Document:

Exhibit 4.1

 

DESCRIPTION OF SECURITIES

 

General 

 

The following description summarizes important
terms of the classes of our capital stock as of December 31, 2021. This summary does not purport to be complete and is qualified in its
entirety by the provisions of our certificate of incorporation, the certificate of designation for our series A convertible preferred
stock and our bylaws, which have been filed as exhibits to this annual report.

 

Our authorized capital stock consists of 100,000,000
shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share.

 

As of December 31, 2021, there were 13,927,223
shares of common stock and 8,000 shares of series A convertible preferred stock issued and outstanding.  

 

Common Stock 

 

Dividend Rights. Subject to preferences
that may be applicable to any then-outstanding preferred stock, holders of common stock are entitled to receive ratably those dividends,
if any, as may be declared from time to time by the board of directors out of legally available funds.

 

Liquidation Rights. In the event of our
liquidation, dissolution or winding up, holders of common stock will be entitled to share ratably in the net assets legally available
for distribution to stockholders after the payment of all of our debts and other liabilities and the satisfaction of any liquidation preference
granted to the holders of any then-outstanding shares of preferred stock.

 

Voting Rights. The holders of common stock
are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. Under our certificate of
incorporation and bylaws, any corporate action to be taken by vote of stockholders other than for election of directors shall be authorized
by the affirmative vote of the majority of votes cast. Directors are elected by a plurality of votes. Stockholders do not have cumulative
voting rights.

 

Other Rights. Holders of common stock have
no preemptive, conversion or subscription rights and there are no redemption or sinking fund provisions applicable to the common stock.
The rights, preferences and privileges of the holders of common stock are subject to, and may be adversely affected by, the rights of
the holders of shares of any series of preferred stock.

 

Preferred Stock 

 

Our certificate of incorporation authorizes our
board to issue up to 10,000,000 shares of preferred stock in one or more series, to determine the designations and the powers, preferences
and rights and the qualifications, limitations and restrictions thereof, including the dividend rights, conversion or exchange rights,
voting rights (including the number of votes per share), redemption rights and terms, liquidation preferences, sinking fund provisions
and the number of shares constituting the series. Our board of directors could, without stockholder approval, issue preferred stock with
voting and other rights that could adversely affect the voting power and other rights of the holders of common stock and which could have
the effect of making it more difficult for a third party to acquire, or of discouraging a third party from attempting to acquire, a majority
of our outstanding voting stock.

 

Series A Convertible Preferred Stock

 

On June 29, 2021, we filed a certificate of designation
with the Delaware Secretary of State to establish our series A convertible preferred stock. We designated a total of 8,000 shares of our
preferred stock as series A convertible preferred stock. Our series A convertible preferred stock has the following voting powers, designations,
preferences and relative rights, qualifications, limitations or restrictions:

 

Dividend Rights. Holders of series A convertible
preferred stock are entitled to receive cumulative dividends at a rate of 7.5% of the stated value per share ($1,000, subject to adjustment)
per annum, which shall increase to 15% per annum after November 23, 2021 and 24% per annum after December 31, 2021; provided, however,
that no dividends shall accrue following the date that the registration statement relating to our initial public offering is declared
effective by the SEC (which we refer to as the IPO date). The dividends shall be calculated on the basis of a 360-day year, consisting
of twelve 30 calendar day periods, and shall accrue daily and shall be deemed to accrue whether or not earned or declared and whether
or not there are profits, surplus or other funds legally available for the payment of dividends. Any dividends that are not paid within
three (3) trading days following a dividend payment date shall continue to accrue and shall entail a late fee at the rate of 15% per annum
or the lesser rate permitted by applicable law.

 

    

     

    

 

Liquidation Rights. Prior to the IPO date,
upon any liquidation, dissolution or winding-up of our company, whether voluntary or involuntary, or upon a change of control, the holders
of series A convertible preferred stock shall be entitled to receive out of the assets of our company an amount equal to the greater of
(a) 150% of the stated value, plus any accrued and unpaid dividends thereon, for each share held, and (b) the amount that could otherwise
be received by a holder for the shares issuable upon conversion of the series A convertible preferred stock in full (ignoring for such
purposes any conversion limitations) before any distribution or payment shall be made to the holders of common stock. Following the IPO
date, upon any liquidation, dissolution or winding-up of our company, whether voluntary or involuntary, or upon a change of control, the
holders of series A convertible preferred stock shall be entitled to receive out of the assets of our company the same amount that a holder
of common stock would receive if the series A convertible preferred stock were fully converted (disregarding for such purposes any conversion
limitations) to common stock which amounts shall be paid pari passu with all holders of common stock.

