Document:

CIPHERLOC
CORPORATION

 

2019
STOCK INCENTIVE PLAN

 

EFFECTIVE
AS OF AUGUST 8, 2019

 

    	 	 	 

    	 

    

 

CIPHERLOC
CORPORATION

2019 STOCK INCENTIVE PLAN

 

EFFECTIVE
AS OF AUGUST 8, 2019

 

SECTION
1. INTRODUCTION.

 

The
Company’s Board of Directors adopted the Cipherloc Corporation 2019 Stock Incentive Plan effective as of the Adoption Date
subject to obtaining Company stockholder approval as provided in Section 13 below. Awards granted under the Plan prior to the
Stockholder Approval Date may not be exercised or Shares released to any Participant until such stockholder approval is obtained.

 

The
purpose of the Plan is to promote the long-term success of the Company and the creation of stockholder value by offering Key Employees
an opportunity to acquire a proprietary interest in the success of the Company, or to increase such interest, and to encourage
such Key Employees to continue to provide services to the Company and to attract new individuals with outstanding qualifications.

 

The
Plan seeks to achieve this purpose by providing for Awards in the form of Options (which may constitute Incentive Stock Options
or Nonstatutory Stock Options) and/or Restricted Stock Grants.

 

Capitalized
terms shall have the meaning provided in Section 2 unless otherwise provided in this Plan or any related Stock Option Agreement
or Restricted Stock Grant Agreement.

 

SECTION 2. DEFINITIONS.
If a Participant’s employment agreement or Award Agreement
(or other written agreement executed by and between Participant and the Company) expressly includes defined terms that expressly
are different from and/or conflict with the defined terms contained in this Plan then the defined terms contained in the employment
agreement or Award Agreement (or other written agreement executed by and between Participant and the Company) shall govern and
shall supersede the definitions provided in this Plan.

 

(i)
“Adoption Date” means August 8 2019.

 

(ii)
“Affiliate” means any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own not
less than 50% of such entity.

 

(iii)
“Award” means any award of an Option or Restricted Stock Grant under the Plan.

 

(iv)
“Board” means the Board of Directors of the Company, as constituted from time to time.

 

(v)
“Call Equivalent Position” means the term “call equivalent position” as defined under Rule 16a-1(b)
of the Exchange Act.

 

    	 	-1-	 

    	 

    

 

(vi)
“Cashless Exercise” means, to the extent that a Stock Option Agreement so provides and as permitted by applicable
law and in accordance with any procedures established by the Committee, an arrangement whereby payment of some or all of the aggregate
Exercise Price may be made all or in part by delivery of an irrevocable direction to a securities broker to sell Shares and to
deliver all or part of the sale proceeds to the Company. Cashless Exercise may also be utilized to satisfy an Option’s tax
withholding obligations as provided in Section 12(b).

 

(vii)
“Cause” means, with respect to a Participant, the occurrence of any of the following: (i) a conviction of a
Participant for a felony crime or the failure of a Participant to contest prosecution for a felony crime, or (ii) a Participant’s
misconduct, fraud, disloyalty or dishonesty (as such terms may be defined by the Committee in its sole discretion), or (iii) any
unauthorized use or disclosure of confidential information or trade secrets by a Participant, or (iv) a Participant’s negligence,
malfeasance, breach of fiduciary duties, neglect of duties, or (v) any material violation by a Participant of a written Company
or Subsidiary or Affiliate policy or any material breach by a Participant of a written agreement with the Company or Subsidiary
or Affiliate, or (vi) any other act or omission by a Participant that, in the opinion of the Committee, could reasonably be expected
to adversely affect the Company’s or a Subsidiary’s or an Affiliate’s business, financial condition, prospects
and/or reputation. In each of the foregoing subclauses (i) through (vi), whether or not a “Cause” event has occurred
will be determined by the Committee in its sole discretion or, in the case of Participants who are directors or Officers or Section
16 Persons, the Board, each of whose determination shall be final, conclusive and binding. A Participant’s Service shall
be deemed to have terminated for Cause if, after the Participant’s Service has terminated, facts and circumstances are discovered
that would have justified a termination for Cause, including, without limitation, violation of material Company policies or breach
of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant.

 

(viii)
“Change in Control” means the occurrence of any of the following:

 

(i)
The consummation of an acquisition, a merger or consolidation of the Company with or into another entity or any other corporate
reorganization, if more than 50% of the combined voting power of the continuing or surviving entity’s securities outstanding
immediately after such acquisition, merger, consolidation or other reorganization is owned by persons who in the aggregate owned
less than 20% of the Company’s combined voting power represented by the Company’s outstanding securities immediately
prior to such acquisition, merger, consolidation or other reorganization;

 

(ii)
A sale of more than fifty percent (50%) of the outstanding shares of each class of capital stock of the Company to a person, entity
or group other than a person, entity or group affiliated with the Company; or

 

(iii)
The sale, transfer or other disposition of all or substantially all of the Company’s assets to a person, entity or group
other than a person, entity or group affiliated with the Company.

 

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A
transaction shall not constitute a Change in Control if: (i) its principal purpose is to change the state of the Company’s
incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held
the Company’s securities immediately before such transactions; or (ii) it is an equity financing primarily for capital raising
purposes. If the timing of payments provided under an Award Agreement is based on or triggered by a Change in Control then, to
extent necessary to avoid violating Code Section 409A, a Change in Control must also constitute a Change in Control Event.

 

(ix)
“Change in Control Event” has the meaning provided to such term under Code Section 409A and the applicable
regulations and guidance promulgated thereunder.

 

(x)
“Charter” means the Company’s Articles of Incorporation as may be amended from time to time.

 

(xi)
“Code” means the Internal Revenue Code of 1986, as amended, and the regulations and interpretations promulgated
thereunder.

 

(xii)
“Committee” means a committee consisting of members of the Board that is appointed by the Board (as described
in Section 3) to administer the Plan. If no Committee has been appointed, the full Board shall constitute the Committee.

 

(xiii)
“Common Stock” means the Company’s Common Stock, par value $0.001 per Share, (as defined in the
Charter and with the rights and obligations provided under the Charter) and any other securities into which such shares are changed,
for which such shares are exchanged or which may be issued in respect thereof.

 

(xiv)
“Company” means Cipherloc Corporation, a Texas corporation.

 

(xv)
“Consultant” means an individual (or entity) which performs bona fide services to the Company, a Parent, a
Subsidiary or an Affiliate other than as an Employee or Non-Employee Director.

 

(xvi)
“Disability” means that the Participant is classified as disabled under a long-term disability policy of the
Company or, if no such policy applies, the Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected
to last for a continuous period of not less than 12 months. The Disability of a Key Employee shall be determined solely by the
Committee on the basis of such medical evidence as the Committee deems warranted under the circumstances.

 

(xvii)
“Employee” means any individual who is a common-law employee of the Company, or of a Parent, or of a Subsidiary
or of an Affiliate.

 

(xviii)
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(xix)
“Exercise Price” means the amount for which a Share may be purchased upon exercise of an Option, as specified
in the applicable Stock Option Agreement.

 

(xx)
“Fair Market Value” means the market price of a Share, determined by the Committee as follows:

 

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(i)
If the Shares were traded on a stock exchange (such as the New York Stock Exchange, NYSE Amex, the NASDAQ Global Select Market,
NASDAQ Global Market or NASDAQ Capital Market) at the time of determination, then the Fair Market Value shall be equal to the
regular session closing price for such stock as reported by such exchange (or the exchange or market with the greatest volume
of trading in the Shares) on the date of determination, or if there were no sales on such date, on the last date preceding such
date on which a closing price was reported;

 

(ii)
If the Shares were traded on the OTC Bulletin Board at the time of determination, then the Fair Market Value shall be equal to
the last-sale price reported by the OTC Bulletin Board for such date, or if there were no sales on such date, on the last date
preceding such date on which a sale was reported; and

 

(iii)
If neither of the foregoing provisions is applicable, then the Fair Market Value shall be determined by the Committee in good
faith using a reasonable application of a reasonable valuation method as the Committee deems appropriate.

 

(iv)
Whenever possible, the determination of Fair Market Value by the Committee shall be based on the prices reported by the applicable
exchange or the OTC Bulletin Board, as applicable, or a nationally recognized publisher of stock prices or quotations (including
an electronic on-line publication). Such determination shall be conclusive and binding on all persons.

 

(xxi)
“Incentive Stock Option” or “ISO” means an incentive stock option described in Code section
422.

 

(xxii)
“Key Employee” means an Employee, Non-Employee Director or Consultant who has been selected by the Committee
to receive an Award under the Plan.

 

(xxiii)
“Net Exercise” means, to the extent that a Stock Option Agreement so provides and as permitted by applicable
law, an arrangement pursuant to which the number of Shares issued to the Optionee in connection with the Optionee’s exercise
of the Option will be reduced by the Company’s retention of a portion of such Shares. Upon such a net exercise of an Option,
the Optionee will receive a net number of Shares that is equal to (i) the number of Shares as to which the Option is being exercised
minus (ii) the quotient (rounded down to the nearest whole number) of the aggregate Exercise Price of the Shares being exercised
divided by the Fair Market Value of a Share on the Option exercise date. The number of Shares covered by clause (ii) will be retained
by the Company and not delivered to the Optionee. No fractional Shares will be created as a result of a Net Exercise and the Optionee
must contemporaneously pay for any portion of the aggregate Exercise Price that is not covered by the Shares retained by the Company
under clause (ii). The number of Shares delivered to the Optionee may be further reduced if Net Exercise is utilized under Section
12(b) to satisfy applicable tax withholding obligations.

 

(xxiv)
“Non-Employee Director” means a member of the Board who is not an Employee.

 

(xxv)
“Nonstatutory Stock Option” or “NSO” means a stock option that is not an ISO.

 

    	 	-4-	 

    	 

    

 

(xxvi)
“Officer” means an individual who is an officer of the Company within the meaning of Rule 16a-1(f) of the Exchange
Act.

 

(xxvii)
“Option” means an ISO or NSO granted under the Plan entitling the Optionee to purchase Shares under the Plan
as provided in Section 6.

 

(xxviii)
“Optionee” means an individual, estate or other entity that holds an Option.

 

(xxix)
“Parent” means any corporation (other than the Company) in an unbroken chain of corporations ending with the
Company, if each of the corporations other than the Company owns stock possessing fifty percent (50%) or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain. A corporation that attains the status of
a Parent on a date after the Adoption Date shall be considered a Parent commencing as of such date.

 

(xxx)
“Participant” means an individual or estate or other entity that holds an Award.

 

(xxxi)
“Plan” means this Cipherloc Corporation 2019 Stock Incentive Plan as it may be amended from time to time.

 

(xxxii)
“Put Equivalent Position” means the term “put equivalent position” as defined under Rule 16a-1(h)
of the Exchange Act.

 

(xxxiii)
“Re-Price” means that the Company has lowered or reduced the Exercise Price of outstanding Options for any
Participant(s) in a manner described by SEC Regulation S-K Item 402(d)(2)(viii) (or as described in any successor provision(s)
or definition(s)).

 

(xxxiv)
“Restricted Stock Grant” means Shares awarded under the Plan as provided in Section 8.

 

(xxxv)
“Restricted Stock Grant Agreement” means the agreement described in Section 8 evidencing each Award of a Restricted
Stock Grant.

 

(xxxvi)
“SEC” means the Securities and Exchange Commission.

 

(xxxvii)
“Section 16 Persons” means those Officers or directors or Non-Employee Directors or other persons who are subject
to Section 16 of the Exchange Act.

 

(xxxviii)
“Section 280G Approval” means the separate approval by stockholders owning more than 75% of the voting power
of all outstanding stock of the Company entitled to vote immediately before a Change in Control which approval shall be obtained
in compliance with the requirements of Code Section 280G(b)(5)(B), as amended, including any successor thereof, and the regulations
promulgated thereunder, as determined by the Committee in its sole discretion.

 

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

 

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(xl)
“Separation From Service” means a Participant’s separation from service with the Company within the meaning
of Code Section 409A.

 

(xli)
“Service” means service as an Employee, Non-Employee Director or Consultant. Service will be deemed terminated
as soon as the entity to which Service is being provided is no longer either (i) the Company, (ii) a Parent, (iii) a Subsidiary
or (iv) an Affiliate. The Committee determines when Service commences and when Service terminates. The Committee may determine
whether any Company transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed
to result in termination of Service for purposes of any affected Awards, and the Committee’s decision shall be final, conclusive
and binding.

 

(xlii)
“Share” means one share of Common Stock.

 

(xliii)
“Stock Option Agreement” means the agreement described in Section 6 evidencing each Award of an Option.

 

(xliv)
“Stockholder Approval Date” means the date that the Company’s stockholders approve this Plan.

 

(xlv)
“Stockholders Agreement” means any applicable agreement between the Company’s stockholders and/or investors
that provides certain rights and obligations for stockholders.

 

(xlvi)
“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning
with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.
A corporation that attains the status of a Subsidiary on a date after the Adoption Date shall be considered a Subsidiary commencing
as of such date.

 

(xlvii)
“Termination Date” means the date on which a Participant’s Service terminates as determined by the Committee.

 

(xlviii)
“10-Percent Shareholder” means an individual who owns more than ten percent (10%) of the total combined voting
power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries. In determining stock ownership,
the attribution rules of section 424(d) of the Code shall be applied.

 

SECTION
3. ADMINISTRATION

 

(i)
Committee Composition. A Committee appointed by the Board shall administer the Plan. The Board shall designate one of the
members of the Committee as chairperson. Members of the Committee shall serve for such period of time as the Board may determine
and shall be subject to removal by the Board at any time. The Board may also at any time terminate the functions of the Committee
and reassume all powers and authority previously delegated to the Committee.

 

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The
Committee shall consist either (i) solely of two or more individuals who satisfy the requirements of Rule 16b-3 (or its successor)
under the Exchange Act or (ii) of the full Board. The Board may also appoint one or more separate committees of the Board, each
composed of directors of the Company who need not qualify under Rule 16b-3, who may administer the Plan with respect to Key Employees
who are not Section 16 Persons, may grant Awards under the Plan to such Key Employees and may determine all terms of such Awards.
To the extent permitted by applicable law, the Board may also appoint a committee, composed of one or more officers of the Company,
that may authorize Awards to Employees (who are not Section 16 Persons) within parameters specified by the Board and consistent
with any limitations imposed by applicable law.

 

(ii)
Authority of the Committee. Subject to the provisions of the Plan, the Committee shall have full authority and discretion
to take any actions it deems necessary or advisable for the administration of the Plan. Such actions shall include without limitation:

 

(i)
selecting Key Employees who are to receive Awards under the Plan;

 

(ii)
determining the type, number, vesting requirements, performance conditions (if any) and their degree of satisfaction, and other
features and conditions of such Awards and amending such Awards;

 

(iii)
correcting any defect, supplying any omission, or reconciling or clarifying any inconsistency in the Plan or any Award agreement;

 

(iv)
accelerating the vesting, or extending the post-termination exercise term, or waiving restrictions, of Awards at any time and
under such terms and conditions as it deems appropriate;

 

(v)
Re-Pricing outstanding Options, without the approval of Company stockholders;

 

(vi)
interpreting the Plan and any Award agreements;

 

(vii)
making all other decisions relating to the operation of the Plan; and

 

(viii)
granting Awards to Key Employees who are foreign nationals on such terms and conditions different from those specified in the
Plan, which may be necessary or desirable to foster and promote achievement of the purposes of the Plan, and adopting such modifications,
procedures, and/or subplans (with any such subplans attached as appendices to the Plan) and the like as may be necessary or desirable
to comply with provisions of the laws or regulations of other countries or jurisdictions to ensure the viability of the benefits
from Awards granted to Participants employed in such countries or jurisdictions, or to meet the requirements that permit the Plan
to operate in a qualified or tax efficient manner, and/or comply with applicable foreign laws or regulations.

 

The
Committee may adopt such rules or guidelines, as it deems appropriate to implement the Plan. The Committee’s determinations
under the Plan shall be final, conclusive and binding on all persons. The Committee’s decisions and determinations need
not be uniform and may be made selectively among Participants in the Committee’s sole discretion. The Committee’s
decisions and determinations will be afforded the maximum deference provided by applicable law.

 

    	 	-7-	 

    	 

    

 

(iii)
Indemnification. To the maximum extent permitted by applicable law, each member of the Committee, or of the Board, or any
persons (including without limitation Employees and Officers) who are delegated by the Board or Committee to perform administrative
functions in connection with the Plan, shall be indemnified and held harmless by the Company against and from (i) any loss, cost,
liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim,
action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken
or failure to act under the Plan or any Award agreement, and (ii) from any and all amounts paid by him or her in settlement thereof,
with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding
against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same
before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not
be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Bylaws or
Charter, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold
them harmless.

 

SECTION
4. GENERAL

 

(i)
Eligibility. Only Employees, Non-Employee Directors and Consultants shall be eligible for designation as Key Employees
by the Committee.

