that such amount together with the success payments payable to Biogreen under the terms of the Binding Option Agreement will not exceed 30% of the total net profits in any year until the
              success payments due to Biogreen, Albertson and HBP are paid in full, and

            iii.       A success fee to HBP being calculated as 25% of the aggregate amount of $4.5 million to be paid on the same terms and conditions as the  Albertson success fee referenced in
              paragraph (ii) above.

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