 

Voting Rights. Until the IPO date, the
holders of series A convertible preferred stock shall have the same voting rights as the holders of common stock (on an as-if-converted-to-common-stock-basis).
On and after the IPO date, the series A convertible preferred stock shall have no voting rights except as set forth below. As long as
any shares of series A convertible preferred stock are outstanding, we shall not, without the affirmative vote of the holders of a majority
of the then outstanding shares of the series A convertible preferred stock, (a) alter or change adversely the powers, preferences or rights
given to the series A convertible preferred stock or, after the IPO date, alter or amend the certificate of designation, (b) authorize
or create any class of stock ranking as to dividends, redemption or distribution of assets upon a liquidation senior to, or otherwise
pari passu with, the series A convertible preferred stock, (c) amend our certificate of incorporation or other charter documents
in any manner that adversely affects any rights of the holders of series A convertible preferred stock, (d) prior to the IPO date, increase
the number of authorized shares of common stock or series A convertible preferred stock, (e) prior to the IPO date, repay, repurchase
or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of common stock or securities convertible into
or exchangeable for common stock, (f) prior to the IPO date, repurchases of common stock or securities convertible into or exchangeable
for common stock of departing officers and directors, (g) prior to the IPO date, pay cash dividends or distributions on any of our equity
securities, (h) prior to the IPO date, enter into any change of control transaction (as defined in the certificate of designation) or
(i) either prior to the IPO date or after the IPO date, as applicable, enter into any agreement with respect to any of the foregoing.

 

Conversion Rights. Each share of series
A convertible preferred stock is convertible, at any time and from time to time from at the option of the holder thereof, into that number
of shares of common stock determined by dividing the stated value of such share of series A convertible preferred stock (plus any accrued
but unpaid dividends thereon) by the conversion price. The conversion price is initially equal $0.6667 (subject to adjustments); provided,
however, if the pre-money valuation of our company on the IPO date is less than $75,000,000, the conversion price shall be reduced to
equal the product of (i) the then conversion price and (ii) the quotient obtained by dividing (A) the pre-money valuation of our company
on the IPO date and (B) $75,000,000. Notwithstanding the foregoing, we shall not effect any conversion, and a holder shall not have the
right to convert, any portion of the series A convertible preferred stock to the extent that, after giving effect to the conversion, such
holder (together with such holder’s affiliates) would beneficially own in excess of 4.99% of the number of shares of common stock
outstanding immediately after giving effect to the issuance of shares issuable upon the conversion. This limitation may be waived (up
to a maximum of 9.99%) by the holder and in its sole discretion, upon not less than sixty-one (61) days’ prior notice to us.

 

Participation Rights. Pursuant to a securities
purchase agreement that we entered into with the holders of the series A convertible preferred stock, until the one-year anniversary of
the IPO date, upon any issuance by us or any of our subsidiaries of common stock or securities convertible into or exchangeable for common
stock for cash consideration, indebtedness or a combination thereof, each holder of series A convertible preferred stock shall have the
right to participate in such subsequent financing up to an amount equal to 50% of the aggregate amount raised thereunder on the same terms,
conditions and price provided for thereunder.

 

    2

     

    

 

Registration Rights. Pursuant to a registration
rights agreement that we entered into with the holders of the series A convertible preferred stock, we are required to file a registration
statement with the SEC covering the resale of the shares of common stock issuable upon conversion of the series A convertible preferred
stock and upon the exercise of the warrants described below by August 14, 2021 and use our best efforts to ensure that the registration
statement is declared effective by the SEC by the earlier of the IPO date or January 31, 2022. If the registration statement is not filed
or declared effective on or prior to such dates, or such registration statement ceases for any reason to remain continuously effective
or the holders are otherwise not permitted to utilize the prospectus therein to resell their shares for more than ten (10) consecutive
calendar days or more than an aggregate of fifteen (15) calendar days (which need not be consecutive calendar days) during any 12-month
period (each of which is referred to herein as an event), then, in addition to any other rights the holders may have under the registration
rights agreement or under applicable law, on each such event date and on each monthly anniversary of each such event date (if the applicable
event shall not have been cured by such date) until the applicable event is cured, the we must pay to each holder an amount in cash, as
partial liquidated damages and not as a penalty, equal to the product of 1.0% multiplied by the aggregate subscription amount paid by
such holder pursuant to the securities purchase agreement. If we fail to pay any partial liquidated damages pursuant in full within seven
days after the date payable, we must pay interest thereon at a rate of 12% per annum (or such lesser maximum amount that is permitted
to be paid by applicable law), accruing daily from the date such partial liquidated damages are due until such amounts, plus all such
interest thereon, are paid in full. The partial liquidated damages will apply on a daily pro rata basis for any portion of a month until
such event is cured. Notwithstanding the foregoing, in no event will we be liable for liquidated damages in excess of 1.0% of the aggregate
subscription amount in any single month and the maximum aggregate liquidated damages payable to a holder shall be ten percent (10%) of
the aggregate subscription amount.

 

Options

 

As of December 31, 2021, we have issued options
to purchase an aggregate of 1,450,000 shares of common stock under the 2020 Stock Incentive Plan, each at an exercise price of $0.01 per
share.