 

(ii)
Incentive Stock Options. Only Key Employees who are common-law employees of the Company, a Parent or a Subsidiary shall
be eligible for the grant of ISOs. In addition, a Key Employee who is a 10-Percent Shareholder shall not be eligible for the grant
of an ISO unless the requirements set forth in section 422(c)(5) of the Code are satisfied. If and to the extent that any Shares
are issued under a portion of any Option that exceeds the $100,000 limitation of Section 422 of the Code, such Shares shall not
be treated as issued under an ISO notwithstanding any designation otherwise. Certain decisions, amendments, interpretations and
actions by the Committee and certain actions by a Participant may cause an Option to cease to qualify as an ISO pursuant to the
Code and by accepting an Option the Participant agrees in advance to such disqualifying action taken by either the Participant,
the Committee or the Company.

 

(iii)
Restrictions on Shares. Any Shares issued pursuant to an Award shall be subject to such Company policies, rights of repurchase,
rights of first refusal and other transfer restrictions as the Committee may determine. Such restrictions shall apply in addition
to any restrictions that may apply to holders of Shares generally and shall also comply to the extent necessary with applicable
law. In no event shall the Company be required to issue fractional Shares under this Plan.

 

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(iv)
Beneficiaries. A Participant may designate one or more beneficiaries with respect to an Award by timely filing the prescribed
form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at any time before
the Participant’s death. If no beneficiary was designated or if no designated beneficiary survives the Participant, then
after a Participant’s death any vested Award(s) shall be transferred or distributed to the Participant’s estate.

 

(v)
Performance Conditions. The Committee may, in its discretion, include performance conditions in any Award.

 

(vi)
Stockholder Rights. A Participant, or a transferee of a Participant, shall have no rights as a stockholder (including without
limitation voting rights or dividend or distribution rights) with respect to any Common Stock covered by an Award until such person
becomes entitled to receive such Common Stock, has satisfied any applicable withholding or tax obligations relating to the Award
and the Common Stock has been issued to the Participant. No adjustment shall be made for cash or stock dividends or other rights
for which the record date is prior to the date when such Common Stock is issued, except as expressly provided in Section 9. The
issuance of an Award may be subject to and conditioned upon the Participant’s agreement to become a party to a Stockholders
Agreement and be bound by its terms.

 

(vii)
Buyout of Awards. The Committee may at any time offer to buy out, for a payment in cash or cash equivalents (including
without limitation Shares issued at Fair Market Value that may or may not be issued under this Plan), an Award previously granted
based upon such terms and conditions as the Committee shall establish.

 

(viii)
Termination of Service. Unless the applicable Award agreement or employment agreement provides otherwise (and in such case,
the Award or employment agreement shall govern as to the consequences of a termination of Service for such Awards subject to Section
4(i)), the following rules shall govern the vesting, exercisability and term of outstanding Awards held by a Participant in the
event of termination of such Participant’s Service (in all cases subject to the term of the Option as applicable):

 

(i)
if the Service of a Participant is terminated for Cause, then all Options and unvested portions of Restricted Stock Grants shall
terminate and be forfeited immediately without consideration as of the Termination Date (except for repayment of any amounts the
Participant had paid to the Company to acquire unvested Shares underlying the forfeited Awards);

 

(ii)
if the Service of Participant is terminated due to the Participant’s death or Disability, then the vested portion of his/her
then-outstanding Options may be exercised by such Participant or his or her personal representative within six months after the
Termination Date and all unvested portions of any outstanding Awards shall be forfeited without consideration as of the Termination
Date (except for repayment of any amounts the Participant had paid to the Company to acquire unvested Shares underlying the forfeited
Awards); and

 

(iii)
if the Service of Participant is terminated for any reason other than for Cause or other than due to death or Disability, then
the vested portion of his/her then-outstanding Options may be exercised by such Participant within three months after the Termination
Date and all unvested portions of any outstanding Awards shall be forfeited without consideration as of the Termination Date (except
for repayment of any amounts the Participant had paid to the Company to acquire unvested Shares underlying the forfeited Awards).

 

    	 	-9-	 

    	 

    

 

(ix)
Suspension or Termination of Awards. To the extent provided in an Award Agreement, if at any time (including after a notice
of exercise has been delivered) the Committee (or the Board), reasonably believes that a Participant has committed an act of Cause
(which includes a failure to act), the Committee (or Board) may suspend the Participant’s right to exercise any Option (or
vesting of Restricted Stock Grants) pending a determination of whether there was in fact an act of Cause. To the extent provided
in an Award Agreement, if the Committee (or the Board) determines a Participant has committed an act of Cause, neither the Participant
nor his or her estate shall be entitled to exercise the outstanding Option whatsoever and the Participant’s outstanding
Awards shall then terminate without consideration. Any determination by the Committee (or the Board) with respect to the foregoing
shall be final, conclusive and binding on all interested parties.

 

(x)
Code Section 409A. Notwithstanding anything in the Plan to the contrary, the Plan and Awards granted hereunder are intended
to comply with the requirements of Code Section 409A and shall be interpreted in a manner consistent with such intention. In the
event that any provision of the Plan or an Award agreement is determined by the Committee to not comply with the applicable requirements
of Code Section 409A or the Treasury Regulations or other guidance issued thereunder, the Committee shall have the authority to
take such actions and to make such changes to the Plan or an Award Agreement as the Committee deems necessary to comply with such
requirements (including without limitation, after the date of an Award, increasing the Exercise Price to equal what was the Fair
Market Value on the date of Award). Each payment to a Participant made pursuant to this Plan shall be considered a separate payment
and not one of a series of payments for purposes of Code Section 409A. Notwithstanding the foregoing or anything elsewhere in
the Plan or an Award Agreement to the contrary, if upon a Participant’s Separation From Service he/she is then a “specified
employee” (as defined in Code Section 409A), then solely to the extent necessary to comply with Code Section 409A and avoid
the imposition of taxes under Code Section 409A, the Company shall defer payment of “nonqualified deferred compensation”
subject to Code Section 409A payable as a result of and within six (6) months following such Separation From Service under this
Plan until the earlier of (i) the first business day of the seventh month following the Participant’s Separation From Service,
or (ii) ten (10) days after the Company receives written confirmation of the Participant’s death. Any such delayed payments
shall be made without interest. While it is intended that all payments and benefits provided under this Plan will be exempt from
or comply with Code Section 409A, the Company makes no representation or covenant to ensure that the Awards and payments under
this Plan are exempt from or compliant with Code Section 409A. The Company will have no liability to any Participant or any other
party if a payment or benefit under this Plan or any Award is challenged by any taxing authority or is ultimately determined not
to be exempt or compliant. Each Participant further understands and agrees that each Participant will be entirely responsible
for any and all taxes on any benefits payable to the Participant as a result of this Plan or any Award. In no event whatsoever
shall the Company be liable for any additional tax, interest or penalties that may be imposed on a Participant by Code Section
409A or for any damages for failing to comply with Code Section 409A.

 

    	 	-10-	 

    	 

    

 

(xi)
Electronic Communications. Subject to compliance with applicable law and/or regulations, an Award agreement or other documentation
or notices relating to the Plan and/or Awards may be communicated to Participants by electronic media.

 

(xii)
Unfunded Plan. Insofar as it provides for Awards, the Plan shall be unfunded. Although bookkeeping accounts may be established
with respect to Participants who are granted Awards under this Plan, any such accounts will be used merely as a bookkeeping convenience.
The Company shall not be required to segregate any assets which may at any time be represented by Awards, nor shall this Plan
be construed as providing for such segregation, nor shall the Company or the Committee be deemed to be a trustee of stock or cash
to be awarded under the Plan.

 

(xiii)
Liability of Company Plan. The Company (or members of the Board or Committee) shall not be liable to a Participant or other
persons as to: (i) the non-issuance or sale of Shares as to which the Company has been unable to obtain from any regulatory body
having jurisdiction the authority deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any
Shares hereunder; and (ii) any unexpected or adverse tax consequence or any tax consequence expected, but not realized, by any
Participant or other person due to the grant, receipt, exercise or settlement of any Award granted under this Plan.

 

(xiv)
Reformation. In the event any provision of this Plan shall be held illegal or invalid for any reason, such provisions will
be reformed by the Board if possible and to the extent needed in order to be held legal and valid. If it is not possible to reform
the illegal or invalid provisions then the illegality or invalidity shall not affect the remaining parts of this Plan, and this
Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 

(xv)
Successor Provision. Any reference to a statute, rule or regulation, or to a section of a statute, rule or regulation,
is a reference to that statute, rule, regulation, or section as amended from time to time, both before and after the Adoption
Date and including any successor provisions.

 

(xvi)
Governing Law. This Plan, and (unless otherwise provided in the Award Agreement) all Awards, shall be construed in accordance
with and governed by the laws of the State of Texas, but without regard to its conflict of law provisions. The Committee may provide
that any dispute as to any Award shall be presented and determined in such forum as the Committee may specify, including through
binding arbitration. Unless otherwise provided in the Award Agreement, recipients of an Award under the Plan are deemed to submit
to the exclusive jurisdiction and venue of the federal or state courts of Texas to resolve any and all issues that may arise out
of or relate to the Plan or any related Award Agreement.

 

SECTION
5. SHARES SUBJECT TO PLAN AND SHARE LIMITS

 

(i)
Basic Limitations. The Common Stock issuable under the Plan shall be authorized but unissued Shares or treasury Shares.
Subject to adjustment as provided in Section 9, the maximum aggregate number of Shares that may be issued:

 

(i)
under the Plan shall not exceed 3,000,000 Shares (the “Share Limit”); and

 

    	 	-11-	 

    	 

    

 

(ii)
pursuant to the exercise of ISOs granted under this Plan shall not exceed 3,000,000 Shares (the “ISO Limit”).

 

(ii)
Share Utilization. If Awards are forfeited or are terminated for any reason (including the Company’s repurchase of
unvested Shares from either an Option that was early exercised or from a Restricted Stock Grant), then the forfeited/terminated/repurchased
Shares underlying such Awards shall not be counted toward the Share Limit. If a Participant pays the Exercise Price by Net Exercise
or by surrendering previously owned Shares (or by stock attestation) and/or, as permitted by the Committee, pays any withholding
tax obligation with respect to an Award by Net Exercise or by electing to have Shares withheld or surrendering previously owned
Shares (or by stock attestation), the surrendered Shares and the Shares withheld to pay taxes shall not be counted toward the
Share Limit. Any Shares that are delivered and any Awards that are granted by, or become obligations of, the Company, as a result
of the assumption by the Company of, or in substitution for, outstanding awards previously granted by another entity (as provided
in Sections 6(e) or 8(e)) shall not be counted toward the Share Limit or ISO Limit.

 

(iii)
Dividend Equivalents. Any dividend equivalents distributed under the Plan shall not be counted against the Share Limit.

 

SECTION
6. TERMS AND CONDITIONS OF OPTIONS

 

(i)
Stock Option Agreement. Each Award of an Option under the Plan shall be evidenced by a Stock Option Agreement between the
Optionee and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to
any other terms and conditions that are not inconsistent with the Plan (including without limitation any performance conditions).
The provisions of the various Stock Option Agreements entered into under the Plan need not be identical. The Stock Option Agreement
shall also specify whether the Option is an ISO and if not specified then the Option shall be an NSO.

 

(ii)
Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to the Option and shall
provide for the adjustment of such number in accordance with Section 9.

 

(iii)
Exercise Price. An Option’s Exercise Price shall be established by the Committee and set forth in a Stock Option
Agreement. Except with respect to outstanding stock options being assumed or Options being granted in exchange for cancellation
of options granted by another issuer as provided under Section 6(e), the Exercise Price of an Option shall not be less than 100%
of the Fair Market Value (110% for 10-Percent Shareholders in the case of ISOs) of a Share on the date of Award.

 

(iv)
Exercisability and Term. Each Stock Option Agreement shall specify the date when all or any installment of the Option is
to become vested and/or exercisable. The Stock Option Agreement shall also specify the term of the Option; provided, however that
the term of an Option shall in no event exceed ten (10) years from the date of Award. An ISO that is granted to a 10-Percent Shareholder
shall have a maximum term of five (5) years. No Option can be exercised after the expiration date specified in the applicable
Stock Option Agreement. A Stock Option Agreement may provide for accelerated exercisability in the event of the Optionee’s
death, Disability or retirement or other events. A Stock Option Agreement may permit an Optionee to exercise an Option before
it is vested (an “early exercise”), subject to the Company’s right of repurchase at the original
Exercise Price of any Shares acquired under the unvested portion of the Option which right of repurchase shall lapse at the same
rate the Option would have vested had there been no early exercise. In no event shall the Company be required to issue fractional
Shares upon the exercise of an Option and the Committee may specify a minimum number of Shares that must be purchased in any one
Option exercise.

 

    	 	-12-	 

    	 

    

 

(v)
Modifications or Assumption of Options. Within the limitations of the Plan, the Committee may modify, extend or assume
outstanding Options or may accept the cancellation of outstanding stock options (whether granted by the Company or by another
issuer) in return for the grant of new Options for the same or a different number of Shares and at the same or a different Exercise
Price. For the avoidance of doubt, the Committee may in its discretion Re-Price outstanding Options provided, however, that the
new Exercise Price of a Re-Priced Option shall not be less than the Fair Market Value on the date of the Re-Pricing. No modification
of an Option shall, without the consent of the Optionee, impair his or her rights or increase his or her obligations under such
Option.

 

(vi)
Assignment or Transfer of Options. Except as otherwise provided in the applicable Stock Option Agreement and then only
to the extent permitted by applicable law, no Option shall be transferable by the Optionee other than by will or by the laws of
descent and distribution. Except as otherwise provided in the applicable Stock Option Agreement, an Option may be exercised during
the lifetime of the Optionee only by Optionee or by the guardian or legal representative of the Optionee. Except as otherwise
provided in the applicable Stock Option Agreement, no Option or interest therein may be subject to a short position or a Call
Equivalent Position or Put Equivalent Position, nor may any Option or interest therein be gifted, transferred, assigned, alienated,
pledged, hypothecated, attached, sold, or encumbered by the Optionee during his/her lifetime, whether by operation of law or otherwise,
or be made subject to execution, attachment or similar process.

 

(vii)
Additional Disclosure. Solely to the extent that the Company is relying on the exemption from registration under Section
12(g) of the Exchange Act, as provided by Rule 12h-1(f) of the Exchange Act, the Company shall provide (or make available to)
Optionees with the additional disclosures required by Rule 12h-1(f)(1)(vi) of the Exchange Act. As a condition to receiving these
additional disclosures, an Optionee shall agree in writing to keep the information provided in these additional disclosures confidential.
If an Optionee does not agree in writing to keep this information confidential, then the Company shall not be required to provide
the additional disclosures required by this Section 6(g).

 

    	 	-13-	 

    	 

    

 

SECTION
7. PAYMENT FOR OPTION SHARES

 

(i)
General Rule. The entire Exercise Price of Shares issued upon exercise of Options shall be payable in cash (or check) at
the time when such Shares are purchased by the Optionee, except as follows and if so provided for in an applicable Stock Option
Agreement:

 

(i)
In the case of an ISO granted under the Plan, payment shall be made only pursuant to the express provisions of the applicable
Stock Option Agreement. The Stock Option Agreement may specify that payment may be made in any form(s) described in this Section
7.

 

(ii)
In the case of an NSO granted under the Plan, the Committee may in its discretion, at any time accept payment in any form(s) described
in this Section 7.

 

(ii)
Surrender of Stock. To the extent that the Committee makes this Section 7(b) applicable to an Option in a Stock Option
Agreement, payment for all or any part of the Exercise Price may be made with Shares which have already been owned by the Optionee
for such duration as shall be specified by the Committee. Such Shares shall be valued at their Fair Market Value on the date when
the new Shares are purchased under the Plan.

 

(iii)
Cashless Exercise. To the extent that the Committee makes this Section 7(c) applicable to an Option in a Stock Option Agreement,
payment for all or a part of the Exercise Price may be made through Cashless Exercise.

 

(iv)
Net Exercise. To the extent that the Committee makes this Section 7(d) applicable to an Option in a Stock Option Agreement,
payment for all or a part of the Exercise Price may be made through Net Exercise.

 

(v)
Other Forms of Payment. To the extent that the Committee makes this Section 7(e) applicable to an Option in a Stock Option
Agreement, payment may be made in any other form that is consistent with applicable laws, regulations and rules and approved by
the Committee.

 

SECTION
8. TERMS AND CONDITIONS FOR RESTRICTED STOCK GRANTS

 

(i)
Restricted Stock Grant Agreement. Each Restricted Stock Grant awarded under the Plan shall be evidenced by a Restricted
Stock Grant Agreement between the Participant and the Company. Each Restricted Stock Grant shall be subject to all applicable
terms and conditions of the Plan and may be subject to any other terms and conditions that are not inconsistent with the Plan
(including without limitation any performance conditions). The provisions of the Restricted Stock Grant Agreements entered into
under the Plan need not be identical.

 

(ii)
Number of Shares and Payment. Each Restricted Stock Grant Agreement shall specify the number of Shares to which the Restricted
Stock Grant pertains and is subject to adjustment of such number in accordance with Section 9. Restricted Stock Grants may be
issued with or without cash consideration under the Plan.

 

(iii)
Vesting Conditions. Each Restricted Stock Grant may or may not be subject to vesting. Vesting shall occur, in full or in
installments, upon satisfaction of the conditions specified in the Restricted Stock Grant Agreement. A Restricted Stock Grant
Agreement may provide for accelerated vesting in the event of the Participant’s death, or Disability or other events.

