Document:

EX-10.1

 Exhibit 10.1 

WEREWOLF THERAPEUTICS, INC. 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
  

 This AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (the “Agreement”) is entered into as of
April 12, 2022, by and between PACIFIC WESTERN BANK, a California state chartered bank (“Bank”) and WEREWOLF THERAPEUTICS, INC. (collectively with each of the other Persons, if any, that join as a
co-Borrower hereunder are collectively referred to as the “Borrowers” and individually as a “Borrower”). 

RECITALS 
 Borrower wishes to obtain credit
from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on which Bank will advance credit to Borrower, and Borrower will repay the amounts owing to Bank. 

Reference is made to that certain Loan and Security Agreement dated as of May 29, 2020, by and between Bank and Borrower (as the same has been amended,
restated, supplemented or otherwise modified from time to time prior to the Closing Date, the “Existing Loan Agreement”). 
 The parties hereto
agree that the Existing Credit Agreement shall be amended and restated in its entirety, and evidenced by, this Agreement. 
 AGREEMENT

 The parties agree as follows: 
  

	 	1.	 DEFINITIONS AND CONSTRUCTION. 

1.1 Definitions. As used in this Agreement, all capitalized terms shall have the definitions set forth on Exhibit A. Any
term used in the Code and not defined herein shall have the meaning given to the term in the Code. 
 1.2 Accounting
Terms. Any accounting term not specifically defined on Exhibit A shall be construed in accordance with GAAP (except that any obligations of a Person that are or would have been treated as operating leases or capital leases for purposes of GAAP
prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (Topic 842) (the “ASU”) shall continue to be accounted for as operating leases or capital leases (whether or not
such operating lease obligations or capital lease obligations, as applicable, were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to
be treated as capitalized lease obligations in accordance with GAAP) and all calculations shall be made in accordance with GAAP (except for non-compliance with FAS 123R in monthly reporting). The term
“financial statements” shall include the accompanying notes and schedules. 

  
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	 	2.	 LOAN AND TERMS OF PAYMENT. 

2.1 Credit Extensions. 

(a) Promise to Pay. Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal
amount of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. 

(b) Term Loan. 
 (i)
Subject to and upon the terms and conditions of this Agreement, Bank agrees to make a Term Loan to Borrower in an aggregate principal amount not to exceed Forty Million Dollars ($40,000,000), consisting of Tranche I and Tranche II, as follows:
(i) Tranche I shall be available at any time on or after the Closing Date until the Amortization Date, and (ii) Tranche II shall be at any time after Borrower meets the Tranche II Requirement until the Amortization Date. The proceeds of
the Term Loan shall be used for general working capital purposes. 
 (ii) Interest shall accrue from the date of the Term Loan at the
rate specified in Section 2.2(a), and shall be payable monthly beginning on the first day of the month next following the Term Loan, and continuing on the same day of each month thereafter. If the Amortization Date is February 28, 2024,
then Borrower will repay the outstanding principal balance of the Term Loan as of the Amortization Date in twenty-four (24) equal monthly installments of principal plus accrued interest. If the Amortization Date has been extended to
August 31, 2024, then Borrower will repay the outstanding principal balance of the Term Loan as of the Amortization Date in twenty-four (24) equal monthly payments of principal plus accrued interest. In both cases, payments shall be due on
the first day of each month. On the Maturity Date all amounts due in connection with the Term Loan and any other amounts due under this Agreement shall be immediately due and payable. Term Loan, once repaid, may not be reborrowed. Borrower may
prepay the Term Loan at any time without penalty or premium. 
 (iii) Whenever Borrower desires an Advance, Borrower will notify Bank
(which notice shall be irrevocable) by email (or, if permitted by Bank, through the use of an E-System) no later than 3:30 p.m. Eastern time (2:30 p.m. Eastern time for wire transfers), on the Business Day
that the Advance is to be made. Each such notification shall be given by a Loan Advance/Paydown Request Form in substantially the form of Exhibit C. Bank is authorized to make Advances under this Agreement, based upon instructions received from an
Authorized Officer, or without instructions if in Bank’s discretion such Advances are necessary to meet Obligations which have become due and remain unpaid. Bank shall be entitled to rely on any notice given by a person whom Bank reasonably
believes to be an Authorized Officer, and Borrower shall indemnify and hold Bank harmless for any damages, loss, costs and expenses suffered by Bank as a result of such reliance, except for losses caused by Bank’s gross negligence or willful
misconduct as determined by a court of competent jurisdiction by final and non-appealable order. Bank will credit the amount of Advances made under this Section 2.1(b) to Borrower’s deposit account. 

  
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 (c) Usage of Credit Card Services Under Credit Card Line. 

(i) Usage Period. Subject to and upon the terms and conditions of this Agreement, at any time through the Credit Card Maturity Date,
Borrower may use the Credit Card Services (as defined below) in amounts and upon terms as provided in this Section. 
 (ii) Credit Card
Services. Subject to and upon the terms and conditions of this Agreement, Borrower may request corporate credit cards and standard e-commerce merchant account services from Bank (collectively, the
“Credit Card Services”). The aggregate limit of the corporate credit cards and merchant credit card processing reserves shall not exceed the Credit Card Line. Amounts borrowed and repaid under the Credit Services may be reborrowed. The
terms and conditions (including repayment and fees) of such Credit Card Services shall be subject to the terms and conditions of Bank’s standard forms of application and agreement for the Credit Card Services. 

(iii) Collateralization of Obligations Extending Beyond Maturity. If Borrower has not cash collateralized its Obligations with respect
to any Credit Card Services by the Credit Card Maturity Date, then, effective as of such date, the balance in any deposit accounts held by Bank and the certificates of deposit or time deposit accounts issued by Bank in Borrower’s name (and any
interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall automatically secure such Obligations to the extent of the then outstanding Obligations under the
Credit Card Services. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the
applicable Obligations under the Credit Card Services are outstanding. Upon Borrower’s cash collateralizing its Obligations under the Credit Card Services or the Payment in Full, Bank’s security interest and pledge under this
Section 2.1(c) shall be automatically released with no further action on part of either the Bank or Borrower. 
 2.2
Interest Rates, Payments, and Calculations. 
 (a) Interest Rates. 

(i) Term Loan. Except as set forth in Section 2.2(b), the Term Loan shall bear interest, on the outstanding daily balance thereof,
at a floating annual rate equal to the greater of: (A) 0.5% above the Prime Rate then in effect and (B) 4.5 percent. 
 (b) Late
Fee; Default Rate. If any payment is not made within 15 days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) 5% of the amount of such unpaid amount or (ii) the maximum amount permitted to be
charged under applicable law. After the occurrence and during the continuance of an Event of Default, all Obligations shall bear interest, upon notice of such increase given by Bank, at a rate equal to five (5) percentage points above the
interest rate applicable immediately prior to the occurrence of the Event of Default (such rate, the “Default Rate”); provided, that, from and after the occurrence of any Event of Default described in Section 8.5, such increase shall
be automatic and without the requirement of any notice from Bank. In all such events, and notwithstanding the date on which application of the Default Rate is communicated to Borrower, the Default Rate may be accrued (at the election of Bank) from
the initial date of any Event of Default until all existing Events of Default are waived in writing in accordance with the terms of this Agreement. 

  
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 (c) Payments. Borrower authorizes Bank to, at its option, charge such interest, all
Bank Expenses, all Periodic Payments, and any other amounts due and owing in accordance with the terms of this Agreement against any of Borrower’s deposit accounts, held with Bank, and to extent there is not sufficient funds in such deposit
accounts, such charged amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due or charged pursuant to the foregoing sentence shall be compounded by becoming a part of the Obligations, and such
interest shall thereafter accrue interest at the rate then applicable hereunder. 
 (d) Computation. In the event the Prime Rate is
changed from time to time hereafter, the applicable rate of interest hereunder shall be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the
Loan Documents shall be computed on the basis of a 360 day year for the actual number of days elapsed. 
 2.3 Crediting
Payments. Prior to the occurrence of an Event of Default, Bank shall credit a wire transfer of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of
an Event of Default, Bank shall have the right, in its sole discretion, to immediately apply any wire transfer of funds, check, or other item of payment Bank may receive to conditionally reduce Obligations, but such applications of funds shall not
be considered a payment on account unless such payment is of immediately available federal funds or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained
herein, any wire transfer or payment received by Bank after 3:30 p.m. Eastern time shall be deemed to have been received by Bank as of the opening of business on the immediately following Business Day. Whenever any payment to Bank under the Loan
Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day, such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable
for the period of such extension. 
 2.4 Fees. Borrower shall pay to Bank the following: 

(a) Facility Fee. On the Closing Date, a one-time facility fee equal to $25,000, which may be
debited from any of Borrower’s deposit account maintained with Bank. 
 (b) Bank Expenses. On the Closing Date, all Bank
Expenses incurred through the Closing Date, and, after the Closing Date, all Bank Expenses, as and when they become due. 
 (c) Success
Fee. Upon a Success Fee Event, Borrower shall pay to the Success Fee. This Section 2.4(c) shall survive ten (10) years from the date of Payment in Full. If this Agreement is terminated prior to payment of the Success Fee, Borrower
shall, give Bank written notice of the first Success Fee Event to occur thereafter, and pay the Success Fee upon the closing of such Success Fee Event. 

  
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 2.5 Term. This Agreement shall become effective on the Closing Date
and, subject to Section 12.7, shall continue in full force and effect until Payment in Full. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under this Agreement immediately and
without notice upon the occurrence and during the continuance of an Event of Default. 
  

	 	3.	 CONDITIONS OF LOANS. 

3.1 Conditions Precedent to Closing. The agreement of Bank to enter into this Agreement on the Closing Date is subject
to the condition precedent that Bank shall have received, in form and substance satisfactory to Bank, each of the following items and completed each of the following requirements: 

(a) this Agreement; 

(b) a Corporate Resolution of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of this
Agreement; 
 (c) a financing statement (Form UCC-1); 

(d) current SOS Reports indicating that except for Permitted Liens, there are no other security interests or Liens of record in the
Collateral; 
 (e) such other documents or certificates, and completion of such other matters, as Bank may reasonably request. 

3.2 Conditions Precedent to all Credit Extensions. The obligation of Bank to make each Credit Extension, including the
initial Credit Extension, is contingent upon the Borrower’s compliance with Section 3.1 above, and is further subject to the following conditions: 

(a) timely receipt by Bank of the Loan Advance/Paydown Request Form as provided in Section 2.1; 

(b) in Bank’s sole discretion, there has not been a Material Adverse Effect; and 

(c) the representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the
date of such Loan Advance/Paydown Request Form and on the effective date of each Credit Extension as though made at and as of each such date, and no Event of Default shall have occurred and be continuing, or would exist after giving effect to such
Credit Extension (provided, however, that those representations and warranties expressly referring to another date shall be true and correct in all material respects as of such date, and provided further that any representation or warranty that
contains a materiality qualification therein shall be true and correct in all respects). The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such Credit Extension as to the accuracy of
the facts referred to in this Section 3.2. 

