Document:

EX-10.10

 Exhibit 10.10 

SANA BIOTECHNOLOGY, INC. 
 1616
Eastlake Avenue East, Suite 360 
 Seattle, Washington 98102 

September 26, 2018 
 James J. MacDonald 

Re: Employment Terms 
 Dear Jim: 

Sana Biotechnology, Inc. (the “Company”), is pleased to offer you full time employment in the exempt position of EVP, General
Counsel, effective as of September 4, 2018 (the date you actually commence employment, your “Commencement Date”), in which you will be responsible for such duties as are normally associated with such position or as otherwise
determined by the Chief Executive Officer of the Company. You will report to Steven Harr, the Chief Executive Officer of the Company, or such other individual as the Company may designate, and will be initially headquartered in our Seattle offices,
or such other location as the Company may designate, except for such travel as may be necessary to fulfill your responsibilities. In the course of your employment with Company, you will be subject to and required to comply with all company policies,
and applicable laws and regulations. 
 You will be paid a base salary at the monthly rate of $32,083.33 (subject to required tax
withholding and other authorized deductions), equivalent to $385,000.00 on an annualized basis. Your base salary will be payable in accordance with the Company’s standard payroll policies and subject to adjustment pursuant to the Company’s
policies as in effect from time to time. 
 In addition to your base salary, you will be eligible for an annual cash bonus, at the
discretion of the Board of Directors of the Company (the “Board”). Your target annual bonus shall be 40% of your base salary, but the actual amount, of your annual bonus may be more or less (and may equal zero). Any annual bonus
awarded to you shall be paid within two and a half months following the year to which the annual bonus relates and will be contingent upon your continued employment through the applicable payment date. You hereby acknowledge and agree that nothing
contained herein confers upon you any right to an annual bonus in any year, and that whether the Company pays you an annual bonus and the amount of any such annual bonus will be determined by the Company in its sole discretion. 

In contemplation of you entering into this offer letter, on August 30, 2018 and September 24, 2018, the Company issued you 2,150,000
shares (on a post-split basis) and 190,000 shares, respectively, of the Company’s common stock (the “Restricted Shares”), all of which are subject to a risk of forfeiture in the event you terminate employment with the Company.
The Restricted Shares will vest, and the risk of forfeiture thereon lapse, in respect of 25% of the total number of Restricted Shares on the first anniversary of July 23, 2018 and 1/48th of the total number of Restricted Shares will vest, and
the risk of forfeiture thereon lapse, on each monthly anniversary thereafter, in each case, subject to your continued employment through the vesting date. The Restricted Shares remain subject to the restricted stock agreement entered into between
you and the Company. 
  

 MacDonald 
 
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 You will be eligible to receive future stock options and other equity awards in the
discretion of the Board. 
 You will be eligible to participate in all of the employee benefits and benefit plans that the Company generally
makes available to its regular fulltime employees. You will be eligible for paid time off vacation and/or paid sick leave in accordance with applicable law and Company policy. 

The Company requires that, as a full-time employee, you devote your full business time, attention, skill, and efforts to the tasks and duties
of your position as assigned by the Company. If you wish to request consent to provide services (for any or no form of compensation) to any other person or business entity while employed by the Company, please discuss that with me in advance of
accepting another position. 
 As a condition of employment, you will be required ( 1) to sign and comply with an At- Will Employment Agreement, a copy of which is attached hereto as Exhibit A, which, among other things, prohibits unauthorized use or disclosure of Company proprietary information; (2) to sign and
return a satisfactory I-9 Immigration form attached hereto as Exhibit B and provide sufficient documentation establishing your employment eligibility in the United States of America (enclosed is a. list
of acceptable INS Form I-9 documentation); and (3) to provide satisfactory proof of your identity as required by U.S. law. 

By signing below, you represent that your performance of services to the Company will not violate any duty which you may have to any other
person or entity (such as a present or former employer), including obligations concerning providing services (whether or not competitive) to others, confidentiality of proprietary information and assignment of inventions, ideas, patents or
copyrights, and you agree that you will not do anything in the performance of services hereunder that would violate any such duty. 

Notwithstanding any of the above, your employment with the Company is “at will.” This means that it is not for any specified period
of time and can be terminated by you or by the Company at any time, with or without advance notice, and for any or no particular reason or cause. It also means that your job duties, title and responsibility and reporting level, work schedule,
compensation and benefits, as well as the Company’s personnel policies and procedures, may be changed with prospective effect, with or without notice, at any time in the sole discretion of the Company. 

Without limiting the foregoing, if at any time other than during a Change in Control Period (as defined below) your employment with the
Company is terminated by the Company without Cause (other than due to your death or disability) or you resign for Good Reason (each, as defined herein) and you deliver to the Company a general release of all claims against the Company and its
affiliates in a form reasonably acceptable to the Company (a “Release”) that becomes effective and irrevocable within 60 days following such termination of employment, then you shall be entitled to receive (i) continuing
payments of severance pay (less applicable withholding taxes) for a period of nine (9) months to be paid periodically in accordance with the Company’s normal payroll policies at a rate equal to the sum of your monthly base salary rate and one-twelfth of your target annual bonus, in each case as in effect immediately prior to your termination (but without taking into account any reduction of your base salary or target annual bonus in breach of this
letter), less applicable withholdings, with such installments to commence on the first payroll date following the date the Release becomes effective and irrevocable, with the first installment to include any amount that would have been paid had the
Release been effective and irrevocable on your termination date and (ii) direct payment or reimbursement for premiums for continued health, vision and dental benefit coverage through COBRA for you, your spouse and dependents at the same level
of coverage as in effect for you on the day immediately preceding the day of termination of employment for a period ending on the earlier of (a) nine (9) months after the date of termination of employment and (b) the date you are eligible
to receive health, vision and dental benefits through a new employer. In addition, concurrent with the termination of your 

