Document:

EX-4.1

 Exhibit 4.1 

Form of Pre-Funded Warrant 

CABALETTA BIO, INC. 

WARRANT TO PURCHASE COMMON STOCK 

Number of Shares: [_________] (subject to adjustment) 

			
	Warrant No. [___]	 	Original Issue Date: December [___], 2022

 Cabaletta Bio, Inc., a Delaware corporation (the “Company”), hereby certifies that, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, [___________] or its registered assigns (the “Holder”) is entitled, subject to the terms set forth below, to purchase from the Company up to a
total of [______] shares of common stock, $0.00001 par value per share (the “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an
exercise price per share equal to $0.00001 per share (as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”) upon surrender of this Warrant to Purchase Common Stock (including any Warrants to
Purchase Common Stock issued in exchange, transfer or replacement hereof, the “Warrant”) at any time and from time to time on or after the date hereof (the “Original Issue Date”), subject to the following terms and
conditions: 
 1. Definitions. For purposes of this Warrant, the following terms shall have the following meanings: (a)
“Affiliate” means any Person directly or indirectly controlled by, controlling or under common control with, a Holder, as such terms are used in and construed under Rule 405 under the Securities Act, but only for so long as such
control shall continue. 
 (b) “Commission” means the United States Securities and Exchange Commission. (c) “Closing
Sale Price” means, for any security as of any date, the last trade price for such security on the Principal Trading Market for such security, as reported by Bloomberg L.P., or, if such Principal Trading Market begins to operate on an
extended hours basis and does not designate the last trade price, then the last trade price of such security prior to 4:00 P.M., New York City time, as reported by Bloomberg L.P., or if the security is not listed for trading on a national securities
exchange or other trading market on the relevant date, the last quoted bid price for the security in the over-the-counter market on the relevant date as reported by OTC
Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices). If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of
such security on such date shall be the fair market value as mutually determined by the Company and the Holder. If the Company and the Holder are unable to agree upon the fair market value of such security, then the Board of Directors of the Company
shall use its good faith judgment to determine the fair market value. The Board of Directors’ determination shall be binding upon all parties absent demonstrable error. All such determinations shall be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during the applicable calculation period. 
 (d) “Marketable
Securities” means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and is then current in its filing of all required reports and other information under the Securities Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be
received by Holder in connection with the Fundamental Transaction (as defined below) were Holder to exercise this Warrant on or prior to the closing thereof is then traded or quoted on a nationally recognized securities exchange, inter-dealer 

 
quotation system or over-the-counter market, and (iii) following the closing of such Fundamental Transaction,
the Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by the Holder in such Fundamental Transaction were the Holder to
exercise or convert this Warrant in full on or prior to the closing of such Fundamental Transaction. 
 (e) “Principal Trading
Market” means the national securities exchange or other trading market on which the Common Stock is primarily listed on and quoted for trading, which, as of the Original Issue Date, shall be the Nasdaq Global Select Market. 

(f) “Registration Statement” means the Company’s Registration Statement on Form
S-3 (File No. 333- 250006), that became effective on November 18, 2020. 

(g) “Securities Act” means the Securities Act of 1933, as amended. 

(h) “Trading Day” means any weekday on which the Principal Trading Market is open for trading. If the Common Stock is not
listed or admitted for trading, “Trading Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in New York City are authorized or required
by law or other governmental action to close. 
 (i) “Transfer Agent” means American Stock Transfer & Trust
Company, LLC, the Company’s transfer agent and registrar for the Common Stock, and any successor appointed in such capacity. 
 2.
Issuance of Securities; Registration of Warrants. The Warrant, as initially issued by the Company, is offered and sold pursuant to the Registration Statement. As of the Original Issue Date, the Warrant Shares are issuable under the
Registration Statement. Accordingly, the Warrant and, assuming issuance pursuant to the Registration Statement or an exchange meeting the requirements of Section 3(a)(9) of the Exchange Act as in effect on the Original Issue Date, the Warrant
Shares, are not “restricted securities” under Rule 144 promulgated under the Securities Act. The Company shall register ownership of this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any assignee to which this Warrant is assigned hereunder) from time to time. The Company may deem and treat the registered Holder
of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 

3. Registration of Transfers. Subject to compliance with all applicable securities laws, the Company shall, or will cause its Transfer
Agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, and payment for all applicable transfer taxes (if any). Upon any such registration or transfer, a new warrant to purchase
Common Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining
portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in
respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall, or will cause its Transfer Agent to, prepare, issue and deliver at the Company’s own expense any New Warrant under this Section 3. Until due
presentment for registration of transfer, the Company may treat the registered Holder hereof as the owner and holder for all purposes, and the Company shall not be affected by any notice to the contrary. 

 4. Exercise and Duration of Warrants. 

(a) All or any part of this Warrant shall be exercisable by the registered Holder in the manner set forth in Section 10 at any time and
from time to time on or after the Original Issue Date. 
 (b) The Holder may exercise this Warrant by delivering to the Company an exercise
notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”), completed and duly signed. The date on which such exercise notice is delivered to the Company (as determined in accordance with the notice provisions hereof)
is an “Exercise Date.” The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the
original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares, if any. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of
this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

5. Delivery of Warrant Shares. 

(a) Upon exercise of this Warrant, the Company shall promptly (but in no event later than three (3) Trading Days after the Exercise
Date), upon the request of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with The Depository Trust Company
(“DTC”) through its Deposit Withdrawal Agent Commission system, or if the Transfer Agent is not participating in the Fast Automated Securities Transfer Program or if the certificates are required to bear a legend regarding
restriction on transferability, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of
shares of Common Stock to which the Holder is entitled pursuant to such exercise. The Holder, or any natural person or legal entity (each, a “Person”) so designated by the Holder to receive Warrant Shares, shall be deemed to have
become the holder of record of such Warrant Shares as of the Exercise Date, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates evidencing such Warrant Shares, as the
case may be. 
 (b) If by the close of the third (3rd) Trading Day after the Exercise Date, the Company fails to deliver to the Holder a
certificate representing the required number of Warrant Shares in the manner required pursuant to Section 5(a) or fails to credit the Holder’s DTC account for such number of Warrant Shares to which the Holder is
entitled, and if after such third (3rd) Trading Day and prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the
Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall, within three (3) Trading Days after the Holder’s request promptly honor
its obligation to deliver to the Holder a certificate or certificates representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of Holder’s total purchase price (including brokerage commissions, if
any) for the shares of Common Stock so purchased in the Buy-In less the product of (A) the number of shares of Common Stock purchased in the Buy-In, times
(B) the Closing Sale Price of a share of Common Stock on the Exercise Date. 

 (c) To the extent permitted by law and subject to Section 5(b), the Company’s
obligations to issue and deliver Warrant Shares in accordance with and subject to the terms hereof (including the limitations set forth in Section 11 below) are absolute and unconditional, irrespective of any action or inaction by the Holder to
enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or
alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such obligation
of the Company to the Holder in connection with the issuance of Warrant Shares. Subject to Section 5(b), nothing herein shall limit the Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required pursuant to the
terms hereof. 
 6. Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of
this Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense (excluding any applicable stamp duties) in respect of the issuance of such certificates, all of which taxes
and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or
the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise
hereof. 
 7. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be
issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in
such case) and, in each case, a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay
such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the
Company’s obligation to issue the New Warrant. 
 8. Reservation of Warrant Shares. The Company covenants that it will, at all
times while this Warrant is outstanding, reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this
Warrant as herein provided, the number of Warrant Shares that are initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder
(taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms
hereof, be duly and validly authorized, issued and fully paid and non-assessable. The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Stock may be listed. The Company further covenants that it will not,
without the prior written consent of the Holder, take any actions to increase the par value of the Common Stock at any time while this Warrant is outstanding. 

 9. Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon
exercise of this Warrant (the “Number of Warrant Shares”) are subject to adjustment from time to time as set forth in this Section 9. 

(a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its
Common Stock that is payable in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares of Common Stock, (iii) combines its outstanding shares of Common Stock into a smaller number of
shares of Common Stock or (iv) issues by reclassification of shares of capital stock any additional shares of Common Stock of the Company, then in each such case the Number of Warrant Shares shall be multiplied by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately after such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately before such event. Any adjustment made pursuant to clause
(i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, provided, however, that if such record date shall have been fixed and such
dividend is not fully paid on the date fixed therefor, the Number of Warrant Shares shall be recomputed accordingly as of the close of business on such record date and thereafter the Number of Warrant Shares shall be adjusted pursuant to this
paragraph as of the time of actual payment of such dividends. Any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination. 

(b) Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders of Common Stock
for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock covered by the preceding paragraph), (iii) rights or warrants to subscribe for or purchase any security (including Common
Stock), or (iv) cash or any other asset (in each case, a “Distribution”), other than a reclassification as to which Section 9(c) applies, then in each such case, the Holder shall be entitled to participate in such
Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof,
including without limitation, the ownership limitation set forth in Section 11(a) hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of
Common Stock are to be determined for the participation in such Distribution; provided, however, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the ownership
limitation set forth in Section 11(a) hereof, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Stock as a result of such Distribution to such extent) and the
portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as the delivery to such Holder of such portion would not result in the Holder exceeding the ownership limitation set forth in
Section 11(a) hereof. 
 (c) Fundamental Transactions. If, at any time while this Warrant is outstanding (i) the Company
effects any merger or consolidation of the Company with or into another Person, in which the Company is not the surviving entity, (ii) the Company effects any sale to another Person of all or substantially all of its assets in one transaction
or a series of related transactions, (iii) pursuant to any tender offer or exchange offer (whether by the Company or another Person), holders of capital stock tender shares representing more than 50% of the voting power of the capital stock of
the Company and the Company or such other Person, as applicable, accepts such tender for payment, (iv) the Company consummates a stock purchase agreement or other business combination (including, without limitation, a

 
reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than the 50% of the voting
power of the capital stock of the Company (except for any such transaction in which the stockholders of the Company immediately prior to such transaction maintain, in substantially the same proportions, the voting power of such Person immediately
after the transaction) or (v) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property
(other than as a result of a subdivision or combination of shares of Common Stock covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”), then following such Fundamental Transaction the Holder shall have
the right to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such
Fundamental Transaction, the holder of the Number of Warrant Shares (in the case of clause (iii) above, assuming it had tendered, and the offeror had accepted, such Warrant Shares) (the “Alternate Consideration”). The Company
shall not effect any Fundamental Transaction in which the Company is not the surviving entity or the Alternate Consideration includes securities of another Person unless (i) the Alternate Consideration is solely cash and the Company provides
for the simultaneous “cashless exercise” of this Warrant pursuant to Section 10 below or (ii) prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or other Person (including any
purchaser of assets of the Company) shall assume the obligation to deliver to the Holder such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to receive, and the other obligations under this
Warrant. The provisions of this paragraph (c) shall similarly apply to subsequent transactions analogous of a Fundamental Transaction type. Notwithstanding the foregoing, in the event of a Fundamental Transaction where the consideration payable
to holders of Common Stock consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities, then this Warrant shall automatically be deemed to be exercised in full in a “cashless exercise”
pursuant to Section 10 below effective immediately prior to and contingent upon the consummation of such Fundamental Transaction. 

