Document:

Exhibit 10.58

 

Execution Version

 

THIS CONVERTIBLE PROMISSORY NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE
WITH RULE 144 UNDER SAID ACT OR AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR PURCHASER SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO- ACTION LETTER FROM THE SECURITIES AND EXCHANGE
COMMISSION.

 

SEVEN
STARS CLOUD GROUP, INC. CONVERTIBLE PROMISSORY NOTE

 

	U.S. $4,933,121.80	Date of Issuance:
                                         __, 2018

 

FOR
VALUE RECEIVED, Seven Stars Cloud Group, Inc., a Nevada corporation (the “Company”), hereby promises to pay
to the order of GT Dollar PTE, Ltd., a Singaporean corporation (“GT”), the aggregate principal sum of Four
Million Nine Hundred Thirty Three Thousand One Hundred Twenty One Dollars and Eighty Cents ($4,933,121.80) (the “Principal”)
in lawful money of the United States of America and in immediately available funds, subject to the provisions contained herein.
The Company and GT shall be collectively referred to as the “Parties”. Unless otherwise expressly provided
in this Note, initially capitalized words or terms used in this Note shall have the meanings set forth in the Purchase Agreement.

 

		1.	PRINCIPAL REPAYMENT

 

1.1                 
Maturity Date. The Principal and any other amounts payable to GT hereunder, shall be due and payable to GT on December
31, 2019 (the “Maturity Date”).

 

1.2                 
Interest. Interest will accrue from the date hereof on the Principal amount at the rate of fifty-six one hundredths
of a percent (0.56%) per annum until payment in full or until the conversion of the Principal pursuant to Section 2 of this
Note. If the Principal is not converted pursuant to Section 2 of this Note, interest shall be paid with the Principal amount
on the Maturity Date. If the Principal is converted pursuant to Section 2 of this Note, interest accrued through the Conversion
Date shall be paid on the Conversion Date in accordance with Section 2 of this Note.

 

1.3                 
Payment. All payments made pursuant to this Note shall be made by check or wire transfer of immediately available
funds and in lawful money of the United States of America to GT at the address for notices pursuant to Section 5.4 below or at
such other place as GT may designate. Any payment on this Note shall be applied first to accrued interest, then to other amounts
owing hereunder, and thereafter to the outstanding principal balance hereof.

 

1.4                 
Prepayment. The Company shall have the option to prepay this Note, together with accrued but unpaid interest, in
whole or in part, at any time without premium or penalty.

 

		2.	CONVERSION

 

2.1                 
Limitation on Conversion Pending Stockholder Approval. The Parties acknowledge and agree that, absent receipt of
the necessary stockholder approval and fulfilment of the other Conversion. Conditions as set forth in Section 2.2 below, the Company
shall not effect any conversion, and GT shall not have any right to convert, any portion of this Note into shares of common stock
of the Company (the “Common Stock”). GT shall not be entitled to vote any shares of Common Stock acquired by it pursuant
to this Note or any other Company Agreements in connection with any such stockholder approval sought by the Company.

 

2.2                 
Stockholder Approval. As promptly as practicable after the Closing of this Note, the Company covenants and agrees
to use commercially reasonable efforts to (i) obtain any approvals of the Company’s stockholders required under the Company’s
organizational documents, applicable law and/or the listing rules and regulations of NASDAQ in connection with the transactions
contemplated by this Note, (ii) file an Information Statement pursuant to Section 14(c) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder with the Securities and
Exchange Commission with regard to the transactions contemplated by this Note (the “Information Statement”), and (iii)
mail the definitive Information Statement to the Company’s stockholders (the “Conversion Conditions”).

 

2.3                 
Automatic Conversion into Common Stock. Subject
to Section 2.1, upon satisfaction of the Conversion Conditions, all of the Principal and accrued but unpaid interest shall
be automatically converted into shares of the Common Stock at a conversion rate of $1.82 per share of Common Stock (the “Conversion
Shares”).