 MacDonald 
 
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employment with the Company, you may (at the Company’s sole discretion) be provided the opportunity to enter into a consulting agreement (the “Consulting Agreement”) with
the Company with a nine (9) month term (the “Consulting Term,” and the last day of the Consulting Term, the “Final Consulting Date”), which would: (x) provide for annual consulting fees equal to your
annual salary as in effect on the date of your termination of your employment, (y) require that you provide, or be available to provide, services to the Company in your areas of expertise on an exclusive basis within the Company’s industry
during the Consulting Term, and (z) provide that the vesting of each equity award held by you will be accelerated in respect of that number of shares of Company common stock that would have vested had you remained employed for the nine
(9) months immediately following your termination date and (iv) each stock option held by you that is vested on your termination date (after giving effect to any accelerated vesting provided in connection with your termination of
employment) will remain exercisable until the earlier of 90 days after the Final Consulting Date or the original expiration date thereof All other terms and conditions of the Consulting Agreement will be mutually agreed between you and the Company.

 Further notwithstanding the foregoing, if at any time during a Change in Control Period your employment with the Company is terminated by
the Company without Cause (other than due to your death or disability) or you resign for Good Reason and you deliver to the Company a Release that becomes effective and irrevocable within 60 days following such termination of employment, then, in
lieu of the benefits provided in the preceding paragraph, you shall be entitled to receive (i) your base salary at the rate in effect immediately prior to your date of termination during the period of time commencing on the termination date and
ending on the twelve (12) month anniversary of your date of termination plus your target annual bonus, paid in a single cash lump sum, less applicable withholdings, on the first payroll date following the date the Release becomes effective and
irrevocable, with the first installment to include any amount that would have been paid had the Release been effective and irrevocable on your termination date, (ii) direct payment or reimbursement for up to twelve (12) months of premiums
for continued health, vision and dental benefit coverage through COBRA for you, your spouse and dependents at the same level of coverage as in effect for you on the day immediately preceding the day of termination of employment for a period ending
on the earlier of (a) twelve (12) months after the date of termination of employment and (b) the date you are eligible to receive health, vision and dental benefits through a new employer, (iii) the vesting of each equity award held
by you will be accelerated in respect of all of the shares of Company common stock subject thereto and (iv) each stock option held by you that is vested on your termination date (after giving effect to any accelerated vesting provided in
connection with your termination of employment) will remain exercisable until the earlier of the 90 days after your termination date or the original expiration date thereof. 

For purposes of this offer letter, the term “Cause” means: (i) a willful act of dishonesty made by you in connection
with your responsibilities as an employee; (ii) your conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or a material violation of federal or state law by you, any of which that the Board
reasonably determines in good faith has had or will have a material detrimental effect on the Company’s reputation or business; (iii) your willful and material unauthorized use or disclosure of any proprietary information or trade secrets
of the Company or any other party to whom you owe an obligation of nondisclosure as a result of your relationship with the Company; (iv) your willful material breach of any obligations under any written agreement or covenant with the Company;
or (v) your continued substantial failure to perform your employment duties (other than as a result of your physical or mental incapacity). No termination for Cause under (iv) or (v) shall be effectuated until after you have received a
written demand of performance from the CEO that specifically sets forth the factual basis for the CEO’s determination that you have not substantially performed your duties and have failed to cure such
non-performance to the CEO’s reasonable satisfaction within thirty (30) business days after receiving such notice. For purposes of this definition, no act or failure to act shall be considered
willful unless it is done in bad faith and without reasonable intent that the act or failure to act was in the best interest of the Company. Any act, or failure to act, based upon authority or instructions given to you pursuant to a resolution duly
adopted by the Board will be conclusively presumed to be done or omitted to be done by you in good faith and in the best interest of the Company. 

 MacDonald 
 
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 For purposes of this offer letter, the term “Good Reason” means your
resignation within 30 days following expiration of any Cure Period (as defined below) following the occurrence of one or more of the following, without your written consent: (i) a material reduction in your base salary or target annual bonus;
(ii) a material diminution of your title, duties, responsibilities or reporting lines; or (iii) a change in the location of your employment of more than 50 miles. No event will be considered Good Reason unless (a) you have given
written notice to the Company of your intention to terminate your employment for Good Reason, describing the grounds for such action, no later than 90 days after the first occurrence of such circumstances, (b) you have provided the Company with
at least 30 days in which to cure the circumstances (the “Cure Period”), and (c) if the Company is not successful in curing the circumstance, you end your employment within thirty days after the end of the Cure Period. 

