Document:

EX-10.1

 Exhibit 10.1 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT is made and dated as of January 8, 2015 and is entered into by and between CERULEAN PHARMA INC., a Delaware
corporation (“Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (collectively, referred to as “Lender”) and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland
corporation, in its capacity as administrative agent for itself and the Lender (in such capacity, the “Agent”). 
 RECITALS

 A. Borrower has requested Lender to make available to Borrower Term Loan Advances in an aggregate principal amount of up to
Twenty-Six Million Dollars ($26,000,000) (the “Maximum Term Loan Amount”); and 
 B. Lender is willing to make the Term Loan
Advances on the terms and conditions set forth in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, Borrower, Agent and Lender agree as follows: 

SECTION 1. DEFINITIONS AND RULES OF CONSTRUCTION 

1.1 Unless otherwise defined herein, the following capitalized terms shall have the following meanings: 

“Account Control Agreement(s)” means any agreement entered into by and among Agent, Borrower and a third party Bank or other
institution (including a Securities Intermediary) in which Borrower maintains a Deposit Account or an account holding Investment Property and which grants Agent a perfected first priority security interest in the subject account or accounts. 

“ACH Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit H. 

“ACH Failure” means the failure of the Automated Clearing House (ACH) system to effect a transfer of the funds due to an
administrative error in connection with the institution and execution of the ACH Authorization. 
 “Advance(s)” means a Term Loan
Advance. 
 “Advance Date” means the funding date of any Advance. 

“Advance Request” means a request for an Advance submitted by Borrower to Agent in substantially the form of Exhibit A. 

  
 1 

 “Agent” has the meaning given to it in the preamble to this Agreement. 

“Agreement” means this Loan and Security Agreement, as amended from time to time. 

“Amortization Date” means January 1, 2016; provided, however, that if the Term B Loan Milestone Event occurs prior to
January 1, 2016, at the request of Borrower, the Amortization Date shall be April 1, 2016; provided further, however, that if the Term B Loan Milestone Event and the Second Interest Only Extension Condition occur prior to April 1,
2016, at the request of Borrower, the Amortization Date shall be July 1, 2016. 
 “Assignee” has the meaning given to it in
Section 11.13. 
 “Board” means Borrower’s board of directors. 

“Borrower Products” means all products, technical data or technology currently being developed, manufactured or sold by Borrower or
which Borrower intends to sell, manufacture, license, or distribute in the future including any products or service offerings under development, collectively, together with all products, software, service offerings, technical data or technology that
have been sold, developed, licensed or distributed by Borrower since its incorporation. 
 “Business Day” means any day other
than Saturday, Sunday and any other day on which banking institutions in the State of California are closed for business. 

“Cash” means all cash and liquid funds. 

“Change in Control” means any (i) reorganization, recapitalization, consolidation or merger (or similar transaction or series
of related transactions) of Borrower in which the holders of Borrower’s outstanding shares immediately before consummation of such transaction or series of related transactions (together with any affiliates of such holders) do not, immediately
after consummation of such transaction or series of related transactions, retain shares representing more than fifty percent (50%) of the voting power of the surviving entity of such transaction or series of related transactions (or the parent
of such surviving entity if such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower is the surviving entity, or (ii) sale or issuance by Borrower of equity securities to one or more purchasers, in
a single transaction or series of related transactions not registered under the Securities Act of 1933, which securities represent, as of immediately following the closing (or, if there be more than one, any closing) thereof, forty-nine percent
(49%) or more of the then-outstanding total combined voting power of Borrower provided that a bona fide equity financing for the purposes of raising capital from institutional investors reasonably acceptable to Lender shall not constitute a
Change of Control. 
 “Claims” has the meaning given to it in Section 11.10. 

“Closing Date” means the date of this Agreement. 

  
 2 

 “CRLX101 Study” has the meaning given to it in the definition of “Term B Loan
Milestone Event.” 
 “Collateral” means the property described in Section 3. 

“Commitment Charge” means Thirty-Five Thousand Dollars ($35,000). 

“Confidential Information” has the meaning given to it in Section 11.12. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to (i) any Indebtedness, lease, dividend, letter of credit or other obligation of another, including any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or sold with recourse by that Person, or in
respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account of that Person; and (iii) all
obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates,
currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Obligation
shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 

“Copyright License” means any written agreement granting any right to use any Copyright or Copyright registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Copyrights” means all
copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof, or of any other country. 

“Deposit Accounts” means any “deposit accounts,” as such term is defined in the UCC, and includes any checking account,
savings account, or certificate of deposit. 
 “Domestic Subsidiary” means any Subsidiary that is not a Foreign Subsidiary. 

“End of Term Charge” is defined in Section 2.5. 

“Equity Rights Letter Agreement” means the Equity Rights Letter Agreement dated as of even date hereof by and between Agent and
Borrower, as may be amended, restated or modified from time to time. 
 “ERISA” means the Employee Retirement Income Security Act
of 1974, as amended, and the regulations promulgated thereunder. 

  
 3 

 “Event of Default” has the meaning given to it in Section 9. 

“Excluded Accounts” means accounts of Borrower’s Subsidiaries located outside of the United States; provided that, the maximum
balance in all such accounts shall not exceed Two Million Dollars ($2,000,000) in the aggregate. 
 “Facility Charge” means
eighty-hundredths of one percent (0.80%) of the Maximum Term Loan Amount, which is Two Hundred Eight Thousand Dollars ($208,000). 

“Financial Statements” has the meaning given to it in Section 7.1. 

“Foreign Subsidiary” means Cerulean Pharma Australia Pty Ltd. 

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

“Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property or services (excluding
trade credit entered into in the ordinary course of business due within one hundred eighty (180) days), including reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by
notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy
or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other similar relief. 

“Intellectual Property” means all of Borrower’s Copyrights; Trademarks; Patents; Licenses; trade secrets and inventions; mask
works; Borrower’s applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together with Borrower’s rights to sue for past, present and future infringement of
Intellectual Property and the goodwill associated therewith. 
 “Investment” means any beneficial ownership (including stock,
partnership or limited liability company interests) of or in any Person, or any loan, advance or capital contribution to any Person or the acquisition of all, or substantially all, of the assets of another Person. 

“Joinder Agreements” means for each Subsidiary, a completed and executed Joinder Agreement in substantially the form attached
hereto as Exhibit G. 
 “Lender” has the meaning given to it in the preamble to this Agreement. 

“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests. 

  
 4 

 “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for
security, security interest, encumbrance, levy, lien or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, and any lease in the
nature of a security interest. 
 “Loan” means the Advances made under this Agreement. 

“Loan Documents” means this Agreement, the Notes (if any), the ACH Authorization, the Account Control Agreements, the Joinder
Agreements, all UCC Financing Statements, the Warrant, the Securities Purchase Agreement, the Equity Rights Letter Agreement, any subordination agreement, and any other documents executed in connection with the Secured Obligations or the
transactions contemplated hereby, as the same may from time to time be amended, modified, supplemented or restated. 
 “Material
Adverse Effect” means a material adverse effect upon: (i) the business, operations, properties, assets or condition (financial or otherwise) of Borrower; or (ii) the ability of Borrower to perform the Secured Obligations in accordance
with the terms of the Loan Documents, or the ability of Agent or Lender to enforce any of its rights or remedies with respect to the Secured Obligations (unless caused by the Agent’s failure to make appropriate filings); or (iii) the
Collateral or Agent’s Liens on the Collateral or the priority of such Liens (unless caused by the Agent’s failure to make appropriate filings), in each case, in the aggregate. 

“Maximum Term Loan Amount” shall have the meaning assigned to such term in the preamble to this Agreement. 

“Maximum Rate” shall have the meaning assigned to such term in Section 2.2. 

“Note(s)” means a promissory note or promissory notes to evidence Lender’s Loans. 

“Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in existence or
a Patent application is pending, in which agreement Borrower now holds or hereafter acquires any interest. 
 “Patents” means all
letters patent of, or rights corresponding thereto, in the United States or in any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States or any
other country. 
 “Permitted Indebtedness” means: (i) Indebtedness of Borrower in favor of Lender or Agent arising under
this Agreement or any other Loan Document; (ii) Indebtedness existing on the Closing Date which is disclosed in Schedule 1A; (iii) Indebtedness of up to $250,000 outstanding at any time secured by a Lien described in clause (vii) of
the defined term “Permitted Liens;” (iv) Indebtedness to trade creditors incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course of business with corporate credit cards;
(v) Indebtedness that also constitutes a Permitted Investment; (vi) Subordinated Indebtedness; (vii) reimbursement obligations in connection with letters of credit that are secured by cash or cash equivalents and issued on behalf of
Borrower or a Subsidiary thereof in an amount not to exceed 

  
 5 

 
$200,000 at any time outstanding, (viii) other Indebtedness in an amount not to exceed $100,000 at any time outstanding, (ix) intercompany Indebtedness constituting Permitted
Indebtedness; and (x) extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms modified to impose materially more burdensome terms upon Borrower or its
Subsidiary, as the case may be. 
 “Permitted Investment” means: (i) Investments existing on the Closing Date which are
disclosed in Schedule 1B; (ii) (a) marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State thereof maturing within one year from the date of acquisition thereof,
(b) commercial paper maturing no more than one year from the date of creation thereof and at the time of the investment having a rating of at least A-2 or P-2 from either Standard & Poor’s Corporation or Moody’s Investors
Service, (c) certificates of deposit issued by any bank with assets of at least $500,000,000 maturing no more than one year from the date of investment therein, and (d) money market accounts; (iii) Investments accepted in connection
with Permitted Transfers; (iv) Investment permitted pursuant to Section 7.7 hereof; (v) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or suppliers and in settlement
of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; (vi) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to
customers and suppliers who are not affiliates, in the ordinary course of business, provided that this subparagraph (vi) shall not apply to Investments of Borrower in any Subsidiary; (vii) Investments consisting of loans not involving the
net transfer on a substantially contemporaneous basis of cash proceeds to employees, officers or directors relating to the purchase of capital stock of Borrower pursuant to employee stock purchase plans or other similar agreements approved by
Borrower’s Board; (viii) Investments consisting of travel advances or other expenses in the ordinary course of business; (ix) Investments in newly-formed Domestic Subsidiaries, provided that each such Domestic Subsidiary enters into a
Joinder Agreement promptly after its formation by Borrower and execute such other documents as shall be reasonably requested by Agent; (x) Investments in Foreign Subsidiaries not to exceed $1,000,000 in the aggregate from and after the date of
this Agreement; (xi) joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the exclusive and nonexclusive licensing of technology, the development of technology or the providing of technical
support, provided that any cash Investments by Borrower do not exceed $1,000,000 in the aggregate in any fiscal year; (xii) the in-licensing of Intellectual Property; and (xiii) additional Investments that do not exceed $500,000 in the
aggregate. 
 “Permitted Liens” means any and all of the following: (i) Liens in favor of Agent or Lender; (ii) Liens
existing on the Closing Date which are disclosed in Schedule 1C; (iii) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate proceedings; provided, that
Borrower maintains adequate reserves therefor in accordance with GAAP; (iv) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other like Persons arising in the ordinary course of
Borrower’s business and imposed without action of such parties; provided, that the payment thereof is not yet required; (v) Liens arising from judgments, decrees or attachments in circumstances which do not constitute an Event of Default
hereunder; (vi) the following deposits, to the extent made in the ordinary course of business: deposits under worker’s 

  
 6 

 
compensation, unemployment insurance, social security and other similar laws, or to secure the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to
secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory obligations (other than Liens arising under ERISA or environmental Liens)
or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; (vii) Liens on Equipment or software or other intellectual property constituting purchase money Liens and Liens in connection with capital leases securing
Indebtedness permitted in clause (iii) of “Permitted Indebtedness”; (viii) Liens incurred in connection with Subordinated Indebtedness; (ix) leasehold interests in leases or subleases and licenses granted in the ordinary
course of business and not interfering in any material respect with the business of the licensor; (x) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties that are promptly paid on or
before the date they become due; (xi) Liens on insurance proceeds securing the payment of financed insurance premiums that are promptly paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds
and not to any other property or assets); (xii) statutory, common law and contractual rights of set-off and other similar rights as to deposits of cash and securities in favor of banks, other depository institutions and brokerage firms;
(xiii) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business so long as they do not materially impair the value or marketability of the related
property; (xiv) Liens on cash or cash equivalents securing obligations permitted under clause (vii) of the definition of Permitted Indebtedness; (xv) Permitted Transfers; and (xvi) Liens incurred in connection with the extension,
renewal or refinancing of the Indebtedness secured by Liens of the type described in clauses (i) through (xi) above; provided, that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien
and the principal amount of the Indebtedness being extended, renewed or refinanced (as may have been reduced by any payment thereon) does not increase. 

“Permitted Transfers” means (i) sales of Inventory in the ordinary course of business, (ii) licenses and similar
arrangements for the use of Intellectual Property in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in the ordinary course of business, or
(iii) dispositions of worn-out, obsolete or surplus Equipment in the ordinary course of business, (iv) Permitted Investments; and (v) other Transfers of assets having a fair market value of not more than $250,000 in the aggregate in
any fiscal year. 
 “Person” means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated
organization, association, corporation, limited liability company, institution, other entity or government. 
 “Prepayment
Charge” shall have the meaning assigned to such term in Section 2.4. 
 “Prime Rate” means the “prime rate”
as reported in The Wall Street Journal, and if not reported, then the prime rate most recently reported in The Wall Street Journal. 