 

    	 	 	 

     

    

 

2.4                 
Mechanics of Conversion. Upon satisfaction of the Conversion Conditions, the Company and GT shall agree to a date
for such conversion which, in no event, shall be earlier than twenty (20) calendar days following the date of the satisfaction
of the Conversion Conditions, in compliance with Exchange Act Rule 14c-2(b) (the “Conversion Date”). On or before
the Conversion Date, GT shall surrender the Note for conversion and the Company shall denote in its corporate records the ownership
by GT of the Conversion Shares, effective as of close of business on the Conversion Date. Effective as of close of business on
the Conversion Date (i) the rights of GT with respect to the Principal, together with all other amounts due hereunder to GT shall
cease, and (ii) GT shall be treated for all purposes as having become the record holder of such Conversion Shares. Subject to the
terms of Section 2.4 of the Purchase Agreement and the Escrow Agreement, on the Conversion Date the Conversion Shares shall be
placed in the Escrow Account. The issuance of Common Stock upon conversion of this Note shall be made without charge to GT for
any tax in respect of such issuance, and such Conversion Shares shall be issued in such names as may be directed by GT.

 

2.5                 
Adjustment of Conversion Shares. Subject to Section 2.6 hereof, the number and kind of Conversion Shares or
other securities to be issued upon conversion determined pursuant to Section 2.3 shall be subject to adjustment from time
to time upon the happening of certain events while this conversion right remains outstanding, as follows:

 

(a)                
Merger, Sale of Assets, etc. If the Company at any time shall consolidate with or merge into or sell or convey all
or substantially all its assets to any other corporation or other entity, this Note shall thereafter be deemed to evidence the
right to purchase such number and kind of shares or other securities and property as would have been issuable or distributable
on account of such consolidation, merger, sale or conveyance, upon or with respect to the securities subject to the conversion
or purchase right immediately prior to such consolidation, merger, sale or conveyance. The foregoing provision shall similarly
apply to successive transactions of a similar nature by any such successor or purchaser. Without limiting the generality of the
foregoing, the anti-dilution provisions of this Section 2.5 shall apply to such securities of such successor or purchaser
after any such consolidation, merger, sale or conveyance.

 

(b)                
Reclassification. If the Company at any time shall, by reclassification or otherwise, change the Common Stock into
the same or a different number of securities of any class or classes that may be issued or outstanding, this Note shall thereafter
be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable
as the result of such change with respect to the Common Stock immediately prior to such reclassification or other change.

 

(c)                
Stock Splits, Combinations and Dividends. If the shares of Common Stock are subdivided or combined into a greater
or smaller number of shares of Common Stock, or if a dividend is paid on the Common Stock in shares of Common Stock, the number
of Conversion Shares to be issued upon conversion shall be proportionately reduced in case of subdivision of shares or stock dividend
or proportionately increased in the case of combination of shares, in each such case by the ratio which the total number of shares
of Common Stock outstanding immediately after such event bears to the total number of shares of Common Stock outstanding immediately
prior to such event.

 

2.6                 
Adjustment Notices. Whenever the number of Conversion Shares to be issued upon conversion is adjusted as provided
in Section 2.5, the Company shall promptly deliver to GT written notice setting forth the revised number of Conversion Shares
with a statement of facts regarding the adjustment and the computation thereof.

 

		3.	COVENANTS OF THE COMPANY

 

3.1                 
Payment of Principal; Conversion. The Company hereby covenants and agrees that it shall pay or cause to be paid all
amounts due hereunder on the Maturity Date or, if applicable prior to the Maturity Date, the Company shall effect or cause to be
effected any conversion of the Principal into Conversion Shares.

 

3.2                 
Reserves. From the date hereof until the Conversion Date or Maturity Date, whichever is later, the Company shall
at all times reserve and keep available, out of its authorized but unissued Common Stock, solely for the purpose of issue upon
conversion of this Note, such number of shares of Common Stock as shall then be issuable upon the conversion of this Note. The
Company covenants that all such shares of Common Stock shall, upon issuance, be duly and validly issued, fully paid and non-assessable.