For purposes of this offer letter, the term “Change in Control” shall have the meaning ascribed such term in the
Company’s 2018 Equity Incentive Plan, provided, that such event constitutes a “change in control event” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

 For purposes of this offer letter, the term “Change in Control Period” shall mean the period commencing three
(3) months prior to a Change in Control and ending twelve (12) months after the Change in Control. 
 No amount deemed deferred
compensation subject to Section 409A of the Code shall be payable pursuant to this offer letter unless your termination of employment constitutes a “separation from service” with the Company within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended, and the Department of Treasury regulations and other guidance promulgated thereunder. For purposes of Section 409A of the Code (including, without limitation, for purposes of
Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive any installment payments under this offer letter shall be treated as a right to receive a series of separate payments and,
accordingly, each such installment payment shall at all times be considered a separate and distinct payment. To the extent that any reimbursements payable pursuant to this offer letter are subject to the provisions of Section 409A of the Code,
any such reimbursements payable to you pursuant to this offer letter shall be paid to you no later than December 31 of the year following the year in which the expense was incurred, the amount of expenses reimbursed in one year shall not affect
the amount eligible for reimbursement in any subsequent year, and your right to reimbursement under this offer letter will not be subject to liquidation or exchange for another benefit. 

You are not required to seek other employment or otherwise mitigate the value of any severance benefits contemplated by this offer letter, nor
will any such benefits be reduced by any earnings or benefits that you may receive from any other source, except as otherwise expressly set forth above with respect to continued group life, health, vision and dental benefits. 

In addition to any indemnification provided by the Company’s organizational documents, the Company will enter into an indemnification
agreement with you as an officer in the form used for other officers. 
 If you accept this offer, this letter and the At-Will Employment Agreement shall constitute the complete agreement between you and Company with respect to the terms and conditions of your employment. Any prior or contemporaneous representations (whether oral or
written) not contained in this letter or the At-Will Employment Agreement or contrary to those contained in this letter or the At-Will Employment Agreement, that may
have been made to you are expressly cancelled and superseded by this offer. 

 MacDonald 
 
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 This offer letter shall be interpreted and construed in accordance with the laws of the State
of Washington without regard to any conflicts of laws principles. While other terms and conditions of your employment may change in the future, the at-will nature of your employment may not be changed, except
in a subsequent letter or written agreement, signed by you and the Chief Executive Officer of the Company. 
 (Signature Page Follows)

  

 Please sign and date this letter and the At-Will
Employment Agreement, and return it to me by email at Robin.Andrulevich@sana.com by September 28, 2018 if you wish to accept employment at the Company under the terms described above, after which time this offer of employment will expire. If
you accept our offer, we would like you to commence your employment with us as soon as practicable. 
 If you have any questions, regarding
this letter or employment with the Company, please feel free to contact me by phone at 206-898-3871 or by email at robin.andmlevich@sana.com. We look forward to your
favorable reply and to a productive and enjoyable work relationship. 
  

			
	Sincerely,
	
	SANA BIOTECHNOLOGY, INC.
		
	By:	 	 /s/ Robin Andrulevich

	Name:	 	Robin Andrulevich
	Title:	 	Chief People Officer

  

	
	Accepted by:
	
	 /s/ James J. MacDonald

	James J. MacDonald
	
	 September 28, 2018

	Date

 SANA BIOTECHNOLOGY, INC. 

AT-WILL EMPLOYEE AGREEMENT 

As a condition of my employment with Sana Biotechnology, Inc. (the “Company”), and in consideration of my employment with the
Company and my receipt of the compensation paid to me by the Company now and in the future, I agree to the following: 

 

 1. AT-WILL EMPLOYMENT 

MY EMPLOYMENT WITH THE COMPANY IS FOR AN UNSPECIFIED DURATION AND CONSTITUTES “AT-WILL”
EMPLOYMENT. ANY REPRESENTATION TO THE CONTRARY IS UNAUTHORIZED AND NOT VALID UNLESS OBTAINED IN WRITING AND SIGNED BY THE PRESIDENT OR CEO OF COMPANY. THIS EMPLOYMENT RELATIONSHIP MAY BE TERMINATED AT ANY TIME, WITH OR WITHOUT GOOD CAUSE OR FOR ANY
OR NO CAUSE, AT EITHER MY OPTION OR THE COMPANY’S OPTION, WITH OR WITHOUT NOTICE. THE AT-WILL NATURE OF MY EMPLOYMENT ALSO MEANS THAT I CAN BE TRANSFERRED OR DEMOTED, AND MY JOB TITLE, COMPENSATION,
BENEFITS AND OTHER TERMS AND CONDITIONS OF EMPLOYMENT CAN BE REDUCED, WITHOUT CAUSE. NOTHING IN AN EMPLOYEE HANDBOOK OR OTHER POLICY OF THE COMPANY WILL BE CONSTRUED AS CHANGING MY AT-WILL EMPLOYMENT STATUS.
THE COMPANY MAY MODIFY JOB TITLES, SALARIES, AND BENEFITS FROM TIME TO TIME AS IT DEEMS NECESSARY. 
 2. CONFIDENTIAL INFORMATION 

2.1 Definition. “Confidential Information” means any non-public information that
relates to the actual or anticipated business, research, or development of the Company and any proprietary information, technical data, trade secrets, and know-how of the Company, disclosed to me by the
Company, directly or indirectly, in writing, orally, or by inspection or observation of tangible items. Confidential Information includes both Information disclosed by the Company to me, and information developed or learned by me during

 
the course of my employment with the Company. Confidential Information includes, but is not limited to, Company research, product plans, products, services, customers, customer lists, markets,
software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, and other business information. Confidential Information will not include any information
that (a) was publicly known and made generally available in the public domain prior to the time the Company disclosed the information to me, (b) became publicly known and made generally available, after disclosure to me by the Company,
through no wrongful action or inaction by me or by others who were under confidentiality obligations, or (c) was in my rightful possession, without confidentiality restrictions, at the time of disclosure by the Company, as shown by my files and
records. 
 2.2 Use and Non-Use. At all times during the term of my employment and after my
employment ends, I will hold all Confidential Information in strictest confidence and not use it for any purpose except for the benefit of the Company to fulfill my employment obligations. I will not disclose Confidential Information to any third
party without the prior written authorization of the president, CEO, or the Board of Directors of the Company. Confidential Information will remain the sole property of the Company. I will take all reasonable precautions to prevent any unauthorized
use or disclosure of the Confidential Information. Prior to disclosure when compelled by applicable law, I will provide written notice to the president, CEO, and general counsel of the Company, as applicable. I understand that my unauthorized use or
disclosure of Confidential Information during my employment will lead to disciplinary action, up to and including immediate termination and legal action by the Company. I understand that my obligations under this Section 2.2 will continue after
termination of my employment. 