 

    	 	-14-	 

    	 

    

 

(iv)
Voting and Dividend Rights. The holder of a Restricted Stock Grant (irrespective of whether the Shares subject to the Restricted
Stock Grant are vested or unvested) awarded under the Plan shall have the same voting, dividend and other rights as other holders
of Common Stock. However, any dividends received on Shares that are unvested (whether such dividends are in the form of cash or
Shares) may be subject to the same vesting conditions and restrictions as the Restricted Stock Grant with respect to which the
dividends were paid. Such additional Shares issued as dividends that are subject to the Restricted Stock Grant shall not reduce
the number of Shares available for issuance under Section 5.

 

(v)
Modification or Assumption of Restricted Stock Grants. Within the limitations of the Plan, the Committee may modify or
assume outstanding Restricted Stock Grants or may accept the cancellation of outstanding Restricted Stock Grants (including stock
granted by another issuer) in return for the grant of new Restricted Stock Grants for the same or a different number of Shares.
No modification of a Restricted Stock Grant shall, without the consent of the Participant, impair his or her rights or increase
his or her obligations under such Restricted Stock Grant.

 

(vi)
Assignment or Transfer of Restricted Stock Grants. Except as provided in Section 12, or in a Restricted Stock Grant Agreement,
or as required by applicable law, a Restricted Stock Grant awarded under the Plan shall not be anticipated, assigned, attached,
garnished, optioned, transferred or made subject to any creditor’s process, whether voluntarily, involuntarily or by operation
of law. Any act in violation of this Section 8(f) shall be void. However, this Section 8(f) shall not preclude a Participant from
designating a beneficiary pursuant to Section 4(d) nor shall it preclude a transfer of Restricted Stock Grant Awards by will or
pursuant to Section 4(d).

 

SECTION
9. ADJUSTMENTS

 

(i)
Adjustments. In the event of a subdivision of the outstanding Shares, a declaration of a dividend payable in Shares, a
declaration of a dividend payable in a form other than Shares in an amount that has a material effect on the price of Shares,
a combination or consolidation of the outstanding Shares (by reclassification or otherwise) into a lesser number of Shares, a
stock split, a reverse stock split, a reclassification or other distribution of the Shares without the receipt of consideration
by the Company, of or on the Common Stock, a recapitalization, a combination, a spin-off or a similar occurrence, the Committee
shall make equitable and proportionate adjustments to:

 

(i)
the Share Limit and ISO Limit specified in Section 5(a);

 

(ii)
the number and kind of securities available for Awards (and which can be issued as ISOs) under Section 5;

 

(iii)
the number and kind of securities covered by each outstanding Award;

 

(iv)
the Exercise Price under each outstanding Option; and

 

(v)
the number and kind of outstanding securities issued under the Plan.

 

    	 	-15-	 

    	 

    

 

(ii)
Participant Rights. Except as provided in this Section 9, a Participant shall have no rights by reason of any issue by
the Company of stock of any class or securities convertible into stock of any class, any subdivision or consolidation of shares
of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of
any class. If by reason of an adjustment pursuant to this Section 9, a Participant’s Award covers additional or different
shares of stock or securities, then such additional or different shares and the Award in respect thereof shall be subject to all
of the terms, conditions and restrictions which were applicable to the Award and the Shares subject to the Award prior to such
adjustment.

 

(iii)
Fractional Shares. Any adjustment of Shares pursuant to this Section 9 shall be rounded down to the nearest whole number
of Shares. Under no circumstances shall the Company be required to authorize or issue fractional shares. To the extent permitted
by applicable law, no consideration shall be provided as a result of any fractional shares not being issued or authorized.

 

SECTION
10. EFFECT OF A CHANGE IN CONTROL

 

(i)
Merger or Reorganization. In the event that there is a Change in Control and/or the Company is a party to a merger or acquisition
or reorganization or Change in Control Event or similar transaction, outstanding Awards shall be subject to the merger agreement
or other applicable transaction agreement. Such agreement may provide, without limitation, that subject to the consummation of
the applicable transaction, for the assumption (or substitution) of outstanding Awards by the surviving corporation or its parent,
for their continuation by the Company (if the Company is a surviving corporation), for accelerated vesting or for their cancellation
with or without consideration, or for the mandatory exercise or conversion of Awards into Shares and/or cash whether by Net Exercise
or otherwise, in all cases without the consent of the Participant.

 

(ii)
Acceleration of Vesting. In the event that a Change in Control occurs and there is no assumption, substitution or continuation
of Awards pursuant to Section 10(a), the Committee in its discretion may provide that all Awards shall vest and become exercisable
as of immediately before such Change in Control. For avoidance of doubt, “substitution” includes, without limitation,
an Award being replaced by a cash award that provides an equivalent intrinsic value (wherein intrinsic value equals the difference
between the market value of a share and any exercise price). The Committee may also in its discretion include in an Award agreement
a requirement that unless Section 280G Approval has been obtained, no acceleration of vesting shall occur with respect to an Award
to the extent that such acceleration would, after taking into account any other payments in the nature of compensation to which
the Participant would have a right to receive from the Company and any other person contingent upon the occurrence of such Change
in Control, result in a “parachute payment” as defined under Code Section 280G.

 

    	 	-16-	 

    	 

    

 

SECTION
11. LIMITATIONS ON RIGHTS

 

(i)
Retention Rights. Neither the Plan nor any Award granted under the Plan shall be deemed to give any individual a right
to remain in Service as an Employee, Consultant, or Non-Employee Director of the Company, a Parent, a Subsidiary or an Affiliate
or to receive any future Awards under the Plan. The Company and its Parents and Subsidiaries and Affiliates reserve the right
to terminate the Service of any person at any time, and for any reason, subject to applicable laws, the Company’s Bylaws
and Charter and a written employment agreement (if any).

 

(ii)
Regulatory Requirements. Any other provision of the Plan notwithstanding, the obligation of the Company to issue Shares
or other securities under the Plan shall be subject to all applicable laws, rules and regulations and such approval by any regulatory
body as may be required. The Company reserves the right to restrict, in whole or in part, the delivery of Shares or other securities
pursuant to any Award prior to the satisfaction of all legal requirements relating to the issuance of such Shares or other securities,
to their registration, qualification or listing or to an exemption from registration, qualification or listing.

 

(iii)
Dissolution. To the extent not previously exercised or settled, all Options and unvested Restricted Stock Grants shall
terminate immediately prior to the dissolution or liquidation of the Company and shall be forfeited to the Company without consideration
(except for repayment of any amounts a Participant had paid to the Company to acquire unvested Shares underlying the forfeited
Awards).

 

(iv)
Clawback Policy. The Company may (i) cause the cancellation of any Award, (ii) require reimbursement of any Award by a
Participant and (iii) effect any other right of recoupment of equity or other compensation provided under this Plan or otherwise
in accordance with Company policies and/or applicable law (each, a “Clawback Policy”). In addition,
a Participant may be required to repay to the Company certain previously paid compensation, whether provided under this Plan or
an Award Agreement or otherwise, in accordance with the Clawback Policy.

 

SECTION
12. WITHHOLDING TAXES

 

(i)
General. A Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax
obligations that arise in connection with his or her Award. The Company shall not be required to issue any Shares or make any
cash payment under the Plan until such obligations are satisfied and the Company shall, to the extent permitted by law, have the
right to deduct any such taxes from any payment of any kind otherwise due to the Participant.

 

(ii)
Share Withholding. The Committee in its discretion may permit or require a Participant to satisfy all or part of his or
her withholding tax obligations by having the Company withhold all or a portion of any Shares that otherwise would be issued to
him or her or by surrendering all or a portion of any Shares that he or she previously acquired (or by stock attestation). Such
Shares shall be valued based on the value of the actual trade or, if there is none, the Fair Market Value as of the previous day.
Any payment of taxes by assigning Shares to the Company may be subject to restrictions, including, but not limited to, any restrictions
required by rules of the SEC. The Committee may also, in its discretion, permit or require a Participant to satisfy withholding
tax obligations related to an Award through a sale of Shares underlying the Award or, in the case of Options, through Net Exercise
or Cashless Exercise. The number of Shares that are withheld from an Award pursuant to this section may also be limited by the
Committee, to the extent necessary, to avoid liability-classification of the Award (or other adverse accounting treatment) under
applicable financial accounting rules including without limitation by requiring that no amount may be withheld which is in excess
of minimum statutory withholding rates. The Committee, in its discretion, may permit other forms of payment of applicable tax
withholding.

 

    	 	-17-	 

    	 

    

 

SECTION
13. DURATION AND AMENDMENTS.

 

(i)
Term of the Plan. The Plan, as set forth herein, is effective on the Adoption Date provided, however, that the Plan is
subject to the approval of the Company’s stockholders within one year of the Adoption Date. If the Stockholder Approval
Date does not occur before the first anniversary of the Adoption Date, then the Plan shall terminate as of the first anniversary
of the Adoption Date and any Awards granted under the Plan shall also immediately terminate without consideration to any Award
holder. If the stockholders timely approve the Plan, then the Plan shall terminate on the day before the tenth anniversary of
the Adoption Date and may be terminated on any earlier date pursuant to this Section 13. This Plan will not in any way affect
outstanding awards that were issued under any other Company equity compensation plans.

 

(ii)
Right to Amend or Terminate the Plan. The Board may amend or terminate the Plan at any time and for any reason. No Awards
shall be granted under the Plan after the Plan’s termination. An amendment of the Plan shall be subject to the approval
of the Company’s stockholders only to the extent required by applicable laws, regulations or rules. In addition, no such
amendment or termination (or amendment of an executed Award Agreement) shall be made which would materially impair the rights
of any Participant, without such Participant’s written consent, under any then-outstanding Award. In the event of any conflict
in terms between the Plan and any Award agreement, the terms of the Plan shall prevail and govern.

 

SECTION
14. EXECUTION

 

To
record the adoption of the Plan by the Board, the Company has caused its duly authorized Officer to execute this Plan on behalf
of the Company.

 

	 	CIPHERLOC CORPORATION
	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	Chief Executive Officer

 

    	 	-18-EX-10.1

Table of Contents

 Exhibit 10.1 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY 

[***], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE 

COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED. 

EXCLUSIVE START-UP LICENSE AGREEMENT 

BETWEEN 
 NEOLEUKIN
THERAPEUTICS, INC. 
 AND 

UNIVERSITY OF WASHINGTON 

FOR 
 (I) DE NOVO DESIGN
OF CYTOKINE MIMICS, 
 (II) [***] NEOLEUKIN-2/15 VARIANTS FOR [***] AND TARGETED IL-2 RECEPTOR BINDING, 

and 
 (III) DE NOVO IL-2
ANTAGONIST 
 UW COMOTION AGREEMENT 44544A 

Table of Contents

 TABLE OF CONTENTS 

 

					
		
	 BACKGROUND
	  	 	1	 
		
	 1. DEFINITIONS
	  	 	1	 
		
	 2. LICENSE GRANT
	  	 	5	 
		
	 3. RIGHTS OF UNIVERSITY; LIMITATIONS
	  	 	8	 
		
	 4. APPLICATIONS AND PATENTS.
	  	 	8	 
		
	 5. COMMERCIALIZATION
	  	 	9	 
		
	 6. PAYMENTS, REIMBURSEMENTS, REPORTS, AND RECORDS.
	  	 	10	 
		
	 7. INFRINGEMENT
	  	 	12	 
		
	 8. LICENSED RIGHTS VALIDITY
	  	 	13	 
		
	 9. TERMINATION
	  	 	14	 
		
	 10. RELEASE, INDEMNIFICATION, AND INSURANCE.
	  	 	16	 
		
	 11. WARRANTIES
	  	 	17	 
		
	 12. DAMAGES
	  	 	18	 
		
	 13. GENERAL PROVISIONS
	  	 	19	 
		
	 EXHIBIT A
	  	 	25	 
		
	 EXHIBIT B
	  	 	31	 
		
	 EXHIBIT C
	  	 	32	 

Table of Contents

 CONFIDENTIAL 

 

 EXCLUSIVE START-UP LICENSE AGREEMENT 

This Exclusive License Agreement (this “Agreement”), effective as of the date of last signature (the “Effective
Date”), is made and entered into between the University of Washington, a public institution of higher education and an agency of the state of Washington, (“University”), and Neoleukin Therapeutics, Inc., a corporation
organized under the laws of the state of Delaware (“Company”). 
 BACKGROUND 

A.    Certain innovations relating to the de novo design of cytokine mimics (University reference number 48337; Stanford
University reference S18-238) were collaboratively made in (i) the University laboratory of Dr. David Baker (“Principal Investigator”), a University faculty member in the Department
of Biochemistry and an employee of the Howard Hughes Medical Institute (“HHMI”), and (ii) in the Stanford University laboratory of Dr. Chris Garcia, a Stanford University faculty member in the Department of Molecular and
Cellular Physiology (at Stanford University) and an employee of HHMI. In addition, certain innovations relating to [***] neoleukin-2/15 variants for [***] and targeted
IL-2 receptor binding (University reference number 48351) and de novo IL-2 antagonist (University reference number 48465) were made in the University laboratory of
Dr. David Baker. 
 B.    HHMI assigned its rights in such innovations (such rights via Dr. Baker) to
University and its rights in such innovations (such rights via Dr. Garcia) to Stanford University, each assignment subject to the HHMI License (as defined herein). University and Stanford University thus
co-own certain intellectual property rights in such innovations (University reference number 48337; Stanford University reference S18-238) , as listed in Exhibit A “Start-Up License Schedule” to this Agreement. University and Stanford University have executed an interinstitutional agreement (“IIA”), dated August 14, 2018, that authorizes
University to assume sole responsibility for both the patent prosecution and licensing of co-owned patent applications. University has shared a copy of the IIA with Company under the confidentiality terms of
the Option (as defined in Section 13.21). In addition, University solely owns certain intellectual property rights in innovations made in the course of University research relating to [***] neoleukin-2/15
variants for [***] and targeted IL-2 receptor binding (University reference number 48351) and de novo IL-2 antagonist (University reference number 48465), as listed in
Exhibit A “Start-Up License Schedule” to this Agreement. Thus, University has the right to license to others certain rights to use and practice such intellectual property. University is willing to
grant those rights so that such innovations may be developed for use in the public interest. 
 C.    Company desires
that University grant it an exclusive license under such intellectual property rights, and University is willing to grant such a license, on the terms set forth in this Agreement. 

AGREEMENT 
 The Parties
agree as follows: 
 1.    DEFINITIONS 

“Acquisition” means (a) the sale by Company of all, or substantially all of, its assets in a transaction to a Third Party
at arm’s length, (b) the sale, transfer, or exchange by the shareholders, partners, or equity owners of Company of a majority interest in Company’s outstanding stock in an arm’s length transaction to a Third Party, or
(c) the merger of Company with a Third Party at arm’s length; provided, however, that in no event will any bona fide equity financing for the primary purpose of raising capital for corporate purposes be considered an Acquisition under this
Agreement. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 1 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 “Acquisition Consideration” means all consideration received by Company for
the first Acquisition to occur after the Effective Date (but does not include any consideration received for any subsequent Acquisition). 

“Combination Product” means a product or service sold in a form containing a Licensed Product and at least one other product,
service, component, or ingredient which could be sold separate and apart from the Licensed Product and which is not required for the function of the Licensed Product (each, a “Combination Product”). For clarity, the combination of a
Licensed Product and the other product, service, component or ingredient may have an additive, synergistic or enhanced effect or response (i.e. above and beyond that of each individual component, but not required for function however) and that
additive, synergistic or enhanced effect or response will not be considered “required for the function” in the foregoing, such that the product or service will still be a Combination Product. 

“Confidential Information” means any information or materials of a Party not generally known to the public, including any
information comprised of those materials and Company’s business plans or reports. Confidential Information does not include any information that: (a) is, or becomes, part of the public domain through no fault of receiving Party;
(b) is known to receiving Party prior to the disclosure by the disclosing Party, as evidenced by documentation; (c) is publicly released as authorized under this Agreement by University, its employees or agents; (d) is subsequently
obtained by a Party from a Third Party who is authorized to have such information; or (e) is independently developed by a Party without reliance on any portion of the Confidential Information received from the disclosing Party and without any
breach of this Agreement as evidenced by documentation. 
 “Distributor” means a distributor, reseller or OEM to which
Company or any of its Sublicensees (each a “Licensed Party”) sells a Licensed Product for resale of Licensed Product by the Distributor, and where Distributor has no other rights with respect to the Licensed Rights other than to
resell or otherwise distribute Licensed Products (including but not limited to integrated or bundled with other products or services), and for which resale or distribution Company and Sublicensees receive no further consideration (including but not
limited to royalties and/or commissions) beyond the price for the initial sale of Licensed Product to the Distributor. 
 “Event of
Force Majeure” means an unforeseeable act that prevents or delays a Party from performing one or more of its duties under this Agreement and that is outside of the reasonable control of the affected Party. An Event of Force Majeure includes
acts of war or of nature, insurrection and riot, and labor strikes. An Event of Force Majeure does not include a Party’s inability to obtain a Third Party’s consent to any act or omission, unless the inability was caused by a separate
Event of Force Majeure. 
 “Fair Market Value” means the average price at which the stock in question is publicly trading
for twenty (20) days prior to the announcement of its purchase by the Sublicensee(s), or, if the stock is not publicly traded, the value of such stock as determined in good faith by the board of directors of Company or Sublicensee. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 2 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 “Field of Use” means all fields of use. 