  
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	 	4.	 CREATION OF SECURITY INTEREST. 

4.1 Grant of Security Interest. Borrower grants and pledges to Bank a continuing security interest in the Collateral to
secure prompt repayment of any and all Obligations and to secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents. Except for Permitted Liens or as disclosed in the Schedule and Collateral located outside
of the United States, such security interest constitutes a valid, first priority security interest in the presently existing Collateral, and will constitute a valid, first priority security interest in later-acquired Collateral. Notwithstanding any
termination of this Agreement or of any filings undertaken related to Bank’s rights under the Code, Bank’s Lien on the Collateral shall remain in effect until such Lien is released pursuant to the term hereof or Payment in Full. 

4.2 Perfection of Security Interest. Borrower authorizes Bank to file at any time financing statements, continuation
statements, and amendments thereto that (i) either specifically describe the Collateral or describe the Collateral as all assets of Borrower of the kind pledged hereunder, and (ii) contain any other information required by the Code for the
sufficiency of filing office acceptance of any financing statement, continuation statement, or amendment, including whether Borrower is an organization, the type of organization and any organizational identification number issued to Borrower, if
applicable. Borrower shall have possession of the Collateral, except where expressly otherwise provided in this Agreement or where Bank chooses to perfect its security interest by possession in addition to the filing of a financing statement. Where
Collateral is in possession of a third party bailee, Borrower shall take such steps as Bank reasonably requests for Bank to (i) subject to Section 7.10 below, obtain an acknowledgment, in form and substance reasonably satisfactory to Bank,
of the bailee that the bailee holds such Collateral for the benefit of Bank, and (ii) obtain “control” of any Collateral consisting of investment property, deposit accounts (other than Permitted Outside Accounts), letter-of-credit rights or electronic chattel paper (as such items and the term “control” are defined in Revised Article 9 of the Code) by causing the securities
intermediary or depositary institution or issuing bank to execute a control agreement in form and substance reasonably satisfactory to Bank. Borrower will not create any chattel paper with a book value in excess of $500,000 without placing a legend
on the chattel paper reasonably acceptable to Bank indicating that Bank has a security interest in the chattel paper. Borrower from time to time may deposit with Bank specific cash collateral to secure specific Obligations; Borrower authorizes Bank
to hold such specific balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay or otherwise transfer any part of such balances until Payment in Full. Borrower shall take such other actions
as Bank reasonably requests to perfect its security interests granted under this Agreement. 

  
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	 	5.	 REPRESENTATIONS AND WARRANTIES. 

Borrower represents and warrants as follows: 

5.1 Due Organization and Qualification. Borrower and each Subsidiary is duly existing under the laws of the state in
which it is organized and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires that it be so qualified, except where the failure to do so would not reasonably be expected to
cause a Material Adverse Effect. 
 5.2 Due Authorization; No Conflict. The execution, delivery, and performance of
the Loan Documents are within Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s Certificate of Incorporation or Bylaws, nor will they constitute an
event of default under any material agreement by which Borrower is bound. Borrower is not in default under any agreement by which it is bound, except to the extent such default would not reasonably be expected to cause a Material Adverse Effect.

 5.3 Collateral. Borrower has rights in or the power to transfer the Collateral, and its title to the Collateral is
free and clear of Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. As of the Closing Date, except as set forth in the Schedule, all Collateral is located solely in the United States. All Inventory is in all
material respects of good and merchantable quality, free from all material defects, except for Inventory for which adequate reserves have been made. As of the Closing Date, except as set forth in the Schedule, none of the Borrower’s Cash is
maintained or invested with a Person other than Bank or Bank’s affiliates as of the Closing Date. 
 5.4 Intellectual
Property. Borrower is the sole owner of the intellectual property created or purchased by Borrower, except for (i) in-licenses not prohibited by this Agreement, (ii) licenses granted by Borrower
in the ordinary course of business or otherwise constituting an arms-length transaction, the terms of which, on its face, do not provide for a sale or assignment by Borrower of any intellectual property, and (iii) the Identified Permitted
Licensing Transaction (collectively, “Permitted Licenses”). To the best of Borrower’s knowledge, the intellectual property created or purchased by Borrower constitutes all intellectual property necessary for the conduct of
Borrower’s business as now conducted and as presently proposed to be conducted, except to the extent the failure to create or purchase such intellectual property would not reasonably be expected to cause a Material Adverse Effect. To the best
of Borrower’s knowledge, each of the copyrights, trademarks and patents created or purchased by Borrower is valid and enforceable, and no part of the intellectual property created or purchased by Borrower has been judged invalid or
unenforceable, in whole or in part, and no claim has been made to Borrower that any part of the intellectual property created or purchased by Borrower violates the rights of any third party except to the extent such claim would not reasonably be
expected to cause a Material Adverse Effect. 

  
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 5.5 Name; Location of Chief Executive Office. Except as disclosed in
the Schedule, Borrower has not done business in the last five years under any name other than that specified on the signature page hereof, and its exact legal name is as set forth in the first paragraph of this Agreement. The chief executive office
of Borrower is located at the address indicated in Section 10 hereof. 
 5.6 Litigation. Except as set forth in
the Schedule, there are no actions or proceedings pending by or against Borrower or any Subsidiary before any court or administrative agency in which a likely adverse decision would reasonably be expected to have a Material Adverse Effect. 

5.7 No Material Adverse Change in Financial Statements. All consolidated and consolidating financial statements related
to Borrower and any Subsidiary that are delivered by Borrower to Bank fairly present in all material respects Borrower’s consolidated and consolidating financial condition as of the date of such financial statements and Borrower’s
consolidated and consolidating results of operations for the period then ended subject to the absence of footnotes and to normal year-end audit adjustments. There has not been a material adverse change in the
consolidated or in the consolidating financial condition of Borrower since the date of the most recent of such financial statements submitted to Bank. 

5.8 Solvency, Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the fair
saleable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the transactions contemplated by this Agreement. 

5.9 Compliance with Laws and Regulations. Borrower and each Subsidiary have met the minimum funding requirements of
ERISA with respect to any employee benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s incurring any liability that could have a
Material Adverse Effect. Borrower is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. Borrower is not engaged principally, or as
one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and U of the Board of Governors of the Federal Reserve System). Borrower has not
violated any statutes, laws, ordinances or rules applicable to it, the violation of which would reasonably be expected to have a Material Adverse Effect. Borrower and each Subsidiary have filed or caused to be filed all tax returns required to be
filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein except those being contested in good faith with adequate reserves under GAAP or where the failure to file such returns or pay such taxes would not
reasonably be expected to have a Material Adverse Effect. 

  
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 5.10 Subsidiaries. Borrower does not own any stock, partnership
interest or other equity securities of any Person, except for Permitted Investments and Subsidiaries that are Loan Parties, if any. 

5.11 Government Consents. Borrower and each Subsidiary have obtained all consents, approvals and authorizations of, made
all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted, except where the failure to do so would not reasonably be
expected to cause a Material Adverse Effect. 
 5.12 Restrictions on Granting Liens. Except as disclosed on the
Schedule and agreements constituting Excluded Collateral, Permitted Licenses or inbound license agreements to the extent Section 6.8 hereof is complied with, Borrower is not a party to, nor is bound by, any material license or other material
agreement necessary for the conduct of Borrower’s business that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement, other than this Agreement or the other Loan
Documents. 
 5.13 Full Disclosure. No representation, warranty or other statement made by Borrower in any certificate
or written statement furnished to Bank (other than financial or business projections, forecasts or other information of a forward-looking nature) taken together with all such certificates and written statements furnished to Bank contains any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading in light of the circumstances in which they were made at the time such statement was
made or deemed made. The projections, forecasts and other information of a forward-looking nature have been provided by Borrower in good faith and based upon reasonable assumptions, it being understood and agreed by Bank that such information is not
to be viewed as facts and that actual results during the period or periods covered by any such projections and forecasts may differ from the projected or forecasted results. 
  

	 	6.	 AFFIRMATIVE COVENANTS. 

Borrower covenants that, until Payment in Full, Borrower shall do all of the following: 

6.1 Good Standing and Government Compliance. Borrower shall maintain its and each of its Subsidiaries’ corporate
existence and good standing in the respective states of formation, shall maintain qualification and good standing in each other jurisdiction in which the failure to so qualify would reasonably be expected to have a Material Adverse Effect. Borrower
has furnished to Bank on the Schedule attached hereto, the organizational identification number issued to Borrower by the authorities of the state in which Borrower is organized. Borrower shall meet, and shall cause each Subsidiary to meet, the
minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws, ordinances and government rules and regulations to which it
is subject to the extent non-compliance therewith would reasonably be expected to have a Material Adverse Effect, and shall maintain, and shall cause each of its Subsidiaries to maintain, in force all
licenses, approvals and agreements, the loss of which or failure to comply with which would reasonably be expected to have a Material Adverse Effect. 

  
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 6.2 Financial Statements, Reports, Certificates, Collateral Audits.

 (a) Borrower shall deliver to Bank: (i) subject to Section 6.2(e), as soon as available, but in any event within 30 days
after the end of each calendar month, a company prepared consolidated (and, to the extent available, consolidating) balance sheet, income statement, and statement of cash flows covering Borrower’s operations during such period, in a form
reasonably acceptable to Bank and certified by a Responsible Officer; (ii) as soon as available, but in any event within 180 days after the end of Borrower’s fiscal year, audited consolidated (and, to the extent available, consolidating)
financial statements of Borrower prepared in accordance with GAAP, consistently applied, together with an unqualified opinion on such financial statements from an independent certified public accounting firm reasonably acceptable to Bank, provided
that such annual financial statement is waived for financial year of 2019; (iii) annual budget approved by Borrower’s Board of Directors as soon as available but not later than 45 days after the end of Borrower’s fiscal year; (iv) if
applicable, copies of all statements, reports and notices sent or made available generally by Borrower to its security holders or to any holders of Subordinated Debt and all reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission (the “SEC”); (v) promptly (and in any event on or prior to the next Reporting Date) after receipt of notice thereof, a report of any legal actions
pending or threatened in writing against Borrower or any Subsidiary that could reasonably be expected to result in a damages or costs to Borrower or any Subsidiary of $500,000 or more; (vi) promptly upon receipt, each management letter prepared
by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems; (vii) such budgets, sales projections, operating plans, informal clinical updates on any material developments or other
financial information as Bank may reasonably request from time to time; 
 (b) Within 30 days after the last day of each month,
Borrower shall deliver to Bank with the monthly financial statements a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the form of Exhibit D hereto and
(viii) quarterly strategic business updates. 
 (c) As soon as possible and in any event within 3 calendar days after becoming
aware of the occurrence or existence of an Event of Default hereunder, a written statement of a Responsible Officer setting forth details of the Event of Default, and the action which Borrower has taken or proposes to take with respect thereto. 