  
 7 

 “Receivables” means (i) all of Borrower’s Accounts, Instruments, Documents,
Chattel Paper, Supporting Obligations, letters of credit, proceeds of any letter of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto. 

“Required Lenders” means at any time, the holders of more than 50% of the sum of the aggregate unpaid principal amount of the Term
Loans then outstanding. 
 “SEC” means the Securities and Exchange Commission. 

“Second Interest Only Extension Condition” means confirmation by Agent, in Agent’s reasonable discretion, after the Closing
Date, but on or prior to April 1, 2016, that all of the following milestones have been achieved: (a) Borrower has met the primary endpoints with respect to Borrower’s randomized phase 2 clinical study of Borrower’s
“CRLX101” product in combination with Avastin (bevacizumab) for the treatment of metastatic renal cell carcinoma, and (b) Borrower has received unrestricted and unencumbered net cash proceeds in an amount equal to or greater than
Thirty Million Dollars ($30,000,000.00), resulting from (i) the issuance and sale by Borrower of its equity securities and/or (ii) upfront cash payments resulting from a strategic corporate partnership(s). 

“Secured Obligations” means Borrower’s obligations under this Agreement and any Loan Document (but excluding the Warrant, the
Securities Purchase Agreement and the Equity Rights Letter Agreement), including any obligation to pay any amount now owing or later arising. 

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

“Securities Purchase Agreement” means the Securities Purchase Agreement dated as of even date hereof by and between Hercules
Technology Growth Capital, Inc. and Borrower, as may be amended, restated or modified from time to time. 
 “Subordinated
Indebtedness” means Indebtedness subordinated to the Secured Obligations in amounts and on terms and conditions satisfactory to Agent in its sole discretion. 

“Subsidiary” means an entity, whether corporate, partnership, limited liability company, joint venture or otherwise, in which
Borrower owns or controls 50% or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto. 

“Term Commitment” means as to any Lender, the obligation of such Lender to make a Term Loan Advance to Borrower in a principal
amount not to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule 1.1. 

“Term A Loan Advance” is defined in Section 2.1(a). 

“Term B Loan Advance” is defined in Section 2.1(a). 

“Term C Loan Advance” and “Term C Loan Advances” are each defined in Section 2.1(a). 

  
 8 

 “Term Loan Advance” and “Term Loan Advances” are each defined in
Section 2.1(a). 
 “Term B Loan Draw Period” means the period commencing upon the occurrence of the Term B Loan Milestone
Event and ending on the earlier to occur of (a) the December 15, 2015, and (b) an Event of Default. 
 “Term C Loan
Draw Period” means the period commencing on or after September 30, 2015 and upon the occurrence of the Term C Loan Milestone Event and ending on the earlier to occur of (a) the December 15, 2015, and (b) an Event of Default.

 “Term B Loan Milestone Event” means confirmation by Agent in Agent’s reasonable discretion, that on or prior to
December 15, 2015, all of the following milestones have been achieved: (a) (i) Borrower has filed, and the U.S. Food and Drug Administration has accepted, Borrower’s investigational new drug application with respect to
Borrower’s “CRLX301” product, and (ii) Borrower’s first (1st) patient has been dosed in a phase 1 clinical study of Borrower’s “CRLX301” product, and (b) (i) Borrower has obtained clinical proof
of principle data with respect to its clinical study of Borrower’s “CRLX101” product for the treatment of non-metastatic rectal cancer (the “CRLX101 Study”) which provides sufficient evidence to support the continued
clinical progression of Borrower’s “CRLX101” product (including, without limitation, a pathologic complete response rate of thirty percent (30%) in the first ten (10) patients in the CRLX101 Study), and (ii) Borrower
has commenced a randomized, phase 2 clinical study of Borrower’s “CRLX101” product in combination with chemoradiotherapy for the treatment of cancer. 

“Term C Loan Milestone Event” means (a) confirmation by Agent in Agent’s reasonable discretion, that on or after the
Closing Date, but on or prior to December 15, 2015, Borrower has received unrestricted and unencumbered net cash proceeds in an amount equal to Forty Million Dollars ($40,000,000.00), resulting from (i) the issuance and sale by Borrower of
its equity securities and/or (ii) upfront cash payments resulting from a strategic corporate partnership(s), or (b) at Agent’s election, Agent consents to the making of a Term C Loan Advance. 

“Term Loan Interest Rate” means for any day, a floating per annum rate equal to the greater of (i) seven and thirty hundredths
of one percent (7.30%), and (ii) the sum of (A) seven and thirty hundredths of one percent (7.30%), plus (B) the Prime Rate minus (C) five and three quarters of one percent (5.75%). The Term Loan Interest Rate will change from
time to time on the day the Prime Rate changes. 
 “Term Loan Maturity Date” means July 1, 2018. 

“Trademark License” means any written agreement granting any right to use any Trademark or Trademark registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Trademarks” means all
trademarks (registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United
States, any State thereof or any other country or any political subdivision thereof. 

  
 9 

 “UCC” means the Uniform Commercial Code as the same is, from time to time, in effect
in the State of California; provided, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on any Collateral is governed by the
Uniform Commercial Code as the same is, from time to time, in effect in a jurisdiction other than the State of California, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to time, in such other
jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 

“Warrant” means the Warrant Agreement dated as of even date hereof by and between Hercules Technology Growth Capital, Inc. and
Borrower, as may be amended, restated or modified from time to time. 
 Unless otherwise specified, all references in this Agreement or any
Annex or Schedule hereto to a “Section,” “subsection,” “Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement.
Unless otherwise specifically provided herein, any accounting term used in this Agreement or the other Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be
computed in accordance with GAAP, consistently applied. Unless otherwise defined herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the
UCC. 
 SECTION 2. THE LOAN 

2.1 Term Loan. 

(a) Advances. Subject to the terms and conditions of this Agreement, each Lender shall severally (and not jointly) make, in an
amount not to exceed its respective Term Commitment, and Borrower may request, one (1) Term Loan Advance in an amount of Fifteen Million Dollars ($15,000,000) on the Closing Date, provided that a portion of the proceeds of such Term Loan
Advance shall be used to repay in full Borrower’s outstanding obligations to Lighthouse Capital Partners VI, L.P. (the “Term A Loan Advance”). Subject to the terms and conditions of this Agreement, during the Term B Loan Draw Period,
each Lender shall severally (and not jointly) make, in an amount not to exceed its respective Term Commitment, and Borrower may request, one (1) additional Term Loan Advance in an amount of up to Five Million Dollars ($5,000,000) (the
“Term B Loan Advance”). Subject to the terms and conditions of this Agreement, during the Term C Loan Draw Period, each Lender shall severally (and not jointly) make, in an amount not to exceed its respective Term Commitment, and Borrower
may request, additional Term Loan Advances in an aggregate amount of up to an additional Six Million Dollars ($6,000,000) (each, a “Term C Loan Advance” and collectively, the “Term C Loan Advances”). Each Term C Loan Advance
shall be in a minimum amount of at least Three Million Dollars ($3,000,000). The Term A Loan Advance, the Term B 

  
 10 

 
Loan Advance and the Term C Loan Advances are hereinafter referred to singly as the “Term Loan Advance” and collectively as the “Term Loan Advances.” The aggregate outstanding
Term Loan Advances shall not exceed the Maximum Term Loan Amount. Proceeds of any Term Loan Advance shall first be deposited into an account that is subject to a first priority perfected security interest in favor of Agent perfected by an Account
Control Agreement. 
 (b) Advance Request. To obtain a Term Loan Advance, Borrower shall complete, sign and deliver an
Advance Request to Agent (at least five (5) Business Days before the Advance Date). Lender shall fund the Term Loan Advance in the manner requested by the Advance Request provided that each of the conditions precedent to such Term Loan Advance
is satisfied or waived by Agent in writing as of the requested Advance Date. 
 (c) Interest. The principal balance of each
Term Loan Advance shall bear interest thereon from such Advance Date at the Term Loan Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed. The Term Loan Interest Rate will
float and change on the day the Prime Rate changes from time to time. 
 (d) Payment. Borrower will pay interest on each Term
Loan Advance on the first (1st) Business Day of each month, beginning the month after the Advance Date. Commencing on the Amortization Date, and continuing on the first (1st) Business Day of each month thereafter, until the Secured
Obligations are repaid, Borrower shall repay the aggregate principal balance of Term Loan Advances that are outstanding on the day immediately preceding the Amortization Date in equal monthly installments of principal and interest (mortgage style)
based upon an amortization schedule equal to thirty (30) consecutive months. After any change in the effective rate hereunder, Agent shall recalculate future payments of principal and interest to fully amortize the outstanding principal amount
over the remaining scheduled monthly payments hereunder prior to the Term Loan Maturity Date. The entire principal balance of the Term Loan Advances and all accrued but unpaid interest hereunder, and all other Secured Obligations with respect to the
Term Loan Advances, shall be due and payable on Term Loan Maturity Date. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless of any counterclaim or defense. Lender will initiate debit entries
to Borrower’s account as authorized on the ACH Authorization (i) on each payment date of all periodic obligations payable to Lender under each Term Advance and (ii) after prior notice to Borrower, out-of-pocket legal fees and costs
incurred by Agent or Lender in connection with Section 11.11 of this Agreement. Once repaid, a Term Loan Advance or any portion thereof may not be reborrowed. 

2.2 Maximum Interest. Notwithstanding any provision in this Agreement or any other Loan Document, it is the parties’
intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem applicable hereto (which under the laws of the State of California shall be
deemed to be the laws relating to permissible rates of interest on commercial loans) 

  
 11 

 
(the “Maximum Rate”). If a court of competent jurisdiction shall finally determine that Borrower has actually paid to Lender an amount of interest in excess of the amount that would
have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually paid by Borrower shall be applied as follows: first, to the payment of the Secured Obligations consisting of
the outstanding principal amount of the Term Loan Advances; second, after all principal is repaid, to the payment of Lender’s accrued interest, costs, expenses, professional fees and any other Secured Obligations; and third, after all Secured
Obligations are repaid, the excess (if any) shall be refunded to Borrower. 
 2.3 Default Interest. In the event any payment
is not paid on the scheduled payment date (other than due to an ACH Failure), an amount equal to five percent (5%) of the past due amount shall be payable on demand. In addition, upon the occurrence and during the continuation of an Event of
Default hereunder, all Secured Obligations, including principal, interest, compounded interest, and professional fees, shall bear interest at a rate per annum equal to the rate set forth in Section 2.1(c), plus five percent (5%) per annum.
In the event any interest is not paid when due hereunder, delinquent interest shall be added to principal and shall bear interest on interest, compounded at the rate set forth in Section 2.1(c) or Section 2.3, as applicable. 

2.4 Prepayment. At its option upon at least seven (7) Business Days prior notice to Agent, Borrower may prepay all, or a
portion of, the outstanding Advances by paying the entire principal balance, or portion thereof, all accrued and unpaid interest thereon, together with a prepayment charge equal to the following percentage of the Advance amount being prepaid: if
such Advance amounts are prepaid in any of the first twelve (12) months following the Closing Date, three percent (3.0%); after twelve (12) months but on or prior to twenty four (24) months, two percent (2.0%); and thereafter, one
percent (1.0%) (each, a “Prepayment Charge”). Borrower agrees that the Prepayment Charge is a reasonable calculation of Lender’s lost profits in view of the difficulties and impracticality of determining actual damages resulting
from an early repayment of the Advances. Notwithstanding the foregoing, Agent and Lender agree to waive the Prepayment Charge if Agent and Lender (in their sole and absolute discretion) agree in writing to refinance and redocument this Agreement
prior to the Term Loan Maturity Date, and if in connection with such refinancing and redocumentation, Agent and Lender expressly agree in writing to waive the Prepayment Charge. Upon the occurrence of a Change in Control, unless otherwise agreed in
writing between the Borrower and the Agent, Borrower shall prepay the outstanding amount of all principal and accrued interest through the prepayment date and all unpaid Agent’s and Lender’s fees and expenses accrued to the date of the
repayment (including the End of Term Charge) together with the applicable Prepayment Charge. 
 2.5 End of Term Charge. On
the earliest to occur of (i) the Term Loan Maturity Date, (ii) the date that Borrower prepays in full the outstanding Secured Obligations, and (iii) the date that the Secured Obligations become due and payable, Borrower shall pay
Lender a charge equal to six and seven hundredths of one percent (6.70%) of the aggregate original principal amount of all Term Loan Advances extended by Lender (the “End of Term Charge”). Notwithstanding the required payment date of
such charge, it shall be deemed earned by Lender as of the Closing Date. 