“Fully-Diluted Shares” means the total number of Shares issued and outstanding or reserved for issuance, in each case
assuming the exercise or conversion of all securities convertible into Shares.  
 “Licensed Know-How” means University knowledge or intangible work that: (a) was developed in the laboratory of Principal Investigator, (b) exists as of the Effective Date, (c) is relevant to utilizing
any of the Licensed Patents, (d) is unpublished or otherwise not publicly disclosed, (e) is not subject to patent or copyright protection, and (f) is not covered by Third Party rights that would prevent delivery to Company. 

“Licensed Patents” means (a) the patents and patent applications listed in Exhibit A1.1 (Licensed Patents), (b) all
patent cooperation treaty (PCT), divisions, continuations, and claims in continuations-in-part that are entitled to claim priority to, or that share a common priority
claim with, and are directed to subject matter specifically described in any item listed on Exhibit A1.1 “Licensed Patents”; (c) any patents that issue from patent applications in clauses (a) and (b), (d) extensions,
renewals, substitutes, re-examinations and re-issues of any of the items in (a) or (b) or (c); and (e) foreign counterparts of any of the items in (a), (b), (c) or
(d) wherever and whenever filed. 
 “Licensed Product” means any method, process, composition, product, service, or
component part thereof that (a) would, but for the granting of the rights set forth in this Agreement, infringe a Valid Claim contained in the Licensed Patents and/or (b) uses or incorporates the Licensed
Know-How. 
 “Licensed Rights” means all rights granted to Company under Article 2
“License Grant” of this Agreement. 
 “Net Sales” means the gross invoiced amount (or otherwise received) by
Company or Sublicensee from Distributors, customers, end users and other Third Parties for sales, leases, and other dispositions of Licensed Products, less (a) all trade, quantity, and cash discounts and refunds actually allowed, including
administrative fees and inventory management fees actually paid to, or on behalf of customers with respect to Licensed Products (including those granted to managed-care entities and government agencies as well as entities that manage patient drug
benefits), (b) all credits and allowances actually granted due to rejections, returns, recalls, rebates, charge backs, volume discounts, billing errors, retroactive price reductions, (c) tariffs, duties and similar governmental charges,
including Health Care Reform taxes and similar payments imposed by regulatory authorities or other governmental entities, (d) excise, sale and use taxes, and equivalent taxes to the extent not reimbursable, (e) freight, transport, packing,
handling, and insurance charges associated with transportation, but only if separately stated on the same invoice as for the sale, lease or other disposition of the Licensed Product, and (f) an allowance for uncollectible or bad debts
determined in accordance with accepted accounting principles, standards and procedures (“GAAP”) or International Financial Reporting Standards (“IFRS”) consistently applied across all products sold by Company,
provided Company shall provide documentation upon University’s request that the allowance accurately represents the level of uncollectible or bad debt. On sales of Licensed Products by made in other than an arm’s length transaction, the
value of the Net Sales attributed to such transaction will be equal to the Net Sales that which would have been received in an arm’s length transaction, based on sales of like quantity and quality of Licensed Products sold on or about the time
of the transaction. Net Sales does not include sale, lease, disposition or other transfer of Licensed Products among or between Company, Subsidiaries and Sublicensees for the purpose of subsequent resale to a Third Party, but does include subsequent
resale to such Third Party. For avoidance of doubt Net Sales are calculated on sales by Company or Sublicensee to Distributor, and not on the subsequent sale by Distributor. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 3 of 38	 

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 CONFIDENTIAL 

 

 Notwithstanding the foregoing, in the event that a Licensed Product is sold as part of a
Combination Product, Combination Products will be calculated by multiplying actual Net Sales of such Combination Products by the fraction A/(A+B), where “A” is the Net Sales price of the Licensed Product if sold or performed separately,
and “B” is the Net Sales price of the other product, component or ingredient or service in the Combination Product if sold separately. If, on a
country-by-country basis, the other product, component or ingredient or service in the Combination Product is not sold separately in said country, Net Sales for the
purpose of determining running royalties of the Combination Product shall be calculated by multiplying actual Net Sales of the Combination Product by the fraction A/C where “A” is the Net Sales price of the Licensed Product, if sold
separately, and “C” is the Net Sales price of the Combination Product. If, on a country-by-country basis, neither the Licensed Product, nor the other product,
component or ingredient or service in the Combination Product, is sold separately in said country, Net Sales for the purpose of determining running royalties of the Combination Product shall be determined in good faith by the Parties. A Combination
Product may include a Licensed Product and any separate product, component or ingredient or service developed by or in-licensed by Licensee from a third party provided it is a Combination Product as defined in
this Agreement. 
 “Parties” means University and Company and “Party” means either University or Company.

 “Patent Expenses” means all reasonable costs (including attorneys’ and application fees) incurred by University in
accordance with this Agreement to apply for, prosecute and maintain Licensed Patents, including but not limited to the costs of interferences, oppositions, inter partes review and re-examinations. Patent
Expenses include reimbursement for in-house costs provided they are for activities that would otherwise have been performed by outside counsel at an equal or greater expense. 

“Performance Milestone” means any of the milestones described in Section A2 “Performance Milestones”
of attached Exhibit A “Start-Up License Schedule”. 
 “Performance Milestone
Date” means the date by which a Performance Milestone is to be achieved as set forth in Section A2 “Performance Milestones” of attached Exhibit A “Start-Up License Schedule”, as
such date may be extended pursuant to Section 5.1 “Performance Milestones” or as otherwise agreed upon by the Parties. 

“Permitted Sublicense” means any arm’s length agreement with a Third Party manufacturer or contract
researcher/developer with whom a Licensed Party contracts for manufacture, research or development of Licensed Products on Licensed Party’s behalf, and where such Third Party has no other rights with respect to the Licensed Rights other than to
manufacture, research or develop on behalf of Licensed Party. 
 “Permitted Sublicensee” means a Third Party holding
a Permitted Sublicense. 
 “Qualified Financing” means one or more offerings of equity securities (whether common or
preferred stock, options, warrants or notes convertible into common stock) issued for cash (or cash equivalents), the aggregate proceeds of which equals or exceeds the Qualified Offering Proceeds; provided that a Qualified Financing refers solely to
the first offering (or offerings) in which the Company raises the Qualified Offering Proceeds. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 4 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 “Qualified Offering Proceeds” means [***] US dollars ($[***]). 

“Sales Report” means a report in substantially the form set forth in Exhibit B “Royalty Report Form”. 

“Shares” means shares of the Company’s common stock. 

“Sublicense” means the grant by Company or a Sublicensee to a Third Party of any license, option, first right to negotiate,
or other right granted under the Licensed Rights, in whole or in part. The grant of the right to resell to a Distributor and the grant of a license or other right to use a Licensed Product to an end-user,
where the end user has no other rights with respect to the Licensed Rights other than to be an end user of the Licensed Product, will not be a Sublicense and will be treated under Net Sales. 

“Sublicensee” means a Third Party holding a Sublicense under the Licensed Rights. 

“Sublicense Consideration” means all consideration, but excluding royalties on Net Sales, received by Company from each
Sublicensee for the grant of a Sublicense. For avoidance of doubt, consideration paid to Company by Sublicensees for the following shall not be deemed Sublicense Consideration: (a) documented bona fide performance of Licensed Product
development work, research work, clinical studies and regulatory approvals performed (including such work, studies, and approvals done in a collaboration) by Company and for clarity such development work, research work, clinical studies and
regulatory approvals may be done by Company independently from the applicable Sublicensee provided that it is being conducted for a Licensed Product, (b) for bona fide debt financing, other than conditional equity, warrants, and convertible
debt, or bona fide loans made to Company by a Sublicensee, (c) investments in the Company at Fair Market Value, and/or (d) contractually required reimbursement of payment amounts otherwise due under this Agreement from Company to
University for Patent Expenses pursuant to Section A3.8 “Patent Expense Payment”, and (e) to the extent a milestone under Section A3.4 “Financial Milestones” of this Agreement is met by the Sublicensee, any pass-through
payment to Company that ultimately comes to University for such financial milestone payment. 
 “Territory” means
worldwide. 
 “Third Party” means an individual or entity other than University and Company. 

“Valid Claim” means (a) a claim in an issued, unexpired United States or granted foreign patent included in the
Licensed Patents that: (i) has not been held invalid, unpatentable, or unenforceable by a decision of a court or other governmental agency of competent jurisdiction and not subject to appeal (ii) has not been admitted to be invalid or
unenforceable through reissue, inter partes review, disclaimer, or otherwise, (iii) has not been lost through an interference, reexamination, or reissue proceeding; or (b) a pending claim of a pending patent application included in the
Licensed Patents. 
 2.    LICENSE GRANT. Subject to the terms
and conditions of this Agreement: 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 5 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 2.1.    Patent License. University hereby grants
to Company an exclusive (subject only to any rights of the government described in Section 2.5 “The United States Government’s Rights” and to rights of University described in Article 3 “Rights of University;
Limitations” and to rights of HHMI described in Section 2.7 “HHMI Research Use Rights”) license under the Licensed Patents to make, have made on Company’s behalf, use, offer to sell, sell, offer to lease or lease, import,
export or otherwise offer to dispose of Licensed Products in the Territory in the Field of Use. Unless otherwise terminated under Article 9 “Termination”, the term of this patent license will begin on the Effective Date and will continue
until all Valid Claims expire or are held invalid or unenforceable by a court of competent jurisdiction from which no appeal can be taken. 

2.2.    Know-How License. University hereby grants to
Company a non-exclusive, worldwide license to use Licensed Know-How. Unless otherwise terminated under Article 9 “Termination”, the term of this license will
begin on the Effective Date and will continue until all rights under Licensed Patents are terminated. Upon the expiration of this Agreement pursuant to Section 9.1 “End of Term”, but not early termination, University shall not assert
(or purport to assert or grant rights to any Third Party to assert) the Licensed Know-How against Company or its successors or Sublicensees. 

2.3.    Sublicense Rights. Company has the right, exercisable during the term of this
Agreement, to Sublicense its exclusively Licensed Rights under this Agreement; Company may also during the term of this Agreement sublicense its rights in non-exclusively Licensed Rights, but only for the
purpose of using in conjunction with exclusively Licensed Rights. Company may not grant Sublicensees the right to enforce Licensed Rights directly. Company will remain responsible for its obligations under this Agreement. Except for Permitted
Sublicensees, Company will ensure that the Sublicense agreement: (a) contains terms and conditions that require Sublicensee to comply with the terms and conditions of this Agreement applicable to Sublicensees, including a release substantially
similar to that provided by Company in Section 10.1 “Company’s Release”; a warranty substantially similar to that provided by Company in Section 11.1 “Authority”; University disclaimers and exclusions of warranties
under Sections 11.4 and 11.5 “Disclaimer” and “Intellectual Property Disclaimers”; and limitations of remedies and damages substantially similar to those provided by Company in Sections 12.1 “Remedy Limitation” and 12.2
“Damage Cap”; (b) specifically incorporates provisions of this Agreement regarding obligations pertaining to indemnification, use of names and insurance. Each Sublicense agreement must also be subject to a written agreement that contain
obligations, terms and conditions in favor of HHMI or the HHMI Indemnitees, as applicable, that are substantially similar to those undertaken by Company in favor of HHMI or the HHMI Indemnitees, as applicable, under this Agreement and intended for
the protection of the HHMI Indemnitees, including, without limitation, the obligations, terms and conditions regarding indemnification, insurance and HHMI’s third party beneficiary status. Company will provide University with a copy of the
executed Sublicense, excluding any Permitted Sublicense agreement, within thirty (30) days after its execution. Company will not enter into any Sublicense agreement if the terms of such agreement are inconsistent in any material respect with
the material terms of this Agreement. Any Sublicense made in violation of this Section 2.3 “Sublicense Rights” will be void and will constitute an event of default that requires remedy under Section 9.2 “Termination by
University”. 
 2.4.    Limitation of Rights. No provision of this Agreement grants to
Company, by implication, estoppel or otherwise, any rights other than the rights expressly granted it in this Agreement under the Licensed Rights, including any license rights under any other University-owned or Stanford University-owned technology,
copyright, know-how, patent applications, or patents, or any ownership rights in the Licensed Rights. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 6 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 2.5    The United States
Government’s Rights. Inventions covered in the Licensed Patents arose, in whole or in part, from federally supported research and the federal government of the United States of America has certain rights
in and to such inventions as those rights are described in Chapter 18, Title 35 of the United States Code and accompanying regulations, including Part 401, Chapter 37 of the Code of Federal Regulation. The Parties’ rights and obligations under
this Agreement to any government-funded inventions, including the grant of license set forth in Section 2.1 “Patent License”, are subject to the applicable terms of the aforementioned United States laws. The U.S. Government is
entitled, as a right, under these Chapters: (a) to a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on the behalf of the U.S. Government any of the
federally funded inventions throughout the world and (b) to exercise march in rights on the federally funded inventions. Company further agrees that, to the extent required by Title 35 Section 204 of the United States Code, it will
substantially manufacture in the United States of America all products embodying or produced through the use of any such federally funded invention. 

2.6    Rights to Wholly Owned Subsidiaries of Company. Company may extend rights granted to Company
under this Agreement to wholly owned subsidiaries (“Subsidiaries”) of Company, provided that (a) Company is responsible for all acts of such Subsidiaries as if they were acts of the Company, (b) such Subsidiary is bound to
perform all obligations to University and HHMI of this Agreement other than making payments pursuant to Article 6 “Payments, Reimbursements, Reports, and Records”, as if such Subsidiary were Company, and (c) Company reports to
University pursuant to Section 13.10 “Notices” that such Subsidiary will be exercising rights under this Agreement prior to such Subsidiary exercising any such rights under this Agreement. For avoidance of doubt, Company may perform
any obligation of Subsidiary on Subsidiary’s behalf. 
 2.7    HHMI Research Use Rights.
Company acknowledges that it has been informed that the Licensed Patents and Licensed Know-How were were developed, at least in part, by employees of HHMI and that HHMI has a fully paid-up, non-exclusive, irrevocable, worldwide license to exercise any intellectual property rights with respect to the Licensed Patents and Licensed Know-How for research purposes, ,with the right to sublicense to non-profit and governmental entities, but with no other right to assign or sublicense (the “HHMI
License”). This license is explicitly made subject to the HHMI License. 
 2.8    IIA.
University represents and warrants that, to the best of UW CoMotion’s knowledge, under the IIA it has obtained all necessary rights from Stanford with respect to the Licensed Patents sufficient to grant the licenses and rights granted under
this Agreement. During the term of this Agreement, University shall not (i) amend or modify the IIA which would restrict or narrow the scope of Company’s rights granted hereunder, or which would impose additional obligations upon Company
hereunder, (ii) waive any of University’s rights under the IIA which would restrict or narrow the scope of Company’s rights granted hereunder, or which would impose additional obligations upon Company hereunder, or
(iii) terminate the IIA in a way that would impact this Agreement; in each case without the prior express written consent of Company. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 7 of 38	 

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 CONFIDENTIAL 

 

 3.    RIGHTS OF UNIVERSITY; LIMITATIONS 

3.1    University’s Rights. University reserves all rights not expressly granted
to Company under this Agreement. University retains for itself, Stanford University, and other not-for-profit academic research institutions, an irrevocable,
nonexclusive license to practice Licensed Rights for academic research, instructional, or any other academic or non-commercial purpose. University retains for itself an irrevocable, nonexclusive license to
practice Licensed Rights for clinical purposes. Expressly included within University’s reservation of rights is to do the following in connection with academic research, instructional, or any other academic or
non-commercial purposes: (a) to use the Licensed Rights in sponsored research or collaborative research with any Third Party, but not for any commercial purpose, and only to the extent that no such Third
Party is granted any commercialization rights of any kind under the Licensed Rights or to commercialize Licensed Products, (b) to grant material transfer agreements to the extent that the use of such materials is restricted to academic
research, teaching and or other scholarly activities, and (c) to publish any information included in the Licensed Rights or any other information that may result from University’s or Stanford University’s research. For the avoidance
of doubt, nothing in this Section 3.1 or elsewhere in this Agreement is intended to or shall be construed to alter, restrict, or limit the HHMI License. 

3.2    Sublicensing Opportunities. If a Third Party notifies University that it wishes to license
any of the exclusively licensed Licensed Rights in any field or territory in which Company is unable or unwilling to develop and market a Licensed Product, University will notify Company of such Third Party’s wish to obtain such license, and
Company will have good faith discussions with such Third Party regarding the terms and conditions under which such Sublicense could be obtained. Company will not be obligated to provide such sublicense where it interferes with Company’s (or its
Sublicensee’s) business strategy; however, Company will not unreasonably withhold such Sublicense. 