 

  

 If I become compelled by law, regulation (including without limitation the rules of any
applicable securities exchange), court order, or other governmental authority to disclose the Confidential Information, I shall, to the extent possible and permissible under applicable law, first give the Company prompt notice. I agree to cooperate
reasonably with the Company in any proceeding to obtain a protective order or other remedy. If such protective order or other remedy is not obtained, I shall only disclose that portion of such Confidential Information required to be disclosed, in
the opinion of my legal counsel. I shall request that confidential treatment be accorded such Confidential Information, where available. Compulsory disclosures made pursuant to this section shall not relieve me of my obligations of confidentiality
and non-use with respect to non-compulsory disclosures. I understand that nothing herein is intended to or shall prevent me from communicating directly with, cooperating
with, or providing information to, any federal, state or local government regulator, including, but not limited to, the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, or the U.S. Department of Justice. I
shall promptly notify my supervisor or any officer of the Company if I learn of any possible unauthorized use or disclosure of Confidential Information and shall cooperate fully with the Company to enforce its rights in such information. 

2.3 Former Employer Confidential Information. I will not, during my employment with the Company, improperly use, disclose, or induce the
Company to use any proprietary information or trade secrets of any former or concurrent employer or other person or entity with which I have an obligation to keep information in confidence. Furthermore, I will not bring onto the premises of the
Company or transfer onto the Company’s technology systems any unpublished document or proprietary information belonging to any third party unless consented to in writing by both the Company and such third party.

 2.4 Third Party Information. I recognize that the Company has received and in the future
will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of this information and to use it only for certain limited purposes. I will hold all of this
confidential or proprietary information in the strictest confidence and not disclose it to any third party or use it except as necessary in carrying out my work for the Company consistent with the Company’s agreements with these third parties.
I understand that my unauthorized use or disclosure of third parties’ confidential or proprietary information during my employment will lead to disciplinary action, up to and including immediate termination and legal action by the Company. 

2.5 Defend Trade Secrets Act Notice of Immunity Rights. I acknowledge that the Company has provided me with the following notice of
immunity rights in compliance with the requirements of the Defend Trade Secrets Act: (a) I shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of Confidential Information that is made in
confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, (b) I shall not be held criminally or civilly liable under any Federal or State
trade secret law for the disclosure of Confidential Information that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (c) if I file a lawsuit for retaliation by the Company
for reporting a suspected violation of law, I may disclose the Confidential Information to my attorney and use the Confidential Information in the court proceeding, if I file any document containing the Confidential Information under seal, and do
not disclose the Confidential Information, except pursuant to court order. 

 

 3. INVENTIONS 

3.1 Inventions Defined. “Inventions” means inventions, original works of authorship, developments, concepts,
improvements, designs, discoveries, ideas, know-how, trademarks, and trade secrets, whether or not patentable or registrable under copyright or similar laws, that I may solely or jointly author, conceive,
develop, or reduce to practice. 
 3.2 Assignment of Inventions and Works Made for Hire. I will promptly make a full written
disclosure to the Company of any and all Inventions that I create within the scope of and during the period of my employment with the Company (including without limitation during my off-duty hours)
(“Company Inventions”). I will hold in trust for the sole right and benefit of the Company, and I hereby assign to the Company or its designee, all of my right, title, and interest (including without limitation all related
intellectual property rights and the right to sue and collect payment for past, present, and future infringement) in, all Company Inventions. In addition, all original works of authorship that are made by me (solely or jointly with others) within
the scope of and during the period of my employment with the Company (including without limitation during my off-duty hours) and that are protectable by copyright are “works made for hire,” as that
term is defined in the United States Copyright Act, and in accordance, the Company will be considered the author of these works. 
 3.3
Exception to Assignments. The obligations to assign Inventions set forth in Section 3.2 apply with respect to all Company Inventions (a) whether or not such Company Inventions are conceived, made, developed or worked on by me during
my regular hours of employment with the Company, (b) whether or not the Company Invention was made at the suggestion of the Company, (c) whether or not the Invention was reduced to drawings, written description, documentation, models or
other tangible form, and (d) whether or not the Company Invention is related to the general line of business engaged in by the Company; but do not apply to Inventions that (i) I develop entirely on my own time or after the date of this
Agreement without using the Company’s equipment, supplies, facilities or Confidential Information, (ii) do not relate to the Company’s business, or actual or demonstrably anticipated

 
research or development of the Company at the time of conception or reduction to practice of the Invention, and (iii) do not result from and are not related to any work performed by me for
the Company. 
 I hereby acknowledge and agree that the Company has notified me that, if I reside in the state of Washington, assignments
provided for in Section 3.2 do not apply to any Invention that qualifies fully for exemption from assignment under the provisions of the Revised Code of Washington Section 49.44.140. (“RCW 49.44.140”), a copy of which is
attached as Exhibit D of this Agreement. I further understand that, to the extent this Agreement shall be construed in accordance with the laws of any State that precludes a requirement in an employee agreement to assign certain classes of
inventions made by an employee, Section 3.2 shall be interpreted not to apply to any Invention that a court rules and/or the Company agrees falls within such classes. 