(d) Exercise Price. Simultaneously with any adjustment to the Number of Warrant Shares pursuant to Section 9 the Exercise Price
shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased Number of Warrant Shares shall be the same as the aggregate Exercise Price in effect
immediately prior to such adjustment. Notwithstanding the foregoing, in no event may the Exercise Price be adjusted below the par value of the Common Stock then in effect. 

(e) Calculations. All calculations under this Section 9 shall be made to the nearest
one-hundredth of one cent or the nearest whole share, as applicable. 
 (f) Notice of
Adjustments. Upon the occurrence of each adjustmentpursuant to this Section 9, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this
Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable),
describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the
Company’s transfer agent. 

 (g) Notice of Corporate Events. If, while this Warrant is outstanding, the Company
(i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the
Company or any subsidiary, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of
the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such
transaction at least ten (10) days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction; provided, however, that the failure to
deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. In addition, if while this Warrant is outstanding, the Company authorizes or approves, enters into any agreement
contemplating or solicits stockholder approval for any Fundamental Transaction contemplated by Section 9(c), other than a Fundamental Transaction under clause (iii) of Section 9(c), then, except if such notice and the contents thereof
shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such Fundamental Transaction at least ten (10) days prior to the date such Fundamental
Transaction is consummated. 
 10. Cashless Exercise. Notwithstanding anything contained herein to the contrary, this Warrant may
only be exercised through a “cashless exercise.” Upon exercise, the Company shall issue to the Holder the number of Warrant Shares in an exchange of securities effected pursuant to Section 3(a)(9) of the Securities Act as determined
as follows: 
 X = Y [(A-B)/A] where: 

“X” equals the number of Warrant Shares to be issued to the Holder; “Y” equals the total number of Warrant Shares with
respect to which this Warrant is then being exercised; 
 “A” equals the Closing Sale Price per share of Common Stock as of the

 Trading Day on the date immediately preceding the Exercise Date; and 

“B” equals the Exercise Price per Warrant Share then in effect on the Exercise Date. 

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in
such a “cashless exercise” transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued (provided that the
Commission continues to take the position that such treatment is proper at the time of such exercise). 
 In no event will the exercise of
this Warrant be settled in cash. 
 11. Limitations on Exercise. 

(a) Notwithstanding anything to the contrary contained herein, the Company shall not effect any exercise of this Warrant, and the Holder shall
not be entitled to exercise this Warrant for a number of Warrant Shares in excess of that number of Warrant Shares which, upon giving effect or immediately prior to such exercise, would cause (i) the aggregate number of shares of Common Stock

 
beneficially owned by the Holder, its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of
the Exchange Act to exceed 4.99%(1) (the “Maximum Percentage”) of the total number of issued and outstanding shares of Common Stock of the Company following such exercise, or
(ii) the combined voting power of the securities of the Company beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of
Section 13(d) of the Exchange Act to exceed 4.99%(2) of the combined voting power of all of the securities of the Company then outstanding following such exercise. Any portion of an exercise
that would result in the issuance of shares in excess of the Maximum Percentage shall be treated as null and void ab initio. For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the
number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the
Commission prior to the date hereof, (y) a more recent public announcement by the Company or (z) any other notice by the Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written request
of the Holder, the Company shall within three (3) Trading Days confirm in writing or by electronic mail to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be
determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder since the date as of which such number of outstanding shares of Common Stock was reported. By written notice to the
Company, the Holder may from time to time increase or decrease the Maximum Percentage to any other percentage specified not in excess of 19.99% specified in such notice; provided that any such increase will not be effective until the sixty-first
(61st) day after such notice is delivered to the Company. For purposes of this Section 11(a), the aggregate number of shares of Common Stock or voting securities beneficially owned by the Holder and its Affiliates and any other Persons whose
beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act shall include the shares of Common Stock issuable upon the exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (x) exercise of the remaining unexercised and non-cancelled portion of this Warrant by the
Holder and (y) exercise or conversion of the unexercised, non-converted or non-cancelled portion of any other securities of the Company that do not have voting
power (including without limitation any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including without limitation any debt, preferred stock, right, option, warrant or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock), is subject to a limitation on conversion or exercise analogous to the limitation contained herein and is
beneficially owned by the Holder or any of its Affiliates and other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act. 

(b) This Section 11 shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to
determine the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in Section 9(c) of this Warrant. 

12. No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of any
fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price) for any
such fractional shares. 
  

	(1) 	 Or, at the election of the Holder, 9.99%. 

	(2) 	 Or, at the election of the Holder, 9.99%. 

 13. Notices. Any and all notices or other communications or deliveries hereunder
(including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via confirmed email prior to 5:30
P.M., New York City time, on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via confirmed e-mail on a day that is not a Trading Day
or later than 5:30 P.M., New York City time, on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying next business day delivery, or (iv) upon actual
receipt by the Person to whom such notice is required to be given, if by hand delivery. The addresses and e-mail addresses for such communications shall be: 

If to the Company: 
 Cabaletta
Bio, Inc. 
 2929 Arch Street, Suite 600 

Philadelphia, PA 19104 

Attention: General Counsel 

Telephone: [___] 
 Email: [___]

 If to the Holder, to its address or e-mail address set forth herein or on the books and records
of the Company. 
 Or, in each of the above instances, to such other address or e-mail address as
the recipient party has specified by written notice given to each other party at least five (5) days prior to the effectiveness of such change. 

14. Warrant Agent. The Company shall initially serve as warrant agent under this Warrant. Upon ten (10) days’
notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall
be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such
successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 

15. Miscellaneous. 

(a) No Rights as a Stockholder. The Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be entitled
to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s capacity as the Holder of this
Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance
or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In
addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are
asserted by the Company or by creditors of the Company. 

 (b) Authorized Shares. Except and to the extent as waived or consented to by the
Holder, the Company shall not by any action, including, without limitation, amending its certificate or articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or
any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be
necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant
Shares upon the exercise of this Warrant, and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the
Company to perform its obligations under this Warrant. 
 (c) Successors and Assigns. Subject to compliance with applicable
securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company without the written consent of the Holder, except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on
and inure to the benefit of the Company and the Holder and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal
or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns. 

(d) Amendment and Waiver. Except as otherwise provided herein, this Warrant may be modified or amended or the provisions hereof waived
with the written consent of the Company and the Holder. 
 (e) Acceptance. Receipt of this Warrant by the Holder shall constitute
acceptance of and agreement to all of the terms and conditions contained herein. 
 (f) Governing Law; Jurisdiction. ALL QUESTIONS
CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.
EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY
CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY
MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD

 
AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY
AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 
 (g) Headings. The headings herein are for convenience only, do not
constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof. 
 (h) Severability. In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and
the Company and the Holder will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 REMAINDER OF PAGE INTENTIONALLY LEFT BLANK. 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of
the date first indicated above. 
  

			
	 CABALETTA BIO, INC.

		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

 SCHEDULE 1 

FORM OF EXERCISE NOTICE 
 [To
be executed by the Holder to purchase shares of Common Stock under the Warrant] 
 Ladies and Gentlemen: (1) The undersigned is the Holder of Warrant
No. ___ (the “Warrant”) issued by Cabaletta Bio, Inc., a 
 Delaware corporation (the “Company”). Capitalized terms used herein and not
otherwise defined herein have the respective meanings set forth in the Warrant. 
  

	(2)	 The undersigned hereby exercises its right to purchase ___________ Warrant Shares pursuant to the Warrant.

  

	(3)	 The Holder intends that payment of the Exercise Price shall be made as a “Cashless Exercise” under
Section 10 of the Warrant. 

  

	(4)	 Pursuant to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in
accordance with the terms of the Warrant. The Warrant Shares shall be delivered to the following DWAC Account Number: 

  

	(5)	 By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving
effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be
owned under Section 11(a) of the Warrant to which this notice relates. 

  

			
	Dated:	 	 
		
	Name of Holder:	 	 
		
	By:	 	 
		
	Name:	 	 
		
	Title	 	 

 (Signature must conform in all respects to name of Holder as specified on the face of the Warrant)Exhibit 10.1

 

PURCHASE AND SALE AGREEMENT

 

BY AND BETWEEN

 

RUBIUS THERAPEUTICS, INC.

