Document:

EX-10.17

 Exhibit 10.17 

CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS NOT MATERIAL AND (I) WOULD BE COMPETITIVELY HARMFUL TO
THE REGISTRANT IF PUBLICLY DISCLOSED OR (II) IS INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. SUCH INFORMATION HAS BEEN MARKED WITH “[***]” TO INDICATE WHERE OMISSIONS HAVE BEEN MADE. 

LICENSE AGREEMENT 
 BY AND
BETWEEN 
 TAKEDA PHARMACEUTICAL COMPANY LIMITED 

AND 
 RECURSION
PHARMACEUTICALS, INC. 
 Dated as of May 1, 2020 

 LICENSE AGREEMENT 

This License Agreement (“Agreement”) is dated as of May 1, 2020 (the “Effective Date”) by and between
Takeda Pharmaceutical Company Limited having a business address at 1-1, Doshomachi 4-chome, Chuo-ku, Osaka 540-8645, Japan (“Takeda”) and Recursion Pharmaceuticals, Inc., having a business address at 41 S. Rio Grande Street, Salt Lake City, UT 84101, USA (“Recursion”). Each hereunder may
be referred to separately as a “Party” or collectively as the “Parties”. 
 RECITALS 

WHEREAS, Takeda owns or controls certain intellectual property, including patents, know-how and
data, and certain materials relating to Takeda’s MEK-1 and MEK-2 inhibitor known as TAK-733, and the research and
development thereof; 
 WHEREAS, Recursion desires to exclusively license from Takeda and Takeda desires to exclusively license to
Recursion, the right to use and otherwise exploit such intellectual property to develop, manufacture and commercialize the Compound and Products in the Field in the Territory (as such terms are defined below). 

NOW, THEREFORE, in consideration of the mutual promises and undertakings set forth herein, and intending to be legally bound hereby,
the Parties agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 Unless
otherwise defined elsewhere in the Agreement, all capitalized terms shall have the following meanings: 
  

	1.1	 “Action” shall have the meaning set forth in Section 6.5(b).

  

	1.2	 “Adverse Event” means any serious untoward medical occurrence in a patient or subject
who is administered any Product, including any serious untoward medical occurrence, that is required under Laws to be reported to applicable Regulatory Authorities. 

 

	1.3	 “Affiliate” means with respect to a particular Party, a Person that controls, is
controlled by or is under common control with such Party. For the purposes of this definition, the word “control” (including, with correlative meaning, the terms “controlled by” or “under the common control with”) means
the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction of the management and policies of such entity, whether by the ownership of fifty percent (50%) or more of the voting stock of such
entity, or by contract or otherwise. 

  

	1.4	 “Anti-Corruption Laws” means Laws, regulations, or orders prohibiting the provision of
a financial or other advantage for a corrupt purpose or otherwise in connection with the improper performance of a relevant function, including without limitation, the U.S. Foreign Corrupt Practices Act (FCPA) and similar laws governing corruption
and bribery, whether public, commercial or both, to the extent applicable. 

	1.5	 “Bankruptcy Event” means: (a) voluntary or involuntary proceedings by or against a
Party are instituted in bankruptcy under any insolvency Law, which proceedings, if involuntary, shall not have been dismissed within [***] after the date of filing; (b) a receiver or custodian is appointed for a Party;
(c) proceedings are instituted by or against a Party for corporate reorganization, dissolution, liquidation or winding-up of such Party, which proceedings, if involuntary, shall not have been dismissed
within [***] after the date of filing; or (d) substantially all of the assets of a Party are seized or attached and not released within [***] thereafter. 

 

	1.6	 “Calendar Quarter” means each three (3) month period commencing January 1,
April 1, July 1 or October 1 of any year; provided, however, that (a) the first Calendar Quarter of the Term shall extend from the Effective Date to the end of the first full Calendar Quarter
thereafter, and (b) the last Calendar Quarter of the Term shall end upon the expiration or termination of this Agreement. 

  

	1.7	 “Calendar Year” means the period beginning on January 1 and ending on
December 31 of the same year; provided, however, that (a) the first Calendar Year of the Term shall commence on the Effective Date and end on December 31 of the same year and (b) the last Calendar Year
of the Term shall commence on January 1 of the Calendar Year in which this Agreement terminates or expires and end on the date of termination or expiration of this Agreement. 

 

	1.8	 “Commercialization” or “Commercialize” means any and all activities
undertaken for any Product(s) that relate to the marketing, commercial strategy, pricing, promoting, distributing, physician targeting, reimbursement, branding, importing or exporting for sale, offering for sale and selling of the Product, and
interacting with Regulatory Authorities regarding the foregoing. 

  

	1.9	 “Commercially Reasonable Efforts” means: (a) with respect to the efforts to be
expended by a Party with respect to any objective, such reasonable and good faith efforts as are reasonable and customary in the United States pharmaceutical and biotechnology industry for companies engaged in comparable activities to accomplish a
similar objective under similar circumstances; and (b) with respect to any objective relating to Development or Commercialization of a Product by a Party, the application by such Party, consistent with the exercise of its prudent scientific and
business judgment, of such efforts and resources to fulfill the obligation in issue, consistent with the level of efforts as are reasonable and customary in the United States pharmaceutical and biotechnology industry for companies engaged in
comparable activities for a product at a similar stage in its product life as a Product and having profit potential and strategic value comparable to that of such Product, taking into account, without limitation, commercial, legal and regulatory
factors, target product profiles, product labeling, past performance, the regulatory environment and competitive market conditions in the therapeutic area, safety and efficacy of such Product, the strength of its proprietary position and such other
factors as such Party may reasonably consider, all based on conditions then prevailing. For clarity, Commercially Reasonable Efforts will not mean that a Party guarantees that it will actually accomplish the applicable task or objective.

  

	1.10	 “Competitive Program” shall have the meaning set forth in Section 2.7.

  

	1.11	 “Compound” means (a) Takeda’s mitogen-activated protein kinase (MEK)-1 and MEK-2inhibitor known as “TAK-733” having chemical structure set forth on Exhibit A, (b) any
metabolites, polymorphs, salts, esters, free acid forms, free base forms, pro drug forms, racemates and all optically active forms of TAK-733 and (c) any other chemical structure the Exploitation of which
would infringe the Takeda Patent. 

  

	1.12	 “Confidential Information” of a Party means information relating to the business,
operations or products of a Party or any of its Affiliates, including any Know-How, that such Party discloses to 

  
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the other Party under this Agreement, or otherwise becomes known to the other Party by virtue of this Agreement without regard as to whether any of the foregoing is marked
“confidential” or “proprietary,” or disclosed in oral, written, graphic, or electronic form. Confidential Information of a Party shall include “Information” that is relating to the Compound and is disclosed by such
Party or any of its Affiliates pursuant to the [***]. The terms and conditions of this Agreement shall be deemed as the Parties’ Confidential Information. Confidential Information does not include information that: (a) is or becomes
generally available to the public other than as a result of improper disclosure by the recipient; (b) is already known by or in the possession of the recipient at the time of disclosure by the disclosing Party hereunder; (c) is
independently developed by the recipient without use of or reference to the disclosing Party’s Confidential Information; or (d) is obtained by recipient on a non-confidential basis from a Third Party
that has not breached any obligations of confidentiality; provided that any combination of individual items of information shall not be deemed to be within any of the foregoing exceptions merely because one or more of the individual items are within
such exception, unless the combination as a whole is within such exception. 

  

	1.13	 “Control”, “Controlling” or “Controlled” means, with
respect to (a) Patent Rights, (b) Know-How, or (c) biological, chemical or physical material, that a Party owns or has a license or sublicense or other right to such Patent Rights, Know-How or material (or in the case of material, has the right to physical possession of such material) and has the ability to grant access, a license or sublicense to, or assign its right, title and interest in
and to, such Patent Rights, Know-How or material as provided for in this Agreement without violating the terms of any agreement or other arrangement with any Third Party. 

 

	1.14	 “Defending Party” shall have the meaning set forth in Section 6.6.

  

	1.15	 “Development” or “Develop” means, with respect to any Compound or
Product, (a) the performance of all research, non-clinical development (including toxicology, pharmacology, test method development, formulation development, delivery system development, stability
testing, process development, quality control development, and statistical analysis), (b) clinical trials, (c) clinical manufacturing and labelling activities, and (d) regulatory activities, in each case, that are required to obtain
Regulatory Approval of a Product in the Territory. 

  

	1.16	 “Exploit” or “Exploitation” means to research, Develop, make, have
made, register, modify, enhance, improve, import, export, distribute, use, have used, sell, have sold, offer for sale, or otherwise dispose of or Commercialize. 

 

	1.17	 “FAP/APC Field” means the diagnosis, treatment, and prevention of (a) Familial
Adenomatous Polyposis (FAP), including prevention of FAP progression (whether pre or post colectomy), or (b) any cancer caused by or otherwise linked or related to mutations in the adenomatous polyposis coli (APC) gene, including treatment of FAP-related colorectal cancer. 

  

	1.18	 “FDA” means the United States Food and Drug Administration or a successor federal
agency thereto. 

  

	1.19	 “Field” means the diagnosis, treatment, and prevention of any and all diseases.

  

	1.20	 “First Commercial Sale” means, on a country-by-country basis, the first commercial transfer or disposition for value of any Product in such country to a Third Party by Recursion or any of its Sublicensees. Transfers or dispositions of Product
at or below cost: (a) in connection with patient assistance programs; (b) for charitable or promotional purposes; (c) for preclinical, clinical, 

  
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regulatory or governmental purposes or under so-called “named patient” or other limited access programs; or (d) for use in any tests or
studies reasonably necessary to comply with any Law, regulation or request by a Regulatory Authority shall not, in each case of (a) through (d), be deemed commercial transfers or dispositions for value. 

 

	1.21	 “Force Majeure” shall have the meaning set forth in Section 12.4.

  

	1.22	 “Generic Competition Percentage” means, with respect to each Product in a given country
in the Territory in a given Calendar Quarter, the total number of units of all Generic Products sold divided by the sum of: (a) the total number of units of the applicable Product sold, and (b) the total number of units of all Generic
Products sold, in each case to end users in such country in such Calendar Quarter. 

  

	1.23	 “Generic Product” means, other than Product sold under authority from Recursion,
(a) in respect of a Product in the United States, a product sold by a Third Party that is determined by FDA to be pharmaceutically and therapeutically equivalent to the Product sold by or on behalf of Recursion, its Affiliate or Sublicensee,
which may, but is not required to be, evidenced by a Generic Product relying on such Product as the reference drug product; and (b) in respect of a Product outside the United States, a product sold by a Third Party pursuant to an approval under
a similar pathway to (a) if such pathway exists and, if such pathway does not exist, pursuant to a Marketing Approval granted by a Regulatory Authority to such Third Party with reference to such Product or the Marketing Approval therefor owned
or held by or on behalf of Recursion, its Affiliate or Sublicensee. 

  

	1.24	 “Governmental Authority” means any: (a) nation, principality, state, commonwealth,
province, territory, county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or quasi-governmental authority of any nature (including any
governmental division, subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or entity and any court or other tribunal); (d) multi-national
or supranational organization or body; or (e) individual, entity, or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or taxing authority or power of any nature.

  

	1.25	 “IND” means, in the United States, a Claimed Investigational New Drug Application filed
with the FDA as more fully defined in 21 C.F.R. §312.3, and, with respect to every other country in the Territory, the clinical trial notification, clinical trial application or other equivalent application (i.e., a filing that must be made
prior to commencing clinical testing of any Product in humans) filed with the applicable Regulatory Authority in such country. 

  

	1.26	 “Indication” means an entirely separate and distinct disease or medical condition in
humans (i.e., a separate and distinct histotype) that a pharmaceutical or biological product: (a) that is in clinical trials is intended to treat; or (b) has received, or will be subject to, a separate and distinct Regulatory Approval from
the FDA with an approved label claim to treat such disease or condition, as applicable, as set forth in the a New Drug Approval Application as defined in the U.S. Federal Food, Drug and Cosmetic Act, (21 U.S.C. §301 et seq.), as amended from
time to time. For clarity: (i) moving from one line of therapy to another within an Indication (e.g., moving from second-line therapy to first-line therapy) shall not be considered to be a new Indication; (ii) a single Indication would
include the primary disease and all variants or sub-divisions or sub-classifications within such primary disease, and regardless of prophylactic or therapeutic use,
pediatric or adult use and irrespective of different formulation(s), dosage forms, dosage strengths, or delivery system(s) used; 

  
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(iii) initiating a clinical trial or obtaining Regulatory Approval for use of a pharmaceutical or biological product in combination with another pharmaceutical or biological product, where a
clinical trial had been initiated or Regulatory Approval obtained for such first pharmaceutical or biological product for use as monotherapy or in combination with a different pharmaceutical or biological product, shall not be considered to be a new
Indication; and (iv) initiating a clinical trial or obtaining Regulatory Approval for use of a pharmaceutical or biological product in a specific patient population where such clinical trial is initiated or Regulatory Approval is obtained
without reference to such specific patient population or for a different patient population, shall not be considered a new Indication. 

  

	1.27	 “Know-How” means any: (a) scientific or
technical information, results and data of any type whatsoever, in any tangible or intangible form whatsoever, that is not in the public domain or otherwise publicly known, including discoveries, inventions, trade secrets, devices, databases,
practices, protocols, regulatory filings, methods, processes (including manufacturing processes, specification and techniques), techniques, concepts, ideas, specifications, formulations, formulae, data (including pharmacological, biological,
chemical, toxicological, clinical and analytical information, quality control, trial and stability data), case reports forms, medical records, data analyses, reports, studies and procedures, designs for experiments and tests and results of
experimentation and testing (including results of research or development), summaries and information contained in submissions to and information from ethical committees or Regulatory Authorities, and manufacturing process and development
information, results and data, whether or not patentable, all to the extent not claimed or disclosed in a patent or patent application; and (b) compositions of matter, assays, animal models and physical, biological or chemical material,
including drug substance samples, intermediates of drug substance samples, drug product samples and intermediates of drug product samples. The fact that an item is known to the public shall not be taken to exclude the possibility that a compilation
including the item, and/or a development relating to the item, is (and remains) not known to the public. “Know-How” includes any rights including copyright, database or design rights protecting such Know-How. “Know-How” excludes Patent Rights. 

  

	1.28	 “Law” or “Laws” means all applicable laws, statutes, rules,
regulations, ordinances and other pronouncements having the binding effect of law of any Governmental Authority. 

  

	1.29	 “Marketing Approval” shall mean approval from the relevant Regulatory Authority in a
given country necessary to market and sell a pharmaceutical product in such country, which for the sake of clarity, shall not include any such pricing and reimbursement approvals. 

 

	1.30	 “Milestone Event” shall have the meaning set forth in Section 5.2.

  

	1.31	 “NDA” means a New Drug Application, submitted pursuant to the requirements of the FDA,
as more fully defined in 21 US C.F.R. § 314.3 et seq., and any equivalent application (e.g., a Marketing Authorization Application filed with the EMA) submitted in any country in the Territory, including all additions, deletions or supplements
thereto, and as any and all such requirements may be amended, or supplanted, at any time. 

  

	1.32	 “Net Sales” means the gross amounts received by Recursion or any of its Sublicensees
for sales of Products to independent or unaffiliated Third Party purchasers of such Product, less the following deductions with respect to such sales that are either included in the billing as a line item as part of the gross amount invoiced, or
otherwise taken with reasonable documentation as a deduction in accordance with United States generally accepted accounting principles (“US GAAP”) or International Financial Reporting Standards (“IFRS”), as
applicable, to be specifically attributable 

  
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to actual sales of such Product: [***]. For clarity, a particular deduction may only be accounted for once in the calculation of Net Sales. 

Transfers or dispositions of Product: (A) in connection with patient assistance programs; (B) for charitable or promotional purposes;
(C) for preclinical, clinical, regulatory or governmental purposes or under so-called “named patient” or other limited access programs; or (D) for use in any tests or studies reasonably
necessary to comply with any Law, regulation or request by a Regulatory Authority shall not, in each case of (A) through (D), be deemed sales of such Product for purposes of this definition of “Net Sales.” 

In the event a Product is sold as a component of a combination or bundled product that consists of a Product together with another
therapeutically active product (a “Combination Product”), the Net Sales from the Combination Products, for the purposes of determining Royalty Payments, will be determined by [***]. In the event that the weighted average per
unit sale price of the Product can be determined but the weighted average per unit sale price of the other product(s) included in the Combination Product cannot be determined, Net Sales for purposes of determining Royalty payments will be calculated
by [***]. 
 In the event that the weighted average per unit sale price of the other product(s) included in the Combination Product
can be determined but the weighted average per unit sale price of the Product in similar volumes and of the same class purity, potency and dosage form as in the Combination Product cannot be determined, Net Sales for purposes of determining Royalty
Payments will be calculated by [***]. 
 In the event that such average per unit sale price cannot be determined for the Product, on
the one hand, and all other product(s) included in the Combination Product, on the other, Net Sales for the purposes of determining Royalty Payments will be determined by [***]. The weighted average per unit sale price for both the Product,
on the one hand, and all other product(s) included in the Combination Product, on the other, will be calculated once each Calendar Year and such price will be used during all applicable Royalty reporting periods for the entire following Calendar
Year. When determining the weighted average per unit sale price of a Product, other product(s) or Combination Product, the weighted average per unit sale price will be calculated by dividing sales dollars by the units sold during the 12 months (or
the number of months in which sales occurred in a partial Calendar Year) of the preceding Calendar Year for the respective Product, other product(s) or Combination Product. In the initial Calendar Year, a forecasted weighted average per unit sale
price will be used for the Product, other product(s), or Combination Product. Any over- or under-payment due to a difference between the forecasted and actual weighted average per unit sale price will be paid or credited in the first Royalty payment
of the following Calendar Year. 
  

	1.33	 “Non-Escalatable Disputes” shall have the
meaning set forth in Section 11.1. 

  

	1.34	 “Other Field” means any Field other than FAP/APC Field. 

 

	1.35	 “Patent Rights” means any: (a) issued or granted patent, including any extension,
supplemental protection certificate, registration, confirmation, reissue, reexamination or renewal; (b) pending patent applications, including, but not limited to, any continuation, divisional, continuation-in-part, substitute or provisional application; and (c) counterparts or foreign equivalents of any of the foregoing filed or issued in any country or jurisdiction. 

 

	1.36	 “Person” means any individual, sole proprietorship, partnership, corporation, limited
liability company, joint stock company, unincorporated association, trust, or any other entity that has legal 

  
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capacity to own property in their own name or to sue or be sued, including a government or political subdivision, department, or agency of a government. 

 

	1.37	 “Phase II Clinical Trial” means any human clinical trial of the Product conducted
mainly to test the effectiveness and to determine the common short-term side effects and risks associated with the Product for purposes of identifying the appropriate dose for a Phase III Clinical Trial for a particular indication or indications
that would satisfy the requirements of 21 CFR § 312.21(b) or its non-U.S. equivalents. 

  

	1.38	 “Phase III Clinical Trial” means any human clinical trial of the Product designed to:
(a) gather additional information about the effectiveness and safety of the Product that is needed to evaluate the overall benefit-risk relationship of the Product for its intended use; (b) provide the clinical basis of commercial
labeling; and (c) support regulatory approval of the Product, that would satisfy the requirements of 21 CFR § 312.21(c) or its non-U.S. equivalents. A “Phase II/III Clinical Trial” shall be
deemed to be a Phase III Clinical Trial (and not a Phase II Clinical Trial) for the purpose of this Agreement. 

  

	1.39	 “Product” means any product containing a Compound, as its active ingredient, including
all forms, presentations, strengths, doses and formulations (including any method of delivery). For purposes of this Agreement, Product shall include Combination Product. For clarity, for the purposes of this Agreement: different dosage strengths of
a given Product using the same formulation shall be considered the same Product; any Product which has a specific formulation shall be considered a different Product when it has a different formulation, even if the two Products are used for the
treatment of the same Indication; and, for purposes of Section 5.3 only, any Product with a specific formulation which is used for the treatment of a particular Indication shall be considered a different Product when it is used for the
treatment of a different Indication. 

  

	1.40	 “Recursion Patents” shall have the meaning set forth in Section 6.4(d).

  

	1.41	 “Recursion Technology” means any and all
Know-How and Patent Rights, in each case that is/are (a) generated by or on behalf of Recursion, its Affiliate or their respective Sublicensees by the activities contemplated under this Agreement,
(b) Controlled by Recursion or its Affiliates, and (c) necessary for the Development, Commercialization or other Exploitation of the Products for the Field in the Territory. For clarification, Recursion Technology includes any and all
Regulatory Filings that are (i) made by or on behalf of Recursion, its Affiliates or their respective Sublicensees with any Regulatory Authority in the Territory with respect to any Compounds or Products, and (ii) Controlled by Recursion
or its Affiliates, including any such IND, NDA (and any amendments and supplements thereto) or any other application for regulatory consultations or consideration, including sponsorship thereof. 

 

	1.42	 “Regulatory Approval” means any and all approvals, licenses, registrations, or
authorizations of the relevant Regulatory Authority, including any pricing and/or pricing reimbursement approval or determination, necessary for the Development, manufacture, use, storage, import, transport or Commercialization of Product in a
particular country or jurisdiction. 

  

	1.43	 “Regulatory Authority” means (a) in the US, the FDA or (b) in any other
jurisdiction anywhere in the world, any regulatory body with similar regulatory authority over pharmaceutical products (including without limitation, the European Medicines Agency (EMA), Japan’s Pharmaceuticals and Medical Devices Agency (PMDA)
or any successor agency or authority thereto). 

  
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	1.44	 “Regulatory Documents” means any and all applications, registrations and filings that
are made, prior to the Effective Date, by or on behalf of Takeda or its Affiliates with any Regulatory Authority in the Territory with respect to any Compounds or Products, if any, including any IND, NDA (and amendments and supplements thereto) or
any other application for regulatory consultations or consideration, including sponsorship thereof and that are listed in Exhibit B. [***]. 

 

	1.45	 “Regulatory Exclusivity” means, with respect to a Product, any exclusive marketing
rights or data exclusivity rights conferred by any Regulatory Authority with respect to such Product, other than Patent Rights, that prohibits a Person from (a) relying on pivotal safety or efficacy data generated by or on behalf of the Parties
with respect to such Product in an application for Regulatory Approval, (b) Commercializing such Product, including rights conferred in the US under the Hatch Waxman Act or the FDA Modernization Act of 1997 (including pediatric exclusivity and
orphan drug exclusivity), or in each case ((a) and (b)), rights similar thereto outside the US. 

  

	1.46	 “Regulatory Filing” means any and all (a) submissions,
non-administrative correspondence, notifications, registrations, licenses, authorizations, applications and other filings with any Governmental Authority with respect to the research, clinical investigation,
development, manufacture, distribution, pricing, reimbursement, marketing or sale of the Product and (b) Marketing Approvals for the Product. [***]. 

  

	1.47	 “Representatives” shall have the meaning set forth in Section 7.1.

  

	1.48	 “Royalty Payments” shall have the meaning set forth in Section 5.3.

  

	1.49	 “Royalty Report” shall have the meaning set forth in Section 5.6.

  

	1.50	 “Royalty Term” means, on a Product-by-Product and country-by-country basis, the period from the First Commercial Sale of such Product in such country until
the latest of (a) the expiration of the last to expire Valid Claim in a Takeda Patent in such country that would be infringed by the sale of such Product in such country if not for the exclusive license granted by Takeda under this Agreement,
(b) the expiration of any applicable Regulatory Exclusivity period for such Product in such country or (c) ten (10) years after the First Commercial Sale of such Product in such country. 

 

	1.51	 “Sublicensee” means a Person, which is granted any sublicense rights under any of the
license rights granted under Section 2.1; provided, that “Sublicensee” shall exclude distributors who are instead considered independent contractors of Recursion. 

 

	1.52	 [***]. 

  

	1.53	 “Takeda Clinical Trial” means Takeda’s clinical trial entitled “A
Multicenter, Open-Label, Dose-Escalation, Phase 1 Study of TAK-733, an Oral MEK Inhibitor, in Adult Patients With Advanced Nonhematologic Malignancies”, coded by Takeda Trial ID as C20001.

  

	1.54	 “Takeda Know-How” means any Know-How that is reasonably necessary for, or was otherwise used or generated by Takeda or its Affiliates in connection with, the Exploitation of Compound or a Product and that is Controlled by Takeda or any of its
Affiliates as of the Effective Date and that is listed on Exhibit B. [***]. 

  

	1.55	 “Takeda Indemnitees” shall have the meaning set forth in Section 9.1.

  

	1.56	 “Takeda Patents” means (a) the patents and patent applications that are Controlled
by Takeda or 

  
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any of its Affiliates as of the Effective Date and that are listed in Exhibit C together with (b) any and all provisionals, substitutions, extensions, divisionals,
continuations, continuations-in-part, and foreign counterparts of any such patent applications described in (a) and (c) any and all patents which issue or are
granted on any of the foregoing described in (a) or (b) anywhere in the world, including any extension, supplemental protection certificate, registration, confirmation, renewal and reexamined and reissued patents. 

 

	1.57	 “Takeda Technology” means, collectively, the Takeda Patents and the Takeda Know-How. 

  

	1.58	 “Tax” or “Taxes” means any federal, state, local or foreign income,
gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property,
personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether
disputed or not. 

  

	1.59	 “Term” shall have the meaning set forth in Section 10.1. 

 

	1.60	 “Terminated Country” shall have the meaning set forth in Section 10.3(a)(iii).

  

	1.61	 “Terminated Product” shall have the meaning set forth in Section 10.3(a)(iii).

  

	1.62	 “Territory” means all the countries of the world. 

 

	1.63	 “Third Party” means any Person other than Takeda, Recursion or any of their respective
Affiliates. 

  

	1.64	 “Third Party Infringement” shall have the meaning set forth in Section 6.5(a).

  

	1.65	 “United States” or “US” means the United States of America, its
territories and possessions. 

  

	1.66	 “USD” or “$” means the lawful currency of the United States.

  

	1.67	 “Valid Claim” means with respect to a patent or patent application in a country, any
claim of an (a) issued patent that has not (i) expired, irretrievably lapsed or been abandoned, revoked, dedicated to the public or disclaimed or (ii) been found to be unpatentable, invalid or unenforceable by an unreversed and
unappealable final decision of a governmental authority in such country or (b) application for a patent that (1) has been pending for less than [***] from the first date to which such application claims priority, is being prosecuted
in good faith, and has not been abandoned or finally disallowed without the possibility of appeal or re-filing and (2) has not been admitted to be invalid or unenforceable through reissue, reexamination,
or disclaimer. 

  

	1.68	 “VAT” means, within the EU, such Tax as may be levied in accordance with (but subject
to derogations from) Directive 2006/112/EC and, outside the EU, value added tax or any form of consumption tax levied by a relevant tax authority, as well as all other forms of consumption taxes levied by the relevant tax authority on the purchase
of a good or a service, including but not limited to sales tax and good and service tax. 

 ARTICLE 2 

LICENSES AND OTHER RIGHTS 
  

	2.1	 Grant of Licenses to Recursion. Subject to the terms and conditions of this Agreement, Takeda

  
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hereby grants to Recursion an exclusive (even as to Takeda and its Affiliates, except as expressly provided in Section 2.2 or in Section 10), royalty-bearing and transferable (subject
to the provisions of Section 12.2) right and license (with the right to sublicense through multiple tiers, subject to the provisions of Section 2.3) under the Takeda Technology to Exploit the Compounds and Products in the Territory in the
Field. 

  

	2.2	 Reservation of Rights; License to Takeda. Recursion hereby grants to Takeda and its Affiliates, a non-exclusive, royalty-free, irrevocable, fully paid up, license to use the Compounds under the Takeda Technology for non-clinical research purposes, with the right to have a
third party collaborator, contractor or other service provider who engages in non-clinical research activities with, for or on behalf of Takeda or its Affiliate use the Compound for the purpose of such
research. 

  

	2.3	 Grant of Sublicenses by Recursion. Recursion may not grant sublicenses (with or without the right
to grant further sublicenses through multiple tiers), in whole or in part, under the licenses granted in Section 2.1 without the prior written consent of Takeda, such approval not to be unreasonably withheld, conditioned or delayed.
Notwithstanding the foregoing, Recursion has the right to grant and authorize sublicenses under the licenses granted in Section 2.1 without the prior written consent of Takeda to its Affiliates (with the right to grant further sublicenses
through multiple tiers to other Affiliates). Notwithstanding the first sentence of this Section 2.3, only after the top-line data is obtained from the first clinical trial of Product in any Indication
conducted by Recursion in accordance with the Development Plan or three (3) years have passed following the Effective Date, whichever occurs earlier, Recursion and its Affiliates shall have the right to grant and authorize sublicenses under the
licenses granted in Section 2.1 without the prior written consent of Takeda to any pharmaceutical or biotechnology company with [***]. For the purpose of this Section 2.3, the top-line data means,
with respect to a clinical trial, a summary of demographic data, the data for the primary endpoint and a summary of safety data, which are based on an unblinded, locked database. Any sublicense granted by Recursion (with or without the prior consent
of Takeda) shall not relieve Recursion of any of its obligations hereunder. Any sublicense shall be in writing and subject to, and consistent with, the applicable terms and conditions of this Agreement. Any sublicense shall contain terms at least as
protective of Takeda’s rights as those contained in this Agreement. Recursion shall provide Takeda with a copy of any sublicense agreement, and any amendment thereto, within [***] after its execution; provided that Recursion shall
have the right to redact from such copy of the sublicense agreement any (a) financial terms and (b) other technical or business information which Recursion determines in good faith to be necessary to protect any of its or its
Sublicensee’s confidential or proprietary information unrelated to Recursion’s obligations under this Agreement and (c) any other information not necessary for Takeda to determine compliance with this Agreement. For the avoidance of
any doubt, this Section 2.3 shall not be construed as limiting Recursion’s right of subcontracting as permitted in Section 3.5. 

  

	2.4	 Technology Transfer. Promptly after the Effective Date, in accordance with the transfer plan set
forth on Exhibit D, Takeda shall transfer to Recursion or its designee, at Recursion’s cost and expense, a copy or embodiment of all Takeda Know-How and, as applicable, the Takeda
Technology, each in their current form and in their current language. The Parties shall use Commercially Reasonable Efforts to complete the transfer activities within [***] of the Effective Date. If, within [***] following the completion of the
transfer of the Takeda Know-How in accordance with this Section 2.4, Recursion reasonably identifies specific items within such Takeda Know-How which were not
transferred to Recursion, Recursion shall notify Takeda, and Takeda shall use Commercially Reasonable Efforts to promptly transfer such items to Recursion, at Recursion’s cost and expense. 

  
 10 

	2.5	 Regulatory Documents Transfer. In accordance with the transfer plan set forth on Exhibit D,
within [***] after the Effective Date, Takeda shall (to the extent allowed by Law), at Recursion’s cost and expense, assign to Recursion the Regulatory Documents. As part of such assignment, Takeda will transfer to Recursion a complete,
accurate and current copy of the IND (No. [***]) for the Compound and any amendments thereto filed by or on behalf of, or otherwise owned or Controlled by, Takeda or its Affiliates. To the extent any of the Regulatory Documents cannot be assigned to
Recursion, Takeda hereby grants to Recursion an exclusive (even as to Takeda and its Affiliates) and transferable (subject to the provisions of Section 12.2) license and right of reference (with the right to sublicense and grant further rights
of reference, subject to the provisions of Section 2.3) under the Regulatory Documents as necessary or used by Takeda or its Affiliates to Exploit any Compound or Product(s) in the Territory in the Field. In addition, Takeda shall provide the
appropriate notices and authorizations to Regulatory Authority(ies) to effect the foregoing assignments and rights of reference, where applicable. 

  

	2.6	 Confirmatory License. Takeda shall, if requested to do so by Recursion, promptly enter into a
confirmatory license in a form reasonably requested by Recursion for purposes of recording the licenses granted under this Agreement with such patent offices or other Regulatory Authorities as Recursion considers appropriate. 