  
 12 

 2.6 Notes. If so requested by Lender by written notice to Borrower, then Borrower
shall execute and deliver to Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of Lender pursuant to Section 11.13) (promptly after Borrower’s receipt of such notice) a Note or Notes to
evidence Lender’s Loans. 
 2.7 Pro Rata Treatment. Each payment (including prepayment) on account of any fee and any
reduction of the Term Loans shall be made pro rata according to the Term Commitments of the relevant Lender. 
 SECTION
3. SECURITY INTEREST 
 3.1 As security for the prompt and complete payment when due (whether on the payment dates
or otherwise) of all the Secured Obligations, Borrower grants to Agent a security interest in all of Borrower’s right, title, and interest in and to the following personal property whether now owned or hereafter acquired (collectively, the
“Collateral”): (a) Receivables; (b) Equipment; (c) Fixtures; (d) General Intangibles (other than Intellectual Property); (e) Inventory; (f) Investment Property; (g) Deposit Accounts; (h) Cash;
(i) Goods; (j) commercial tort claims; and other tangible and intangible personal property of Borrower whether now or hereafter owned or existing, or acquired by, Borrower and wherever located; and, to the extent not otherwise included,
all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing. Notwithstanding the foregoing, the Collateral shall not under any circumstance include, and no
security interest is granted (i) in Borrower’s Intellectual Property; provided, however, that the Collateral shall include all Accounts and General Intangibles that consist of rights to payment and proceeds from the sale, licensing
or disposition of all or any part, or rights in, the Borrower’s Intellectual Property (the “Rights to Payment”); (ii) equipment financed by capital leases or purchase money financing, products, proceeds and insurance proceeds of
the foregoing, but only to the extent and for so long as the agreements under which the equipment is financed prohibit granting a security interest therein to Lender, (iii) any capital stock of any Foreign Subsidiary that constitutes a
Permitted Investment in excess of 65% of such capital stock, and (iv) any cash or cash equivalents described in clause (vii) of the definition of Permitted Indebtedness. 

SECTION 4. CONDITIONS PRECEDENT TO LOAN 

The obligation of Lender to make the Term Loan Advances hereunder is subject to the satisfaction by Borrower of the following conditions: 

4.1 Initial Advance. On or prior to the Closing Date, Borrower shall have delivered to Agent the following: 

(a) executed originals of the Loan Documents, Account Control Agreements, the Securities Purchase Agreement, a legal opinion of
Borrower’s counsel, and all other documents and instruments reasonably required by Agent to effectuate the transactions contemplated hereby or to create and perfect the Liens of Agent with respect to all Collateral, in all cases in form and
substance reasonably acceptable to Agent; 

  
 13 

 (b) certified copy of resolutions of the Board evidencing approval of
(i) the Loan and other transactions evidenced by the Loan Documents; and (ii) the Warrant and transactions evidenced thereby; 

(c) certified copies of the Certificate of Incorporation and the Bylaws, as amended through the Closing Date, of Borrower; 

(d) a certificate of good standing for Borrower from its state of incorporation and similar certificates from all other
jurisdictions in which it does business and where the failure to be qualified would have a Material Adverse Effect; 
 (e)
duly executed original signature to a payoff letter from Lighthouse Capital Partners, together with evidence (i) the Liens securing Indebtedness owed by Borrower to Lighthouse Capital Partners will be terminated and (ii) the documents
and/or filings evidencing the perfection of such Liens, including without limitation any financing statements and/or control agreements, have or will, concurrently with the initial Advance, will be terminated or released; 

(f) payment of the Commitment Charge, the Facility Charge, and reimbursement of Agent’s and Lender’s current expenses
reimbursable pursuant to this Agreement, which amounts may be deducted from the initial Advance; and 
 (g) such other
documents as Agent may reasonably request. 
 4.2 All Advances. On each Advance Date: 

(a) Agent shall have received (i) an Advance Request for the relevant Advance as required by Section 2.1(b), duly
executed by Borrower’s Principal Executive Officer or Principal Financial Officer, and (ii) any other documents Agent may reasonably request. 

(b) The representations and warranties set forth in this Agreement shall be true and correct in all material respects on and as
of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 

(c) Borrower shall be in compliance in all material respects with all the terms and provisions set forth herein and in each
other Loan Document on its part to be observed or performed, and at the time of and immediately after such Advance no Event of Default shall have occurred and be continuing. 

  
 14 

 (d) Each Advance Request shall be deemed to constitute a representation and
warranty by Borrower on the relevant Advance Date as to the matters specified in paragraphs (b) and (c) of this Section 4.2 and as to the matters set forth in the Advance Request. 

4.3 No Default. As of the Closing Date and each Advance Date, as applicable, (i) no fact or condition exists that would
(or would, with the passage of time, the giving of notice, or both) constitute an Event of Default and (ii) no event that has had or would reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 

SECTION 5. REPRESENTATIONS AND WARRANTIES OF BORROWER 

Borrower represents and warrants that: 

5.1 Corporate Status. Borrower is a corporation duly organized, legally existing and in good standing under the laws of the
State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or location of its properties require such qualifications and where the failure to be qualified would reasonably be expected
to have a Material Adverse Effect. Borrower’s present name, former names (if any), locations, place of formation, tax identification number, organizational identification number and other information are correctly set forth in Exhibit C, as may
be updated by Borrower in a written notice (including any Compliance Certificate) provided to Agent after the Closing Date. 

5.2 Collateral. Borrower owns or has the right to use the Collateral and the Intellectual Property, free of all Liens, except
for Permitted Liens. Borrower has the power and authority to grant to Agent a Lien in the Collateral as security for the Secured Obligations. 

5.3 Consents. Borrower’s execution, delivery and performance of the Note(s) (if any), this Agreement and all other Loan
Documents, and Borrower’s execution of the Warrant, (i) have been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of any Lien upon the Collateral, other than Permitted
Liens and the Liens created by this Agreement and the other Loan Documents, (iii) do not violate any provisions of Borrower’s Certificate of Incorporation, bylaws, or any, law, regulation, order, injunction, judgment, decree or writ to
which Borrower is subject and (iv) except as described on Schedule 5.3, do not violate any contract or agreement or require the consent or approval of any other Person that has not been obtained. The individual or individuals executing the Loan
Documents and the Warrant are duly authorized to do so. 
 5.4 Material Adverse Effect. No event that has had or would
reasonably be expected to have a Material Adverse Effect has occurred and is continuing. 
 5.5 Actions Before Governmental
Authorities. There are no actions, suits or proceedings at law or in equity or by or before any governmental authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower or its property which would reasonably be
expected to result in liability in excess of $500,000. 

  
 15 

 5.6 Laws. Borrower is not in violation of any law, rule or regulation, or in
default with respect to any judgment, writ, injunction or decree of any governmental authority, where such violation or default would reasonably expected to result in a Material Adverse Effect. Borrower is not in default in any manner under any
provision of any agreement or instrument evidencing Indebtedness in excess of $250,000, or any other material agreement to which it is a party or by which it is bound, which default would reasonably be expected to have a material adverse effect on
Borrower’s business. 
 5.7 Information Correct and Current. No written statement, report, Advance Request, financial
statement, exhibit or schedule furnished, by or on behalf of Borrower to Agent in connection with any Loan Document or included therein or delivered pursuant thereto when taken together with all other such reports, statements or writings contains
any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they are made not misleading at the time such statement was made or deemed made (it being
recognized by Agent and the Lenders that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed as facts and that actual results during the period or periods covered by such projections
and forecasts may differ from the projected or forecasted results). Any and all financial or business projections provided by Borrower to Agent, whether prior to or after the Closing Date, shall be at the time delivered (i) provided in good
faith and based on the most current data and information available to Borrower, and (ii) the most current of such projections provided to Borrower’s Board. 

5.8 Tax Matters. (a) Borrower has filed all federal, state and local tax returns that it is required to file (or
extensions thereof), (b) Borrower has duly paid or fully reserved (if required under GAAP) for all taxes or installments thereof (including any interest or penalties) as and when due, which have or may become due pursuant to such returns, and
(c) Borrower has paid or fully reserved for any tax assessment received by Borrower for the three (3) years preceding the Closing Date, if any (including any taxes being contested in good faith and by appropriate proceedings), in each case
((a)-(c)) except with respect to taxes that do not exceed $25,000 in the aggregate. 
 5.9 Intellectual Property Claims.
Except for Permitted Liens that constitute a Permitted Transfer, Borrower is the sole owner of, or otherwise has the right to use, the Intellectual Property owned by the Borrower and material to its business. Except as described on Schedule 5.9,
(i) to Borrower’s knowledge, each of the material Copyrights, Trademarks and Patents is valid and enforceable, (ii) no material part of the Intellectual Property has been judged invalid or unenforceable, in whole or in part, and
(iii) no claim has been made to Borrower in writing that any material part of the Intellectual Property violates the rights of any third party which would reasonably be expected to have a material adverse effect on Borrower’s business.
Exhibit D is a true, correct and complete list of each of Borrower’s Patents, registered Trademarks, registered Copyrights, and material agreements under which Borrower licenses Intellectual Property from third parties (other

  
 16 

 
than shrink-wrap software licenses), together with application or registration numbers, as applicable, owned by Borrower or any Subsidiary, in each case as of the Closing Date. Borrower is not in
material breach of, nor has Borrower failed to perform any material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge, no third party to any such contract, license or agreement is in material
breach thereof or has failed to perform any material obligations thereunder which material breach would reasonably be expected to have a material adverse effect on Borrower’s business. 

5.10 Intellectual Property. Except as described on Schedule 5.10, Borrower has, or in the case of any proposed business, will
have, all material rights with respect to Intellectual Property necessary in the operation or conduct of Borrower’s business as currently conducted and proposed to be conducted by Borrower. Without limiting the generality of the foregoing, and
in the case of Licenses, except for restrictions that are unenforceable under Division 9 of the UCC, and except as provided in Schedule 5.10, Borrower has the right, to the extent required to operate Borrower’s business, to freely transfer,
license or assign Borrower’s owned Intellectual Property without condition, restriction or payment of any kind (other than license payments in the ordinary course of business) to any third party, and to the extent applicable, Borrower owns or
has the right to use, pursuant to valid licenses, all software development tools, library functions, compilers and all other third-party software and other items that are used in the design, development, promotion, sale, license, manufacture,
import, export, use or distribution of Borrower Products. For the avoidance of doubt, shrink-wrap licenses, click on license agreements, open source code and other licenses available to the public without customization shall not be considered a
material License. 
 5.11 Borrower Products. Except as described on Schedule 5.11, no Intellectual Property material to
Borrower’s business owned by Borrower or Borrower Product has been or is subject to any actual or, to the knowledge of Borrower, threatened (in writing) litigation, proceeding (including any proceeding in the United States Patent and Trademark
Office or any corresponding foreign office or agency) or outstanding decree, order, judgment, settlement agreement or stipulation that restricts in any material respect Borrower’s use, transfer or licensing thereof or that may affect the
validity, use or enforceability thereof, in each case, which would reasonably be expected to have a material adverse effect on Borrower’s business. There is no decree, order, judgment, agreement, stipulation, arbitral award or other provision
entered into in connection with any litigation or proceeding that obligates Borrower to grant licenses or ownership interest in any future Intellectual Property related to the operation or conduct of the business of Borrower or Borrower Products.
Borrower has not received any written notice or claim challenging or questioning Borrower’s ownership in any Intellectual Property (or written notice of any claim challenging or questioning the ownership in any licensed Intellectual Property
material to Borrower’s business of the owner thereof) or suggesting that any third party has any claim of legal or beneficial ownership with respect thereto nor, to Borrower’s knowledge, is there a reasonable basis for any such claim, in
each case, which would reasonably be expected to have a material adverse effect on Borrower’s business. Neither Borrower’s use of its material Intellectual Property nor the production and sale of Borrower Products in any material respect
infringes the Intellectual Property or other rights of others. 

  
 17 

 5.12 Financial Accounts. Exhibit E, as may be updated by Borrower in a written
notice provided to Agent after the Closing Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any Subsidiary maintains Deposit Accounts and (b) all institutions at which
Borrower or any Subsidiary maintains an account holding Investment Property, and such exhibit correctly identifies the name, address and telephone number of each bank or other institution, the name in which the account is held, a description of the
purpose of the account, and the complete account number therefor. 
 5.13 Employee Loans. Except as permitted as a Permitted
Investment, Borrower has no outstanding loans to any employee, officer or director of Borrower nor has Borrower guaranteed the payment of any loan made to an employee, officer or director of Borrower by a third party. 

5.14 Subsidiaries. Borrower does not own any stock, partnership interest or other securities of any Person, except for
Permitted Investments. Attached as Schedule 5.1, as may be updated by Borrower in a written notice provided after the Closing Date, is a true, correct and complete list of each Subsidiary. 