 

		4.	DEFAULT, ACCELERATION

 

4.1                 
Events of Default. Each of the following events
shall be an “Event of Default” hereunder: (i) the Company fails to pay timely any amounts due under this Note on the
date the same becomes due and payable, (ii) the Company breaches any covenant, representation, warranty, or agreement under this
Note, (iii) the Company files a petition or action for relief under any bankruptcy, insolvency or moratorium law or any other law
for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors or
takes any action in furtherance of any of the foregoing, or (iv) an involuntary petition is filed against the Company (unless such
petition is dismissed or discharged within sixty (60) days of filing) under any bankruptcy statute now or hereafter in effect,
or a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar official) is appointed to take possession,
custody or control of any property of the Company.

 

    	 	 	 

     

    

 

4.2                 
Acceleration. Upon the occurrence of an Event of Default, all outstanding principal, accrued interest and other amounts
owing hereunder shall, at the option of GT, and, in the case of an Event of Default pursuant to Sections 4.1(a)(iii) or (iv) above,
automatically, be immediately due and payable. GT shall have all rights and may exercise any remedies available to it at law or
in equity, successively or concurrently.

 

4.3                 
Costs of Collection. In the event of any Event of Default hereunder, the Company shall pay all reasonable attorneys’
fees and court costs incurred by GT in enforcing and collecting this Note.

 

		5.	MISCELLANEOUS

 

5.1                 
Remedies Cumulative and Continuing. All powers and remedies of GT hereunder with respect to an Event of Default shall,
to the extent permitted by law, be deemed cumulative and not exclusive of any other thereof or of any other power or remedy available
to GT, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained
in this Note, and every power and remedy given by this Note or by applicable law to GT may be exercised from time to time, and
as often as shall be deemed expedient by GT.

 

5.2                 
Replacement; Exchange. If this Note is destroyed, lost or stolen, the Company will deliver a new note to GT on the
same terms and conditions as this Note with a notation of the unpaid principal in substitution of the prior Note. GT shall furnish
to the Company reasonable evidence that the Note was destroyed, lost or stolen and any security or indemnity that may be reasonably
required by the Company in connection with the replacement of this Note.

 

5.3                 
Choice of Law. This Note shall be governed by and construed in accordance with the Requirements of Law of the State
of New York without giving effect to the principles of conflict of Laws.

 

5.4                 
Notices. All notices or other communications required or permitted hereunder shall be in writing and shall be delivered
personally, telecopied or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given
if delivered personally or telecopied, on the date of such delivery, or if sent by reputable overnight courier, on the first Business
Day following the date of such mailing, as follows:

 

		(a)	if to the Company: 

 

Seven Stars Cloud

 

Group, Inc.

No. 4 Drive-in Movie

Theater Park, No. 21

Liangmaqiao RoadCHaoyang, District,

Beijing, P.R.C. 100125

Attn: Legal Department

Telecopy: 86+10-8586-2775

 

		(b)	if to GT:

 

GT Dollar PTE. Ltd.

10 Kallang Avenue,

Aperia Tower 2 #13-18, Postal Code 339510

Attn: Legal Department

 

Any Party may by notice given in accordance with
this Section 5.4 designate another address or Person for receipt of notices hereunder.

 

5.5                  Assignment.
This Note shall be binding upon the Company and GT and its successors and assigns. Neither the Company nor GT shall make any
assignment of its rights under this Note or subject this Note or its rights hereunder to any lien or security interest of any
kind whatsoever; and any such assignment, lien or security interest shall be absolutely void and unenforceable as against
GT.

 

    	 	 	 

     

    

 

5.6                 
Cooperation; Further Action. Each Party to this Note shall, without further consideration, execute and deliver any
further or additional instruments and perform any acts which may become reasonably necessary to effectuate and carry out the purposes
of this Note.

 

5.7                 
Severability. If any provision of this Note shall be held to be invalid or unenforceable, such determination shall
not affect the remaining provisions of this Note.

 

5.8                 
Amendments. This Note may not be altered or amended, and no right under this Note may be waived, except by a writing
executed by the Parties to this Note or except as otherwise provided in this Note. No waiver of any term, provision, or condition
of this Note, in any one or more instances, shall be deemed or construed as a further or continuing waiver of any such term, provision,
or condition, or as a waiver of any other term, provision, or condition of this Note.