 

	2.7	 Non-Compete. During the Term, Takeda shall not, directly or
indirectly, Develop or Commercialize any compound that directly and selectively inhibits both MEK-1 and MEK-2, whether alone or in combination with another active
pharmaceutical ingredient, for the diagnosis, treatment, and prevention of Familial Adenomatous Polyposis (FAP) (a “Competitive Program”). For clarification, the foregoing non-compete does not
prevent Takeda from using the Compounds for the purposes expressly permitted in Section 2.2. Notwithstanding anything to the contrary in this Agreement, the foregoing non-compete shall not apply to an
acquirer of Takeda if that acquirer had a Competitive Program prior to such acquisition of Takeda, nor shall it apply to Takeda if Takeda acquires a business that owns or controls a Competitive Program as long as the Competitive Program represents
less than one-third of the acquired businesses assets or value, and then solely with respect to that acquired program; provided that, the acquirer or Takeda, as applicable, implements and enforces effective
walls and screens between personnel having access to Takeda Know-How and Confidential Information of Recursion, on the one hand, and personnel working on, supervising work on or making decisions regarding a
Competitive Program, on the other hand. For the avoidance of doubt, nothing in this Section 2.7 will prevent Takeda or any of its Affiliates from investing in companies which may be direct or indirect competitors of Recursion;
provided that the principal line of business of the target investment is not a Competitive Program. 

ARTICLE 3 
 DEVELOPMENT,
MANUFACTURE AND COMMERCIALIZATION OF PRODUCT 
  

	3.1	 Development of Products by Recursion. Recursion shall have the sole right and decision-making authority
to Develop the Compounds and Products and to conduct (either itself or through its Affiliates, agents, subcontractors and/or Sublicensees) all clinical trials and non-clinical studies Recursion believes appropriate to obtain Regulatory Approval for
such Products in the Territory in the Field. Recursion shall be solely responsible for all costs and expenses associated with such Development. Recursion’s Development of the Compounds and Products shall be performed in accordance with its
development plan (the “Development Plan”). The initial version of the Development Plan is attached to this Agreement as Exhibit E. From time to time during the Term, subject to Section 3.4, Recursion may amend the Development
Plan; provided, if Recursion amends 

  
 11 

	 	
the Development Plan, Recursion shall provide Takeda with such amended Development Plan in timely manner. As between the Parties, Recursion shall provide a written update to Takeda summarizing
the current Development status and progress of the Compound(s) and/or Product(s) being Developed by or on behalf of Recursion, with reasonable details for Takeda to determine Recursion’s compliance of this Agreement. Such written update shall
be provided semi-annually during [***] following the Effective Date and annually thereafter so long as Recursion conducts (either itself or through its Affiliates, agents, subcontractors and/or Sublicensees) any Development activities with
respect to the Compounds and Products in the Field in the Territory. The Development Plan and each such written update shall be the Confidential Information of Recursion. 

 

	3.2	 Commercialization of Products by Recursion. Recursion shall have the sole right and decision-making
authority to Commercialize Products itself or through one or more Affiliates, Sublicensees or other Third Parties selected by Recursion in accordance with this Agreement and shall have the sole decision-making authority in all matters relating to
the Commercialization of Products in the Territory in the Field. Recursion shall be solely responsible for all costs and expenses associated with such Commercialization. As between the Parties, Recursion shall provide a written update to Takeda
summarizing the current Commercialization status and progress of the Product(s) being Commercialized by or on behalf of Recursion, with reasonable details for Takeda to determine Recursion’s compliance of this Agreement. On a Product-by-Product basis, and a country-by-country basis with respect to the following
countries: the US; the United Kingdom; France; Germany; Italy; Spain; and Japan, such written update shall be provided semi-annually until [***] following First Commercial Sale of each Product being Commercialized by or on behalf of Recursion and
annually thereafter until the end of Royalty Term for such Product. Each such written update shall be the Confidential Information of Recursion.3.3 Clinical and Commercial Manufacturing. Recursion shall have sole right and decision-making
authority for all manufacturing and labeling of the Compound and/or Product(s), including clinical and commercial manufacturing and labeling. Recursion has the right to manufacture the Compound and Products itself or through one or more Sublicensees
or subcontractors selected by Recursion in accordance with this Agreement. Recursion shall be solely responsible for all costs and expenses associated with such activities. 

 

	3.4	 Diligence by Recursion. Recursion shall use Commercially Reasonable Efforts to Develop and
Commercialize at least one (1) Product in each of (a) the US, (b) at least three of the following European countries: the United Kingdom, France, Germany, Italy and Spain, and (c) Japan. Activities conducted by Recursion’s
Affiliates or Sublicensees with respect to the Products shall be considered as Recursion’s activities under this Agreement for purposes of determining whether Recursion has complied with its obligation to use Commercially Reasonable Efforts.

  

	3.5	 Subcontracting. Recursion may exercise any of its rights, or perform any of its obligations,
under this Agreement by subcontracting (including for example, fee-for-service or commercial service providers, such as contract research, development or manufacturing
organizations or clinical sites performing clinical trials) the exercise or performance of all or any portion of such rights and obligations on Recursion’s behalf. For the avoidance of doubt, this provision shall permit the granting of the
sublicenses granted in section 2.1 to sub-contractors for purposes of conducting such subcontracted activities, but any sub-contractors shall not be considered
Sublicensees. Any subcontract entered into by Recursion as contemplated by this Section 3.5 shall be in writing, shall specify the activity or activities subcontracted, and shall impart on the subcontractor obligations at least as protective of
Takeda’s rights as provided hereunder (in each case as applicable to the subcontracted activities). Subcontracting shall not relieve Recursion from any of its obligations under this Agreement. As between the Parties, Recursion shall be
responsible for the performance 

  
 12 

	 	
of and any breaches of this Agreement by its subcontractors. Recursion shall ensure that any subcontractors are aware of, and shall use Commercially Reasonable Efforts to ensure and oversee that
any subcontractors comply with, the provisions of this Agreement applicable to the work being performed by such subcontractor. 

  

	3.6	 Trademarks. As between Takeda and Recursion, Recursion shall have the sole right and authority to
select trademarks for the Products and shall own all such trademarks in the Territory. Without limiting the foregoing but subject to Section 2.2, Takeda is not receiving and is not entitled to receive any license or right in, under or to any
intellectual property rights or intellectual property, including any data, information, trademarks or Patent Rights, of Recursion or any of its Affiliates under this Agreement, whether by implication, estoppel or otherwise, and all such rights are
hereby reserved by Recursion. Throughout the Term of this Agreement and thereafter, Recursion shall not adopt or use, register or attempt to register in the Territory any trademark, trade name, domain name, or similar commercial symbol that
includes, or is confusingly similar to, Takeda’s or any of its Affiliates trademarks or service marks. 

  

	3.7	 No Takeda Involvement. Except as otherwise provided in this Agreement, Takeda shall have no
responsibility or obligation with respect to Recursion’s activities regarding the Compound or Product(s), including Development and Commercialization support. Except as otherwise expressly provided in this Agreement or otherwise agreed by the
Parties in writing, Takeda shall not be obligated to provide any Know-How (other than Takeda Know-How), other materials, support, resources, funding or FTEs to support
any of the activities of Recursion or any of its Sublicensees or subcontractors. If Recursion uses or relies on the results of the Takeda Clinical Trial, except as otherwise expressly provided in this Agreement, Takeda shall have no obligation to
provide additional information or support, including with respect to regulatory filings, and shall have no liability for the use of the Takeda Clinical Trial results by or on behalf of Recursion. 

 

	3.8	 Abandonment. If Recursion decides to permanently abandon all Development and Commercialization of all
Compounds and all Products containing any Compound, it shall promptly notify Takeda within [***] of such decision. Upon receipt of such notice of abandonment, Takeda shall have the right, but not the obligation, to terminate this Agreement and take
back Development or Commercialization responsibility for the Compound, provided Takeda notifies Recursion of its decision within [***] after receipt of such notice. If Takeda does not elect to take back such Development or
Commercialization responsibility within such [***] period as set forth above, Recursion shall be solely responsible, at its own cost and expense, for the wind down of any such of its Development or Commercialization activities, including any
clinical trials, and Takeda shall have no responsibility or liability therefor unless otherwise expressly provided in this Agreement. If Takeda elects to take back Development or Commercialization of the Compound during such [***] period as set
forth above, the Parties shall work in good faith to determine which Party shall continue any ongoing research activities, including clinical trials in process and Section 10.3(b)(v) shall apply. Notwithstanding the foregoing, even if Takeda
takes over Development or Commercialization, it shall have no liability for any activities of Recursion during the license period hereunder, including, without limitation, any products liability claims or claims resulting from Recursion’s
activities, unless otherwise agreed upon by the Parties in a separate written agreement. 

 ARTICLE 4 

REGULATORY MATTERS 
  

	4.1	 Regulatory Filings. As between the Parties, Recursion shall be solely responsible for and control

  
 13 

	 	
all regulatory activities, including (a) developing regulatory plans and strategies for the Compounds and the Product(s), (b) making Regulatory Filings with respect to the Compounds and the
Product(s), and (c) obtaining and maintaining regulatory approvals for the Product(s). As between Recursion and Takeda, Recursion shall own and maintain all Regulatory Filings and Regulatory Approvals for the Products, including all INDs and
NDAs, in the Territory. Recursion shall be solely responsible for all costs associated with such activities. Recursion has the sole right to select the countries where the Compounds and Product(s) will be maintained or submitted for Regulatory
Approval. 

  

	4.2	 Communications with Authorities. Recursion shall be responsible, and act as the sole point of contact,
for communications with Regulatory Authorities in connection with the Development, Commercialization and manufacturing of Compounds and Products in the Territory. Following the Effective Date, Takeda shall not initiate (or permit any of its
Affiliates to initiate), with respect to any Compound or Product, any meetings or contact with Regulatory Authorities in the Territory, or make any Regulatory Filings with respect to the Compound or the Product, without Recursion’s prior
written consent, except as necessary to accomplish the Regulatory Document transfer pursuant to Section 2.5, in which case Takeda shall keep Recursion informed of the status of such transfer. To the extent Takeda or any Affiliate receives any
written or oral communication from any Regulatory Authority in the Territory relating to any Compound or Product, to the extent not prohibited by Law, Takeda shall (a) refer such Regulatory Authority to Recursion, and (b) as soon as
reasonably practicable (but in any event within [***]), notify Recursion and provide Recursion with a copy of any written communication received by Takeda or such Affiliate or, if applicable, accurate minutes of such oral communication. 

  

	4.3	 Adverse Event Reporting. Takeda and Recursion agree to comply with any and all Laws applicable during
the Term in connection with Product safety data collection and reporting, including reporting of Adverse Events. If Takeda or any Affiliate has or receives any information regarding any Adverse Event which may be related to the use of any Product,
then Takeda shall promptly provide Recursion with all such information in English within such reasonable timelines which enable Recursion to comply with all Laws and relevant regulations and requirements. 

 

	4.5	 Recalls. As between the Parties, Recursion shall have the sole responsibility and decision-making
authority to determine whether and how to implement a recall or other market withdrawal of Product(s) in the Territory. 

ARTICLE 5 
 FINANCIAL
PROVISIONS 
  

	5.1	 Upfront Payment. In consideration for the exclusive license to the Takeda Technology granted
under this Agreement, Recursion shall pay to Takeda, within [***] after Recursion’s receipt of an invoice issued by Takeda upon the Effective Date, a one-time upfront payment of one million and five
hundred thousand USD ($1,500,000). 

  

	5.2	 Milestone Payments. In consideration for the exclusive license to the Takeda Technology granted under
this Agreement, upon its first achievement of each milestone event below (a “Milestone Event”), Recursion shall pay to Takeda the applicable one-time,
non-refundable, non-credible milestone payments; [***]. Recursion shall notify Takeda in writing its achievement of each Milestone Event within [***] thereafter. Takeda
shall submit to Recursion an invoice for the corresponding Milestone Event payment after receipt of such notice and Recursion shall make the 

  
 14 

	 	
Milestone Event payment within [***] after receipt of any such invoice. The milestone amount associated with each Milestone Event shall be payable only once, regardless of how many times, or by
how many Products, they are achieved. 

  

					
	 #
	 	 Milestone Event
	  	Amount
	 1.
	 	[***]	  	[***]
	 2.
	 	[***]	  	[***]
	 3.
	 	[***]	  	[***]
	 4.
	 	[***]	  	[***]
	 5.
	 	[***]	  	[***]
	 6.
	 	[***]	  	[***]

 In the event a Product bypasses an earlier Milestone Event in the table above and achieves a later Milestone
Event in the table, the Milestone Event is bypassed by a later upon the achievement of such later Milestone Event, the milestone payments shall be payable both for the Milestone Event achieved and the earlier Milestone Event that was bypassed;
provided that, (a) Milestone Event #3 shall not be deemed achieved upon the achievement of Milestone Event #4, Milestone Event #5 or Milestone Event #6; (b) Milestone Event #4 shall not be deemed achieved upon the achievement of
Milestone Event #5 or Milestone Event #6; and (c) Milestone Event #5 shall not be deemed achieved upon the achievement of Milestone Event #6. 
  

	5.3	 Royalties. In consideration for the exclusive license to the Takeda Technology granted under this
Agreement, during the applicable Royalty Term, Recursion shall make tiered, non-refundable, non-creditable royalty payments on a Product-by-Product and country-by-country basis to Takeda in respect of Net Sales of the Product in the Territory during each
Calendar Year, as set forth below (“Royalty Payments”). Royalties shall be payable on a quarterly basis; any such payments shall be made within [***] after the end of the Calendar Quarter during which the applicable Net Sales
occurred. 

  

			
	 Calendar Year Net Sales of a Product
	  	Royalties (%)
	 On the portion of Calendar Year Net Sales less than or equal to [***]
	  	[***]
	 On the portion of Calendar Year Net Sales greater than [***] and less than or equal to
[***]
	  	[***]
	 On the portion of Calendar Year Net Sales greater than [***]
	  	[***]

  

	5.4	 Reductions. 

(a) Anti-Stacking. If it is necessary for Recursion or any of its Sublicensees to enter into any Third Party license
agreements in order to Develop or Commercialize Product, Recursion will be entitled to deduct [***] of the amounts paid by Recursion or its Sublicensee pursuant to the applicable Third Party license agreement from any amounts due to Takeda pursuant
to Section 5.3. Notwithstanding the foregoing, under no circumstances shall the deductions under this Section 5.4(a) result in the amount payable to Takeda being reduced by more than [***] compared with the amount otherwise payable under
Section 5.3. In the event that Recursion is not able to deduct the full amount of the permitted deduction from the amount due to Takeda due to [***] minimum amount, Recursion shall be entitled to deduct any undeducted excess amount from
subsequent amounts owed to Takeda under Section 5.3 (subject always to Takeda receiving a minimum of [***] of the amount owed). A Third Party license agreement shall be deemed “necessary” under this Section only if Recursion is
advised pursuant to an opinion by its counsel that such rights are 

  
 15 

 
necessary for avoiding infringement or misappropriation of Third Party intellectual property rights in connection with, or otherwise actually required for, the Development or Commercialization of
the applicable Product in the Field in the Territory. 
 (b) Generic Competition. If, with respect to a particular Product in a
particular country in the Territory during a particular Calendar Quarter, the Generic Competition Percentage in such country is at least [***], then the royalty rates set forth in Section 5.3 for Net Sales of such Product in such country for
such Calendar Quarter shall be reduced by [***]. If, with respect to a particular Product in a particular country in the Territory during a particular Calendar Quarter, the Generic Competition Percentage in such country is at least [***], then the
royalty rates set forth in Section 5.3 for Net Sales of such Product in such country during such Calendar Quarter shall be reduced by [***]). 

(c) Minimum Royalty. Notwithstanding anything in this Agreement to the contrary, none of the reductions to Royalty Payments provided in
Section 5.3 or Section 5.4(a) and (b) above, will, individually or in the aggregate, reduce the Royalty Payments payable with respect to Net Sales of any Product sold by Recursion and its Sublicensees in any country during the Term by
more than [***] of the Royalty Payments otherwise owed to Takeda (for a minimum total royalty rate of [***] as applicable of the Net Sales of the applicable Product in the applicable country of the Territory). 

 

	5.5	 Mode of Payment and Currency; Invoices. All payments to Takeda hereunder shall be made by deposit of USD
in the requisite amount to such bank account as Takeda may from time to time designate sufficiently in advance by written notice to Recursion. With respect to amounts payable hereunder not denominated in USD, Recursion shall convert applicable
amounts in foreign currency into USD by using an exchange rate equal to the monthly average exchange rate between each currency of origin and USD as reported by [***]. The monthly average exchange rate shall be the average of (a) the exchange
rate published on the last day of the calendar month and (b) the exchange rate published on the last day of the preceding calendar month. Based on the resulting sales in USD, the then-applicable royalties shall be calculated. The Parties may
vary the method of payment set forth herein at any time upon mutual written agreement, and any change shall be consistent with the local Law at the place of payment or remittance. 

 

	5.6	 Reports and Records Retention. Within [***] after the end of each Calendar Quarter during which any
payment under Section 5.3 becomes payable, Recursion shall deliver to Takeda, together with the applicable payment of the associated Royalty Payment, a written report (“Royalty Report”), on a Product-by-Product, country-by-country basis, summarizing the total amount of Net Sales during such Calendar Quarter, the
exchange rates used in converting Net Sales to USD, and detailed on a country-by-country basis of any deductions or reductions and the calculation of the Royalty
Payment. Each Royalty Report shall be deemed Confidential Information of Recursion subject to the obligations of Article 7 of this Agreement. For at least [***] after the end of the Calendar Year in which any such Royalty Report is submitted,
Recursion shall keep complete and accurate records of such Net Sales in sufficient detail to confirm the accuracy of the calculations hereunder. 

  

	5.7	 Late Payments. All payments under this Agreement which are not disputed in good faith by Recursion shall
earn interest from the date due until paid at a rate equal to the lesser of (a) the maximum rate permissible under Law and (b) LIBOR, effective for the date that payment was due, plus an additional two hundred basis points. For the purposes of the
foregoing, “LIBOR” means the U.S. Dollar London inter-bank offered rate as published by [***] or, if that rate is no longer published, such replacement rate as may be generally adopted by the market. 

  
 16 

	5.8	 Audits. 

(a) Audits Generally. During the Term and for [***] thereafter, Recursion shall permit an independent certified public
accounting firm of nationally recognized standing selected by Takeda and reasonably acceptable to Recursion to have access to and to review, during normal business hours upon reasonable prior written notice (but not less than [***]), the
applicable records of Recursion solely to verify the accuracy of the Royalty Reports and payments under this Article 5. Such review may cover the records for sales made in any Calendar Year ending not more than [***] prior to the date of such
request. Such audits may occur no more often than once each Calendar Year by Takeda unless an audit results in a reasonably supported and significant findings requiring corrective action, in which case Takeda may conduct a reasonable number of
additional audit to review any corrective action. The accounting firm shall disclose to Takeda and Recursion only whether the Royalty Reports are correct or incorrect and the specific details concerning any discrepancies. No other information shall
be provided to Takeda. 
 (b) Audit-Based Reconciliation. If such accounting firm concludes that additional amounts were owed
during such period, and absent any manifest error in such conclusion, Recursion shall pay the additional undisputed amount plus interest (at a rate set forth in Section 5.7) within [***] days after the date Takeda delivers to Recursion
such accounting firm’s written report. If such accounting firm concludes that an overpayment was made, such overpayment shall be fully creditable against amounts payable in subsequent payment periods or promptly refunded to Recursion, as
directed by Recursion. If Recursion disagrees with such calculation, it may, at its own cost, retain its own independent certified public accounting firm of recognized standing and reasonably acceptable to Takeda, to conduct a review, and if such
firm concurs with the other accounting firm, Recursion shall make the required payment within [***] after the date Recursion receives the report of its accounting firm. Takeda shall pay for the cost of its auditor, unless Recursion has
underpaid Takeda by [***] or more for the audited period, in which case Recursion shall reimburse Takeda for all out-of-pocket costs and expenses associated with
the audit. 
 (c) Audit Confidentiality. The results of such audit shall be the Confidential Information of Recursion. Takeda
shall treat all information that it receives under this Section 5.8 in accordance with the confidentiality provisions of Article 7 of this Agreement, and shall cause its accounting firm to enter into an acceptable confidentiality agreement with
Recursion obligating such firm to retain all such financial information in confidence and keep confidential all information reviewed during the audit, including any reports or summaries of such information prepared by such accounting firm, pursuant
to such confidentiality agreement, except to the extent disclosure is necessary for Takeda to verify the accuracy of the Royalty Reports or the amounts of payments to Takeda under this Agreement. 

 

	5.9	 Taxes. 

(a) Withholding Tax. Takeda shall be responsible for the payment of any and all Taxes levied on account of the payments paid to
Takeda by Recursion or Sublicensees under this Agreement. If Law requires that Taxes be deducted and withheld from payments paid under this Agreement, Recursion shall (i) deduct those Taxes or other payment owed by Recursion hereunder;
(ii) pay the Taxes to the proper Governmental Authority; (iii) send evidence of the obligation together with proof of Tax payment to Takeda within [***] following such payment; (iv) remit the net amount, after deductions or
withholding made under this Section 5.9(a); and (v) cooperate with Takeda in any way reasonably requested by Takeda, to obtain available reductions, credits or refunds of such Taxes; provided, however, that
Takeda shall reimburse Recursion for Recursion’s out-of-pocket expenses incurred in providing such assistance. 

  
 17 

 (b) Value Added Tax. It is understood and agreed between the Parties that any
payments made by Recursion under this Agreement are inclusive of any value added or similar Tax imposed upon such payment and that Takeda shall be responsible for the payment of any and all Taxes levied on account of any payments paid to Takeda by
Recursion. Recursion is entitled to receive a proper tax invoice where any value added tax amount is shown separately. 
 ARTICLE 6

 INVENTIONS AND PATENTS 
  

	6.1	 No Diminution of Takeda Patent. Without limiting Section 6.4, Recursion shall not do, or omit to
do, anything that would substantially diminish or impair the rights of Takeda or its Affiliates in the Takeda Patents. For clarification, the foregoing shall not be construed as restraining Recursion’s decision-making authority as to the
Development, Commercialization and other Exploitation of the Compound or the Products so long as Recursion complies with its obligations set forth in Article 3.  

 

	6.2	 Drug Price Competition and Patent Restoration Act. Each Party shall immediately give written notice to
the other Party of any certification of which it becomes aware filed pursuant to 21 U.S.C. Section 355(b)(2)(A) (or any amendment or successor statute thereto) claiming that any Takeda Patents covering any Compound or any Product, or the
manufacture or use of any of the foregoing, are invalid or unenforceable, or that infringement will not arise from the manufacture, use or sale of a Product by a Third Party. 

 

	6.3	 Listing of Patents. Recursion shall have the sole right to determine which of the Takeda Patents, if
any, shall be listed for inclusion in the Approved Drug Products with Therapeutic Equivalence Evaluations pursuant to 21 U.S.C. Section 355, or any successor Law in the United States, together with any comparable Laws in any other country in
the Territory. 

  

	6.4	 Patent Prosecution and Maintenance. 

(a) Takeda Patents. Recursion shall have the first right, but not the obligation (subject to Section 6.1 and
Section 6.4(b)), to file, prosecute and maintain Takeda Patents in Takeda’s name, on a worldwide basis. Recursion shall bear all costs and expenses of filing, prosecuting and maintaining Takeda Patents. Recursion shall keep Takeda
reasonably informed, in person or by telephone or email, regarding the status of such prosecution and maintenance activities in timely manner. Without limiting the generality of the foregoing, Recursion shall promptly upon receipt forward to Takeda
copies of any significant office actions, communications, and correspondence relating to Takeda Patents. Takeda shall have the right to comment on and to discuss prosecution and maintenance activities with Recursion, and Recursion shall consider the
same in good faith and shall provide Takeda with copies of all proposed filings and correspondence to give Takeda the opportunity to review and comment. Upon Recursion’s reasonable request, Takeda shall reasonably cooperate with
Recursion’s requests for data, affidavits, and other information and assistance to support prosecution and maintenance of Takeda Patents; provided, that Recursion shall reimburse Takeda for Takeda’s costs and expenses with
respect to such cooperation, within [***] of receiving a written invoice therefor. 
 (b) Election Not to File and Prosecute
Takeda Patents. If Recursion elects not to continue to prosecute or maintain a Takeda Patent in Takeda’s name in any country of the Territory, then it shall notify Takeda in writing at least [***] before any deadline applicable to
the prosecution or 

  
 18 

 
maintenance of such Takeda Patent, as the case may be, or [***] before any other date by which an action must be taken to establish or preserve such Takeda Patent in such country or
possession, or if a decision not to continue prosecution or maintenance is responsive to an official communication from a governmental agency that is received by Recursion less than [***] prior to a deadline for taking action in response to
such communication, then the deadline for giving such notice to Takeda shall be [***] of the time remaining for response after such communication is received by Recursion. In such case, Takeda shall have the right, but not the obligation, to
support the continued prosecution or maintenance of such Takeda Patent in that country, at Takeda’s sole cost and expense. If Takeda elects to continue prosecution or maintenance of any such Patent Rights, then (i) Recursion shall promptly
deliver to Takeda all prosecution files associated with such Patent Rights in such country and shall reasonably cooperate with Takeda’s requests for data, affidavits, and other information and assistance to support prosecution and maintenance
of such Takeda Patents and (ii) such Takeda Patent (in the country(ies) in which Takeda continues prosecution and maintenance) shall be excluded from the license granted by Takeda to Recursion under Section 2.1; provided,
that Takeda shall reimburse Recursion for Recursion’s costs and expenses with respect to such cooperation, within [***] of receiving a written invoice therefor. 

(c) Patent Term Extension. Recursion shall be responsible, in Takeda’s name, on a worldwide basis, for making decisions
regarding and obtaining patent term extensions wherever available for Takeda Patents. In the event that any election with respect to obtaining patent term extensions is to be made, Recursion shall have the right to make such elections, and Takeda
shall abide by all such elections. Recursion shall keep Takeda reasonably informed of the status of any efforts regarding patent term extensions in a reasonably timely manner. 

(d) Recursion Patents. Recursion, its Affiliates and its Sublicensees shall own any
Know-How developed solely by them or a Third Party on behalf of them and shall have the right, but not the obligation, to file, prosecute and maintain Patent Rights covering or claiming any such Know-How (collectively, “Recursion Patents”). Recursion shall bear all costs and expenses of filing, prosecuting and maintaining Recursion Patents and Takeda shall have no rights with respect
thereto, subject to Section 10.3(b)(v) (in the case of termination under the conditions specified therein). 
  

	6.5	 Enforcement of Patents. 

(a) Notice. If either Party believes that an infringement or ownership claim or threatened infringement claim is, in such
Party’s reasonable judgment, likely with respect to the Takeda Patents, or if a Third Party claims that any Takeda Patent is invalid or unenforceable (any such activity, a “Third Party Infringement”), the Party possessing such
belief or knowledge shall promptly notify the other Party and provide it with details of such Third Party Infringement that are known by such Party. 

(b) Right to Bring an Action. Recursion shall have the exclusive right to attempt to resolve any Third Party Infringement,
including by filing an infringement suit, defending against such claim or taking other similar action (each, an “Action”) and to compromise or settle any such infringement or claim. At Recursion’s request, Takeda shall promptly
provide Recursion with all relevant documentation (as may be reasonably requested by Recursion) evidencing that Recursion is validly empowered by Takeda to take such an Action. Takeda shall be obligated to join Recursion in such Action if Recursion
determines that it is necessary to demonstrate “standing to sue,” provided that Takeda will have the right, at its own expense, to retain its own counsel with respect to such Action. In addition, Takeda shall have the right
to join any Action relating to the Takeda Patents, at its own expense. If Recursion does not intend to prosecute or defend an Action, 

  
 19 

 
Recursion shall inform Takeda within [***] of becoming aware of or receiving a notice from Takeda of a Third Party Infringement (or such shorter period as may be necessary to prevent
exhaustion of a statute of limitations (or laches) applicable to such Third Party Infringement) and Takeda shall have the right, but not the obligation, to control such Action. The Party controlling the Action (i) shall keep the other Party
reasonably informed with respect to such Action, (ii) shall, in good faith, consult with, and give reasonable consideration to, any comments made by the other Party related to such Action, and (iii) shall provide the other Party with
copies of all material documents (e.g., complaints, answers, counterclaims, material motions, orders of the court, memoranda of law and legal briefs, interrogatory responses, depositions, material pre-trial
filings, expert reports, affidavits filed in court, transcripts of hearings and trial testimony, trial exhibits and notices of appeal) filed in, or otherwise relating to, such Action. The Parties shall cooperate in good faith to ensure that each
Person that participates in, or receives any information about, any Action in accordance with this Section 6.5(b) shall use reasonable efforts to protect all applicable confidential information and preserve all applicable attorney-client
privilege and work product protections. 
 (c) Costs of an Action. Without limiting the respective indemnity obligations of the
Parties set forth in Article 9, and except for the fees associated with Takeda retaining its own counsel, or Takeda pursuing an Action that Recursion has informed Takeda it will not pursue, Recursion shall pay all costs associated with any Action.

 (d) Settlement. Neither Party shall settle or otherwise compromise any Action by admitting that any Takeda Patent is invalid
or unenforceable, and neither Party shall settle or otherwise compromise an Action in a way that (i) adversely affects or would be reasonably expected to materially adversely affect the validity or enforceability of the Takeda Patents or the
rights or benefits of the other Party hereunder or (ii) results in or would be reasonably expected to result in any financial liability on the part of the other Party or requires or would be reasonably expected to require an admission of
liability, wrongdoing or fault on the part of the other Party, in each case, without the other Party’s prior written consent, not to be unreasonably withheld. 

(e) Distribution of Amounts Recovered. Any amounts recovered by the Party taking an Action pursuant to this Section 6.5,
whether by settlement or judgment, shall be allocated in the following order: [***]. 
 (f) Recursion Patents. Recursion
shall have the sole right and authority, but not the obligation, to enforce Recursion Patents against any Third Party infringer. 

(g) Delegation of Enforcement Rights. Subject to Section 2.3, Recursion shall have the right, in its sole discretion, to
delegate its rights under this Section 6.5, in whole or in part, to one or more Affiliates or Sublicensees. 
  

	6.6	 Defense of Third Party Claim. If either (a) any Product Exploited by or under
authority of Recursion becomes the subject of a Third Party’s claim or assertion of infringement of a patent relating to the Exploitation of such Product in the Field in the Territory, or (b) a declaratory judgment action is brought naming
either Party as a defendant and alleging invalidity or unenforceability of any of Takeda Patents, the Party first having notice of the claim or assertion shall promptly notify the other Party, and the Parties shall promptly confer to consider the
claim or assertion and the appropriate course of action. Unless the Parties otherwise agree in writing, subject to Article 9 (Indemnification), each Party shall have the right to defend itself against a suit that names it as a defendant (the
“Defending Party”). If Takeda is named in such legal action but not Recursion, then Recursion shall have the right to join, at its own expense, any such legal action

  
 20 

	 	
and to be represented in such action by its own counsel. Neither Party shall enter into any settlement of any claim described in this Section 6.6 that admits to the invalidity, narrowing of
scope or unenforceability of Takeda Patents or this Agreement, incurs any financial liability on the part of the other Party, requires an admission of liability, wrongdoing or fault on the part of the other Party, without such other Party’s
prior written consent, in each case, such consent not to be unreasonably withheld, conditioned or delayed. In any event, the other Party shall reasonably assist the Defending Party and cooperate in any such litigation at the Defending Party’s
request and the Defending Party shall reimburse the other Party’s reasonable out-of-pocket costs associated therewith. 