SECTION 6. INSURANCE; INDEMNIFICATION 

6.1 Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance, on an occurrence form,
against risks customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including death, property damage, personal injury, advertising injury. Borrower must maintain a minimum of $2,000,000
of commercial general liability insurance for each occurrence. Borrower has and agrees to maintain a minimum of $2,000,000 of directors’ and officers’ insurance for each occurrence and $5,000,000 in the aggregate. So long as there are any
Secured Obligations outstanding, Borrower shall also cause to be carried and maintained insurance upon the Collateral, insuring against all risks of physical loss or damage howsoever caused, in an amount not less than the full replacement cost of
the Collateral, provided that such insurance may be subject to standard exceptions and deductibles. 
 6.2 Certificates.
Borrower shall deliver to Agent certificates of insurance that evidence Borrower’s compliance with its insurance obligations in Section 6.1 and the obligations contained in this Section 6.2. Borrower’s insurance certificate shall
state Agent is an additional insured for commercial general liability, a loss payee for all risk property damage insurance, subject to the insurer’s approval, and a loss payee for property insurance and additional insured for liability
insurance for any future insurance that Borrower may acquire from such insurer. Subject to Section 7.15, attached to the certificates of insurance will be additional insured endorsements for liability and lender’s loss payable endorsements
for all risk property damage insurance. All certificates of insurance will provide for a minimum of thirty (30) days advance written notice to Agent of cancellation or any other change adverse to Agent’s interests, except for cancellations
for nonpayment 

  
 18 

 
which will provide for a minimum of ten (10) days advance written notice to Agent. Any failure of Agent to scrutinize such insurance certificates for compliance is not a waiver of any of
Agent’s rights, all of which are reserved. 
 6.3 Indemnity. Borrower agrees to indemnify and hold Agent, Lender and
their officers, directors, employees, agents, in-house attorneys, representatives and shareholders (each, an “Indemnified Person”) harmless from and against any and all claims, costs, expenses, damages and liabilities (including such
claims, costs, expenses, damages and liabilities based on liability in tort, including strict liability in tort), including reasonable attorneys’ fees and disbursements and other costs of investigation or defense (including those incurred upon
any appeal) (collectively, “Liabilities”), that may be instituted or asserted against or incurred by such Indemnified Person as the result of credit having been extended, suspended or terminated under this Agreement and the other Loan
Documents or the administration of such credit, or in connection with or arising out of the transactions contemplated hereunder and thereunder, or any actions or failures to act in connection therewith, or arising out of the disposition or
utilization of the Collateral, excluding in all cases Liabilities to the extent resulting directly from any Indemnified Person’s gross negligence or willful misconduct. Borrower agrees to pay, and to save Agent and Lender harmless from, any and
all liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar taxes (excluding taxes imposed on or measured by the net income of Agent or Lender) that may be payable or determined to be payable
with respect to any of the Collateral or this Agreement. In no event shall any Indemnified Person be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business or
anticipated savings). 
 SECTION 7. COVENANTS OF BORROWER 

Borrower agrees as follows: 

7.1 Financial Reports. Borrower shall furnish to Agent the financial statements and reports listed hereinafter (the
“Financial Statements”): 
 (a) as soon as practicable (and in any event within 30 days) after the end of each
month, unaudited interim and year-to-date financial statements as of the end of such month (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows, all certified by
Borrower’s Principal Executive Officer or Principal Financial Officer to the effect that they have been prepared in accordance with the Borrower’s internal procedures (but not necessarily GAAP); 

(b) as soon as practicable (and in any event within 45 days) after the end of the first three calendar quarters of each fiscal
year, unaudited interim and year-to-date financial statements as of the end of such calendar quarter (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows
accompanied by a report detailing any material contingencies (including the commencement of any material litigation by or against Borrower) or any other occurrence that would reasonably be expected to have a Material Adverse Effect,

  
 19 

 
certified by Borrower’s Principal Executive Officer or Principal Financial Officer to the effect that they have been prepared in accordance with GAAP, except (i) for the absence of
footnotes, and (ii) that they are subject to normal year-end adjustments; 
 (c) as soon as practicable (and in any
event within one hundred fifty (150) days) after the end of each fiscal year, audited financial statements as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related
statements of income and cash flows, and setting forth in comparative form the corresponding figures for the preceding fiscal year, certified by a firm of independent certified public accountants selected by Borrower and reasonably acceptable to
Agent, together with an opinion which is either unqualified, or qualified only for going concern with respect to Borrower’s cash position or liquidity, accompanied by any management report from such accountants; 

(d) as soon as practicable (and in any event within 30 days) after the end of each month, a Compliance Certificate in the form
of Exhibit F; 
 (e) promptly after the sending or filing thereof, as the case may be, copies of any proxy statements,
financial statements or reports that Borrower has made generally available to holders of its capital stock and copies of any regular, periodic and special reports or registration statements that Borrower files with the Securities and Exchange
Commission or any governmental authority that may be substituted therefor, or any national securities exchange; 
 (f)
[Omitted]; and 
 (g) financial and business projections promptly following their approval by Borrower’s Board of
Directors, and in any event, within 45 days after the commencement of Borrower’s fiscal year, as well as budgets, operating plans and other financial information reasonably requested by Agent. 

Borrower shall not make any change in its (a) accounting policies or reporting practices, except as required or permitted by GAAP or
(b) fiscal years or fiscal quarters. The fiscal year of Borrower shall end on December 31. 
 Notwithstanding anything to the
contrary in this Section 7.1, the Borrower shall not be required to deliver any financial statements to the Agent under clause (b) or clause (c) above with respect to any period for which it has timely filed its Form 10-K or Form
10-Q, as the case may be, with the SEC; provided, that such Form 10-K or Form 10-Q, as the case may be, is publicly available on the SEC’s website (or a similar website) within the time periods permitted by this Section 7.1 and the
Borrower promptly notifies Agent in writing (which may be by electronic mail) of the posting of any such documents. To the extent any documents required to be delivered pursuant to the terms hereof are included in materials otherwise filed with the
SEC, Borrower electronically may deliver such documents by e-mailing a link to the applicable filing posted on the SEC website currently located at http://www.sec.gov. 

  
 20 

 The executed Compliance Certificate may be sent via facsimile to Agent at (650) 473-9194 or
via e-mail to BJadot@herculestech.com. All Financial Statements required to be delivered pursuant to clauses (a), (b) and (c) shall be sent via e-mail to financialstatements@herculestech.com with a copy to BJadot@herculestech.com and
legal@herculestech.com provided, that if e-mail is not available or sending such Financial Statements via e-mail is not possible, they shall be sent via facsimile to Agent at: (866) 468-8916, attention Chief Credit Officer. 

7.2 Management Rights. Borrower shall permit any representative that Agent or Lender authorizes, including its attorneys and
accountants, to inspect the Collateral and examine and make copies and abstracts of the books of account and records of Borrower at reasonable times and upon reasonable notice during normal business hours (but in no event more than 2 times during
any 12-month period unless an Event of Default has occurred and is continuing). In addition, any such representative shall have the right to meet with management and officers of Borrower to discuss such books of account and records. In addition,
Agent or Lender shall be entitled at reasonable times and intervals to consult with and advise the management and officers of Borrower concerning significant business issues affecting Borrower. Such consultations shall not unreasonably interfere
with Borrower’s business operations. The parties intend that the rights granted Agent and Lender shall constitute “management rights” within the meaning of 29 C.F.R Section 2510.3-101(d)(3)(ii), but that any advice,
recommendations or participation by Agent or Lender with respect to any business issues shall not be deemed to give Agent or Lender, nor be deemed an exercise by Agent or Lender of, control over Borrower’s management or policies. 

7.3 Further Assurances. Borrower shall from time to time execute, deliver and file, alone or with Agent, any financing
statements, security agreements, collateral assignments, notices, control agreements, or other documents to perfect or give the highest priority to Agent’s Lien on the Collateral (subject to a valid and properly perfected purchase money lien in
Equipment pursuant to the terms hereof). Borrower shall from time to time procure any instruments or documents as may be requested by Agent, and take all further action that may be necessary or desirable, or that Agent may reasonably request, to
perfect and protect the Liens granted hereby and thereby. In addition, and for such purposes only, Borrower hereby authorizes Agent to execute and deliver on behalf of Borrower and to file such financing statements, collateral assignments, notices,
control agreements, security agreements and other documents without the signature of Borrower either in Agent’s name or in the name of Agent as agent and attorney-in-fact for Borrower. Borrower shall protect and defend Borrower’s title to
the Collateral and Agent’s Lien thereon against all Persons claiming any interest adverse to Borrower or Agent other than Permitted Liens. 

7.4 Indebtedness. Borrower shall not create, incur, assume, guarantee or be or remain liable with respect to any Indebtedness,
or permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except for the conversion of Indebtedness into equity securities
and the payment of cash in lieu of fractional shares in connection with such conversion. 

  
 21 

 7.5 Collateral. Borrower shall at all times keep its property free and clear from
any legal process or Liens whatsoever (except for Permitted Liens), and shall give Agent prompt written notice of any legal process affecting such property or any Liens thereon, provided however, that the Collateral and such property and assets may
be subject to Permitted Liens except that there shall be no Liens whatsoever on (but there may be Permitted Transfers of) Intellectual Property. Borrower shall cause its Subsidiaries to protect and defend such Subsidiary’s title to its assets
from and against all Persons claiming any interest adverse to such Subsidiary, and Borrower shall cause its Subsidiaries at all times to keep such Subsidiary’s property and assets free and clear from any legal process or Liens whatsoever
(except for Permitted Liens, provided however, that there shall be no Liens whatsoever on (but there may be Permitted Transfers of) Intellectual Property), and shall give Agent prompt written notice of any legal process affecting such
Subsidiary’s assets. Borrower shall not agree with any Person other than Agent or Lender not to encumber its property other than (i) as is otherwise permitted in the definition of “Permitted Liens” herein and “Permitted
Transfers” herein, and (ii) restrictions by reason of customary provisions restricting assignment, subletting or other transfers contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided
that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements as the case may be). 

7.6 Investments. Borrower shall not directly or indirectly acquire or own, or make any Investment in or to any Person, or
permit any of its Subsidiaries so to do, other than Permitted Investments. 
 7.7 Distributions. Borrower shall not, and
shall not allow any Subsidiary to, (a) repurchase or redeem any class of stock or other equity interest of the Borrower other than repurchases of stock or stock options from former employees, directors, or consultants of Borrower under the
terms of the applicable repurchase agreements, similar agreements or plans, provided, however, in each case the repurchase or redemption price does not exceed $250,000 in any fiscal year, and provided further that, no Event of Default has occurred,
is continuing, or would exist after giving effect to the repurchases, or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other equity interest, except that a Subsidiary may pay dividends or make
distributions to Borrower, or (c) lend money to any employees, officers or directors or guarantee the payment of any such loans granted by a third party in excess of $100,000 in the aggregate or (d) waive, release or forgive any
Indebtedness owed by any employees, officers or directors in excess of $100,000 in the aggregate. 
 7.8 Transfers. Except
for Permitted Transfers, Permitted Investments and Permitted Liens, Borrower shall not voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial or legal interest in any material
portion of its assets. 
 7.9 Mergers or Acquisitions. Borrower shall not merge or consolidate, or permit any of its
Subsidiaries to merge or consolidate, with or into any other business organization (other than mergers or consolidations of (a) a Subsidiary which is not a 

  
 22 

 
Borrower into another Subsidiary or into Borrower or (b) a Borrower into another Borrower), or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital
stock or property of another Person, other than Permitted Investments. Borrower may dissolve any Subsidiary into the Subsidiary’s corporate parent. 

7.10 Taxes. Borrower and its Subsidiaries shall pay when due all taxes, fees or other charges of any nature whatsoever
(together with any related interest or penalties) now or hereafter imposed or assessed against Borrower, Agent, Lender (other than taxes imposed on or measured by the net income of Agent and/or Lender and other than any withholding taxes imposed on
payments to the Agent and/or Lender) or the Collateral or upon Borrower’s ownership, possession, use, operation or disposition thereof or upon Borrower’s rents, receipts or earnings arising therefrom. Borrower shall file on or before the
due date therefor all personal property tax returns (or extensions) in respect of the Collateral. Notwithstanding the foregoing, Borrower may contest, in good faith and by appropriate proceedings, taxes for which Borrower maintains adequate reserves
therefor in accordance with GAAP. 
 7.11 Corporate Changes. Neither Borrower nor any Subsidiary shall change its corporate
name, legal form or jurisdiction of formation without twenty (20) days’ prior written notice to Agent. Neither Borrower nor any Subsidiary shall suffer a Change in Control, without the Agent’s prior written consent. Neither Borrower
nor any Subsidiary shall relocate its chief executive office or its principal place of business unless: (i) it has provided prior written notice to Agent; and (ii) as to the Borrower, such relocation shall be within the continental United
States. Neither Borrower nor any Subsidiary shall relocate any item of Collateral (other than (x) Inventory in the ordinary course of business, (y) relocations of Equipment having an aggregate value of up to $150,000 in any fiscal year,
and (z) relocations of Collateral from a location described on Exhibit C to another location described on Exhibit C) unless (i) it has provided prompt written notice to Agent, (ii) such relocation is within the continental United
States and, (iii) if such relocation is to a third party bailee, it has delivered a bailee agreement in form and substance reasonably acceptable to Agent. 

7.12 Deposit Accounts. Except for Excluded Accounts, neither Borrower nor any Subsidiary shall maintain any Deposit Accounts,
or accounts holding Investment Property, except with respect to which Agent has an Account Control Agreement. 
 7.13
Subsidiaries. Borrower shall notify Agent of each Subsidiary formed subsequent to the Closing Date and, within 15 days of formation, shall cause any such Subsidiary to execute and deliver to Agent a Joinder Agreement. 

7.14 Notification of Event of Default. Borrower shall notify Agent immediately of the occurrence of any Event of Default. 