 

5.9                 
Headings. The headings in this Note are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

 

[Remainder of Page Intentionally Left Blank; Signature
Page Follows]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the undersigned have executed
this Note as of the date first set forth above.

 

		SEVEN STARS CLOUD GROUP, INC.
	 	 	 
		By:	 /s/ Bruno Wu

	 	Name:	Bruno Wu
	 	Title:	CEO
	 	 	 
		GT DOLLAR PTE. LTD:
	 	 	 
		By:	/s/ Chan Cheh Shin

	 	Name:	Chan Cheh Shin
	 	Title:	Vice President

 

 

[Signature Page – Convertible Promissory Note]EX-4.3

 Exhibit 4.3 

STOCK PURCHASE AGREEMENT 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of March 29, 2018 (the
“Effective Date”), by and between Surface Oncology, Inc., a Delaware corporation (the “Company”) and Novartis Institutes for Biomedical Research, Inc. (“Purchaser”). 

WHEREAS, the Company and Purchaser are parties to that certain Participation Agreement, dated January 9, 2016 (the
“Participation Agreement”); and 
 WHEREAS, pursuant to the Participation Agreement, the Company and
Purchaser desire to enter into this Agreement, pursuant to which Purchaser agrees to purchase shares of the Company’s common stock, par value $0.0001 per share, (as may be adjusted prior to the IPO (the “Common Stock”)
in a private placement that would close concurrently with the IPO (as defined below) as described herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. STOCK PURCHASE REQUIREMENT. Pursuant to the terms of the Participation Agreement, in the event that the Company consummates an
initial public offering of its Common Stock pursuant to an effective registration statement (the “Registration Statement”) under the Securities Act of 1933, as amended (collectively, the “Securities
Act”) (the “IPO”), Purchaser shall purchase, subject to the terms and conditions set forth in this Agreement, in a concurrent private placement exempt from the registration requirements of the Securities Act,
that number of shares, rounded down to avoid fractional shares (the “Shares”), determined by dividing $11,500,000 (eleven million five hundred thousand dollars) (the “Purchase Price”) by the price per
share at which the Common Stock is sold to the public in the IPO, as set forth on the cover page of the prospectus, (the “Share Price”) and such purchase will occur concurrently with, and be conditioned upon, the closing of
the IPO (the “Closing”). 
 2. AGREEMENT TO SELL AND PURCHASE. 

2.1 Closing. At the Closing, Purchaser agrees to purchase, and the Company agrees to issue and sell to the Purchaser, subject to the
terms and conditions set forth in this Agreement, in a concurrent private placement exempt from the registration requirements of the Securities Act, the Shares at a price per share equal to the Share Price. 

2.2 Closing Date. The Closing shall take place simultaneously with the closing of the IPO at the offices of Goodwin Procter LLP, 100
Northern Ave., Boston, MA 02210 (the date of such Closing is hereinafter referred to as the “Closing Date”). Promptly following the Closing, the Company shall instruct its transfer agent to promptly deliver to the Purchaser a
stock certificate, registered in the name of the Purchaser, representing the Shares. Delivery to the Purchaser shall be made against payment to the Company of the full amount of the Purchase Price. 