 

	6.7	 Challenge. Takeda may terminate this entire Agreement upon written notice to Recursion
with respect to a Product in the applicable country of the Territory at any time upon providing written notice to Recursion, if Recursion, or any of Recursion’s Sublicensees, directly, or indirectly through assistance provided by a Third Party,
commences any interference or opposition proceeding, challenges the validity or enforceability of, or opposes any extension of or the grant of a supplementary protection certificate, in each case, with respect to any Takeda Patent and Recursion does
not either (a) withdraw (to the extent permitted by applicable Law) such interference or opposition proceeding, challenge or opposition (by Recursion or any of Recursion’s Sublicensees) or (b) terminate the applicable sublicense
agreement, where such interference or opposition proceeding, challenge or opposition is brought by a Sublicensee, in either case (a) or (b), within [***] after receipt of written notice thereof from Takeda. Notwithstanding the foregoing,
termination by Takeda under this Section 6.7 is not permitted for any counterclaim made, filed or maintained by Recursion or its Affiliates as defendants in any patent infringement claim, demand, lawsuit, cause of action or other action made,
filed or maintained by Takeda, its Affiliates or licensees, including where such counterclaim challenges the scope, validity or enforceability of any Patent Rights within Takeda Patents. 

 

	6.8	 Patent Marking. Recursion shall, and shall require its Sublicensees to mark, the Products with
all Takeda Patents in accordance with applicable Law, which marking obligation will continue for as long as (and only for as long as) required under applicable Law. 

ARTICLE 7 

CONFIDENTIALITY 
  

	7.1	 Confidentiality Obligations. For the Term and for [***] thereafter, the recipient Party shall,
and shall require that its Affiliates and its and its Affiliates’ officers, directors, employees, consultants, Sublicensees, contractors, advisors and agents (collectively, “Representatives”), hold in confidence all Confidential
Information of the other Party. The recipient Party shall not disclose any of the Confidential Information of the other Party, except to Representatives of the recipient who need to know the Confidential Information for the purpose of performing the
recipient’s obligations, or to assist recipient in exercising its rights, under this Agreement and who are bound by obligations of non-use and non-disclosure
substantially similar to those set forth herein. The recipient Party shall be responsible for any disclosure or use of the Confidential Information by such Representatives. The recipient Party shall protect Confidential Information using not less
than the same care with which it treats its own confidential information of similar nature, but at all times shall use at least reasonable care. 

  

	7.2	 Limited-Use. The recipient Party shall not use or
disclose the Confidential Information of the other Party, except for the purpose of performing its obligations, or exercising its rights, under this 

  
 21 

	 	
Agreement, including for purposes of: 

 (a) filing, prosecuting,
maintaining and enforcing Patent Rights, pursuant to the terms of Section 6.4; 
 (b) prosecuting or defending litigation or any
arbitration proceedings as contemplated by this Agreement; 
 (c) in the case of Recursion as recipient Party, conducting pre-clinical studies or clinical trials pursuant to this Agreement; 
 (d) in the case of Recursion
as recipient Party, seeking or maintaining Regulatory Approval of any Product; or 
 (e) complying with Law, including securities Law
and the rules of any securities exchange or market on which a Party’s securities are listed or traded. 
 In addition to the foregoing,
Recursion may disclose Confidential Information of Takeda to its and its Affiliates’ (i) actual and potential Sublicensees (if such Sublicensee has been engaged in compliance with Section 2.2) or (ii) actual and potential investors,
acquirers or financing sources, each of whom prior to disclosure must be bound by similar obligations of confidentiality and non-use as those set forth in this Article 7. Recursion may also provide on a “need-to-know” basis a redacted version of this Agreement to biopharmaceutical industry or strategic investors (each of whom prior to disclosure must be bound by
similar obligations of confidentiality and non-use as those set forth in this Article 7). Furthermore, Takeda may disclose Confidential Information of Recursion to its Affiliates, employees, consultants,
agents and partners who have a need to know such Confidential Information for purposes of this Agreement, and to its actual or potential acquirers and financing sources, each of whom prior to disclosure must be bound by similar obligations of
confidentiality and non-use as those set forth in this Article 7. The receiving Party shall be responsible for any disclosure or use of the Confidential Information by such Persons to whom it discloses
Confidential Information pursuant to this paragraph. 
 If either Party is required to file with the SEC or the securities regulators of any
state or other jurisdiction a registration statement or any other disclosure document that describes or refers to the terms and conditions of this Agreement under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, or any other applicable securities law, such Party will notify the other Party of such intention and will provide such other Party with a copy of relevant portions of the proposed filing a reasonable time (but at least [***]) prior
to such filing (and any material revisions to such portions of the proposed filing a reasonable time (but at least [***]) prior to the filing thereof), including any exhibits thereto disclosing terms or conditions of this Agreement, and will
use reasonable and diligent efforts to obtain confidential treatment of the terms and conditions of this Agreement that such other Party requests be kept confidential, and will only disclose such terms and conditions of this Agreement that it is
advised by counsel are legally required to be disclosed. No such notice will be required under this Section 7.2 if the description of or reference to this Agreement contained in the proposed filing has been included in any previous filing made
by the other Party hereunder or otherwise approved by the other Party. 
  

	7.3	 Required Disclosure. The recipient Party may disclose the Confidential Information to the extent
required by Law or court order; provided, however, that the recipient Party promptly provides to the disclosing Party prior written notice of such disclosure and provides reasonable assistance to the disclosing Party in
obtaining an order or other remedy protecting the Confidential Information 

  
 22 

	 	
from public disclosure. 

  

	7.4	 Publications. Takeda shall submit to Recursion for Recursion’s written approval (which
approval may be granted or denied in Recursion’s sole discretion) any publication or presentation (including in any seminars, symposia or otherwise) of information related directly to the Compound or any Product for review and approval at least
[***] prior to submission for the proposed date of publication or presentation. Recursion shall have the right to make such publications regarding Development or Commercialization of Compound or Product as it chooses, in its sole discretion, without
the approval of Takeda, provided such publication containing any Confidential Information of Takeda shall require Takeda’s approval with respect to the disclosure of such Confidential Information. If approval of Takeda is required
pursuant to this Section 7.4, Takeda shall not unreasonably withhold, delay or condition such approval, and shall provide such approval or rejection of the applicable publication within [***] after receipt thereof. If Takeda rejects the
applicable publication, then in connection with such rejection, Takeda shall specify what Confidential Information of Takeda is included in such publication and where such Confidential Information is included. Upon removal of such Confidential
Information so specified by Takeda, Recursion shall be free to make publish or publicly present such publication or presentation. 

  

	7.5	 Public Disclosures. Takeda hereby gives its consent to a press release to be made solely by
Recursion attached hereto as Exhibit F with respect to this Agreement, and either Party may make subsequent public disclosure of the contents of such press release. Subject to the foregoing, neither Party may issue a press release or other
public statement, whether oral or written, disclosing the existence of this Agreement, the terms hereof, or any information relating hereto without the prior written consent of the other Party, such consent not to be unreasonably withheld,
conditioned or delayed. Notwithstanding the foregoing, each Party may make any disclosures required of it to comply with any duty of disclosure it may have under relevant Laws. In the event of a disclosure required by Law, the Parties shall promptly
coordinate with each other with respect to the timing, form and content of such required disclosure. Subject to the foregoing sentence, Recursion shall have the right to make press releases or public announcements regarding the Development and/or
Commercialization of any Compounds and Products, and in connection with which acknowledge (subject to Section 12.5) that the Compound and/or Product(s) were licensed in from an unaffiliated entity (without naming Takeda), without the prior
written consent of Takeda. 

 ARTICLE 8 

REPRESENTATIONS AND WARRANTIES 
  

	8.1	 Mutual Representations and Warranties. Each Party represents and warrants that, as of the Effective
Date: 

 (a) such Party is duly organized and validly existing under the Laws of the jurisdiction of its
incorporation or organization; 
 (b) such Party has taken all action necessary to authorize the execution and delivery of this
Agreement and the performance of its obligations under this Agreement; 
 (c) this Agreement is a legal and valid obligation of such
Party, binding upon such Party and enforceable against such Party in accordance with the terms of this Agreement, except as enforcement may be limited by applicable bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other
laws relating to or affecting creditors’ rights generally and 

  
 23 

 
by general equitable principles; 
 (d) the execution, delivery and performance
of this Agreement by such Party does not conflict with, breach or create in any Third Party the right to accelerate, terminate or modify any agreement or instrument, including any policy, procedure or rule, to which such Party (or any officer or
director of such Party) is a party or by which such Party (or such individual) is bound, and does not violate any Law of any Governmental Authority having authority over such Party (or such individual); 

(e) such Party has all right, power and authority to enter into this Agreement and to perform its obligations under this Agreement; and

 (f) such Party and its Affiliates are not, and have not been, debarred or disqualified by any Regulatory Authority; and none of
such Party or its Affiliates’ employees or contractors who are or have been involved in the development, manufacture or commercialization of Compound or Product have been, debarred or disqualified by any Regulatory Authority. 

 

	8.2	 Representations and Warranties of Takeda. Takeda represents and warrants to Recursion as of the
Effective Date that: 

 (a) to Takeda’s knowledge of the Effective Date, the Patent Rights listed in
Exhibit C are the only Patent Rights that, as of the Effective Date, are Controlled by Takeda that are reasonably necessary to Exploit Compounds or Products; 

(b) it has the right under the Takeda Technology to grant the licenses granted under Section 2.1 and other rights set forth herein
to Recursion, and it has not granted any license or other right under the Takeda Technology that is inconsistent with the licenses granted under Section 2.1 or such other rights granted herein to Recursion; 

(c) there is no pending litigation, nor has Takeda received any notice from any Third Party, asserting or alleging that the development,
manufacture or commercialization of Compounds prior to the Effective Date infringed or misappropriated the intellectual property rights of such Third Party and, to Takeda’s knowledge of the Effective Date, the development, manufacture and
commercialization of Compound or Product does not infringe or misappropriate any Patent Right or other intellectual property of a Third Party; 

(d) the Takeda Patents are not the subject of any interference proceeding, inter partes review or post-grant review and there is no
pending or threatened action, suit, proceeding or claim by a Third Party challenging Takeda’s ownership rights in, or the validity or scope of, any Takeda Patents; 

(e) to Takeda’s knowledge of the Effective Date, all development activities, including clinical trials and regulatory activities,
conducted by or under the authority of Takeda or its Affiliates in relation to Compounds or Product have been conducted in compliance with Laws that were then-applicable to such respective activities in all material respects; 

(f) Takeda and its Affiliates have not made an untrue statement of a material fact to any Regulatory Authority or intentionally failed
to disclose a material fact required to be disclosed to any Regulatory Authority, in each case in connection with any IND transferred to Recursion, or to which Recursion is granted a right of reference, pursuant to Section 2.5; and 

  
 24 

 (g) to Takeda’s knowledge of the Effective Date, Takeda has provided to
Recursion all material information with respect to safety of the Compound or any Product Controlled as of the Effective Date by Takeda or its Affiliates. 
  

	8.3	 Representation and Warranties of Recursion. Recursion represents and warrants to Takeda as of the
Effective Date that there are no legal claims, judgments or settlements against or owed by Recursion or any of its Affiliates, or pending or, to Recursion’s actual knowledge, threatened, legal claims or litigation, in each case, relating to
antitrust, anti-competition, anti-bribery or corruption violations. 

  

	8.4	 Covenants of Takeda. Takeda covenants to Recursion that: 

(a) if either Party identifies any Patent Right Controlled by Takeda or its Affiliates as of the Effective Date that is reasonably
necessary to Exploit Compounds or Products and which was not listed on Exhibit C, Takeda will update the list of Takeda Patents in Exhibit C to set forth such additional Patent Right, and such Patent Rights will be
included in the Takeda Patents; 
 (b) Takeda shall not grant any mortgage, pledge, claim, security interest, lien or other
encumbrance of any kind on the Takeda Technology in the Territory except for encumbrances that are expressly subject to the licenses granted Recursion under this Agreement; and 

(c) except as otherwise expressly permitted in this Agreement, commencing on the Effective Date and continuing until the end of the
Term, Takeda and its Affiliates will not (i) assign or otherwise transfer ownership of any Takeda Technology in the Territory, except to the extent such assignment or transfer does not conflict with or adversely affect the licenses or other
rights granted to Recursion hereunder, or (ii) grant to any Third Party any license or rights to any Takeda Technology in the Territory. 
  

	8.5	 WAIVER OF ALL OTHER REPRESENTATIONS AND WARRANTIES. EXCEPT AS PROVIDED IN THIS ARTICLE 8,
THE TAKEDA TECHNOLOGY IS PROVIDED AS IS. EXCEPT AS PROVIDED IN THIS ARTICLE 8, NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND. IN PARTICULAR AND EXCEPT AS PROVIDED IN THIS ARTICLE 8, TAKEDA DISCLAIMS ANY
WARRANTY WITH RESPECT TO THE TAKEDA TECHNOLOGY, THE INVENTIONS CLAIMED IN THE TAKEDA PATENTS OR WITH RESPECT TO THE TAKEDA PATENTS THEMSELVES, INCLUDING BUT NOT LIMITED TO, ANY REPRESENTATIONS OR WARRANTIES ABOUT: (I) THE VALIDITY, SCOPE OR
ENFORCEABILITY OF ANY OF THE TAKEDA PATENTS; (II) THE ACCURACY, SAFETY OR USEFULNESS FOR ANY PURPOSE OF ANY INFORMATION PROVIDED BY TAKEDA TO RECURSION, WITH RESPECT TO THE INVENTION(S) CLAIMED IN THE TAKEDA PATENTS OR WITH RESPECT TO THE
TAKEDA PATENTS THEMSELVES AND ANY PRODUCTS DEVELOPED FROM OR COVERED BY THEM; (III) WHETHER THE PRACTICE OF ANY CLAIM CONTAINED IN ANY OF THE TAKEDA PATENTS WILL OR MIGHT INFRINGE A PATENT OR OTHER INTELLECTUAL PROPERTY RIGHT OWNED OR LICENSED
BY A THIRD PARTY; (IV) THE PATENTABILITY OF ANY INVENTION CLAIMED IN THE TAKEDA PATENTS; OR (V) THE ACCURACY, SAFETY OR USEFULNESS FOR ANY PURPOSE OF THE TAKEDA TECHNOLOGY OR ANY PRODUCT OR PROCESS MADE OR CARRIED OUT IN ACCORDANCE WITH OR
THROUGH THE USE OF THE TAKEDA PATENTS. EXCEPT AS PROVIDED IN THIS ARTICLE 8, EACH PARTY SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A 

  
 25 

	 	
PARTICULAR PURPOSE, NONINFRINGEMENT, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE. 

 

	8.6	 Compliance with Anti-Corruption Laws. In connection with this Agreement, neither Party nor any of its or
its Affiliates’ Representatives shall offer to make, make, promise, authorize, or accept any payment or the giving of anything of value, including, bribes, either directly or indirectly, to or from any public official, governmental authority,
Regulatory Authority, or any other person for the purpose of influencing, inducing, or rewarding any act, omission, or decision in order to secure an improper advantage, or obtain or retain business. Each Party and its Representatives shall comply
with all Anti-Corruption Laws. Each Party shall notify the other Party immediately upon becoming aware of any breach of its obligations under this Section 8.3. In the event that Recursion violates any Anti-Corruption Law or otherwise breaches
this Section 8.6, Takeda may terminate this Agreement immediately upon providing written notice to Recursion. 

ARTICLE 9 

INDEMNIFICATION AND INSURANCE 
  

	9.1	 Indemnification. 

(a) By Recursion. Recursion shall indemnify, defend and hold Takeda and its Affiliates and each of their respective employees,
officers, directors and agents (the “Takeda Indemnitees”) harmless from and against any and all Third Party liability, claims, damage, loss, cost or expense of any kind or nature (including reasonable attorneys’ fees) based on
or arising out of or otherwise directly relating to (i) the activities of Recursion, its Affiliates, subcontractors or Sublicensees (including product liability claims) in relation to Exploiting the Products pursuant to this Agreement;
(ii) a material breach of any of Recursion’s representations, warranties, covenants, or obligations under the Agreement; or (iii) the willful misconduct or negligent acts of any Recursion Indemnitees; provided,
however, that Recursion’s obligations pursuant to this Section 9.1(a) shall be reduced to the extent such claims or suits are directly attributable to (x) a material breach of Takeda’s representations, warranties,
covenants or obligations under the Agreement or (y) the gross negligence or willful misconduct of, or any of the Takeda Indemnitees. 

(b) By Takeda. Takeda shall indemnify, defend and hold Recursion and its Affiliates and each of their respective employees,
officers, directors and agents (the “Recursion Indemnitees”) harmless from and against any and all Third Party liability, claims, damage, loss, cost or expense of any kind or nature (including reasonable attorneys’ fees) based
on or arising out of or otherwise directly relating to a material breach of any of Takeda’s representations or warranties under Article 8; provided, however, that Takeda’s obligations pursuant to this
Section 9.1(b) shall be reduced to the extent such claims or suits are arise from, are directly attributable to (x) a material breach of Recursion’s representations, warranties, covenants or obligations under the Agreement or
(y) the gross negligence or willful misconduct of, or any of the Recursion Indemnitees. 
  

	9.2	 Notification of Claims; Conditions to Indemnification Obligations. As a condition to a Party claiming
indemnity’s (the “Indemnified Party”) right to receive indemnification under this Article 9, the Indemnified Party shall: (a) promptly notify the Party from whom indemnity is being sought (the “Indemnifying
Party”) as soon as it becomes aware of a claim or suit for which indemnification may be sought pursuant hereto; (b) cooperate, and cause the individual indemnitees to cooperate, with the Indemnifying Party in the defense, settlement or
compromise of such claim or suit; and (c) permit the Indemnifying Party to control the defense, settlement or compromise of 

  
 26 

	 	
such claim or suit, including the right to select defense counsel (provided, however, that without limiting the foregoing, the Indemnified Party may engage its own
defense counsel at its own expense). In no event, however, may the Indemnifying Party compromise or settle any claim or suit in a manner which admits fault or negligence on the part of the Indemnified Party, require any omission or impose any
obligation on the part of the Indemnified Party, or otherwise have an adverse effect on the rights or interest of the Indemnified Party, in each case without the prior written consent of the Indemnified Party. Each Party shall reasonably cooperate
with the other Party and its counsel in the course of the defense of any such suit, claim or demand, such cooperation to include using reasonable efforts to provide or make available documents, information and witnesses. 

 

	9.3	 Insurance. During the Term, Recursion shall obtain and maintain, at its sole cost and expense,
Third Party insurance in types and amounts that are reasonable and customary in the United States pharmaceutical and biotechnology industry for companies engaged in comparable activities and that are sufficient to cover any indemnification claim by
Takeda or the Takeda Indemnitees hereunder. It is understood and agreed that this insurance shall not be construed to limit Recursion’s liability with respect to its indemnification obligations hereunder or otherwise. Recursion will provide to
Takeda upon request a certificate evidencing such insurance. In all cases, Recursion shall increase the amounts of insurance as necessary to provide coverage for its clinical trials, Development and Commercialization as appropriate to be consistent
with then-current industry standards. 

  

	9.4	 Waiver. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY AND EXCEPT FOR A PARTY’S BREACH
OF ITS CONFIDENTIALITY OBLIGATIONS IN ARTICLE 7 AND WITHOUT LIMITING EITHER PARTY’S INDEMNIFICATION RIGHTS OR OBLIGATIONS, NEITHER PARTY SHALL BE RESPONSIBLE OR HAVE LIABILITY FOR, ANY INDIRECT, SPECIAL, PUNITIVE, INCIDENTAL, OR CONSEQUENTIAL
DAMAGES (INCLUDING LOSS OF PROFITS, BUSINESS OR GOODWILL) REGARDLESS OF THE LEGAL THEORY AND REGARDLESS OF WHETHER SUCH PARTY INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. 

ARTICLE 10 
 TERM AND
TERMINATION 
  

	10.1	 Term and Expiration. The term of this Agreement (the “Term”) shall commence on the
Effective Date and, unless earlier terminated as provided in this Article 10, shall continue in full force and effect, on a country-by-country and Product-by-Product basis until the date on which the Royalty Term in such country with respect to such Product expires, at which time this Agreement shall expire with respect
to such Product in such country and the terms of Section 10.3(b)(i) shall apply. This Agreement shall expire in its entirety upon the expiration of the
last-to-expire Royalty Term with respect a Product, and the applicable terms of Section 10.3 shall apply. 

 

	10.2	 Termination. 

(a) Material Breach. If either Party materially breaches any of its material obligations under this Agreement (including, in the case of
Recursion, a material breach of its obligation to use Commercially Reasonable Efforts), the other Party may give to the breaching Party a written notice specifying the nature of the default and describing it in reasonable detail, requiring it to
cure such breach, and stating its intention to terminate this Agreement if such breach is not cured within 

  
 27 

 
[***]. If such breach is not cured within [***] after the receipt of such notice by the breaching Party, the non-breaching Party shall be
entitled to terminate this Agreement immediately by written notice to the breaching Party. For clarity, each Party’s material obligations may apply to the performance of either: (i) this Agreement in its entirety, in which case this
provision shall apply to the entire Agreement; or (ii) a specific Product(s) or country(ies), in which case this provision shall apply only to such affected Product(s) or country(ies). 

(b) Material Breach Dispute. Any dispute regarding an alleged material breach of this Agreement, failure to progress under
Section 10.2(d) or willful misconduct in performance of obligations under this Agreement shall be resolved in accordance with Article 11 hereof. Notwithstanding anything to the contrary contained in this Section 10.2 or elsewhere in the
Agreement, the applicable cure period for any alleged material breach, failure to progress or willful misconduct that is in dispute shall be tolled from the date that the alleged breaching Party notifies the other Party that it intends to dispute
the allegation through the resolution of such dispute pursuant to Article 11 and it is understood and acknowledged that, during the pendency of a dispute pursuant to Article 11, all of the terms and conditions of this Agreement shall remain in
effect, and the Parties shall continue to perform all of their respective obligations under this Agreement. 
 (c) Convenience.
At any time on or after the third (3rd) year anniversary of the Effective Date, Recursion may terminate this Agreement by providing written notice of termination to Takeda, which notice includes an effective date of termination at least [***]
after the date of the notice. 
 (d) Failure to Progress. If, Recursion has not, for a period of consecutive twelve
(12) months, either directly or through its Affiliates or Sublicensee, conducted, or cause to be conducted, any material activities in support of the Development or Commercialization of a Compound or Product, and has not demonstrated that it
has used Commercially Reasonable Efforts towards the Development or Commercialization of a Compound or Product as provided in Section 3.4, and such failure to progress is not due to events beyond the reasonable control of Recursion, then Takeda
may terminate this Agreement upon [***] written notice to Recursion unless Recursion cures such failure to progress during such [***] period. 

(e) Insolvency. To the extent permitted under applicable Law, either Party may terminate this Agreement by written notice in the
event that the other Party has a Bankruptcy Event. 
 (f) Safety Concerns. At any time, Recursion may terminate this Agreement,
by providing [***] days prior written notice of termination to Takeda, if Recursion demonstrates evidence of safety issues relating to the Product that are not known to Recursion as of the Effective Date and on the basis of which a reasonable
investigator would conclude that the Product could not be administered to patients safely; provided, Recursion shall provide such evidence to Takeda together with the termination notice and upon Takeda’s request, Recursion shall
discuss such evidence with Takeda in good faith. 
 (g) Mutual Agreement. Upon the mutual written agreement of the Parties,
this Agreement may be terminated as of the date agreed by the Parties in such written agreement. 
  

	10.3	 Effects of Termination. 

 

	 	(a)	 Survival. 

(i) Notwithstanding the expiration or termination of this Agreement pursuant to

  
 28 

 
Section 10.1 or Section 10.2, the following provisions shall survive: Article 1 (Definitions); Section 3.8 (Abandonment); Section 5.8 (Audit); Article 7 (Confidentiality);
Article 8 (Representations and Warranties); Section 9.1 (Indemnification); Section 9.2 (Notification of Claims; Conditions to Indemnification Obligations); Section 9.4 (Waiver); Section 10.3 (Effects of Termination); Article 11
(Dispute Resolution) and Article 12 (Miscellaneous Provisions). In addition, Section 6.6 (Defense of Third Party Claim) shall survive any expiration of the Agreement with respect to a Product in a particular country following the expiration of
the Royalty Term with respect to such Product in such country, but only for so long as such Product continues to be Commercialized by or on behalf of Recursion or any of its Sublicensees. 

(ii) Expiration or termination of this Agreement shall not relieve the Parties of any obligation or liability that accrued
hereunder prior to the effective date of such expiration or termination. In addition, termination of this Agreement shall not preclude either Party from pursuing all rights and remedies it may have hereunder or at Law or in equity with respect to
any breach of this Agreement nor prejudice either Party’s right to obtain performance of any obligation. 
 (iii) All of
the effects of termination are in addition to the other rights and remedies that may be available to either of the Parties under this Agreement and shall not be construed to limit any such rights or remedies. In the event this Agreement is not
terminated in its entirety, but rather is terminated on a Product-by-Product and
country-by-country basis with respect to one or more Products (the “Terminated Product”) in a particular country (the “Terminated
Country”), then, notwithstanding anything to the contrary contained in Sections 10.3(a)(i) or 10.3(a)(ii), the consequences of termination described under this Section 10.3 shall only apply to the Terminated Product in the Terminated
Country, and this Agreement shall remain in full force and effect in accordance with its terms with respect to all Products other than the Terminated Products, and in all countries of the Territory other than the Terminated Countries. 

 

	 	(b)	 Licenses. 

(i) As of the effective date of expiration (but not a termination) of the Royalty Term with respect to a given Product and
country, the licenses from Takeda to Recursion under Section 2.1 shall convert to fully paid, royalty-free, irrevocable, and perpetual licenses. 

(ii) Upon any termination of this Agreement, the following terms and conditions shall apply only with respect to such
Product(s) and country(ies) as are the subject of such termination: 
 (1) all licenses granted to Recursion under Section 2.1 shall
terminate (except with respect to sublicenses as set forth hereunder and to the extent reasonably necessary to provide the transition described herein); 

(2) if, at the time of such termination, Recursion or its Affiliates are conducting any clinical trials of a given Product, then Recursion
may, at its cost and expense, orderly wind down the conduct of any such clinical trial; provided that, Recursion may continue to dose subjects enrolled in any then ongoing clinical trial through completion of the applicable protocol
for such clinical trial if dosing is required by a Regulatory Authority or applicable Laws; 
 (3) except for a termination pursuant to
Section 10.2(f), Recursion and its Sublicensees shall be entitled, during [***] period following such termination, to sell any commercial inventory of such Product(s) which remains on hand as of the date of the termination, so long as
Recursion makes all Royalty Payments in 

  
 29 

 
accordance with the terms and conditions set forth in this Agreement. Upon Takeda’s request, any commercial inventory remaining following [***] period shall be offered for sale to
Takeda at [***], as applicable, provided, that Takeda shall have no obligation to purchase such inventory; and 
 (4)
each Party shall return or destroy, at the other Party’s election, all Confidential Information of the other Party; provided that, the recipient Party may retain one copy of such Confidential Information for its legal archives,
subject to its confidentiality and limited-use obligations provided in Article 7. 

(iii) Upon any termination of this Agreement (except for the case of termination pursuant to Section 10.2(f)), each of
Recursion’s Sublicensees shall continue to have the rights and licenses set forth in its sublicense agreements; provided, that such Sublicensee did not cause the material breach or failure of progress that gave cause for
termination by Takeda under Section 10.2(a) or Section 10.2(d), such Sublicensee agrees to assume the applicable obligations (including payment obligations) of Recursion hereunder with respect to activities of the Sublicensee and Takeda
shall have no obligations to such Sublicensee beyond the obligations expressly set forth herein. 
 (iv) Immediately
following Recursion’s notification of termination to Takeda pursuant to Section 10.2, (unless termination by Recursion for Takeda’s breach is the subject of a good faith dispute), the diligence obligations in Section 3.4 shall no
longer apply and Recursion shall have the right to wind-down all then on-going Development and/or Commercialization activities. 

(v) Upon written request from Takeda within [***] after the effective date of termination (except for the case of
termination by Recursion pursuant to Section 10.2(a) and for, clarity, not including expiration of this Agreement), Recursion shall grant to Takeda the right to negotiate in good faith for a period not to exceed [***] from the date
Recursion receives such request the terms and conditions, including commercially reasonable financial terms, of an exclusive license under Recursion Technology, in each case for the limited purpose of Developing, Commercializing and otherwise
Exploiting Products for the Field in the Territory; provided, that any such license will be subject to any surviving sublicenses (subject to Section 10.3(b)(iii)). In each case, the terms of any such license agreement will include
commercially reasonable financial consideration payable to Recursion (including potential milestones and royalty payments) as consideration for such license(s), which will take into account, among other things, the actual costs and expenses of
Recursion with regard to the Development, Commercialization and/or other Exploitation of all such Products up to the effective date of termination. 

ARTICLE 11 
 DISPUTE
RESOLUTION 
  

	11.1	 Disputes. The Parties recognize that disputes as to certain matters may from time to time arise during
the Term which relate to either Party’s rights or obligations hereunder. It is the objective of the Parties to establish under this Article 11 procedures to facilitate the resolution of disputes arising under this Agreement (other than any
disputes relating to matters that Recursion has sole decision-making authority and/or discretion under this Agreement (each, a “Non-Escalatable Dispute”), in which case, such matter shall be determined by Recursion and shall not be
part of the dispute resolution procedure set forth in this Article 11) in an expedient manner by mutual cooperation and without resort to arbitration. In the event that the Parties are unable to resolve such dispute through

  
 30 

	 	
diligent review and deliberation within [***] from the day that one Party had designated the issue as a dispute in written notice to the other Party, then either Party shall have the right to
escalate such matter to the management of the Parties as set forth in Section 11.2. 

  

	11.2	 Escalation to Management. Either Party may, by written notice to the other Party, request that a
dispute (other than a Non-Escalatable Dispute) that remains unresolved for a period of [***] as set forth in Section 11.1 arising between the Parties in connection with this Agreement, or a dispute
relating to material breach, be resolved by the management of each Party (which, in the case of Takeda shall mean its President, Research & Development or designee, and in the case of Recursion shall means its CEO or designee), within [***]
after referral of such dispute to them. If management does not resolve such dispute within [***] after referral of such dispute to them, then, at any time after such [***] period, either Party may proceed to arbitration in accordance with
Section 11.3 with respect to such dispute. 

  

	11.3	 Arbitration. Any dispute, controversy or claim arising out of or relating to this Agreement, or
the breach, termination or validity thereof, but excluding any dispute, controversy or claim concerning (a) any antitrust, anti-monopoly or competition law or regulation, whether or not statutory or (b) the validity, enforceability,
infringement or misappropriation of any intellectual property, shall be finally settled by binding arbitration conducted in the English language in New York, New York under the commercial arbitration rules of the American Arbitration Association,
which shall administer the arbitration and act as appointing authority. The arbitration will be conducted by a panel of three (3) arbitrators. Each Party will appoint one (1) arbitrator, and these two (2) arbitrators so selected by
the Parties will then select the third arbitrator. Disputes about arbitration procedure shall be resolved by the arbitrators. The arbitrators shall not be current or former employees or directors, or current stockholders, of either Party or any of
their respective Affiliates or Sublicensees and each arbitrator shall have at least [***] of pharmaceutical industry experience. The arbitrators shall be authorized to grant interim relief, including to prevent the destruction of goods or documents
involved in the dispute, protect trade secrets and provide for security for a prospective monetary award. Within [***] after selection of all three (3) of the arbitrators, the arbitrators shall conduct the preliminary conference. In addressing
any of the subjects within the scope of the preliminary conference, the arbitrators shall take into account both the desirability of making discovery efficient and cost-effective and the needs of the Parties for an understanding of any legitimate
issue raised in the arbitration. In addition, each Party shall have the right to take up to [***] of deposition testimony, including expert deposition testimony. The hearing shall commence within [***] after the selection of the arbitrators. The
arbitrators shall, in their discretion, allow each Party to submit concise written statements of position and shall permit the submission of rebuttal statements, subject to reasonable limitations on the length of such statements to be established by
the arbitrators. The hearing shall be no longer than [***] in duration. The arbitrators shall also permit the submission of expert reports. The arbitrators shall render their decision and award within [***] after the arbitrators declare the hearing
closed, and the decision and award shall include a written statement describing the essential findings and conclusions on which the decision and award are based, including the calculation of any damages awarded. The arbitrators will, in rendering
their decision, apply the substantive law of the State of New York, without reference to its conflict of laws principles. The decision and award rendered by the arbitrators shall be final, binding and
non-appealable, and judgment may be entered upon it in any court of competent jurisdiction. Each Party shall bear its own attorney’s fees, costs, and disbursements arising out of the arbitration, and
shall pay an equal share of the fees and costs of the arbitrators. The parties acknowledge and agree that this Agreement and any award rendered pursuant hereto shall be governed by the UN Convention on the Recognition and Enforcement of Foreign
Arbitral Awards. 