At the Company’s request, I will promptly disclose to the Company all Inventions made during and after my employment to determine the
status of the Company Invention under Sections 3.2 and 3.3. The Company may disclose such Company Inventions to the department of employment security. If applicable, at the time of disclosure of an Invention that I believe qualifies under
Section 2870, RCW 49.44.140, or any similar law, I shall provide to the Company, in writing, evidence to substantiate the belief that such Invention qualifies under such law. 

3.4 Inventions Retained and Licensed. I have attached to this Agreement, as Exhibit A, a list describing all Inventions that were
made by me prior to my employment with the Company, that relate to the Company’s proposed business, products, or research and development, and that are not assigned to the Company under this Agreement (collectively, “Prior
Inventions”). If no list is attached or if no Prior Inventions are listed on Exhibit A, I represent that there are no Prior Inventions. Furthermore, I represent and warrant that the inclusion of any Prior Inventions from Exhibit
A of this Agreement will not 

 

 
materially affect my ability to perform all obligations under this Agreement. If, in the course of my employment with the Company, I incorporate into a Company product, process, or machine an
Invention owned by me or in which I have an interest, then I hereby grant to the Company a nonexclusive, royalty-free, irrevocable, perpetual, transferrable, worldwide license (with right to sublicense through multiple tiers) to make, have made,
modify, use, import, offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit the Invention without restriction of any kind. 

3.5 Third Party Inventions. I will not incorporate any original work of authorship, development, concept, improvement, or trade secret
owned, in whole or in part, by any third party, into any Company Invention without the Company’s prior written permission. 
 3.6
Moral Rights. Any assignment to the Company of Company Inventions includes without limitation all rights of attribution, paternity, integrity, modification, disclosure, and withdrawal and any other rights throughout the world that may be
known as or referred to as “moral rights,” artist’s rights,” or the like (collectively, “Moral Rights”). To the extent that Moral Rights cannot be assigned under applicable law, I hereby waive and agree not to
enforce any and all Moral Rights, including without limitation any limitation on subsequent modification, to the extent permitted under applicable law. 

3.7 Marketing of Company Inventions. The decision whether or not to commercialize or market any Company Invention developed by me solely
or jointly with others is within the Company’s sole discretion and for the Company’s sole benefit. Neither the Company nor any other entity will be required to pay me a royalty as a result of the Company’s efforts to commercialize or
market any Company Invention. 

 3.8 Inventions Assigned to the United States. I will assign to the United States
government all of my right, title, and interest in and to all Company Inventions whenever the full title is required to be assigned to the United States government by a contract between the Company and the United States government or any of its
agencies. 
 3.9 Maintenance of Records. I will keep and maintain adequate and current written records of all Company Inventions.
These records will be in the form of notes, sketches, drawings, electronic files, laboratory notebooks, and any other format that may be specified by the Company. At all times, the records will be available to the Company, and remain the sole
property of the Company. 
 3.10 Further Assurances. I will assist the Company or its designee, at the Company’s expense, in
every proper way to secure and protect the Company’s rights in Company Inventions and any related copyrights, patents, mask work rights, or other intellectual property rights in any and all countries. I will disclose to the Company all
pertinent information and data. I will execute all applications, specifications, oaths, assignments, and all other instruments that the Company deems necessary in order to apply for and obtain these rights and in order to deliver, assign, and convey
to the Company, its successors, assigns, and nominees the sole and exclusive rights, title, and interest in and to Company Inventions, and any related copyrights, patents, mask work rights, or other intellectual property rights. I will testify in a
suit or other proceeding relating to such Company Inventions and any rights relating thereto. My obligation to execute or cause to be executed, when it is in my power to do so, any instrument or papers will continue after the termination of this
Agreement. If the Company is unable because of my mental or physical incapacity or for any other reason to secure my signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering
Company Inventions assigned to the Company as above, then I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact. Accordingly, the Company may act for and in my behalf to
execute and file any applications and to do all other lawfully permitted acts to further the prosecution and issuance of patent or copyright registrations with the same legal force and effect as if executed by me.

 

 4. NO CONFLICTING OBLIGATIONS 

4.1 Current Obligations. During the term of my employment with the Company, I will not engage in any other employment, occupation,
consulting, or other business activity directly relating to the business in which the Company is now involved, becomes involved, or has plans to become involved during the term of my employment. I will also not engage in any other activities that
conflict with my obligations to the Company. 
 4.2 Prior Relationships. Without limiting Section 4.1, I represent that I have no
other agreements, relationships or commitments to any other person or entity that conflict with my obligations to the Company under this Agreement or my ability to become employed and perform the services for which I am being hired by the Company.
If I have signed a confidentiality agreement or similar type of agreement with any former employer or other entity, I will comply with the terms of any such agreement to the extent that its terms are lawful under applicable law. I represent and
warrant that after undertaking a careful search (including without limitation searches of my computers, cell phones, electronic devices and documents), I have returned all property and confidential information belonging to all prior employers (or
other third parties I have performed services for in accordance with the terms of my applicable agreement). Moreover, if the Company or any of its employees or agents is sued based on any obligation or agreement to which I am a party or am bound, I
will indemnify the Company and its employees and agents for all verdicts, judgments, settlements, and other losses that result from any breach of my obligations under this Agreement, as well as any reasonable attorneys’ fees and costs if the
plaintiff is the prevailing party in such an action. 