(d) Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to time
during Borrower’s usual business hours but no more than twice a year (unless an Event of Default has occurred and is continuing), to inspect Borrower’s Books and to make copies thereof and to check, test and inspect the Collateral at
Borrower’s expense in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral.  

  
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 (e) As long as Borrower maintains a balance of unrestricted Cash at Bank and
Bank’s Affiliates of at least Forty Million Dollars ($40,000,000), Borrower may submit quarterly financial statements to Bank within 45 days of the last day of each quarter in lieu of the monthly financial statements required in
Section 6.2(a)(i). Borrower shall continue to deliver monthly compliance certificates pursuant to Section 6.2(b). 
 Any submission of a Compliance
Certificate or financial statement(s) under this Section 6.2 shall constitute a representation by Borrower that as of the date of submission, (i) the information set forth therein is correct, (ii) no Event of Default has occurred or
is continuing, and (iii) the representations and warranties made in Section 5, other than those made as of a specific date, remain true and correct in all material respects as of the date of such submission, except as noted therein. 

Borrower may deliver to Bank on an electronic basis any certificates, reports, requests, or information required pursuant to this Section 6.2, and Bank
shall be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible Officer. Borrower shall include a submission date on any certificates,
statements, and reports to be delivered electronically. Notwithstanding the foregoing or anything else in this Agreement to the contrary, notices or documents required to be delivered pursuant to the terms of this Section 6.2 (to the extent any
such information or documents are included in materials otherwise filed with the SEC) shall be deemed to have been delivered on the date (i) on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the
internet at Borrower’s website address or (ii) on which such documents are posted on Borrower’s behalf on the website of the SEC. 

6.3 Inventory and Equipment; Returns. Borrower shall keep all Inventory held out for sale and Equipment in good and
merchantable condition, free from all material defects except for Inventory and Equipment (i) sold or otherwise disposed of in the ordinary course of business or as otherwise permitted by this Agreement, and (ii) for which adequate
reserves have been made, in all cases in the United States. Returns and allowances, if any, as between Borrower and its account debtors shall be on the same basis and in accordance with the usual customary practices of Borrower, as they exist on the
Closing Date. Borrower shall promptly (and in any event on or prior to the next Reporting Date) notify Bank of all returns and recoveries and of all disputes and claims involving inventory having a book value of more than $750,000. 

6.4 Taxes. Borrower shall make, and cause each Subsidiary to make, due and timely payment or deposit of all material
federal, state, and local taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A., F.U.T.A. and state disability, and will execute and deliver to Bank, on demand, proof
satisfactory to Bank indicating that Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the payment or deposit thereof; provided that Borrower or a Subsidiary need not make any payment if the
amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower or such Subsidiary or where the failure to file such returns or pay such taxes would not
reasonably be expected to have a Material Adverse Effect. 

  
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 6.5 Insurance. Borrower, at its expense, shall (i) keep the
Collateral insured against loss or damage, and (ii) maintain liability and other insurance, in each case as ordinarily insured against by other owners in businesses similar to Borrower’s. All such policies of insurance shall be in such
form, with such companies, and in such amounts as reasonably satisfactory to Bank. All policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as lender’s loss payee.
All liability insurance policies shall show, or have endorsements showing, Bank as an additional insured. Any such insurance policies shall, to the extent available from the relevant insurer, specify that the insurer must give at least 20 days’
notice to Bank before canceling its policy for any reason, except for notice of cancellation due to non-payment of premium which shall be 10 days’. Within 30 days of the Closing Date (or such longer
period as Bank may permit in its sole discretion), Borrower shall cause to be furnished to Bank a copy of its policies including any endorsements covering Bank or showing Bank as an additional insured. Upon Bank’s request, Borrower shall
deliver to Bank certified copies of the policies of insurance and evidence of all premium payments. Proceeds payable under any casualty policy will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim,
provided that any such replacement property shall be deemed Collateral in which Bank has been granted a first priority security interest, provided that if an Event of Default has occurred and is continuing, all proceeds payable under any such policy
shall, at Bank’s option, be payable to Bank to be applied on account of the Obligations. 
 6.6 Primary
Depository. Borrower shall maintain, and shall cause all of its Subsidiaries (including the MSC Subsidiary) to maintain, all of their respective depository and/or operating accounts with Bank and all investment account with Bank’s
Affiliates, provided that, for the avoidance of doubt, the MSC Subsidiary shall not be required to enter into any securities account control agreement or similar agreement with respect to such accounts. Prior to Borrower or any Subsidiary (other
than the MSC Subsidiary) maintaining any investment account with Bank’s Affiliates, Borrower or such Subsidiary, Bank and any such affiliate shall have entered into a securities account control agreement with respect to any such accounts, in
form and substance satisfactory to Bank. Notwithstanding the above, Borrower may maintain Permitted Outside Accounts. 

6.7 Funding Milestone. On or before September 30, 2023, Borrower shall deliver to Bank evidence reasonably
satisfactory to Bank that Borrower received, after the Closing Date, aggregate gross cash proceeds from the sale or issuance of its equity securities, plus aggregate gross cash proceeds from strategic partnerships, of at least Fifty Million Dollars
($50,000,000). From and after receipt of those proceeds, Borrower shall maintain at all times at least Twenty Million Dollars ($20,000,000) of unrestricted Cash in account(s) with Bank. 

  
 12 

 6.8 Inbound Licensors. Within a reasonable period after Borrower
entering into or becoming bound as a licensee under any material inbound license agreement (other than over-the-counter software that is commercially available to the
public), Borrower shall provide written notice to Bank of the material terms of such license agreement with a description of its likely impact on Borrower’s business or financial condition. 

6.9 Creation/Acquisition of Subsidiaries. In the event Borrower or any Subsidiary of Borrower creates or acquires any
Subsidiary, Borrower or such Subsidiary shall promptly (and in any event on or prior to the next Reporting Date) notify Bank of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably requested by Bank to
achieve any of the following with respect to such “New Subsidiary” (defined as a Subsidiary formed after the date hereof during the term of this Agreement): (i) to cause such New Subsidiary to become either (A) a co-borrower hereunder, if such New Subsidiary is organized under the laws of the United States, or (B) a secured guarantor with respect to the Obligations, if such New Subsidiary is not organized under the laws
of the United States; and (ii) to grant and pledge to Bank a perfected security interest in (x) all of the stock, units or other evidence of ownership held by Borrower or its Subsidiaries of any such New Subsidiary organized under the laws
of the United States and (y) all of the stock, units or other evidence of ownership held by Borrower or its Subsidiaries of any such New Subsidiary organized under the laws of a jurisdiction outside of the United States (other than property
that constitutes the capital stock of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all classes of capital stock of such controlled foreign corporations entitled to vote, if the grant of a security
interest in such capital stock pursuant to this Agreement would result in material adverse “deemed dividend” tax consequences to Borrower due to the application of IRC §956) that constitutes Collateral hereunder. 

6.10 [Reserved]. 

6.11 Further Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments
and take such further action as may reasonably be requested by Bank to effect the purposes of this Agreement. 
 6.12 MSC
Investment Conditions. Bank and Borrower hereby agree that (a) the MSC Subsidiary will not be required to become a coborrower or secured guarantor with respect to the Obligations, notwithstanding Section 6.9 of this Agreement, and
(b) Investments by Borrower in the MSC Subsidiary will constitute Permitted Investments. If at any time the MSC Investment Conditions are not met, then within two Business Days after the first date on which the MSC Investment Conditions are not
met, Borrower shall cause the MSC Subsidiary to completely liquidate, including (i) ordering the liquidation of any of its Investments into cash, and (ii) transferring such cash to Borrower’s accounts with Bank. Borrower shall not
permit the MSC Subsidiary to make any Investments or hold any assets that would cause the MSC Subsidiary to fail to qualify as a “security corporation” under 830 CMR 63.38B.1 of the Massachusetts tax code and applicable regulations (as the
same may be amended, modified, or replaced from time to time). 

  
 13 

	 	7.	 NEGATIVE COVENANTS. 

Borrower covenants and agrees that, until Payment in Full, Borrower will not do any of the following without Bank’s prior written consent,
which shall not be unreasonably withheld: 
 7.1 Dispositions. Convey, sell, lease, license, transfer, or otherwise
dispose of (collectively, to “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, or move cash balances on deposit with Bank to accounts opened at another financial institution, other
than Permitted Transfers. 
 7.2 Change in Name, Location, Executive Office, or Executive Management; Change in Business;
Change in Fiscal Year; Change in Control. Change its name or the state of Borrower’s formation or relocate its chief executive office without 30 days prior written notification to Bank; replace or suffer the departure of its chief executive
officer or chief financial officer without delivering written notification to Bank within 10 days of such departure; fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer or chief financial officer for
more than 30 consecutive days; take action to liquidate, wind up, or otherwise cease to conduct business in the ordinary course (other than in connection with a transaction permitted by Section 7.3); engage in any business, or permit any of its
Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently engaged in by Borrower; change its fiscal year end; convert to another form of incorporated or unincorporated business or entity; have
a Change in Control; Divide. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries
to merge or consolidate, with or into any other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all
of the capital stock or property of another Person, or a division, line of business, or business unit of another Person, in each case except (a) where each of the following conditions is applicable: (i) the consideration paid in connection
with such transactions (including assumption of liabilities) does not in the aggregate exceed $300,000 during any fiscal year, (ii) no Event of Default has occurred, is continuing or would exist after giving effect to such transactions,
(iii) such transactions do not result in a Change in Control, and (iv) if such acquisition is structured as a merger with a Borrower, such Borrower is the surviving entity; or (b) the Bank has received Payment in Full and this
Agreement is terminated concurrently with the closing of any merger or consolidation of Borrower in which Borrower is not the surviving entity, provided in all cases that Borrower shall notify Bank upon the completion of any such transaction(s).