  
 31 

	11.4	 Injunctive Relief. No provision herein shall be construed as precluding a Party from bringing an action
for injunctive relief or other equitable relief in a court of competent jurisdiction prior to the initiation or completion of the above procedure. 

ARTICLE 12 

MISCELLANEOUS PROVISIONS 
  

	12.1	 Relationship of the Parties. The Parties agree that they are and will be acting solely as independent
contractors and nothing in this Agreement is intended or shall be deemed, for financial, tax, legal or other purposes, to constitute a partnership, agency, joint venture or employer-employee relationship between the Parties. Neither Party shall have
any right, power or authority, nor shall they represent themselves as having any authority to assume, create or incur any expense, liability or obligation, express or implied, on behalf of the other Party, or otherwise act as an agent of the other
Party for any purpose. 

  

	12.2	 Assignment. 

(a) Assignment by Recursion. Except as expressly provided herein, neither this Agreement nor any interest hereunder shall be
assignable or transferable by Recursion, whether voluntarily or by operation of law, without the prior written consent of Takeda (not to be unreasonably withheld or delayed). Notwithstanding the foregoing, Recursion may assign this Agreement without
such consent to an Affiliate or to a successor to all or substantially all of its business or assets to which this Agreement relates, whether by way of merger, consolidation, sale of stock, sale of assets, operation of law or otherwise. Recursion
shall give written notice to Takeda promptly following any such assignment.  
 (b) Assignment by Takeda. Takeda
may assign this Agreement to any Affiliate or to any Third Party that acquires all or substantially all of the assets or business of Takeda, whether by merger, sale of stock, sale of assets or other similar transaction, without the consent of
Recursion. Takeda shall give written notice to Recursion promptly following any such assignment. 
 (c) Continuing Obligations.
Unless otherwise agreed among Takeda, Recursion and an assignee permitted under this Section 12.2, no assignment under this Section 12.2 to an Affiliate of the assigning Party shall relieve the assigning Party of any of its
responsibilities or obligations hereunder. As a condition of any assignment of this Agreement, the assignee shall agree in writing to be bound by all obligations of the assigning Party hereunder. This Agreement shall be binding upon the successors
and permitted assigns of the Parties. 
 (d) Void Assignments. Any assignment not in accordance with this Section 12.2
shall be void. 
  

	12.3	 Accounting Procedures. Each Party shall calculate all amounts, and perform other accounting
procedures required, under this Agreement and applicable to it in accordance with US GAAP or IFRS, as applicable. All terms of an accounting or financial nature in this Agreement shall be construed in accordance with the foregoing accounting
standard 

  

	.12.4	 Force Majeure. Neither Party shall be liable to the other Party or be deemed to have breached or
defaulted under this Agreement for failure or delay in the performance of any of its obligations under this Agreement for the time and to the extent such failure or delay is caused by or results

  
 32 

	 	
from any event beyond the reasonable control of the affected Party, including acts of God, earthquake, riot, civil commotion, terrorism, war, strikes or other labor disputes, epidemics, fire,
flood, failure or delay of transportation, omissions or delays in acting by a governmental authority, acts of a government or an agency thereof or judicial orders or decrees or restrictions (“Force Majeure”). The Party affected by
force majeure shall provide the other Party with full particulars thereof as soon as it becomes aware of the same (including its best estimate of the likely extent and duration of the interference with its activities), and will use Commercially
Reasonable Efforts to overcome the difficulties created thereby and to resume performance of its obligations hereunder as soon as practicable. 

  

	12.5	 No Trademark Rights. Except as expressly set forth in this Agreement, no right, express or
implied, is granted by this Agreement to a Party to use in any manner the name or any other trade name or trademark of the other Party in connection with the performance of this Agreement or otherwise. Except as expressly set forth in this
Agreement, each Party agrees not to use the name, trademark, logo, symbol or other image of the other Party or its Affiliates in any commercial activity, marketing, advertising, or sales brochures without the prior written consent of the other
Party, which consent may be granted or withheld at the other Party’s sole discretion. 

  

	12.6	 Entire Agreement of the Parties; Amendments. This Agreement and the Exhibits hereto constitute
and contain the entire understanding and agreement of the Parties respecting the subject matter hereof and cancel and supersede any and all prior negotiations, correspondence, understandings and agreements between the Parties, whether oral or
written, regarding such subject matter. Except as specified herein, no waiver, modification or amendment of any provision of this Agreement shall be valid or effective unless made in a writing referencing this Agreement and signed by a duly
authorized officer of each Party. 

  

	12.7	 Captions. The captions to this Agreement are for convenience only, and are to be of no force or effect
in construing or interpreting any of the provisions of this Agreement. 

  

	12.8	 Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the
State of Delaware, excluding application of any conflict of laws principles that would require application of the Law of a jurisdiction outside of the State of Delaware. In the event of any conflict between US and foreign laws, regulations and
rules, US laws, regulations and rules shall govern. The United Nations Convention on Contracts for the International Sale of Goods shall not apply to this Agreement. 

 

	12.9	 Notices and Deliveries. Any notice, request, approval or consent required or permitted to be given under
this Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered in person, transmitted by facsimile or other electronic mail (receipt verified), or by express courier service (signature required) to the Party to
which it is directed at its address shown below or such other address as such Party shall have last given by notice to the other Party.If to Recursion, addressed to: 

Name:  Recursion Pharmaceuticals, Inc. 

Street:  41 S. Rio Grande Street 

City:    Salt Lake City, UT 84101 

Country: United States of America 

Attn:    [***] 

Email:  [***]@recursionpharma.com 

  
 33 

 With a copy to: 
  

	 	Name:	 Wilson Sonsini Goodrich & Rosati 

	 	Street:	 28 State Street, 37th Floor 

	 	City:	 Boston, MA 02109 

	 	Country:	 United States of America Attn: [***] 

	 	Email:	 [***]@wsgr.com 

If to Takeda, addressed to: 
  

	 	Name:	 Takeda Pharmaceutical Company Limited 

	 	Street:	 1-1, Doshomachi 4-chome

	 	City:	 Chuo-ku, Osaka 

	 	Country:	 Japan 

	 	Attn:	 [***] 

With a copy to: 
  

	 	Name:	 Millennium Pharmaceuticals, Inc. 

	 	Street:	 40 Landsdowne Street 

	 	City:	 Cambridge MA 02139 

	 	Country:	 United States of America 

	 	Attn:	 [***]  

  

	12.10	 Language. The official language of this Agreement and between the Parties for all correspondence shall
be the English language. 

  

	12.11	 Waiver. A waiver by either Party of any of the terms and conditions of this Agreement in any instance
shall not be deemed or construed to be a waiver of such term or condition for the future, or of any other term or condition hereof. All rights, remedies, undertakings, obligations and agreements contained in this Agreement shall be cumulative and
none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement of either Party. 

  

	12.12	 Severability. When possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under Law, but if any provision of this Agreement is held to be prohibited by or invalid under Law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. The Parties shall make a good faith effort to replace the invalid or unenforceable provision with a valid one which in its effect is most consistent with the original intent of the Parties. 

	12.13	 No Implied License. No right or license is granted to either Party hereunder by implication, estoppel,
or otherwise to any know-how, patent or other intellectual property right owned or Controlled by the other Party or its Affiliates, except as expressly set forth in this Agreement. 

 

	12.14	 Interpretation. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” All references herein to ARTICLES, Sections, and Exhibits shall be deemed references to ARTICLES and Sections of, and Exhibits to, this Agreement unless the context shall otherwise
require. Except where the context otherwise requires, wherever used: (a) the singular shall include the plural, the plural the singular, (b) the use of any gender shall be applicable to all genders, (c) the words “include” or
“including” shall be construed to as 

  
 34 

	 	
incorporating, also, “but not limited to” or “without limitation”, (d) the word “notice” shall mean in writing (whether or not specifically stated) and shall include
notices, consents, approvals and other written communications contemplated under this Agreement, (e) provisions that require that a Party or the Parties “agree,” “consent” or“approve” shall require that such
agreement, consent or approval be specific and in writing, whether by written agreement, letter or otherwise, and (f) and the word “or” is used in the inclusive sense (and/or). Whenever this Agreement refers to a number of days,
unless otherwise specified, such number refers to calendar days. Each Party represents that it has been represented by legal counsel in connection with this Agreement and acknowledges that it has participated in the drafting hereof. In interpreting
and applying the terms and provisions of this Agreement, the Parties agree that no presumption will apply against the Party which drafted such terms and provisions. Unless the context otherwise requires, countries shall include territories.

  

	12.15	 Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original,
and all of which together will be deemed to be one and the same instrument. Transmission by fax or by electronic mail (in PDF form) or by any other electronic means intended to preserve the original appearance of the document, of an executed
counterpart of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart and have the same effect as physical delivery of the paper document bearing the original signature. 

[SIGNATURE PAGE FOLLOWS] 

  
 35 

 IN WITNESS WHEREOF, duly authorized representatives of the parties have executed this Agreement as of the
date first above written. 
  

									
	TAKEDA PHARMACEUTICAL COMPANY LIMITED	 		 	RECURSION PHARMACEUTICALS, INC.
					
	Signature:	 	 /s/ Kentaro Kume
	 		 	Signature:	 	 /s/ Shafique Virani

					
	Printed Name:	 	 Kentaro Kume
	 		 	Printed Name:	 	 Shafique Virani

					
	Title:	 	 Head of R&D Partnership Office Asia-Pacific
	 		 	Title:	 	 Chief Corporate Development Officer

 Exhibit A 

Summary:  

Exhibit A describes structural and other properties of TAK-733, the licensed compound. 

[***] 

  
 1 

 Exhibit B 

Summary: 
 Exhibit B
contains a listing of individual files and reports that are being transferred from Licensor to Licensee. 
 [***] 

  
 2 

 Exhibit C 

Takeda Patents 
  

									
	 Country
	  	 Appl. No.
	  	 Reg. No.
	  	 Reg. date
	  	 Status

	AL	  	AL/P/2013/188	  	4453	  	24-Apr-2013	  	Registered
	AR	  	P 07 01 05806	  	AR064640B1	  	21-Dec-2018	  	Registered
	AT	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	AU	  	2007337003	  	2007337003	  	15-Aug-2013	  	Registered
	BA	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	BE	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	BG	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	BN	  	RE/2013/0041	  	RE/2013/0041	  	11-Jul-2013	  	Registered
	BR	  	PI 0720525-2	  		  		  	Allowed
	CA	  	2,673,647	  	2,673,647	  	09-Feb-2016	  	Registered
	CH	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	CL	  	3742-2007	  	48.980	  	17-May-2013	  	Registered
	CN	  	200780050324.4	  	ZL200780050324.4	  	06-Jan-2013	  	Registered
	CO	  	09-074.721	  	2859	  	24-Aug-2012	  	Registered
	[***]	  	[***]	  	[***]	  	[***]	  	[***]
	CY	  	CY20131100632	  	2125810	  	24-Apr-2013	  	Registered
	CZ	  	07869422.1	  	CZ/EP 2125810	  	24-Apr-2013	  	Registered
	DE	  	2125810	  	60 2007 030 085.1	  	24-Apr-2013	  	Registered
	DK	  	07869422.1	  	DK/EP 2125810	  	24-Apr-2013	  	Registered
	[***]	  	[***]	  	[***]	  	[***]	  	[***]
	DZ	  	090453	  	6648	  	27-Jul-2011	  	Registered
	EA	  	200970605	  	016312	  	30-Apr-2012	  	Registered
	[***]	  	[***]	  		  		  	[***]
	EE	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	[***]	  	[***]	  		  		  	[***]
	EP	  	P-2013/315	  	2125810	  		  	Registered
	ES	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	FI	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	FR	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	GB	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	GC	  	9774	  	GC0008107	  	20-Jun-2018	  	Registered
	GD	  	07869422.1	  	13	  	11-Jul-2013	  	Registered
	GE	  	AP2007011376	  	P5511	  	08-Jun-2012	  	Registered
	GR	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	[***]	  	[***]	  		  		  	[***]
	HR	  	07869422.1	  	P20130684	  	24-Apr-2013	  	Registered
	HU	  	07869422.1	  	E019309	  	24-Apr-2013	  	Registered
	ID	  	W-00 2009 01717	  	ID P0032324	  	19-Nov-2012	  	Registered
	IE	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	IL	  	199362	  	199362	  	01-Nov-2013	  	Registered
	IN	  	2589/KOL NP/2009	  	275359	  	31-Aug-2016	  	Registered
	IS	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered

  
 3 

									
	IT	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	JO	  	P/555/2007	  	2985	  	07-Feb-2017	  	Registered
	JP	  	2009-543137	  	5513127	  	04-Jun-2014	  	Registered
	[***]	  	[***]	  		  		  	[***]
	KR	  	7015218/2009	  	10-1488467	  	23-Jan-2015	  	Registered
	LT	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	LU	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	LV	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	MA	  	PV/32088	  	31151	  	01-Feb-2010	  	Registered
	MC	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	MK	  	P-2013/291	  	2125810	  	24-Apr-2013	  	Registered
	MT	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	MX	  	MX/a/2009/006675	  	293050	  	01-Dec-2011	  	Registered
	MY	  	PI20092545	  	MY-157871-A	  	29-Jul-2016	  	Registered
	[***]	  	[***]	  	[***]	  	[***]	  	[***]
	NL	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	NO	  	20092692	  	342270	  	30-Apr-2018	  	Registered
	NZ	  	578310	  	578310	  	07-May-2012	  	Registered
	PC	  	PCT/US2007/087913	  		  		  	Expired
	PE	  	000065-2008	  	6252	  	07-Dec-2011	  	Registered
	PH	  	1-2009-501221	  	1-2009-501221	  	03-Nov-2015	  	Registered
	PK	  	1473/2007	  	140705	  	23-Apr-2010	  	Registered
	PL	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	PT	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	RO	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	RS	  	P-2013/315	  	52887	  	24-Apr-2013	  	Registered
	SE	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	SG	  	200904081-7	  	153369	  	15-Sep-2011	  	Registered
	SI	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	SK	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	[***]	  	[***]	  		  		  	[***]
	TN	  	TN2009/0249	  	20997	  	20-Sep-2011	  	Registered
	TR	  	07869422.1	  	2125810	  	24-Apr-2013	  	Registered
	TW	  	096149026	  	I396538	  	21-May-2013	  	Registered
	UA	  	200907471	  	98479	  	25-May-2012	  	Registered
	US	  	60/870,913	  		  		  	Registered
	US	  	11/958,999	  	8,030,317	  	04-Oct-2011	  	Registered
	US	  	12/520,247	  	8,293,901	  	23-Oct-2012	  	Registered
	[***]	  	[***]	  		  		  	[***]
	US	  	13/450,064	  	8,470,837	  	25-Jun-2013	  	Registered
	[***]	  	[***]	  		  		  	[***]
	VN	  	1-2009-01519	  	11910	  	15-Oct-2013	  	Registered
	ZA	  	2009/04682	  	2009/04682	  	29-Sep-2011	  	Registered

  
 4 

 Exhibit D 

Summary: 
 Exhibit D describes the transfer plan
for transferring the IND, electronic documents, and other technical documents from the licensor to the licensee. 
 [***] 

  
 5 

 Exhibit E 

Development Plan 
 Summary:

 Exhibit E outlines the licensee’s development plan for the licensed compound, including anticipated timelines for completing certain pre-clinical and clinical tasks. 
 [***] 

  
 6 

 Exhibit F 

Press Release 

Recursion Enters Into Global Licensing Agreement with Takeda to Develop TAK-733 in Hereditary Cancer
Syndrome 
 DATE, 2020 – SALT LAKE CITY – Recursion, a digital biology company industrializing drug discovery, today announced it has
entered into a global licensing agreement with Takeda Pharmaceutical Company Limited (Takeda) to gain rights to TAK-733, a clinical-stage MEK inhibitor, and develop it for the treatment of a hereditary cancer
syndrome and related areas of oncology. 
 “TAK-733 is a great example of the power of our approach to decode
challenging and important areas of biology. By applying machine learning to images of cells, we capture cellular changes accompanying hundreds of unique biological perturbations, and even loss of just a single gene.” said Chris Gibson, Ph.D., co-founder and CEO, Recursion. “Using our platform, we uncovered targeted areas of oncology where TAK-733 could be effective. And because our dataset is fully relatable,
we then cross-referenced TAK-733 against hundreds of disease models we’ve developed already or will develop in the coming years.” 

TAK-733 was identified as a potential treatment for a hereditary tumor syndrome using Recursion’s approach to
creating cellular models of diseases where genes are inactive. Using its automated drug discovery platform, Recursion discovered the potential of TAK-733 by testing more than 200 potential molecules from
Takeda’s library against the most effective potential treatment for cancers carrying particular mutations. 
 “We’re making immense progress
in oncology by understanding the genetic drivers of different tumor types and developing targeted therapeutics,” said Ron Alfa, M.D., Ph.D., Senior Vice President, Translational Discovery. “Almost all available drugs today target a
particular type of mutation that result in activated proteins — oncogenes. However, most tumors also harbor mutations that eliminate or deactivate proteins, tumor suppressors, and only a few of these pathways have been understood well enough to
develop therapeutics. Recursion’s platform opens the door to discovering targeted therapeutics that are effective when these tumor suppressors are inactive.” 

Under the terms of the agreement, Recursion obtains exclusive worldwide rights to develop and commercialize TAK-733.
For more information on Recursion, please visit www.recursionpharma.com. 
 About Recursion 

Recursion is a digital biology company industrializing drug discovery. Recursion does this by combining automation, artificial intelligence, machine learning,
in vivo validation capabilities and a highly cross-functional team to discover novel medicines that expand our collective understanding of biology. Recursion’s rich, relatable database of 4 petabytes of biological images generated in-house on the company’s robotics platform enables advanced machine 

  
 7 

 
learning approaches to reveal drug candidates, mechanisms of action, novel chemistry, and potential toxicity, with the eventual goal of decoding biology and advancing new therapeutics that
radically improve people’s lives. Recursion is proudly headquartered in Salt Lake City. Learn more at www.recursionpharma.com, or connect on Twitter and LinkedIn. 

# # 
 Media Contact: 

Amanda Guisbond 
 amanda.guisbond@recursionpharma.com 

  
 8EX-10.18

 Exhibit 10.18 

 
 

 
 LEASE AGREEMENT 

By and Between: 
 INDUSTRY
OFFICE SLC, LLC 
 a Delaware limited liability company     

LANDLORD 
 and 

RECURSION PHARMACEUTICALS, INC., 

a Delaware corporation 
 TENANT

 650 South 500 West 
 Salt
Lake City, UT 84101 
  

 INDUSTRY COMMERCIAL BUILDING OFFICE LEASE 

SALT LAKE CITY 
 SUMMARY
OF BASIC LEASE TERMS 
 Capitalized terms, first appearing in quotations in this Summary of Basic Lease Terms, elsewhere in the Lease or
any Exhibits, are definitions of such terms as used in the Lease and Exhibits and shall have the defined meaning whenever used. 
  

			
	 1) “Effective Date”:
	  	The date of the last signature affixed to this Lease.
		
	 2) “Commencement Date”:
	  	The first day after each of the following has occurred: (a) Landlord has delivered the Premises to Tenant with Landlord’s Work Substantially Completed (both in Warm Shell Condition and completion of the Office Improvements
(as each is defined in the Work Letter attached as Exhibit C hereto (the “Work Letter”)), and (b) Tenant has completed its improvements to the Laboratory Premises (as defined herein); provided, however, that in no
event shall the actual Commencement Date and the commencement of Tenant’s Base Rent obligations occur later than May 31, 2022 (the “Outside Commencement Date”). The anticipated Commencement Date shall be set forth in the
Schedule (as defined in the Work Letter).
		
	 3) “Expiration Date”:
	  	The last day of the twenty-fourth (24th) full calendar month following the Commencement Date.
		
	 4) “Lease Term” or “Term”:
	  	Twenty-Four (24) whole calendar months following the Commencement Date.
		
	 5) “Building Address”:
	  	650 South 500 West, Salt Lake City, Utah 84101
		
	 6) “Landlord”:
	  	INDUSTRY OFFICE SLC, LLC, and/or its assigns
		
	 7) “Landlord’s Address”:
	  	 c/o INDUSTRY Denver
 3001 Brighton Boulevard,
Suite 449
 Denver, CO 80216
 ATTN: SLC Management

Email: slcmgmt@industryoffice.com

		
	 8) “Tenant”:
	  	Recursion Pharmaceuticals, Inc., a Delaware corporation
		
	 9) “Tenant’s Address”:
	  	 Recursion Pharmaceuticals, Inc.

41 South Rio Grande Street

Salt Lake City, Utah 84101

Contact: Tina Larson

Email: tina.larson@recursion.com

  
 i 

			
		
	 10) “Building”:
	  	INDUSTRY Salt Lake City Commercial Building.
		
	 11) “Building Complex”:
	  	The Building Complex is comprised of the Land, the Building (along with all improvements and common areas), and the garage.
		
	 12) “Land”:
	  	The land legally described on Exhibit A-1 attached hereto, upon which the Building is situated.
		
	 13) “Security Deposit”:
	  	One Hundred Eighty Thousand and 00/100 Dollars ($180,000.00) due within ten (10) days of the Effective Date.
		
	 14) “Premises”:
	  	The area of the Building containing at least 25,000 rentable square feet (“RSF”) (but not to exceed 55,000 RSF) generally depicted on a floor plan to be attached as Exhibit B hereto on or before
March 31, 2021, with an address of 650 South 500 West, Suite TBD, Salt Lake City, Utah, 84101. The final location and RSF of the Premises shall be determined by the parties during the
co-design process outlined in the Work Letter and shall be certified per as-built architectural drawings and memorialized in the Commencement Date, Premises Area
Measurement and Base Rent Confirmation Certificate as depicted in Exhibit E attached hereto. The portion of the Premises containing office uses is referred to herein as the “Office Premises” and the portion containing
laboratory / research and development uses is referred to herein as the “Laboratory Premises.”
		
	 15) “Base Rent”:
	  	From and after the Commencement Date, Tenant shall pay monthly Base Rent in accordance with the following schedule. The monthly and annual Base Rent shall be certified per as-built
architectural drawings and memorialized in the Commencement Date, Premises Area Measurement and Base Rent Confirmation Certificate as depicted in Exhibit E of the Lease by multiplying the Base Rent PSF by the final, certified area
(Base Rent PSF shall not change). Tenant shall be responsible for Building and Amenity Expenses during any Base Rent abatement periods.

 BASE RENT (OFFICE PREMISES) 
  

													
	 Period
	  	Annual Base
Rent PSF	 	  	Estimated
Expenses PSF*	 	  	Estimated Monthly
Rent	 
	 Commencement Date – Month 12
	  	$	25.00	 	  	$	9.01	 	  			
	 Month 13 – Expiration Date
	  	$	25.75	 	  	$	9.01	 	  			

  
 ii 

 BASE RENT (LABORATORY PREMISES) 

 

													
	 Period
	  	Annual Base
Rent PSF	 	  	Estimated
Expenses PSF*	 	  	Estimated Monthly
Rent	 
	 Commencement Date – Month 12
	  	$	18.00	 	  	$	9.01	 	  			
	 Month 13 – Expiration Date
	  	$	18.54	 	  	$	9.01	 	  			

  

	*	 Estimate only. Additional Rent, including Building Expenses and Amenity Expenses, shall be calculated and
reconciled as set forth in Paragraph 4 below. 

  

			
	 16) “Guaranty”:
	  	 Intentionally omitted.

		
	 17) “Permitted Use”:
	  	General office, scientific and laboratory uses, including, without limitation, wet and dry laboratory uses (including, without limitation, a chemistry laboratory) and research and development uses, together with all ancillary uses
relating thereto, subject to the limitations set forth in this Lease.

  

  
 iii 

 INDUSTRY COMMERCIAL BUILDING 

OFFICE LEASE 
 THIS
INDUSTRY COMMERCIAL BUILDING OFFICE LEASE (this “Lease”) is dated as of the Effective Date, by and between Landlord and Tenant. Landlord and Tenant for themselves and their successors and assigns, hereby agree as follows: 

1. Premises. Landlord, in consideration of the rents to be paid and the covenants and agreements to be performed by Tenant as
hereinafter set forth, hereby leases to Tenant, and Tenant hereby leases from Landlord, the Premises for the exclusive use of the Tenant in the Building for the Lease Term and upon the conditions and agreements hereinafter set forth below. Landlord
and Tenant stipulate that the estimated rentable square footages of the Premises and the Building, respectively, are as set forth in the Summary of Basic Lease Terms. 

This Lease shall constitute a binding agreement between the parties effective as of the Effective Date. In addition to the use of Premises,
Tenant shall have use of all of the hallways, entryways, stairs, elevators, driveways, parking areas, walkways, common kitchens, conference rooms, restrooms and all other areas in the Building or on the Land that are provided from time to time by
Landlord for the general nonexclusive use by Tenant and other tenants of the Building (the “Common Area”). Tenant will have the ability to use additional amenities, on a non-exclusive basis,
including certain common kitchens, bathrooms, conference rooms, and other amenities provided by the Landlord to Tenant from time to time pursuant to the terms of this Lease (the “Amenities”), which Amenities are a part of the Common
Area and situated in certain areas designated by Landlord (the “Amenities Area”). Provisions regarding the remodeling or construction of Landlord’s Work within the Premises are set forth in the Work Letter. Except as set forth
in the Work Letter or otherwise in this Lease, Landlord has no obligation for the completion of any finish work or remodeling of the Premises, other than being delivered freshly painted and in broom clean condition. Other than as set forth herein,
Tenant shall accept the Premises on the Commencement Date in their “as is” condition, and, except as expressly set forth in this Lease, Landlord shall not be deemed to have made any representations or warranties with respect to the
suitability of the Premises for Tenant’s use, or otherwise, and shall have no other obligation for the completion of the Premises. By taking possession of the Premises, Tenant shall be deemed to have agreed that the same is in good order,
repair, and condition. Notwithstanding the foregoing, Tenant may access the Premises prior to the Commencement Date for purposes of constructing and installing its improvements within the Laboratory Premises. Any such period of early occupancy shall
be governed by all of the terms and conditions of this Lease, except that Tenant shall have no obligation to pay rent except as set forth in Paragraph 3. 

2. Term. The term of this Lease shall be for the Lease Term, beginning at 12:00 midnight on the Commencement Date and expiring at 11:59
p.m. on the Expiration Date. Within ten (10) days of the Commencement Date, Landlord and Tenant shall execute a Commencement Date Certificate in the form attached as Exhibit E hereto setting forth the exact date of the
Commencement Date and the Expiration Date of the Lease Term; provided, however, that failure to enter into the Commencement Date Certificate shall not affect the Commencement Date or the occurrence thereof. Notwithstanding anything herein to the
contrary, if prior to the Commencement Date either Tenant or Landlord determines that (a) the Building cannot feasibly accommodate Tenant’s technical or design specifications within Landlord’s or Tenant’s construction budget (and
Tenant is otherwise unwilling to pay for such increased costs and expenses), or (b) Tenant will not be permitted by any applicable governmental authority with jurisdiction to use and occupy the Premises for any of the uses comprising the
Permitted Use or as otherwise contemplated under this Lease, then either Landlord or Tenant may terminate this Lease 

  
 1 

 
upon written notice to the other so long as (i) such notice is provided in writing not later than forty-five (45) days after the date of the last signature affixed to this Lease, and
(ii) Tenant reimburses Landlord for the actual, reasonable costs and expenses incurred by Landlord as of the date of termination, including, without limitation, design and engineering costs and other hard and soft costs, to complete
Landlord’s Work, with such reimbursement due within thirty (30) days after written request of Landlord, together with reasonable supporting documentation of such costs. Upon such termination and reimbursement required hereunder by Tenant,
neither party shall have any further obligation or liability to the other under this Lease. 
 3. Base Rent. The Base Rent shall be
payable in monthly installments as set forth in Item 15 of the Summary of Basic Lease Terms, in advance without notice, demand, setoff or deduction, due and payable from and after the Commencement Date; provided, however, the initial payment of Base
Rent for the first month of the Term shall be paid by Tenant to Landlord no later than thirty (30) days after the date of the last signature affixed to this Lease, and will be applied to the entire first full month’s Base Rent due
hereunder. Thereafter the monthly installments shall be due on the 1st day of each month following the Commencement Date. The Base Rent and Additional Rent are collectively referred to herein as “Rent,” and shall be paid to Landlord
without notice or demand, unless expressly provided for herein, and without deduction or offset, to Landlord’s Address or to such other person or place as Landlord may from time to time designate in writing. All other sums or charges as are
required to be paid by Tenant under this Lease in addition to Base Rent, including without limitation Building Expenses and Amenity Expenses (both as defined and determined below), shall be referred to as “Additional Rent” and shall
be payable in the manner provided for herein and recoverable by Landlord as Rent. 
 4. Additional Rent. In addition to Base Rent,
Tenant shall pay Tenant’s Building Expense Pro-Rata Share (as hereinafter defined) of the expenses described below (“Building Expenses”). Tenant will also pay Tenant’s Amenity
Expense Pro-Rata Share (as hereinafter defined) of charges for Tenant’s use of the Amenities (“Amenity Expenses”) to be determined by the Landlord, as set forth below. 

(a) Building Expenses. All tenants that have access to the Amenities in the Building are referred to herein as the
“Collaborative Tenants.” The combined leased premises of all the Collaborative Tenants and the amenity area is collectively referred to herein as the “Collaborative Office.” Tenant will pay a pro-rata share of the total Building Expenses allocated to the Collaborative Office where the numerator is the square footage of the Premises and the denominator is the sum total of the square footage of the leased
premises of all Collaborative Tenants including space held by Landlord to be rented by future tenants (“Tenant’s Building Expense Pro-Rata Share”). 