 

Warrants 

 

In December 2021, we entered into note and warrant
purchase agreements with certain investors, pursuant to which we sold to such investors (i) original issue discount secured subordinated
promissory notes in the aggregate principal amount of $176,471 and (ii) warrants for the purchase of a number of shares of our common
stock that is equal to the investors’ investment amount divided by a price per share that is equal to 100% of the effective initial
public offering price. These warrants are excisable at any time during the three (3) year period commencing on the sixth (6th) month anniversary
of the closing of our initial public offering. The exercise price per share will be equal to 125% of the effective initial public offering
price, subject to standard adjustments for stock splits, stock combinations, stock dividends, reclassifications, mergers, consolidations,
reorganizations and similar transactions, and may be exercised on a cashless basis if the market value of our common stock is greater
than such exercise price.

 

On November 5, 2021, we issued a warrant for the
purchase of 72,000 shares of common stock to Dawson James Securities, Inc. as partial compensation for services rendered in connection
with our private placement of debentures that were completed on November 5, 2021. Half to these shares, or 36,000 shares, were subsequently
forfeited by Dawson James Securities, Inc. This warrant is exercisable for a period of five years at an exercise price of $2.50 per share,
subject to standard adjustments for stock splits, stock combinations, stock dividends, reclassifications, mergers, consolidations, reorganizations
and similar transactions, and may be exercised on a cashless basis.

 

In July and August 2021, we issued warrants for
the purchase of an aggregate of 11,999,404 shares of common stock. These warrants are excisable at any time during the period commencing
on the sixth (6th) month anniversary of the date on which the registration statement relating to our initial public offering
is declared effective by the SEC and ending on the fifth (5th) anniversary of such date. The exercise price per share will
be equal to 125% of the initial public offering price, subject to standard adjustments for stock splits, stock combinations, stock dividends,
reclassifications, mergers, consolidations, reorganizations and similar change of control transactions, and for certain dilutive issuances;
provided that, we shall not effect any exercise, and a holder shall not have the right to exercise, any portion of a warrant to the extent
that, after giving effect to the exercise, such holder (together with such holder’s affiliates) would beneficially own in excess
of 4.99% of the number of shares of common stock outstanding immediately after giving effect to the issuance of shares issuable upon the
exercise. This limitation may be waived (up to a maximum of 9.99%) by the holder and in its sole discretion, upon not less than sixty-one
(61) days’ prior notice to us.

 

On July 1, 2021, we issued warrants for the purchase
of an aggregate of 1,078,173 shares of common stock to Dawson James Securities, Inc. as partial compensation for services rendered in
connection with our private placement of series A convertible preferred stock and loan from Diamond Creek Capital, LLC that were completed
on July 1, 2021. These warrants are exercisable for a period of five years at an exercise price of $0.6667 per share, subject to standard
adjustments for stock splits, stock combinations, stock dividends, reclassifications, mergers, consolidations, reorganizations and similar
transactions, and may be exercised on a cashless basis.

 

    3

     

    

 

On December 18, 2020, we issued a warrant for
the purchase of 1,292,445 shares of common stock to Peah Capital, LLC. This warrant is exercisable for the period commencing on January
31, 2022 and ending on December 18, 2027; provided that, the warrant will automatically expire and terminate in the event a registration
statement covering the resale of all shares issued pursuant the future equity agreement with Peah Capital, LLC described below has been
declared effective by the SEC. The exercise price of this warrant is $0.0001, subject to standard adjustments for stock splits, stock
combinations, stock dividends, reclassifications and similar transactions. In addition, in the event that the number of our outstanding
shares of common stock is increased prior to the 18-month anniversary of the warrant, the number of shares issuable upon exercise of the
warrant shall be automatically increased to represent that number which is 9.9% of the then total outstanding capitalization.

 

On May 18, 2017, we issued a warrant to Leonite
Capital LLC for the purchase of a number of shares of common stock as determined by dividing $60,000 by the price per share paid by investors
in an equity financing occurring after the date of the warrant and resulting in gross proceeds to us of at least $1,000,000. Following
the recent private placement, in which investors paid $0.6667 per underlying common share, the number of shares issuable upon exercise
of this warrant is 89,996 shares. The exercise price of this warrant is $0.0001, subject to standard adjustments for stock splits, stock
combinations, stock dividends, reclassifications, mergers, consolidations, reorganizations and similar change of control transactions,
and for certain dilutive issuances; provided that, we shall not effect any exercise, and the holder shall not have the right to exercise,
any portion of the warrant to the extent that, after giving effect to the exercise, the holder (together with the holder’s affiliates)
would beneficially own in excess of 4.99% of the number of shares of common stock outstanding immediately after giving effect to the issuance
of shares issuable upon the exercise. This limitation may be waived (up to a maximum of 9.99%) by the holder and in its sole discretion,
upon not less than sixty-one (61) days’ prior notice to us.