3.3    Reservation of Rights for Humanitarian Purposes. Consistent with 35 U.S.C. §200 et
seq., University retains the right to require Company to grant Sublicenses to responsible applicants in the Field of Use under the Licensed Patents on terms that are reasonable under the circumstances; or, if Company fails to grant a license, to
grant the license itself. The exercise of these rights by University will only be in exceptional circumstances and only if University determines (a) the action is necessary to meet health or safety needs that are not reasonably satisfied by
Company; or (b) the action is necessary to meet requirements for public use specified by federal regulations, and such requirements are not reasonably satisfied by Company, and (c) the action will not have a significant negative effect on
Company’s (or its Sublicensee’s) business strategy with respect to the Licensed Products. University will not require the granting of a sublicense, and will not grant the license itself, unless the responsible applicant has first
negotiated in good faith with Company. Company shall be entitled to use the dispute resolution mechanisms of Section 13.4 “Escalation; Dispute Resolution”, including seeking an injunction from the court if mediation is unsuccessful,
if Company wishes to dispute that University should be entitled to exercise its rights under this Section 3.3. 
 4.
    APPLICATIONS AND PATENTS 

4.1    Pre-Agreement Patent Filings. Company has reviewed
the Licensed Patents and as of the Effective Date is not aware of any basis to challenge or dispute the inventorship, validity, or enforceability of any of the claims made in the Licensed Patents. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 8 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 4.2    Patent Prosecution Decisions. University
and Company will consult on the preparation, filing and prosecution of the Licensed Patents (including, without limitation, on the selection of patent counsel). Patent counsel will be directed to deliver to Company all written and electronic
communications to and from all patent offices and foreign counsel, and provide summaries of oral communications with patent offices. Provided Company is in compliance with Section A3.8 “Patent Expense Payment” of Exhibit A “Start-Up License Schedule”, Company’s directions regarding patent preparation, filing and prosecution will be followed unless detrimental to University’s intellectual property rights. University
and Company will consult prior to deciding in which countries to pursue patent protection and provided Company is in compliance with Section A3.8 “Patent Expense Payment”, patents will be filed in all countries Company designates.
University acknowledges the key role and value of the Licensed Patent portfolio to Company and the need for timely review and exchange of information between University and Company prior to Licensed Patent portfolio decisions. University will remain
the client of record, and may at its own expense instruct patent counsel to take actions necessary to protect University’s intellectual property rights, if in University’s reasonable opinion, Company actions will result in a loss of
rights; provided that for any such actions, if Company declines to reimburse University pursuant to Section A1.1 “Licensed Patents”, those applications and resultant patents will not be subject to this Agreement. In no event will Company
file a patent application where all of the inventors are under University policy obligated to assign their rights in such patent application to University. 

4.3    Assumption of Patent Prosecution and Maintenance. Provided Company is in compliance with
Section A3.8 “Patent Expense Payment” of Exhibit A “Start-Up License Schedule”, University will take all commercially reasonable steps to cause patents and patent applications within the
Licensed Patents to be diligently prosecuted and maintained. If Company is in compliance, and University, against Company’s instructions, decides to abandon or allow to lapse any patent application or any claim of any patent included in the
Licensed Patents or not pursue patent protection for any foreign patent mutually agreed upon by the Parties under Section 4.2 “Patent Prosecution Decisions”, University will notify Company at least sixty (60) days before such
decision would be effective, and Company will have the right to file, prosecute, and maintain, as applicable, such patent or patent application in University’s name at Company’s expense provided Company shall keep University informed of
such activity. Company may thereafter abandon or allow to lapse any or all patents or patent applications for which it is responsible. Company will notify University of any abandoned or lapsed patents at least thirty (30) days prior to such
abandonment or lapse. 
 5.    COMMERCIALIZATION 

5.1    Performance Milestones. Company will, directly or through its Subsidiaries or Sublicensees,
use its commercially reasonable efforts, consistent with sound and reasonable business practices and judgment, to commercialize the inventions claimed in the Licensed Rights and to make and sell Licensed Products as soon as practicable and to
maximize sales thereof. Unless an extension is provided due to an Event of Force Majeure during the term of this Agreement, Company shall perform, or shall cause to happen or be performed, the Performance Milestones in accordance with the
Performance Milestone Dates. Upon the occurrence of an Event of Force Majeure, the Performance Milestones and Performance Milestone Dates shall be equitably adjusted to accommodate the Event of Force Majeure. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 9 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 5.2    Renegotiation of Performance Milestones. If
Company determines that it will be unable to achieve a Performance Milestone, Company will so notify University in advance of the Performance Milestone Date, Company may request a Performance Milestone Extension (as described below) or, providing
Company demonstrates it is diligently pursuing development and commercialization of at least one Licensed Product, Company may request that the Parties negotiate an appropriate new Performance Milestone and/or related Performance Milestone Date in
good faith. If the Parties are unable to agree on a renegotiated Performance Milestone within sixty (60) days after commencing negotiations, University may proceed with its termination rights under Section 9.2 “Termination by
University”, subject to both Company and University having the right to seek mediation under Section 13.4 “Escalation; Dispute Resolution”. In addition, if for any reason Company will be unable to achieve a Performance Milestone,
then upon written notice to University and payment of [***] US dollars ($[***]), the timing for the Performance Milestone will be extended for one (1) year (“Performance Milestone Extension”) (and the timing for each subsequent
Performance Milestone will likewise be extended for one (1) year. Company shall have the right to three (3) Performance Milestone Extensions by providing such notice and paying such fee. In the case that Company is unable to achieve a
Performance Milestone (after any extensions provided for above) and University proceeds with its termination rights under Section 9.2 “Termination by University”, University will only have the right to terminate the particular
performance category (e.g. agonist protein biologic, [***] molecular entity, or antagonist protein biologic) for such failed Performance Milestone, with such termination effectively removing such performance category from the Field of Use, and the
Agreement would continue with respect to the other performance categories. 

5.3    Commercialization Reports. Throughout the term of this Agreement and during the Sell-Off Period, and within [***] of December 31st of each year, Company will deliver to University written reports of Company’s and Sublicensees’
efforts and plans to develop and commercialize the innovations covered by the Licensed Rights and to make and sell Licensed Products. Company will have no obligation to prepare commercialization reports in years where (a) Company delivers to
University a written Sales Report with active sales, and (b) Company has fulfilled all Performance Milestones. In relation to each of the Performance Milestones each commercialization report will include sufficient information to demonstrate
compliance of those Performance Milestones and will set out timeframes and plans for those Performance Milestones which have not yet been met. 

5.4    Company Information. Once per year, until University no longer has Shares in Company,
Company shall provide a current capitalization chart to indicate the number of Shares University owns in Company, and total number of Shares and Fully Diluted Shares. Throughout the term of this Agreement, Company shall provide the names of, and
sufficient contact information to identify, any Permitted Sublicensees within [***] of University’s written request. Upon University’s inquiry, Company will provide information on funding rounds to date (type, date, and amount) and number
of employees. All information provided under this Section shall be Company’s Confidential Information. 

6.    PAYMENTS, REIMBURSEMENTS, REPORTS, AND RECORDS 

6.1    Payments. Company will deliver to University the payments specified in Section A3
“Payments” of attached Exhibit A “Start-Up License Schedule”. Company will make such payments by check, wire transfer, or any other mutually agreed-upon and generally accepted method of
payment. Payments are non-refundable. All checks to University will be made payable to “University of Washington” and will be mailed to the address specified in Section 13.10 “Notices”
and will reference the University agreement number [***]. 
 All wire or electronic fund transfers must be confirmed via email referencing
the above agreement number to: [***] 
  

			
	 Wire transfers:
	 	 Electronic Fund Transfer (ACH):

		
	 [***]
	 	 [***]

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 10 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 6.2    Currency and Checks. All computations and
payments made under this Agreement will be in United States dollars. The exchange rate for the currency into dollars as reported in The Wall Street Journal as the New York foreign exchange
mid-range rate on the last business day of the month in which the transaction was entered into will be used for determining the dollar value of transactions conducted in
non-United States dollar currencies. 
 6.3    Late
Payments. University may charge Company a late fee for all amounts owed to University that are more than thirty (30) days overdue. The late fee will be computed as the United States prime rate plus two percent (2%), compounded monthly, as
set forth by The Wall Street Journal (Western edition) on the date on which the payment is due, of the outstanding, unpaid balance. The payment of a late fee will not foreclose or limit University from exercising any other rights it may have
as a consequence of the lateness of any payment. 
 6.4    Sales Reports. Within [***] after the
last day of each calendar quarter commencing the calendar quarter after the Company effects its first commercial sale of a Licensed Product and during the term of this Agreement and the Sell-Off Period,
Company will deliver to University the Sales Report setting forth the number of and Net Sales amount (expressed in U. S. dollars) of all sales, leases, or other dispositions of Licensed Products, whether made by Company or a Sublicensee, during such
calendar quarter. Included in each sales report will be the name of each Distributor, and the number and type of Licensed Product sold, leased, or otherwise provided to such Distributor. Company will deliver a written Sales Report to University even
if Company is not required hereunder to pay to University a royalty payment during the calendar quarter. Company shall provide the names of Permitted Sublicensees within [***] at University’s request. 

6.5    Books and Records. Throughout the term of this Agreement and for [***] thereafter,
Company, at its expense, will keep and maintain and shall cause each Sublicensee other than Permitted Sublicensees to keep and maintain complete and accurate records of all sales, leases, and other dispositions of Licensed Products and all
other records related to this Agreement. 
 6.5.1    Audit Rights. Company will permit at the
request of University (not to be made more than once in any given calendar year), one or more independent, certified accountants selected by University and reasonably acceptable to Company (which acceptance shall not be unreasonably withheld or
delayed) (“Accountants”) to have access to Company’s records and books of account pertaining to calculation of Net Sales and payment of any other amounts owed under this Agreement. Accountants’ access will be during
ordinary working hours to audit Company’s records for any payment period ending prior to such request, the correctness of any Sales Report or payment made under this Agreement, or to obtain information as to the payments due for any period in
the case of failure of Company to report or make payment under the terms of this Agreement or to verify Company’s compliance with its payment obligations hereunder. Accountants will sign Company’s standard
non-disclosure agreement provided it is reasonable to the industry in which Company operates. Company shall cause each Sublicensee, other than Permitted Sublicensees, that manufactures, sells, leases, or
otherwise disposes of Licensed Products on behalf of Company to grant University the right to inspect and audit Sublicensee’s records. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 11 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 6.5.2    Scope of Disclosure. Accountants will not
disclose to University any information relating to the business of Company except that which is necessary to inform University of: (a) the accuracy or inaccuracy of Company’s Sales Reports and payments; (b) compliance or noncompliance
by Company with the terms and conditions of this Agreement; or (c) the extent of any inaccuracy or noncompliance. A copy of the Accountants’ report will be provided to Company. All information disclosed by the accountants to University
shall be Company’s Confidential Information. 
 6.5.3    Accountant Copies. If Accountants
believe there is an inaccuracy in any of Company’s payments or noncompliance by Company with any terms and conditions, Accountants will have the right to make and retain copies (including photocopies) of any pertinent portions of the records
and books of account. 
 6.5.4    Costs of Audit. If Company’s payments calculated for any
calendar quarter are under-reported by more than [***] percent ([***]%), the costs of any audit and review initiated by University will be borne by Company; otherwise, University shall bear the costs of any audit initiated by University. 

7.    INFRINGEMENT 

7.1    Notice of Third Party’s Infringement. If a Party learns of substantial,
credible evidence that a Third Party is infringing exclusively Licensed Rights, that Party will promptly deliver written notice of the possible infringement to the other Party, describing in detail all relevant information to which that Party has
access or control suggesting infringement of the exclusively Licensed Rights. 

7.2    Company’s Right to Enforce. During the term of this Agreement, Company
has the first right to respond to, defend, and prosecute in its own name, and at its own expense, actions or suits relating to the exclusive Licensed Rights. University may request in writing that Company take action against known infringer. If
required by law or otherwise legally necessary for such action to proceed, Company may request that University be joined as a party plaintiff and University will consider such request in good faith, such request not to be unreasonably denied,
provided that (a) Company must notify University at least ten (10) days before Company wishes to file suit, and (b) Company will reimburse University for all reasonable legal fees and costs incurred by University in connection with
such action. As examples of why University may reasonably deny the request to be joined as a party plaintiff: (i) Company is no longer developing or commercializing a Licensed Product, or (ii) there is not credible evidence of actual
infringement. Company will not settle any suits or actions in any manner relating to the Licensed Rights that is detrimental to the University or to the scope or validity of Licensed Rights, without obtaining the prior written consent of University,
which consent shall not be unreasonably withheld or delayed. 
 7.3    Distributions. Out of any
Sublicense fees, royalties, damages, awards, or settlement proceeds from any settlement or judgment for infringement of Licensed Rights, Company is allowed to first recover its reasonable attorney’s fees and other
out-of-pocket expenses directly related to any action, suit, or settlement for infringement of the Licensed Rights. Any payment by an alleged infringer that, under the
terms of the applicable settlement agreement or judgment, (a) constitutes consideration for Net Sales of infringing product (or an equivalent characterization in the nature of a product royalty) will be handled according to the payment
provisions in Section A3.2 “Running Royalty Payments”, and (b) constitutes consideration for the grant of a Sublicense (or an equivalent characterization) will be handled according to Section A3.6 “Sublicense Consideration”.
Any remaining proceeds will be distributed [***] percent ([***]%) to Company and [***] percent ([***]%) to University. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 12 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 7.4    Limitation on Infringement Actions.
Excluded from the rights granted herein is the right to bring an infringement action against a not-for-profit entity for infringement of the Licensed Rights in carrying
out not-for-profit research. 

7.5    University Right to Institute Action. If Company fails, within [***] of receiving of the
University’s written request to take action against an alleged infringer of exclusively Licensed Rights, to secure cessation of the infringement, institute suit against the infringer, or to provide to University satisfactory evidence that
Company is engaged in bona fide negotiations for the acceptance by infringer of a Sublicense to the relevant Licensed Rights, then University may, upon written notice to Company, assume full right and responsibility to secure cessation of the
infringement or institute suit against the infringer, or secure acceptance of a Sublicensee by Company from the alleged infringer in the relevant Licensed Patents provided that the scope of the Sublicense would only be the extent of the infringement
at the time of University’s request for Company to take action against the infringer, and further provided that Company will not be liable for any actions or inactions of the Sublicensee. If University, in accordance with the terms and
conditions of this Agreement, chooses to institute suit against an alleged infringer, University may bring such suit in its own name (or, if required by law, in its and Company’s name) and at its own expense, and Company will, but at
University’s expense for Company’s direct associated expenses, fully and promptly cooperate and assist University in connection with any such suit. All license fees, royalties, damages, awards, or settlement proceeds arising from such a
University-initiated action will be solely for the account of University. 
 7.6    No Obligation to
Institute Action. Neither Company nor University is obligated under this Agreement to institute or prosecute a suit against any alleged infringer of the Licensed Rights. 

8.    LICENSED RIGHTS VALIDITY 

8.1    Notice and Investigation of Third Party Challenges. If any Third Party challenges the
validity or enforceability of any of the Licensed Rights, the Party having such information will immediately notify the other Party. 

8.2    Third Party Actions. In the event of a Third Party legal action challenging the validity or
enforceability of any of the exclusively Licensed Rights, Company in its sole discretion will have the right to assume and control the sole defense of the claim at Company’s expense. Company will not settle any suits or actions in any manner
relating to the Licensed Rights without obtaining the prior written consent of University, which consent shall not be unreasonably withheld or delayed; provided, however, that the Parties agree that loss of University’s intellectual property
rights is a reasonable reason to withhold consent. Further, if Company is not diligently protecting University’s intellectual property rights, or if Company does not elect to assume and control the sole defense of the Third Party legal action
within ninety (90) days after becoming aware of challenge, University will have the right to assume the defense of the action at its own expense. University will not settle any suits or actions in any manner relating to the Licensed Rights
without considering in good faith any comments from Company. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 13 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 8.3    Enforceability of Licensed Rights.
Notwithstanding challenge by any Third Party, any Licensed Right will be enforceable under this Agreement until such Licensed Right is determined to be invalid. 

9.    TERMINATION 

9.1    End of Term. This Agreement will expire, unless terminated earlier as provided in this
Article 9 “Termination”, without further action by the Parties, when all Licensed Patents have terminated pursuant to Article 2 “License Grant”, and all obligations due to University based on the exercise of such Licensed Rights
have been fulfilled. 
 9.2    Termination by University. If Company materially breaches or fails
to perform one or more of its material duties under this Agreement, University may deliver to Company a written notice of default, which notice will (a) state that it is a notice of default, (b) state that University intends to terminate
this Agreement if the default is not cured in [***] days, and (c) identify the material duty or duties to which such default relates. Subject to Section 13.4 “Escalation; Dispute Resolution”, University may terminate this
Agreement by delivering to Company a written notice of termination if the default has not been cured within [***] days of the delivery to Company of the notice of default; provided, however, if Company can reasonably demonstrate to University that
it is proceeding diligently and in good faith to cure such default but cannot do so within such [***] day period, University will extend such cure period for another [***] day period, or such longer period approved by University. 

9.3    Events of Default. University may terminate this Agreement by delivering to Company a
written notice of termination at least [***] days prior to the date of termination if Company (i) permanently ceases operations; (ii) voluntarily files or has filed against it a petition under applicable bankruptcy or insolvency laws that
Company fails to have released within [***] days after filing; (iii) proposes any dissolution, composition, or financial reorganization with creditors or if a receiver, trustee, custodian, or similar agent is appointed; (iv) makes a
general assignment for the benefit of creditors; or (v) if Company challenges the validity of the Licensed Patents. 