 

(“SELLER”)

 

AND

 

DIV ACQUISITION V, LLC

 

(“BUYER”)

 

    

     

    

 

TABLE OF CONTENTS

 

	 	Page
	ARTICLE 1 Purchase and Sale Agreement	1
	1.1   Agreement to Purchase and Sell	1
	ARTICLE 2 The Property and Condition of Property	1
	2.1   Description of the Property	1
	ARTICLE 3 Purchase Price; Deposit; Adjustments	3
	3.1   Purchase Price	3
	3.2   Deposit	3
	3.3   Balance of Purchase Price	3
	3.4   Prorations of Taxes	4
	3.5   Prorations of Contracts	4
	3.6   Utilities	4
	3.7   Estimates	4

 

    ii

     

    

 

	3.8   Adjustment Payments	5
	3.9   Calculation of Prorations	5
	3.10   Seller’s Closing Costs	5
	3.11   Buyer’s Closing Costs	5
	3.12   Closing Statement	5
	3.13   Survival	5
	ARTICLE 4 Representations, Warranties, Covenants and Agreements	5
	4.1   Seller’s Representations and Warranties	5
	4.2   Seller’s Covenants	9
	4.3   Buyer’s Representations and Warranties	10
	ARTICLE 5 Access, Inspection, Diligence	11
	5.1   Inspections	11
	5.2   Due Diligence Materials	11
	5.3   Termination by Buyer	12
	ARTICLE 6 Title and Survey	12
	6.1   Title and Survey Review	12

 

    iii

     

    

 

	6.2   Required State of Title	13
	6.3   Personal Property	13
	ARTICLE 7 Conditions to Seller’s and Buyer’s Performance	13
	7.1   Conditions to Seller’s Obligations	13
	7.2   Conditions to Buyer’s Obligations	13
	ARTICLE 8 Closing	14
	8.1   Escrow Closing	14
	8.2   Seller’s Closing Deliveries	15
	8.3   Buyer’s Closing Deliveries	16
	8.4   Delivery of Deposit	17
	ARTICLE 9 Casualty and Condemnation	17
	9.1   Casualty	17
	9.2   Condemnation	18
	ARTICLE 10 Brokerage Commissions	18
	10.1   Representations and Indemnity	18

 

    iv

     

    

 

	ARTICLE 11 Default, Termination and Remedies	19
	11.1   Seller Default	19
	11.2   Buyer Default	19
	ARTICLE 12 Miscellaneous	19
	12.1   Assignment	19
	12.2   Notices	20
	12.3   Interpretation	21
	12.4   Captions	21
	12.5   No Third-Party Beneficiaries	21
	12.6   Amendments	21
	12.7   Integration	21
	12.8   Choice of Law	22
	12.9   Counterparts	22
	12.10   Business Day	22
	12.11   Acceptance of the Deed	22
	12.12   No Recording of Agreement	22
	12.13   Confidentiality	23
	12.14   Time of the Essence	23
	12.15   Use of Proceeds to Clear Title	23
	12.16   Submission not an Offer or Option	23
	ARTICLE 13 IRS Form 1099-S Designation	23
	13.1   Designee	23

 

    v

     

    

 

Schedules

 

	SCHEDULE A	     Description of the Real Property
	 	 
	SCHEDULE B-1	     Exceptions to Fixtures and Personal Property
	 	 
	SCHEDULE B-2	     Required Fixtures and Personal Property
	 	 
	SCHEDULE 3.2	     Form of Deposit Escrow Agreement
	 	 
	SCHEDULE 4.1(b)	     List of Legal Proceedings
	 	 
	SCHEDULE 4.1(c)	     List of Pending Condemnations
	 	 
	SCHEDULE 4.1(j)	     List of Environmental Reports
	 	 
	SCHEDULE 4.1(o)	     Letter Requesting Master Plan Extension
	 	 
	SCHEDULE 4.1(p)	     Post Closing Escrow Agreement
	 	 
	SCHEDULE 4.2(f)	    List of Contracts
	 	 
	SCHEDULE 8.2(a)	     Form of Deed
	 	 
	SCHEDULE 8.2(b)	     Form of Bill of Sale
	 	 
	SCHEDULE 8.2(c)	     Form of General Assignment
	 	 
	SCHEDULE 8.2(d)	     Form of FIRPTA Affidavit

 

    vi

     

    

 

Purchase
and Sale Agreement

 

THIS PURCHASE AND SALE
AGREEMENT (this “Agreement”) is made and entered into this 6th day of December, 2022 (the “Effective
Date”), by and between RUBIUS THERAPEUTICS, INC., a Delaware corporation (“Seller”), and DIV
ACQUISITION V, LLC, a Massachusetts limited liability company (“Buyer”).

 

RECITALS

 

Seller is the owner of the
Property (as hereinafter defined). Seller desires to sell the Property to Buyer and Buyer desires to buy the Property from Seller, all
on and subject to the terms and conditions hereinafter set forth.

 

ARTICLE 1 Purchase and Sale
Agreement

 

1.1            Agreement
to Purchase and Sell. In consideration of the undertakings and mutual covenants of the parties set forth in this Agreement, and for
other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, Seller hereby agrees to sell
the Property (as hereinafter defined) to Buyer and Buyer, or its nominee, agrees to buy the Property from Seller, for the Purchase Price
(as hereinafter defined), payable as provided below and subject to adjustment as provided herein and otherwise on and subject to the terms
and conditions contained herein.

 

ARTICLE 2 The Property and Condition
of Property

 

2.1            Description
of the Property. The Property which is the subject of this Agreement consists of the following:

 

(a)            The
land located at 100 Technology Way and 30 Hanton City Road, both in Smithfield, Rhode Island which is more particularly described in Schedule
A attached hereto (the “Land”) together with (i) all rights, privileges and easements appurtenant to the Land
owned by Seller, including, without limitation, all minerals, oil, gas, and other hydrocarbon substances on and under the Land, as well
as all development rights, air rights, water, water rights and water stock relating to the Land, any rights to any land lying in the bed
of any existing dedicated street, road or alley adjoining the Land and to all strips and gores adjoining the Land, and any other easements,
rights-of-way, or appurtenances used in connection with the beneficial use and enjoyment of the Land (collectively referred to as the
 “Appurtenances”); and (ii) all buildings, improvements, structures and fixtures (“Fixtures”)
located on the Land, except as may be expressly excluded in Schedule B-1 attached hereto (collectively, the “Improvements”),
and all apparatus, equipment and appliances used in connection with the operation or occupancy of the improvements, such as, but without
limitation, heating and air conditioning systems and facilities used to provide any utility services, refrigeration, ventilation, garage
disposal, recreation, or other services on the improvements, (which Land, together with the Appurtenances and Improvements, is collectively
referred to as the “Real Property”).

 

    1

     

    

 

(b)            The
tangible personal property owned by Seller and located on or in the Real Property, including machinery and equipment, and together with
all other personal property, equipment and furnishings located on the Land or in the Improvements as of the Effective Date hereof, (i) expressly
including those items of personal property described in Schedule B-2 attached hereto, and (ii) expressly excluding only those
items of personal property described in Schedule B-1 attached hereto (collectively, the “Personal Property”).

 

(c)            To
the extent assignable, all of the interest of Seller in any intangible personal property now or hereafter owned by Seller and used in
the ownership, use, and operation of the Real Property, the Appurtenances, Improvements, and Personal Property approved by Seller
pursuant to the provisions of this Agreement, including, without limitation, to the extent assignable at no cost to Seller, all decommissioning
reports, geotechnical reports, environmental reports, traffic studies, development plans, permits and approvals, including the Master
Plan Approval (hereinafter defined), contracts, agreements, or other rights relating to the ownership, use, operation and proposed development
or redevelopment of the Real Property, all building warranties and guarantees to the extent in the possession of Seller, but in all events
excluding the intellectual property of Seller (all of which are collectively referred to as the “Intangible Property”).

 

(d)            BUYER
ACKNOWLEDGES THAT BUYER HAS BEEN GIVEN THE OPPORTUNITY TO FULLY INSPECT THE PROPERTY AND THE BUYER UNDERSTANDS THAT, EXCEPT AS EXPRESSLY
SET FORTH IN ARTICLE 4 AND ARTICLE 10 BELOW AND THE DOCUMENTS TO BE EXECUTED AND DELIVERED AT CLOSING, THE SALE OF THE PROPERTY
IS WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, TYPE OR NATURE, EXPRESS OR IMPLIED (INCLUDING, WITHOUT LIMITATION, THE FACT
THAT NO REPRESENTATIONS OR WARRANTIES ARE BEING MADE OR HAVE BEEN MADE IN CONNECTION WITH THE PROPERTY, TITLE TO THE PROPERTY, THE SUITABILITY
OF THE PROPERTY FOR DEVELOPMENT, THE CONDITION OF ANY IMPROVEMENTS THEREON, IF ANY, THE SOIL CONDITION, COMPACTION OR BEARING ABILITY
THEREOF, ANY ENVIRONMENTAL OR HAZARDOUS MATERIALS CONDITION, THE INCOME TO BE DERIVED FROM THE PROPERTY, OR THE COMPLIANCE OF THE PROPERTY
WITH ANY LAWS, RULES, ORDINANCES, OR REGULATIONS) AND THE BUYER IS PURCHASING THE PROPERTY “AS IS,” “WHERE IS”
AND “WITH ALL FAULTS,” WITHOUT ANY OBLIGATION ON THE PART OF SELLER. SELLER HEREBY DISCLAIMS ANY AND ALL WARRANTIES WITH
RESPECT TO THE PROPERTY, INCLUDING, WITHOUT LIMITATION, WARRANTIES AS TO QUALITY, SUITABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

 

    2

     

    

 

(e)            The
provisions of Section 2(d) shall survive the Closing.

 

The Real Property, the Personal
Property and the Intangible Property are referred to collectively herein as the “Property.”

 

ARTICLE 3 Purchase Price; Deposit;
Adjustments

 

3.1            Purchase
Price. The purchase price is Eighteen Million Five Hundred Thousand Dollars and 00/100 ($18,500,000) (the “Purchase Price”),
subject to adjustment and as otherwise provided herein.

 

3.2            Deposit.
On or before the Effective Date, Buyer shall have deposited with First American Title Insurance Company (the “Title Company”),
as “Escrow Agent”, the sum of Five Hundred Thousand Dollars ($500,000) (the “Deposit”) to secure
Buyer’s obligations under this Agreement. The Title Company shall maintain the Deposit in a money market account with an FDIC insured
bank, and the Deposit and all interest thereon, if applicable, (collectively, the “Escrowed Amount”) shall be maintained
by the Title Company in such account and shall be disbursed pursuant to the terms and conditions of this Agreement and the Deposit Escrow
Agreement attached hereto as Schedule 3.2 (the “Deposit Escrow Agreement”).