 2.3 Actions by Purchaser at Closing. At the Closing, the Purchaser shall pay the Purchase
Price by wire transfer of immediately available funds to an account specified in writing by the Company. 
 3. REPRESENTATIONS AND
WARRANTIES OF THE COMPANY. 
 Except as may be set forth on disclosure schedules attached hereto (the “Disclosure
Schedules”), the Company hereby represents and warrants to Purchaser as follows: 
 3.1 Organization; Qualification. The
Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as now conducted and as proposed to be conducted, and
is qualified to do business as a foreign corporation and is in good standing under the laws of each state or other jurisdiction in which either the ownership or use of the properties owned or used by it, or the nature of the activities conducted by
it, requires such qualification. 
 3.2 Capitalization. The authorized capital stock of the Company and the outstanding shares of
each class and series thereof and of the securities convertible, exercisable or exchangeable therefor as of the date hereof are as set forth on Schedule 3.2 attached hereto. Except as set forth on Schedule 3.2, there are no
(i) outstanding warrants, options, agreements, convertible securities or other commitments or instruments pursuant to which the Company is or may become obligated to issue or sell any shares of its capital stock or other securities or
(ii) preemptive or similar rights to purchase or otherwise acquire shares of the capital stock or other securities of the Company (such as a right of first refusal, right of first offer, right of co-sale, proxy, voting trust, voting
agreement, etc.) with respect to the sale or voting of shares of capital or securities of the Company (whether outstanding or issuable) except to the extent such rights have been waived. The outstanding shares of capital stock of the Company have
been duly and validly issued and are fully paid and nonassessable, were not issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities, and, for those shares issued until the Closing, have been issued in
compliance with all federal and state securities laws. There are no shareholder agreements, voting agreements or other similar agreements with respect to the voting of the Shares to which the Company is a party or, to the knowledge of the Company,
between or among any of the Company’s shareholders. 
 3.3 Authorization; Binding Obligations. The Company has all requisite
corporate power and authority to execute and deliver this Agreement and any and all instruments necessary or appropriate in order to effectuate fully the terms and conditions contained herein and all related transactions and to perform its
obligations hereunder. This Agreement and the issuance, sale and delivery of the Shares have been duly authorized by all necessary action on the part of the Company, and has been duly executed and delivered by the Company and constitutes the valid
and legally binding obligation of the Company enforceable in accordance with its terms and conditions. The authorization, issuance, sale and delivery of the Shares have been duly authorized by all requisite action of the Company’s board of
directors and stockholders. 

 3.4 Valid Issuance of the Stock. When issued in accordance with this Agreement, the
Shares, will be (i) duly and validly issued, fully paid and nonassessable, free of any liens, options, encumbrances, proxies, adverse claims or restrictions imposed by the Company except as set forth in the Company’s Amended and
Restated Certificate of Incorporation, as amended (the “Certificate of Incorporation”), and (iii) assuming the accuracy of the Purchaser’s representations in this Agreement at the time of such issuance,
issued in compliance with all applicable federal and state securities laws. The issuance by the Company of the Shares is exempt from registration under the Securities Act The Company has reserved a sufficient number of shares of Common
Stock for issuance to Purchaser in accordance with the Company’s obligations under this Agreement. 
 3.5 Non-Contravention. No
consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state, or local governmental authority (other than filings required to be made under applicable federal and state
securities laws) on the part of the Company is required in connection with (i) the authorization, execution and delivery of this Agreement or (ii) the authorization, issuance and delivery of the Shares pursuant to this
Agreement. The Company is not in violation or default of any provisions of the Certificate or the Company’s By-Laws, each as amended to date (collectively, the “Charter Documents”) or of any instrument, judgment, order,
writ, decree or contract to which the Company is a party or by which the Company is bound or of any provision of any statute, rule or regulation applicable to the Company, which violation or default would materially and adversely affect the business
of the Company. The execution, delivery and performance of this Agreement will not result in any violation of, be in conflict with, or constitute a default under, with or without the passage of time or the giving of notice of (w) any
provision of the Charter Documents, (x) any provision of any judgment, decree or order to which the Company is a party or by which the Company is bound, (y) or give to others any rights of termination, amendment, acceleration
or cancellation of, any material contract, obligation or commitment to which the Company is a party or by which the Company is bound; or (z) any statute, rule or regulation applicable to the Company which would materially and adversely
affect the business of the Company. 
 3.6 Compliance with Securities Laws. Assuming the accuracy of the Purchaser’s
representations, the offer, grant, sale, and/or issuance of the Shares will not be in violation of the Securities Act, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), any state securities or “blue
sky” law, or the Charter Documents, when offered, sold and issued in accordance with this Agreement. 
 3.7 Investment Company.
The Company is not and, after giving effect to the offering and sale of the Shares, will not be an “investment company” as defined in the Investment Company Act of 1940, as amended. 