 

Convertible Promissory Notes

 

On February 25, 2021, we issued a convertible
promissory note in the principal amount of $500,000 to East West Capital LLC. This note accrues interest at 15% per annum and matures
on March 31, 2023. This note will automatically convert into shares of common stock concurrent with the closing of our initial public
offering at a conversion price equal to 50% of the initial public offering price.

 

On May 10, 2021, we issued a convertible promissory
note in the principal amount of $73,727.01 to Bevilacqua PLLC, our outside securities counsel. This note accrues interest at 15% per annum
and matures on May 10, 2022. The note is convertible at the option of the holder into shares of common stock at a conversion price that
is equal to forty percent (40%) of either (i) the price per share paid by investors in our next priced equity financing or (ii) the volume
weighted average price of the common stock for the five trading days from and including the date that the conversion notice is given.

 

On July 1, 2021, we issued a convertible promissory
note in the principal amount of $3,000,000 to Sasson E. Moulavi in connection with the acquisition of Doctors Scientific Organica. This
note accrues interest at 6% per annum and matures on July 1, 2024. This note will automatically convert into shares of common stock concurrent
with the closing of our initial public offering at a conversion price equal to the initial public offering price.

 

On November 8, 2021, we issued a convertible promissory
note in the principal amount of $1,900,000 to Justin Francisco and Steven Rubert in connection with the acquisition of Nexus. This note
accrues interest at 5% per annum and matures on November 8, 2024. This note will automatically convert into shares of common stock concurrent
with the closing of our initial public offering at a conversion price equal to the initial public offering price.

 

Debentures

 

On November 5, 2021, we entered into a securities
purchase agreement with certain investors, pursuant to which we sold 12% unsecured subordinated convertible debentures in the aggregate
principal amount of $2,250,000 to such investors for gross proceeds of $2,250,000.

 

Interest at a rate of 12% per annum shall accrue
on the principal balance of the debentures from the date of issuance until the IPO date; provided that upon an event of default, such
interest rate shall increase to 18% per annum or the maximum rate permitted under applicable law, and we may be required to pay a default
amount in certain circumstances. The debentures are due and payable on the earliest of the maturity date, November 30, 2022, or upon their
earlier conversion or redemption.

 

At any time after the sixth month anniversary
of the IPO date, the holders may convert the principal amount of the debentures into shares of common stock at a conversion price that
is equal to 50% of the effective initial public offering price (as described in the debentures); provided that after the IPO date, the
conversion price shall be reduced to the lower of such price and the lowest volume weighted average price during the 10 trading days immediately
following the IPO date; provided further, that the conversion price shall not be less than $1.00. The conversion price is subject to standard
equitable adjustments for stock splits, stock combinations, recapitalizations and similar transactions, as well as, prior to the IPO date,
for future issuances below the conversion price. The debentures also contain beneficial ownership limitations which limit the holders’
beneficial ownership to 9.99% of our outstanding common stock.

 

    4

     

    

 

At any time after the IPO date, we may redeem
some or all of the outstanding principal amount of the debentures for cash in an amount equal to 115% of the outstanding principal amount
of the debentures, plus accrued but unpaid interest and any other amounts due under the debentures.

 

The securities purchase agreement and the debentures
contain customary representations, warranties, affirmative and negative covenants and events of default for loans of this type. The debentures
are guaranteed by each of our subsidiaries.

 

Future Equity Agreements

 

We have entered into a future equity agreement
with Peah Capital, LLC, pursuant to which we have agreed to issue to Peah Capital, LLC concurrent with the closing of our initial public
offering a number of shares of our common stock equal to 75% of all funds loaned to us by it divided by the effective price per share
at which common stock is sold in the initial public offering. The aggregate amount loaned to us by Peah Capital, LLC is $1,675,000. As
noted above, the warrant issued to Peah Capital, LLC will automatically expire and terminate in the event a registration statement covering
the resale of these shares has been declared effective by the SEC.

 

From May 2017 to December 15, 2021, we entered
into future equity agreements with 56 lenders, pursuant to which we have agreed to issue to such lenders concurrent with the closing of
our initial public offering a number of shares of our common stock equal to the principal amount loaned to us divided by the effective
price per share at which our common stock is sold in the initial public offering. The aggregate principal amount loaned to us by these
lenders is $5,880,405.

 

Anti-takeover Effects of Delaware Law and Charter
Provisions

 

We have elected not to be governed by Section
203 of the General Corporation Law of the State of Delaware, which prohibits a publicly-held Delaware corporation from engaging in a business
combination, except under certain circumstances, with an interested stockholder.

 

Our certificate of incorporation and bylaws contain
certain provisions that may have anti-takeover effects, making it more difficult for or preventing a third party from acquiring control
of our company or changing our board of directors and management.