7.15 Post-Closing Deliverables. Borrower shall deliver to Agent, within thirty (30) days after the Closing Date, in form
and substance satisfactory to Agent, endorsements to Borrower’s property and liability policies, which endorsements shall name Agent as lender loss payee and additional insured and provide that Agent shall receive prior notice of cancellation
of such property and liability policies, and (b) within three (3) days after the Closing Date, in form and substance satisfactory to Agent, fully-executed Account Control Agreements by and among Borrower, Agent, and Silicon Valley Bank, covering
each of Borrower’s account no. xxxxxxxx and account no. xxxxxxxx. 

  
 23 

 SECTION 8. RIGHT TO INVEST 

8.1 Lender or its assignee or nominee shall have the right, in its discretion, to participate in any Subsequent Financing (as
defined in the Equity Rights Letter Agreement) pursuant to the terms set forth in the Equity Rights Letter Agreement. 

SECTION 9. EVENTS OF DEFAULT 

The occurrence of any one or more of the following events shall be an Event of Default: 

9.1 Payments. Borrower fails to pay any amount due under this Agreement, the Notes, or any of the other Loan Documents on the
due date (or within three (3) Business Days of the due date, provided that such late payment is due to an ACH Failure); or 

9.2 Covenants. Borrower breaches or defaults in the performance of any covenant or Secured Obligation under this Agreement, or
any of the other Loan Documents, and (a) with respect to a default under any covenant under this Agreement (other than under Sections 6, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, and 7.14), any other Loan Document, such default continues for more than ten
(10) days after the earlier of the date on which (i) Agent or Lender has given notice of such default to Borrower and (ii) Borrower has actual knowledge of such default or (b) with respect to a default under any of Sections 6,
7.4, 7.5, 7.6, 7.7, 7.8, 7.9, and 7.14, the occurrence of such default; or 
 9.3 Material Adverse Effect. A Material Adverse
Effect has occurred; provided that solely for purposes of this Section 9.3, the occurrence of any of the following, in and of itself, shall not constitute a Material Adverse Effect: (a) adverse results or delays in any nonclinical or
clinical trial, including without limitation, the failure to demonstrate the desired safety or efficacy of any drug or companion diagnostic; (b) the denial, delay or limitation of approval of, or taking of any other regulatory action by, the
United States Food and Drug Administration or any other governmental entity with respect to any drug or companion diagnostic; or (c) a change in or discontinuation of a strategic partnership or other collaboration or license arrangement; or

 9.4 Representations. Any representation or warranty made by Borrower in this Agreement shall have been false or misleading
in any material respect when made; or 
 9.5 Insolvency. Borrower (A) (i) shall make an assignment for the benefit
of creditors; or (ii) shall be unable to pay its debts as they become due or shall otherwise become insolvent; or (iii) shall file a voluntary petition in bankruptcy; or (iv) shall file any petition, answer, or document seeking for
itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances; or (v) shall seek or consent to or acquiesce
in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or 

  
 24 

 
(vi) shall cease operations of its business as its business has normally been conducted for three (3) consecutive business days, or terminate substantially all of its employees; or
(vii) Borrower or its directors or majority shareholders shall take any action initiating any of the foregoing actions described in clauses (i) through (vi); or (B) either (i) forty-five (45) days shall have expired after
the commencement of an involuntary action against Borrower seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being
dismissed or all orders or proceedings thereunder affecting the operations or the business of Borrower being stayed; or (ii) a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be
timely appealed; or (iii) Borrower shall file any answer admitting or not contesting the material allegations of a petition filed against Borrower in any such proceedings; or (iv) the court in which such proceedings are pending shall enter
a decree or order granting the relief sought in any such proceedings; or (v) thirty (30) days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or
of all or any substantial part of the properties of Borrower without such appointment being vacated; or 
 9.6 Attachments;
Judgments. Any portion of Borrower’s assets having a value in excess of $250,000 is attached or seized, or a levy is filed against any such assets, or a judgment or judgments (not covered by insurance as to which liability has been accepted by
such insurance carrier) is/are entered for the payment of money, individually or in the aggregate, of at least $250,000 and remains unstayed, unbonded and unsatisfied for more than ten (10) days, or Borrower is enjoined or in any way prevented
by court order from conducting any part of its business; or 
 9.7 Other Obligations. The occurrence of any default under any
agreement or obligation of Borrower involving any Indebtedness in excess of $250,000. 
 SECTION 10. REMEDIES

 10.1 General. Upon and during the continuance of any one or more Events of Default, (i) Agent may, at its option,
accelerate and demand payment of all or any part of the Secured Obligations together with a Prepayment Charge and declare them to be immediately due and payable (provided, that upon the occurrence of an Event of Default of the type described in
Section 9.5, all of the Secured Obligations shall automatically be accelerated and made due and payable, in each case without any further notice or act), (ii) Agent may, in its reasonable discretion, sign and file in Borrower’s name
any and all collateral assignments, notices, control agreements, security agreements and other documents it deems reasonably necessary or appropriate to perfect or protect the repayment of the Secured Obligations, and in furtherance thereof,
Borrower hereby grants Agent an irrevocable power of attorney coupled with an interest, and (iii) Agent may notify any of Borrower’s account debtors to make payment directly to Agent, compromise the amount of any such account on
Borrower’s behalf and endorse Agent’s name without recourse on any such payment for deposit directly to Agent’s account. Agent may exercise all rights and remedies with respect to the Collateral under the Loan Documents or otherwise
available to 

  
 25 

 
it under the UCC and other applicable law, including the right to release, hold, sell, lease, liquidate, collect, realize upon, or otherwise dispose of all or any part of the Collateral and the
right to occupy, utilize, process and commingle the Collateral. All Agent’s rights and remedies shall be cumulative and not exclusive. 

10.2 Collection; Foreclosure. Upon the occurrence and during the continuance of any Event of Default, Agent may, at any time or
from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following any commercially reasonable preparation or processing, in such order as Agent
may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur upon ten (10) calendar days’ prior written notice to Borrower.
Agent may require Borrower to assemble the Collateral and make it available to Agent at a place designated by Agent that is reasonably convenient to Agent and Borrower. The proceeds of any sale, disposition or other realization upon all or any part
of the Collateral shall be applied by Agent in the following order of priorities: 
 First, to Agent and Lender in an amount sufficient to
pay in full Agent’s and Lender’s costs and professionals’ and advisors’ fees and expenses as described in Section 11.11; 

Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations (including principal, interest, and the Default Rate
interest), in such order and priority as Agent may choose in its sole discretion; and 
 Finally, after the full, final, and indefeasible
payment in Cash of all of the Secured Obligations, to any creditor holding a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. 

Agent shall be deemed to have acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a
secured party under the UCC. 
 10.3 No Waiver. Agent shall be under no obligation to marshal any of the Collateral for the
benefit of Borrower or any other Person, and Borrower expressly waives all rights, if any, to require Agent to marshal any Collateral. 

10.4 Cumulative Remedies. The rights, powers and remedies of Agent hereunder shall be in addition to all rights, powers and
remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies provided herein shall not be construed as a waiver of or election of remedies with respect to any other rights, powers
and remedies of Agent. 
 10.5 Notices. The Agent agrees not to issue a notice of exclusive control under any Account Control
Agreement unless an Event of Default has occurred and is continuing. 

  
 26 

 SECTION 11. MISCELLANEOUS 

11.1 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement. 
 11.2 Notice. Except as otherwise provided
herein, any notice, demand, request, consent, approval, declaration, service of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted under the Loan Documents or with respect to
the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by facsimile or hand delivery or delivery by an overnight express
service or overnight mail delivery service; or (ii) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, in each case addressed to the party to be notified as follows: 

 

	 	(a)	If to Agent: 

 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 

Legal Department 

Attention: Chief Legal Officer and Bryan Jadot 

400 Hamilton Avenue, Suite 310 

Palo Alto, California 94301 

Email: legal@herculestech.com and bjadot@herculestech.com 

Facsimile: 650-473-9194 

Telephone: 650-289-3060 

and to: 

Christine Fera 

Email: cfera@herculestech.com 
  

	 	(b)	If to Lender: 

 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 

Legal Department 

Attention: Chief Legal Officer and Bryan Jadot 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 

Email: legal@herculestech.com and bjadot@herculestech.com 

Facsimile: 650-473-9194 

Telephone: 650-289-3060 

and to: 

Christine Fera 

Email: cfera@herculestech.com 

  
 27 

	 	(c)	If to Borrower: 

 Cerulean Pharma Inc. 

Attention: Senior VP, Finance & Administration 

840 Memorial Drive, 5th floor 

Cambridge, MA 02139 

Facsimile: 617-494-1544 

Telephone: 617-551-9600 

and to: 

Cerulean Pharma Inc. 

Attention: Vice President, General Counsel 

840 Memorial Drive, 5th floor 

Cambridge, MA 02139 

Facsimile: 617-494-1544 

Telephone: 617-551-9600 

or to such other address as each party may designate for itself by like notice. 

11.3 Entire Agreement; Amendments. 

(a) This Agreement and the other Loan Documents constitute the entire agreement and understanding of the parties hereto in
respect of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure or confidentiality agreements, letters, negotiations or other documents or agreements, whether written or
oral, with respect to the subject matter hereof or thereof (including Agent’s revised proposal letter dated December 9, 2014). 

(b) Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified
except in accordance with the provisions of this Section 11.3(b). The Required Lenders and Borrower party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the Agent and the Borrower party to the relevant
Loan Document may, from time to time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in
any manner the rights of the Lenders or of the Borrower hereunder or thereunder or (ii) waive, on such terms and conditions as the Required Lenders or the Agent, as the case may be, may specify in such instrument, any of the requirements of
this Agreement or the other Loan Documents or any default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (A) forgive the principal amount or extend the
final scheduled date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee payable hereunder, or extend the scheduled date of any payment thereof, in
each case without the written consent of each Lender directly affected thereby; (B) eliminate or reduce the voting rights of any Lender under this Section 11.3(b) without the written consent of such Lender; (C) reduce any percentage
specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Collateral or
release a Borrower from its obligations under the Loan Documents, except as otherwise permitted under this Agreement, in each case without the written consent of all Lenders; or (D) amend, modify or waive any provision

  
 28 

 
of Section 11.17 without the written consent of the Agent. Any such waiver and any such amendment, supplement or modification shall apply equally to each Lender and shall be binding upon
Borrower, the Lender, the Agent and all future holders of the Loans. 
 11.4 No Strict Construction. The parties hereto have
participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

11.5 No Waiver. The powers conferred upon Agent and Lender by this Agreement are solely to protect its rights hereunder and
under the other Loan Documents and its interest in the Collateral and shall not impose any duty upon Agent or Lender to exercise any such powers. No omission or delay by Agent or Lender at any time to enforce any right or remedy reserved to it, or
to require performance of any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of any such right or remedy to which Agent or Lender is entitled, nor shall it in any way affect the right of Agent or
Lender to enforce such provisions thereafter. 
 11.6 Survival. All agreements, representations and warranties contained in
this Agreement and the other Loan Documents or in any document delivered pursuant hereto or thereto shall be for the benefit of Agent and Lender and shall survive the execution and delivery of this Agreement and the expiration or other termination
of this Agreement. 
 11.7 Successors and Assigns. The provisions of this Agreement and the other Loan Documents shall inure
to the benefit of and be binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement or any of the other Loan Documents without Agent’s express prior written consent, and any such
attempted assignment shall be void and of no effect. Agent and Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents (subject to Section 11.13 hereof) without prior notice to Borrower (provided however,
as long as no Event of Default exists or is continuing, Lender shall provide subsequent notice to Borrower of any such assignment, transfer or endorsement of this Agreement, and provided further that so long as no Event of Default has occurred and
is continuing, such assignee or transferee shall have net total assets of at least One Hundred Million Dollars ($100,000,000) (excluding any Affiliate of Agent or Lender)), and all of such rights shall inure to the benefit of Agent’s and
Lender’s successors and assigns. 
 11.8 Governing Law. This Agreement and the other Loan Documents have been negotiated
and delivered to Agent and Lender in the State of California, and shall have been accepted by Agent and Lender in the State of California. Payment to Agent and Lender by Borrower of the Secured Obligations is due in the State of California. This
Agreement and the other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other
jurisdiction. 

  
 29 

 11.9 Consent to Jurisdiction and Venue. All judicial proceedings (to the extent
that the reference requirement of Section 11.10 is not applicable) arising in or under or related to this Agreement or any of the other Loan Documents may be brought in any state or federal court located in the State of California. By execution
and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in Santa Clara County, State of California; (b) waives any objection as to jurisdiction or venue in Santa
Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this
Agreement or the other Loan Documents. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 11.2, and
shall be deemed effective and received as set forth in Section 11.2. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any
other jurisdiction. 
 11.10 Mutual Waiver of Jury Trial / Judicial Reference. 

(a) Because disputes arising in connection with complex financial transactions are most quickly and economically resolved by an
experienced and expert Person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws. EACH OF BORROWER, AGENT AND
LENDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER AGAINST AGENT, LENDER OR THEIR
RESPECTIVE ASSIGNEE OR BY AGENT, LENDER OR THEIR RESPECTIVE ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve Persons other than Agent, Borrower and Lender; Claims that arise out of or are in any way
connected to the relationship among Borrower, Agent and Lender; and any Claims for damages, breach of contract, tort, specific performance, or any equitable or legal relief of any kind, arising out of this Agreement, any other Loan Document. 

(b) If the waiver of jury trial set forth in Section 11.10(a) is ineffective or unenforceable, the parties agree that all
Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of
the Santa Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. 