 

3.3            Balance
of Purchase Price. On the Closing Date (as hereinafter defined) the Purchase Price, subject to a credit for the Escrowed Amount and
subject to adjustment as specified herein, shall be paid by wire transfer of immediately available federal funds.

 

    3

     

    

 

3.4            Prorations
of Taxes. All real and personal property taxes attributable to the year in which the Closing
occurs shall be prorated and adjusted as of the Closing Date as an adjustment at the Closing (regardless of whether such taxes and special
assessments are then due and payable or delinquent). If the tax statements for the calendar year during which the Closing Date occurs
are not finally determined, then the tax figures for the immediately prior fiscal year shall be used for the purposes of prorating taxes
on the Closing Date, with a further adjustment to be made after the Closing Date as soon as such tax figures are finalized. All special
assessments shall be paid in full prior to or out of Closing proceeds. Any tax refunds or proceeds (including interest thereon) on account
of a favorable determination resulting from a challenge, protest, appeal or similar proceeding relating to taxes and assessments relating
to the Property (i) for all tax periods occurring prior to the applicable tax period in which the Closing occurs shall be retained
by and paid exclusively to Seller and (ii) for the applicable tax period in which the Closing occurs shall be prorated as of the
Closing Date after reimbursement to Seller and Buyer, as applicable, for all fees, costs and expenses (including reasonable attorneys’
and consultants’ fees) incurred by Seller or Buyer, as applicable, in connection with such proceedings such that Seller shall retain
and be paid that portion of such tax refunds or proceeds as is applicable to the portion of the applicable tax period prior to the Closing
Date and Buyer shall retain and be paid that portion of such tax refunds or proceeds as is applicable to the portion of the applicable
tax period from and after the Closing Date. Seller shall not, prior to the Closing Date, settle any tax protests or proceedings without
the consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed. After the Closing, Buyer shall be responsible
for and control any tax protests or proceedings for any period for which taxes are adjusted between the parties under this Agreement and
for any later period. Buyer and Seller shall cooperate in pursuit of any such proceedings and in responding to reasonable requests of
the other for information concerning the status of and otherwise relating to such proceedings; provided, however, that neither party shall
be obligated to incur any out-of-pocket fees, costs or expenses in responding to the requests of the other.

 

3.5            Prorations
of Contracts. To the extent Property Contracts are not terminated pursuant to Section 4.2(i) below, prepaid or past due
amounts under any Assigned Contracts (as hereinafter defined) shall be prorated and adjusted as of the Closing Date.

 

3.6            Utilities.
Seller shall cause all meters for electricity, gas, water, sewer or other utility usage at the Real Property to be read on the Closing
Date, and Seller shall pay all charges for such utility charges which have accrued on or prior to the Closing Date. If the utility companies
are unable or refuse to read the meters on the Closing Date, all charges for such utility charges to the extent unpaid shall be prorated
and adjusted as of the Closing Date based on the most recent bills therefor. Seller shall provide notice to Buyer two (2) days prior
to the Closing Date setting forth (i) whether utility meters will be read as of the Closing Date and (ii) a copy of the most
recent bill for any utility charges which are to be prorated and adjusted as of the Closing Date as
an adjustment at the Closing. If the meters cannot be read as of the Closing Date and, therefore, the most recent bill is used
to prorate and adjust as of the Closing Date as an adjustment at the Closing,
then the parties agree to the extent that the amount of such prior bill proves to be more or less than the actual utility charges for
the period in question, a further adjustment shall be made after the Closing Date as soon as the actual charges for such utilities are
available.

 

3.7            Estimates.
In the event, on the Closing Date, the precise figures necessary for any of the foregoing adjustments are not capable of determination,
then, at Buyer’s option, those adjustments shall be made on the basis of good faith estimates of Buyer using currently available
information, and final adjustments shall be made within six (6) months after the Closing Date to the extent precise figures are determined
or become available.

 

    4

     

    

 

3.8            Adjustment
Payments. The net amount of all adjustments to be made under this Article 3 shall be paid on the Closing Date in immediately
available funds. All post-closing adjustments shall be made in immediately available funds.

 

3.9            Calculation
of Prorations. All apportionments and prorations made hereunder shall be made based on the number of days of ownership of the Property
in the period applicable to the apportionment, with Buyer responsible for expenses from and after the Closing Date. Prorations of annual
payments shall be made based on the number of days of ownership in the applicable annual period.

 

3.10            Seller’s
Closing Costs. At the Closing, Seller shall pay and be responsible for the amount due for (i) conveyance tax, documentary tax
or any other tax or charge substituted therefor imposed in connection with the consummation of the transaction contemplated hereby; (ii) one-half
of any fees charged by Escrow Agent; (iii) recording charges for any instrument which releases or discharges any lien as required
by Article 6 hereto; and (iv) Seller’s counsel’s fees and expenses.

 

3.11            Buyer’s
Closing Costs. At the Closing, Buyer shall pay and be responsible for (i) recording charges (other than as listed in Section 3.10
above); (ii) one-half of any fees charged by Escrow Agent; (iii) charges necessary to obtain the survey described in Section 6.1
below; (iv) charges necessary to obtain the title insurance policy and all endorsements thereto described in Section 6.1.1 below;
and (v) Buyer’s counsel’s fees and expenses.

 

3.12            Closing
Statement. Title Company shall prepare a draft closing statement and Seller and Buyer shall provide the Title Company with sufficient
information to prepare a draft closing statement at least two (2) days prior to the Closing.

 

3.13            Survival.
The provisions of Article 3 shall survive the Closing.

 

ARTICLE 4 Representations, Warranties,
Covenants and Agreements

 

4.1            Seller’s
Representations and Warranties. Seller hereby represents and warrants to Buyer as of the date of this Agreement and as of the Closing
Date as follows:

 

(a)            This
Agreement has been duly authorized, executed and delivered by Seller and all consents required under Seller’s organizational documents
or by law have been obtained. All documents that are to be executed by Seller and delivered to Buyer on the Closing Date have been, or
on the Closing Date will be, duly executed, authorized and delivered by Seller. This Agreement and all such documents are, and on the
Closing Date will be, legal, valid and binding obligations of Seller, enforceable in accordance with their terms and do not, and, at the
time of the Closing Date will not, violate any provisions of any agreement or judicial or administrative order to which Seller is a party
or to which Seller or the Property (or any portion thereof) is subject.

 

    5

     

    

 

(b)            Except
as set forth in Schedule 4.1(b) attached hereto, there are no actions, suits or proceedings (including arbitration proceedings),
at law or in equity, or before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency
or instrumentality (nor has Seller received written notice of any being contemplated) pending or threatened against Seller and/or relating
to the Property that could reasonably be expected (i) to have a material adverse effect on Seller’s ability to perform its
obligations hereunder, or (ii) have a material adverse effect on the Property. Except as set forth in Schedule 4.1(b) attached
hereto, Seller has not received written notice from any governmental authority having jurisdiction that the Property is in violation of
any law, ordinance, rule or regulation applicable to the Property. The parties acknowledge that the Tax Stabilization Agreement,
by and between Seller and the Town of Smithfield, dated as of July 10, 2018 (the “Tax Stabilization Agreement”)
is personal to Seller, and any benefits conferred by the Tax Stabilization Agreement by the Town of Smithfield are anticipated to terminate
as of Closing and shall not, by the terms of the Tax Stabilization Agreement, be conferred to Buyer.

 

(c)            Except
as set forth in Schedule 4.1(c) attached hereto, there are no condemnation actions against or relating to the Property or
any portion thereof, nor has Seller received any written notice of any being contemplated.

 

(d)            There
are no leases, licenses, occupancy or related agreements or tenancies affecting the occupancy of the Property.

 

(e)            Except
for those documents recorded with the Records of Land Evidence of the Town of Smithfield (the “Land Records”) and other
documents and information available at the Town Clerk's office of the Town of Smithfield, and except as listed on Schedule 4.2(f),
there are no Property Contracts related to the use, ownership or operation of the Property which shall survive Closing. Seller shall deliver
true, correct and complete copies of all Property Contracts listed on Schedule 4.2(f) to Buyer in accordance with the terms
of Section 5.2 of this Agreement. Seller is conveying the Property to Buyer subject to the terms and conditions set forth in the
documents recorded with the Land Records or on file with the Town Clerk’s office of the Town of Smithfield, all of which Buyer shall
have the opportunity to review and determine whether acceptable during the Inspection Period. As more particularly provided in Section 4.2(f),
Buyer will not take subject to the documents listed on Schedule 4.2(f) other than the Assigned Contracts.

 

    6

     

    

 

(f)            Seller
has not delivered or received any written notice that Seller or any counterparty, as applicable, is in default under any of the covenants,
easements or restrictions affecting or encumbering the Property or any constituent or portion thereof. To Seller’s knowledge, the
Property is not in violation of any covenant of record.

 

(g)            Except
for this Agreement, no agreement affecting the Property contains any rights of first refusal or options to purchase the Property or any
portion thereof or any other rights of others that might prevent the consummation of this Agreement.

 

(h)            Neither
Seller nor any constituent partner thereof is a foreign corporation, foreign partnership or foreign estate (as such terms are defined
in Section 1445 of the Internal Revenue Code). Seller shall provide Buyer with an affidavit to this effect at Closing or shall otherwise
comply with the terms of Section 1445 of the Internal Revenue Code applicable to Seller.

 

(i)            Seller
and each beneficial owner of Seller is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List
maintained by the Office of Foreign Assets Control, Department of the Treasury (“OFAC”) and/or on any other similar
list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the “List”),
and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo,
economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States. None
of the funds or other assets of Seller constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person
(as hereinafter defined). No Embargoed Person has any interest of any nature whatsoever in Seller (whether directly or indirectly). The
term “Embargoed Person” means any person, entity or government subject to trade restrictions under U.S. law, including but
not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C.
App. 1 et seq., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Seller is prohibited
by law or Seller is in violation of law. For purposes of this representation, “beneficial owner” of Seller shall only include
a beneficial owner having an ownership interest of fifty percent (50%) or more in Seller.