 

Our certificate of incorporation authorizes our
board of directors to issue up to 10,000,000 shares of preferred stock without further stockholder approval. The preferred stock may be
issued in one or more series, the terms of which may be determined at the time of issuance by the board of directors without further action
by the stockholders. These terms may include preferences as to dividends and liquidation, conversion rights, redemption rights and sinking
fund provisions. The issuance of any preferred stock could diminish the rights of holders of our common stock, and therefore could reduce
the value of such common stock. In addition, specific rights granted to future holders of preferred stock could be used to restrict our
ability to merge with, or sell assets to, a third party. The ability of our board of directors to issue preferred stock could make it
more difficult, delay, discourage, prevent or make it more costly to acquire or effect a change-in-control, which in turn could prevent
our stockholders from recognizing a gain in the event that a favorable offer is extended and could materially and negatively affect the
market price of our common stock.

 

Our bylaws permit the board of directors to establish
the number of directors and fill any vacancies and newly created directorships. These provisions will prevent a stockholder from increasing
the size of our board of directors and gaining control of our board of directors by filling the resulting vacancies with its own nominees.
In addition, our bylaws provide that no member of our board of directors may be removed from office by our stockholders without cause
and, in addition to any other vote required by law, upon the approval of not less than the majority of the total voting power of all of
our outstanding voting stock then entitled to vote in the election of directors.

 

Our bylaws establish an advance notice procedure
for stockholder proposals to be brought before an annual meeting of our stockholders, including proposed nominations of persons for election
to the board of directors. Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice
of meeting or brought before the meeting by or at the direction of the board of directors or by a stockholder who was a stockholder of
record on the record date for the meeting, who is entitled to vote at the meeting and who has given us timely written notice, in proper
form, of the stockholder’s intention to bring that business before the meeting. Although our bylaws do not give the board of directors
the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to be conducted at a special
or annual meeting, our bylaws may have the effect of precluding the conduct of certain business at a meeting if the proper procedures
are not followed or may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect its own slate of directors
or otherwise attempting to obtain control of our company.

 

Furthermore, neither the holders of our common
stock nor the holders of our preferred stock have cumulative voting rights in the election of our directors. The combination of the present
ownership by a few stockholders of a significant portion of our issued and outstanding common stock and lack of cumulative voting makes
it more difficult for other stockholders to replace our board of directors or for a third party to obtain control of our company by replacing
its board of directors.

 

Transfer Agent and Registrar 

 

VStock Transfer, LLC, 18 Lafayette Place, Woodmere,
NY 11598, telephone 212-828-8436, is the transfer agent for our common stock.

 

 

5EX-10.1

 Exhibit 10.1 

FREQUENCY THERAPEUTICS, INC. 

SEPARATION AGREEMENT 

This Separation Agreement (the “Separation Agreement”) is made by and between Peter P. Pfreundschuh
(“Executive”) and Frequency Therapeutics, Inc. (the “Company”), collectively referred to as the “Parties,” as of March 31, 2022. 

RECITALS 
 WHEREAS,
Executive was employed on a full-time basis by the Company as Chief Financial Officer pursuant to the terms of an offer letter dated November 24, 2020 (the “Employment Agreement”); 

WHEREAS, Executive’s employment with the Company ended or will end effective as of March 31, 2022 (“Separation
Date”); 
 WHEREAS, the Parties, and each of them, wish to set forth the terms of Executive’s separation from the Company and
to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that Executive or the Company may have against each other. 

NOW THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows: 

COVENANTS 
 1.
Separation Benefits. 
 (a) As consideration for the Executive’s execution of,
non-revocation of, and compliance with this Separation Agreement, including Executive’s waiver and release of claims in Section 5, the Company agrees to provide the following benefits to Executive:
(w) the Company shall continue to pay Executive’s base salary, less all applicable withholding taxes and authorized deductions, for a period of twelve (12) months following the Separation Date (the “Severance
Period”), (x) should Executive timely elect and be eligible to continue receiving group medical and dental coverage pursuant to COBRA, and so long as the Company can provide such benefit without violating the
non-discrimination requirements of the law, the Company will pay the portion of the premium for such coverage that is paid by the Company for active and similarly situated employees who receive the same type
of coverage, such payment to be made for coverage from the Separation Date through the earliest of (1) the end of the Severance Period, (2) the date Executive is no longer eligible for COBRA coverage or (3) the date Executive becomes
eligible for healthcare coverage from a subsequent employer (and Executive agree to promptly notify the Company of such eligibility), (y) Executive (or his personal representative or estate) will receive a lump sum payment, less applicable
withholdings, equal to 100% of his annual bonus opportunity on Executive’s actual Separation Date, and (z) Executive (or his personal representative or estate) will receive a lump sum payment equal to $20,000 after applicable taxes and
withholdings to cover relocation expenses. For purpose of clarity, the payments under (y) and (z) will be paid no later than the first Company payroll date following the Effective Date as defined in Section 8, below. 