(c) In the event Claims are to be resolved by judicial reference, either party may seek from a court identified in
Section 11.9, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise subject to resolution by judicial
reference. 

  
 30 

 11.11 Professional Fees. Borrower promises to pay Agent’s and Lender’s
fees and expenses necessary to finalize the loan documentation, including but not limited to reasonable attorney’s fees, UCC searches, filing costs, and other miscellaneous expenses. In addition, Borrower promises to pay any and all reasonable
attorneys’ and other professionals’ fees and expenses incurred by Agent and Lender after the Closing Date in connection with or related to: (a) the Loan; (b) the administration, collection, or enforcement of the Loan;
(c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or termination under the Loan Documents; (e) the protection, preservation, audit, field exam, sale, lease, liquidation, or disposition of
Collateral or the exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative, arbitration, or out of court proceeding in connection with or related to Borrower or the Collateral, and any appeal or review
thereof; and (g) any bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action related to Borrower, the Collateral, the Loan Documents, including representing Agent or Lender in
any adversary proceeding or contested matter commenced or continued by or on behalf of Borrower’s estate, and any appeal or review thereof. 

11.12 Confidentiality. Agent and Lender acknowledge that certain items of Collateral and information provided to Agent and
Lender by Borrower are confidential and proprietary information of Borrower, if and to the extent such information either (x) is marked as confidential by Borrower at the time of disclosure, or (y) should reasonably be understood to be
confidential (the “Confidential Information”). Accordingly, Agent and Lender agree that any Confidential Information it may obtain in the course of acquiring, administering, or perfecting Agent’s security interest in the Collateral
shall not be disclosed to any other Person or entity in any manner whatsoever, in whole or in part, without the prior written consent of Borrower, except that Agent and Lender may disclose any such information: (a) to its own directors,
officers, employees, accountants, counsel and other professional advisors and to its affiliates if Agent or Lender in their sole discretion determines that any such party should have access to such information in connection with such party’s
responsibilities in connection with the Loan or this Agreement and, provided that such recipient of such Confidential Information either (i) agrees to be bound by the confidentiality provisions of this paragraph or (ii) is otherwise
subject to confidentiality restrictions that reasonably protect against the disclosure of Confidential Information; (b) if such information is generally available to the public through no fault of Agent and/or Lender; (c) if required or
appropriate in any report, statement or testimony submitted to any governmental authority having or claiming to have jurisdiction over Agent or Lender; (d) if required or appropriate in response to any summons or subpoena or in connection with
any litigation, to the extent permitted or deemed advisable by Agent’s or Lender’s counsel; (e) to comply with any legal requirement or law applicable to Agent or Lender; (f) to the extent reasonably necessary in connection with
the exercise of any right or remedy under any Loan Document, including Agent’s sale, lease, or other disposition of Collateral upon and during the continuance of an Event of Default; (g) to any participant or assignee of Agent or Lender or
any prospective 

  
 31 

 
participant or assignee; provided, that such participant or assignee or prospective participant or assignee agrees in writing to be bound by this Section prior to disclosure; or
(h) otherwise with the prior consent of Borrower; provided, that any disclosure made in violation of this Agreement shall not affect the obligations of Borrower or any of its affiliates or any guarantor under this Agreement or the other Loan
Documents. 
 11.13 Assignment of Rights. Borrower acknowledges and understands that Agent or Lender may sell and assign all
or part of its interest hereunder and under the Loan Documents to any Person or entity (provided that no Event of Default has occurred and in continuing, no such Assignment shall be made to a direct competitor of Borrower) (an “Assignee”).
After such assignment the term “Agent” or “Lender” as used in the Loan Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies of Agent and Lender hereunder with
respect to the interest so assigned; but with respect to any such interest not so transferred, Agent and Lender shall retain all rights, powers and remedies hereby given. No such assignment by Agent or Lender shall relieve Borrower of any of its
obligations hereunder. Lender agrees that in the event of any transfer by it of the Note(s)(if any), it will endorse thereon a notation as to the portion of the principal of the Note(s), which shall have been paid at the time of such transfer and as
to the date to which interest shall have been last paid thereon. 
 11.14 Revival of Secured Obligations. This Agreement and
the Loan Documents shall remain in full force and effect and continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of
creditors, if a receiver or trustee is appointed for all or any significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Agent or Lender. The Loan Documents and the Secured Obligations and Collateral
security shall continue to be effective, or shall be revived or reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part thereof is rescinded, avoided or
avoidable, reduced in amount, or must otherwise be restored or returned by, or is recovered from, Agent, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or
otherwise, all as though such payment, performance, or transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and
the Secured Obligations shall be deemed, without any further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible payment to Agent or Lender in Cash. 

11.15 Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of
counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall constitute but one and the same instrument. 

11.16 No Third Party Beneficiaries. No provisions of the Loan Documents are intended, nor will be interpreted, to provide or
create any third-party beneficiary rights or any other rights of any kind in any Person other than Agent, Lender and Borrower unless 

  
 32 

 
specifically provided otherwise herein, and, except as otherwise so provided, all provisions of the Loan Documents will be personal and solely among Agent, the Lender and the Borrower. 

11.17 Agency. 

(a) Lender hereby irrevocably appoints Hercules Technology Growth Capital, Inc. to act on its behalf as the Agent hereunder and
under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. 
 (b) Lender agrees to indemnify the Agent in its capacity as such (to the extent not reimbursed by Borrower and
without limiting the obligation of Borrower to do so), according to its respective Term Commitment percentages (based upon the total outstanding Term Loan Commitments) in effect on the date on which indemnification is sought under this
Section 11.17, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time be imposed on, incurred by or asserted
against the Agent in any way relating to or arising out of, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or
omitted by the Agent under or in connection with any of the foregoing; The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

(c) Agent in Its Individual Capacity. The Person serving as the Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” shall, unless otherwise expressly indicated or unless the context otherwise requires, include each such Person serving
as Agent hereunder in its individual capacity. 
 (d) Exculpatory Provisions. The Agent shall have no duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent shall not: 
  

	 	(i)	be subject to any fiduciary or other implied duties, regardless of whether any default or any Event of Default has occurred and is continuing; 

 

	 	(ii)	have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to
exercise as directed in writing by the Lender, provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or
applicable law; and 

  
 33 

	 	(iii)	except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and the Agent shall not be liable for the failure to disclose, any information relating to the Borrower or any of its
affiliates that is communicated to or obtained by any Person serving as the Agent or any of its affiliates in any capacity. 

(e) The Agent shall not be liable to the Lender for any action taken or not taken by it (i) with the consent or at the
request of the Lender or as the Agent shall believe in good faith shall be necessary, under the circumstances or (ii) in the absence of its own gross negligence or willful misconduct. 

(f) The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Agent. 
 (g) Reliance by Agent. Agent may rely, and shall be fully protected in acting, or refraining to
act, upon, any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document that it has no reason to believe to be other than genuine and to have been signed or presented by the
proper party or parties or, in the case of cables, telecopies and telexes, to have been sent by the proper party or parties. In the absence of its gross negligence or willful misconduct, Agent may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to Agent and conforming to the requirements of the Loan Agreement or any of the other Loan Documents. Agent may consult with counsel, and any opinion
or legal advice of such counsel shall be full and complete authorization and protection in respect of any action taken, not taken or suffered by Agent hereunder or under any Loan Documents in accordance therewith. Agent shall have the right at any
time to seek instructions concerning the administration of the Collateral from any court of competent jurisdiction. Agent shall not be under any obligation to exercise any of the rights or powers granted to Agent by this Agreement, the Loan
Agreement and the other Loan Documents at the request or direction of Lenders unless Agent shall have been provided by Lender with adequate security and indemnity against the costs, expenses and liabilities that may be incurred by it in compliance
with such request or direction. 
 11.18 Publicity. None of the parties hereto nor any of its respective member businesses
and affiliates shall, without the other parties’ prior written consent (which shall not be unreasonably withheld or delayed), publicize or use (a) the other party’s name (including a brief description of the relationship among the
parties hereto), logo or 

  
 34 

 
hyperlink to such other parties’ web site, separately or together, in written and oral presentations, advertising, promotional and marketing materials, client lists, public relations
materials or on its web site (together, the “ Publicity Materials”); (b) the names of officers of such other parties in the Publicity Materials; and (c) such other parties’ name, trademarks, servicemarks in any news or press
release concerning such party; provided however, notwithstanding anything to the contrary herein, no such consent shall be required (i) to the extent necessary to comply with the requests of any regulators, legal requirements or laws applicable
to such party, pursuant to any listing agreement with any national securities exchange (so long as such party provides prior notice to the other party hereto to the extent reasonably practicable) and (ii) to comply with Section 11.12. 

(SIGNATURES TO FOLLOW) 

  
 35 

 IN WITNESS WHEREOF, Borrower, Agent and Lender have duly executed and delivered this Loan and
Security Agreement as of the day and year first above written. 
  

							
		 		 	BORROWER:
			
		 		 	CERULEAN PHARMA INC.
				
		 		 	Signature:	 	 /s/ Christopher Guiffre

				
		 		 	Print Name:	 	 Christopher Guiffre

				
		 		 	Title:	 	 Chief Operating Officer

				
	Accepted in Palo Alto, California:	 		 		 	
			
		 		 	AGENT:
			
		 		 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
				
		 		 	Signature:	 	 /s/ Ben Bang

				
		 		 	Print Name:	 	 Ben Bang

				
		 		 	Title:	 	 Associate General Counsel

			
		 		 	LENDER:
			
		 		 	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
				
		 		 	Signature:	 	 /s/ Ben Bang

				
		 		 	Print Name:	 	 Ben Bang

				
		 		 	Title:	 	 Associate General Counsel

 [Signature page to Loan and Security Agreement] 

 Table of Exhibits and Schedules 
  

			
	Exhibit A:	  	Advance Request
		  	Attachment to Advance Request
		
	Exhibit B:	  	Promissory Note
		
	Exhibit C:	  	Name, Locations, and Other Information for Borrower
		
	Exhibit D:	  	Borrower’s Patents, Trademarks, Copyrights and Licenses
		
	Exhibit E:	  	Borrower’s Deposit Accounts and Investment Accounts
		
	Exhibit F:	  	Compliance Certificate
		
	Exhibit G:	  	Joinder Agreement
		
	Exhibit H:	  	ACH Debit Authorization Agreement
		
	Schedule 1	  	Subsidiaries
	Schedule 1.1	  	Commitments
	Schedule 1A	  	Existing Permitted Indebtedness
	Schedule 1B	  	Existing Permitted Investments
	Schedule 1C	  	Existing Permitted Liens
	Schedule 5.3	  	Consents, Etc.
	Schedule 5.9	  	Intellectual Property Claims
	Schedule 5.10	  	Intellectual Property
	Schedule 5.11	  	Borrower Products

 EXHIBIT A 

ADVANCE REQUEST 
  

							
	To:	  	  Agent:	  	Date:	  	            , 2015

 Hercules Technology Growth Capital, Inc. (the “Agent”) 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Facsimile:
650-473-9194 
 Attn: 
 Cerulean Pharma Inc.
(“Borrower”) hereby requests from Hercules Technology Growth Capital, Inc. (“Lender”) an Advance in the amount of
                     Dollars ($        ) on
                    ,             (the “Advance Date”) pursuant to the Loan and
Security Agreement among Borrower, Agent and Lender (the “Agreement”). Capitalized words and other terms used but not otherwise defined herein are used with the same meanings as defined in the Agreement. 

Please: 
  

									
	(a)	  	Issue a check payable to Borrower	  	  
	  	
				
		  	or	  		  	
				
	(b)	  	Wire Funds to Borrower’s account	  	  
	  	
				
		  	Bank:	  	  
	  	
		  	Address:	  	  
	  	
		  		  	  
	  	
		  	ABA Number:	  	  
	  	
		  	Account Number:	  	  
	  	
		  	Account Name:	  	  
	  	

 Borrower represents that the conditions precedent to the Advance set forth in the Agreement are satisfied and
shall be satisfied upon the making of such Advance, including but not limited to: (i) that no event that has had or would reasonably be expected to have a Material Adverse Effect has occurred and is continuing; (ii) that the
representations and warranties set forth in the Agreement are and shall be true and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date; (iii) that Borrower is in compliance in all material respects with all the terms and provisions set forth in each Loan Document on its part to be observed or performed; and (iv) that as
of the Advance Date, no fact or condition exists that would (or would, with the passage of time, the giving of notice, or both) constitute an Event of Default under the Loan Documents. Borrower understands and acknowledges that Agent has the right
to review the financial information supporting this representation and, based upon such review in its sole discretion, Lender may decline to fund the requested Advance. 

 Borrower hereby represents that Borrower’s corporate status and locations have not changed
since the date of the Agreement or, if the Attachment to this Advance Request is completed, are as set forth in the Attachment to this Advance Request. 

Borrower agrees to notify Agent promptly before the funding of the Loan if any of the matters which have been represented above shall not be
true and correct on the Borrowing Date and if Agent has received no such notice before the Advance Date then the statements set forth above shall be deemed to have been made and shall be deemed to be true and correct as of the Advance Date. 

Executed as of [            ], 2015. 

 

			
	BORROWER:
	
	CERULEAN PHARMA INC.
		