 

(j)            Attached
as Schedule 4.1(j) is a list of all environmental/hazardous waste studies and reports relating to the Property which are in
Seller’s possession as of the Effective Date (the “Environmental Reports”). Except as disclosed in any Environmental
Reports, to Seller’s actual knowledge (a) no Hazardous Substances have been used, generated, stored at, in or under or disposed
of at or from the Property during the period of Seller’s ownership except in accordance with applicable laws; and (b) no Hazardous
Substances are present at, in or under the Property at levels or in quantities in violation of, or that would require investigation or
cleanup under, applicable laws.

 

    7

     

    

 

(k)            There
are no on-site employees of Seller employed in connection with the management, operation or maintenance of the Property whom Buyer will
be required to employ after the Closing. Buyer shall have no obligation, liability or responsibility with respect to charges, salaries,
vacation pay, fringe benefits or like items subsequent to Closing, nor with respect to any management or employment agreements with respect
to the Property.

 

(l)            Seller
has not received, nor to Seller’s knowledge is there any written notice from any governmental authority or property association
of any proposed assessments against the Property.

 

(m)            Seller
owns all Fixtures and Personal Property free and clear of any liens or encumbrances, and Seller’s conveyance of the Fixtures and
Personal Property to Buyer does not require the consent of any third party and will not violate the terms of any agreement.

 

(n)            On
or about November 30, 2022, Seller delivered to the Town of Smithfield Planning Board a letter, a copy of which is attached hereto
as Schedule 4.1(o), requesting extension of the Master Plan approval initially granted on December 17, 2020 and recorded in
the Land Records at Book 1327, Page 1 (such approval, the “Master Plan Approval”, and such extension, the “Master
Plan Extension”).

 

(o)            All
representations and warranties contained herein are material and may be relied upon by the party receiving the same and shall survive
the Closing Date for a period of six (6) months (the “Survival Period”). In the event a written claim is made
within the Survival Period, the Survival Period shall toll with respect to such claim while such claim is outstanding. The reference to
 “Seller’s knowledge” as used in Section 4.1 shall be deemed to mean the actual knowledge of Chris Patterson.
Notwithstanding anything to the contrary contained in this Agreement or any documents executed in connection herewith, if the Closing
of the transactions contemplated hereunder shall have occurred, (i) the aggregate liability of Seller arising pursuant to or in connection
solely with the representations or warranties of Seller under this Agreement or representations or warranties in any Closing document
in the form of liquidated damages (it being acknowledged by Seller and Buyer that ascertaining the amount of actual damages in a real
estate transaction would be extraordinarily difficult if not impossible to ascertain and the liquidated damages set forth below constitute
Buyer’s and Seller’s reasonable estimate of such damages ) shall not exceed Three Hundred Seventy Thousand Dollars ($370,000)
(the “Liability Ceiling”) and (ii) in no event shall Seller have any liability to Buyer for such representations
or warranties unless and until the aggregate liability of Seller arising pursuant to or in connection with such representations or warranties
shall exceed Ten Thousand Dollars ($10,000) (the “Liability Floor”). If Seller’s aggregate liability to Buyer
for such representations and warranties shall exceed the Liability Floor, Seller shall be liable for the entire amount thereof up to but
not exceeding the Liability Ceiling. The provisions of this Section 4.1(p), if asserted in writing to be inconsistent or untrue during
the Survival Period, shall survive Closing. Seller shall deposit a portion of the Purchase Price equal to fifty percent (50%) of the Liability
Ceiling with Escrow Agent at Closing to secure Seller’s obligations pursuant hereto pursuant to a post closing escrow agreement
in the form of Schedule 4.1(p) (the “Post Closing Escrow Agreement”).

 

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4.2            Seller’s
Covenants. Seller hereby covenants and agrees with Buyer that:

 

(a)            At
all times from the execution of this Agreement to the Closing Date, Seller shall maintain the Property in the same condition as the same
is in as of the date of this Agreement, subject only to reasonable use and wear and the terms of Article 9 hereof.

 

(b)            At
all times from the execution of this Agreement to the Closing Date, it shall maintain such casualty insurance with respect to the Real
Property and Improvements against fire and other hazards as is presently insured and shall maintain liability insurance with respect to
the Real Property and Improvements as is presently insured, and all such policies shall be kept in full force and effect until the Closing
Date.

 

(c)            From
and after the date hereof through the earlier of the termination of this Agreement or the Closing Date, Seller shall not (i) enter
into any lease affecting the Property or any portion thereof or (ii) modify, amend, cancel, terminate, extend or change the terms
of any Permitted Exception, or (iii) enter into any other agreements with respect to the sale or lease of the Property or any portion
thereof, which shall expressly exclude those items included in Schedule B-1 attached hereto, in each case without the prior written
consent of Buyer which may be granted or withheld in Buyer’s sole discretion.

 

(d)            From
and after the date hereof through the earlier of termination of this Agreement or the Closing Date, Seller shall not enter into any new
contracts or agreements relating to the Property unless terminable on or prior to the Closing Date or place any encumbrance on the Property,
without the prior written consent of Buyer which may be granted or withheld in Buyer’s sole discretion.

 

(e)            During
the pendency of this Agreement, Seller shall promptly notify Buyer of the occurrence of any event or circumstance known to Seller that
will make any representation or warranty of Seller to Buyer under this Agreement materially untrue or materially misleading as of the
Closing Date or any covenant of Seller under this Agreement incapable of being performed.

 

(f)            Seller
agrees to terminate as of the Closing Date, any property management or service contract or agreement relating to the Property (each, a
 “Property Contract”) unless Buyer requests otherwise, by written notice to Seller prior to the expiration of the Inspection
Period; provided, however, the parties acknowledge those Property Contracts expressly listed on Schedule 4.2(f) as having
been terminated by Seller but which include a termination notice period that shall extend beyond the Closing Date (each, a “Terminated
Contract”), shall not constitute a violation by Seller of this Agreement and the parties shall work cooperatively to ensure
Buyer shall not be obligated under such Terminated Contracts and shall have no liability thereunder. All costs and expenses that result
from such terminations shall be paid by Seller. Any Property Contracts which Buyer designates in writing not to be terminated shall be
assigned to Buyer at Closing (the “Assigned Contracts”), provided, however, the parties acknowledge that the Definitive
Agreement set forth on Schedule 4.2(f) shall constitute an Assigned Contract.

 

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(g)            Seller
shall make all records, invoices, bills and other information and materials relating to the operation of the Property available for Buyer
to inspect and copy and shall cooperate fully on all reconciliations and audits, excepting however, any documents and information containing
confidential and proprietary information pertaining to Seller.

 

(h)            Seller
shall work cooperatively with Buyer, at no material cost to Seller, to effectuate the Master Plan Extension and transfer all of Seller’s
right, title and interest in and to the Master Plan Extension to Buyer in writing on the Closing Date. Without limitation of the foregoing,
Seller shall cause its representative to attend the December 2022 meeting of the Smithfield Planning Board as required in order to
effectuate the Master Plan Extension.

 

(i)            Seller
has hired Triumvirate Environmental (“Triumvirate”) to decontaminate any necessary Fixtures and/or Personal Property
located in or on the Real Property (the “Decontamination Work”). Prior to the Effective Date, Seller delivered to Buyer
a copy of the Laboratory Decommissioning Report, prepared by Triumvirate, dated November 29, 2022 (the “Triumvirate Report”)
which concludes that there are no present chemical, radiological or biological hazards or other contamination related to Seller’s
activities or processes. Seller shall deliver the Fixtures and the Personal Property to Buyer in the condition set forth in the Triumvirate
Report.

 

(j)            Seller
shall assign all warranties, if any, and to the extent in Seller’s possession, relating to the Property to Buyer at Closing.

 

4.3            Buyer’s
Representations and Warranties. Buyer hereby represents and warrants to Seller as of the date of this Agreement and as of the Closing
Date that this Agreement has been duly authorized, executed and delivered by Buyer and all consents required under Buyer’s organizational
documents or by law have been obtained. All documents that are to be executed by Buyer and delivered to Buyer on the Closing Date have
been, or on the Closing Date will be, duly executed, authorized and delivered by Buyer. This Agreement and all such documents are, and
on the Closing Date will be, legal, valid and binding obligations of Buyer, enforceable in accordance with their terms and do not, and,
at the time of the Closing Date will not, violate any provisions of any agreement or judicial or administrative order to which Buyer is
a party or to which Buyer or the Property (or any portion thereof) is subject.

 

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ARTICLE 5 Access, Inspection,
Diligence

 

5.1            Inspections.
Seller agrees that Buyer and its authorized agents, contractors or representatives shall be entitled to enter upon the Real Property and
the Improvements during normal business hours upon 48 hours advance notice to Seller (which must be written, e-mail is sufficient), which
notice shall include a written description of the scope of such investigations and due diligence activity to be performed or undertaken,
to make such investigations, studies and tests including, without limitation, surveys, engineering studies, soil and groundwater tests
(including test borings and pits) as Buyer deems necessary or advisable. Any inspections or tests conducted in connection with such inspections
shall be conducted so as not to damage the Property and/or so as to minimize interference with the use of the Property by Seller. Buyer
agrees to promptly repair or restore promptly any damage to the Property caused by Buyer, its agents, contractors and representatives.
All such entries onto the Property shall be at the risk of Buyer, and except to the extent resulting from the negligence or willful misconduct
of Seller or Seller’s agents, contractors or representatives, Seller shall have no liability for any injuries sustained by Buyer
or any of Buyer’s agents, contractors or representatives. Buyer agrees to indemnify and hold Seller harmless from and against any
and all loss, claim, action, demand, injury, death or liability incurred by Seller or the Property caused by any inspections, tests or
studies of the Property, which indemnity shall survive Closing or termination of this Agreement, provided that, Buyer shall not be liable
for any losses or liabilities resulting from (i) Buyer’s investigations discovering or uncovering the existence of any environmental
contamination or any other defects or conditions which affect the Property, or (ii) Seller’s or Seller’s agent’s,
employee’s or contractor’s negligence or willful misconduct. Upon completion of Buyer’s investigations and tests, Buyer
shall promptly, at the sole cost and expense of Buyer, to the extent reasonably practicable, restore the Property to substantially the
same condition as it existed before Buyer’s entry upon the Property; provided that Buyer’s restoration obligations will exclude
conditions attributable to Seller’s or Seller’s agent’s, employee’s or contractor’s negligence or willful
misconduct.