 5. COMPLIANCE WITH COMPANY POLICIES AND USE OF COMPANY EQUIPMENT AND FACILITIES 

I will comply with all Company policies, including but not limited to policies relating to the use of the Internet and the use of Company
equipment and facilities. I will not use Company equipment or facilities for any purpose except to fulfill my employment obligations for the benefit of the Company. I will follow all laws and regulations applicable to the use of Company equipment
and facilities and access to or use of others’ computer or communication systems. I acknowledge that the Company will maintain sole ownership of all equipment and any data stored on the equipment. I understand and consent that the Company
reserves the right to view and disclose without prior notice, for any purpose, any data stored on Company equipment or passing through the Company’s network, including but not limited to electronic mail and data downloaded from the Internet. I
understand that I am not permitted to add any unlicensed, unauthorized or non-compliant applications to the Company’s technology systems and that I shall refrain from copying unlicensed software onto the
Company’s technology systems or using non-licensed software or web sites. 
 I acknowledge that
I have no expectation of privacy either in information in transit through the Company network or stored on Company equipment, including without limitation computer, email, handheld device, telephone, or voicemail. All information, data, and messages
created, received, sent, or stored in these systems are, at all times, the property of the Company. As such, the Company has the right to audit and search all such items and systems, without further notice to me, to ensure that the Company is
licensed to use the software on the Company’s devices in compliance with the Company’s software licensing policies, to ensure compliance with the Company’s policies, and for any other business-related purposes in the Company’s
sole discretion. I am aware that Company has or may acquire software and systems that are capable of monitoring and recording all network traffic to and from any computer I may use. The Company reserves the right to access, review, copy, and

 

 
delete any of the information, data, or messages accessed through these systems with or without notice to me. This includes, but is not limited to, all
e-mail messages, website visits, internet usage, chat sessions, and all file transfers into and out of the Company’s internal networks. The Company may review internet and technology systems activity and
analyze usage patterns, and may choose to publicize this data to assure that technology systems are devoted to legitimate business purposes. 
 6.
RETURNING COMPANY MATERIALS 
 Upon leaving the employ of the Company, or upon Company’s request during my employment, I will
deliver to the Company (and will not keep in my possession, recreate, or deliver to anyone else) any and all Confidential Information, devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings blueprints,
sketches, materials, equipment, Company credit cards, electronically-stored information and passwords to access such property, and other documents or property, or reproductions of these items developed by me pursuant to my employment with the
Company or otherwise belonging to the Company, its successors, or assigns. In addition, I will deliver those records maintained pursuant to Section 3.9 to the Company. Notwithstanding the foregoing, I may retain a copy of my Outlook Contacts or
comparable contacts database and any documents of a personal nature, including without limitation diaries, calendars and personal documents relating to my employment, compensation, taxes or expenses. I consent to an exit interview to confirm my
compliance with this Section 6. 
 7. NOTIFICATION TO NEW EMPLOYER 

If my employment with the Company ends for any reason or no reason, the Company may notify my new employer about my rights and obligations
under this Agreement. 
 8. CONFLICT OF INTEREST GUIDELINES 

I will diligently adhere to the “Conflict of Interest Guidelines.” A copy of the Company’s current Conflict of Interest
Guidelines is attached to this Agreement as Exhibit B, but I understand that the Conflict of Interest Guidelines may be revised from time to time during my employment.

 9. TERMINATION CERTIFICATION 

If my employment with the Company ends for any reason or no reason, I will sign and deliver to the Company the “Termination
Certification” attached to this Agreement as Exhibit C. I will keep the Company advised of my home and business address for three years after termination of my employment with the Company so that the Company can contact me regarding my
continuing obligations under this Agreement. 
 10. NON-COMPETITION 

10.1 Non-Competition. In order to protect Confidential Information, I will not, during the
period of my employment with the Company, and, to the extent permitted under applicable law, for a period of 12 months thereafter, whether my termination is with or without good cause or for any or no cause, and whether my termination is effected by
either the Company or me, directly or indirectly, for myself or any third party other than the Company: 
 (a) provide services of any kind
for any business (within the Geographic Area, as defined below) in connection with the development, manufacture, marketing, or sale of any product or service that I worked on in any capacity or in connection with which I had access to Confidential
Information at any time during my employment with the Company, if the business’s product or service (i) competes with any product or service sold or provided by the Company, (ii) competes with any product or service intended to be
sold or provided by the Company at the time of the termination of my employment with the Company, or (iii) competed with any product or service sold or provided by the Company at any time during my employment with the Company;

 

 (b) solicit sales from any of the Company’s customers for any product or service that
(i) competes with any product or service sold or provided by the Company, (ii) competes with any product or service intended to be sold or provided by the Company at the time of the termination of my employment with the Company, or
(iii) competed with any product or service sold or provided by the Company at any time during my employment with the Company; 
 (c)
entice any vendor, consultant, collaborator, agent, or contractor of the Company to cease its business relationship with the Company or engage in any activity that would cause them to cease their business relationship with the Company; or 

(d) solicit, induce, recruit, or encourage any of the Company’s employees to leave their employment, or attempt to solicit, induce,
recruit, encourage, or take away Company employees. 
 10.2 Geographic Area Definition. “Geographic Area” means
anywhere in the world where the Company conducts business. 
 10.3 Severability. The covenants contained in this Section 10 will
be construed as a series of separate covenants, one for each country, city, state, or similar subdivision in any Geographic Area. If, in any judicial proceeding, a court refuses to enforce any of these separate covenants (or any part of a covenant),
then the unenforceable covenant (or part) will be eliminated from this Agreement to the extent necessary to permit the remaining separate covenants (or portions) to be enforced. In the event that the provisions of this section are deemed to exceed
the time, geographic, or scope limitations permitted by law, then the provisions will be reformed to the maximum time, geographic, or scope limitations permitted by law. 