	SIGNATURE:	 	  

	TITLE:	 	  

	PRINT NAME:	 	  

 ATTACHMENT TO ADVANCE REQUEST 

Dated:                      

Borrower hereby represents and warrants to Agent that Borrower’s current name and organizational status is as follows: 

 

			
	Name:	 	Cerulean Pharma Inc.
		
	Type of organization:	 	Corporation
		
	State of organization:	 	Delaware
		
	Organization file number:	 	

 Borrower hereby represents and warrants to Agent that the street addresses, cities, states and postal codes of its current
owned and leased locations are as follows: 

 EXHIBIT B 

SECURED TERM PROMISSORY NOTE 
  

			
	$[    ],000,000	  	Advance Date:              , 20[    ]
		
		  	Maturity Date:              , 20[    ]

 FOR VALUE RECEIVED, Cerulean Pharma Inc., a Delaware corporation (the “Borrower”) hereby promises to
pay to the order of Hercules Technology Growth Capital, Inc., a Maryland corporation or the holder of this Note (the “Lender”) at 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301 or such other place of payment as the holder of this
Secured Term Promissory Note (this “Promissory Note”) may specify from time to time in writing, in lawful money of the United States of America, the principal amount of [    ] Million Dollars
($[    ],000,000) or such other principal amount as Lender has advanced to Borrower, together with interest at a floating rate equal to the greater of (i) seven and thirty hundredths of one percent (7.30%), and (ii) the
sum of (A) seven and thirty hundredths of one percent (7.30%), plus (B) the Prime Rate minus (C) five and three quarters of one percent (5.75%) per annum based upon a year consisting of 360 days, with interest computed daily
based on the actual number of days in each month. 
 This Promissory Note is the Note referred to in, and is executed and delivered in
connection with, that certain Loan and Security Agreement dated [            ], 2015, by and among Borrower, Hercules Technology Growth Capital, Inc., a Maryland corporation (the
“Agent”) and the several banks and other financial institutions or entities from time to time party thereto as lender (as the same may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan
Agreement”), and is entitled to the benefit and security of the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement of all of the terms and conditions thereof. All payments
shall be made in accordance with the Loan Agreement. All terms defined in the Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event of Default under the Loan Agreement shall constitute a default
under this Promissory Note. 
 Borrower waives presentment and demand for payment, notice of dishonor, protest and notice of protest under
the UCC or any applicable law. Borrower agrees to make all payments under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or defense. This Promissory Note has been negotiated and delivered to Lender
and is payable in the State of California. This Promissory Note shall be governed by and construed and enforced in accordance with, the laws of the State of California, excluding any conflicts of law rules or principles that would cause the
application of the laws of any other jurisdiction. 
  

					
	 BORROWER FOR ITSELF AND
 ON BEHALF OF ITS
SUBSIDIARIES:
	 		 	CERULEAN PHARMA INC.
			
		 		 	By:
		 		 	Title:

 EXHIBIT C 

NAME, LOCATIONS, AND OTHER INFORMATION FOR BORROWER 

1. Borrower represents and warrants to Agent that Borrower’s current name and organizational status as of the Closing Date is as follows:

  

			
	Name:	  	Cerulean Pharma Inc.
		
	Type of organization:	  	Corporation
		
	State of organization:	  	Delaware

 Organization file number: 

2. Borrower represents and warrants to Agent that for five (5) years prior to the Closing Date, Borrower did not do business under any
other name or organization or form except the following: 
 Name:    N/A 

Used during dates of:    N/A 

Type of Organization:    N/A 

State of organization:    N/A 

Organization file Number:    N/A 

Borrower’s fiscal year ends on 12/31 

Borrower’s federal employer tax identification number is:
                     
 3. Borrower
represents and warrants to Agent that its chief executive office is located at                     . 

840 Memorial Drive, 5th Floor 

Cambridge, MA 02139 

 EXHIBIT D 

BORROWER’S PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES 

 EXHIBIT E 

BORROWER’S DEPOSIT ACCOUNTS AND INVESTMENT ACCOUNTS 

 EXHIBIT F 

COMPLIANCE CERTIFICATE 
 Hercules
Technology Growth Capital, Inc. 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Reference is made to that
certain Loan and Security Agreement dated [            ], 2015 and all ancillary documents entered into in connection with such Loan and Security Agreement all as may be amended from time
to time, (hereinafter referred to collectively as the “Loan Agreement”) by and among Hercules Technology Growth Capital, Inc. (the “Agent”), the several banks and other financial institutions or entities from time to time party
thereto (collectively, the “Lender”) and Hercules Technology Growth Capital, Inc., as agent for the Lender (the “Agent”) and Cerulean Pharma Inc. (the “ Borrower”) as Borrower. All capitalized terms not defined herein
shall have the same meaning as defined in the Loan Agreement. 
 The undersigned is an Officer of the Borrower, knowledgeable of all
Borrower financial matters, and is authorized to provide certification of information regarding the Borrower; hereby certifies, in such capacity, that in accordance with the terms and conditions of the Loan Agreement, the Borrower is in compliance
in all material respects for the period ending                      of all covenants, conditions and terms and hereby reaffirms that all
representations and warranties contained therein are true and correct in all material respects on and as of the date of this Compliance Certificate with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date, after giving effect in all cases to any standard(s) of materiality contained in the Loan Agreement as to such representations and warranties. Attached are the required documents supporting the
above certification. The undersigned further certifies that Quarterly and Annual financial statements are prepared in accordance with GAAP (except in the case of Quarterly statements for the absence of footnotes with respect to unaudited financial
statement and subject to normal year-end adjustments) and are consistent from one period to the next except as explained below. 
  

					
	REPORTING REQUIREMENT	  	REQUIRED	  	CHECK IF ATTACHED
			
	Interim Financial Statements	  	Monthly within 30 days	  	
			
	Interim Financial Statements	  	Quarterly within 45 days	  	
			
	Audited Financial Statements	  	FYE within 150 days	  	

 
			
	Very Truly Yours,
	
	CERULEAN PHARMA INC.
		
	By:	 	  

		
	Name:	 	  

		
	Its:	 	  

 EXHIBIT G 

FORM OF JOINDER AGREEMENT 

This Joinder Agreement (the “Joinder Agreement”) is made and dated as of
[            ], 20[    ], and is entered into by and between
                                        ., a
                     corporation (“Subsidiary”), and HERCULES TECHNOLOGY GROWTH CAPITAL, INC., a Maryland corporation (as
“Agent”). 
 RECITALS 

A. Subsidiary’s Affiliate, Cerulean Pharma Inc. (“Borrower”) [has entered/desires to enter] into that certain Loan and Security
Agreement dated [            ], 2015, with the several banks and other financial institutions or entities from time to time party thereto as lender (collectively, the “Lender”)
and the Agent, as such agreement may be amended (the “Loan Agreement”), together with the other agreements executed and delivered in connection therewith; 

B. Subsidiary acknowledges and agrees that it will benefit both directly and indirectly from Borrower’s execution of the Loan Agreement
and the other agreements executed and delivered in connection therewith; 
 AGREEMENT 

NOW THEREFORE, Subsidiary and Agent agree as follows: 
  

	1.	The recitals set forth above are incorporated into and made part of this Joinder Agreement. Capitalized terms not defined herein shall have the meaning provided in the Loan Agreement. 

 

	2.	By signing this Joinder Agreement, Subsidiary shall be bound by the terms and conditions of the Loan Agreement the same as if it were the Borrower (as defined in the Loan Agreement) under the Loan Agreement, mutatis
mutandis, provided however, that (a) with respect to (i) Section 5.1 of the Loan Agreement, Subsidiary represents that it is an entity duly organized, legally existing and in good standing under the laws of
[            ], (b) neither Agent nor Lender shall have any duties, responsibilities or obligations to Subsidiary arising under or related to the Loan Agreement or the other agreements
executed and delivered in connection therewith, (c) that if Subsidiary is covered by Borrower’s insurance, Subsidiary shall not be required to maintain separate insurance or comply with the provisions of Sections 6.1 and 6.2 of the Loan
Agreement, and (d) that as long as Borrower satisfies the requirements of Section 7.1 of the Loan Agreement, Subsidiary shall not have to provide Agent separate Financial Statements. To the extent that Agent or Lender has any duties,
responsibilities or obligations arising under or related to the Loan Agreement or the other agreements executed and delivered in connection therewith, those duties, responsibilities or obligations shall flow only to Borrower and not to Subsidiary or
any other Person or entity. By way of example (and not an exclusive list): (i) Agent’s providing notice to Borrower in accordance with the Loan Agreement or as otherwise agreed among Borrower, Agent and Lender shall be deemed provided to
Subsidiary; (ii) a Lender’s providing an Advance to Borrower shall be deemed an Advance to Subsidiary; and (iii) Subsidiary shall have no right to request an Advance or make any other demand on Lender. 

 

	3.	Subsidiary agrees not to certificate its equity securities without Agent’s prior written consent, which consent may be conditioned on the delivery of such equity securities to Agent in order to perfect Agent’s
security interest in such equity securities. 

	4.	Subsidiary acknowledges that it benefits, both directly and indirectly, from the Loan Agreement, and hereby waives, for itself and on behalf on any and all successors in interest (including without limitation any
assignee for the benefit of creditors, receiver, bankruptcy trustee or itself as debtor-in-possession under any bankruptcy proceeding) to the fullest extent provided by law, any and all claims, rights or defenses to the enforcement of this Joinder
Agreement on the basis that (a) it failed to receive adequate consideration for the execution and delivery of this Joinder Agreement or (b) its obligations under this Joinder Agreement are avoidable as a fraudulent conveyance.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO JOINDER AGREEMENT] 

SUBSIDIARY: 

                          
                                  . 

 

							
		 	By:	 		 	
		 	Name:	 		 	
		 	Title:	 		 	
				
		 	Address:	 		 	
				
		 	Telephone:	 	  
	 	
		 	Facsimile:	 	  
	 	

 AGENT: 
 HERCULES TECHNOLOGY
GROWTH CAPITAL, INC. 
  

					
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	 Address:
 400 Hamilton Ave., Suite
310
 Palo Alto, CA 94301
 Facsimile: 650-473-9194

Telephone: 650-289-3060

 EXHIBIT H 

ACH DEBIT AUTHORIZATION AGREEMENT 

Hercules Technology Growth Capital, Inc. 
 400 Hamilton Avenue,
Suite 310 
 Palo Alto, CA 94301 
 Re: Loan and
Security Agreement dated                      (the “Agreement”) by and among Cerulean Pharma Inc. (“Borrower”) and Hercules
Technology Growth Capital, Inc., as agent (“Agent”) and the lenders party thereto (collectively, the “Lender”) 
 In connection with the
above referenced Agreement, the Borrower hereby authorizes the Agent to initiate debit entries for (i) the periodic payments due under the Agreement and (ii) out-of-pocket legal fees and costs incurred by Agent or Lender pursuant to
Section 11.11 of the Agreement to the Borrower’s account indicated below. The Borrower authorizes the depository institution named below to debit to such account. 
  

			
	DEPOSITORY NAME	  	BRANCH
		
	CITY	  	STATE AND ZIP CODE
		
	TRANSIT/ABA NUMBER	  	ACCOUNT NUMBER

 This authority will remain in full force and effect so long as any amounts are due under the Agreement. 

 

			
	CERULEAN PHARMA INC.
	
	  

	(Borrower)(Please Print)
		
	By:	 	  

		
	Date:	 	  

 SCHEDULE 1.1 

COMMITMENTS 
  

					
	 LENDER
	  	TERM COMMITMENT	 
		
	 HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
	  	$	26,000,000	  
		
	 TOTAL COMMITMENTS
	  	$	26,000,000EX-10.2

 Exhibit 10.2 

STOCK PURCHASE AGREEMENT 

This Stock Purchase Agreement (this “Agreement”) is dated as of January 8, 2015, by and between Cerulean Pharma Inc., a
Delaware corporation (the “Company”), and Hercules Technology Growth Capital, Inc., a Maryland corporation (the “Purchaser”). 

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933,
as amended (the “Securities Act”), the Company desires to issue and sell to the Purchaser, and the Purchaser desires to purchase from the Company, shares of Common Stock of the Company as more fully described in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Company and the Purchaser agree as follows: 
 ARTICLE I 

DEFINITIONS 
 1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1: 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States
or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close. 

“Closing” shall have the meaning ascribed to such term in Section 2.1. 

“Commission” means the Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.0001 per share. 

“Disclosure Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “GAAP” shall have the meaning ascribed to such term in Section 3.1(g). 

“Liens” means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 “Material Adverse Effect” means a material adverse effect on (i) the results of operations, assets, business or
financial condition of the Company and its subsidiary, taken as a whole, or (ii) Company’s ability to perform in any material respect on a timely basis its obligations under this Agreement. 

 “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Purchase Price” shall have the meaning ascribed to such term in Section 3.1(g). 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time. 
 “SEC Reports” shall have the meaning ascribed to such term in Section 3.1(f). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Shares” shall have the meaning ascribed to such term in Section 2.1. 