 

5.2            Due
Diligence Materials. During the period commencing on the Effective Date through December 19, 2022 (the “Inspection Period”)
and continuing thereafter until the Closing, Buyer and its representatives and agents shall have the right to commence and actively pursue
such due diligence as it may deem prudent, Seller shall, during normal business hours, upon advance notice to Seller (which may be oral)
make all books, records, plans, building specifications, contracts, agreements or other instruments or documents contained in Seller’s
files relating to the construction, operation and maintenance of the Property available to Buyer, excepting however, documents and information
that contain confidential and proprietary information pertaining to Seller and Seller’s business operations. Seller shall also provide
Buyer with copies of all certificates of occupancy for the Property and all studies, site analyses, engineers certificates, existing surveys,
existing title insurance policies, contracts, leases, licenses, permits, operating agreements and architects certificates with respect
to the Real Property that it has in its possession, or that it has access to, including, without limitation, (i) any site analyses
with respect to oil, asbestos, underground storage tanks, Hazardous Substances, lead paint, lead plaster or asbestos on any portion of
the Real Property and (ii) any reports regarding compliance with laws (including, but not limited to, ADA, zoning and all other land
use matters), and (iii) decommissioning reports, geotechnical reports, environmental reports, traffic studies and development plans.
Seller agrees to make such items available to Buyer and Buyer’s agents, at reasonable times at the mutual convenience of Buyer and
Seller. If Buyer so requests, Seller shall request the preparers of any such studies, site analyses or surveys to issue the same for the
direct benefit of Buyer, so that Buyer may rely on such site analyses or surveys as if they were prepared for Buyer in the first instance,
in each case at Buyer’s sole expense.

 

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5.3            Termination
by Buyer.In the event that Buyer’s due diligence shall reveal any matters which are not acceptable to Buyer, or for any reason
or no reason, in its sole discretion, Buyer may elect, by written notice to Seller, with a copy to the Title Company, on or before 5:00
pm eastern time on the last day of the Inspection Period, to elect not to proceed with the transaction described herein, in which event
the Title Company is hereby required to deliver the Escrowed Amount to the Seller in accordance with the Deposit Escrow Agreement and
this Agreement shall be null and void without recourse to either party hereto. In the event that Buyer shall fail to give notice of termination
on or before time and date set forth above, Buyer shall be deemed to have elected not to terminate this Agreement and shall proceed to
Closing in accordance with the terms and conditions hereof.

 

5.4            Termination
by Buyer for Failure to Obtain Master Plan Extension.In the event that the Master Plan Extension is not approved by the Town of Smithfield
Planning Board at their scheduled meeting on December 8, 2022, Buyer shall have the right to elect, by written notice to Seller,
with a copy to the Title Company, on or before 5:00 pm eastern time on December 9, 2022, to elect not to proceed with the transaction
described herein, in which event the Title Company is hereby required to deliver the Escrowed Amount to the Buyer in accordance with the
Deposit Escrow Agreement and this Agreement shall be null and void without recourse to either party hereto. In the event that Buyer shall
fail to give notice of termination on or before time and date set forth above, Buyer shall be deemed to have elected not to terminate
this Agreement and shall proceed to Closing in accordance with the terms and conditions hereof.

 

ARTICLE 6 Title and Survey

 

6.1            Title
and Survey Review.Buyer shall, during the Inspection Period, review title and survey matters. Buyer shall cause to be prepared for
its behalf title insurance commitments, including such affirmative insurance and endorsements as Buyer may desire from the Title Company.
Buyer may also cause to be prepared an ALTA/ACSM as built survey of the Real Property, certified to Buyer and the Title Company. Such
title commitment and survey and documents on file with the Town Clerk’s office of the Town of Smithfield being referred to as “Title
Evidence”. On or before 5:00 pm ET on December 12, 2022, Buyer will make such written objections (“Title Objections”)
to the form and/or contents of the Title Evidence as Buyer may wish. Buyer’s failure to make Title Objections with respect to a
particular matter within such time period will constitute a waiver of Title Objections with respect to a particular matter. Any matter
shown on such Title Evidence and not objected to by Buyer shall be a “Permitted Exception” hereunder. Seller will have
until 5:00 pm ET on December 15, 2022 to respond to Buyer’s Title Objections with those items Seller shall elect to cure. Seller
will have until the Closing, if Seller so elects in Seller’s sole discretion, to cure such identified Title Objections, and shall
use reasonable efforts to cure any identified Title Objections, other than liens of an ascertainable amount that encumber the Property
(“Monetary Liens”) which Monetary Liens Seller shall remove or cure by payment of funds from Closing. Seller shall
remove any encumbrances or exceptions to title which are created by, through or under Seller after the date of the Title Insurance Commitment
and which are not consented to by Buyer under the terms hereof. Seller shall be entitled to one (1) extension of the Closing Date
(not to exceed thirty (30) days), exercisable upon one (1) business day’s advance written notice to Buyer, to allow additional
time for Seller to remove any Title Objections which are not Permitted Exceptions. Buyer shall have the right to a dollar-for-dollar adjustment
under Article 3 in favor of Buyer in the amount of any Monetary Liens which are unsatisfied on the Closing Date. If the Title Objections
are not cured prior to Closing, Buyer will have the option as its sole and exclusive remedies to (i) terminate this Agreement, in
which event the Title Company is hereby required to deliver the Escrowed Amount to the Buyer in accordance with the Deposit Escrow Agreement
and this Agreement shall be null and void without recourse to either party hereto, or (ii) proceed to close with a reduction in the
Purchase Price for any Title Objections uncured by Seller. Notwithstanding anything contained herein to the contrary, other than the clearance
of Monetary Liens, Seller shall not be obligated to clear or expend money to dispose of Title Objections or to undertake any legal action
to do so.

 

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6.2            Required
State of Title. At the Closing, Seller shall convey by statutory quitclaim deed substantially in the form attached hereto as Schedule
6.2(a) to Buyer (or to Buyer’s nominee) good and clear record and marketable fee simple title to all of the Land and the
Improvements free and clear of any and all tenancies and other occupancies, liens, encumbrances, conditions, easements, assessments, restrictions
and other conditions, except for the following:

 

(a)            The
lien, if any, for real estate taxes and assessments not yet due and payable;

 

(b)            The
pre-printed standard exceptions, if any, which appear in a standard coverage ALTA form Owner’s Policy of Title Insurance issued
by the Title Company in the State of Rhode Island;

 

(c)            The
Permitted Exceptions; and

 

(d)            Provisions
of existing building and zoning laws, and any governmental restrictions on use, and other applicable laws, ordinances and regulations.

 

6.3            Personal
Property. At the Closing, Seller shall convey to Buyer by bill of sale substantially in the form attached hereto as Schedule 6.2(b) the
Personal Property.

 

ARTICLE 7 Conditions to Seller’s
and Buyer’s Performance

 

7.1            Conditions
to Seller’s Obligations. The obligations of Seller to consummate the transaction contemplated by this Agreement are, in addition
to the other terms and conditions of this Agreement, subject to the following (any one or more of which may be waived in whole or in part
by Seller at its discretion):

 

(a)            Buyer
having performed in all material respects all covenants and obligations required by this Agreement to be performed by Buyer on or prior
to the Closing Date and Buyer’s representations and warranties in this Agreement being true and correct in all material respects
on and as of the Closing Date with the same force and effect as though such representations and warranties had been made as of the Closing
Date, and Buyer shall deliver a certificate to such effect at Closing; and

 

(b)            Payment
of the Purchase Price, as adjusted and prorated hereunder.

 

7.2            Conditions
to Buyer’s Obligations. The obligations of Buyer to consummate the transaction contemplated by this Agreement are, in addition
to the other terms and conditions of this Agreement, subject to the following (any one or more of which may be waived in whole or in part
by Buyer at its discretion):

 

(a)            The
representations and warranties made by Seller in this Agreement being true and correct in all material respects on and as of the Closing
Date with the same force and effect as though such representations and warranties had been made as of the Closing Date, excluding, however,
any matter or change 1) expressly permitted or contemplated by the terms of this Agreement, 2) to reflect a change in circumstances not
constituting a default by Seller under this Agreement, 3) actually known by Buyer or that Buyer is deemed to know pursuant to the terms
of this Agreement prior to the expiration of the Inspection Period, or 4) to the extent that such a claim is quantifiable and which does
not, in the aggregate, exceed $50,000 (any matter or charge described in 1), 2), 3) or 4), “Excluded Claims”). Without
limitation on the foregoing, in the event any of the representations and warranties of Seller under this Agreement are materially and
adversely untrue (except for matters which constitute Excluded Claims), then Buyer shall have the right to terminate this Agreement by
written notice delivered to Seller on or prior to the Closing Date in accordance with Section 11;

 

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(b)            Seller
having performed in all material respects all covenants and obligations in all material respects required by this Agreement to be performed
by Seller on or prior to the Closing Date;

 

(c)            All
service and maintenance contracts not approved by and being assigned to Buyer shall have been terminated in accordance with Section 4.2(f) above;

 

(d)            Subject
to Article 9 hereof, between the expiration of the Inspection Period and the Closing Date there shall have occurred no material adverse
change in (i) the condition of the Property (including but not limited to the physical or environmental conditions thereof), and
(ii) title, such as the appearance of title matters not previously disclosed in the Title Insurance Commitment; and

 

(e)            Buyer
receiving, at Closing, an ALTA Owner’s Extended Coverage Policy of Title Insurance, in the amount of the Purchase Price, insuring
good, clear, record and fee simple title to the Property subject only to the Permitted Exceptions without exception for mechanic’s
liens or survey matters

 

(f)            Buyer
receiving, at Closing, the Seller RI Tax Clearance Documents (hereinafter defined), provided, however, Seller shall be entitled to one
(1) extension of the Closing Date (not to exceed thirty (30) days), exercisable upon one (1) business day’s advance written
notice to Buyer, to allow additional time for Seller to obtain the Seller RI Tax Clearance Documents.