 7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness, or
permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except for (a) Indebtedness to Bank, (b) the exchange or
conversion of Indebtedness into equity securities and the payment of cash in lieu of fractional shares in connection with such exchange or conversion, (c) 

  
 14 

 
Indebtedness described in clause (c) of the defined term “Permitted Indebtedness”, (d) prepayment of intercompany Permitted Indebtedness, (e) Indebtedness with an obligation
to prepay such Indebtedness only after Payment in Full has occurred, (f) prepayments of Subordinated Debt to the extent permitted by Section 7.9, or (g) prepayments in connection with refinancings of such Indebtedness, provided that
the principal amount is not increased (except by an amount equal to fees and expenses reasonably incurred, in connection with such refinancing). 

7.5 Encumbrances. Create, incur, assume or allow any Lien with respect to its property, or assign or otherwise convey
any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens, or covenant to any other Person (other than (i) the licensors of
in-licensed property with respect to such property, (ii) in connection with Permitted Liens, or (iii) in connection with Permitted Transfers) that Borrower in the future will refrain from creating,
incurring, assuming or allowing any Lien with respect to any of Borrower’s property. 
 7.6 Distributions. Pay
any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase of any capital stock, except that Borrower may (i) repurchase the stock of former employees or directors pursuant to stock repurchase
agreements in an aggregate amount not to exceed $500,000 in any fiscal year, as long as an Event of Default does not exist prior to such repurchase or would not exist after giving effect to such repurchase, (ii) repurchase the stock of former
employees or directors pursuant to stock repurchase agreements by the cancellation of indebtedness owed by such former employees or directors to Borrower regardless of whether an Event of Default exists, (iii) make dividends or distributions
between Loan Parties or from a Subsidiary to a Loan Party, (iv) make dividends payable solely in capital stock, and (v) pay de minimis amounts of cash in lieu of fractional shares upon conversion of convertible securities or upon any stock
split or consolidation. 
 7.7 Investments. Directly or indirectly acquire or own an Investment in, or make any
Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments, or maintain or invest any of its investment property with a Person other than Bank or permit any Subsidiary to do so unless such Person has
entered into a control agreement with Bank, in form and substance reasonably satisfactory to Bank, or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that restricts such Subsidiary from paying dividends or otherwise
distributing property to Borrower, other than in connection with this Agreement and any Subordinated Debt. 
 7.8
Capitalized Expenditures. Make Capitalized Expenditures in excess of 125% of the amount provided for in the annual budget approved by Borrower’s Board of Directors. 

  
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 7.9 Transactions with Affiliates. Directly or indirectly enter into
or permit to exist any material transaction with any Affiliate of Borrower except for (i) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would
be obtained in an arm’s length transaction with a non-affiliated Person, (ii) the incurrence of Subordinated Debt or the sale of Borrower’s equity securities, in each case in bona fide
transactions with Borrower’s existing investors that do not result in a Change in Control, (iii) transactions among Loan Parties, (iv) indemnification arrangements with employees, officers, directors or consultants entered into in the
ordinary course of business, and (v) transactions permitted by the definition of “Permitted Investments”. 

7.10 Subordinated Debt. Make any payment in respect of any Subordinated Debt, or permit any of its Subsidiaries to make
any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision affecting Bank’s rights contained in any documentation relating to the Subordinated Debt without Bank’s prior written consent. 

7.11 Inventory and Equipment. (a) Store Inventory or Equipment (other than (1) inventory in transit,
(2) mobile goods and equipment and (3) Research Supplies) of a book value in excess of $1,000,000 (per location) with a bailee, warehouseman, collocation facility or similar third party unless such third party has been notified of
Bank’s security interest and Bank has received a bailee waiver in favor of Bank, in form and substance satisfactory to Bank, duly executed by Borrower and such third party; or (b) with respect to any leased real property, store Collateral
of a book value in excess of $4,500,000 at such property unless the landlord has been notified of Bank’s security interest and Bank has received a landlord waiver, in form and substance satisfactory to Bank, duly executed by Borrower and such
landlord. 
 7.12 No Investment Company; Margin Regulation. Become or be controlled by an “investment
company,” within the meaning of the Investment Company eAct of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying margin stock, or
use the proceeds of any Credit Extension for such purpose. 
  

	 	8.	 EVENTS OF DEFAULT. 

Any one or more of the following events shall constitute an Event of Default by Borrower under this Agreement: 

8.1 Payment Default. If Borrower fails to pay any of the Obligations when due; 

8.2 Covenant Default. 

(a) If Borrower fails to perform any obligation under Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), or 6.6 (primary
accounts) or violates any of the covenants contained in Article 7 of this Agreement; or 

  
 16 

 (b) If Borrower fails or neglects to perform or observe any other material term,
provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such other term, provision, condition or covenant that can be
cured, has failed to cure such default within 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by its nature be cured within the 10 day period or cannot
after diligent attempts by Borrower be cured within such 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period (which shall not in any case exceed 30 days) to attempt
to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no Credit Extensions will be made; 

8.3 Material Adverse Change. If there occurs any circumstance or any circumstances which would reasonably be expected to
have a Material Adverse Effect; 
 8.4 Attachment. If any material portion of Borrower’s assets is attached,
seized, subjected to a writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has not been removed,
discharged or rescinded within 10 days, or if Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim becomes a lien or
encumbrance upon any material portion of Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any material portion of Borrower’s assets by the United States Government, or any department,
agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within ten days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an Event of Default
where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will be made during such cure period); 

8.5 Insolvency. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an
Insolvency Proceeding is commenced against Borrower and is not dismissed or stayed within 45 days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 

8.6 Other Agreements. If (a) there is a default or other failure to perform in any agreement to which Borrower is a
party with a third party or parties (i) resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of $500,000, (ii) in connection with any lease of real
property material to the conduct of Borrower’s business, if such default or failure to perform results in the right of another party to terminate such lease, there is a material risk that such termination will occur and such termination will
have a material adverse impact on the Borrower’s business, or (iii) that would reasonably be expected to have a Material Adverse Effect, or (b) any default or event of default (however designated) shall occur with respect to any
Subordinated Debt which is not cured within any applicable cure period; 

  
 17 

 8.7 Judgments. If a final, uninsured judgment or judgments for the
payment of money in an amount, individually or in the aggregate, of at least $500,000 shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of 10 days (provided that no Credit Extensions will be made prior to the
satisfaction or stay of the judgment); or 
 8.8 Misrepresentations. If any material misrepresentation or material
misstatement exists now or hereafter in any warranty or representation set forth herein or in any report, certificate or other writing delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this
Agreement or any other Loan Document. 
  

	 	9.	 BANK’S RIGHTS AND REMEDIES. 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its
election, without notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrower: 

(a) Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and
payable (provided that upon the occurrence of an Event of Default described in Section 8.5 (insolvency), all Obligations shall become immediately due and payable without any action by Bank); 

(b) Cease advancing money or extending credit to or for the benefit of Borrower under this Agreement or under any other agreement
between Borrower and Bank; 
 (c) Settle or adjust disputes and claims directly with account debtors for amounts, upon terms and in
whatever order that Bank reasonably considers advisable; 
 (d) Make such payments and do such acts as Bank considers necessary or
reasonable to protect its security interest in the Collateral. Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes Bank to enter the premises where
the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or superior to its
security interest and to pay all expenses incurred in connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without
charge, in order to exercise any of Bank’s rights or remedies provided herein, at law, in equity, or otherwise; 
 (e) place a
“hold” on any account maintained with Bank, decline to honor presentments (including but not limited to checks, wires, and ACH drafts) against any account at Bank, and/or deliver a notice of exclusive control, any entitlement order, or
other directions or instructions pursuant to any control agreement or similar agreements providing control of any Collateral; 

  
 18 

 (f) Set off and apply to the Obligations any and all (i) balances and deposits
of Borrower held by Bank, and (ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Bank; 

(g) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for
herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets, trade
names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s
exercise of its rights under this Section 9.1, Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit; 

(h) Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on
terms, in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable, and apply any proceeds to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral
without giving any warranties as to the Collateral. Bank may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. If Bank
sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received by Bank, and applied to the indebtedness of the purchaser. If the purchaser fails to pay for the Collateral, Bank may
resell the Collateral and Borrower shall be credited with the proceeds of the sale; 
 (i) Bank may credit bid and purchase at any
public sale; 
 (j) Demand that Borrower (i) deposit cash with Bank in an amount equal to amount of any Credit Card Services as
cash collateral for the repayment of any future drawings under such Credit Card Services, and (ii) pay in advance all fees scheduled to be paid or payable in connection with the Obligations under the Credit Card Services, and Borrower shall
promptly deposit and pay such amounts; 
 (k) Apply for the appointment of a receiver, trustee, liquidator or conservator of the
Collateral, without notice and without regard to the adequacy of the security for the Obligations and without regard to the solvency of Borrower, any Guarantor or any other Person liable for any of the Obligations; and 

(l) Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower. 

Bank may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral. 

  
 19 

 9.2 Power of Attorney. Effective only upon the occurrence and during
the continuance of an Event of Default, Borrower hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send requests for verification of Accounts or
notify account debtors of Bank’s security interest in the Accounts; (b) endorse Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign Borrower’s name on any
invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral; (e) make, settle, and
adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms which Bank determines to be
reasonable; and (g) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the Collateral; provided Bank may exercise such power of attorney to sign the name of Borrower on any
of the documents described in clause (g) above, regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s attorney in fact, and each and every one of Bank’s rights and powers, being coupled with an
interest, is irrevocable until Payment in Full. 
 9.3 Accounts Collection. At any time after the occurrence and
during the continuation of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to Borrower for Bank,
receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit. 

9.4 Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof of payment due to third persons or
entities, as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part thereof; and/or (b) obtain and maintain insurance policies
of the type discussed in Section 6.5 of this Agreement, and take any action with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank Expenses, shall be immediately due and payable, and
shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar payments in the future or a waiver by Bank of any Event
of Default under this Agreement. 
 9.5 Bank’s Liability for Collateral. Bank has no obligation to clean up or
otherwise prepare the Collateral for sale. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 

9.6 No Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the Obligations by collecting them from
any other person liable for them and Bank may release, modify or waive any collateral provided by any other Person to secure any of the Obligations, all without affecting Bank’s rights against Borrower. Borrower waives any right it may have to
require Bank to pursue any other Person for any of the Obligations. 

  
 20 

 9.7 Remedies Cumulative. Bank’s rights and remedies under this
Agreement, the Loan Documents, and all other agreements shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall
be deemed an election, and no waiver by Bank of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective
unless made in a written document signed on behalf of Bank and then shall be effective only in the specific instance and for the specific purpose for which it was given. Borrower expressly agrees that this Section 9.7 may not be waived or
modified by Bank by course of performance, conduct, estoppel or otherwise. 
 9.8 Demand; Protest. Except as otherwise
provided in this Agreement, Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations. 