(b) If the Separation Agreement does not become effective and irrevocable by the sixtieth (60th) day following the Separation Date (the
“Release Deadline”), Executive will forfeit any right to any severance payments or benefits under this Separation Agreement. Any severance payments that would otherwise have been due to Executive prior to the Separation Agreement
becoming effective and irrevocable will be paid to Executive no later than the first Company payroll date on or following the Effective Date, and the remaining payments will be made as provided in this Separation Agreement. 

  
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 2. Salary & Other Compensation Acknowledgements; Unpaid
Reimbursements. 
 (a) Executive acknowledges and represents that the Company has paid Executive all salary, wages, bonuses, commissions
and any and all other compensation and benefits (in cash, equity or otherwise) due to Executive through the date hereof, except for earned but unpaid base salary, and Executive’s outstanding Equity Awards as set forth on Exhibit A, which
will continue to be governed by their applicable terms following the date hereof. 
 (b) Executive will receive payment for all due expense
reimbursements, and all other benefit entitlements vested and non-forfeitable as of the Separation Date, pursuant to written terms of any applicable employee benefit plan sponsored by the Company. To the
extent that Executive continues to have account balances in any such plans after the Separation Date, Executive shall be entitled to receive the value of those account balances to be paid or otherwise distributed in accordance with the terms and
conditions of such plans and applicable elections made by Executive with respect thereto. 
 3. Return of Company Property. As part
of Executive’s existing and continuing obligation to the Company, Executive agrees that as of the Separation Date, Executive will return to the Company, all Company information, including files, records, computer access codes and instruction
manuals, as well as any Company assets or equipment that Executive has in his possession or under his control. Executive further agrees not to keep any copies of Company information. Executive confirms that as of the Separation Date he will return
to the Company in good working order all keys, files, records (and copies thereof), equipment (including, but not limited to, computer hardware, software and printers, wireless handheld devices, cellular phones and pagers), access or credit cards,
Company identification, Company vehicles and any other Company-owned property in Executive’s possession or control and will leave intact all electronic Company documents, including, but not limited to, those that Executive developed or helped
to develop during his employment. Executive further confirms that he has cancelled all accounts for his benefit, if any, in the Company’s name, including, but not limited to, credit cards, telephone charge cards, cellular phone and/or pager
accounts and computer accounts. 
 4. No Complaints Filed. Executive represents that Executive has not filed complaints, charges or
lawsuits against the Company with any governmental agency or court. 
 5. Release of Claims. 

(a) Release by Executive. Executive hereby fully, forever, irrevocably and unconditionally releases and discharges the Company, its
current and former officers, directors, stockholders, corporate affiliates, subsidiaries, insurers, parent companies, successors and assigns, agents and employees (each in their individual and corporate capacities) (hereinafter the
“Company Released Parties”) from any and all claims, charges, complaints, demands, causes of action, liabilities, and expenses (including attorneys’ fees and costs), of every kind and nature that Executive ever had or
now has against the Company Released Parties, including, but not limited to, all employment discrimination claims under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq., the Age Discrimination in Employment Act, the
Americans With Disabilities Act of 1990 (the “ADA”), 42 U.S.C. § 12101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq., Family and Medical Leave Act, 29 U.S.C. § 2601 et seq., amended, the
Massachusetts Fair Employment Practices Act, the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Act, claims of failure to accommodate or failure to engage in the interactive process under the ADA and the Massachusetts Fair Employment
Practices Act, and all federal, state or local law claims, whether statutory or common law, including but not limited to claims under the Massachusetts Wage Act, and all claims arising out of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et
seq. and the Employee Retirement Income Security Act of 1974 (“ERISA”), 29 U.S.C. § 1001 et seq., all as amended, 

  
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and all common law claims including, but not limited to, actions in tort, defamation and breach of contract, including, but not limited to, any claim or damage arising out of Executive’s
employment with and/or separation from the Company (including a claim for retaliation) under any common law theory or any federal, state or local statute or ordinance not expressly referenced above, and claims for wrongful discharge, breach of
contract, breach of the covenant of good faith and fair dealing, violation of public policy, defamation, fraud, personal injury, and emotional distress; provided, however, that nothing in this Separation Agreement prevents Executive from bringing
any claims relating to the validity of this Separation Agreement, or from filing, cooperating with, or participating in any proceeding before the EEOC or a state Fair Employment Practices Agency or from bringing any rights or claims under the Age
Discrimination in Employment Act of 1967 (29 U.S.C. § 621 et seq.) that may arise after the date this Separation Agreement is signed. The only exceptions to this release are any claim(s) Executive may have for: 

 

	 	(i)	 unemployment benefits pursuant to the terms of applicable law (to the extent available to Executive under
applicable law); 

  

	 	(ii)	 continued participation in certain of the Company’s group health benefit plans pursuant to the terms and
conditions of the federal law known as “COBRA,” if applicable, and/or any applicable state law counterpart to COBRA; 

  

	 	(iii)	 any benefit entitlements vested as of the Separation Date, pursuant to written terms of any applicable employee
benefit plan sponsored by the Company; 

  

	 	(iv)	 indemnification protection under the Company’s Certificate of Incorporation or Bylaws, pursuant to
contract or applicable law; and 

  

	 	(v)	 any claims that, as a matter of applicable law, are not waivable. 