10.4 Reasonableness. The nature of the Company’s business is such that if I were to become employed by, or substantially involved
in, the business of a competitor to the Company, it would be difficult not to rely on or use Confidential Information. Therefore, I enter into this Agreement to reduce the likelihood of disclosure of Confidential Information. I acknowledge that the
limitations of time, geography, and scope of activity agreed to above

 
are reasonable because, among other things, (a) the Company is engaged in a highly competitive industry, (b) I will have access to Confidential Information, including but not limited to
the Company’s trade secrets, know-how, plans, and strategy (and in particular, the competitive strategy of the Company), (c) in the event my employment with the Company ends, I will be able to obtain
suitable and satisfactory employment in my chosen profession without violating this Agreement, (d) these limitations are necessary to protect Confidential Information, and the goodwill of the Company, and (e) these limitations will apply
even if I am transferred or demoted, or my job title, compensation, benefits and other terms and conditions of employment are reduced. 
 11.
COMPENSATION 
 All compensation for services rendered to third parties during the term of my employment with the Company, including
without limitation equity or equity-type payments, and consulting or advisory fees, will be paid to the Company unless otherwise unanimously approved by the Board of Directors of the Company in writing. 

12. REPRESENTATIONS 
 I will execute any
proper oath or verify any proper document required to carry out the terms of this Agreement. I represent and warrant that my performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information
acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I will not enter into, any oral or written agreement in conflict with this Agreement. 

13. ARBITRATION AND EQUITABLE RELIEF 

13.1 Arbitration. EXCEPT AS PROVIDED IN SECTION 13.4, ANY DISPUTE OR CONTROVERSY ARISING OUT OF, RELATING TO, OR CONCERNING ANY
INTERPRETATION, CONSTRUCTION, PERFORMANCE, OR BREACH OF THIS AGREEMENT, WILL BE SETTLED BY

 

 
ARBITRATION TO BE HELD IN KING COUNTY, WASHINGTON, IN ACCORDANCE WITH THE EMPLOYMENT DISPUTE RESOLUTION RULES THEN IN EFFECT OF THE AMERICAN ARBITRATION ASSOCIATION (“RULES”).
THE ARBITRATOR MAY GRANT INJUNCTIONS OR OTHER RELIEF IN A DISPUTE OR CONTROVERSY. THE DECISION OF THE ARBITRATOR WILL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION. JUDGMENT MAY BE ENTERED ON THE ARBITRATOR’S DECISION IN
ANY COURT HAVING JURISDICTION. THE COMPANY WILL PAY ALL ARBITRATION FEES, EXCEPT AN AMOUNT EQUAL TO THE FILING FEES I WOULD HAVE PAID HAD I FILED A COMPLAINT IN A COURT OF LAW. THE COMPANY AND I WILL EACH SEPARATELY PAY OUR COUNSEL FEES AND
EXPENSES. 
 13.2 Waiver of Right to Jury Trial. THIS ARBITRATION CLAUSE CONSTITUTES A WAIVER OF MY RIGHT TO A JURY TRIAL AND RELATES
TO THE RESOLUTION OF ALL DISPUTES RELATING TO ALL ASPECTS OF MY EMPLOYMENT RELATIONSHIP WITH THE COMPANY (EXCEPT AS PROVIDED IN SECTION 13.4 BELOW), INCLUDING, BUT NOT LIMITED TO, THE FOLLOWING CLAIMS: 

(a) CLAIMS FOR WRONGFUL DISCHARGE OF EMPLOYMENT, BREACH OF CONTRACT, BOTH EXPRESS AND IMPLIED, BREACH OF THE COVENANT OF GOOD FAITH AND FAIR
DEALING, BOTH EXPRESS AND IMPLIED, NEGLIGENT OR INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS, NEGLIGENT OR INTENTIONAL MISREPRESENTATION, NEGLIGENT OR INTENTIONAL INTERFERENCE WITH CONTRACT OR PROSPECTIVE ECONOMIC ADVANTAGE, AND DEFAMATION;

 (b) CLAIMS FOR VIOLATION OF ANY FEDERAL, STATE, OR MUNICIPAL STATUTE, INCLUDING, BUT NOT LIMITED
TO, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE CIVIL RIGHTS ACT OF 1991, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE FAIR LABOR STANDARDS ACT, AND REVISED CODE OF WASHINGTON SECTION
49.60.010, ET SEQ.; AND 
 (c) CLAIMS ARISING OUT OF ANY OTHER LAWS AND REGULATIONS RELATING TO EMPLOYMENT OR EMPLOYMENT DISCRIMINATION. 

NOTHING IN THIS AGREEMENT CONSTITUTES A WAIVER OF MY RIGHTS UNDER SECTION 7 OF THE NATIONAL LABOR RELATIONS ACT. 