 

	 	10.	 NOTICES. 

Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into
in connection herewith shall be in writing and (except for financial statements and other reporting required pursuant to Section 6.2 of this Agreement, which shall be sent as directed in the monthly reporting forms provided by Bank) shall be
personally delivered or sent by a recognized overnight delivery service, certified mail, postage prepaid, return receipt requested, or by electronic mail to Borrower or to Bank, as the case may be, at its addresses set forth below: 

 

			
	If to Borrower:	  	Werewolf Therapeutics, Inc.
		  	1030 Massachusetts Avenue, Suite 210
		  	Cambridge, MA 02138
		  	Attn: Chief Executive Officer
		  	E-Mail: dhicklin@werewolftx.com
		
	with a copy to:	  	Wilmer Cutler Pickering Hale and Dorr LLP
		  	1225 Seventeenth St.,
		  	Suite 2600
		  	Denver, CO 80202
		  	Attn: Chalyse Robinson
		  	Chalyse.Robinson@wilmerhale.com
		
	If to Bank:	  	Pacific Western Bank
		  	555 South Mangum Street, Suite 1000
		  	Durham, North Carolina 27701
		  	Attn: Loan Operations Manager
		  	E-Mail: loannotices@pacwest.com

  
 21 

			
		
	with a copy to:	  	Pacific Western Bank
		  	1550 Utical Avenue South, Suite 550
		  	St. Louis Park, MN 55416
		  	Attn: Jay McNeil
		  	Email: jmcneil@pacwest.com

 The parties hereto may change the address at which they are to receive notices hereunder, by notice in
writing in the foregoing manner given to the other. 
  

	 	11.	 CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of North Carolina, without regard to principles of
conflicts of law. Jurisdiction shall lie in the State of North Carolina. All disputes, controversies, claims, actions and similar proceedings arising with respect to Borrower’s account or any related agreement or transaction shall be brought in
the General Court of Justice of North Carolina sitting in Durham County, North Carolina or the United States District Court for the Middle District of North Carolina, except as provided below with respect to arbitration of such matters. BANK AND
BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH OF THEM, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE
OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF
THEM. If the jury waiver set forth in this Section 11 is not enforceable, then any dispute, controversy, claim, action or similar proceeding arising out of or relating to this Agreement, the Loan Documents or any of the transactions
contemplated therein shall be settled by final and binding arbitration held in Durham County, North Carolina in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association by one arbitrator appointed in
accordance with those rules. The arbitrator shall apply North Carolina law to the resolution of any dispute, without reference to rules of conflicts of law or rules of statutory arbitration. Judgment upon any award resulting from arbitration may be
entered into and enforced by any state or federal court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to compel arbitration in
accordance with this Section. The costs and expenses of the arbitration, including without limitation, the arbitrator’s fees and expert witness fees, and reasonable attorneys’ fees, incurred by the parties to the arbitration may be awarded
to the prevailing party, in the discretion of the arbitrator, or may be apportioned between the parties in any manner deemed appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to pay for all (or a share) of such
costs and expenses, both parties shall share equally in the payment of the arbitrator’s fees as and when billed by the arbitrator. 

  
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	 	12.	 GENERAL PROVISIONS. 

12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of
each of the parties and shall bind all persons who become bound as a debtor to this Agreement; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which
consent may be granted or withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell, assign, transfer, negotiate, or grant participation in all or any part of, or any interest in,
Bank’s obligations, rights and benefits hereunder; provided that the consent of Borrower shall be required for any such sale, assignment, transfer or participation to a Competitor or a vulture/distressed debt fund unless an Event of Default has
occurred and is continuing. 
 12.2 Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers,
directors, employees, affiliates, advisors and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Agreement; and (b) all
losses or Bank Expenses in any way suffered, incurred, or paid by Bank, its officers, employees and agents as a result of or in any way arising out of, following, or consequential to transactions between Bank and Borrower whether under this
Agreement, or otherwise (including without limitation reasonable attorneys fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable order. 
 12.3 Time of Essence. Time is of the essence for the performance of all
obligations set forth in this Agreement. 
 12.4 Severability of Provisions. Each provision of this Agreement shall be severable from
every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 
 12.5
Amendments in Writing, Integration. All amendments to or terminations of this Agreement or the other Loan Documents must be in writing. All prior agreements, understandings, representations, warranties, and negotiations between the parties
hereto with respect to the subject matter of this Agreement and the other Loan Documents, if any, are merged into this Agreement and the Loan Documents. 

12.6 Counterparts; Electronic Transmission; Electronic Signatures. This Agreement may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Executed copies of this Agreement or
the signature pages of this Agreement sent by facsimile or transmitted electronically in Portable Document Format (“PDF”) or any similar format, or transmitted electronically by digital image, DocuSign, or other means of electronic
transmission, shall be treated as originals, fully binding and with full legal force and effect, and the parties waive any rights they may have to object to such treatment. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Agreement and/or any document to be 

  
 23 

 
signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be. As used herein,
“Electronic Signatures” means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. 

12.7 Survival. All covenants, representations and warranties made in this Agreement shall continue in full force and effect until
Payment in Full. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in Section 12.2 shall survive until all applicable statute of limitations periods with respect to
actions that may be brought against Bank have run. 
 12.8 Confidentiality and Publicity. 

(a) Borrower shall not, and shall not permit any of its Affiliates to: (i) publish or disclose any materials containing
Bank’s name, including in any press release or otherwise in connection with any advertising or marketing, without first obtaining Bank’s prior written consent, or (ii) use Bank’s name (or the name of any of its Affiliates) in
connection with its operations or business. 
 (b) In handling any confidential information, Bank shall exercise commercially
reasonable efforts to maintain in confidence, in accordance with its customary procedures for handling confidential information, all written non-public information furnished to Bank on a confidential basis, it
being understood and agreed that all information furnished to Bank by Borrower shall be deemed to be provided on a confidential basis unless clearly identified as non-confidential at the time of delivery of
such (“Confidential Information”) other than any such Confidential Information that becomes generally available to the public or becomes available to Bank from a source other than Borrower and that is not known to Bank to be subject to
confidentiality obligations; provided, that Bank and its Affiliates shall have the right to disclose Confidential Information to: (i) such Person’s Affiliates; (ii) such Person or such Person’s Affiliates’ lenders, funding
sources, or financing sources; (iii) such Person’s or such Person’s Affiliates’ directors, officers, trustees, partners, members, managers, employees, agents, advisors, representatives, attorneys, equity owners, professional
consultants, portfolio management services and rating agencies; (iv) any permitted successor or assign of Bank; provided, that each such Person receiving confidential information pursuant to the foregoing clauses (i) through (iv) is
subject to similar obligations of confidentiality; (v) any Person to whom Bank offers to sell, assign or transfer any Credit Extension or any part thereof or any interest or participation therein; (vi) any Person that provides statistical
analysis and/or information services to Bank or its Affiliates; and (vii) any Person (A) to the extent required by it by law, (B) as may be required in connection with the examination, audit, or similar investigation of Bank,
(C) in response to any subpoena or other legal process or informal investigative demand, (D) in connection with any litigation, or (E) in connection with the actual or potential exercise or enforcement of any right or remedy under any
Loan Document. The obligations of Bank and its Affiliates under this Section 12.8 shall supersede and replace any other confidentiality obligations agreed to by Bank or its Affiliates. 

  
 24 

 12.9 E-Systems. Borrower authorizes Bank to
establish procedures (and to amend such procedures from time to time) to facilitate administration and servicing of the Credit Extensions and other matters incidental thereto. Without limiting the generality of the foregoing, Borrower authorizes
Bank to establish procedures to make available or deliver, or to accept, notices, documents and similar items, by posting to or submitting and/or completion, on E-Systems. Borrower acknowledges and agrees that
the use of transmissions via an E-System or electronic mail is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse, and Borrower
assumes and accepts such risks by hereby authorizing the transmission via E-Systems or electronic mail. All uses of an E-System shall be governed by and subject to, in
addition to this Section, the separate terms and conditions posted or referenced in such E-System (or such terms and conditions as may be updated from time to time, including on such E-System) and related contractual obligations executed by Borrower in connection with the use of such E-System. ALL E-SYSTEMS AND
ELECTRONIC TRANSMISSIONS SHALL BE PROVIDED “AS-IS” AND “AS AVAILABLE”. NO REPRESENTATION OR WARRANTY OF ANY KIND IS MADE BY BANK OR ANY OF ITS AFFILIATES IN CONNECTION WITH ANY E-SYSTEMS. 
 12.10 Amendment and Restatement. This Agreement amends and restates in its
entirety the Existing Loan Agreement effective as of the Closing Date. Anything contained herein to the contrary notwithstanding, this Agreement is not intended to and shall not serve to effect a novation of the “Obligations” (as
defined in the Existing Loan Agreement). Instead, it is the express intention of the parties hereto to reaffirm the indebtedness, obligations and liabilities created under the Existing Loan Agreement which is secured by the Collateral pursuant
to the terms of the applicable Loan Documents, except as modified hereby. Each Borrower acknowledges and confirms that the liens and security interests granted pursuant to the applicable Loan Documents secure the applicable indebtedness,
liabilities and obligations of Borrower to Lenders under the Existing Loan Agreement, as amended and restated by this Agreement, the Loan Documents shall continue in full force and effect in accordance with their terms unless otherwise amended by
the parties thereto, and that the term “Obligations” as used in the Loan Documents includes, without limitation, the indebtedness, liabilities and obligations of Borrower under this Agreement, and under the Existing Loan Agreement, as
amended and restated hereby, as the same further may be amended, modified, supplemented and/or restated from time to time. The Loan Documents and all agreements, instruments and documents executed or delivered in connection with any of the
foregoing shall each be deemed to be amended to the extent necessary to give effect to the provisions of this Agreement. Each reference to the “Loan and Security Agreement” in any Loan Document shall mean and be a reference to this
Agreement (as further amended, restated, supplemented or otherwise modified from time to time). 
  

  
 25 

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

			
	WEREWOLF THERAPEUTICS, INC.
		
	By:	 	 /s/ Timothy Trost

	Name: Timothy Trost
	Title: CFO, Treas., and Asst. Secty.
	
	PACIFIC WESTERN BANK
		
	By:	 	 /s/ Jay McNeil

	Name: Jay McNeil
	Title: Managing Director

 (Signature Page to Amended and Restated Loan and Security Agreement – Werewolf Therapeutics, Inc.)