9.4    Disputing Events of Default. Notwithstanding the foregoing, if Company disputes that a
default has occurred as contemplated above or that a default has not been cured, Company may use the dispute resolution mechanism outlined in Section 13.4 “Escalation; Dispute Resolution”. 

9.5    Termination by Company. Company may terminate this Agreement at any time by delivering to
University a written notice of termination at least [***] days prior to the effective date of termination. In addition, Company may propose to terminate certain of its Licensed Rights hereunder by delivering to University a written notice of
termination at least [***] days prior to the effective date of termination of such Licensed Rights. 

9.6    Effect of Termination. Upon termination of this Agreement, the Licensed Rights granted
(including any and all rights granted under the Licensed Rights to Sublicensees including Permitted Sublicensees) will terminate. However, no end-user rights shall terminate as a result of termination of this
Agreement. Company’s obligations that have accrued prior to the effective date of termination or expiration of this Agreement (including but not limited to the obligations under Article 6 “Payments, Reimbursements, Reports, and
Records” will survive termination of this Agreement. Sublicenses will terminate unless converted into a direct license with University pursuant to Section 9.8 “Sublicenses After Termination”. Notwithstanding any such termination
of this Agreement, subject to being in compliance with Article 6 “Payments, Reimbursements, Reports, and Records” of this Agreement at the time of termination, and subject to ongoing compliance with obligations under Article 6
“Payments, Reimbursements, Reports, and Records”, Company and any Sublicensees and Distributors may sell or otherwise dispose of existing inventory of Licensed Products for a period of [***] after the effective date of termination of this
Agreement (“Sell-Off Period”). Company will provide notification if Company, or any Sublicensees or Distributors, will be exercising their rights to continue selling inventory pursuant to the Sell-Off Period. Company, Sublicensees, and Distributors will destroy any existing Licensed Know-How in their possession, and provide written notification of said destruction
to University within [***] of either the effective date of termination or the end of the Sell-Off Period if University has been notified pursuant to the preceding sentence. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 14 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 9.7    Final Report to University. Within [***]
after the end of the calendar quarter following either the expiration or termination of either this Agreement or the Sell-Off Period, whichever is later, Company will submit a final Sales Report to University.
Any payment obligations accrued prior to such termination or expiration, including those incurred but not yet paid, will become due and payable at the same time as this final Sales Report is due to University. 

9.8    Sublicenses After Termination. At any time within [***] following termination of this
Agreement, a Sublicensee may notify University that it wishes to enter into a direct license with University in order to retain its rights to the Licensed Rights granted to it under its Sublicense (such [***] following termination, the
“Initial Notice Period”). Following receipt of such notice, University and Sublicensee will enter into a license agreement the terms of which will be substantially similar to the terms of this Agreement. The scope of the direct
license, the licensed territory, and the duration of the license grant will be comparable to the corresponding terms granted by Company to such Sublicensee, provided that such Sublicensee will be granted at least the same scope of rights as it
obtained from Company under its Sublicense. For the sake of clarity, the financial terms, including without limitation, the running royalty rate and milestone payments, will be identical to the corresponding financial terms set forth in this
Agreement, provided University shall consider in good faith reducing the non-running royalty financial payments where there are multiple direct licensees or such direct licensee has a reduced scope compared
with this Agreement. Notwithstanding the foregoing, each Sublicensee’s right to enter into such direct license will be conditioned upon: 

9.8.1    Written Notification to University. Such Sublicensee informing University in writing,
pursuant to Section 13.10 “Notices”, that it wishes to enter into such direct license with University, within the Initial Notice Period; 

9.8.2    Sublicensee in Good Standing. Such Sublicensee being in good standing with Company
under its Sublicense, and such Sublicense not being the subject of a dispute between Sublicensee and Company, or between Company and University under this Agreement; 

9.8.3    Valid Sublicense. Such Sublicense having been validly entered into by Company and
Sublicensee pursuant to the terms of Section 2.3 “Sublicense Rights”; 

9.8.4    Sublicensee Certification that Conditions are Satisfied. Such Sublicensee using reasonable
efforts to certify or otherwise demonstrate that the conditions set forth in Subsections 9.8.1 “Written Notification to University”, 9.8.2 “Sublicensee Good Standing”, and 9.8.3 “Valid Sublicense” have been met within
thirty (30) days of expiration of the Initial Notice Period (or within such longer period of time as University agrees is reasonable under the circumstances, based on the nature and extent of any documentation reasonably requested by
University); and 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 15 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 9.8.5    Time Limitations. Unless mutually agreed
by the Parties in writing, such negotiations for a direct license are not to exceed [***] from the end of the Initial Notice Period. 

Except as set forth in Subsection 9.8.5 “Time Limitations”, University may, at its sole discretion, waive any of these requirements.
If all of the conditions set forth in this Section 9.8 are met, then Sublicensee will be granted such direct license by University. If any condition set forth in this Section 9.8 is not met, then after expiration of any time period granted
to Sublicensee with respect to meeting such condition (for example and to the extent applicable, the Initial Notice Period and/or the periods described in Subsections 9.8.4 “Sublicensee Certification that Conditions are Satisfied” and
9.8.5 “Time Limitations”), Sublicensee will not practice Licensed Rights except as provided for in Section 9.6 “Effect of Termination” and University will be free to license or not license Licensed Rights to such Sublicensee
according to University’s sole discretion. 
 10.    RELEASE, INDEMNIFICATION, AND INSURANCE

 10.1.    Company’s Release. Company hereby releases University, Stanford
University and their regents, employees, and agents forever from any and all suits, actions, claims, liabilities, demands, damages, losses, or expenses (including reasonable attorneys’ and investigative expenses) relating to or arising out of
(a) the manufacture, use, lease, sale, or other disposition of a Licensed Product by Company, Sublicensee(s), Distributor(s), or any other party authorized by Company to practice the License Rights; or (b) the assigning or sublicensing of
Company’s rights under this Agreement. 
 10.2.    Indemnification. Company will indemnify,
defend, and hold harmless University, Stanford University, and their regents, employees, and agents (each, an “Indemnitee”) from all Third Party suits, actions, claims, liabilities, demands, damages, losses, or expenses (including
reasonable attorneys’ and investigative expenses), arising out of Company’s or Sublicensees’ exercise of any rights with respect to Licensed Products, including, without limitation, personal injury, property damage, breach of contract
and warranty and products-liability claims relating to a Licensed Product and claims brought by a Sublicensee (each, a “Claim”), provided that the Company will not have obligations to the extent resulting from the University’s
or Stanford University’s gross negligence or willful misconduct. In the event of a Claim, the Indemnitee against whom a Claim is brought will: (a) give Company written notice of the Claim within a reasonable period of time after such
Indemnitee receives notice thereof along with sufficient information for Company to identify the Claim; and (b) cooperate and provide such assistance (including, without limitation, testimony and access to documentation within the possession or
control of such Indemnitee) as Company may reasonably request in connection with Company’s defense, settlement and satisfaction of the Claim. Company will pay or reimburse all costs and expenses reasonably incurred by such Indemnitee to
provide any such cooperation and assistance. Any settlement that would admit liability on the part of University or Stanford University or that would involve any relief other than the payment of monetary damages will be subject to the approval of
University and/or Stanford University, such approval not to be unreasonably withheld. HHMI, and its trustees, officers, employees, and agents (collectively, “HHMI Indemnitees”), will be indemnified, defended by counsel acceptable to
HHMI, and held harmless by Company from and against any claim, liability, cost, expense, damage, deficiency, loss, or obligation, of any kind or nature (including, without limitation, reasonable attorneys’ fees and other costs and expenses of
defense) (collectively, “HHMI Claims”), based upon, arising out of, or otherwise relating to this Agreement or any Sublicense or Permitted Sublicense, including without limitation any cause of action relating to product liability.
The previous sentence will not apply to any HHMI Claim that is determined with finality by a court of competent jurisdiction to result solely from the gross negligence or willful misconduct of an HHMI Indemnitee. Notwithstanding any other provision
of this Agreement, Company and Sublicensee’s obligations to defend, indemnify and hold harmless the HHMI Indemnitees under this paragraph will not be subject to any limitation or exclusion of liability or damages or otherwise limited in any
way. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 16 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 10.3    Company’s Insurance. 

10.3.1    General Insurance Requirement. Throughout the term of this Agreement, or during such
period as the Parties will agree in writing, Company will maintain full force and effect commercial general liability (CGL) insurance and product liability insurance, with single claim limits at an amount customary to Company’s business for
activities and/or products of a similar nature. Such insurance policy will include coverage for claims that may be asserted by University or HHMI against Company under Section 10.2 “Indemnification”. Such insurance policy will name
the Board of Regents of the University of Washington, Stanford University, and HHMI as an additional insured and will require the insurer to deliver written notice to University at the address set forth in Section 13.10 “Notices”, at
least thirty (30) days prior to the termination of the policy. Company will deliver to University a copy of the certificate of insurance for such policy. 

10.3.2    Clinical Trial Liability Insurance. Within thirty (30) days prior to the initiation
of human clinical trials with respect to Licensed Product(s), Company will provide to University certificates evidencing the existence and amount of clinical trials liability insurance. Company will issue irrevocable instructions to its insurance
agent and to the issuing insurance company to notify University of any discontinuance or lapse of such insurance not less than thirty (30) days prior to the time that any such discontinuance is due to become effective. Company will provide
University a copy of such instructions upon their transmittal to the insurance agent and issuing insurance company. Company will further provide University, at least annually, proof of continued coverage. 

11.    WARRANTIES 

11.1.    Authority. Each Party represents and warrants to the other Party that it has full
power and authority to execute, deliver, and perform this Agreement, and that no other proceedings by such Party are necessary to authorize the Party’s execution or delivery of this Agreement. 

11.2    Documents. University represents and warrants that: all University personnel, including
employees, students, consultants and contractors, who University is aware as of Effective Date have contributed to the Licensed Patents as of Effective Date have either (a) been party to a for-hire
relationship with University that affords University sufficient ownership of all Licensed Patents to provide this license to Company, or (b) executed assignment documents in favor of University as prescribed by University policies or by
agreement with HHMI to provide University sufficient ownership of the Licensed Patents to provide this license to Company. Furthermore, in the IIA, Stanford represents that its inventors are either (i) obligated to assign to Stanford all of the
inventors’ rights in the Licensed Patents or (ii) obligated to assign his/her inventor’s rights in the Licensed Patents to HHMI, and that HHMI has or will assign its rights in such Licensed Patents to Stanford University pursuant to
the collaborative arrangements between them; and that Stanford will use diligent efforts to cause its inventors to sign any additional papers as may be necessary to evidence such assignment. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 17 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 11.3     No Known Infringement. As of the
Effective Date, to the best of University’s CoMotion office’s knowledge, (a) no claim has been made or is threatened charging University or Stanford University with infringement of, or claiming that the Licensed Rights infringe any
Third Party rights; and (b) no proceedings have been instituted, or are pending or threatened, which challenge the University’s or Stanford University’s rights in respect to the Licensed Patents or other Licensed Rights. 

11.4    Disclaimer. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN SECTIONS 2.8
“IIA”, 11.1 “AUTHORITY”, 11.2 “DOCUMENTS”, AND 11.3 “NO KNOWN INFRINGEMENT” UNIVERSITY (FOR
ITSELF AND ON BEHALF OF STANFORD UNIVERSITY) AND HHMI DISCLAIM AND EXCLUDE ALL WARRANTIES, EXPRESS AND IMPLIED, CONCERNING EACH LICENSED RIGHT AND EACH LICENSED PRODUCT, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF
NON-INFRINGEMENT AND THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. University/Stanford University innovation has been developed as part of research conducted at
University and Stanford University. University/Stanford University innovation is experimental in nature and is made available “AS IS,” without obligation by University or Stanford University to provide accompanying services or support
except as specified in this Agreement. The entire risk as to the quality and performance of University/Stanford University innovation is with Company. 

11.5    Intellectual Property Disclaimers. University (for itself and on behalf of Stanford
University) expressly disclaims any warranties concerning and makes no representations: (a) that the Licensed Patent(s) will be approved or will issue; (b) concerning the validity or scope of any Licensed Right; or (c) that the
practice of Licensed Rights, or the manufacture, use, sale, lease or other disposition of a Licensed Product will not infringe or violate a Third Party’s patent, copyright, or other intellectual property right. 

12.    DAMAGES 

12.1.    Remedy Limitation. EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES,
(A) IN NO EVENT WILL UNIVERSITY OR STANFORD UNIVERSITY BE LIABLE FOR PERSONAL INJURY OR PROPERTY DAMAGES ARISING IN CONNECTION WITH THE ACTIVITIES CONTEMPLATED IN THIS AGREEMENT AND (B) IN NO EVENT WILL EITHER
PARTY OR STANFORD UNIVERSITY BE LIABLE FOR LOST PROFITS, LOST BUSINESS OPPORTUNITY, INVENTORY LOSS, WORK STOPPAGE, LOST DATA OR ANY OTHER RELIANCE OR EXPECTANCY, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, OF ANY KIND. 

12.2    Damage Cap. IN NO EVENT WILL UNIVERSITY’S TOTAL LIABILITY FOR THE
BREACH OR NONPERFORMANCE OF THIS AGREEMENT EXCEED THE AMOUNT OF PAYMENTS PAID AND SHARES ISSUED TO UNIVERSITY UNDER ARTICLE 6 “PAYMENTS, REIMBURSEMENTS, REPORTS, AND RECORDS”. THIS LIMITATION WILL APPLY TO
CONTRACT, TORT, AND ANY OTHER CLAIM OF WHATEVER NATURE. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 18 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 13.    GENERAL PROVISIONS 

13.1.    Amendment and Waiver. This Agreement may be amended from time to time only by a written
instrument signed by the Parties. No term or provision of this Agreement will be waived, and no breach excused, unless such waiver or consent is in writing and signed by the Party claimed to have waived or consented. No waiver of a breach will be
deemed to be a waiver of a different or subsequent breach. 
 13.2.    Assignment. The rights and
licenses granted by University in this Agreement are personal to Company and Company will not assign its interest or delegate its duties under this Agreement without the written consent of University, which consent will not to be unreasonably
withheld or delayed; any such assignment or delegation made without written consent of University will not release Company from its obligations under this Agreement. Notwithstanding the foregoing, Company, without the prior approval of University,
may assign all, but no less than all, of its rights and delegate all, but no less than all, of its duties under this Agreement to a Third Party provided that: (a) the assignment is made to such Third Party as a part of and in connection with an
Acquisition, (b) Company obtains from such Third Party written agreement to honor all obligations under this Agreement accrued by Company before Acquisition and all obligations under this Agreement to accrue by such Third Party assignee after
Acquisition, and (c) Company provides written notice to University of the Acquisition, together with a substitution of parties document or copy of the assignment confirming compliance with (b) above, no later than thirty (30) days
after the close of the Acquisition. Any assignment made in violation of this Section 13.2 “Assignment” is void and will constitute an act of breach that requires remedy under Section 9.2 “Termination by University”.
This Agreement will inure to the benefit of Company and University and their respective permitted assignees and trustees. 

13.3.    Confidentiality. 

13.3.1    Form of Transfer. Confidential Information may be conveyed in tangible or intangible
form. Disclosing Party must clearly mark its Confidential Information “confidential.” If disclosing Party communicates Confidential Information in non-written form, it will reduce such communications
to writing, clearly mark it “confidential,” and provide a copy to receiving Party within thirty (30) days of original communication at the address in Section 13.10 “Notices”. Any business information delivered by
Company as required under this Agreement shall be deemed marked “confidential,” whether or not such confidential marking appears. 

13.3.2    No Unauthorized Disclosure of Confidential Information. Beginning on the Effective Date
and continuing throughout the term of this Agreement and thereafter for a period of five (5) years, receiving Party will not disclose or otherwise make known or available to any Third Party any disclosing Party Confidential Information, without
the express prior written consent of disclosing Party. Notwithstanding the foregoing, receiving Party will be permitted to disclose Confidential Information of disclosing Party to (i) actual or potential investors, lenders, consultants,
advisors, collaborators, Sublicensees, or development partners, which disclosure will be made under conditions of confidentiality and limited use and (ii) its attorney or agent as reasonably required and (iii) to employees and trustees of
HHMI who have a need to know. In no event will receiving Party incorporate or otherwise use disclosing Party’s Confidential Information in connection with any patent application filed by or on behalf of receiving Party. Receiving Party will
restrict the use of disclosing Party’s Confidential Information to uses exclusively in accordance with the terms of this Agreement. Receiving Party will use reasonable procedures to safeguard disclosing Party’s Confidential Information. In
the case where Company is the receiving Party, Company’s confidentiality obligations will also apply equally to Sublicensees. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 19 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 13.3.3    Access to University Information.
University is an agency of the state of Washington and is subject to the Washington Public Records Act, RCW 42.56 et seq., (“Act”), and no obligation assumed by University under this Agreement will be deemed to be inconsistent with
University’s obligations as defined under the Act and as interpreted by University in its sole discretion. If University receives a request for public records under the Act for documents containing Company Confidential Information, and if
University concludes that the documents are not otherwise exempt from public disclosure, University will provide Company notice of the request before releasing such documents. Such notice will be provided in a timely manner to afford Company
sufficient time to review such documents and/or seek a protective order, at Company’s expense utilizing the procedures described in RCW 42.56.540. University will have no other obligation to protect Company Confidential Information from
disclosure in response to a request for public records. 
 13.3.4    Disclosure as Required by
Law. Either Party will have the right to disclose the other Party’s Confidential Information as required by law or valid court order, provided that such Party will inform the Party who owns such Confidential Information prior to such
disclosure, will cooperate with the owner Party’s efforts to limit or avoid disclosure, and will limit the scope and recipient of disclosure to that required by such law or court order. 