(b) Release by Company. Company hereby fully, forever, irrevocably and unconditionally releases and discharges Executive (hereinafter
the “Executive Released Party” and, together with the Company Released Parties, the “Released Parties”) from any and all claims, charges, complaints, demands, causes of action, liabilities, and expenses (including
attorneys’ fees and costs), of every kind and nature that Company ever had or now has against the Executive Released Party; provided, however, that nothing in this Separation Agreement prevents Company from bringing any claims relating to the
validity of this Separation Agreement or any claims that arise from conduct that occurs after the Separation Date. 
 6. Waiver of
Unknown Claims. Each party understands and agrees that the claims released in Section 5 above include not only claims presently known, but also include all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities,
and causes of action of every kind and character that would otherwise come within the scope of the released claims as described in Section 5. Each party understands that they may hereafter discover facts different from what they now believe to
be true, which if known, could have materially affected this Separation Agreement, but each party nevertheless waives any claims or rights based on different or additional facts. 

7. Confidential Information, Non-Competition and
Non-Solicitation. Executive acknowledges and reaffirms his obligation to keep confidential all non-public information concerning the Company that Executive acquired
during the course of his employment with the Company, as stated more fully in the Employee Proprietary Information and Inventions Assignment Agreement between Executive and the Company dated December 1, 2020 (“Confidentiality
Agreement”), which remains in full force 

  
 -3- 

 
and effect. Executive affirms his obligation to keep all Company information confidential and not to disclose it to any third party in the future. The Confidentiality Agreement is incorporated
herein by this reference, and Executive agrees to continue to be bound by the terms of that Confidentiality Agreement during and following his service relationship with the Company, to the fullest extent allowed by applicable law. Executive and the
Company also agree that the consideration set forth herein is fair and reasonable consideration independent from Executive’s employment and that the restrictive covenants of Section 6 of the Confidentiality Agreement shall continue to
apply to Executive during and after the Separation Date but that no additional payment under Section 6.1(c) therein shall be required to be made by the Company to enforce its rights under such agreement. 

8. Acknowledgments and Right to Revoke. Executive acknowledges that he has been given
twenty-one (21) days after receipt of this Separation Agreement to consider this Separation Agreement. By signing this Separation Agreement, Executive acknowledges that he was offered a period of at least
twenty-one (21) days to consider the terms of this Separation Agreement but, to the extent not taken, Executive chooses to waive this consideration period. If Executive does not accept this Separation
Agreement within that time, it will become null and void. Executive is advised to consult with an attorney prior to executing this Separation Agreement. Executive represents and agrees that he fully understands his right to discuss all aspects of
this Separation Agreement with his private attorney, that he has availed himself of this right, that he has carefully read and fully understands all of the provisions of this Separation Agreement, and that he is voluntarily entering into this
Separation Agreement. Executive understands and agrees that the waiver of rights contained in this Separation Agreement is only an exchange for the consideration specified herein, and that he would not otherwise be entitled to such consideration.
Once Executive has signed the Separation Agreement, Executive can revoke his acceptance within seven (7) days by so notifying the Company’s Chief People Officer, 75 Hayden Avenue, Lexington, MA 02421. This Separation Agreement will become
effective on the eighth day following Executive signing it (the “Effective Date”). 
 9. Amendment. This Separation
Agreement shall be binding upon the parties and may not be modified in any manner, except by an instrument in writing of concurrent or subsequent date signed by duly authorized representatives of the Parties. 

10. Binding Agreement. This Separation Agreement is binding upon and shall inure to the benefit of the Parties and their respective
heirs, executors, administrators, agents, successors and assigns. 
 11. Waiver of Rights. No delay or omission by the Company in
exercising any right under this Separation Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar to
or waiver of any right on any other occasion. 
 12. Severability. If any provision in this Separation Agreement is for any reason
held to be unenforceable, it shall not affect the enforceability of the remaining provisions and the remaining provisions shall be enforced to the extent permitted by law. 