  

 EXHIBIT A 

DEFINITIONS 
 “Accounts” means all
presently existing and hereafter arising accounts, contract rights, payment intangibles and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and
other technology) or the rendering of services by Borrower and any and all credit insurance, guaranties, and other security therefore, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books relating to any of the
foregoing. 
 “Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that
controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and general partners. 

“Amortization Date” means February 28, 2024; provided that upon completion of the Tranche II Requirement and the Funding Milestone, the
Amortization Date shall be automatically extended to August 31, 2024. 
 “Authorized Officer” means someone designated as such in the
corporate resolution provided by Borrower to Bank in which this Agreement and the transactions contemplated hereunder are authorized by Borrower’s board of directors. If Borrower provides subsequent corporate resolutions to Bank after the
Closing Date, the individual(s) designated as “Authorized Officer(s)” in the most recently provided resolution shall be the only “Authorized Officers” for purposes of this Agreement. 

“Bank Expenses” means all reasonable and documented costs or expenses (including reasonable attorneys’ fees and expenses, whether generated by in-house or by outside counsel) incurred in connection with the preparation, negotiation, administration, and enforcement of the Loan Documents; reasonable Collateral audit fees; and Bank’s reasonable and
documented attorneys’ fees and expenses (whether generated in-house or by outside counsel) incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred
before, during and after an Insolvency Proceeding, whether or not suit is brought. 
 “BPB Letter of Credit” means that certain letter of credit
for in favor of VTR LS 1030 Mass Ave, LLC issued by Boston Private Bank. 
 “Borrower’s Books” means all of Borrower’s books and records
including: ledgers; records concerning Borrower’s assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of North Carolina are authorized or required to
close. 
 “Cash” means unrestricted cash and cash equivalents. 

  
 1. 

 “Change in Control” shall mean a transaction, other than a bona fide equity financing or series of
financings on terms and from investors reasonably acceptable to Bank, in which any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) who were not the stockholders
of Borrower immediately prior to such transaction, directly or indirectly, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934) of more than 50% of the
outstanding voting securities of the Borrower immediately after giving effect to such transaction. 
 “Closing Date” means the date of this
Agreement. 
 “Code” means the North Carolina Uniform Commercial Code as amended or supplemented from time to time. 

“Collateral” means the property described on Exhibit B attached hereto and all Negotiable Collateral to the extent not described on Exhibit B, except
for the following property (collectively, the “Excluded Collateral”): (i) property that is non-assignable by its terms without the consent of the licensor thereof or another party (but only to the
extent such prohibition on transfer is enforceable under applicable law, including, without limitation, §25-9-406 and §25-9-408 of the Code), (ii) property for which the granting of a security interest therein is contrary to applicable law, provided that upon the cessation of any such restriction or prohibition, such
property shall automatically become part of the Collateral, (iii) property that constitutes the capital stock of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all classes of capital stock of
such controlled foreign corporations entitled to vote, if the grant of a security interest in such capital stock pursuant to this Agreement would result in material adverse “deemed dividend” tax consequences to Borrower due to the
application of IRC §956, (iv) property (including any attachments, accessions or replacements) that is subject to a Lien that is permitted pursuant to clause (c) of the definition of Permitted Liens, if the grant of a security interest
with respect to such property pursuant to this Agreement would be prohibited by the agreement creating such Permitted Lien or would otherwise constitute a default thereunder, provided, that such property will be deemed “Collateral”
hereunder upon the termination and release of such Permitted Lien, (v) any Intellectual Property or (vi) any Permitted Outside Account. 

“Competitor” means any Person that is an operating company directly and primarily engaged in substantially similar business operations as the
Borrower. 
 “Compliance Certificate” means a compliance certificate, in substantially the form of Exhibit D attached hereto, executed by a
Responsible Officer of the Borrower. 
 “Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or
otherwise, of that Person with respect to (i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit,
corporate credit cards or merchant services issued for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or
other 

  
 2. 

 
agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent
Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation
in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in
any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 
 “Credit Card Line” means a revolving
Credit Extension of up to $250,000, to be used exclusively for the provision of Credit Card Services. 
 “Credit Card Maturity Date” means the same
date as the Maturity Date. 
 “Credit Extension” means Term Loan, or any other extension of credit by Bank to or for the benefit of Borrower
hereunder. 
 “Divide” means, with respect to any Person that is an entity, the dividing of such Person into two or more separate Persons, with the
dividing Person either continuing or terminating its existence as part of such division, including as contemplated under Section 18-217 of the Delaware Limited Liability Company Act for limited liability
companies formed under Delaware law, or any analogous action taken pursuant to any other statute with respect to any corporation, limited liability company, partnership, or other entity. 

“Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in
which Borrower has any interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.

 “E-System” means any electronic system approved by Bank, including any Internet or extranet-based site,
whether such electronic system is owned, operated or hosted by Bank, any of its Affiliates or any other Person, providing for access to data protected by passcodes or other security system, or otherwise used to facilitate communication between
Borrower and Bank with respect to the Loan Documents. 
 “Event of Default” has the meaning assigned in Article 8. 

“Excluded Collateral” has the meaning assigned in the definition of “Collateral”. 

“FDA” means the United States Food and Drug Administration. 

“Funding Milestone” means satisfaction of the covenant set forth in Section 6.7. 

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

  
 3. 

 “Guarantors” means each Subsidiary of the Borrower that has executed and delivered a secured
guaranty or guaranty supplement satisfactory to Bank pursuant to Section 6.9. 
 “Identified Permitted Licensing Transaction” means the
exclusive license by the Borrower of the Intellectual Property comprising its WTX-613 program and the related isolated polypeptides that use the Borrower’s proprietary interferon alpha INDUKINE technology
as set forth in that certain license and collaboration agreement by and between Borrower and Jazz Pharmaceuticals, Inc. or its affiliate to be entered into based on the term sheet provided to Bank. 

“Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without
limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all
Contingent Obligations, including but not limited to any sublimit contained herein. 
 “IND Filing” means a filing under the FDA Investigational
New Drug Program. 
 “Insolvency Proceeding” means any proceeding commenced by or against any Person or entity under any provision of the United
States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extension generally with its creditors, or proceedings seeking
reorganization, arrangement, or other relief. 
 “Inventory” means all present and future inventory in which Borrower has any interest. 

“Investment” means any beneficial ownership of (including stock, partnership or limited liability company interest or other securities) any Person,
or any loan, advance or capital contribution to any Person. 
 “IRC” means the Internal Revenue Code of 1986, as amended, and the regulations
thereunder. 
 “Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance. 

“Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and any other document, instrument or agreement entered
into in connection with this Agreement, all as amended, extended, restated, supplemented or otherwise modified from time to time. 
 “Loan Parties”
means each Borrower and each Guarantor, if applicable. 
 “Material Adverse Effect” means a material adverse effect on (i) the operations,
business or financial condition of Borrower and its Subsidiaries taken as a whole, (ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents, or (iii) Borrower’s interest in,
or the value, perfection or priority of Bank’s security interest in the Collateral. 

  
 4. 

 “Maturity Date” means February 28, 2026; provided that the Maturity Date shall be
automatically extended to August 31, 2026 upon completion of the Tranche II Requirement and the Funding Milestone. 
 “MSC Investment
Condition” means that: (a) at any time at which the MSC Subsidiary holds any assets, Borrower maintains on deposit with Bank Cash in an aggregate amount greater than or equal to 105% of the then outstanding principal and accrued
interest on all Credit Extensions (excluding cash-secured facilities); and (b) the MSC Subsidiary qualifies as a “security corporation” under 830 CMR 63.38B.1 of the Massachusetts tax code and applicable regulations (as the same may
be amended, modified, or replaced from time to time). 
 “MSC Subsidiary” means Werewolf Therapeutics Mass Securities, Inc., a wholly owned
Subsidiary of Borrower. 
 “Negotiable Collateral” means all of Borrower’s present and future letters of credit of which it is a beneficiary,
drafts, instruments (including promissory notes), securities, documents of title, and chattel paper, and Borrower’s Books relating to any of the foregoing. 

“Obligations” means all debt, principal, interest, Bank Expenses and other amounts owed to Bank by Borrower pursuant to this Agreement or any other
agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency Proceeding and including any debt, liability, or obligation owing from
Borrower to others that Bank may have obtained by assignment or otherwise. 
 “Payment in Full” means all of Bank’s commitments to make Credit
Extensions under this Agreement have terminated, and all Obligations have been paid in full other than (x) contingent indemnification obligations, (y) contingent Success Fee obligations and (z) any Obligations under the Credit Card
Services that are cash collateralized, including Obligations that are incurred after the date of termination. 
 “Periodic Payments” means all
installments or similar recurring payments that Borrower may now or hereafter become obligated to pay to Bank pursuant to the terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank. 

“Permitted Indebtedness” means: 
 (a)
Indebtedness of Borrower in favor of Bank arising under this Agreement or any other Loan Document; 
 (b) Indebtedness existing on the Closing
Date and disclosed in the Schedule; 
 (c) Indebtedness not to exceed $1,500,000 in the aggregate at any time secured by a lien described in clause
(c) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed at the time it is incurred the cost of the property (including taxes and fees) financed with such Indebtedness. 

  
 5. 

 (d) Subordinated Debt; 

(e) Indebtedness to trade creditors incurred in the ordinary course of business; 

(f) Indebtedness that also constitutes a Permitted Investment; 

(g) Cash deposits or letters of credit in connection with real estate leases in the ordinary course of business, including, without limitation, the BPB
Letter of Credit; 
 (h) other Indebtedness in an amount not to exceed $750,000 at any time outstanding, of which an amount not to exceed $150,000 may
be secured by Liens permitted under clause (o) of the definition of “Permitted Liens”; 
 (i) Indebtedness between Loan Parties; 

(j) guarantees of any items of Permitted Indebtedness; 

(k) Indebtedness arising in respect of endorsements of instruments or other payment items for deposit in the ordinary course of business; 

(l) Indebtedness owed to any Person providing property, casualty or liability insurance to either Borrower or any Subsidiary relating to insurance
premium financing arrangements; 
 (m) Indebtedness under or in respect of surety bonds, appeal bonds, performance and return of- money bonds, workers’ compensation claims, self-insurance obligations or bankers’ acceptances incurred in the ordinary course of business in connection with bids, leases and similar commercial
contracts; 
 (n) Indebtedness representing deferred compensation, severance, pension and health and welfare retirement benefits or the equivalent
thereof to current and former employees of either Borrower or its Subsidiaries incurred in the ordinary course of business or in connection with Permitted Investments; 

(o) Indebtedness in connection with corporate credit cards in an amount not to exceed $300,000; and 

(p) Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms
modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 
 “Permitted Investment” means: 

(a) Investments existing on the Closing Date disclosed in the Schedule; 

  
 6. 