 

ARTICLE 8 Closing

 

8.1            Escrow
Closing. The consummation of the transaction contemplated in this Agreement (the “Closing”) shall occur through
an escrow closing conducted by the Title Company on December 21, 2022 (as the same may be extended hereunder, the “Closing
Date”), or on such other date as may be agreed to in writing by Seller and Buyer. It is agreed that time is of the essence in
this Agreement.

 

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8.2            Seller’s
Closing Deliveries. On the Closing Date Seller shall deliver or cause to be delivered at its expense each of the following items to
Buyer:

 

(a)            A
duly executed and acknowledged statutory quitclaim deed or deeds conveying the Real Property and the Improvements to Buyer with title
as provided in Section 6.2, such deed or deeds to be in the form attached hereto as Schedule 8.2(a);

 

(b)            A
duly executed bill of sale without warranties conveying the Personal Property to Buyer in the form attached hereto as Schedule 8.2(b) (the
 “Bill of Sale”);

 

(c)            A
duly executed assignment and assumption of the Assigned Contracts and the Intangible Property in the form attached hereto as Schedule
8.2(c) (the “General Assignment”) together with original counterparts of the Assigned Contracts and any warranties
and guaranties and agreements, if any, governing the Intangible Property.

 

(d)            A
certificate or certificates of non-foreign status from Seller in the form attached hereto as Schedule 8.2(e);

 

(e)          Customary
affidavits sufficient for the Title Company to delete any exceptions for parties in possession, mechanic’s or materialmen’s
liens from Buyer’s title policy and such other affidavits and documents relating to such title policy as the Title Company may
reasonably request, including satisfaction by Seller of Items 4(b), 4(d), 6, 8, and 10(a) through 10(d) (inclusive) in Schedule
B, Part I Requirements of Buyer’s Commitment for Title Insurance (Commitment Number: NCS-1156190-BOS1) constituting the Title
Company’s requirements imposed on Seller to insure title to the Property;

 

(f)            Evidence
reasonably satisfactory to Buyer and the Title Company of Seller’s legal existence and good standing and authority to convey the
Property pursuant to this Agreement in form and substance satisfactory the Title Company;

 

(g)            A
counterpart original of the closing statement setting forth the Purchase Price, the closing adjustments and the application of the Purchase
Price as adjusted;

 

(h)         Any
and all transfer tax returns, declarations of value or other documents required under applicable law or necessary for recordation of
the quitclaim deed;

 

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(i)            Evidence
that all contracts relating to the Property (other than the Assigned Contracts) have been terminated;

 

(j)            All
books, records, plans, specifications, contracts, agreements and other instruments or documents to the extent in the possession of Seller
related to the construction, operation and maintenance of the Property excepting however, documents and information containing confidential
and proprietary information pertaining to Seller and Seller’s business operations;

 

(k)            Keys
to all locks on the Property in Seller’s possession or control, if any;

 

(l)            A
copy of the Triumvirate report referenced in Section 4.2(i), to the extent not already provided;

 

(m)          A
Certificate from Seller stating that all representations and warranties set forth in Section 4.1 and Article 10 hereof remain
true, accurate and complete as of the Closing Date; and

 

(n)            A
duly executed copy of the Post Closing Escrow Agreement;

 

(o)          Evidence
of Seller’s compliance with: (i) R.I.G.L. Section 44-30-71.3 pertaining to the non-resident seller withholding and delivery
to Buyer and the Title Company prior to the Closing Date an executed and notarized Seller’s Residency Affidavit confirming Seller’s
Rhode Island residency status under the Rhode Island Division of Taxation regulations which classify a foreign corporation qualified
to transact business in the State of Rhode Island as a Rhode Island resident (the “Seller RI Withholding Document”)
and (ii) R.I.G.L. Section 44-11-29, Section 44-19-22, Section 28-40-15 and Section 28-43-2 relating to the sale
of a major part in value of the Seller’s Rhode Island assets as evidenced by copies of the statutory notices referred to in said
statutes, together with a Certificate of Good Standing of Seller from the Rhode Island Division of Taxation (the foregoing documents
in this Section 8.2(n) are hereinafter collectively referred to as, the “Seller RI Tax Clearance Documents”).

 

8.3            Buyer’s
Closing Deliveries. On the Closing Date Buyer shall deliver or cause to be delivered at its expense each of the following to Seller:

 

(a)            A
counterpart original of the closing statement setting forth the closing adjustments;

 

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(b)            A
counterpart original of the Bill of Sale;

 

(c)            A
counterpart original of the General Assignment;

 

(d)            A
counterpart original of the Post Closing Escrow Agreement;

 

(e)            A
Certificate from Buyer stating that all representations and warranties set forth in Section 4.3 and Article 10 hereof remain
true, accurate and complete as of the Closing Date;

 

(f)            Such
other instruments as Seller may reasonably request to effectuate the transaction contemplated by this Agreement, including a date down
of Buyer’s representations and warranties made in this Agreement, without additional liability or expense to Buyer; and

 

(f)            The
balance of the Purchase Price in immediately available funds by federal wire transfer.

 

8.4            Delivery
of Deposit. On the Closing Date the Title Company shall deliver or cause to be delivered the Escrowed Amount pursuant to the terms
of the Deposit Escrow Agreement.

 

ARTICLE 9 Casualty and Condemnation

 

9.1            Casualty.
If any of the Improvements are damaged by fire or any other casualty, the cost for repair of which is reasonably estimated by an independent
adjuster to exceed $500,000 and are not substantially restored to the condition immediately prior to such casualty before the Closing
Date, Buyer shall have the following elections:

 

(a)            to
acquire the Property in its then condition and pay the Purchase Price without regard to the casualty, in which event Seller shall pay
over or assign to Buyer, on delivery of the deed, (i) all amounts recovered or recoverable by Seller on account of any insurance
as a result of such casualty, less amounts reasonably expended by Seller for partial restoration; and (ii) an amount of money equal
to Seller’s insurance deductible; or

 

(b)            to
terminate this Agreement, in which event the Title Company is hereby required to deliver the Escrowed Amount to the Buyer in accordance
with the Deposit Escrow Agreement, and following such termination neither Seller nor Buyer shall have any recourse against the other.

 

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9.2            Condemnation.
If any portion of or interest in the Property shall be taken or is in the process of being taken and Seller received written notice thereof
by exercise of the power of eminent domain or if any governmental authority notifies Seller in writing prior to the Closing Date of its
intent to take or acquire any portion of or interest in the Property (each an “Eminent Domain Taking”), Seller shall
give notice promptly to Buyer of such event and Buyer shall have the option to terminate this Agreement by providing notice to Seller
to such effect on or before the date which is ten (10) days from Seller’s notice to Buyer of such Eminent Domain Taking or
on the Closing Date, whichever occurs first, in which event the Title Company is hereby required to deliver the Escrowed Amount to the
Buyer in accordance with the Deposit Escrow Agreement, this Agreement shall terminate, and neither Seller nor Buyer shall have any recourse
against the other. If Buyer does not timely notify Seller of its election to terminate this Agreement, Buyer shall purchase the Property
and pay the Purchase Price, and Seller shall pay over or assign to Buyer on delivery of the deed all awards recovered or recoverable by
Seller on account of such Eminent Domain Taking, less any amounts reasonably expended by Seller in obtaining such award.

 

ARTICLE 10 Brokerage Commissions

 

10.1            Representations
and Indemnity. Seller and Buyer each mutually represent and warrant to the other that they have not dealt with, and are not obligated
to pay, any fees or commissions to any broker in connection with the transaction contemplated by this Agreement other than Newmark (the
 “Brokers”). Seller is responsible for the compensation of the Brokers pursuant to a separate agreement. Seller hereby
agrees to indemnify, defend and hold Buyer harmless from and against all liabilities, costs, damages and expenses (including reasonable
attorneys’ fees) arising from any claims for brokerage or finder’s fees, commissions or other similar fees in connection with
the transaction covered by this Agreement insofar as such claims shall be based upon alleged arrangements or agreements made by Seller
or on Seller’s behalf. Buyer hereby agrees to indemnify, defend and hold Seller harmless from and against all liabilities, costs,
damages and expenses (including reasonable attorneys’ fees) arising from any claims for brokerage or finders’ fees, commissions
or other similar fees in connection with the transaction covered by this Agreement insofar as such claims shall be based upon alleged
arrangements or agreements made by Buyer or on Buyer’s behalf, other than with the Brokers. The covenants and agreements contained
in this Article shall survive the termination of this Agreement or the Closing of the transaction contemplated hereunder.

 

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ARTICLE 11 Default, Termination
and Remedies

 

11.1            Seller
Default. In the event that Seller breaches or shall have failed in any material respect on the Closing Date to have performed any
of the covenants and agreements contained in this Agreement which are to be performed by Seller on or before the Closing Date, any representation
or warranty of Seller herein was untrue when made, or Seller shall have caused any representation or warranty to become untrue between
the date of this Agreement and the Closing, then Buyer shall have the right to (i) terminate this Agreement, in which event (a) the
Title Company is hereby required to deliver the Escrowed Amount to the Buyer in accordance with the Deposit Escrow Agreement and this
Agreement shall be null and void without recourse to either party hereto, and (b) solely in the event that Buyer’s ground for
termination is Seller’s default under Section 4.2 yielding quantifiable damages to Buyer or diminution of Property value, in
either case exceeding $50,000, Buyer shall be entitled to a reimbursement from Seller of Buyer’s actual and documented out-of-pocket
third party costs incurred in connection with this transaction, not to exceed an amount of Two Hundred Thousand Dollars ($200,000), which
reimbursement right shall survive the termination of this Agreement, or (ii) take any and all legal actions necessary to compel Seller’s
specific performance hereunder (it being acknowledged that damages at law would be an inadequate remedy), and to consummate the transaction
contemplated by this Agreement in accordance with the provisions of this Agreement. In the event all of the conditions listed in Section 7.2
have not been satisfied or waived, Buyer may elect to terminate this Agreement and receive the Escrowed Amount and this Agreement shall
be null and void without further recourse to either party hereto. Notwithstanding anything to the contrary contained herein, should specific
performance be unavailable and rendered meaningless to Buyer due to a willful action of Seller in violation of this Agreement such as
the conveyance of the Property to a third party prior to the Closing Date, Buyer shall be entitled all damages available to Buyer under
this Agreement, at law and in equity.