13.4.    Escalation; Dispute Resolution. If (a) Company disputes that (i) a default has
occurred as contemplated in Section 9.2 “Termination by University”, or that a default has not been cured, or (ii) Company wishes to dispute termination of this Agreement resulting from a failed negotiation of a new Performance
Milestone as contemplated under Section 5.2 “Renegotiation of Performance Milestones”, then Company may provide University with a written dispute notice (“Dispute Notice”) prior to expiration of the [***]-day cure
period referenced in Section 9.2, stating the basis of Company’s disagreement with respect to such default or cure, or (b) if there is a dispute as provided under Sections 3.3 or 7.2, then either Party may provide the other with a
Dispute Notice. If Company disputes that a default has occurred as contemplated in Section 9.3 “Events of Default”, then Company may provide University with a Dispute Notice within [***] days of University sending the notice of
termination referenced in Section 9.3. Upon receipt of a Dispute Notice, University’s right to terminate this Agreement will be suspended and all rights under this Agreement will continue unaffected provided the dispute resolution process
in this Section 13.4 “Escalation; Dispute Resolution” is being exercised. Any dispute will first be escalated to Company’s Chief Executive Officer or to a representative from Company’s Board of Directors, and to
University’s Vice President for Innovation Strategy, representatives of which will be instructed to work in good faith to attempt to reach a mutually acceptable resolution of the dispute that would avoid termination of this Agreement. If the
representatives are unable to reach such resolution of the dispute within [***] days of delivery of the Dispute Notice, an independent, neutral mediator acceptable to both Parties (acting reasonably) will be appointed. The Parties will submit their
dispute to mediation according to such parameters as they may mutually agree in writing. The Parties agree to discuss their differences in good faith and to attempt in good faith, with facilitation by the mediator, to reach an amicable resolution of
the dispute within [***] days after the mediator’s appointment. If the Parties are not able to agree on resolution of the dispute within such period, or within [***] days of the Dispute Notice, whichever is earlier, including
agreeing on a new Performance Milestone pursuant to Section 5.2 “Renegotiation of Performance Milestones” if that is the subject of the dispute, then the dispute resolution process of this Section 13.4 “Escalation; Dispute
Resolution” will be complete and either Party may pursue any other action that is legally available to it. Notwithstanding the foregoing, no dispute affecting the rights or property of HHMI shall be subject to arbitration. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 20 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 13.5    Consent and Approvals. Except as otherwise
expressly provided in this Agreement, all consents or approvals required under the terms of this Agreement must be in writing and will not be unreasonably withheld or delayed. 

13.6    Construction. The headings preceding and labeling the sections of this Agreement are for
the purpose of identification only and will not in any event be employed or used for the purpose of construction or interpretation of any portion of this Agreement. As used herein and where necessary, the singular includes the plural and vice versa,
and masculine, feminine, and neuter expressions are interchangeable, and the word “including” shall mean “including, without limitation.” 

13.7    Enforceability. If a court of competent jurisdiction adjudges a provision of this Agreement
unenforceable, invalid, or void, such determination will not impair the enforceability of any of the remaining provisions hereof and the provisions will remain in full force and effect. 

13.8    No Third-Party Beneficiaries. Except as identified in Section 13.22 “Third Party
Beneficiary” or other parts of this Agreement referencing Stanford University, no provision of this Agreement, express or implied, confers upon any person other than the Parties to this Agreement any rights, remedies, obligations, or
liabilities hereunder. No Sublicensee will have a right to enforce or seek damages under this Agreement 

13.9    Language. Unless otherwise expressly provided in this Agreement, all notices, reports, and
other documents and instruments that a Party elects or is required by the terms of this Agreement to deliver to the other Party will be in English. 

13.10    Notices. All notices, requests, and other communications that a Party is required or
elects to deliver will be in writing and will be delivered personally, or by facsimile or electronic mail (provided such delivery is confirmed), or by a recognized overnight courier service or by United States mail, first-class, certified or
registered, postage prepaid, return receipt requested, to the other Party at its address set forth below or to another address as a Party may designate by notice given under this Section 13.10: 

 

			
	 If to University:
	    	 UW CoMotion

Attn: [***]
 4545 Roosevelt Way
NE, Suite 400
 Seattle, WA 98105

Facsimile No.: [***]
 Email:
[***]

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 21 of 38	 

Table of Contents

 CONFIDENTIAL 

 

			
	 If to Company:
	    	 Neoleukin Therapeutics, Inc.

Attn: Jonathan Drachman, CEO
 218
Dorffel Drive East
 Seattle, WA 98112

Email: [***]

 13.11    Proprietary Markings. To the extent commercially feasible,
Company will mark all material forms of Licensed Products or packaging pertaining thereto made and sold by Company in the United States with patent marking conforming to 35 U.S.C. §287(a), as amended from time to time. All Licensed Product(s)
shipped to or sold in other countries will be marked in such a manner as to provide notice to potential infringers pursuant to the patent law and practice of the country of manufacture or sale. 

13.12    Use of University’s Name and Trademarks or the Names of University Faculty,
Staff, or Students. No provision of this Agreement grants Company or Sublicensee any right or license to use the name or trademarks of University or Stanford University, or the names or identities of any member of the faculty, staff, or student
body of University or Stanford University. Except as provided herein, Company will not use, and will not permit a Sublicensee to use, any such trademarks, names, or identities without University’s, Stanford University’s, and, as the case
may be, such member’s prior written approval. Notwithstanding the foregoing, Company may provide factual information regarding the existence of this Agreement. Company acknowledges that under HHMI policy, Company may not use the name of HHMI or
of any HHMI employee (including Principal Investigator) in a manner that reasonably could constitute an endorsement of a commercial product or service; but that use for other purposes, even if commercially motivated, is permitted provided that
(1) the use is limited to accurately reporting factual events or occurrences, and (2) any reference to the name of HHMI or any HHMI employees in press releases or similar materials intended for public release is approved by HHMI in
advance. 
 13.13    Publicity. University will have the right to report in its customary
publications and presentations that University and Company have entered into a license agreement for the technology covered by the Licensed Rights and University may use Company logos in such publications and presentations provided that University
does not modify Company’s logos and does not through such use imply any endorsement by Company of University. The Parties will cooperate with one another to review and respond to any press release or similar communication proposed by the other
Party regarding the non-confidential subject matter of this Agreement. The specific content and timing of such press releases or similar communication is subject to mutual agreement by the Parties, which will
not be unreasonably withheld. Further, University and Company will issue a joint press release regarding this Agreement, subject to both Party’s, and HHMI’s, review and written approval of the specific content thereof, and such press
release will include specific mention of the contributions of University personnel, in accordance with Section 13.12, and University in developing the technology in a prominent portion of the press release. Company will provide University with
appropriate quotes for such press release. University may post the press release in digital and print publications as well as on University’s own website. 

13.14    Relationship of Parties. In entering into, and performing their duties under, this
Agreement, the Parties are acting as independent contractors and independent employers. No provision of this Agreement will create or be construed as creating a partnership, joint venture, or agency relationship between the Parties. No Party will
have the authority to act for or bind the other Party in any respect. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 22 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 13.15    Relationship with Principal
Investigator(s). Company acknowledges that Principal Investigator(s) is employed by HHMI and has certain pre-existing obligations to HHMI and University, including obligations with respect to disclosure
and ownership of intellectual property and obligations arising from sponsored research agreements between University and Third Parties. Accordingly, Company agrees that to the extent that any consulting agreement between Company and Principal
Investigator(s) is inconsistent with any of Principal Investigator(s)’s obligations to HHMI or University, including the reporting of all inventions developed while employed by HHMI (regardless of where arising) and including contractual
obligations arising under any sponsored research agreements between University and Third Parties, then Principal Investigator(s)’s obligations to HHMI and University will prevail and to such extent any inconsistent provisions of such consulting
agreement will be deemed inapplicable and unenforceable. 
 13.16    Security Interest. In no
event will Company grant, or permit any person to assert or perfect, a security interest in the Licensed Rights; however, Company may grant or permit a security interest in the Company’s rights under this Agreement. 

13.17    Survival. The obligations specified in Article 6 “Payments, Reimbursements, Reports,
and Records” will survive termination of this Agreement with respect to obligations that accrued prior to thermination, including Net Sales during the Sell-Off Period as authorized under Seciton 9.6, and
further provided that Reports will not be required for any period in which there are no Net Sales other than the final report due under Section 9.7 “Final Report to University”. The obligation specified in Section 2.2 “Know-How License” will survive the expiration of this Agreement. The obligations and rights set forth in Section 2.7 “HHMI Research Use Rights”; Articles 9 “Termination”, 10
“Release, Indemnification, and Insurance”, 11 “Warranties”, 12 “Damages”; Sections 13.3 “Confidentiality”, 13.17 “Survival”, 13.19 “Applicable Law”, Section 13.20 “Forum
Selection”, Section 13.21 “Entire Agreement”, and Section 13.22 “Third-Party Beneficiary” will survive the termination or expiration of this Agreement. 

13.18    Collection Costs and Attorneys’ Fees. If a Party fails to perform an
obligation or otherwise breaches one or more of the terms of this Agreement, the other Party may recover from the non-performing breaching Party all its costs (including actual attorneys’ and
investigative fees) to enforce the terms of this Agreement. 
 13.19    Applicable Law. The
internal laws of the state of Washington will govern the validity, construction, and enforceability of this Agreement, without giving effect to the conflict of laws principles thereof. 

13.20    Forum Selection. Any suit, claim, or other action to enforce the terms of this Agreement
will be brought exclusively in the state and federal courts of King County, Washington. Company hereby submits to the jurisdiction of that court and waives any objections it may have to that court asserting jurisdiction over Company or its assets
and property. 
 13.21    Entire Agreement. Company has evaluated the innovations and Licensed
Patents under a Confidentiality Agreement (“CDA”) with University (UW reference number 43597A), dated September 14, 2018. In addition, Company and University executed an exclusive option agreement (“Option”)
for certain Licensed Patents, with University reference UW reference number 43729A, dated November 29, 2018. This Agreement (including all attachments, exhibits, and amendments) is the final and complete understanding between the Parties
concerning licensing the Licensed Rights. This Agreement supersedes any and all prior or contemporaneous negotiations, representations, and agreements, whether written or oral, concerning the Licensed Rights. However, the obligations of nonuse and
nondisclosure for Confidential Information disclosed under the CDA and Option will survive according to the terms of those agreements. Confidential Information disclosed under this Agreement will be governed by the terms of this Agreement.
This Agreement may not be modified in any manner, except by written agreement signed by an authorized representative of both Parties. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 23 of 38	 

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 CONFIDENTIAL 

 

 13.22    Third Party Beneficiary. 

13.22.1    HHMI is not a party to this Agreement and has no liability to any licensee, sublicensee, or
user of anything covered by this Agreement, but HHMI is an intended third-party beneficiary of this Agreement and certain of its provisions are for the benefit of HHMI and are enforceable by HHMI in its own name. 

13.22.2    Notwithstanding anything to the contrary in this Agreement, each Sublicensee is an intended
third party beneficiary of this Agreement, but solely for purposes of enforcing Section 9.8 in its own name. 

13.23    Counterparts. This Agreement may be executed in counterparts, each of which (including
signature pages) will be deemed an original, but all of which together will constitute one and the same instrument. A facsimile, scanned, or photocopied signature (and any signature duplicated in another similar manner) identical to the original
will be considered an original signature. 
 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their
respective authorized representatives. 
  

									
	 University of Washington
	 		 	 Neoleukin Therapeutics, Inc.

					
	 By:
	 	 /s/ Dennis Hanson
	 		 	 By:
	 	 /s/ Jonathan Drachman

					
	 Name:
	 	 Dennis Hanson
	 		 	 Name:
	 	 Jonathan Drachman

					
	 Title:
	 	 Associate Director, Innovation Development
	 		 	 Title:
	 	 CEO

					
	 Date:
	 	 7/8/2019
	 		 	 Date:
	 	 7/8/2019

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 24 of 38	 

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 CONFIDENTIAL 

 

 Exhibit A 

Start-Up License Schedule 

A1.    Licensed Rights: 
  

	 	A1.1	 Licensed Patents: 

[***] 

A2.    Performance Milestones (Section 5.1 “Performance Milestones”): Company or Sublicensee will
meet the following Performance Milestones: 
  

			
	 A2.1
	  	 [***]

	 A2.1.1

Performance Milestone 1
	  	 [***]

	 A2.1.2

Performance Milestone 2
	  	 [***]

	 A2.1.3

Performance Milestone 3
	  	 [***]

	 A2.1.4

Performance Milestone 4
	  	 [***]

	 A2.1.5

Performance Milestone 5
	  	 [***]

	 A2.1.6

Performance Milestone 6
	  	 [***]

  

			
	 A2.2
	  	 [***]

	 A2.2.1

Performance Milestone 1
	  	 [***]

	 A2.2.2

Performance Milestone 2
	  	 [***]

	 A2.2.3

Performance Milestone 3
	  	 [***]

	 A2.2.4

Performance Milestone 4
	  	 [***]

	 A2.2.5

Performance Milestone 5
	  	 [***]

	 A2.2.6

Performance Milestone 6
	  	 [***]

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 25 of 38	 

Table of Contents

 CONFIDENTIAL 

 

			
	 A2.3
	 	 Performance Milestone for Licensed Product that is an antagonist
protein
biologic

	 A2.3.1

Performance Milestone 1
	 	 [***]

	 A2.3.2

Performance Milestone 2
	 	 [***]

	 A2.3.3

Performance Milestone 3
	 	 [***]

	 A2.3.4

Performance Milestone 4
	 	 [***]

	 A2.3.5

Performance Milestone 5
	 	 [***]

	 A2.3.6

Performance Milestone 6
	 	 [***]

 A3.    Payments (Section 6.1): 

A3.1    Annual Maintenance Fee. Company will pay to University annual, non-creditable, maintenance fees of: [***] US dollars ($[***]) due on January 31st following the second anniversary of the Effective Date, [***] ($[***]) due on
January 31st following the third anniversary of the Effective Date, and [***] ($[***]) due on January 31st following the fourth anniversary of
the Effective Date and all subsequent January 31st thereafter; provided that no annual maintenance fee will be due in any year Company pays minimum annual royalties. 

A3.2    Running Royalty Payments. Company will pay to University within [***] days after the last
day of each calendar quarter during the term of this Agreement an amount equal to [***]% of Net Sales during such quarter as a running royalty payment. On a
country-by-country basis, and a Licensed Product-by-Licensed Product basis, if in a
country there is no Valid Claim that covers the Licensed Product, then the foregoing royalty rate shall be reduced by [***] percent ([***]%) with respect to Net Sales of such Licensed Product in such country. 

A3.2.1    Third Party Royalties. If Company or its Sublicensees are required to pay
royalties to a Third Party based on Company’s or such Sublicensee’s manufacture, use, offer for sale, sale or import of Licensed Product subject to one or more patents of such Third Party that create a total royalty burden for the Licensed
Product of greater than [***] percent ([***]%) (such figure including the above running royalty to University), then the royalty Company pays to University may be reduced by the lesser of (i) [***] percent ([***]%) of the royalty otherwise due to
the University absent of a Third Party royalty reduction, (ii) [***] percent ([***]%) of the royalty actually paid to the Third Party, or (iii) the percent Company may reduce such Third Party royalty by based on a royalty stacking provision for
the same product. To qualify for this reduction the Third Party patent must be required for the manufacture, use, offer for sale, sale or import of the Licensed Product 

A3.3    Minimum Annual Royalties. Company will pay minimum annual royalties for the term of this
Agreement, to be creditable against running royalty payments for the preceding calendar year on a non-cumulative basis and to be due in full and payable on January 31st of each year beginning on January 31st
of the year following the first commercial sale of a Licensed Product and continuing during the term of this Agreement according to the following schedule: 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 26 of 38	 

Table of Contents

 CONFIDENTIAL 

 

					
	 Calendar Year
	  	Minimum
Annual Royalty	 
	 Year 1
	  	$	[***]	 
	 Year 2
	  	$	[***]	 
	 Year 3 and each year after
	  	$	[***]	 

 A3.3.1    If this Agreement is terminated prior to the payment of a minimum
annual royalty in any given year the amount due for that minimum annual royalty payment will be prorated on the basis of the number of full quarters that have elapsed prior to termination since the last payment of a minimum annual royalty. 