(b) Building Expenses include all reasonable, customary and actual costs, expenses, fees and other charges actually incurred by Landlord in the
connection with this Lease and the ownership, operation, management, maintenance and repair of the Building determined in accordance with generally accepted accounting principles consistently applied, including, without limitation, the following:

 (i) reasonable wages and salaries of all employees directly and actually engaged in the operation, repair, replacement, maintenance or
security of the Building, including taxes, insurance, other benefits and overhead related thereto; 
 (ii) all supplies and materials used
in the operation and maintenance of the Building, including holiday decorations; 

  
 2 

 (iii) costs of all utilities and maintenance of utility systems for the Building, including
but not limited to the cost of water, power, heating, lighting, air conditioning, ventilating, sewer and trash disposal, except for those costs billed to Tenant or other tenants; 

(iv) costs of all third party maintenance and service agreements for the Building, including, but not limited to, alarm service, janitorial
service, window cleaning, security service, elevator maintenance, grounds maintenance and heating, ventilating and air conditioning systems to the extent such agreements are not separately billed to Tenant or other tenants; 

(v) costs of all insurance premiums relating to the Building, including, without limitation, the cost of casualty, liability and property
damage insurance applicable to the Building and Landlord’s personal property used in connection therewith (except to the extent that any tenant pays Landlord directly or is otherwise responsible for increases in insurance premiums caused by the
acts or omissions of such other tenant in the Building, which shall be the obligation of such other tenant); 
 (vi) costs of any repairs
and general maintenance to the Building, or any part thereof and the equipment therein (excluding repairs and general maintenance paid by proceeds of insurance, by Tenant or by other third parties, and alterations attributable solely to tenants of
the Building); 
 (vii) capital investment items, excluding costs of the original construction of the Building, (amortized over the useful
life of such item) which reduce Building Expenses, or which are required by any governmental order, including the cost of compliance with any laws affecting the Building; 

(viii) professional management fees to manage the Building, including, without limitation, rental for the manager’s office space and
costs of supplying the manager with commercially reasonable and customary office equipment and storage space in the Building, and the pro rata share attributable to the Building for commercially reasonable and customary amounts directly charged to
the Building Complex for the manager’s salary plus benefits; 
 (ix) accounting, inspection, legal and other consultation fees or
expenses of enforcing the rules and regulations of the Building which are incurred in the ordinary course of operating the Building including, without limitation, commercially reasonable fees charged by consultants retained by Landlord for services
that are intended to produce a reduction in Building Expenses, reduce the rate of increase in Building Expenses, or reasonably improve the operation, maintenance, or state of repair of the Building Expenses, and any dues or other assessments charged
or imposed as a result of the inclusion of the Building in any metropolitan district or property owners association or sub-association; 

(x) costs incurred by Landlord, or its agents, in engaging experts or other consultants to assist them in making the computations required
hereunder; 
 (xi) all real estate taxes and assessments, including without limitation special assessments, imposed upon the Land and
Building by any governmental bodies or authorities, and all charges specifically imposed in lieu of such taxes and any costs incurred in connection with appealing or contesting such assessments. The term “taxes” as used in this paragraph
shall not include state, local or federal personal and corporate income taxes measured by the income of Landlord; estate and inheritance taxes, franchise, succession and transfer taxes; interest on taxes and penalties resulting from failure to pay
real estate taxes; and ad valorem taxes on Landlord’s personal furniture and furnishings, and on Landlord’s leasehold improvements to the extent that the same exceed standard Building allowances; 

  
 3 

 (xii) costs for lighting, heating and cooling, painting and cleaning the Building; 

(xiii) costs of maintenance, lighting, sanding, paving repairs, restriping and general maintenance of parking areas, snow and ice removal,
rubbish removal and landscaping; and 
 (xiv) costs of licensing, permits, service and usage charges, costs of compliance with all rules and
regulations and orders of governmental authorities pertaining to the Building, including those related to engineering and environmental issues, air pollution control and monitoring air quality, and any costs of any environmental clean-up undertaken by Landlord as a result of environmental contamination caused solely by or under Tenant. 
 TENANT
UNDERSTANDS THAT THE BUILDING IS AN EVOLVING OFFICE ENVIRONMENT. THE DENOMINATOR FOR THE CALCULATION OF TENANT’S BUILDING EXPENSE PRO-RATA SHARE OF THE COLLABORATIVE TENANTS WILL FLUCTUATE BASED ON THE
NUMBER AND SIZE OF THE TENANTS AND HOW THE BUILDING IS UTILIZED. 
 (c) Building Expenses expressly exclude the following: 

(i) costs incurred in connection with the initial development and improvement of the Building Complex or Building, including, without
limitation, impact fees; 
 (ii) costs of capital improvements (as opposed to capital repairs that are capital in nature), except to the
extent the same are either expected to reduce the normal Building Expenses (including, without limitation, utility costs) of the Building, or for the purpose of complying with any law, rule or order (or amendment thereto) not in effect as of the
date of this Lease. All capital costs that are allowable as Building Expenses shall be amortized using a commercially reasonable interest rate over the time period reasonably estimated by Landlord to be the item’s useful life; 

(iii) non-cash items, such as but not limited to depreciation and amortization (except as set forth in
subsection (ii) above); 
 (iv) debt service on indebtedness secured by any mortgage, deed of trust or similar instrument encumbering
the Building, and points, prepayment penalties and financing and refinancing costs for such indebtedness, including, without limitation, the cost of appraisals, title insurance and environmental, geotechnical, zoning and other reports; 

(v) expenses of procuring tenants and marketing, negotiating and enforcing Building leases, including, without limitation, brokerage
commissions, attorneys’ fees, advertising and promotional expenses, rent concessions and costs incurred in resolving disputes and/or in removing and storing the property of former tenants and other occupants of the Building; 

(vi) expenses of any tenant improvement work that Landlord performs for any tenant or prospective tenant of the Building, including, without
limitation, tenant improvement work to the Premises that Landlord performs for Tenant, and of relocating and moving any tenant in the Building; 

  
 4 

 (vii) items for which Landlord is otherwise reimbursed or would have been reimbursed but
for Landlord’s failure to comply with the requirements therefor, including, without limitation, by insurance or condemnation proceeds or under any warranties; 

(viii) expenses (including, without limitation, late fees, penalties and interest) resulting from the violation of laws or any contract by
Landlord, Landlord’s employees, agents or contractors, including, without limitation, any expenses arising out of Landlord’s failure to make timely payment and performance of its obligations; 

(ix) Landlord’s general corporate overhead; 

(xi) expenses for repairs and other work caused by (a) construction or design defects to the initial shell and core of the Building, or
(b) the failure of the Building to comply as of the Commencement Date with any then-existing laws; 
 (xiii) expenses to remove
hazardous materials (as defined below) in or under the Building, Land or the Building Complex not caused by or under Tenant; 
 (xiv)
expenses in connection with services or other benefits provided on an ongoing basis to other Building tenants that are not available to Tenant; 

(xv) costs as a result of (a) the negligence or willful misconduct of Landlord or Landlord’s employees, agents or contractors,
(b) the breach by Landlord of any lease in the Building beyond any applicable notice and cure period, and (c) the negligence or willful misconduct of other identified tenants of the Building; 

(xvi) costs for which Landlord receives payment from other tenants directly (other than as a part of Building Expenses) under the provisions
of such tenants’ leases, and the cost of any item or service for which Tenant separately reimburses Landlord or pays third parties; 

(xvii) rental under any ground or underlying lease and under any lease or sublease assumed, directly or indirectly, by Landlord (e.g., a
take-back sublease); 
 (xviii) Landlord’s charitable, civic and political contributions and professional dues (excepting any LEED or
similar certification applicable to the Building or Project, the commercially reasonable amounts associated therewith shall be recoverable Building Expenses); 

(xix) costs arising from actual and potential claims, litigation and arbitration pertaining to Landlord and the Building Complex (including in
connection therewith all attorneys’ fees and costs of settlement and judgments and payments in lieu thereof); 
 (xx) excluding the
Amenities, expenses for special events and other uses of the Building by third parties, including, without limitation, shows, promotions, filming, photography, private events and parties and ceremonies; 

  
 5 

 (xxii) costs of selling, syndicating and otherwise transferring the Building and
Landlord’s interest in the Building, including, without limitation, brokerage commissions, attorneys’ and accountants’ fees, closing costs, title insurance premiums and transfer and other similar taxes and charges; 

(xxiii) costs of “tap fees” and sewer and water connection fees for the benefit of any particular tenant in the Building; and 

(xxix) bad debt and rent loss reserves. 

(d) The Building Expenses that vary with occupancy and that are attributable to any part of the Lease Term in which less than 95% of the
rentable square footage of the Building is occupied by tenants, will be adjusted by Landlord to the amount which Landlord reasonably believes that they would have been if 95% of such area had been so occupied. Notwithstanding the foregoing, Amenity
Expenses shall be grossed up to (which, excepting any management or administrative fees expressly permitted herein), shall not exceed 100%. 

(e) Amenity Expense. Tenant will pay a monthly Amenity Expense for use of the Building’s Amenities. Determination of the monthly
Amenity Expense amount will be based on the Tenant’s share of the rentable square footage of the Collaborative Office and the number of employees working in the Building with adjustments made by Landlord, in Landlord’s sole discretion
(“Tenant’s Amenity Expense Pro-Rata Share”; Tenant’s Building Expense Pro-Rata Share and Tenant’s Amenity Expense Pro-Rata Share are sometimes collectively referred to herein as “Tenant’s Pro-Rata Share”). Reasons for adjustments to Tenant’s Amenity Expense Pro-Rata Share include (but are not limited to) unusually heavy use of Amenities by Tenant (but not other tenants of the Building), extra cleaning or damage after events held by Tenant (but not other tenants of the
Building), use of rented equipment, or any disproportionate use by Tenant (but not other tenants of the Building) of the Amenity Area that results in actual additional expenses incurred by Landlord. Amenity Expense items include (but are not limited
to) building internet, building receptionist, coffee, tea, milk, kitchen water machines, building programing, Common Area technology (i.e. projectors, video conferencing, etc.), concierge services and general kitchen supplies. 

TENANT UNDERSTANDS THAT THE COMMON AREA, THE AMENITY AREA(S) AND AMENITIES ARE PROVIDED FOR THE USE OF ALL TENANTS. IN ORDER TO ENSURE AMENITIES ARE NOT
ABUSED BY ONE TENANT AT THE EXPENSE OF THE OTHERS, LANDLORD WILL ASSESS MONTHLY AMENITY EXPENSES IN ITS SOLE BUT REASONABLE DISCRETION. 

(f) Payment of Building Expenses and Amenity Expenses. For each calendar year during the Lease Term, Landlord shall provide Tenant with
Landlord’s reasonable estimate of Tenant’s Pro-Rata share of Building Expenses and Amenity Expenses for the following calendar year (the “Estimate Statement”), which shall show, in
reasonable detail, the breakdown of estimated Building Expenses and Amenity Expenses for such year by category. Tenant shall thereafter pay in advance in monthly installments, with the Base Rent, Tenant’s
Pro-Rata Share of the Building Expenses and Amenity Expenses. Such Estimate Statement shall be based on the actual Building Expenses and Amenity Expenses for the immediately preceding calendar year and
Landlord’s reasonable estimate of such expenses for the following calendar year. If, based on actual expenses incurred during such calendar, Landlord determines that the Estimate Statement materially over or underestimates Tenant’s Pro-Rata share, Landlord may (but if the variation is a material reduction in Tenant’s Pro-Rata share, Landlord shall) deliver to Tenant (but no more than

  
 6 

 
once every calendar year under the Lease) a revised the Estimate Statement, together with reasonable documentation justifying such change. Tenant shall have no less than 30 days after the
delivery of any Estimate Statement to may any payment required to be made pursuant thereto. Landlord shall within the period of 120 calendar days (or as soon thereafter as possible) after the close of each calendar year give Tenant a statement
showing in reasonable detail such year’s actual Building Expenses and Amenity Expenses, together with a reconciliation statement comparing the actual costs with the costs set forth in the Estimate Statement. In the event such reconciliation
statement reveals an underpayment by Tenant, Tenant shall, within 30 days, pay to Landlord the amount of such underpayment. If, on the other hand, the reconciliation statement reveals an overpayment, then Landlord shall promptly refund to Tenant the
amount of such overpayment within 30 days or, at Tenant’s election, credit such amount to the succeeding monthly installments of Base Rent; provided, however, no refunds of Additional Rent, or amounts escrowed hereunder, shall be paid to Tenant
if Tenant is in default of any of its obligations under the Lease beyond any applicable notice and cure period. The failure of Landlord to submit statements provided for herein shall not relieve Tenant of its obligation to pay Tenant’s Pro-Rata Share of Building Expenses and Amenity Expense; provided, however, Landlord shall not be entitled to collect from Tenant any Building Expenses or Amenity Expenses that are billed to Tenant for the first
time more than twenty-four (24) months after such expenses arise; however, the limitation set forth in this clause shall not apply with respect to taxes or Tenant’s obligation to pay any deficiency with respect to Tenant’s share of
taxes for any calendar year. Excepting any management or administrative fees expressly permitted herein. for any particular calendar year of the Term, Landlord may not collect Building Expenses or Amenity Expenses from tenants in the Building in an
amount that is in excess of one hundred percent (100%) of the Building Expenses or Amenity Expenses, as applicable, actually paid or incurred by Landlord for such calendar year. Landlord shall use commercially reasonable efforts to control Building
Expenses and Amenity Expenses to the extent reasonably practicable, and shall pay all Building Expenses and Amenity Expenses in a timely manner prior to delinquency. 

Notwithstanding anything contained in this Paragraph 4 to the contrary, at Landlord’s option: (i) Landlord shall have the right, acting reasonably
and in good faith, to allocate certain Building Expenses to less than all of the occupants in the Building, in which event Tenant’s share of such costs (the “Cost Pool”) shall be as follows: (A) in the event Tenant is one
of the occupants participating in such Cost Pool, its share of such Building Expenses shall be calculated in the manner set forth in Paragraph 4(a), but the denominator used to determine such share shall exclude those occupants not participating in
such Cost Pool; or (B) in the event Tenant is not one of occupants participating in such Cost Pool, its share of such Building Expenses shall be set forth in the manner set forth in Paragraph 4(a) but the denominator used to determine such
share shall exclude those occupants participating in such Cost Pool; or (ii) Landlord shall have the right to cause Tenant to directly pay for any extraordinary expenses resulting from Tenant’s operations from the Premises. 

(g) Audit. So long as Tenant is not then in monetary default of any term or condition of this Lease beyond any applicable notice and
cure period, Tenant shall have the right to conduct a Tenant’s Review, as hereinafter defined, at Tenant’s sole cost and expense (except as provided herein) (including, without limitation, photocopy and delivery charges), upon thirty
(30) days’ prior written notice to Landlord. “Tenant’s Review” shall mean a review and audit of Landlord’s books and records relating to (and only relating to) Building Expenses and Amenity Expenses payable by
Tenant hereunder for the most recently completed calendar year as reflected on Landlord’s final year-end reconciliation of Building Expenses and Amenity Expenses (“Final Statement”).
Tenant’s Review must be performed by either an employee of Tenant or by a Certified Public Accountant (“CPA”) reasonably satisfactory to Landlord. Tenant must elect to 

  
 7 

 
perform a Tenant’s Review by written notice of such election received by Landlord within ninety (90) days following delivery to Tenant of the Final Statement for the most recently
completed calendar year. In the event that Tenant fails to make such election in the time and manner required or fails to diligently perform such Tenant’s Review to completion, then Landlord’s calculation of Building Expenses and Amenity
Expenses shall be final and binding on Tenant. Tenant hereby acknowledges and agrees that even if it has elected to conduct a Tenant’s Review, Tenant shall nonetheless pay all Building Expenses and Amenity Expenses payments to Landlord, subject
to readjustment. Tenant further acknowledges that Landlord’s books and records relating to the Building may not be copied in any manner, are confidential, and may only be reviewed at any time during normal business hours at a location
reasonably designated by Landlord, but Landlord will make such records available within the metropolitan area in which the Premises is located. Tenant shall provide to Landlord a copy of Tenant’s Review as soon as reasonably possible after the
date of such Tenant’s Review. If Tenant’s Review reflects a reimbursement owing to Tenant by Landlord, and if Landlord disagrees with Tenant’s Review, then Tenant and Landlord shall jointly appoint an auditor to conduct a review
(“Independent Review”), which Independent Review shall be deemed binding and conclusive on both Landlord and Tenant. If the Independent Review results in a reimbursement owing to Tenant equal to four percent (4%) or more of the
amounts reflected in the Final Statement, the costs of the Independent Review shall be paid by Landlord, but otherwise Tenant shall pay the costs of Tenant’s Review and the Independent Review. For any overcharge, Tenant shall be entitled to
receive, at Tenant’s option, a credit against Tenant’s upcoming Rent payments or a refund due and payable to Tenant within thirty (30) days after completion of such Tenant Review or Independent Review, as applicable. Under no
circumstances shall Tenant conduct a review of Landlord’s books and records whereby the auditor operates on a contingency fee or similar payment arrangement. Any such reviewer must sign a commercially reasonable
non-disclosure, non-solicitation, and confidentiality agreement. Tenant agrees to use reasonable efforts to keep the results of its audit confidential, except for such
disclosures to Tenant’s agents, employees, attorneys, accountants, financial advisors, officers, directors, members and contractors, and except for such disclosures as may be required by law, compelled by judicial process or which may be
necessary to enforce the terms and provisions of this Lease. 
 5. Security Deposit. Within ten (10) days of the Effective
Date, Tenant shall deposit with Landlord the Security Deposit as set forth in Item 13 of the Summary of Basic Lease Terms as security for the full and faithful performance by Tenant of all Tenant’s obligations hereunder. No interest shall be
paid upon the Security Deposit nor shall Landlord be required to maintain the deposit in a segregated account. The Security Deposit shall not be construed as prepaid Rent. In the event that Tenant shall default in the full and faithful performance
of any of the terms hereof, then Landlord may either retain the Security Deposit as liquidated damages, or a portion thereof, for damages caused by Tenant beyond ordinary wear and tear, or Landlord may retain the same and apply it toward any damages
sustained by Landlord, including but not limited to actual damages sustained by the Landlord by reason of the default of Tenant, including any past due Rent. Upon each such application, Tenant shall, on demand, pay to Landlord the sum so applied,
which shall be added to the Security Deposit so that the same shall be restored to the amount first set forth above. In the event of bankruptcy or other debtor-creditor proceedings, either voluntarily or involuntarily instituted by or against
Tenant, the Security Deposit shall be deemed to be applied in the following order: to actual damages caused by Tenant beyond ordinary wear and tear, obligations and other charges, including any damages sustained by Landlord, other than unpaid Rent,
due to Landlord for all periods prior to the filing of such proceedings; to accrued and unpaid Rent prior to the filing of such proceeding, and thereafter to actual damages, obligations, other charges and damages sustained by Landlord and Rent due
the Landlord for all periods subsequent to such filing. In the event of a sale of the Land and the Building, Landlord shall transfer the 

  
 8 

 
Security Deposit to the buyer, and shall confirm the same to Tenant in writing, after which transfer and written confirmation Landlord shall have no further obligation regarding the Security
Deposit. Notwithstanding the foregoing, and so long as Tenant is not in default of this Lease beyond any applicable cure period, Landlord shall return to Tenant (or, at Tenant’s option, or apply to subsequent payments of Rent due hereunder) a
portion of the Security Deposit in the amount of Sixty Thousand and 00/100 Dollars ($60,000.00) upon the first anniversary of the Commencement Date and also upon the date that is eighteen (18) months after the Commencement Date. The remaining
balance of the Security Deposit shall be held until the expiration of the Lease Term. If Tenant fully and faithfully complies with all of the terms hereof, the Security Deposit or any balance thereof shall be returned to Tenant within thirty
(30) days after expiration of the Lease Term or thirty (30) days after the final day Tenant occupies the Premises. 
 6.
Character and Design of Building. 
 TENANT ACKNOWLEDGES THE ADAPTIVE REUSE OF THE BUILDING MAY RESULT IN THE APPEARANCE OF UNFINISHED
OR INTENTIONALLY ROUGH FINISHES. AS SUCH, ITEMS INCLUDING BUT NOT LIMITED TO UNPAINTED BEAMS AND OTHER STEEL WORK, CONCRETE CRACKING (UNLESS STRUCTURAL IN NATURE OR A TRIP OR OTHER HAZARD IN LANDLORD’S REASONABLE OPINION), GRAFFITI AND OTHER
SUCH FEATURES MAY BE FOUND THROUGHOUT THE BUILDING AND THE PREMISES. THESE FEATURES ARE BY DESIGN (INTENTIONAL) AND SHALL NEITHER DELAY THE COMMENCEMENT DATE NOR BECOME FEATURES LANDLORD IS REQUIRED TO ALTER. 

TENANT ACKNOWLEDGES THE BUILDING HAS BEEN DESIGNED (FROM AN HVAC PERSPECTIVE) FOR AN OCCUPANCY LOAD OF ONE PERSON PER 100 SQUARE FEET OF
RENTABLE SPACE. MANY TENANTS EXCEED THIS CAPACITY WITHOUT ISSUE, HOWEVER LANDLORD SHALL NOT BE LIABLE FOR HEATING AND COOLING PROBLEMS, SHOULD THEY OCCUR, IN THE PREMISES IF TENANT EXCEEDS THE RECOMMENDED CAPACITY AND/OR IF TENANT USES EQUIPMENT
WHICH, IN LANDLORD’S REASONABLE OPINION, GENERATES SIGNIFICANT QUANTITIES OF HEAT. 
 TENANT FURTHER ACKNOWLEDGES THERE MAY BE NOISE
AND INTERRUPTIONS ON ACCOUNT OF LANDLORD BUILDING OUT IMPROVEMENTS FOR OTHER TENANTS IN THE BUILDING. LANDLORD SHALL USE COMMERCIALLY REASONABLE EFFORTS TO MITIGATE INCONVENIENCES TO ALL TENANTS DURING THE PERIOD FOLLOWING OPENING OF THE BUILDING
AND STABILIZATION/LEASE-UP OF OTHER TENANT SUITES – BUT SHALL NOT BE LIABLE TO TENANT FOR OCCASIONAL NOISE. 

7. Use of Premises. 
 (a)
The Premises and Common Area shall be used for the Permitted Use and for no other purpose without the prior written consent of Landlord, in its sole discretion. Tenant shall have keys and necessary security clearance to access the Building and
Premises, including Common Area, 24 hours per day, 7 days per week. Landlord shall supply Tenant with up to five keys FOBs per 1,000 rentable square feet of the Premises at Landlord’s sole cost. Additional FOBs shall be provided to Tenant at
the cost of $75.00 per FOB. Landlord shall maintain reception staff for the Building from 8 am to 5 pm Mondays through Fridays (excluding holidays); provided, however, that Landlord’s failure to do so shall not be a default under this Lease.

  
 9 

 (b) Tenant shall act in accordance with and not violate any restrictions or covenants of
record affecting the Premises and Common Area or the Building. Tenant shall not use or occupy the Premises and Common Area in violation of any applicable law, code, regulation or ordinance, and shall immediately discontinue any use of the Premises
and Common Area which is declared by either any governmental authority having jurisdiction or the Landlord to be a violation of any such law, code, regulation or ordinance. Tenant shall comply with any direction of any governmental authority having
jurisdiction which shall, by reason of the nature of Tenant’s use or occupancy of the Premises and Common Area, impose any duty upon Tenant or Landlord with respect to the Premises and Common Area or with respect to the use or occupancy
thereof. 
 (c) Tenant shall not do nor permit to be done anything which will invalidate or increase the cost of any casualty and extended
coverage insurance policy covering the Building and/or property located therein (and Tenant shall not do nor permit to be done anything which will invalidate or increase the cost of such policy) and shall comply with all rules, orders, regulations
and requirements of the appropriate Fire Rating Bureau or any other organization performing a similar function. Tenant shall promptly upon written demand and a reasonable opportunity to cure any problem which results in an invalidation or increase
in the cost of any casualty and extended coverage insurance policy, reimburse Landlord, as Additional Rent, for any additional premium charged for such policy by reason of Tenant’s failure to comply with the provisions of this paragraph. Tenant
shall not do or permit anything to be done in, on or about the Premises and Common Area which would in any way obstruct or interfere with the rights of other tenants or occupants of the Building, or use or allow the Premises and Common Area to be
used for any unlawful purpose, nor shall Tenant maintain or permit any nuisance or commit or suffer to be committed any waste in, on or about the Building. 

(d) Use of the Premises shall also include Common Area. Tenant shall have the non-exclusive right
(except with respect to exclusive, pre-approved events in the Amenity Area(s) (or portion thereof) approved by Landlord) to use the Common Area on a reasonable basis that does not interfere with the ability of
other tenants to also use said space or with events which have been scheduled and reserved in advance. It is understood that areas of the Building may be used for events and other uses that may cause significant increase in traffic at certain times
and any such use shall not be a basis for any constructive eviction of Tenant, or entitle Tenant to any offset or abatement of Rent so long as Landlord provides at least forty-eighty (48) hours’ advance notice of an event that may cause a
material disruption to Tenant’s use of the Common Areas or Amenity Areas, but in no event shall any such event interfere with Tenant’s Permitted Use or its use and occupancy of the Premises; Tenant hereby acknowledging and agreeing to such
use by execution of this Lease. 
 8. Building Services, Maintenance. 

(a) Landlord shall maintain in good condition and repair and in compliance with all laws (and shall make all repairs and perform all
maintenance necessary to keep in good condition) the Building, Common Area of the Building and any structural (including the foundation, roof, and walls) mechanical, plumbing and electrical systems serving the Building and Premises (the cost of
which shall be included in the Building Expenses, subject to the provisions of Paragraph 4 of this Lease), the Temporary Parking Area and, if and when constructed, the Structured Parking (as each is defined in Paragraph 14). Landlord shall cause the
following utilities to be provided to the Premises: electricity, gas service, hot and cold water, and basic HVAC service per “Exhibit C”. Landlord shall provide general janitorial services in and about the Common Area of the
Building as necessary or desirable in Landlord’s reasonable judgment and consistent with the level of janitorial service typically provided in comparable buildings in the downtown area of 

  
 10 

 
Salt Lake City, which janitorial services shall include, but not be limited to, wiping down high traffic glass walls, cleaning floors, and emptying waste baskets and full-sized trash and recycling containers, cleaning and stocking restrooms and kitchens within the Common Area and Amenities Area. Landlord shall be responsible for snow and ice removal, landscaping, and
groundskeeping for the Building, Common Area, Amenities Area, Temporary Parking Area and Structured Parking. Tenant is responsible for its own janitorial services in the Premises beyond the normal cleaning services provided by Landlord. In addition,
in the event the Premises contains a kitchen or restroom that is not part of the Common Area or Amenities Area, Landlord shall maintain such kitchen and/or restroom in the same manner it maintains the kitchens and restrooms in the Common Area and
Amenities Area (i.e., all kitchens and restrooms shall be similarly monitored and stocked by Landlord). With respect to any work performed by Landlord pursuant to this Paragraph 8 and except as otherwise set forth in this Lease, (a) Landlord
shall be liable to Tenant only for physical damage caused to Tenant’s personal property located within the Premises to the extent such damage is caused by or under Landlord; (b) in no event shall Landlord have any liability to Tenant for
any other damages not caused by Landlord, or for any inconvenience or interference with the use of the Premises by Tenant, or for any consequential damages, including lost profits, as a result of performing any such work; and (c) Landlord
reserves the right to interrupt any or all utility services to the Common Area or Amenities Area in case of accident or breakdown, or for the purpose of making alterations, repairs or improvements thereto. With respect to any utility services
provided by Landlord to the Premises, Landlord shall not be liable for the failure to furnish or delay in furnishing any or all of such services when same is caused by or is the result of strikes, labor disputes, labor, fuel or material scarcity, or
governmental or other lawful regulations or requirements, or the failure of any corporation, firm or person with whom the Landlord may contract for any such service, or for any service incident thereto, to furnish same, or is due to any cause; and
the failure to furnish any of such services in such event shall not be deemed or construed as an eviction or relieve Tenant from the performance of any of the obligations imposed upon Tenant by this Lease; provided that if Tenant is unable to use
the Premises for the Permitted Use for more than three (3) consecutive business days as a result of an interruption within Landlord’s reasonable control, Tenant’s Base Rent shall be abated from forth (4th) business day following the
interruption to the date on which the services are restored; provide if Tenant is unable to use the Premises for one hundred eighty (180) days or more for any reason within Landlord’s control, Tenant may terminate this Lease upon written
notice to Landlord. Except in exigent circumstances, Landlord shall provide at least five (5) business days’ advance notice to Tenant in the event of Landlord’s temporary interruption any utility services, and in all instances
Landlord shall coordinate repairs to such utility services with Tenant and shall undertake all commercially reasonable efforts to minimize impacts on Tenant’s business operations. Notwithstanding any other provision of this Lease, in no event
shall Landlord have any liability for loss of business (including, without limitation, lost profits) by Tenant in connection with a failure to furnish utilities as set forth in this Paragraph 8. Tenant shall be solely responsible for and shall
promptly pay all charges for IT, telephone, internet and other communication services separately metered to the Premises and billed to Tenant directly. 

(b) Tenant shall maintain the Premises in good repair and condition and shall make all repairs and perform all maintenance necessary to keep
the Premises in good condition (except for any damage caused by or under Landlord); provided that Landlord shall be responsible for repairing, replacing and maintaining all structural components of the Building (including, without limitation, the
foundation, roof, and walls). In addition, Tenant shall promptly repair, in a good and workmanlike manner, any damage to the Premises or other part of the Building caused by any breach by Tenant of this Lease, including Tenant’s maintenance
obligations set forth herein, or by any act or omission of Tenant, or of any employee, agent or invitee of Tenant. If Tenant fails to do so, after written notice thereof by Landlord, and an opportunity to cure or make repairs within thirty
(30) days, Landlord shall have the right to repair any such damage and Tenant shall pay Landlord for the cost of all such repairs, plus interest at the Interest Rate (as defined below). 

  
 11 

 (c) Tenant shall not permit undue accumulations of garbage, trash, rubbish or other refuse
within the Premises and Common Area and shall keep all refuse in appropriate containers until disposal of such refuse. Tenant shall be solely responsible for disposing of all hazardous substances, wastes and materials brought into the Premises or
Common Area by Tenant in accordance with applicable law and Landlord shall have no duty or obligation to remove any hazardous substances, wastes or materials brought into the Premises or Common Area by Tenant. Tenant covenants that Tenant shall not
use, generate, place, store, release, discharge, transport or otherwise dispose of hazardous materials in, on, about or under the Premises or other portions of the Building in violation of any applicable law and Tenant’s use of and operations
within the Premises shall strictly comply with all environmental regulations and other applicable laws. If Tenant breaches the foregoing, Tenant shall give Landlord written notice of such breach and shall immediately, at Tenant’s sole cost and
expense, undertake remedial action in accordance with all environmental regulations; provided, however, Landlord may properly require its consent to the selection of the contractors and other professionals involved in the inspection, testing and
removal or remediation activities, the manner and method for performance of such activities and such other matters as may be reasonably required or requested by Landlord for the safety of and continued use of the Building and the tenants and
visitors thereof. For purposes of this Lease, “hazardous materials” means and includes substances defined as “hazardous materials,” “hazardous wastes”, “hazardous substances” or “toxic
substances” under applicable law as well as any “bio-medical hazardous materials” (as defined in the attached Rider). 

(d) Tenant shall have no liability of any kind to Landlord for any pre-existing hazardous materials
located in or under the Building or on the Land as of the Effective Date and for any hazardous materials that migrate onto or under the Building or Land or otherwise become present at the Building or Land as the result of the activities of anyone
other than Tenant, all of which Landlord shall promptly remove and remediate in compliance with all applicable laws at Landlord’s sole cost. 