3.8 Integration; Other Issuances of Securities. Neither the Company nor its subsidiaries or any affiliates, nor any person acting on
its or their behalf, has issued any shares of Common Stock or shares of any series of preferred stock or other securities or instruments convertible into, exchangeable for or otherwise entitling the holder thereof to acquire shares of Common Stock
which would be integrated with the sale of the Shares to the Purchaser for purposes of the Securities Act or of any applicable stockholder approval provisions, including, 

 
without limitation, under the rules and regulations of The NASDAQ Stock Market, nor will the Company or its subsidiaries or affiliates take any action or steps that would require registration of
any of the Shares under the Securities Act or cause the offering of the Shares to be integrated with other offerings if any such integration would cause the issuance of the Shares hereunder to fail to be exempt from registration under the Securities
Act or cause the transactions contemplated hereby to contravene the rules and regulations of the NASDAQ Global Select Market. 
 3.9 No
General Solicitation. Neither the Company nor its subsidiaries or any affiliates, nor any person acting on its or their behalf, has offered or sold any of the Shares by any form of general solicitation or general advertising. 

4. REPRESENTATIONS AND WARRANTIES OF PURCHASER. 

4.1 Investment Representations.  

(a) The Purchaser represents and warrants to the Company that: (i) it is an “accredited investor” as defined in
Rule 501(a) promulgated under the Securities Act; (ii) it has sufficient knowledge and experience in investing in companies similar to the Company in terms of the Company’s stage of development, so as to be able to evaluate the
risks and merits of its investment in the Company and it is able financially to bear the risks thereof; (iii) it has had an opportunity to discuss the Company’s business, management and financial affairs with the Company’s
management; and (iv) its financial condition is such that it is able to bear the risk of holding the Common Stock for an indefinite period of time and can bear the loss of the entire investment in such securities. 

(b) This Agreement is made in reliance upon the Purchaser’s express representations that (i) the Shares being purchased by
such Purchaser is being acquired for such Purchaser’s own account (and not on behalf of any other person or entity) for the purpose of investment and not with a view to, or for sale in connection with, the distribution thereof, nor with any
present intention of distributing or selling the Shares or any portion thereof, (ii) the Purchaser was not organized for the specific purpose of acquiring the Shares and (iii) the Shares will not be sold by the Purchaser
without registration under the Securities Act or applicable state securities laws, or an exemption therefrom. 
 (c) The Purchaser
understands that until such time as the Shares shall have been registered under the Securities Act and applicable state securities laws or shall have been transferred in accordance with an opinion of counsel reasonably satisfactory to the Company
that such registration is not required, stop transfer instructions shall be issued to the Company’s transfer agent, if any, or, if the Company transfers its own securities, a notation shall be made in the appropriate records of the Company with
respect to such securities, and the certificate or certificates representing such securities shall bear a restrictive legend stating that such securities have not been registered under the Securities Act and applicable state securities laws and
referring to restrictions on the transferability and sale thereof. The Purchaser further understands that his, her or its representations and warranties hereunder will not preclude disposition of the Common Stock without registration thereof, in
compliance with Rule 144 

 
promulgated under the Securities Act (“Rule 144”). The Purchaser understands and acknowledges, however, that (i) there is not now available, and may not be
available when it wishes to sell the Shares, or any portion thereof, the adequate current public information with respect to the Company which would permit offers or sales of such securities pursuant to Rule 144, and, therefore, compliance with the
Securities Act or some other exemption from the registration and prospectus delivery requirements of the Securities Act will be required for any such offer or sale, and (ii) except as set forth in the Investors’ Rights Agreement (as
defined below), the Company is under no obligation to register such securities or to make Rule 144 available. 
 4.2 Receipt of
Information. The Purchaser has been furnished access to the business records of the Company and such additional information and documents as the Purchaser has requested and has been afforded an opportunity to ask questions of and receive answers
from representatives of the Company concerning the terms and conditions of this Agreement, the purchase of the Shares, the Company’s business, operations, market potential, capitalization, financial condition and prospects, and all other
matters deemed relevant by the Purchaser. 
 4.3 Authorization. The Purchaser has all requisite power and authority to execute and
deliver this Agreement. This Agreement constitutes the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms. 