A3.4    Financial Milestones. Company will pay to University the following non-cumulative, non-creditable, and non-refundable milestone achievement payments within thirty (30) days of achieving the
corresponding milestone, whether achieved by Company or a Sublicensee, for each distinct class of Licensed Product, i.e., first agonist, first antagonist, first [***] molecule: 

 

			
	 	  	 Milestone

	 $[***]
	  	 Performance Milestone 3 in A2.1.3, A2.2.3, or A2.3.3

	 $[***]
	  	 Performance Milestone 4 in A2.1.4, A2.2.4, or A2.3.4

	 $[***]
	  	 Performance Milestone 5 in A2.1.5, A2.2.5, or A2.3.5

	 $[***]
	  	 Cumulative Net Sales of $[***]

	 $[***]
	  	 Cumulative Net Sales of $[***]

 A3.5    Equity. In consideration for the rights granted to Company
hereunder, within [***] days after the Effective Date, Company will issue to University a number of Shares equal to [***] percent ([***]%) of Company’s Fully-Diluted Shares as of the Effective Date, such Shares to be issued pursuant to the
Stock Subscription Agreement attached hereto as Exhibit C; provided, however, that solely for purposes of this initial issuance of Shares, Company’s Fully-Diluted Shares shall exclude all then-outstanding convertible promissory notes
issued by the Company. In addition, Company agrees to issue additional Shares to University sufficient to cause the University to own in aggregate [***] percent ([***]%) of Company’s Fully-Diluted Shares through such time as the Company has
raised Qualified Financing; provided, however, that if Company closes an equity financing that would result in its cumulative equity capital raised being in excess of the Qualified Offering Proceeds, any such excess capital (and resulting dilution)
will be ignored and the number of additional Shares to be issued to University will be calculated assuming Company had raised only such amount of equity capital as would result in its cumulative equity capital raised since incorporation being equal
to the Qualified Offering Proceeds. Any such additional Shares will be issued as of or immediately after such closing. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 27 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 A3.5.1    Participation Rights. If the Company
proposes to sell any equity securities or securities that are convertible into equity securities of the Company (collectively, “Equity Securities”), then the University and/or its Assignee (as defined below) will have the right to
purchase up to [***] percent ([***]%) of the securities issued in each offering on the same terms and conditions as are offered to the other purchasers in each such financing. Company shall provide ten business days advanced written notice of each
such financing, including reasonable detail regarding the terms and purchasers in the financing. If all Equity Securities that the University and/or its Assignee are entitled to purchase pursuant to this Subsection A3.5.1 are not elected to be
purchased by the University and/or its Assignee during such ten business day period, the Company may offer the remaining unsubscribed portion of such Equity Securities to any person or persons at a price not less than that, and upon terms no more
favorable to the offeree than those, specified in such written notice. The term “Assignee” means (a) any entity to which the University’s participation rights under this section have been assigned either by the University
or another entity, or (b) any entity that is controlled by the University. Notwithstanding the foregoing, the foregoing participation rights shall not apply to the following: (i) the issuance or sale of Shares or options therefor, to
employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their services pursuant to plans or agreements approved by the Company’s Board of Directors (the “Board”); (ii)
the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities that are outstanding as of the date hereof; (iii) the issuance of securities in connection with a bona fide business acquisition by the
Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, approved by the Board; (iv) the issuance of stock, warrants or other securities or rights pursuant to any equipment leasing arrangement or debt
financing arrangement, which arrangement is approved by the Board and is primarily for non-equity financing purposes; (v) the issuance of stock, warrants or other securities or rights to persons or
entities with which the Company has business relationships, provided such issuances are approved by the Board and are primarily for non-equity financing purposes; (vi) the issuance of Equity Securities
that are specifically deemed (in a written instrument) not to be subject to the participation rights set forth in this Subsection A3.5.1 by the University and/or its Assignee; or (vii) the issuance of any other Equity Securities that are
excluded from any right of first offer or participation right granted by the Company to any of its investors and set forth in an “Investors’ Rights Agreement” or any similar agreement at any time then-outstanding. In addition to the
foregoing, this participation right shall not be applicable with respect to any Assignee in any subsequent offering of Equity Securities if (x) at the time of such offering, Assignee is not an “accredited investor,” as that term is
then defined in Rule 501(a) of the Securities Act of 1933, as amended, and (y) such offering of Equity Securities is otherwise being offered only to accredited investors. This paragraph shall survive the termination of this Agreement. 

A3.6    Sublicense Consideration. Within [***] days of the end of each calendar quarter during the
term of this Agreement, Company will pay to University [***] percent ([***]%) of any Sublicense Consideration received by Company during such calendar quarter unless reduced by achievement of milestones by Company or its Sublicensees prior to
execution of the particular Sublicense in accordance with the schedule below; provided that if the nature of the sublicense is a co-development agreement where Company remains involved in the funding and/or
conduct of the development, then the percentage of Sublicense Consideration will be based on status of the molecular entity (agonist in A2.1, [***] molecule in A2.2, or antagonist in A2.3) at the time the Sublicense Consideration payment is received
by Company. Determination of the relevant Performance Milestone having been achieved for the purposes of determining the Sublicense Consideration percentage shall be based on the milestones achieved by the most advanced molecular entity under
development by Company that is the same type of molecular entity as the Licensed Product then in development for which Sublicense Consideration was received. A reduction of the percentage of Sublicense Consideration payable to University under this
Agreement will be negotiated in good faith between the Parties where, in addition to the Sublicense of any rights granted to Company hereunder, Company or its Sublicensee also grants a Sublicensee a license under a Third Party’s intellectual
property rights that are infringed by Licensed Product(s), and only to the extent that the total aggregate consideration for such combined license is treated as Sublicense Consideration. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 28 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 
					
	 	 	 Milestone Has Been Achieved at the Date of Execution of the Sublicense
	  	Sublicense
Consideration
Percentage
	 A3.6.1
	 	Production methods of GLP material established for Licensed Product (e.g. technology transfer documents)	  	[***]%
	 A3.6.2
	 	Performance Milestone 1	  	[***]%
	 A3.6.3
	 	Performance Milestone 2	  	[***]%
	 A3.6.4
	 	Performance Milestone 3	  	[***]%
	 A3.6.5
	 	Performance Milestone 4	  	[***]%
	 A3.6.6
	 	Performance Milestone 5 or initiation of a registrational Phase 2 study	  	[***]%
	 A3.6.7
	 	Performance Milestone 6	  	[***]%

 A3.7    Acquisition Fee. University will be paid within [***]
days of such Acquisition a fee (the “Acquisition Fee”) equal to (a) [***] percent ([***]%) of the Acquisition Consideration if [***] Performance Milestones have been achieved by Company or its Sublicensees, (b) [***] percent
([***]%) of the Acquisition Consideration if [***]Performance Milestone has been achieved by Company or its Sublicensees, (c) [***] percent ([***]%) of the Acquisition Consideration if [***] Performance Milestones have been achieved by Company or
its Sublicensees, or (d) [***] percent ([***]%) of the Acquisition if (i) [***] or more Performance Milestones have been achieved by Company or its Sublicensees, or (ii) Company has raised Qualified Financing (for clarity, Qualified Financing
may have occurred prior to the Effective Date) regardless of whether any Performance Milestones have been met. The Acquisition Fee otherwise due under this Section A3.7 will be reduced and offset by the amount of consideration attributable to
University’s Shares under Section A3.5 “Equity” above. For this purpose, the consideration attributable to the Shares will be deemed to include all amounts paid at closing, placed in escrow, subject to earnout payments, or otherwise
contemplated by the agreement relating to such Acquisition, to the extent such amounts are actually received by University. The Company will act in good faith and will not intentionally seek to avoid payment of or reduce the Acquisition Fee by
raising capital or achieving other Performance Milestones specifically for that purpose. 

A3.8    Patent Expense Payment. Company will pay, or reimburse University for paying, all Patent
Expenses incurred prior to, on or after the Effective Date, within [***] days of its receipt of University’s invoice for such Patent Expenses. University reserves the right to request advance payments for certain Patent Expenses, at
University’s discretion. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 29 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 A3.8.1    Notwithstanding Sections 4.2 and 4.3 of this
Agreement, if at any time Company fails to provide advance payment when requested, University shall make patent filing, prosecution, and maintenance decisions, including choosing which countries to prosecute patents, in its sole discretion and
Company shall have no rights to provide instruction or to take over patent prosecution. University shall reasonably consider input provided by Company, but have no obligation to act on such input. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 30 of 38	 

Table of Contents

 CONFIDENTIAL 

 

 Exhibit B 

Royalty Report Form 

[Date] 
 [Company Name &
Address] 
  

					
	 License Number:
	  	  
	    	
	 Reporting Period:
	  		    	 Report Due Date:

  
 This report must be submitted regardless of whether
royalties are owed. 
 Please do not leave any column blank. State all information requested below. 

 

													
	 Product Description
	  	Royalty Rate	 	  	Quantity/Net Sales	 	  	Royalty Due	 
		  				  				  			

 Report Completed by: ____________________________________    Total Royalties Due:
_____________________________________ 
 Telephone Number: ______________________________________ 

If you have questions, please contact: ___________________________________ 

Please make check payable to: University of Washington 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 31 of 37	 

Table of Contents

 CONFIDENTIAL 

 

 Exhibit C 

STOCK SUBSCRIPTION AGREEMENT 

STOCK SUBSCRIPTION AGREEMENT, dated the date indicated below on the signature page hereof, by and between the Company and the
University. If and when accepted by the Company, this Stock Subscription Agreement, when executed below, shall constitute a subscription for that number of shares of the Securities indicated on the attached Appendix A. All capitalized terms are
defined on Appendix A. 
 INTENDING TO BE LEGALLY BOUND, and in consideration of the mutual representations, warranties,
covenants and agreements contained herein, Company and University hereby agree as follows: 

1.    Representations and Warranties of the University. The University hereby represents and
warrants to the Company as of the date of this Agreement as follows: 
 1.1    The University:
(a) is an Accredited Investor as that term is defined in 17 CFR § 230.501(a); (b) has been furnished with all information deemed necessary by the University to evaluate the merits and risks of the Securities; (c) has had the
opportunity to ask questions and receive answers concerning the Company and the Securities; and (d) has been given the opportunity to obtain any additional information necessary to verify the accuracy of any information obtained concerning the
Company. 
 1.2    Ability to Bear Risk. The University is in a financial position to hold the
Securities and is able to bear the economic risk and withstand a complete loss of the investment in the Securities. 

1.3    Risk Factors. The University recognizes that the Securities as an investment involve an
extremely high degree of risk. There can be no assurance that the Company will be able to meet its projected goals and the Company may need significant additional capital to be successful, which capital may not be readily available or available upon
terms that are not substantially dilutive to the University. If provided, the University has reviewed the risk factors description provided by the Company. 

1.4.    Sophistication. The University is a sophisticated investor, is able to fend for itself in
the transactions contemplated by this Agreement, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the prospective investment in the Securities. 

1.5.    Suitability. The investment in the Securities is suitable for the University based upon its
investment objectives and financial needs, and the University has adequate net worth and means for providing for its current financial needs and contingencies and has no need for liquidity of investment with respect to the Securities. 

1.6.    Overall Commitment to Illiquid Investments. The University’s overall commitment to
investments which are illiquid or not readily marketable is not disproportionate to its net worth, and investment in the Securities will not cause such overall commitment to become excessive. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 32 of 37	 

Table of Contents

 CONFIDENTIAL 

 

 1.7.    Restricted Securities. The University
realizes that (i) none of the Securities have been registered under the Securities Act of 1933, as amended (the “Act”), (ii) the Securities are characterized under the Act as “restricted securities” and,
therefore, cannot be sold or transferred unless they are subsequently registered under the Act or an exemption from such registration is available and (iii) there is presently no public market for the Securities and the University may not be
able to liquidate his investment in the event of an emergency or pledge the Securities as collateral security for loans. In this connection, the University represents that it is familiar with Rule 144 promulgated under the Act, and understands the
resale limitations imposed thereby and by the Act. 
 1.8.    Exemption Reliance. The University
has been advised that the Securities are not being registered under the Act or the applicable state securities laws but are being offered and sold pursuant to exemptions from such laws. The University understands that the Company’s reliance on
such exemptions is predicated in part upon the truth and accuracy of the University’s representations in this Agreement. The University represents and warrants that the Securities are being acquired for its own account, in fulfillment of its
statutory mandate for the commercialization of research and economic development under RCW 28B.10.630, and without the intention of reselling, redistributing or transferring the same, that it has made no agreement with others regarding any of such
Securities and that its financial condition is such that it is not likely that it will be necessary to dispose of any of such Securities in the foreseeable future. 

2.    Covenants. The University agrees that: 

2.1.    Transfer Restriction. The Securities for which the University hereby subscribes shall be
assigned or transferred only in accordance with all applicable laws. 
 2.2.    Disposition of
Securities. The University shall in no event make any disposition of all or any portion of the Securities which it is purchasing unless and until: 

a.    There is then in effect a registration statement under the Act covering such proposed disposition
and such disposition is made in accordance with said registration statement; or 
 b.    (i) It
shall have furnished the Company with an opinion of its own counsel to the effect that such disposition will not require registration of such shares under the Act, and (ii) such opinion of its counsel shall have been concurred in by counsel for
the Company, such concurrence not to be unreasonably withheld or delayed, and the Company shall have advised the University of such concurrence; or 

c.    The transfer shall comply with the applicable requirements of Rule 144 as promulgated under
the Securities Act of 1933, as amended, or is otherwise exempt from the registration requirements of such act. 

2.3.    No Revocation. The University may not cancel, terminate or revoke this subscription, and
this subscription shall be binding upon its successors and assigns. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 33 of 37	 

Table of Contents

 CONFIDENTIAL 

 

 2.4    Execution of Related Documents. The
University agrees to execute other customary, investment-related agreements as proposed by Company and executed by other investors in Company that contain solely one or more of the following provisions: 

 

	 	•	 	 General prohibition on transfer of the Securities 

 

	 	•	 	 Right of first refusal on proposed transfer 

 

	 	•	 	 Right of co-sale on proposed transfer 

 

	 	•	 	 “Tag along, drag along” rights (both must be included) 

 

	 	•	 	 Market “standoff” agreements up to one hundred eighty (180) days following an initial public
offering 

 provided, however, that such agreements do not discriminate against the University and do not contain any of
the following provisions: 
  

	 	•	 	 Rights to repurchase Securities owned by the University 

 

	 	•	 	 Vesting requirements applicable to Securities owned by the University 

 

	 	•	 	 Indemnification obligations by the University 

 

	 	•	 	 Requirement to vote Securities owned by the University 

 

	 	•	 	 Penalties on the University, or limitations on the University’s rights, as a result of the
University’s failure to make follow-on investments 

  

	 	•	 	 Any provision that would apply solely to the University (and not to all other persons who hold the same type
and class of Securities as the University) 

  

	 	•	 	 Confidentiality restrictions or limitations that purport to prevent the University from complying with
applicable open records requirements. 

 3.    Issuance of Stock Certificate.
Company agrees to issue and deliver to the University at the Treasury Office address provided in Appendix A a duly-executed stock certificate promptly (and in any case within 30 days) following the execution of this Agreement. 

4.    Governing Law; Successors. The University agrees that this Subscription Agreement shall be
enforced, governed and construed in all respects in accordance with the laws of the State of Washington, that the rights, powers and duties set forth herein shall be binding upon the University, its successors and assigns, and shall inure to the
benefit of its successors and assigns. 
 THE UNIVERSITY HAS BEEN ADVISED, PRIOR TO ITS PURCHASE OF THE SECURITIES, THAT
NEITHER THE OFFERING OF THE SECURITIES NOR ANY OFFERING MATERIALS HAVE BEEN REVIEWED BY ANY ADMINISTRATOR UNDER THE ACT OR ANY OTHER APPLICABLE SECURITIES ACT (THE “ACTS”) AND THAT NONE OF THE SECURITIES HAVE BEEN REGISTERED UNDER
ANY OF THE ACTS AND THEREFORE CANNOT BE RESOLD UNLESS THEY ARE REGISTERED UNDER THE ACTS OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 34 of 37	 

Table of Contents

 CONFIDENTIAL 

 

 SIGNATURE PAGE 

The University has completed this Agreement as of the date indicated below and understands that this subscription is subject
to acceptance by the Company. 
  

									
	UNIVERSITY OF WASHINGTON	 		 	     NEOLEUKIN THERAPEUTICS, INC.

									
					
	By:	 	 	 		 	By:	 	 
					
	Title:	 	 	 		 	Title:	 	 
					
	Dated:	 	 	 		 	Dated:	 	 

  

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page 35 of 37	 

Table of Contents

 CONFIDENTIAL 

 

 Appendix A 

Defined Terms: 
 The following terms shall
be defined as follows for purposes of this Agreement: 
 The term “Agreement” means this Subscription Agreement, when
executed by the University and the Company. 
 The term “Notice” means, with respect to the University, the information
required by an applicable section delivered personally, or by facsimile or electronic mail (provided such delivery is confirmed), or by a recognized overnight courier service or by United States mail, first-class, certified or registered, postage
prepaid, return receipt requested, to the other Party at its address set forth below or to another address as a Party may designate by notice given pursuant to this article. 

The term “Securities” means _________________ shares of the common stock, par value $0.00001 per share of the Company. 

The term “Company” means Neoleukin Therapeutics, Inc.,a Delaware corporation. 

The term “University” means University of Washington, a public institution of higher education and an agency of the state of
Washington, acting through UW CoMotion. 
 Address for Delivery of Stock Certificate: 

With a copy to: 

  

					
	 Neoleukin Therapeutics, Inc. / University of Washington

Exclusive License Agreement

UW CoMotion Ref. 44544A
	  	 	Page36 of 37

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