 (b) (i) Marketable direct obligations issued or unconditionally guaranteed by the United
States of America or any agency or any State thereof maturing within one year from the date of acquisition thereof, (ii) commercial paper maturing no more than one year from the date of creation thereof and currently having rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one
year from the date of investment therein, and (iv) Bank’s money market accounts; (v) Investments in regular deposit or checking accounts held with Bank or as otherwise permitted by, and subject to the terms and conditions of,
Section 6.6 of this Agreement; and (vi) Investments consistent with any investment policy adopted by the Borrower’s board of directors; 

(c) Investments accepted in connection with Permitted Transfers; 

(d) (i) Investments of Subsidiaries in or to other Subsidiaries or Borrower, (ii) Investments by Borrower in Subsidiaries not to exceed
$750,000 in the aggregate in any fiscal year and (iii) Investments of Loan Parties in or to other Loan Parties; 
 (e) Investments not to exceed
$750,000 outstanding in the aggregate at any time consisting of travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating
to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plan agreements approved by Borrower’s Board of Directors; 

(f) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement of
delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 
 (g)
Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of business, provided that this subparagraph (g) shall not apply to
Investments of Borrower in any Subsidiary; 
 (h) Joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting
of the non-exclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do not exceed $750,000 in the aggregate in any
fiscal year; 
 (i) Investments permitted under Section 7.3; and 

(j) Additional Investments that do not exceed $750,000 in the aggregate in any fiscal year. 

“Permitted Licenses” has the meaning set forth in Section 5.4. 

“Permitted Liens” means the following: 
 (a) Any
Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens to be satisfied with the proceeds of the Credit Extensions) or arising under this Agreement, the other Loan Documents, or any other agreement in favor of Bank; 

(b) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate
proceedings and for which Borrower maintains adequate reserves; 

  
 7. 

 (c) Liens not to exceed $1,500,000 in the aggregate at any time (i) upon or in any Equipment
(other than Equipment financed by a Credit Extension) acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the purpose of financing the acquisition or lease of
such Equipment, (ii) in connection with capital leases, or (iii) existing on such Equipment at the time of its acquisition, in each case provided that the Lien is confined solely to the property so acquired and improvements thereon, and
the proceeds of such Equipment; 
 (d) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being
contested in good faith by appropriate proceedings; provided, that Borrower maintains adequate reserves therefor in accordance with GAAP; 
 (e) Liens
securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other like Persons arising in the ordinary course of Borrower’s business and imposed without action of such parties; provided, that the
payment thereof is not yet required; 
 (f) the following deposits (including by way of deposits to secure letters of credit issued to secure the
same), to the extent made in the ordinary course of business: deposits under worker’s compensation, unemployment insurance, social security and other similar laws, or to secure the performance of bids, tenders or contracts (other than for the
repayment of borrowed money, except in connection with corporate credit cards permitted by clause (o) of the definition of “Permitted Indebtedness”) or to secure indemnity, performance or other similar bonds for the performance of
bids, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory obligations (other than Liens arising under ERISA or environmental Liens) or surety or appeal bonds, or to secure indemnity, performance or other
similar bonds; 
 (g) Liens securing Subordinated Debt, provided that such Liens do not encumber assets beyond those assets comprising the Collateral.

 (h) leasehold interests in leases or subleases, licenses or sublicenses granted in the ordinary course of business and not interfering in any
material respect with the business of the licensor; 
 (i) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of custom duties that are promptly paid on or before the date they become due or being contested in good faith by appropriate proceedings; provided, that the Borrower maintain adequate reserves therefor in accordance with GAAP; 

(j) Liens on insurance proceeds securing the payment of financed insurance premiums that are promptly paid on or before the date they become due
(provided that such Liens extend only to such insurance proceeds and not to any other property or assets); 
 (k) statutory, common law and
contractual rights of set-off and other similar rights as to deposits of cash and securities in favor of banks and other depository institutions; 

  
 8. 

 (l) Liens on Cash securing obligations permitted under clause (g) of the definition of Permitted
Indebtedness; 
 (m) precautionary filings in connection with operating leases in the Equipment that is the subject of such leases; provided that such
Liens and collateral descriptions in such precautionary filings be limited to such specific operating leases and not all assets or substantially all assets of the Borrower or any Subsidiary; 

(n) Liens consisting of Permitted Licenses; 
 (o)
additional Liens securing obligations not in excess of $150,000 at any time outstanding; provided that such Liens and collateral descriptions in any filings be limited to specific assets and not all assets or substantially all assets of the
Borrower or any Subsidiary; 
 (p) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of the
type described in clauses (a) through (o) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed or
refinanced does not increase; and 
 (q) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default
under Sections 8.4 (attachment) or8.8 (judgments). 
 “Permitted Outside Account” means (i) depository accounts in an aggregate amount not to
exceed $60,000, and (i) the cash collateral account in connection with the BPB Letter of Credit. 
 “Permitted Transfer” means the conveyance,
sale, lease, transfer or disposition by Borrower or any Subsidiary of: 
 (a) Inventory in the ordinary course of business; 

(b) property pursuant to Permitted Licenses; 
 (c) worn-out, surplus or obsolete Equipment not financed with the proceeds of Credit Extensions; 
 (d) grants of
security interests and other Liens that constitute Permitted Liens; 
 (e) property in connection with Permitted Investments; 

(f) property from any Subsidiary of Borrower to Borrower or between Loan Parties; 

(g) cash and cash equivalents (i) in connection with transactions in the ordinary course of business and (ii) in connection with transactions
that (A) are approved by Borrower’s board of directors (to the extent Board approval is required by Borrower’s policies or other organizational documents) and (B) not otherwise prohibited hereunder; 

  
 9. 

 (h) mandated destruction of pre-clinical and clinical trial
supplies; and 
 (i) other assets of Borrower or its Subsidiaries that do not in the aggregate exceed $1,500,000 during any fiscal year. 

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency. 
 “Prime
Rate” means the variable rate of interest, per annum, most recently announced by Bank, as its “prime rate,” whether or not such announced rate is the lowest rate available from Bank. 

“Reporting Date” means each date a Compliance Certificate is delivered (or required to be delivered) pursuant to Section 6.2(b). 

“Research Supplies” means active pharmaceutical ingredients, other raw materials, finished product, formulation components and concomitant
medication; in each case, intended for use and used in Borrower’s and its Subsidiaries’ pre-clinical research and research discovery efforts. 

“Responsible Officer” means each of the Chief Executive Officer, the Chief Financial Officer, Chief Operating Officer, Vice Presidents of Borrower,
as well as any other officer or employee identified as an Authorized Officer in the corporate resolution delivered by Borrower to Bank in connection with this Agreement. 

“Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any. 

“SOS Reports” means the official reports from the Secretaries of State of the state where Borrower’s chief executive office is located, the
state of Borrower’s formation and other applicable federal, state or local government offices identifying all current security interests filed in the Collateral and Liens of record as of the date of such report. 

“Subordinated Debt” means any debt incurred by Borrower that is subordinated in writing to the debt owing by Borrower to Bank on terms reasonably
acceptable to Bank (and identified as being such by Borrower and Bank). 
 “Subsidiary” means any corporation, partnership or limited liability
company or joint venture in which (i) any general partnership interest or (ii) more than 50% of the stock, limited liability company interest or joint venture of which by the terms thereof ordinary voting power to elect the Board of
Directors, managers or trustees of the entity, at the time as of which any determination is being made, is owned by Borrower, either directly or through an Affiliate. 

“Success Fee” means a one-time payment of (a) if due on or before March 31, 2023, an amount equal
to the greater of (i) $200,000 and (ii) 2.0% of the Term Loan advanced, or (b) if due after March 31, 2023, an amount equal to the greater of (i) $400,000 and (ii) 4.0% of the Term Loan advanced. 

  
 10. 

 “Success Fee Event” means (a) any sale, license, or other disposition of all or substantially
all of the assets (including intellectual property) of Borrower and its Subsidiaries takes as a whole, (b) any reorganization, consolidation, merger or sale of the voting securities of Borrower or any other transaction, except any such
transaction the holders of Borrower’s securities before the transaction beneficially own more than 50% of the outstanding voting securities of the surviving entity after the transaction, or (c) receipt of at least Fifty Million Dollars
($50,000,000) in aggregate gross Cash proceeds from the closing of one or more financings from the sale of equity securities or from strategic partnership or any similar transaction (including, for the avoidance of doubt, proceeds from the
Identified Permitted Licensing Transaction). 
 “Term Loan” means the term loan made under Section 2.1(b), consisting of Tranche I and Tranche
II. 
 “Tranche I” means a Term Loan in principal amount of $20,000,000. 

“Tranche II” means a Term Loan in principal amount of $20,000,000. 

“Tranche II Requirement” means acceptance by FDA of two (2) IND filings by Borrower on or before March 31, 2023. 

  
 11. 

 EXHIBIT B 
  

			
	DEBTOR	  	WEREWOLF THERAPEUTICS, INC.
		
	SECURED PARTY:	  	PACIFIC WESTERN BANK

 COLLATERAL DESCRIPTION ATTACHMENT TO LOAN AND SECURITY AGREEMENT 

All personal property of Borrower (herein referred to as “Borrower” or “Debtor”) whether presently existing or hereafter created or
acquired, and wherever located, including, but not limited to: 
 (a) all accounts (including health-care-insurance receivables), chattel
paper (including tangible and electronic chattel paper), deposit accounts, documents (including negotiable documents), equipment (including all accessions and additions thereto), financial assets, general intangibles (including patents, trademarks,
copyrights, goodwill, payment intangibles, domain names and software), goods (including fixtures), instruments (including promissory notes), inventory (including all goods held for sale or lease or to be furnished under a contract of service, and
including returns and repossessions), investment property (including securities and securities entitlements), letter of credit rights, money, and all of Debtor’s books and records with respect to any of the foregoing, and the computers and
equipment containing said books and records; 
 (b) any and all cash proceeds and/or noncash proceeds of any of the foregoing, including,
without limitation, insurance proceeds, and all supporting obligations and the security therefor or for any right to payment. All terms above have the meanings given to them in the North Carolina Uniform Commercial Code, as amended or supplemented
from time to time, including revised Article 9 of the Uniform Commercial Code-Secured Transactions. 
 Notwithstanding the foregoing, the
Collateral shall not include any Excluded Collateral (as defined in the Amended and Restated Loan and Security Agreement between Secured Party and Debtor), including, without limitation, any of the intellectual property, in any medium, of any kind
or nature whatsoever, now or hereafter owned or acquired or received by Borrower, or in which Borrower now holds or hereafter acquires or receives any right or interest (collectively, the “Intellectual Property”); provided, however, that
the Collateral shall include all accounts and general intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the foregoing (the “Rights to Payment”). 