13. Nature of Agreement. Executive understands and agrees that this Separation Agreement is not intended, nor should it be construed at
any time, to be an admission of liability or wrongdoing on the part of the Company. 
 14. Protected Activity Not Prohibited: Nothing
in this Separation Agreement or any other prior agreement between Executive and the Company (collectively, the “Subject Documents”) prevents Executive from reporting possible violations of law or regulation to any governmental
agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions

  
 -4- 

 
of state or federal law or regulation (including the right to receive an award for information provided to any such government agencies). Furthermore, in accordance with 18 U.S.C. § 1833,
notwithstanding anything to the contrary in any Subject Document: (a) Executive shall not be in breach of any Subject Document, and shall not be held criminally or civilly liable under any federal or state trade secret law (i) for the
disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) for the disclosure of a trade
secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (b) if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law,
Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal, and does not disclose the trade secret,
except pursuant to court order. 
 15. Voluntary Assent. Executive affirms that no other promises or agreements of any kind have been
made to or with Executive by any person or entity whatsoever to cause Executive to sign this Separation Agreement, and that Executive fully understands the meaning and intent of this Separation Agreement. Executive further states and represents that
he has carefully read this Separation Agreement, understands the contents herein, freely and voluntarily assents to all of the terms and conditions hereof, and signs his name of his own free act. 

16. Nondisparagement. Executive agrees to refrain from any disparagement, defamation, libel, or slander of any of the Company Released
Parties, and agrees to refrain from any tortious interference with the contracts and relationships of any of the Company Released Parties. Company agrees to refrain from any disparagement, defamation, libel, or slander of the Executive Released
Party, and agrees to refrain from any tortious interference with the contracts and relationships of the Executive Released Party. Company agrees that in response to any inquiry from a prospective employer regarding the circumstances of
Executive’s departure, the Company shall state that the Executive’s employment was not terminated for cause, and that the Company and Executive separated under good circumstances. 

17. Applicable Law. This Separation Agreement shall be interpreted and construed by the laws of the Commonwealth of Massachusetts,
without regard to conflict of laws provisions. 
 18. Attorneys’ Fees. In the event of any dispute concerning this Separation
Agreement, the prevailing party will be entitled to recover its attorneys’ fees and costs, in addition to any other relief to which such party may be entitled. 

19. Taxes. All payments made pursuant to this Agreement will be subject to any applicable tax withholdings. The Company makes no
representations or warranties with respect to the tax consequences of the payments and any other consideration provided to Executive or made on his behalf under the terms of this Agreement. Executive agrees and understands that he is responsible for
payment, if any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. 

20. Entire Agreement. This Separation Agreement contains and constitutes the entire understanding and agreement between the Parties
with respect to Executive’s severance benefits and the settlement of claims against the Company and cancels all previous oral and written negotiations, agreements and commitments in connection therewith, and supersedes and replaces any and all
prior agreements and understandings concerning the subject matter of this Separation Agreement and Executive’s relationship with the Company including without limitation the Employment Agreement, but with the exception of the Confidentiality
Agreement and the Company’s 2019 Incentive Award Plan. This Separation Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same agreement.
Signatures delivered by facsimile or PDF shall be deemed effective for all purposes. 
 (signature page follows) 

  
 -5- 

 IN WITNESS WHEREOF, the Parties have executed this Separation Agreement on the respective
dates set forth below. 
  

			
	FREQUENCY THERAPEUTICS, INC.

			
		
	By	 	/s/ David L. Lucchino

			
	David L. Lucchino
	President and Chief Executive Officer Frequency Therapeutics, Inc.
		
	Dated:	 	March 31, 2022

			
		
	By	 	/s/ Peter P. Pfreundschuh

			
	Peter P. Pfreundschuh, an individual
		
	Dated:	 	March 31, 2022

  
 -6- 

 EXHIBIT A 

EXECUTIVE EQUITY AWARDS 
  

																									
	 Equity
 Award

Type
	  	Grant
Date	 	  	Plan
Name
(1)	 	  	Number
of Shares
Subject
to Equity
Award at
Grant (2)	 	  	Per
Share
Exercise
Price	 	  	Number of
Underlying
Vested and
Unexercised
(Exercisable)
Shares as of
Separation
Date	 	  	Number of
Underlying
Unvested
shares as of
Separation
Date	 
	 Option
	  	 	12/02/2020	 	  	 	2019	 	  	 	230,000	 	  	$	27.30	 	  	 	71,874	 	  	 	158,126	 
	 Option
	  	 	01/15/2021	 	  	 	2019	 	  	 	10,000	 	  	 	35.85	 	  	 	2,916	 	  	 	7,084.000	 
	 RSU
	  	 	04/20/2021	 	  	 	2019	 	  	 	30,000	 	  	 	N/A	 	  	 	0	 	  	 	15,000	 
	 RSU
	  	 	02/17/2022	 	  	 	2019	 	  	 	150,000	 	  	 	N/A	 	  	 	0	 	  	 	150,000	 
		  				  				  	 	420,000	 	  				  	 	74,790	 	  	 	330,210	 

  

	(1)	 “2019” refers to the Company’s 2019 Incentive Award Plan. 

	(2)	 Indicates target number of Shares that were underlying the Equity Award at grant. 

  
 -7-

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