“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include the location and/or reservation of borrowable shares of Common Stock). 
 “Transfer Agent” means
American Stock Transfer and Trust Company, the current transfer agent of the Company, with a mailing address of 6201 15th Avenue, Brooklyn, New York 11219 and a facsimile number of (718) 921-8327, and any successor transfer agent of the
Company. 
 ARTICLE II 

PURCHASE AND SALE 
 2.1
Closing. On the terms and subject to the conditions set forth herein, at the Closing, the Company shall sell, and the Purchaser shall purchase, 135,501 shares of Common Stock (the “Shares”) at a purchase price of $7.38 per
Share, for an aggregate purchase price of $999,997.38 (the “Purchase Price”). The purchase and sale of Shares (the “Closing”) shall take place simultaneously with the execution of this Agreement at the offices of
Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, Massachusetts 02109, or such other location as the parties shall mutually agree. 

2.2 Deliveries. At the Closing: 

(a) the Company shall deliver, or cause to be delivered, a copy of irrevocable instructions to the Transfer Agent instructing the Transfer
Agent to issue the Shares into book entry, registered to “Hercules Technology Growth Capital, Inc.”; and 

  
 - 2 - 

 (b) the Purchaser shall deliver, or cause to be delivered, the Purchase Price by wire transfer of
immediately available funds to the order of the Company at the account specified in writing by the Company. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

3.1 Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules and the SEC Reports, which
Disclosure Schedules and SEC Reports shall be deemed a part hereof and shall qualify any representation or warranty made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules (or in any other
section to the extent it is readily apparent from a reading of such disclosure that such disclosure is applicable to such other section), the Company hereby makes the following representations and warranties to the Purchaser: 

(a) Organization and Qualification. Each of the Company and its subsidiary is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), and has the requisite power and authority to own and use its properties and assets and to carry on its business as
currently conducted. Neither the Company nor its subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and
the subsidiary is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected to result in a Material Adverse Effect. 

(b) Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the
transactions contemplated by this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been duly authorized
by all requisite action on the part of the Company and no further corporate action is required by the Company, its Board of Directors or its stockholders in connection herewith. This Agreement has been duly executed by the Company and constitutes
the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except (i) as such enforceability may be limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as such enforceability may be limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 

(c) No Conflicts. The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the
transactions contemplated hereby (including, without limitation, the issuance and sale of the Shares) will not (i) conflict with or violate any provision of the Company’s or its subsidiary’s certificate or articles of incorporation,
bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a material 

  
 - 3 - 

 
default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any
subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, or (iii) conflict with or result in a violation of any material law,
rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or its subsidiary is subject (including federal and state securities laws and regulations, assuming the
correctness of the representations and warranties made by the Purchaser herein). 
 (d) Filings, Consents and Approvals. The Company
is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the
execution, delivery and performance by the Company of this Agreement, other than post-sale filings pursuant to applicable federal and state securities laws. 

(e) Issuance of the Shares. The Shares have been duly authorized and, when issued and paid for in accordance with the terms of this
Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer imposed by applicable securities laws. 

(f) SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to
be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, since completing its initial public offering on April 15, 2014 (or such shorter period as the Company was required
by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or
has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the
Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(g) Financial Statements. The financial statements of the Company included in the SEC Reports complied in all material respects with
applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements were prepared in accordance with United States generally accepted accounting
principles (“GAAP”) applied on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all
footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its subsidiary as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the
case of unaudited statements, to normal year-end audit adjustments. 

  
 - 4 - 

 (h) Sarbanes-Oxley; Disclosure Controls. The Company is in compliance in all material
respects with all of the provisions of the Sarbanes-Oxley Act of 2002, which are applicable to the Company as of the date of this Agreement. 

(i) Material Changes; Undisclosed Events, Liabilities or Developments. Since November 13, 2014, except as specifically disclosed
in the SEC Reports, (i) there has been no Material Adverse Effect, (ii) the Company has not incurred any material liabilities (contingent or otherwise) other than (a) trade payables and accrued expenses incurred in the ordinary course
of business consistent and (b) liabilities not required to be reflected in the Company’s financial statements in accordance with GAAP and not required to be disclosed in the SEC Reports, (iii) the Company has not altered its method of
accounting, (iv) the Company has not declared or paid any dividend or made any distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and
(v) the Company has not issued any equity securities to any officer, director or Affiliate, except equity grants under Company stock option plans. 

(j) Litigation. Since November 13, 2014, except as disclosed in the SEC Reports, there is no action, suit, inquiry, notice of
violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company, its subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or
regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of this Agreement or the issuance of the Shares by the
Company or (ii) would, in the event of an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. 

3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants as of the date hereof to the Company
as follows: 
 (a) Organization; Authority. The Purchaser is a corporation duly organized, validly existing and in good standing
under the laws of Maryland and has full right, corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and to carry out its obligations hereunder. The execution and delivery of this Agreement and
performance by the Purchaser of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of the Purchaser. This Agreement has been duly executed by the Purchaser and constitutes the valid and
legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as such enforceability may be limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as such enforceability may be limited by laws relating to the availability of specific performance, injunctive relief or other
equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. 
 (b) Own
Account. The Purchaser understands that the Shares are “restricted securities” and have not been registered under the Securities Act or any applicable state securities law and that the Company’s reliance on exemption from such
registration is predicated on the representations of the Purchaser set forth in this Agreement. The Purchaser is acquiring the Shares for investment for its own account and not with a view to or for distributing or

  
 - 5 - 

 
reselling such Shares or any part thereof. The Purchaser has no present intention of distributing any of such Shares and has no direct or indirect arrangement or understandings with any other
persons to distribute or regarding the distribution of such Shares. 
 (c) Purchaser Status. The Purchaser is an “accredited
investor” as defined in Rule 501 of Regulation D promulgated under the Securities Act. 
 (d) Investment Experience of Such
Purchaser. The Purchaser has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and
risks of such investment. The Purchaser is able to bear the economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment. 

(e) Short Sales. The Purchaser has not at any time on or prior to the date hereof engaged, directly or indirectly, in any Short Sales
or equivalent transactions in the Common Stock. 
 (f) No Representations. The Purchaser acknowledges that, in connection with its
purchase of the Shares, it is not relying on any representation or warranty made by the Company other than those set forth in Section 3.1 hereof. 

ARTICLE IV 
 OTHER
AGREEMENTS OF THE PARTIES 
 4.1 Transfer Restrictions. 

(a) The Shares may only be disposed of in compliance with state and federal securities laws. The Purchaser agrees that the Shares may not be
sold or transferred, other than pursuant to an effective registration statement, unless the Company is furnished with an opinion of counsel reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably
satisfactory to the Company, stating that such sale or transfer is exempt from the registration requirements of the Securities Act. 
 (b)
The Purchaser understands that any certificates representing the Shares shall bear a legend substantially in the following form: 
 THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH SECURITIES MAY NOT BE SOLD, PLEDGED OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND
PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 
 (c) The foregoing legend shall be removed from the certificate evidencing the Shares and
the Company shall, or shall cause the Transfer Agent to, issue, in book entry form, no later than five Business Days after receipt of a request from the Purchaser, a certificate or 

  
 - 6 - 

 
certificates evidencing all or a portion of the Shares, as requested by the Purchaser, without such legend if: (i) such securities have been resold under an effective registration statement
under the Securities Act, (ii) such securities have been or will be transferred in compliance with Rule 144, (iii) such securities are eligible for resale pursuant to Rule 144 under the Securities Act or (iv) the Purchaser shall have
provided the Company with an opinion of counsel reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, stating that such securities may lawfully be transferred without
registration under the Securities Act and that the foregoing legend may be removed following such transfer. The restrictions on transfer and sale of Shares contained in this Section 4.1 shall terminate with respect to any Shares for which a
certificate has been issued without such legend. 
 4.2 Rule 144 Compliance. The Company shall, at all times prior to the date of
sale or other disposition by the Purchaser of the Shares, use all commercially reasonable efforts to timely file all reports required under the Exchange Act and otherwise timely take all actions necessary to permit the Purchaser to sell or otherwise
dispose of the Shares pursuant to Rule 144. 
 4.3 Publicity. None of the parties hereto nor any of their respective affiliates
shall, without the other party’s prior written consent (which shall not be unreasonably withheld, conditioned, or delayed), publicize or use (a) the other party’s name (including a brief description of the relationship among the
parties hereto), logo or hyperlink to such other parties’ web site, separately or together, in written and oral presentations, advertising, promotional and marketing materials, client lists, public relations materials or on its web site
(together, the “ Publicity Materials”); (b) the names of officers of such other parties in the Publicity Materials; and (c) such other party’s name, trademarks, servicemarks in any news or press release concerning such
party; provided however, notwithstanding anything to the contrary herein, no such consent shall be required to the extent necessary disclosure is required to comply with the requests of any regulators, legal requirements or laws applicable to such
party (including requirements of any stock exchange or NASDAQ) so long as such party provides prior notice to the other party to the extent reasonably practicable. 

4.4 Delivery of Shares After Closing. The Company shall deliver, or cause to be delivered, the evidence of the issuance of the Shares
to the Purchaser in book entry form within five (5) business days of the Closing. 
 4.5 Blue Sky Filings. The Company shall
take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Shares for, sale to the Purchaser at the Closing under applicable securities or “Blue Sky” laws of the states of
the United States, and shall provide evidence of such actions promptly upon request of the Purchaser. 
 4.6 Short Sales. The
Purchaser agrees that all times from and after the date hereof, it shall not engage in any Short Sales or equivalent transactions in the Common Stock. 

  
 - 7 - 

 ARTICLE V 

MISCELLANEOUS 
 5.1 Fees
and Expenses. Except as otherwise expressly set forth in this Agreement, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent fees, stamp taxes and other taxes and duties levied in connection with the delivery of the Shares to the Purchaser. 

5.2 Entire Agreement. This Agreement, together with the exhibits and schedules hereto, contains the entire understanding of the parties
with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules. 

5.3 Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in
writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto prior to 5:00
p.m. (New York City time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number set forth on the signature pages attached hereto on a day
that is not a Business Day or later than 5:00 p.m. (New York City time) on any Business Day, (c) the second Business Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon
actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. 

5.4 Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of
an amendment, by the Company and the Purchaser or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder
in any manner impair the exercise of any such right. 
 5.5 Headings. The headings herein are for convenience only, do not constitute
a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 5.6 Successors and Assigns.
Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise by either party, without the prior written consent of the other party;
provided, however, such restriction shall not apply to the Company in the case of an assignment or delegation in connection with a change of control, merger, consolidation, reorganization, recapitalization or other similar transaction. Subject to
the foregoing, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Any assignment in contravention of this provision shall be void. 

  
 - 8 - 

 5.7 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the
parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person. 

5.8 Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations,
enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and
federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, borough of Manhattan for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action or proceeding to enforce any
provisions of this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and
prosecution of such action or proceeding. 
 5.9 Survival. The representations and warranties contained herein shall survive the
Closing for a period of two (2) years and the delivery of the Shares. 
 5.10 Execution. This Agreement may be executed in two
or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties
need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof. 

5.11 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall
use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

  
 - 9 - 

 5.12 Replacement of Shares. If any certificate or instrument evidencing any Shares is
mutilated, lost, stolen or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose, issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such
circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Shares. 

5.13 Remedies. The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach
of obligations contained in the Transaction Documents and hereby agrees to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate. 

5.14 Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day. 

5.15 Waiver of Jury Trial. In any action, suit or proceeding in any jurisdiction brought by any party against any other party, the
parties each knowingly and intentionally, to the greatest extent permitted by applicable law, hereby absolutely, unconditionally, irrevocably and expressly waives forever trial by jury. 

[Signature page follows] 

  
 - 10 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Stock Purchase Agreement to be duly
executed by their respective authorized signatories as of the date first indicated above. 
  

			
	 COMPANY:

		
	 CERULEAN PHARMA INC.
	  	Address for Notice:
		
		  	Cerulean Pharma Inc.
	 By: /s/ Christopher Guiffre
	  	840 Memorial Drive
	 Name: Christopher Guiffre
	  	Cambridge, MA 02139
	 Title: Chief Operating Officer
	  	Attn: Alejandra Carvajal
		  	Telephone: (617) 551-9600
		  	Email: acarvajal@ceruleanrx.com
		
	 With a copy to (which shall not constitute notice):
	  	
		
	 Wilmer Cutler Pickering Hale and Dorr LLP
 60
State Street
 Boston, Massachusetts 02109
 Attn: Lia Der
Marderosian, Esq.
 Fax: (617) 526-5000
	  	
		
	 PURCHASER:
	  	
		
	 HERCULES TECHNOLOGY GROWTH CAPITAL, INC.
	  	Address for Notice:
		
		  	Legal Department
	 By: /s/ Christine Fera
	  	Attention: Christine Fera and R. Bryan Jadot
	 Name: Christine Fera
	  	400 Hamilton Avenue, Suite 310
	 Title: Director of Contract Originations
	  	Palo Alto, CA 94301
		  	Facsimile: 650-473-9194
		  	Telephone: 650-289-3088
		  	Email: legal@herculestech.com
		
	 With a copy to (which shall not constitute notice):
	  	
		
	 Riemer & Braunstein LLP
	  	
	 Three Center Plaza
	  	
	 Boston, Massachusetts 02108
	  	
	 Attn: Adam W. Jacobs, Esq.
	  	
	 Fax: (617) 692-3513
	  	

 [Signature page to Stock Purchase Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]