9. Alterations. Following the Commencement Date, Tenant shall not make any changes, additions, alterations, improvements or additions to
the Premises and Common Area or attach or affix any articles thereto without Landlord’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. All alterations, improvements, and additions to the Premises (other
than the Laboratory Premises) and Common Area (as permitted by Landlord in accordance with this Paragraph) shall be done only by Landlord or contractors or mechanics approved by Landlord, and shall be at Tenant’s sole expense and at such times
and in such manner as Landlord may reasonably approve. Any work approved by Landlord hereunder affecting the Laboratory Premises may be performed, at Tenant’s option, by Tenant or its contractors or mechanics (which shall be reasonably approved
by Landlord), at Tenant’s sole cost and expense. Any mechanics or materialman’s lien for which Landlord has received a notice of intent to file or which has been filed against the Premises and Common Area or the Building arising out of
work done for, or materials furnished to or on behalf of Tenant, its contractors or subcontractors shall be discharged, bonded over, or otherwise satisfied by Tenant within ten days following the earlier of the date Landlord receives (1) notice
of intent to file a lien or (2) notice that the lien has been filed. If Tenant fails to discharge, bond over, or otherwise satisfy any such lien, Landlord may do so at Tenant’s expense, and the amount expended by Landlord, including
reasonable attorneys’ fees, shall be paid by Tenant within 10 days following Tenant’s receipt of a bill from Landlord. All alterations, improvements, or additions, whether temporary or permanent in character, made

  
 12 

 
by Landlord or Tenant in or upon the Premises shall become Landlord’s property and shall remain upon the Premises at the termination of this Lease by lapse of time or otherwise, without
compensation to Tenant (excepting only Non-Standard Alterations [as defined below] and the following defined “Tenant’s Property”: Tenant’s movable office furniture, trade fixtures,
office and professional equipment, laboratory equipment and benches, prefabricated laboratory pods and related trade fixtures and equipment, process tanks and piping, materials handling and storage shelving and related fixtures, generators, and any
network-powered broadband, communication and/or coaxial cables installed by or for the benefit of Tenant, hereunder “cabling”). 
 Further,
Landlord may require that Tenant remove any Non-Standard Alterations (hereinafter defined) at the expiration or earlier termination of the Lease Term, and restore the Premises to its prior condition,
reasonable wear and tear excepted, but only if Landlord has notified Tenant at the time that Landlord and Tenant agree upon and attach the Plans (as defined in the Work Letter) as Exhibit C-1 to
the Work Letter that Tenant will be required to remove any particular Non-Standard Alteration upon Lease expiration. As used herein, “Non-Standard
Alterations” shall mean any improvements or alterations constructed within or as part of the Laboratory Premises that cannot be cost-effectively redesigned and/or repurposed for general office use in accordance with Landlord’s standard
office specifications. Non-Standard Alterations expressly excludes each of the following, which may be surrendered by Tenant and left in place at the end of the Lease Term (collectively, the “Remaining
Improvements”): upgrades or enhancements to utilities or related services; HVAC equipment and related fixtures; ventilation equipment, including, without limitation, rooftop vents (notwithstanding the provisions of Section 5 of the
Rider regarding Rooftop Equipment); loading dock improvements; and flooring. Unless Landlord requires their removal (to the extent permitted, and subject to the terms, provisions and conditions, under this Lease), all Tenant Improvements and
Alterations which may be made on the Premises (other than Tenant’s Property) shall become the property of Landlord and remain upon and be surrendered with the Premises at the expiration of the Lease Term. Except as otherwise set forth
below, all of Tenant’s Property shall remain Tenant’s sole property during and after the Lease Term regardless of whether such property is affixed or attached to the Premises. Unless Landlord notifies Tenant otherwise or if Landlord
requests that any alteration, improvement, or addition remain, any other alteration, improvement, or addition made by Tenant to any portion of the Premises other than the Laboratory Premises after the Commencement Date which was designated for
Tenant’s removal at the time when such alteration, improvement or addition was approved by Landlord pursuant to this Paragraph shall, at Tenant’s sole cost, be removed upon the termination of this Lease. Tenant shall also, at Tenant’s
sole cost, repair any damage caused to the Premises or the Building as a result of any such removal and restore the Premises to substantially the same condition existing as of the Commencement Date. In the event Tenant fails to perform the repairs
required hereunder, Landlord shall be entitled to perform the same and recover from Tenant the reasonable costs and expenses thereof, including reasonable attorneys’ fees. In the event that Landlord incurs any expenses in the removal of trash,
or the cleaning of elevators, public corridors, loading areas, and other Common Areas as a result of Tenant’s contractors’ work, then Tenant agrees it shall reimburse Landlord within seven calendar days of the date of billing. 

10. Liability Insurance; Indemnity. 

(a) Tenant shall and hereby does indemnify and hold Landlord harmless from and against any and all claims brought against Landlord by a third
party arising from: (i) Tenant’s use of the Premises or the conduct of Tenant’s business or profession therein; (ii) any activity, work, or thing done, permitted or suffered by Tenant in or about the Premises, Common Area, or the
Building; (iii) any breach or default in the performance of any obligation on Tenant’s part to be performed under the terms of this Lease; or (iv) any negligent or willful acts or omissions of

  
 13 

 
Tenant, or of Tenant’s agents, employees or contractors, on or about the Premises, Common Area, or the Building. Tenant shall and hereby does further indemnify, defend and hold Landlord
harmless from and against all costs, reasonable attorneys’ fees, expenses and liabilities incurred in connection with any such claim or any action or proceeding brought thereon. In case any action or proceeding is brought against Landlord by
reason of any such claim, Tenant, upon notice from Landlord, shall defend same at Tenant’s expense by counsel reasonably satisfactory to Landlord. Except as set forth in this Lease and subject to Landlord’s obligations hereunder, Tenant,
as a material part of the consideration to Landlord, hereby assumes all risk of damage to property or injury to persons in, upon or about the Premises from any cause other than the negligence or intentional act or omission of a Landlord or its
representatives, employees or agents. 
 (b) Landlord shall and hereby does indemnify and hold Tenant harmless from and against any and all
claims brought against Tenant by a third party arising from: (i) any breach or default in the performance of any obligation on Landlord’s part to be performed under the terms of this Lease; (ii) the presence of any hazardous materials
in or under the Building or Land existing on or before the Commencement Date or introduced by Landlord and/or its employees, contractors, and agents; and (ii) the negligent or willful acts of Landlord, or of Landlord’s agents, employees or
contractors, on or about the Premises, Common Area, or the Building. Landlord shall and hereby does further indemnify, defend and hold Tenant harmless from and against all costs, reasonable attorneys’ fees, expenses and liabilities incurred in
connection with any such claim or any action or proceeding brought thereon. In case any action or proceeding is brought against Tenant by reason of any such claim, Landlord, upon notice from Tenant, shall defend same at Landlord’s expense by
counsel reasonably satisfactory to Tenant or selected by Landlord’s insurer. The indemnities herein shall survive the termination of this Lease and shall continue in effect until any and all claims, actions or causes of action with respect to
any of the matters indemnified against are fully and finally barred by the applicable statute of limitations. In no event shall any of the insurance provisions set forth in this Lease be construed as a limitation on the scope of indemnification set
forth herein. 
 (c) Tenant, at Tenant’s expense, agrees to keep in force during the Lease Term: 

(i) Commercial general liability insurance which insures against claims for bodily injury, personal injury, and property damage based upon,
involving, or arising out of the use, occupancy, or maintenance of the Premises and the Building. Such insurance shall afford, at a minimum, the following limits: 
  

					
	 Each Occurrence
	  	$	1,000,000	 
	 General Aggregate
	  	$	4,000,000	 
	 Products/Completed Operations Aggregate
	  	$	1,000,000	 
	 Personal and Advertising Injury Liability
	  	$	1,000,000	 
	 Fire Damage Legal Liability
	  	$	100,000	 
	 Medical Payments
	  	$	5,000	 

 Tenant’s commercial general liability insurance shall include Landlord and Landlord’s mortgagees, as
additional insureds. This coverage shall be written on the most current ISO CGL form (or its equivalent), shall include contractual liability, premises-operations and products-completed operations and shall contain an exception to any pollution
exclusion which insures damage or injury arising out of heat, smoke, or fumes from a hostile fire. Such insurance shall be written on an occurrence basis and contain a standard separation of insureds provision. 

  
 14 

 (ii) Business automobile liability insurance covering owned, hired and non-owned vehicles with minimum limits of $1,000,000 combined single limit per occurrence. 
 (iii)
Employer’s liability insurance in an amount not less than $1,000,000. 
 (iv) Workers’ compensation insurance in accordance with
Utah law. 
 (v) Umbrella/excess liability insurance, on an occurrence basis, that applies excess of the required commercial general
liability, business automobile liability, and employer’s liability policies with the following minimum limits: 
  

					
	 Each Occurrence:
	  	$	5,000,000	 
	 Annual Aggregate:
	  	$	5,000,000	 

 Umbrella/Excess liability policies shall contain an endorsement stating that any entity qualifying as an additional insured on
the insurance stated in the Schedule of Underlying Insurance shall be an additional insured on the umbrella/excess liability policies, and that they apply immediately upon exhaustion of the insurance stated in the Schedule of Underlying Insurance as
respects the coverage afforded to any additional insured. The umbrella/excess liability policies shall also provide that they apply before any other insurance, whether primary, excess, contingent or on any other basis, available to an additional
insured on which the additional insured is a named insured (which shall include any self-insurance), and that the insurer will not seek contribution from such insurance. 

(vi) Property insurance “the equivalent of causes of loss – special form” including earthquake, windstorm, theft, sprinkler
leakage and boiler and machinery coverage on all of Tenant’s trade fixtures, furniture, inventory and other personal property in the Premises, and on any alterations, additions, or improvements made by Tenant upon the Premises all for the full
replacement cost thereof. Tenant shall use the proceeds from such insurance for the replacement of trade fixtures, furniture, inventory and other personal property and for the restoration of Tenant’s improvements, alterations, and additions to
the Premises. Landlord shall be named as loss payee with respect to alterations, additions, or improvements of the Premises where Tenant cannot remove at the end of the Lease Term wherein ownership then reverts to Landlord. 

(vii) Business income and extra expense insurance with limits not less than 100% of all income and charges payable by Tenant under this Lease
for a period of 12 months. 
 (d) All policies required to be carried by Tenant hereunder shall be issued by an insurance company licensed or
authorized to do business in Utah with a rating of at least “A-: X” or better as set forth in the most current issue of Best’s Insurance Reports, unless otherwise approved by Landlord. Tenant
shall not do or permit anything to be done that would invalidate the insurance policies required herein. Liability insurance maintained by Tenant shall be primary coverage on behalf of Landlord, its trustees, officers, directors, members, agents,
and employees, Landlord’s mortgagees, and Landlord’s representatives and any policies of Landlord, its trustees, officers, directors, members, agents, and employees, Landlord’s mortgagees, and Landlord’s representatives shall be non-contributory. Certificates of insurance, acceptable to Landlord, evidencing the existence and amount of each insurance policy required hereunder shall be delivered to Landlord prior to delivery or possession of
the Premises and 10 days following each renewal date. Certificates of insurance shall evidence that Landlord and Landlord’s mortgagees are included as additional insureds on liability policies so long as the names of such parties are

  
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provided to Tenant and that Landlord is included as loss payee on the property insurance as stated in subparagraph (c)(vi) above. In the event that Tenant fails to provide evidence of insurance
required to be provided by Tenant in this Lease, prior to the Tenant’s entry upon the Premises for purposes of completing Tenant’s improvements prior to the Commencement Date and thereafter during the Term, within 10 days following
Landlord’s request thereof, and 30 days prior to the expiration of any such coverage, Landlord shall be authorized (but not required) to procure such coverage in the amount stated with all costs thereof to be chargeable to Tenant and payable
upon written invoice thereof. The limits of insurance required by this Lease, or as carried by Tenant, shall not limit the liability of Tenant or relieve Tenant of any obligation thereunder, except to the extent otherwise provided for herein. Any
deductibles selected by Tenant shall be the sole responsibility of Tenant. Tenant insurance requirements stipulated in Paragraph 10 are based upon current industry standards. Landlord reserves the right to require additional coverage or to increase
limits as industry standards change. 
 (e) Should Tenant engage the services of any contractor or subcontractor to perform work in the
Premises, Tenant shall ensure that such party complies with the requirements of this Paragraph 10 and carries commercial general liability, business automobile liability, umbrella/excess liability, worker’s compensation and employer’s
liability coverages in substantially the same forms as required of the Tenant under this Lease and in amounts approved by landlord and/or landlord’s property manager. 

(f) Landlord shall procure and maintain the following, the cost of which shall be included in the Building Expenses: 

(i) Property insurance “the equivalent of causes of loss – special form” on the Building. Landlord shall not be obligated to
insure any of Tenant’s Property or other furniture, equipment, trade fixtures, machinery, goods, or supplies which Tenant may keep or maintain in the Premises or any alteration, addition, or improvement which Tenant may make upon the Premises.
In addition, Landlord may elect to secure and maintain rental income insurance. If the annual cost to Landlord for such property or rental income insurance exceeds the standard rates because of the nature of Tenant’s operations, Tenant shall,
upon receipt of appropriate invoices, reimburse Landlord for such increased cost. 
 (ii) Commercial general liability insurance, which
shall be in addition to, and not in lieu of, insurance required to be maintained by Tenant. Tenant shall not be included as an additional insured on any policy of liability insurance maintained by Landlord. 

(g) Landlord waives any and all rights of recovery against Tenant for or arising out of damage to, or destruction of the Premises to the extent
that Landlord’s property insurance policies then in force insure against such damage or destruction and permit such waiver and only to the extent of insurance proceeds actually received by Landlord for such damage or destruction. Tenant waives
any and all rights of recovery against Landlord for or arising out of damage to or destruction of any property of Tenant to the extent that Tenant’s property insurance policies then in force or the policies required by this Lease, whichever is
broader, insure against such damage or destruction. 
 (h) Neither Landlord nor its agents shall be responsible for or liable to Tenant for
any loss or damage that may be occasioned by or through the acts or omissions of persons occupying adjoining premises or any part of the premises adjacent to or connected with the Premises or any part of the Building, nor shall Landlord or its
agents be liable for any damage to property entrusted to employees of the Building, nor for loss of or damage to any property by theft 

  
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or otherwise, nor for any injury or damage to persons or property resulting from fire, explosion, falling plaster, steam, gas, electricity, water or rain which may leak from any part of the
Building or from the pipes, appliances or plumbing works therein or from the roof, street or subsurface, or from any other place or resulting from dampness or any other cause whatsoever, except to the extent due to the negligence or willful act or
omission of Landlord, its agents, servants or employees. Neither Landlord nor Tenant will be liable under any circumstances to the other for any incidental or consequential damages; provided, however, that Landlord may recover consequential damages
arising out of an unauthorized holdover by Tenant. Tenant shall give prompt notice to Landlord in case of fire or accident in the Premises or in the Building or of defects therein or in the fixtures or equipment. 

(i) Any and all “the equivalent of causes of loss – special form” insurance which is required to be carried by Tenant shall be
endorsed with a subrogation clause, substantially as follows: “This insurance shall not be invalidated should the insured waive, in writing, prior to a loss, any and all right of recovery against any party for loss occurring to the property
described herein”; and Tenant hereto waives all claims for recovery from Landlord, its officers, agents or employees for any loss or damage (whether or not such loss or damage is caused by negligence of Landlord, its officers, agents or
employees, and notwithstanding any provisions contained in this Lease to the contrary) to any of its real or personal property insured under valid and collectible insurance policies to the extent of the collectible recovery under such insurance.

 11. Damage or Destruction. In the event the Premises or the Building are damaged by fire or other insured casualty, and the
insurance proceeds have been made available therefor by the holder or holders of any mortgages or deeds of trust covering the Building, the damage shall be repaired by and at the expense of Landlord to the extent of such insurance proceeds available
therefor, provided such repairs can, in Landlord’s sole opinion, be completed within 180 calendar days after the occurrence of such damage, without the payment of overtime or other premiums. Until such repairs are completed, the Rent shall be
abated in proportion to the part of the Premises which is unusable by Tenant in the conduct of its business; provided, however, if the damage is due to the negligence or willful act or omission of Tenant or its employees, agents, or invitees, there
shall be no abatement of Rent. If repairs cannot, in Landlord’s sole but reasonable opinion, be made within said 180 calendar day period, Landlord shall notify Tenant within 45 calendar days of the date of occurrence of such damage as to
whether or not Landlord shall have elected to make such repairs. If Landlord elects not to make such repairs or if such repairs will require more than 180 days to complete, then either party may, by written notice to the other, terminate this Lease
as of the date of the occurrence of such damage; provided, however, Tenant shall not have the right to terminate this Lease if the damage is due to the negligence or willful act or omission of Tenant or its employees, agents or invitees. If neither
party elects to terminate this Lease and Landlord undertakes such repairs but such repairs are not completed within such 180-day period, Tenant may, by written notice to Landlord, terminate this Lease upon
written notice to Landlord delivered not later than ten (10) days after such 180-day period, which termination notice shall be effective unless Landlord completes such repairs within 15 calendar days of
its receipt of Tenant’s notice. If insurance proceeds are insufficient or unavailable to repair the damage, Landlord may, at its sole option, terminate this Lease by written notice to Tenant given not more than 45 days after the occurrence of
the damage. Except as provided in this Paragraph 11, there shall be no abatement of Rent and no liability of Landlord by reason of any injury, inconvenience, temporary limitation of access or interference to or with Tenant’s business or
property arising from the making of any necessary repairs, or any alterations or improvements in or to any portion of the Building or the Premises, or in or to fixtures, appurtenances, and equipment therein necessitated by such damage. 

  
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 12. Eminent Domain. If the Building, the Premises and Common Area or a material part
thereof be taken by any authorized entity by eminent domain or by negotiated purchase under threat thereof, so that the Premises shall become totally untenantable, this Lease shall terminate as of the earlier of the date when title or possession
thereof is acquired or taken by the condemning authority, Landlord shall retain any award by the condemning authority for such taking (excluding, however, any separate award made to Tenant for loss of or damage to Tenant’s Property, loss of
business, and moving expenses) and all rights of Tenant in this Lease shall immediately cease and terminate. If a part of the Building or a portion of the Premises shall be taken such that the Premises becomes only partially untenantable, this Lease
shall continue in full force and effect as to the portion of the Premises which is not taken and Base Rent shall be proportionately abated so long as Tenant’s business operations within the Premises are not materially and adversely affected by
such partial taking. If, however, such partial taking materially and adversely interferes with Tenant’s business operations, Tenant may terminate this Lease upon written notice to Landlord. Landlord may without any obligation or liability to
Tenant stipulate with any condemning authority for a judgment of condemnation without the necessity of a formal suit or judgment of condemnation, and the date of taking under this clause shall then be deemed the date agreed to under the terms of
such agreement or stipulation. 
 13. Assignment and Subletting. 

(a) Tenant shall not, either voluntarily or by operation of law, directly or indirectly, sell, assign or transfer this Lease, in whole or in
part, or sublet the Premises or any part thereof, or permit the Premises and Common Area or any part thereof to be occupied by any person, corporation, partnership, or other entity except Tenant or Tenant’s employees, without the prior written
consent of Landlord in each instance. A merger, acquisition, or transfer of stock control in Tenant, if Tenant is a corporation, or a transfer of a greater than 49% beneficial ownership interest in Tenant, if Tenant is a partnership or other entity,
shall be deemed an act of assignment hereunder. Any sale, assignment, mortgage, transfer or subletting of this Lease or the Premises or Common Area which is not in compliance with the provision of this Paragraph 13 shall be void. The consent by
Landlord to any assignment or subletting shall not relieve Tenant from the obligation to obtain the express prior written consent of Landlord to any further assignment or subletting, or relieve Tenant from any liability or obligation hereunder,
whether or not then accrued. Notwithstanding the forgoing, Landlord’s consent to a sublease of all or a portion of the Premises to a third party shall not be unreasonably withheld, conditioned or delayed. 

(b) If Landlord consents to any assignment or sublease by Tenant, Tenant shall not be relieved of its obligations under this Lease and Tenant
shall remain liable, jointly and severally and as a principal, and not as a guarantor or surety, under this Lease, to the same extent as though no assignment or sublease by Tenant had been made. . 

(c) If an assignment or sublease is consented to by Landlord and the rental due and payable by an assignee or subtenant (or a combination of
rent payable thereunder plus any other consideration directly or indirectly incident to the assignment or sublease) exceeds the rent payable under this Lease, then Tenant shall pay to Landlord, as Additional Rent, 100% of such excess rental within
10 days following receipt thereof by Tenant from the assignee or subtenant, as the case may be. In such event, any rent received by Tenant from an assignee or subtenant shall be held by Tenant in trust for Landlord, to be forwarded immediately to
Landlord without offset or reduction at any time, and, upon election by Landlord, such rental shall be paid directly to Landlord and credited to any amounts owed by Tenant hereunder. 

  
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 (d) If Landlord consents to an assignment or sublease by Tenant, any option to renew this
Lease or right to extend the Lease Term shall automatically terminate unless otherwise agreed to in writing by Landlord. Any request for an assignment or sublease shall be accompanied by a minimum fee of $1,500.00 for Landlord’s administrative
costs in connection with the processing of the request. In addition, Tenant shall pay to Landlord, within 10 days after demand by Landlord, the reasonable out-of-pocket
costs and expenses incurred by Landlord in connection with any request by Tenant for consent to an assignment or sublease by Tenant, including reasonable attorneys’ fees, regardless of whether consent of Landlord is given to the assignment or
sublease by Tenant. 
 (e) Notwithstanding any provision of this Lease to the contrary, provided that Tenant remains liable on this Lease,
provides Landlord with prior written notice and names of the applicable transferee and a copy of the applicable assignment or sublease agreement, and Tenant is not then in default beyond any applicable notice and cure period, then the following
transfers will not require Landlord’s prior consent (each a “Permitted Transfer”): 
 (i) a transfer or sublease to
any entity which is controlled by Tenant; 
 (ii) a transfer or sublease to any entity which controls Tenant (“Parent”);

 (iii) a transfer or sublease to any entity which is controlled by Tenant’s Parent; and/or 

(iv) a transfer to any entity which merges with Tenant or purchases substantially all of Tenant’s assets, provided that Tenant provides
to Landlord financial statements evidencing that such transferee or surviving corporation has a credit rating and net worth (exclusive of intangible assets) at least as favorable as Tenant. 

(f) Additionally, any of the following transfers shall not be deemed a transfer or assignment under this Paragraph 13 and shall not require
Landlord’s consent or the delivery of notice to Landlord: 
 (i) a transfer involving any sale of stock for capital raising purposes in
which Tenant is the surviving corporation, or the sale of stock or other equity interests in Tenant on a public stock exchange (e.g., NYSE or NASDAQ), whether in connection with an initial public offering or thereafter; 

(ii) a transfer effected exclusively to change the domicile of Tenant; and 

(iii) so long as Tenant remains the “Tenant” under the Lease and Tenant’s tangible net worth is not negatively impacted, any
financing, refinancing or funding of Tenant or its business, whether such financing, refinancing or funding takes the form of debt or equity investments through publicly or privately traded equity or any other form, including, without limitation,
any transaction whereby a venture capital or equity investor directly or indirectly provides financing or refinancing for Tenant and/or purchases ownership interests in Tenant, its parent or any affiliate of Tenant. 

14. Parking. Tenant shall have the right to two (2) parking spaces per 1,000 RSF within the Premises in the parking area designated
in attached Exhibit A-2 (the “Temporary Parking Area”) at no cost to Tenant, and, once completed, within improved parking areas adjacent

  
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to the Building (the “Structured Parking”) at a rate that will not exceed the fair market rental rate charged by substantially similar buildings in the applicable submarket.
Tenant acknowledges that the Temporary Parking Area may not be located on the Land, but will be located within one (1) city block of the Building. If the Structured Parking is not completed prior to the expiration of the Lease Term, the
Temporary Parking Area shall remain be available at no cost to Tenant for Tenant’s use as off-street parking for the duration of the Lease Term. Landlord represents and warrants that the use of the
Temporary Parking Area is permitted under applicable law and Salt Lake City ordinances. When the Structured Parking has been completed, Landlord shall offer the allotted number of parking stalls to the Tenant. Tenant then has fourteen
(14) business days to respond with the number of stalls that it requests within its allotment. Landlord will then grant the right to Tenant to use the requested number of stalls for the Lease Term. If the Tenant requests additional stalls and
Landlord has such additional stalls available for Tenant’s use, then Landlord may, at its sole discretion, lease those stalls to Tenant at such time. Tenant agrees to comply with such reasonable rules and regulations as may be made by Landlord
from time to time in order to insure the proper operation of the Structured Parking if or when created or designated so long as such rules and regulations do not adversely affect Tenant’s rights under this Lease. Landlord shall have the right
at any time to assign spaces in the Structured Parking to individual tenants, in its sole discretion, provided that Landlord shall make available for Tenant the number of spaces provided for herein. Subject to the terms of this Lease, all vehicles
parked in the Temporary Parking Area and the Structured Parking and the personal property therein shall be at the sole risk of Tenant, Tenant’s employees, agents, contractors, invitees and the users of such spaces and Landlord shall not be
responsible for any injuries to any person nor any damage to any automobile, vehicle or other property that occurs in or about the parking areas. Landlord reserves the right in its sole discretion to enforce its reasonable rules and regulations,
including but not limited to policing and towing. Landlord may, in its sole discretion, change the location and nature of the parking spaces available to Tenant, provided that after such change, there shall be available to Tenant the same number of
spaces within the same proximity to the Premises as before such change. Notwithstanding the foregoing, the rights granted to Tenant to use any parking spaces is a license only and Landlord’s inability to make spaces available at any time for
reasons beyond Landlord’s reasonable control (other than due to Landlord’s breach of its contractual obligations or this Lease or its negligence or willful misconduct) is not a breach by Landlord of its obligations hereunder so long as
Landlord provides substantially similar alternative parking spaces for Tenant’s use and undertakes all commercially reasonable efforts to allow Tenant to use the Temporary Parking Facilities or Structured Parking, as applicable. 

15. Default. 
 (a) The
occurrence of any of the following shall constitute a material default and breach of the Lease by Tenant: 
 (i) the abandonment of the
Premises by Tenant; 
 (ii) any failure by Tenant to pay Rent or to make any other payment required to be made by Tenant hereunder on or
before the date due and such failure continues for five (5) days after written notice thereof from Landlord (provided, however, that Tenant shall only be entitled to such written notice on two (2) occasions during any twelve
(12) month period); 
 (iii) any failure of Tenant to maintain the insurance as required in this Lease; 

  
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 (iv) any failure to provide any document or instrument described in Paragraph 22 of this
Lease within the time period set forth in such paragraph; 
 (v) the filing or recording of any lien or other encumbrance of title against
the Building by or under Tenant; 
 (vi) any other failure by Tenant to observe and perform any other obligation under this Lease to be
observed or performed by Tenant, other than payment of any Rent, within thirty (30) days after written notice by Landlord to Tenant specifying wherein Tenant has failed to perform such obligation; provided, however, that if the nature of
Tenant’s obligation is such that more than 30 days are required for its performance, then Tenant shall not be deemed to be in default if it shall commence such performance within such 30-day period and
thereafter diligently prosecute the same to completion (but in no event to exceed ninety (90) days); or 
 (vii) the making by Tenant
or any guarantor of this Lease of any general assignment for the benefit of creditors; the filing by or against Tenant or such guarantor of a petition to have Tenant or such guarantor adjudged a bankrupt or the filing of a petition for
reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant or such guarantor, the same is dismissed within 60 days); the appointment of a trustee or receiver to take possession of
substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant within 30 days; or the attachment, execution or other judicial seizure of substantially all of
Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within 30 days. 

(b) Landlord shall not be deemed to be in default in the performance of any obligation required to be performed by it hereunder unless and
until it has failed to perform such obligation within thirty (30) days after written notice by Tenant to Landlord specifying wherein Landlord has failed to perform such obligation (provided, however, that if the nature of Landlord’s
obligation is such that more than 30 days are required for its performance, then Landlord shall not be deemed to be in default if it shall commence such performance within such 30-day period and thereafter
diligently prosecute the same to completion within ninety (90) days). 
 16. Remedies. In the event Tenant commits an act of
default as set forth in subparagraph 15(a) beyond any applicable cure period, Landlord may exercise one or more of the following described remedies, in addition to all other rights and remedies available at law or in equity, whether or not stated in
this Lease. 
 (a) Landlord may continue this Lease in full force and effect and shall have the right to collect Rent when due. During the
period Tenant is in default, Landlord may re-enter the Premises in accordance with applicable law and relet them, or any part of them, to third parties for Tenant’s account. Tenant shall be liable
immediately to Landlord for any brokers’ commissions, expenses of repairing and/or the cost of tenant improvements to the Premises required by the reletting (except to the extent such costs are amortized over the term of a new lease for the
Premises), attorneys’ fees and costs and like costs. Reletting can be for a period shorter or longer than the remaining Lease Term. In the event of a default by Tenant, Landlord shall use commercially reasonable efforts to mitigate its damages
in accordance with applicable law. On the dates such Rent is due, Tenant shall pay to Landlord a sum equal to the Rent due under this Lease, less the rent Landlord receives from any reletting. No act by Landlord allowed by this Paragraph shall
terminate the Lease unless Landlord notifies Tenant in writing that Landlord elects to terminate this Lease. 

  
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 (b) Landlord may terminate this Lease at any time. Upon termination, Landlord shall have the
right to collect an amount equal to: reasonable attorneys’ fees and costs in connection with recovering the Premises; all reasonable costs and charges for the care of the Premises while vacant; all repair costs incurred in connection with the
preparation of the Premises for a new tenant; all past due Rent which is unpaid, plus interest thereon at the Interest Rate; and an amount by which the entire Rent for the remainder of the Term exceeds the loss of Rent that Tenant proves could have
been reasonably avoided. 
 Landlord may avail itself of these as well as any other remedies or damages allowed by law. All rights, options
and remedies of Landlord provided herein or elsewhere by law or in equity shall be deemed cumulative and not exclusive of one another. Should any of these remedies, or any portion thereof, not be permitted by applicable law, then such remedy or
portion thereof shall be considered deleted and unenforceable, and the remaining remedies or portions thereof shall be and remain in full force and effect. 

17. Rules and Regulations. Tenant shall observe faithfully and comply strictly with the rules and regulations set forth on
Addendum A attached to this Lease and made a part hereof, and such other rules and regulations as Landlord may from time to time reasonably adopt (so long as such rules and regulations do not materially and adversely affect
Tenant’s rights under this Lease). Landlord shall not be liable to Tenant for violation of any such rules and regulations, or for the breach of any covenant or condition in any lease by any other tenant in the Building. By the signing of this
Lease, Tenant acknowledges that Tenant has read and has agreed to comply with such rules and regulations. 
 18. Right of Access.
Except in exigent circumstances, Landlord and its agents shall provide notice to Tenant at least one (1) business day in advance of entering the Premises during normal business hours for the purpose of inspection, to make reasonable repairs as
required hereunder (provided, however, Landlord shall have no obligation as a result of such examination to make any repairs other than expressly set forth herein), and to exhibit the same to prospective purchasers, lenders, investors or tenants.

 19. End of Term. 
 (a)
At the termination or expiration of the Lease Term, subject to the provisions of Paragraph 9, Tenant shall surrender the Premises to Landlord in as good condition and repair as at the Commencement Date, reasonable wear and tear and casualty
excepted, and will leave the Premises broom-clean. 
 (b) In the event Tenant holds over after the expiration of this Lease with the written
permission of Landlord, such holding over shall thereafter constitute a tenancy at will terminable at any time by Landlord or Tenant giving 30 days’ written notice to the other. Such holding over shall be on all of the same terms and conditions
as this Lease (other than the duration of the term) and Tenant shall pay Landlord Base Rent and Additional Rent for the period of its hold over at the times for payment specified herein, which Base Rent shall be in the same amounts in effect
immediately prior to the expiration of this Lease, including existing annual increases and terms. If Tenant remains in possession of the Premises after the expiration of this Lease without the written permission of Landlord, Tenant shall be subject
to eviction and shall pay Landlord Base Rent for the period of its hold over in an amount equal to 150% of Base Rent in effect immediately prior to the expiration of this Lease together with Additional Rent. 

  
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 20. Transfer of Landlord’s Interest. In the event of any transfer or transfers
of Landlord’s interest in the Premises or in the real property of which the Premises are a part, the transferor shall be automatically relieved of any and all obligations and liabilities on the part of Landlord accruing from and after the date
of such transfer so long as such transferee assumes in writing the obligations of Landlord hereunder. 
 21. Estoppel Certificates;
Attornment and Non-Disturbance. 
 (a) Within 10 business days following receipt of written
request from the other party (the “Requesting Party”), the non-Requesting Party shall deliver, executed in recordable form, a declaration to any person designated by the Requesting Party
stating the Commencement Date and Expiration Date of this Lease and certifying that (i) this Lease is in full force and effect and has not been assigned, modified, supplemented or amended (except by such writings as shall be stated); (ii) all
conditions under this Lease to be performed by the Requesting Party have been satisfied (stating exceptions, if any); (iii) no defenses, credits or offsets against the enforcement of this Lease by the Requesting Party exist (or stating those
claimed); (iv) the sum of advance Rent, if any, paid by Tenant; (v) the date to which Rent has been paid; (vi) the amount of the Security Deposit held by Landlord, if any; and (vii) such other information as the Requesting Party
reasonably requires. Persons receiving such statements of the non-Requesting Party shall be entitled to rely upon them. The failure of either party to timely execute, acknowledge and deliver such estoppel
certificate shall constitute an acknowledgment by such party that statements included in the estoppel certificate are true and correct, without exception. 