Notwithstanding the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying
Intellectual Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of April 12, 2022 include the Intellectual Property to the extent and only to the extent
necessary to permit perfection of Bank’s security interest in the Rights to Payment, and further provided, however, that Bank’s enforcement rights with respect to any security interest in the Intellectual Property shall be absolutely
limited to the Rights to Payment only, and Bank shall have no recourse whatsoever with respect to the underlying Intellectual Property.DESCRIPTION OF SECURITIES

The following is a summary
of the material terms and provisions of the securities of Neuropathix, Inc. (“us,” “our,” “we” or
the “Company”) that are registered under Section 12 of the Securities Exchange Act of 1934, as amended, and certain provisions
of our certificate of incorporation, as amended and restated, and bylaws, as amended and restated, that are currently in effect. This
summary does not purport to be complete and is qualified in its entirety by the provisions of our amended and restated certificate of
incorporation (the “Charter”) and amended and restated bylaws (the “Bylaws”), each previously filed with the Securities
and Exchange Commission (“SEC”) and incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this
Exhibit 4.1 is a part, as well as to the applicable provisions of the Delaware General Corporation
Law (the “DGCL”). We encourage you to read our Charter, Bylaws and the applicable portions of the DGCL carefully.

General

Our
authorized capital stock consists of 205,000,000 shares, all with a $0.0001 par value of per share, of which:

	•		200,000,000 shares
are designated as common stock; and

	•		5,000,000 shares
are designated as preferred stock.

Common Stock

Our
common stock is listed on OTCQB Marketplace operated by the OTC Markets Group, Inc. under the symbol “NPTX.”

Voting Rights

Each
share of common stock entitles the holder to one vote with respect to each matter presented to our stockholders on which the holders of
common stock are entitled to vote, including the election of directors. Holders of our common stock do not have cumulative voting rights.
Except in respect of matters relating to the election and removal of directors on our board of directors and as otherwise provided in
our Charter or required by law or regulation, all matters to be voted on by our stockholders must be approved by the affirmative vote
of the holders of a majority in voting power present in person or represented by proxy at the meeting. In the case of election of directors,
all matters to be voted on by our stockholders must be approved by a plurality of the votes entitled to be cast by all shares of common
stock. Accordingly, the holders of a majority of the outstanding shares of common stock (voting with holders of outstanding shares of
preferred stock) entitled to vote in any election of directors can elect all of the directors standing for election, if they so choose,
other than any directors that holders of any preferred stock we may issue may be entitled to elect.

Dividends

Dividends
may be declared and paid on shares of our common stock as and when determined by our board of directors, subject to any preferential dividend
or other rights of any then outstanding preferred stock and to the requirements of applicable law. Subject to preferences that may apply
to any shares of preferred stock outstanding at the time, the holders of our common stock will be entitled to share equally, identically
and ratably in any dividends that our board of directors may determine to issue from time to time.

Liquidation Rights

In
the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of our common stock would be
entitled to share ratably in our assets that are legally available for distribution to stockholders after payment of our debts and other
liabilities. If we have any preferred stock outstanding at such time, holders of the preferred stock may be entitled to distribution and/or
liquidation preferences. In either such case, we must pay the applicable distribution to the holders of our preferred stock before we
may pay distributions to the holders of our common stock.

Other Rights

Our
stockholders have no preemptive, conversion or other rights to subscribe for additional shares, and there are no redemption or sinking
funds provisions applicable to the common stock. The rights, preferences and privileges of the holders of our common stock will be subject
to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that we may designate and
issue in the future.

Preferred Stock

Under the terms of our Charter,
our board of directors (“Board”) has the authority, without further action by our stockholders, to issue up to 5,000,000 shares
of preferred stock, par value of $0.0001 per share, in one or more series, without stockholder approval. Our Board is authorized to establish
from time to time the number of shares to be included in each series of preferred stock, and to fix the rights, preferences and privileges
of the shares of each series of preferred stock and any of its qualifications, limitations or restrictions. Our Board can also increase
or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series of preferred stock
then outstanding, without any further vote or action by the stockholders.

Our
board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting
power or other rights of the holders of the common stock. The issuance of preferred stock, while providing flexibility in connection with
possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a
change in our control and may adversely affect the market price of the common stock and the voting and other rights of the holders of
common stock. We have no current plans to issue any shares of preferred stock.

We have designated 75 shares
of Series A Preferred Stock, of which 75 shares are issued and outstanding, and 75 shares of Series B Preferred Stock, of which 75 shares
are issued and outstanding.

Series A Preferred
Stock

Voting Rights

Holders
of majority of the issued and outstanding shares of Series A Preferred Stock have the right to elect four directors to the Company’s
Board (each, a “Series A Director”). Any Series A Director seat shall be considered vacant whether such vacancy exists by
reason of a Series A director having never been elected to any such authorized seat(s), death, resignation, disqualification, removal
or otherwise. The holders of 2/3 of the issued and outstanding shares of Series A Preferred Stock may remove a Series A Director at any
time with or without cause.

On
all other matters, each share of Series A Preferred Stock entitles to the holder to 1,000 votes per share, voting as a single class with
holders of our voting stock entitled to vote on the matter.

Dividends

Holders
of Series A Preferred Stock are entitled to receive dividends or other distributions pari pasu and ratably with holders of Series
B Preferred Stock, and senior to the holders of common stock and any other junior stock of the Company, when and if declared by the Company.
Dividends may be declared and paid on shares of our Series A Preferred Stock as and when determined by our board of directors.

Conversion

Each
share of Series A Preferred is convertible, at the option of the holder, into 1,000 shares of Company common stock.

Liquidation Rights

In
the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of our Series A Preferred Stock
rank senior to holders of Company common stock and pari passu and ratable with holders of our Series B Preferred Stock. Accordingly,
we must pay the applicable distribution to the holders of our Series A Preferred Stock and Series B Preferred Stock before we may pay
distributions to the holders of our common stock.

Series B Preferred
Stock

Voting Rights

Holders
of majority of the issued and outstanding shares of Series B Preferred Stock have the right to elect three directors to the Company’s
Board (each, a “Series B Director”). Any Series B Director seat shall be considered vacant whether such vacancy exists by
reason of a Series B director having never been elected to any such authorized seat(s), death, resignation, disqualification, removal
or otherwise. The holders of 2/3 of the issued and outstanding shares of Series A Preferred Stock may remove a Series B Director at any
time with or without cause.

On
all other matters, each share of Series A Preferred Stock entitles to the holder to 1,000 votes per share, voting as a single class with
holders of our voting stock entitled to vote on the matter.

Dividends

Holders
of Series B Preferred Stock are entitled to receive dividends or other distributions pari pasu and ratably with holders of Series
A Preferred Stock, and senior to the holders of common stock and any other junior stock of the Company, when and if declared by the Company.
Dividends may be declared and paid on shares of our Series B Preferred Stock as and when determined by our board of directors.

Conversion

Each
share of Series B Preferred is convertible, at the option of the holder, into 1,000 shares of Company common stock.

Liquidation Rights

In
the event of any voluntary or involuntary liquidation, dissolution or winding up of our affairs, holders of our Series B Preferred Stock
rank senior to holders of Company common stock and pari passu and ratable with holders of our Series A Preferred Stock. Accordingly,
we must pay the applicable distribution to the holders of our Series B Preferred Stock and Series A Preferred Stock before we may pay
distributions to the holders of our common stock.

Anti-Takeover Effects
of Delaware Law and Our Charter and Bylaws

Some
provisions of Delaware law, our Charter and our Bylaws contain provisions that could make the following transactions more difficult: an
acquisition of us by means of a tender offer; an acquisition of us by means of a proxy contest or otherwise; or the removal of our incumbent
officers and directors. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that
stockholders may otherwise consider to be in their best interest or in our best interests, including transactions which provide for payment
of a premium over the market price for our shares.

These
provisions, summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids. These provisions are
also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe that the
benefits of the increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal
to acquire or restructure us outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result
in an improvement of their terms.

Undesignated Preferred
Stock

The
ability of our board of directors, without action by the stockholders, to issue up to 5,000,000 shares of undesignated preferred stock
with voting or other rights or preferences as designated by our board of directors could impede the success of any attempt to change control
of us. These and other provisions may have the effect of deferring hostile takeovers or delaying changes in control or management of our
company.

Removal of Directors

Our
Bylaws provide that (i) members of our board of directors appointed by holders of Series A Preferred Stock may only be removed, with or
without cause, by the affirmative vote or consent of two-thirds of the then outstanding Series A Preferred Stock, (ii) members of our
board of directors appointed by holders of Series B Preferred Stock may only be removed, with or without cause, by the affirmative vote
or consent of two-thirds of the then outstanding Series B Preferred and (iii) regular directors may be removed at any time, with or without
cause, by a vote of two-thirds of the stockholders entitled to vote upon the matter.

Stockholders Not Entitled
to Cumulative Voting

Our
Charter does not permit stockholders to cumulate their votes in the election of directors. Accordingly, the holders of a majority of the
outstanding shares of our common stock entitled to vote in any election of directors can elect all of the directors standing for election,
if they choose, other than any directors that holders of our preferred stock may be entitled to elect.

Delaware Anti-Takeover
Statute

We
are subject to Section 203 of the DGCL, which prohibits persons deemed to be “interested stockholders” from engaging
in a “business combination” with a publicly held Delaware corporation for three years following the date these persons become
interested stockholders unless the business combination is, or the transaction in which the person became an interested stockholder was,
approved in a prescribed manner or another prescribed exception applies. Generally, an “interested stockholder” is a person
who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status
did own, 15% or more of a corporation’s voting stock. Generally, a “business combination” includes a merger, asset or
stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have
an anti-takeover effect with respect to transactions not approved in advance by the board of directors.

Amendment of Charter
Provisions

The
amendment of any of the above provisions, except for the provision making it possible for our board of directors to issue preferred stock,
would require approval by holders of at least a majority of the total voting power of all of our outstanding voting stock.

The
provisions of Delaware law, our certificate of incorporation and our amended and restated bylaws could have the effect of discouraging
others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our
common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing
changes in the composition of our board of directors and management. It is possible that these provisions could make it more difficult
to accomplish transactions that stockholders may otherwise deem to be in their best interests.

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