4.4 Foreign Investors. If Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended) (a “Foreign Purchaser”), Purchaser has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Shares or any use of
this Agreement, including (i) the legal requirements within its jurisdiction for the subscription of the Shares, (ii) any foreign exchange restrictions applicable to such subscription, (iii) any governmental or
other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the subscription, holding, redemption, sale or transfer of the Shares. Purchaser’s subscription and
payment for and continued beneficial ownership of the Shares, will not violate any applicable securities or other laws of Purchaser’s jurisdiction. 

4.5 “Bad Actor” Status. Purchaser hereby represents that neither it nor any of its Rule 506(d) Related Parties
(as defined below) is a “bad actor” within the meaning of 506(d) promulgated under the Securities Act. For purposes of this Agreement, “Rule 506(d) Related Party” shall mean a person or entity covered by the
“Bad Actor disqualification” provision of Rule 506(d) of the Securities Act. 
 4.6 Legends. Purchaser understands and
agrees that the certificates or confirmations evidencing or confirming the Shares, or any other securities issued in respect of the Shares upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall bear the
legends required by this Agreement, including legends relating to restrictions on transfer under federal and state securities laws (as set forth below) and legends required under applicable state securities laws. 

 “THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO AND COMPLIANCE WITH
APPLICABLE STATE SECURITIES LAWS, A VALID EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933 OR APPLICABLE STATE
SECURITIES LAWS.” 
 5. CONDITIONS TO CLOSING. 

5.1 Conditions to Purchaser’s Obligations at the Closing. Purchaser’s obligations to purchase the Shares
at the Closing are subject to the satisfaction, at or prior to the Closing Date, of the following conditions: 
 (a) Representations and
Warranties True. The representations and warranties in Section 3 made by the Company shall be true and correct in all material respects. 

(b) Consents, Permits, and Waivers. The Company shall have obtained any and all consents, permits and waivers necessary or appropriate
for consummation of the transactions contemplated by this Agreement, except for any such consents, permits and waivers as may be properly obtained subsequent to the Closing. 

(c) IPO Closing. The IPO shall close simultaneously with the consummation of this Closing. 

(d) Legal Opinion. Purchaser shall have received a legal opinion from Goodwin Procter LLP in form and substance reasonably
acceptable to Purchaser. 
 6. Conditions to Obligations of the Company. The Company’s obligation to issue and sell the Shares
to Purchaser at the Closing is subject to the satisfaction, on or prior to the Closing Date, of the following conditions: 
 (a)
Representations and Warranties True. The representations and warranties in Section 4 made by Purchaser shall be true and correct in all material respects. 

(b) Consents, Permits, and Waivers. The Company shall have obtained any and all consents, permits and waivers necessary or appropriate
for consummation of the transactions contemplated by this Agreement, except for any such consents, permits and waivers as may be properly obtained subsequent to the Closing. 

(c) IPO Closing. The IPO shall close simultaneously with the consummation of this Closing. 

 7. MISCELLANEOUS. 

7.1 Registration Rights. The Shares shall be “Registrable Securities” pursuant to that certain Investors’ Rights
Agreement, dated November 6, 2014, by and between the Company and certain of its stockholders (as amended, the “Investors’ Rights Agreement”). 