(b) In the event of the sale or assignment of Landlord’s interest in the Land or the Building or if the holder of any existing or future
mortgage, deed to secure debt, deed of trust, or the lessor under any existing or future underlying lease pursuant to which Landlord is the lessee, shall hereafter succeed to the rights of Landlord under this Lease, then at the option of such
successor, Tenant shall attorn to and recognize such successor as Tenant’s landlord under this Lease so long as such successor agrees in writing to accept this Lease and agrees not disturb Tenant’s occupancy of the Premises (so long as
Tenant is not in default hereunder), and shall promptly execute and deliver a commercially reasonable instrument that may be necessary to evidence such attornment. If any such successor requests such attornment, this Lease shall continue in full
force and effect as a direct lease between such successor, as Landlord, and Tenant, subject to all of the terms, covenants and conditions of this Lease, regardless of whether Tenant executes and delivers the instrument requested by such successor
landlord so long as such successor agrees in writing to accept this Lease and agrees not disturb Tenant’s occupancy of the Premises so long as Tenant is not in default hereunder. 

(c) This Lease shall be subject to and subordinate and inferior at all times to the lien of any mortgage, to the lien of any deed of trust or
other method of financing or refinancing now or hereafter existing against all or a part of the real property upon which the Building is located, and to all renewals, modifications, replacements, consolidations and extensions of any of the
foregoing. Tenant shall execute and deliver all commercially reasonable documents requested by any mortgagee, security holder or lessor to effect such subordination so long as Tenant’s rights under this Lease are not adversely affected thereby.
In the event of any act or omission by Landlord under this Lease which would give Tenant the right to terminate this Lease or to claim a partial or total eviction, if any, Tenant will not exercise any such right until: (A) it has given written
notice (by United States certified or registered mail, postage prepaid) of such act or omission to the holder of any mortgage or deed of trust on the Land (so long as such holder’s name and address have been furnished to Tenant); and
(B) any such holder of any mortgage or deed of trust on the Property shall, following the giving of such notice, have failed with reasonable diligence to commence and to pursue reasonable action to remedy such act or omission in accordance with
the terms of, and timeframes set forth in, this Lease. 

  
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 (d) With respect to any first lien mortgages, deeds of trust or other liens entered into by
and between Landlord and any such mortgage and/or any beneficiary of any deed of trust or other such lien granted by Landlord, or lessor under any ground lease (collectively as “Landlord’s Mortgagee”), Landlord shall use
commercially reasonable efforts to secure and deliver to Tenant a non-disturbance agreement on Landlord’s Mortgagee’s standard form (subject to reasonable negotiation by Tenant at Tenant’s sole
cost and expense), from and executed by Landlord’s Mortgagee for the benefit of Tenant whereby, as a condition to any attornment or subordination by Tenant to Landlord’s Mortgagee, Tenant shall not be disturbed in its possession of the
Premises throughout the Term or its rights under the Lease terminated by Landlord’s Mortgagee so long as Tenant is not in default. 

22. Notices. Any notice required or permitted to be given hereunder shall be in writing and may be given by: (1) confirmed
electronic mail (except for notices and other communications that have a potential legal effect such as any communication that triggers a payment or performance obligation, any notice of failure to perform any obligation, notices of default, notices
or communications that begin or affect time periods to exercise rights, and the like) or hand delivery, which shall be deemed given on the date of delivery; (2) registered or certified mail and shall be deemed given the third day following the
date of mailing; or (3) overnight delivery by a nationally recognized courier service and shall be deemed given the following day. All notices to Tenant shall be addressed to Tenant at the Premises. All notices to Landlord shall be addressed to
Landlord’s Address. Either party may change its address by notice given in accordance with this paragraph. 
 23. Miscellaneous
Provisions. 
 (a) As the operation and creation of the Building and Landlord’s business model contains significant intellectual
property and because the ongoing methods of Landlord’s operation are not typical, it is crucial that all parties adhere to a strict policy of non-disclosure and confidentiality. Furthermore, it is
understood that terms of leases differ based on need, use, etc. Consequently, each party agrees to keep confidential the terms of this Lease, including, but is not limited to the Lease Term, Base Rent rates, special provisions, practices,
allowances, etc. 
 (b) In the event of any legal proceeding between Tenant and Landlord to enforce any provision of this Lease or any right
of either party hereto, the unsuccessful party to such legal proceeding shall pay to the successful party all costs and expenses, including reasonable attorneys’ fees, incurred therein. To the extent permitted by law, Landlord and Tenant hereby
waive the right to a jury trial in any legal action or proceeding relating to this Lease. 
 (c) Time is of the essence with respect to the
performance of every provision of this Lease. 
 (d) The captions contained in this Lease are for convenience only and shall not be
considered in the construction or interpretation of any provision hereof. The word “Landlord” means the owner of the Building from time to time, and in the event of any sale, conveyance or lease of the Building, the transferring Landlord
shall be released from all covenants and conditions as Landlord hereunder in accordance with the terms hereof and without further agreement between the parties. No consent of Tenant shall be required in the event of any such sale, conveyance, or
lease of the Building which is made subject to this Lease, or to any sale or conveyance of the Building pursuant to which Landlord leases the Building back from such purchaser or other transferee, in which case this Lease shall remain in full force
and effect as a sublease between Landlord, as sublessor and Tenant, as sublessee, so long as Tenant’s rights hereunder are not materially and adversely affected thereby. 

  
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 (e) This Lease, any Addenda and the Exhibits attached hereto and incorporated herein contain
all of the agreements of the parties hereto with respect to any matter covered or mentioned in this Lease, and no prior agreement or understanding pertaining to any such matter shall be effective for any purpose. No provision of this Lease may be
amended or added to except by an agreement in writing signed by the parties hereto or their respective successors in interest. 
 (f) Upon
Tenant paying the Rent reserved hereunder and observing and performing all of the covenants, conditions and provisions on Tenant’s part to be observed and performed hereunder, Tenant shall have quiet possession of the Premises for the entire
Lease Term hereof, subject to all the provisions of this Lease, as against persons claiming by, through, or under Landlord. 
 (g) No waiver
by a party of any provision of this Lease shall be deemed to be a waiver of any other provision hereof or of any subsequent breach by a party of the same or any other provision. Landlord’s consent to or approval of any act by Tenant requiring
Landlord’s consent or approval shall not be deemed to render unnecessary the obtaining of Landlord’s consent to or approval of any subsequent act of Tenant, whether or not similar to the act so consented to or approved. No act or thing
done by Landlord or Landlord’s agents during the Lease Term shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept such a surrender shall be valid unless in writing and signed by Landlord. The subsequent
acceptance of Rent shall not be deemed a waiver of any preceding breach by Tenant of any term, covenant or condition of the Lease, other than the failure of Tenant to pay the particular Rent so accepted. 

(h) If any monthly installment of Base Rent or any payment of Additional Rent is not paid by the 5th day of the month in which it is due,
Tenant shall, upon demand, pay Landlord a late charge of 5% of the amount of such installment or payment. Such late charge is to defray the administrative costs and inconvenience and other expenses which Landlord will incur on account of such
delinquency. In addition, any amounts payable to Landlord under this Lease, if not paid in full on or before the due date thereof, shall bear interest on the unpaid balance at the interest rate of 15% per annum (the “Interest
Rate”). Landlord shall execute a ‘zero tolerance’ policy and recommends early payment or payment by regularly scheduled electronic method to avoid such situations. 

(i) [Relocation option intentionally omitted]. 

(j) This Lease shall be binding upon, and inure to the benefit of the parties hereto, their heirs, successors, assigns, executors and
administrators. 
 (k) This Lease shall be governed by the laws of the state of Utah. 

(l) Tenant shall not operate on the Premises, and shall not permit any other person to operate on the Premises, any trade or business
consisting (1) the operation of any private or commercial golf course, country club, massage parlor, hot tub facility, suntan facility, racetrack or other facility used for gambling, or any store the principal business of which is the sale of
alcoholic beverages for consumption off premises, or (2) farming, as that term is defined in Section 2032A(e)(5)(A) or (B) and Section 45D of the Code, nor shall it enter into any sublease with a

  
 25 

 
tenant which intends to operate any such trade or business on the Premises. Tenant shall comply with the terms of any financing documents related to the Premises and applicable to a lessee of the
Premises, including without limitation, all requirements relating to the operation of a “qualified business” under Section 45D of the Code and the Treasury Regulations thereunder upon Landlord’s delivery to Tenant of a copy of
each such requirement. Further, no recreational or medical marijuana may be grown or consumed on the Premises or in the Building by Tenant or its employees, guests or invitees. 

(m) Should any mortgagee or beneficiary under a deed of trust require a modification of this Lease, which modification will not bring about any
increased cost or expense to Tenant or will not in any other way adversely change the rights and obligations of Tenant hereunder, then and in such event, Tenant agrees to negotiate such amendment in good faith. 

(n) If Tenant is a corporation or other legal entity, each individual executing this Lease on behalf of said entity represents and warrants
that (1) he/she is duly authorized to execute and deliver this Lease on behalf of said entity in accordance with its bylaws or operating agreements; (2) this Lease is binding upon said corporation or entity; and (3) a resolution to
that effect in a form reasonably acceptable to Landlord shall be provided immediately upon request. 
 (o) Landlord and all of its partners,
shareholders, or members, on the one hand, and Tenant and its partners, shareholders, and members, on the other hand, as the case may be, shall have absolutely no personal liability with respect to any provision of this Lease, or any obligation or
liability arising in connection therewith. Tenant shall look solely to the equity in the Building in which the Premises is located, for the satisfaction of any remedies of Tenant in the event of a breach by the Landlord of any of its obligations.
Such exculpation of liability shall be absolute without any exception whatsoever. 
 (p) Tenant shall be solely responsible for the cost of
installation and maintenance of any high-speed cable or fiber optic that Tenant requires in the Premises. Landlord shall provide reasonable access to the Building’s electrical lines, feeders, risers, wiring and other machinery to enable Tenant
to install high speed cable or fiber optic to serve its intended purpose, if any. All such cabling installed by Tenant shall be subject to Landlord’s prior written approval and shall be tagged by Tenant at their point of entry into the
Building, at the terminal end of the cable and in the riser closet indicating the type of cable, the Tenant’s name and the service provided. Installation of cabling and/or low voltage wiring shall be performed by vendors reasonably approved by
Landlord in advance of working in the Building. Tenant shall be responsible for the removal of such cabling and fiber optic at the termination or expiration of the Lease Term or the early termination of the Tenant’s right to occupy the
Premises. Failure to remove any abandoned or unused cabling at the expiration or termination of this Lease or the early termination of Tenant’s right to occupy the Premises will be deemed to be a holdover under this Lease. In the event Tenant
fails to remove such cabling as set forth herein, Landlord may, but shall not be obligated to, remove such cabling, all at Tenant’s sole cost and expense. 

(q) Any agreement by Landlord for free or abated rent or other charges applicable to the Premises, or for the giving or paying by Landlord to
or for Tenant of any cash or other bonus, inducement or consideration for Tenant’s entering into this Lease, including, but not limited to, any rent abatement, free rent, tenant finish allowance, free parking or commissions, all of which
concessions are hereinafter referred to as “Inducement Provision” shall be deemed conditioned upon Tenant’s full and faithful performance of all of the terms, covenants and conditions of the Lease to be performed or observed by
Tenant during the term hereof as the same may be extended. Upon the occurrence of an uncured act of default by Tenant, any such 

  
 26 

 
Inducement Provision shall automatically be deemed deleted from the Lease and of no further force or effect, and any Rent, other charge, bonus, inducement or consideration theretofore abated,
given or paid by Landlord under such an Inducement Provision shall be immediately due and payable by Tenant to Landlord, and recoverable by Landlord, as Additional Rent due under the Lease. The acceptance by Landlord of Rent or the cure of the act
of default by Tenant which initiated the operation of this subparagraph shall not be deemed a waiver by Landlord of the provisions of this subparagraph unless specifically so stated in writing by Landlord at the time of such acceptance. 

(r) Upon periodic request from Landlord (but not more often than once per calendar quarter), Tenant shall report the number of people employed
by Tenant at the Premises. This is needed so Landlord can deliver accurate data to local, state and/or federal authorities as it relates to Landlord’s certification of the number of small and large businesses in occupying of the Building.
Further, within ten (10) business days after Landlord’s request, but not more than once per year, Tenant shall deliver to Landlord the then current financial statements of Tenant, which statements shall be certified by an officer of Tenant
to be true and accurate. The terms and conditions of this Paragraph shall not be applicable if Tenant reports its financial condition to the United States Securities and Exchange Commission or if the financial statements of Tenant are readily
available to the public. Landlord shall only request such financial statements for a legitimate business purpose, such as if requested by a prospective lender or purchaser, if Tenant is in default, if Tenant requests a consent to assignment or
subletting, or if Tenant requests Landlord to subordinate its lien. Any such financial statements obtained by Landlord shall be kept strictly confidential and Landlord shall not disclose the same to any person or entity other than its attorneys,
accountants, lenders, equity partner(s), brokers, management agents, or, subject to the execution of a confidentiality and non-disclosure agreement reasonably acceptable to Tenant, others with a legitimate
business interest in Landlord or the Building. 
 (s) SHOULD LANDLORD AND TENANT MUTUALLY AGREE IN WRITING TO RELOCATE TENANT WITHIN THE
BUILDING PURSUANT TO TENANT REQUEST, TENANT SHALL PAY LANDLORD A FEE OF $500.00. ADDITIONALLY, TENANT SHALL REIMBURSE LANDLORD FOR ACTUAL REASONABLE COSTS INCURRED BY LANDLORD, INCLUDING BUT NOT LIMITED TO REPAINTING, REPAIRING THE ORIGINAL
PREMIESS, RELOCATING SIGNAGE AND ANY OTHER FEES INCURRED. 
 24. Landlord Reservations. Landlord reserves the following rights,
exercisable without notice (except as provided herein) and without liability to Tenant for damage or injury to property, person, or business, and without effecting an eviction, constructive or actual, or disturbance of Tenant’s use or
possession, or giving rise to any claim for set off or abatement of Rent: 
 (a) to change the Building’s name or street address (and
Landlord shall provide written notice to Tenant at least five (5) business days prior to any such address change); 
 (b) to install,
affix, and maintain any and all signs on the exterior and interior of the Building or the Land; 
 (c) to designate and approve, prior to
installation, all types of window shades, blinds, drapes, awnings, window ventilators, and other similar equipment in the Common Areas or visible outside of the Premises, and to control all internal lighting within the Common Areas or visible
outside of the Premises; 

  
 27 

 (d) to retain at all times, and to use in appropriate instances, keys to all doors within
and into the Premises. No locks or bolts shall be altered, changed, or added without the prior written consent of Landlord; 
 (e) to
decorate or to make repairs, alterations, additions, or improvements, whether structural or otherwise, in and about the Building, or any part thereof, and for such purposes to enter upon the Premises, and during the continuance of said work to
temporarily close doors, entryways, public spaces, and corridors in the Building, and to interrupt or temporarily suspend Building services and facilities, Landlord to use reasonable efforts to minimize any interruption or interference with
Tenant’s use or occupancy of the Premises when performing such work; 
 (f) to have and retain a paramount title to the Premises, free
and clear of any act of Tenant; 
 (g) to grant to anyone the exclusive right to conduct any business or to render any services in the
Building (excluding the Premises); and 
 (h) to approve the weight, size, and location of safes and other heavy equipment and articles in
and about the Premises and the Building, and to require all such items and furniture to be moved into and out of the Building and the Premises only at such times and in such manner as Landlord shall direct in writing. Movement of Tenant’s
property into or out of the Building, and within the Building solely at the risk and responsibility of Tenant, and Landlord reserves the right to require permits before allowing any such property to be moved into or out of the Building. 

25. Brokerage. Landlord and Tenant each warrant to the other that they have had no dealings with any real estate broker or agent in
connection with the negotiation of this Lease, excepting Jones Lang LaSalle (“Tenant’s Broker”), on behalf of Tenant. Landlord is not represented by a broker. Tenant’s Broker shall be paid per separate agreement. Landlord
and Tenant shall indemnify the other party for any claims made by any brokers other than Tenant’s Broker. Tenant shall indemnify and hold Landlord harmless for any claim to a commission by a broker not listed herein. 

26. Patriot Act Certification. Tenant and Landlord each certifies to the other that neither such party, nor any of its constituent
partners, managers, members or shareholders, nor any beneficial owner of such party or any such partner, manager, member or shareholder, nor any other representative or affiliate of such party is a “Prohibited Person,” defined as
(a) a person, entity or nation named as a terrorist, “Specially Designated National or Blocked Person,” or other banned or blocked person pursuant to any law, order, rule or regulation that is enforced or administered by the U.S.
Treasury Department’s Office of Foreign Assets Control (“OFAC”), including, but not limited to, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the “Executive Order”),
and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56, the “Patriot Act”); (b) a person, entity
or nation owned or controlled by, or acting on behalf of, any person, entity or nation named as a terrorist, “Specially Designated National or Blocked Person,” or other banned or blocked person pursuant to any law, order, rule or
regulation that is enforced or administered by OFAC, including, but not limited to, the Executive Order and the Patriot Act; (c) a person, entity or nation engaged directly or indirectly in any activity prohibited by any law, order, rule or
regulation that is enforced or administered by OFAC, including, but not limited to, the Executive Order and the Patriot Act; (d) a person, entity or nation with whom the Landlord is prohibited from dealing or otherwise engaging in any
transaction pursuant to any terrorism or money laundering 

  
 28 

 
law, including, but not limited to, the Executive Order and the Patriot Act; (e) a person, entity or nation that has been convicted, pleaded nolo contendere, indicted, arraigned or
custodially detained on charges involving money laundering or predicate crimes to money laundering; or (f) a person, entity or nation who is affiliated with any person, entity or nation who is described above in subparagraphs (a) through
(e) above. each party agrees to indemnify and save the other party and its representatives and -managing agent and mortgagee harmless against and from any and all claims, damages, losses, risks, liabilities and expenses, including attorneys’
fees and costs, arising from or related to any breach of the foregoing certification. 
 27. Landlord’s Representations. Landlord
represents and warrants to Tenant that (unless otherwise indicated) as of the Effective Date: 
 (a) Landlord has good and marketable fee
simple title to the Premises and the Land, with full right and authority to lease the Premises to Tenant; 
 (b) to Landlord’s knowledge
(but without independent investigation), there are no covenants, restrictions or other agreements that would interfere with the Permitted Use; 

(c) to Landlord’s knowledge: (i) neither the Building nor Land is in violation of any applicable laws relating to the treatment,
storage, processing or disposal of hazardous materials; and (ii) there are not and have not been any releases of hazardous materials at, on or under the Building or Land that would give rise to a cleanup or remediation obligation under any
applicable law; and 
 (d) to Landlord’s knowledge, as of the Commencement Date: (i) the Building will comply with all laws and
will be free from any material defect in materials or workmanship (excluding, however, any work performed in the Premises by Tenant); (ii) the Premises will be in good, structurally sound condition and watertight; (iii) the Building utilities
and mechanical, electrical and HVAC systems will be in good, working condition and repair; (iv) there are no pending Condemnation Proceeding relating to or affecting the Building or Land, and Landlord has no current, actual knowledge that any
such action is presently threatened or contemplated; and (v) as of the Commencement Date, Tenant shall have exclusive possession of the Premises. 

IN WITNESS WHEREOF, the parties have duly executed this Lease the day and year first above written. 

[signatures on following page] 

  
 29 

					
	LANDLORD:
	
	INDUSTRY OFFICE SLC, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ H. Jason Winkler

		 	Name:	 	H. Jason Winkler
		 	Title:	 	Manager
		
	Dated:	 	February 10, 2021
	
	TENANT:
	
	RECURSION PHARMACEUTICALS, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Tina Larson

		 	Tina Larson, President and COO
		
	Dated:	 	February 10, 2021

 RIDER TO LEASE 

ADDITIONAL PROVISIONS 
 1.
This Rider Controls. The provisions set forth in this Rider control to the extent they conflict with any provision or provisions set forth in the body of this Lease. 

2. Extension Options. Tenant shall have the right and option to extend the Lease for two (2) consecutive periods of one
(1) year each under the same terms and conditions as stated in the Lease (each an “Extension Option”), with the exceptions that (a) no further extension options shall exist, and (b) monthly rental for such extension
term shall be as follows: 
 FIRST EXTENSION OPTION 

BASE RENT (OFFICE PREMISES) 
  

													
	 Period
	  	Annual Base
Rent PSF	 	  	Estimated
Expenses PSF*	 	  	Estimated Monthly
Rent	 
	 Month 25 – Month 36
	  	$	26.52	 	  	$	TBD	 	  			

 BASE RENT (LABORATORY PREMISES) 
  

													
	 Period
	  	Annual Base
Rent PSF	 	  	Estimated
Expenses PSF*	 	  	Estimated Monthly
Rent	 
	 Month 25 – Month 36
	  	$	19.10	 	  	$	TBD	 	  			

 SECOND EXTENSION OPTION 

BASE RENT (OFFICE PREMISES) 
  

													
	 Period
	  	Annual Base
Rent PSF	 	  	Estimated
Expenses PSF*	 	  	Estimated Monthly
Rent	 
	 Month 36 – Month 48
	  	$	27.32	 	  	$	TBD	 	  			

 BASE RENT (LABORATORY PREMISES) 
  

											
	 Period
	  	Annual Base
Rent PSF	 	  	Estimated
Expenses PSF*	 	  	Estimated Monthly
Rent
	 Month 36 – Month 48
	  	$	19.67	 	  	$	TBD	 	  	

  

	*	 Estimate only. Additional Rent, including Building Expenses and Amenity Expenses, shall be calculated and
reconciled as set forth in Paragraph 4 of the Lease. 

  
 1 

 Each Extension Option shall be exercisable by Tenant, if at all, only by timely delivery to Landlord of
written notice of election at least six (6) months prior to the expiration of the then current Expiration Date, but no earlier than twelve (12) months prior to the expiration of the then current Expiration Date. The option herein granted
shall be deemed to be personal to Tenant, and if Tenant subleases any portion of the Premises or otherwise assigns or transfers any interest thereof to another party (other than a Permitted Transfer), such option shall lapse. In the event that
Tenant is in default of any term or condition at the time of its exercise notice beyond any applicable notice and grace period, then there shall be no extension or renewal of the Lease as provided herein. As they apply to Tenant’s right to
extend the term of the Lease, the parties acknowledge and agree that the terms “extend,” “extension,” “renew,” and/or “renewal” shall be deemed the same. 

3. Potential Expansion. Landlord shall use commercially reasonable efforts to accommodate Tenant’s requirements for additional
space. Any such expansion shall be subject to the parties agreeing on mutually acceptable terms, including then market rental. In the event that a mutually satisfactory agreement for larger space or additional space is reached, Landlord and Tenant
shall enter into a new lease or amendment to the Lease for such space. Any expansion or relocation to larger space is contingent upon availability, the parties agreeing upon all applicable terms and conditions, and the full execution of a new lease
or amendment. 
 4. Americans With Disabilities Act. Landlord and Tenant acknowledge that in accordance with the provisions of
the Americans with Disabilities Act (the “ADA”), responsibility for compliance with the terms and conditions of Title III of the ADA may be allocated as between Landlord and Tenant. Notwithstanding anything to the contrary contained
in the Lease, Landlord and Tenant agree that the responsibility for compliance with the ADA shall be allocated as follows: (i) Tenant shall be responsible for compliance with the provisions of Title III of the ADA with respect to existing
conditions within the Premises (including, without limitation, the entry and doors thereto) during the Term (not including compliance with the ADA of initial improvements constructed as Landlord’s Work in the Premises) and the construction by
Tenant of alterations within the Premises; and (ii) Landlord shall be responsible for compliance with the provisions of Title III of the ADA with respect to the exterior of the Building, parking areas, sidewalks and walkways, and the areas
appurtenant thereto, together with all other common areas of the Building not included within the Premises, and for the initial improvements constructed as Landlord’s Work in the Premises. Landlord and Tenant each agree to indemnify and hold
each other harmless from and against any claims, damages, costs, and liabilities arising out of Landlord’s or Tenant’s failure, as the case may be, to comply with Title III of the ADA as set forth above, which indemnification obligation
shall survive the expiration or termination of this Lease. Landlord and Tenant each agree that the allocation of responsibility for ADA compliance shall not require Landlord or Tenant to supervise, monitor, or otherwise review the compliance
activities of the other with respect to its assumed responsibilities for ADA compliance as set forth herein. 
 5. Generator and Outdoor Equipment.

 (a) Subject to the terms and conditions hereinafter set forth, Tenant shall have the right to install and maintain, at Tenant’s
option, tanks for liquid nitrogen and non-flammable gases, chillers, and, for the purpose of providing auxiliary and/or emergency electric power to the Premises, one or more portable or permanent diesel
powered or natural gas electric generators and related equipment (each, a “Generator”), each in the locations that are acceptable to Tenant and reasonably acceptable to Landlord. 

  
 2 

 (b) Tenant shall submit to Landlord for approval plans for the Generator (including
connections and related equipment) which plans shall specify noise levels. Landlord shall not unreasonably withhold or delay its approval for said plans. Tenant shall also provide to Landlord completed and true and accurate Material Safety Data
Sheets for all chemicals or other materials used in connection with the Generator or upon the Premises. 
 (c) Tenant shall comply with
Section 8(c) above and all ordinances, codes and regulations regarding the Generator (including the storage and handling of diesel fuel or other petroleum products) and shall obtain all permits therefor. Prior to commencing installation, Tenant
shall provide Landlord with (i) copies of all required governmental and quasi-governmental permits, licenses and authorizations which Tenant will obtain at its own expense and which Tenant will maintain at all time during the operation of the
Generator; and (ii) a certificate of insurance evidencing insurance coverage as required by this Lease and any other insurance reasonably required by Landlord for the installation and operation of the Generator. Landlord may reasonably withhold
approval if the installation or operation of the Generator may damage the structural integrity of the Building, interfere with any Building systems, or violate any applicable laws. 

(d) All cost of installation, operation, maintenance and removal of the Generator shall be the obligation of Tenant, including the cost of
repair for damage to any portion of the Land or Building caused by such installation, operation, maintenance or removal. Tenant warrants and represents that (i) Tenant shall repair in a good and workmanlike manner any damage to the Land and/or
Building caused by the installation of the Generator, (ii) the operation and maintenance of the Generator shall not cause interference with any mechanical or other systems either located at or servicing the Property, and (iii) the
installation, existence, maintenance and operation of the Generator shall not constitute a violation of any applicable laws, ordinances, rules, orders, regulations, etc. of any federal, state, county and municipal authorities having jurisdiction
thereover. The installation of the Generator shall be made subject to and in accordance with all of the provisions of the Lease. The contractors performing the installation of the Generator and/or performing any work on the Land and Building shall
be approved or designated by Landlord prior to the commencement of any work, which approval shall not be unreasonably withheld or delayed. 

(e) Tenant shall indemnify and hold Landlord harmless from any and all damages, injury, loss, liability, costs or claims (including, without
limitation, court costs and reasonable attorneys’ fees) directly or indirectly resulting from the installation, operation, maintenance or removal of the Generator, except to the extent due to Landlord’s negligence or willful misconduct.

 6. Rooftop Equipment. In connection with Tenant’s Permitted Use, Tenant may, at its sole cost and expense, install and
operate (for Tenant’s own use and not for use by third parties or “for profit” services provided for the benefit of third parties) during the Term, venting stacks and mechanical equipment (hereinafter the “Rooftop
Equipment”) on the roof of the Building at a location mutually acceptable to Landlord and Tenant (hereinafter the “Installation Area”). The installation of such Rooftop Equipment shall be subject to the following: 

(a) Tenant shall not install or operate the Rooftop Equipment until the final location of the Rooftop Equipment receives prior written approval
from Landlord, which approval shall not be unreasonably withheld, conditioned or delayed. Without limitation to the generality of the preceding sentence, it shall not be unreasonable for Landlord to withhold approval if the location of any Rooftop
Equipment if such location may (i) damage the Building or roof membrane, or (ii) limit or void the roof warranty. Prior to commencing installation, Tenant shall provide Landlord with (1) detailed plans and specifications for the
installation of the Rooftop Equipment, (2) copies of all required permits, licenses and authorizations, which Tenant will obtain at its own expense and which Tenant will maintain at all times during the operation of the Rooftop Equipment, and
(3) a Certificate of Insurance evidencing insurance coverage as required by this Lease and any other insurance reasonably required by Landlord for the installation and operation of the Rooftop Equipment. 

  
 3 

 (b) Tenant warrants and represents that (i) Tenant shall repair in a good and
workmanlike manner any damage to the roof of the Building caused by the installation of the Rooftop Equipment, (ii) the maintenance of the Rooftop Equipment on the roof or the operation thereof shall not cause interference with any
telecommunications, mechanical or other systems either located at or servicing the Building (whether belonging to or utilized by Landlord or any other tenant or occupant of the Building) or located at or servicing any building, premises or location
in the vicinity of the Building limited however to that permissible under applicable F.C.C. regulations to the extent that such regulations apply, (iii) the installation, existence, maintenance and operation of the Rooftop Equipment shall not
constitute a violation of any applicable laws, ordinances, rules, orders, regulations, etc. of any federal, state, county and municipal authorities having jurisdiction thereover. 

(c) The installation of the Rooftop Equipment shall be made subject to and in accordance with all of the provisions of this Lease. The
contractors performing the installation of the Rooftop Equipment and/or performing any work on or to the roof or risers of the Building shall be reasonably approved by Landlord prior to the commencement of any work, which approval shall not be
unreasonably withheld, conditioned, or delayed. 
 (d) Tenant covenants and agrees that the installation, operation and removal of the
Rooftop Equipment (if required to be removed by Tenant under Paragraph 9 of the Lease) will be at its sole risk. Without limiting the generality of any indemnities set forth in the Lease, Tenant agrees to indemnify and defend Landlord against all
claims, actions, damages, liabilities and expenses including reasonable attorney’s fees and disbursements in connection with the loss of life, personal injury, damage to property or business or any other loss or injury or as a result of any
litigation arising out of the installation, operation or removal of the Rooftop Equipment (if required to be removed by Tenant under Paragraph 9 of the Lease), except to the extent due to Landlord’s negligence or willful misconduct. 

(e) Landlord, in its commercially reasonable discretion, may require Tenant, at any time prior to the Expiration Date, to terminate the
operation of the Rooftop Equipment if it is causing physical damage to the structural exterior of the Building, interfering with any other service provided to other tenants in the Building, or violates FCC regulations or applicable law.
Notwithstanding the foregoing, if Tenant can correct the damage or disturbance caused by the Rooftop Equipment to Landlord’s reasonable satisfaction, Tenant may restore its operation. If the Rooftop Equipment is not corrected and restored to
operation within thirty (30) days, Landlord, at its sole option, may require that Tenant remove the Rooftop Equipment at its own expense. 

(f) At the expiration or sooner termination of this Lease (except as otherwise set forth in Paragraph 9 of this Lease), or upon termination of
the operation of the Rooftop Equipment, or revocation of any license issued, Tenant shall remove the Rooftop Equipment (and all associated wiring and other appurtenances) from the Building and repair any damage caused thereby, at Tenant’s sole
cost and expense. Tenant shall leave the Installation Area in good order and repair. If Tenant does not remove the Rooftop Equipment when so required, Tenant hereby authorizes Landlord to remove and dispose of the Rooftop Equipment and to charge
Tenant for all reasonable costs and expenses incurred. 

  
 4 

 7. Medical Use Provisions. The purpose of this Section is to address some, but
not all, of Landlord’s specific concerns about Tenant’s Permitted Use. The terms and conditions of this Section shall be in addition to and not limit the generality of any other term or condition of the Lease. 