 

11.2            Buyer
Default. In the event all of the conditions to Closing contained in Section 7.2 above have been satisfied and Buyer defaults
in its obligation to close hereunder, Seller shall be entitled to receive the Escrowed Amount as liquidated damages, in lieu of all other
remedies available to Seller at law or in equity for such default. Seller and Buyer agree that the damages resulting to Seller as a result
of such default by Buyer as of the date of this Agreement are difficult or impossible to ascertain and the liquidated damages set forth
in the preceding sentence constitute Buyer’s and Seller’s reasonable estimate of such damages.

 

ARTICLE 12 Miscellaneous

 

12.1            Assignment.
Buyer may assign or transfer its rights under this Agreement to any affiliate in which it has a substantial (direct or indirect) economic
interest, successor by operation of law, wholly owned subsidiary, entity controlled by Buyer or under common control with Buyer and to
any entity owning all or substantially all of the assets of Buyer. The covenants and agreements contained in this Agreement shall extend
to and be obligatory upon the permitted successors and assigns of the respective parties to this Agreement.

 

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12.2            Notices.
Any notice required or permitted to be delivered under this Agreement shall be in writing and shall be deemed given (i) when delivered
or refused by hand during regular business hours, (ii) three (3) days after being sent by United States Postal Service, registered
or certified mail, postage prepaid, return receipt requested and first class mail, postage prepaid, (iii) the next business day if
sent by a reputable national overnight express mail service that provides tracing and proof of receipt or refusal of items mailed, or
(iv) when sent if sent by email during business hours, addressed to Seller or Buyer, as the case may be, at the email address set
forth below or such other addresses as the parties may designate in a notice similarly sent. Any notice given by a party to Escrow Agent
shall be simultaneously given to the other party. Any notice given by a party to the other party relating to its entitlement to the Escrowed
Amount shall be simultaneously given to the Escrow Agent. Notices to Seller, Buyer and/or Escrow Agent shall be delivered as follows:

 

(a)            If
to Seller:

 

Rubius Therapeutics, Inc.

399 Binney Street, Suite 300

Cambridge, MA 02139

Attn: Jennifer Kamocsay, Esq., General Counsel

Phone: 617-679-9600

Email: Jennifer.kamocsay@rubustx.com

 

with a copy to:

 

Goodwin Procter LLP

100 Northern Avenue

Boston, MA 02110

Attn: Nicole Riley, Esq.

Phone: 617.570.1763

Email: nriley@goodwinlaw.com

 

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If to Buyer:

 

DIV Acquisition V, LLC 

c/o The Davis Companies 

125 High Street, Suite 2111 

Boston, MA 02110 

Attn: Sean Coffey, Managing Director 

Email: scoffey@thedaviscompanies.com

 

with a copy to:

 

DIV Acquisition V, LLC 

c/o The Davis Companies 

125 High Street, Suite 2111 

Boston, MA 02110 

Attn: Colin Macdonald, SVP Legal 

Email: cmacdonald@thedaviscompanies.com

 

If to the Title Company:

 

First American Title Insurance Company

National Commercial Services – New England 

800 Boylston Street, Suite 2820

Boston, MA 02199 

Attn: Anthony Bucchere

Email: abucchere@firstam.com

 

12.3            Interpretation.
Words of any gender used in this Agreement shall be held and construed to include any other gender, and words of a singular number shall
be held to include the plural and vice versa, unless the context requires otherwise.

 

12.4            Captions.
The captions used in connection with the Articles of this Agreement are for convenience only and shall not be deemed to extend, limit
or otherwise define or construe the meaning of the language of this Agreement.

 

12.5            No
Third-Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties
hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

 

12.6            Amendments.
This Agreement may be amended only by a written instrument executed by Seller and Buyer (or Buyer’s permitted assignee or permitted
transferee).

 

12.7            Integration.
This Agreement (including the schedules and exhibits) embodies the entire agreement between Seller and Buyer with respect to the transactions
contemplated in this Agreement, and there have been and are no covenants, agreements, representations, warranties or restrictions between
Seller and Buyer with regard thereto other than those set forth or provided for in this Agreement.

 

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12.8            Choice
of Law. This Agreement shall be construed under and in accordance with the laws of the State where the Property is located.

 

12.9            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be an original but such counterparts together
shall constitute one and the same instrument notwithstanding that both Buyer and Seller are not signatory to the same counterpart. Counterparts
may be delivered via facsimile, electronic mail (including pdf or any electronic signature process complying with the U.S. federal ESIGN
Act of 2000) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and
be valid and effective for all purposes. Electronic signatures shall be deemed original signatures for purposes of this Agreement with
such electronic signatures having the same legal effect as original signatures.

 

12.10            Business
Day. In the event any date hereunder (including the Closing Date) falls on a Saturday, Sunday or Legal Holiday, the date applicable
shall be the next business day.

 

12.11            Acceptance
of the Deed.

 

The acceptance of the quitclaim deed by the Buyer
shall be deemed to be full performance and discharge of all agreements and obligations of the Seller herein contained, except those agreements
and obligations expressly intended to survive Closing in this Agreement.

 

12.12            No
Recording of Agreement.

 

The parties hereto agree that neither this Agreement
nor any memorandum or notice thereof shall be recorded with the Smithfield, Rhode Island Records of Land Evidence. Buyer further agrees
that the recording of this Agreement, or of any memorandum or short form thereof, by or at the instance of Buyer shall constitute, at
Seller's election, a default by Buyer hereunder. Upon Seller's giving notice of such default to Buyer, this Agreement shall terminate
and be of no further force or effect except for the provisions of Section 11.2 hereof and those indemnities which expressly
survive the termination of this Agreement, and the recording of such notice to Buyer shall be deemed sufficient and adequate notice to
third parties that this Agreement is void and of no further force and effect. Notwithstanding anything to the contrary contained herein,
in no event shall either party be prohibited from filing this Agreement with the Securities and Exchange Commission (“SEC”)
to the extent that either party is required to do so pursuant to applicable SEC requirements. The filing of this Agreement with the SEC
is not intended to create a cloud on title related to the Real Property.

 

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12.13            Confidentiality.
Subject to those disclosure rights set forth in Section 12.12 above, the Buyer agrees to hold all information concerning the Seller’s
business and the Property in confidence and the Buyer agrees to hold in confidence the terms and conditions of this Agreement and shall
not disclose any such information, except that the Buyer may disclose such information to Buyer’s owners, officers, directors, employees,
insurance companies, legal counsel, investors, financial advisors and similar third parties who need to review the same in connection
with the transaction proposed hereby and who are bound by obligations of confidentiality with respect to such information. The foregoing
restrictions shall not apply to disclosures of information required by law or court order, investor disclosures made by Buyer’s
fund affiliates, or to information concerning the Property or the Seller’s business that is available to the general public other
than through the disclosure by the Buyer or its agents in violation of this Agreement.

 

12.14            Time
of the Essence. Time is of the essence of this Agreement.

 

12.15            Use
of Proceeds to Clear Title. To enable Seller to make conveyance as herein provided, Seller may, at the time of Closing, use the Purchase
Price or any portion thereof to clear the title of any or all encumbrances or interests, provided that provisions reasonably satisfactory
to Buyer’s attorney is made for prompt recording of all instruments so procured in accordance with conveyancing practice in the
jurisdiction in which the Property is located.

 

12.16            Submission
not an Offer or Option. The submission of this Agreement or a summary of some or all of its provisions for examination or negotiation
by Buyer or Seller does not constitute an offer by Seller or Buyer to enter into an agreement to sell or purchase the Property, and neither
party shall be bound to the other with respect to any such purchase and sale until a definitive agreement satisfactory to the Buyer and
Seller in their sole discretion is executed and delivered by both Seller and Buyer.

 

12.17            Exclusivity.
From the Effective Date through the Closing Date or earlier termination of this Agreement, Seller shall not enter into an agreement or
letter of intent relating to the sale of the Property, and Seller shall not market, solicit or respond to any offers or inquiries from
any third party relating to the sale of any of the Property. Any liability for the breach of this Section 12.17 shall survive the
termination of this Agreement.

 

ARTICLE 13 IRS Form 1099-S
Designation

 

13.1            Designee.
In order to comply with information reporting requirements of Section 6045(e) of the Internal Revenue Code of 1986, as amended,
and the Treasury Regulations thereunder, the parties agree (i) to execute an IRS Form 1099-S Designation Agreement in a form
reasonably acceptable to Title Company at Closing to designate the Escrow Agent (the “Designee”) as the party who shall
be responsible for reporting the contemplated sale of the Property to the Internal Revenue Service (the “IRS”) on IRS
Form 1099-S; (ii) to provide the Designee with the information necessary to complete Form 1099-S; (iii) that the Designee
shall not be liable for the actions taken under this Agreement, or for the consequences of those actions, except as they may be the result
of gross negligence or willful misconduct on the part of the Designee; and (iv) that the Designee shall be indemnified by the parties
for any costs or expenses incurred as a result of the actions taken hereunder, except as they may be the result of gross negligence or
willful misconduct on the part of the Designee. The Designee shall provide all parties to this transaction with copies of the IRS Forms
1099-S filed with the IRS and with any other documents used to complete IRS Form 1099-S.

 

[Remainder of Page Intentionally Left Blank]

 

    23

     

    

 

IN WITNESS WHEREOF, the parties have executed this
instrument as of the day and year first set forth above.

 

	 	SELLER:

 

	 	RUBIUS THERAPEUTICS, INC.

 

		By:	/s/
                                            Dannielle Appelhans

		Name:	Dannielle Appelhans

		Title:	CEO

 

	 	BUYER:

 

	 	DIV ACQUISITION V, LLC

 

		By:	/s/
                                            Jonathan G. Davis

		Name:	Jonathan G. Davis

		Title:	Authorized Signatory

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