7.2 Confidentiality. Section 3.7 of the Participation Agreement shall apply mutatis mutandis even if the Participation Agreement is
terminated. 
 7.3 Costs and Expenses. Each Party shall bear its own costs and expenses in connection with negotiation of this
Agreement. 
 7.4 Governing Law. This Agreement and any questions related thereto shall be subject to the laws of Delaware excluding
its conflict of law rules, unless otherwise stated herein with respect to U.S. securities laws. 
 7.5 Jurisdiction. The ordinary
courts at the place of the registered offices of the Company shall have exclusive jurisdiction with regard to any dispute arising between the Parties out or in connection with this Agreement (including a dispute regarding the construction and
validity thereof). 
 7.6 Survival. The representations and warranties of the Company and Purchaser contained in or made pursuant to
this Agreement shall survive the execution and delivery of this Agreement and the Closing. 
 7.7 Successors and Assigns. The terms
and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither the Company nor Purchaser shall not have the right to
assign this Agreement without the prior written consent of the other party. 
 7.8 Entire Agreement. This Agreement constitutes the
full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof and no party shall be liable for or bound to any other in any manner by any oral or written representations, warranties, covenants and
agreements except as specifically set forth herein and therein. 
 7.9 Severability. In the event one or more of the provisions of
this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as
if such invalid, illegal or unenforceable provision had never been contained herein. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

 7.10 Amendment and Waiver. This Agreement may be amended or modified, and the rights and
the obligations of the Company and the rights and obligations of Purchaser may be waived, only upon the written consent of the Company and Purchaser. 

7.11 Notices. All notices which are required or permitted hereunder will be in writing and sufficient if delivered personally, sent by
facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed
as follows: 
  

					
	To the Company:	  		  	 Surface Oncology, Inc.
 50 Hampshire Street, 8th
Floor
 Cambridge, Massachusetts 02139
 Attention: Chief
Executive Officer

			
	With a copy to:	  		  	 Goodwin Procter LLP
 100 Northern Avenue

Boston, MA 02210
 USA
Attention: Kingsley L. Taft and Robert E.
Puopolo

			
	To Purchaser:	  		  	 Novartis Institutes for BioMedical Research, Inc.

250 Massachusetts Avenue
 Cambridge, MA 02139

Attention: General Counsel

			
	With a copy to:	  		  	 Hogan Lovells US LLP
 875 Third Avenue

New York, NY 10022
 Attention: Adam H. Golden, Esq.

 or to such other address as the party to whom notice is to be given may have furnished to the other party in writing in
accordance herewith. Any such notice will be deemed to have been given: (a) when delivered if personally delivered on a business day (or if delivered or sent on a non-business day, then on the next
business day); (b) on the business day of receipt if sent by overnight courier or facsimile; or (c) on the business day of receipt if sent by mail. 

7.12 Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are
not to be considered in construing this Agreement. 
 7.13 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but all of which together shall constitute one instrument. Any or all parties may execute this Agreement by facsimile signature or scanned signature in PDF format and any such facsimile signature or
scanned signature, if identified, legible and complete, shall be deemed an original signature and each of the parties is hereby authorized to rely thereon. 

 7.14 Broker’s Fees. Each party hereto represents and warrants that no agent, broker,
investment banker, person or firm acting on behalf of or under the authority of such party hereto is or will be entitled to any broker’s or finder’s fee or any other commission directly or indirectly in connection with the transactions
contemplated herein. Each party hereto further agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this Section 7.14 being untrue. 

7.15 Termination. The parties hereto may terminate this Agreement by mutual written agreement. 

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

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

  

									
	 COMPANY:
	 		 	PURCHASER:
	 Surface Oncology, Inc.
	 		 	 Novartis Institutes for Biomedical

Research, Inc.

					
	 Signature:
	 	 /s/ Jeff Goater
	 		 	 Signature:
	 	/s/ Scott A. Brown
	 Print Name:
	 	 Jeff Goater
	 		 	 Print Name:
	 	Scott A. Brown
	 Title:
	 	 CEO
	 		 	 Title:
	 	VP, General Counsel

 Schedule 3.2 

The Company’s capitalization was as follows: 
  

	 	•	 	Redeemable convertible preferred stock (Series A and, A-1), $0.0001 par value per share; 37,100,000 shares authorized, issued and outstanding; 

 

	 	•	 	Preferred stock, $0.0001 par value per share; no shares authorized, issued or outstanding; 

  

	 	•	 	Common stock, $0.0001 par value per share; 53,000,000 shares authorized, 5,909,996 shares issued and outstanding; and 

  

	 	•	 	9,657,940 shares of common stock issuable upon the exercise of stock options outstanding.

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