(a) Bio-Medical Hazardous Materials - Compliance with Laws. During the Term of the Lease, Tenant
shall comply with all statutes, ordinances, rules, orders, regulations and requirements of the federal, state, county and city governments and all departments thereof applicable to the presence, generation, storage, use, disposal, and removal of
medicines, drugs, needles, medical waste, biological waste and any and all substances related thereto (collectively, “bio-medical hazardous materials”) in, on or about the Premises. Tenant
shall at all times maintain all licenses necessary to conduct the Permitted Use. 
 (b)
Bio-Medical Hazardous Materials - Indemnification. Without limiting the generality of any indemnities set forth in the Lease, Tenant agrees to indemnify and forever hold harmless Landlord, its agents,
successors, and assigns, and Landlord’s mortgagee(s), as their interest may appear, from all claims, losses, damages, expenses and costs, including, but not limited to, attorneys’ fees and clean up costs, incurred by reason of
Tenant’s presence, generation, storage, use, disposal and removal of bio-medical hazardous materials in, on, or about the Premises, or any part of the Land or Building. Tenant’s obligation to observe
or perform this covenant shall survive the Expiration Date or earlier termination of this Lease. 
 8. Signage. Tenant shall have the
right to install, at Tenant’s expense, identification signage on the Building on the north-facing Building façade fronting 600 South and in such other locations and designs that are mutually acceptable to Landlord and Tenant acting
reasonably and in good faith. All such signage shall comply with applicable municipal code requirements and ordinances and shall be subject to Landlord’s approval, which approval shall not be unreasonably withheld, conditioned, or delayed. All
costs associated with the fabrication, installation, maintenance, removal and replacement of Tenant’s signage shall be the sole responsibility of Tenant, and Tenant shall maintain such signage in good condition and repair. Tenant shall remove
such signage and repair any damage caused thereby, at its sole cost and expense, upon the expiration or sooner termination of the Lease. Tenant shall also have the right, at Landlord’s expense, to be listed in any building directory or interior
signage that Landlord provides for other tenants of the Building. 
 9. Conflict. In the event of any express conflict or
inconsistency between the terms of this Rider and the terms of the Lease, the terms of this Rider shall control and govern. 

  
 5 

 EXHIBIT A-1 

LEGAL DESCRIPTION 
 PARCEL 1: 

LOTS 1 AND 2, SIXTH SOUTH COMMERC!AL SUBDIVISION, ACCORDING TO THE OFFICIAL PLAT THEREOF ON FILE AND OF RECORD IN THE SALT LAKE COUNTY RECORDERS OFFICE. 

PARCEL 2: 
 EASEMENTS FOR ACCESS, INGRESS AND EGRESS APPURTENANT
TO LOT 1 OF PARCEL 1 PURSUANT TO THAT CERTAIN GRANT OF EASEMENT DATED OCTOBER 09, 2002 AND RECORDED OCTOBER 10, 2002 AS ENTRY NO. 8382515 IN BOOK 8663 AT PAGE 8444 OF OFFICIAL RECORDS.  

 EXHIBIT B 

DEPICTION OF THE PREMISES 

[to be attached on or before March 31, 2021] 

 EXHIBIT C 

WORK LETTER 
 The terms used herein shall
have the meanings ascribed to them in the Lease, unless otherwise specifically stated herein. 
 1. Plans and Schedule. The
“Plans” shall be those certain space plans to be prepared as soon as reasonably practicable by a licensed architect and mutually agreed upon by Landlord and Tenant, a copy of which shall be attached hereto as Exhibit C-1, for the work to be completed Landlord within the Office Premises (the “Office Improvements”), which shall be consistent with the specifications set forth on Exhibit C-2 (the “Office Specifications”), and Laboratory Premises in accordance with this Work Letter. The parties acknowledge and agree that Landlord requires certain specification and other
information from Tenant in order to prepare the Plans and complete Landlord’s Work (“Tenant’s Specifications”). The “Schedule” shall be the design and construction schedule prepared by Landlord, with input
by Tenant, with each party working cooperatively and in good faith, for the completion of Landlord’s Work, the timing of Tenant’s entry within the Premises prior to the Commencement Date, and the completion of Tenant’s work within the
Laboratory Premises. The parties shall endeavor to complete the Schedule and attach it as an exhibit to this Work Letter as Exhibit C-3 by no later than March 31, 2021, subject to each
party’s review and approval of the same. The Schedule shall include the following key dates and milestones and any other dates/milestones that are mutually agreed to by the parties: 

 

	 	(a)	 the estimated Commencement Date; 

 

	 	(b)	 the estimated Landlord Substantial Completion Date (as defined below); 

 

	 	(c)	 the date by which Tenant is required to deliver Tenant’s Specifications to Landlord; and

  

	 	(d)	 the conditions precedent and target dates for Tenant’s entry within the Premises for purposes of
completing its improvements within the Laboratory Premises. 

 2. Objectives; Landlord’s Work. 

The parties acknowledge and agree that the successful and timely completion of Landlord’s Work (as defined below) and Tenant’s improvements within
the Laboratory Premises will require the parties to work together cooperatively and in good faith and to closely coordinate concerning all aspects of the design and construction of Landlord’s Work and Tenant’s improvements within the
Laboratory Premises. The intent of the parties is to establish and maintain a collaborative design and construction process to meet the deadlines and other requirements set forth in this Work Letter. 

Subject to the limitations and terms set forth herein, Landlord shall furnish and install substantially and in all material respects in accordance with the
Plans the materials and items described therein (“Landlord’s Work”). Landlord’s Work within the Office Premises shall be delivered “turnkey” in accordance with the Office Specifications. Landlord’s Work
within the Laboratory Premises shall be delivered in Warm Shell Condition, as defined below; provided, however, that (i) Landlord shall only be obligated to pay the cost of constructing and delivering the Laboratory Premises in Warm Shell
Condition (as defined below) and the Office Premises in accordance with the Office Specifications, and (ii) all costs of Landlord’s Work or the Plans in excess of constructing the Warm Shell Condition for the Laboratory Premises or the
Office Premises in excess of the Office Specifications shall be borne by Tenant pursuant to Section 3 below. 

 As used herein, “Warm Shell Condition” is as follows: 

 

	 	•	 	 A minimum 4” thick continuous flat concrete slab without plane changes, and a vapor barrier per
Landlord’s design. Any additional specialty costs will be borne by Tenant. Flat floor shall specifically be ACI Standards for FFL. 

  

	 	•	 	 Footings and mezzanine adequate for office use per co-design (the
mezzanine shall be built to INDUSTRY standards with stairs (and no additional conveyance) and metal perimeter railing). The mezzanine shall have a polished concrete floor, and shall be without a drop ceiling or exterior drywall partitions.

  

	 	•	 	 All demolition (demo plan attached as part of the Plans) complete, including
non-bearing walls between columns per Landlord plans. 

  

	 	•	 	 Landlord, as part of Landlord’s Work, shall provide adequate power (and associated INDUSTRY-standard
distribution) in the office area of the Premises. In the event there is not sufficient power available to power the Laboratory Premises, the cost of sourcing additional power shall be at Tenant’s cost. Landlord shall provide a single 200 amp
electrical panel in the Laboratory Premises as part of Landlord’s Work. Power distribution in the Laboratory Premises shall be at Tenant’s sole cost. 

 

	 	•	 	 Water and gas lines stubbed into the Premises consistent with the Building’s office standard (and any
additional water service, new taps and upgrades to existing recently installed 12” city main line located in the 500 W ROW shall be at Tenant’s cost). If Tenant requires additional gas than is currently available, then Tenant shall pay for
additional cost. 

  

	 	•	 	 4” Sewer line lateral stubbed to the Premises. Any sewer upgrades beyond the specifications set forth herein
shall be borne by Tenant. 

  

	 	•	 	 INDUSTRY-standard HVAC units and capacity for the entirety of the space including main trunk and distribution
lines per Landlord and Tenant codesign; Additional structural cost for added mass and weight distribution cost shall be borne by Tenant including additional infrastructure and RTU’s above INDUSTRY standard. 

 

	 	•	 	 Building envelope shall be complete, watertight, and meet all code requirements as designed by Landlord.

  

	 	•	 	 Space on the roof for Tenant equipment including ventilation stacks and other HVAC equipment. Any additional
structural reinforcement and engineering analysis will be at Tenant’s sole cost and expense. Any damage to the roof or other equipment shall be repaired at Tenant’s sole cost. 

 

	 	•	 	 Exterior walls framed and insulated per building standard (B Occupancy Code Requirements). 

 

	 	•	 	 INDUSTRY-standard fire suppression wet system designed and installed throughout the office portion of the
Premises plus sprinklers installed for shell condition in the Laboratory Premises. All costs to redesign the sprinkler system and costs for additional distribution throughout the Laboratory Premises will be borne by Tenant including but not limited
to increased piping size, additional pumps to meet flow rates (if necessary), any specialty suppression and/or air evacuation system. 

  

	 	•	 	 Existing INDUSTRY SLC building fire alarm system panel for Tenant to tie into and all fire alarm devices required
per building standard (B Occupancy Code Requirements). 

	 	•	 	 INDUSTRY-standard restroom group, complete with an ADA compliant restroom stall, and code compliant electrical
closets, and janitor closets. 

  

	 	•	 	 Adequate egress doors for typical office use including ADA and exterior lighting requirements.

  

	 	•	 	 Exterior patio(s) adjacent to the Premises – per co-design.

  

	 	•	 	 No window coverings shall be provided by Landlord. 

 

	 	•	 	 Exterior walls drywalled and primed where appropriate per Tenant and Landlord
co-design. 

  

	 	•	 	 One (1) 14’ x 14’ loading dock and door accessible by tractor trailer trucks (either at Building grade
or above grade with internal ramps) in a location mutually approved by Landlord and Tenant. 

 3. Cost of Landlord
Work. The cost of delivering to Tenant the Office Premises in accordance with the Office Specifications and the Laboratory Premises in Warm Shell Condition as set forth in Section 2 above shall, subject to any Change Orders
(defined below), be borne by Landlord, and all other hard and soft construction costs associated with Landlord’s Work shall be borne by Tenant. 

Notwithstanding the foregoing, Landlord shall provide to Tenant a credit against Tenant’s future Base Rent obligations, in an amount not to exceed Ten
and No/100 Dollars ($10.00) per RSF of space in the Laboratory Premises, of Tenant’s cost of constructing the Laboratory Premises. By way of example and not limitation, if the Laboratory Premises are determined to be 30,000 RSF, and Tenant
spends at least $300,000.00 toward constructing the Laboratory Premises as is evidenced by paid invoices, lien waivers, and any other documentation reasonably requested by Landlord, then Landlord shall provide to Tenant a credit in the amount of
$300,000.00 against Tenant’s future Base Rent obligations. 
 No later than sixty (60) days after receipt of Tenant’s Specifications,
Landlord shall cause to be prepared a budget and cost estimate for the construction of Landlord’s Work and all work reflected on the Plans, which budget and estimate shall be provided to Tenant and shall be based on actual bids received by
contractors for such work. Tenant shall have thirty (30) days after receipt of the budget and cost estimate to pay to Landlord all costs of Landlord’s Work and the Plans in excess of the cost of (a) the Office Specifications for the
Office Premises, and/or (b) the Warm Shell Condition for the Laboratory Premises (“Excess Costs”). If Tenant fails to pay the Excess Costs within thirty (30) days, then Landlord may, in its sole discretion, (i) keep
this Lease in full force and effect, in which case Landlord shall retain all of its rights and remedies set forth in the Lease or at law or equity; or (ii) terminate this Lease, in which case this Lease shall terminate on the date set forth in
Landlord’s notice, and Tenant shall reimburse to Landlord all actual and reasonable third-party costs incurred by Landlord in constructing Landlord’s Work. If the actual cost to construct Landlord’s Work is less than the amount that
Tenant has paid Landlord for such Excess Costs, Landlord shall reimburse Tenant within thirty (30) days of completion of Landlord’s Work. 
 4.
Extra Work; Omissions; Change Orders. 
 (a) Tenant may request substitutions, additional or extra work and/or materials over and
above Landlord’s Work (“Change Order”) to be performed by Landlord, provided that the Change Order, in Landlord’s reasonable judgment: (1) shall not delay completion of the Warm Shell Condition or Landlord’s Work
or otherwise delay the Commencement Date of the Lease; (2) shall be practicable and consistent with existing physical conditions in the Building and any other plans for the Building which have been filed with the appropriate municipality or
other 

 
governmental authorities having jurisdiction thereover; (3) shall not impair Landlord’s ability to perform any of Landlord’s obligations hereunder or under the Lease or any other
lease of space in the Building; and (4) shall not affect any portion of the Building other than the Premises. All Change Orders shall require the installation of new materials at least comparable to Building standards and any substitution shall
be of equal or greater quality than that for which it is substituted. 
 (b) In the event Tenant requests Landlord to perform the work
specified in the Change Order and if Landlord accedes to such request, then and in that event, prior to commencing such work, Landlord shall submit to Tenant a written estimate (“Estimate”) for said Change Order. Within five
(5) business days after Landlord’s submission of the Estimate, Tenant shall, in writing, either accept or reject the Estimate. Tenant’s failure either to accept or reject the Estimate within said five (5) day period shall be
deemed rejection thereof. In the event that Tenant rejects the Estimate or the Estimate is deemed rejected, Tenant shall within five (5) business days after such rejection propose to Landlord such necessary revisions of the Plans so as to
enable Landlord to proceed as though no such Change Order had been requested. Should Tenant fail to submit such proposals regarding necessary revisions of the Plans within said five (5) business day period, Landlord, in its sole discretion, may
proceed to complete Landlord’s Work in accordance with the Plans already submitted, with such variations as in Landlord’s sole discretion may be necessary so as to eliminate the Change Order. 

(c) Tenant may request the omission of an item of Landlord’s Work, provided that such omission shall not delay the completion of
Landlord’s Work and Landlord thereafter shall not be obligated to install the same. Credits for items deleted or not installed shall be granted in amounts equal to credits obtainable from subcontractors or materialmen. In no event shall there
be any cash credits. 
 (d) In the event Landlord performs any work specified in the Change Order, Tenant shall pay to Landlord, upon
acceptance of the Estimate a sum equal to the Estimate. If the cost of such Change Order is less than the estimate, Tenant shall be entitled to a refund or credit for the difference between the Estimate and the actual cost of such Change Order. 

5. Punch Walk. When Landlord and its general contractor are of the reasonable opinion that completion of (a) Landlord’s
Work within the Office Premises in accordance with the Office Specifications or (b) Warm Shell Condition within the Laboratory Premises has been achieved, then Landlord shall so notify Tenant. Tenant agrees that upon such notification, Landlord
and Tenant shall jointly (with Landlord’s general contractor) promptly (on one (1) occasion and not later than five (5) business days after the date of Landlord’s said notice) inspect the Office Premises or Laboratory Premises,
as applicable, and furnish to Landlord a written statement that, as applicable, the Office Premises have been completed in accordance with the Office Specifications or the Laboratory Premises are in Warm Shell Condition (or Tenant shall set forth in
such notice such items that remain uncompleted and that require completion in order for Landlord’s Work within such portion of the Premises to be deemed complete, which Landlord shall promptly complete within thirty (30) days of receipt of
Tenant’s written statement) with the exception of certain specified and enumerated items (hereinafter referred to as the “Punch List”). 

6. Substantial Completion Date. Landlord’s Work shall be deemed substantially complete when Landlord’s Work as set forth
on the Plans have been completed, excepting only minor or cosmetic items that will not materially and adversely affect Tenant’s use or occupancy of the Office Premises or its completion of its improvements within the Laboratory Premises. It is

 
mutually agreed that if the Punch List consists only of items which would not materially impair Tenant’s use or occupancy of the Office Premises or its completion of improvement within the
Laboratory Premises, then, in such event, Tenant will acknowledge in writing that Landlord’s Work is complete (“Landlord Substantial Completion Date” or “Date of Landlord’s Substantial Completion”);
provided, however, that such acknowledgment of acceptance shall not relieve Landlord of its obligations to promptly complete all such Punch List items. Notwithstanding the foregoing, in no event shall Landlord be obligated to repair latent defects,
not originally listed on the Punch List, beyond a period of one (1) year after the Substantial Completion Date, as defined above. Promptly after the Commencement Date, the parties will execute an instrument in the form attached hereto as
Exhibit E, confirming the Substantial Completion Date, the Commencement Date and the Expiration Date. 
 7. Landlord Obligations; Tenant
Delay. 
 (a) Landlord’s Obligation. Landlord shall use diligent and good faith efforts to complete Landlord’s Work
by the estimated Landlord Substantial Completion Date set forth in the Schedule. If Landlord fails to complete Landlord’s Work by the estimated Landlord Substantial Completion Date (subject to extension due to any Change Orders, or due to force
majeure or Tenant Delay, as each is defined below), this Lease shall continue in full force and effect and Tenant may extend the Commencement Date and the Outside Commencement Date by one day for each day of such delay. Notwithstanding anything
contained in this Work Letter to the contrary, there shall be no abatement of Rent and no deferral of the Commencement Date if Landlord’s Work is not substantially complete by the Landlord Substantial Completion Date due to any Tenant Delay.

 (b) Tenant Delay. As used herein, “Tenant Delay” shall mean any event or occurrence which delays the completion of
any Landlord Work in the Premises which is caused by or is described as follows: (i) special work, changes, alterations or additions requested or made by Tenant in the design or finish in any part or the Premises after approval of the plans and
specifications; (ii) Tenant’s delay in submitting plans, supplying information, approving plans, specifications or estimates (including, without limitation, Tenant’s Specifications, as defined in Section 1 above), giving
authorizations or otherwise; (iii) Tenant’s failure to approve or delay payment for such work (including Change Orders) as Landlord undertakes to complete at Tenant’s expense; (iv) the performance or completion, non-completion or delay in completion by Tenant or any person engaged by Tenant of any work in or about the Premises; or (v) any special work, materials or installations requested by Tenant that are not
included in the Plans. In the event the Landlord Substantial Completion Date is delayed due to one or more Tenant Delays, then the Landlord Substantial Completion date shall be modified to be the date Landlord’s Work would have been complete
but for any Tenant Delays and monthly Rent will commence accordingly. 
 (c) Force Majeure. As used herein, “force
majeure” means any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, acts of war, acts of terrorism, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental
actions, civil commotions, fire or other casualty, and other causes beyond the reasonable control of the party obligated to perform; provided, however that force majeure shall not apply to any monetary obligation owed by one party to the other, or
to either party’s obligations to carry the insurance requirements under the Lease. 

 8. Tenant’s Entry Prior to Commencement Date. Tenant and its agents or
laborers may enter the Premises subject to satisfaction of the milestones set forth in the Schedule at Tenant’s sole risk in order to perform through Tenant’s own contractors such work as Tenant may desire within the Laboratory Premises,
at the same time that Landlord’s contractors are working in the Premises. The foregoing license to enter prior to the Commencement Date, however, is conditioned upon Tenant’s labor not materially interfering with Landlord’s
contractors. If at any time such entry shall cause material interference with Landlord’s Work, this license may be withdrawn by Landlord upon five (5) days’ written notice to Tenant; provided, however, the Commencement Date shall
extend day for day (but no later than the Outside Commencement Date) until Tenant completes such improvements and has obtained a certificate of occupancy for the Premises. Such entry shall be deemed to be under and subject to all of the terms,
covenants and conditions of the Lease, and Tenant shall comply with all of the provisions of the Lease which are the obligations or covenants of Tenant, except that the obligation to pay Rent shall not commence until the Commencement Date (but not
later than the Outside Commencement Date). In the event that Tenant’s agents or laborers incur any charges from Landlord, including, but not limited to, charges for use of construction or hoisting equipment on the Building site, such charges
shall be deemed an obligation of Tenant and shall be collectible as Rent pursuant to the Lease, and upon default in payment thereof, Landlord shall have the same remedies as for a default in payment of Rent pursuant to the Lease. 

9. Landlord’s Entry After Substantial Completion, Commencement Date. At any time after the Landlord Substantial Completion
Date and prior to the Commencement Date, Landlord may enter the Premises in accordance with the provisions of the Lease to complete Punch List items and Landlord shall coordinate such entry and work within the Laboratory Premises with Tenant and
Tenant’s contractors so as not to materially interfere with Tenant’s work. If such entry by Landlord is required after the Commencement Date, Landlord may enter the Premises in accordance with the provisions of the Lease to complete such
remaining Punch List items and such entry by Landlord and its agents, servants, employees or contractors for such purpose shall not constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution
of Rent, or relieve Tenant from any obligation under this Lease, or impose any liability upon Landlord or its agents (except as set forth in the Lease). Tenant hereby accepts any and all reasonable disturbances associated with such entry and agrees
to reasonably cooperate with Landlord (and such cooperation shall include, without limitation, moving furniture as necessary). 
 10.
Delays. Landlord and Tenant mutually acknowledge that Landlord’s construction process in order to complete Landlord’s Work and Tenant’s construction process to complete its improvements to the Laboratory Premises
each requires a coordination of activities of Landlord and Tenant and a compliance by Tenant and Landlord without delay of all obligations imposed upon Tenant and Landlord pursuant to this Exhibit C and that time is of the essence in
the performance of Tenant’s obligations and Landlord’s obligations hereunder and Tenant’s and Landlord’s compliance with the terms and provisions of this Exhibit C. 

11. Provisions Subject to Lease. The provisions of this Exhibit C are specifically subject to the provisions of the
Lease. 

 EXHIBIT C-3 

SCHEDULE 
 [to be attached
on or before March 31, 2021] 

 EXHIBIT D 

Intentionally omitted 

 EXHIBIT E 

COMMENCEMENT DATE, PREMISES AREA MEASUREMENT AND BASE RENT CONFIRMATION CERTIFICATE 

LANDLORD: INDUSTRY OFFICE SLC, LLC, a Delaware limited liability company 

TENANT: Recursive Pharmaceuticals, Inc, a Delaware corporation 

This Lease Commencement Certificate is made by Landlord and Tenant pursuant to that certain Lease (the “Lease”) entered into as of ____________ ___,
2021, for the premises known as Suite [_____] in the Building known as 650 South 500 West, Salt Lake City, Utah (the “Premises”). The Premises are confirmed to be [___________] rentable square feet, which is comprised of [___________]
rentable square feet of Office Premises and [___________] rentable square feet of Laboratory Premises. 
 1. Lease Commencement Date. Landlord and Tenant
acknowledge and agree that the Substantial Completion Date, as contemplated in the Lease, is __________, 20___, the Commencement Date, as contemplated by the Summary of Basic Terms of the Lease, is________, 20__, and the Expiration Date is_______,
20__. Rent as contemplated by the Lease begins accruing to Landlord’s benefit as of ______, 20__. All covenants in the Lease contemplated to begin on the Commencement Date shall commence as of the Commencement Date. 

 

			
	INSERT SPECIFIC DATE	  	INSERT MONTHLY RENT
	INSERT SPECIFIC DATE	  	INSERT MONTHLY RENT
	INSERT SPECIFIC DATE	  	INSERT MONTHLY RENT

 2. Acceptance of Premises. Tenant has inspected and examined the Premises, and, subject to the terms of the Lease and
based on such inspection, Tenant finds the Premises acceptable and satisfactory in their current, “as is” condition, except for the “Punchlist Items” attached hereto (if any). [All of Landlord’s Work has been fully completed
and fulfilled.] The attached list of Punchlist Items constitutes all matters which Tenant does not find fully and completely acceptable, and as to which Tenant desires Landlord to perform corrective work. 

 

									
	LANDLORD:	  		  	TENANT:
			
	INDUSTRY OFFICE SLC, LLC, a Delaware limited liability company	  		  	RECURSION PHARMACEUTICALS, INC., a Delaware corporation
					
	By:	  	  
	  		  	By:	  	
                 

		  	Name: H. Jason Winkler	  		  	Name:	  	  

		  	Title: Manager	  		  	Title:	  	  

 EXHIBIT F 

WIRELESS CONNECTIVITY 
 INTERNET

 INDUSTRY Salt Lake City provides a secure wireless & wired network via the SICTM
platform. This technology platform includes campus-wide Wi-Fi connectivity, security, redundant Internet feeds from multiple providers, and it operates even during power outages. Internet usage may be charged
to Tenant via Building Expenses or billed separately at Landlord’s discretion. Charges for Internet usage are subject to change, provided costs remain similar to comparable market competitors. Internet usage is
not included in Base Rent.
 The SICTM technology platform
includes: 
  

	 	•	 	 campus-wide high-speed Wi-Fi connectivity 

 

	 	•	 	 security (firewall, independent VLAN, user access controls) 

 

	 	•	 	 tenant specific user access controls (per company) 

 

	 	•	 	 operation during power outages 

Tenants may: 
  

	 	•	 	 Connect and manage employees’ campus-wide access to the
SICTM Platform. 

  

	 	•	 	 Connect seamlessly with: 

 

	 	•	 	 SD-WAN 

 

	 	•	 	 VPN 

  

	 	•	 	 IoT & IIoT 

  

	 	•	 	 Voice 

  

	 	•	 	 Telemetry 

  

	 	•	 	 Audio/Video 

  

	 	•	 	 Multiple other devices & systems 

Tenants may, at additional expense(s) which will be added to regular invoicing: 

 

	 	•	 	 Leverage the SICTM Technology Platform’s integrated
redundant Internet feeds. 

  

	 	•	 	 Connect their own independently-contracted, and SICTM
integrated, wired Internet feed(s). 

  

	 	•	 	 Connect and/or host their own firewall inside of the provided
SICTM firewall. 

  

	 	•	 	 Add Ethernet wired drops to tenant space(s). 

 

	 	•	 	 Utilize static public IP addresses. 

 

	 	•	 	 Leverage additional technical services if/as needed. 

Tenants may NOT, so long as Landlord provides a SICTM Platform in the
Building: 
  

	 	•	 	 Broadcast or operate their own Wi-Fi network(s), as this would degrade
the performance of the existing, professionally designed & operated campus-wide RF network. 

 While Tenant may install its own dedicated network to integrate with the SICTM Platform, Tenant will remain responsible for its share of all costs associated with Tenant having access to the SICTM Platform amenity
– which shall be billed and payable monthly and shall not be included in the building expenses. 
 Additional hosting and services are available.
Please contact Landlord for a schedule of fees and applicable service. 

 ADDENDUM A TO OFFICE BUILDING LEASE 

Rules and Regulations 
 1. CONDUCT 

Tenant shall not conduct its practice or business, or advertise such business, profession or activities of Tenant conducted in the Premises in any manner which
violates local, state or federal laws or regulations. 
 2. HALLWAYS AND STAIRWAYS 

Tenant shall not obstruct or use for storage, or for any purpose other than ingress and egress, the sidewalks, entrance, passages, courts, corridors,
vestibules, halls, elevators and stairways of the Building. 
 3. NUISANCES 

Except for such commercially reasonable and customary noises, odors and other impacts that are inherent to the Permitted Use, Tenant shall not make or permit
any noise, odor or act that is objectionable to other occupants of the Building or to emanate from the Premises, and shall not create or maintain a nuisance thereon. Tenants understand that on occasion there will be a lot of activity and special
events being held by each of the Tenants of the Building. These activities and special events must be planned ahead of time and approved by the Landlord with a minimum of seven (7) days’ notice given to the other Tenants of the building.

 4. AUDIO EQUIPMENT, ETC. 
 Tenant shall not operate any audio
equipment or similar instrument in such a manner as to unreasonably disturb other tenants of the Building or the neighborhood. Except as provided in the Lease, Tenant shall not install any antennae, aerial wires or other equipment outside the
Building without the prior written approval of Landlord. 
 5. LOCKS 

No additional locks or bolts of any kind shall be placed upon any of the doors or windows by Tenant, nor shall any changes be made in existing locks or the
mechanism thereof. Tenant must upon the expiration of its tenancy restore to Landlord all keys to the Premises and toilet rooms either furnished to or otherwise procured by Tenant, and in the event of loss of any keys so furnished, Tenant shall pay
to Landlord the cost thereof. Landlord shall charge a market fee for cutting keys (which may change from time to time) and Landlord does require all keys are cut and provided by Landlord’s locksmith. 

 6. OBSTRUCTING LIGHT, DAMAGE 

The sash doors, sashes window glass doors, lights and skylights that reflect or admit light into the halls or other places of the Building shall not be covered
or obstructed unduly. The toilets and urinals shall not be used for any purpose other than those for which they were intended and constructed, and no rubbish, newspapers or other substance of any kind shall be thrown into them. Waste and excessive
or unusual use of water shall not be allowed. Tenant shall not mark, drive nails, screw or drill into, paint, nor in any way deface the walls, ceilings, partitions, floors, wood, stone or iron work. The expense of any breakage, stoppage or damage
resulting from a violation of this rule by Tenant shall be borne by Tenant. Tenant shall be permitted to hang pictures on office walls, but it must be done in a workmanlike manner and in such a way as not to damage or deface such walls.
Notwithstanding the forgoing, Tenant shall utilize Landlord’s preferred vendor for mounting, attaching or painting anything in or one stone, brick or concrete walls. 

7. WIRING 
 Electrical wiring of every kind shall be introduced
and connected only as directed by Landlord, and neither boring nor cutting of wires will be allowed except with the consent of the Landlord. The location of the telephone, call boxes, etc., shall be subject to the approval of Landlord. 

8. EQUIPMENT, MOVING, FURNITURE, ETC. 
 Landlord shall approve the
weight, size and position of all fixtures, equipment and other property brought into the Building, and the times of moving which must be done under the supervision of Landlord. Landlord will not be responsible for any loss of or damage to any such
equipment or property from any cause, and all damage done in the Building by moving or maintaining any such property shall be repaired at the expense of Tenant. All equipment shall be installed as required by law, and in accordance with and subject
to written approval received on written application of Tenant. Move-in and move-out of Tenant’s furniture, fixtures and equipment shall be limited to before or
after normal business hours as reasonably defined by Landlord. 
 9. REQUIREMENTS OF TENANT 

The requirements of Tenant will be attended to only upon application at the office of Landlord or its Property Manager. Employees or Landlord or its Property
Manager shall not perform any work nor do anything outside their regular duties unless under special instructions from Landlord or its Property Manager. No such employees shall admit any person, Tenant or otherwise, to any other office without
instruction from the office of Landlord or its Property Manager. All janitorial services personnel, guards or any outside contractors employed by Tenant shall be subject to the regulations and control of Landlord, but shall not act as an agent or
servant of Landlord. 
 10. ACCESS TO BUILDING 
 Any person
entering or leaving the Building may be questioned by Building security regarding his/her business in the Building and may be required to sign in and out. Anyone who fails to provide a satisfactory reason for being in the Building may be excluded.

 11. PETS, REFUSE 
 Landlord reserves the right to bar the
presence of pets at its sole discretion. Landlord may require Tenant’s employees to sign a dog indemnity and behavior agreement if Tenant’s employees choose to bring dogs into the Building. 

 Tenant shall not allow anything to be placed on the outside window ledges of the Premises or
to be thrown out of the windows of the Building. Tenant shall not place or permit to be placed any obstruction or refuse in any public part of the Building. 

12. EQUIPMENT DEFECTS 
 Tenant shall give Landlord prompt notice
of any accidents to or defects in the water pipes, gas pipes, electric lights and fixtures, heating apparatus, or any other service equipment. 
 13. PARKING

 Unless otherwise specified by Landlord, Tenant and its employees may park automobiles only in the designated parking areas provided by Landlord. Parking
Permit issued by Landlord must be visible on vehicles parked in designated areas. Except as set forth in the Lease, Tenant agrees that Landlord assumes no responsibility of any kind whatsoever in reference to such automobile parking area or the use
thereof by Tenant or its agents or employees. There shall be no assigned parking spaces in the designated parking areas. 
 14. CONSERVATION AND SECURITY

 Tenant will see that all windows and doors are securely locked, and that all faucets and electric light switches are turned off before leaving the
Building. 
 15. SIGNAGE 
 No sign, advertisement or notice
shall be inscribed, painted or affixed on any part of the inside or outside of the Building unless of such color, size and style and in such place upon or in the Building as shall be first designated by Landlord. Landlord shall have the right to
remove all non-permitted signs without notice to Tenant and at the expense of Tenant.

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