13.3 Remedy. EXCEPT AS PROVIDED BY THE RULES AND THIS AGREEMENT, ARBITRATION SHALL BE THE SOLE, EXCLUSIVE AND FINAL REMEDY FOR ANY
DISPUTE BETWEEN ME AND THE COMPANY. ACCORDINGLY, EXCEPT AS PROVIDED FOR BY THE RULES AND THIS AGREEMENT, NEITHER I NOR THE COMPANY WILL BE PERMITTED TO PURSUE COURT ACTION REGARDING CLAIMS THAT ARE SUBJECT TO ARBITRATION. NOTWITHSTANDING, THE
ARBITRATOR WILL NOT HAVE THE AUTHORITY TO DISREGARD OR REFUSE TO ENFORCE ANY LAWFUL COMPANY POLICY, AND THE ARBITRATOR SHALL NOT ORDER OR REQUIRE THE COMPANY TO ADOPT A POLICY NOT OTHERWISE REQUIRED BY LAW. NOTHING IN THIS AGREEMENT OR IN THIS
PROVISION IS INTENDED TO WAIVE THE PROVISIONAL RELIEF REMEDIES AVAILABLE UNDER THE RULES. 
 13.4 Equitable Remedies. THE COMPANY OR I
MAY APPLY TO ANY COURT OF COMPETENT JURISDICTION FOR A TEMPORARY RESTRAINING ORDER, PRELIMINARY INJUNCTION, OR OTHER INTERIM OR CONSERVATORY RELIEF, AS NECESSARY, WITHOUT BREACH OF THIS AGREEMENT AND WITHOUT ABRIDGEMENT OF THE POWERS OF THE
ARBITRATOR. 

 

 13.5 Administrative Relief. I UNDERSTAND THAT THIS AGREEMENT DOES NOT PROHIBIT ME FROM
PURSUING AN ADMINISTRATIVE CLAIM WITH A LOCAL, STATE OR FEDERAL ADMINISTRATIVE BODY SUCH AS THE DEPARTMENT OF FAIR EMPLOYMENT AND HOUSING, THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION OR THE WORKERS’ COMPENSATION BOARD. THIS AGREEMENT DOES,
HOWEVER, PRECLUDE ME FROM PURSUING COURT ACTION REGARDING ANY SUCH CLAIM. 
 13.6 Consideration. I UNDERSTAND THAT EACH PARTY’S
PROMISE TO RESOLVE CLAIMS BY ARBITRATION IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT, RATHER THAN THROUGH THE COURTS, IS CONSIDERATION FOR THE OTHER PARTY’S LIKE PROMISE. I FURTHER UNDERSTAND THAT I AM OFFERED EMPLOYMENT IN
CONSIDERATION OF MY PROMISE TO ARBITRATE CLAIMS. 
 13.7 Voluntary Nature of Agreement. I ACKNOWLEDGE THAT I AM EXECUTING THIS
AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE. I FURTHER ACKNOWLEDGE AND AGREE THAT I HAVE CAREFULLY READ THIS AGREEMENT AND THAT I HAVE ASKED ANY QUESTIONS NEEDED FOR ME TO UNDERSTAND THE TERMS,
CONSEQUENCES AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTAND IT, INCLUDING WITHOUT LIMITATION THAT I AM WAIVING MY RIGHT TO A JURY TRIAL. FINALLY, I ACKNOWLEDGE THAT I HAVE BEEN PROVIDED AN OPPORTUNITY TO SEEK THE ADVICE OF
AN ATTORNEY OF MY CHOICE BEFORE SIGNING THIS AGREEMENT.

 14. GENERAL PROVISIONS 

14.1 Governing Law and Consent to Personal Jurisdiction. The internal laws of the state of Washington, but not the choice of law rules
of the state of Washington, govern this Agreement. I expressly consent to the personal jurisdiction of the state and federal courts located in King County, Washington, for any lawsuit filed there against me by the Company arising from or relating to
this Agreement. 
 14.2 Entire Agreement. This Agreement sets forth the entire agreement and understanding between the Company and me
relating to the subject matter of this Agreement. This Agreement supersedes all prior or contemporaneous discussions between us. No modification of this Agreement or amendment to it, nor any waiver of any rights under this Agreement, will be
effective unless in writing signed by the party to be charged. Any subsequent change or changes in my duties, obligations, rights, salary, or compensation will not affect the validity or scope of this Agreement. 

14.3 Severability. If one or more of the provisions in this Agreement is deemed void by law, then the remaining provisions will continue
in full force and effect. 
 14.4 Successors and Assigns. This Agreement will be binding upon my heirs, executors, assigns,
administrators, and other legal representatives and will be for the benefit of the Company, its successors, and its assigns. The Company may assign this Agreement to a successor to all or part of its business or assets without restriction. I may not
assign this Agreement to any third party. Any assignment that is not permitted under this Section 14.4 above will be null and void. There are no intended third party beneficiaries to this Agreement except as expressly stated. 

14.5 Headings. Headings are used in this Agreement for reference only and will not be considered when interpreting this Agreement. 

14.6 Waiver. Waiver by the Company of a breach of any provision of this Agreement will not operate as a waiver of any other or
subsequent breach. 

 

 14.7 Survivorship. The rights and obligations of the parties will survive termination
of my employment with the Company. 
 14.8 Signatures. This Agreement may be signed in two counterparts, each of which shall be deemed
an original, with the same force and effectiveness as though executed in a single document. 
 14.9 I ACKNOWLEDGE THAT I HAVE HAD THE
OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL AND THAT I HAVE READ THIS AGREEMENT CAREFULLY AND I UNDERSTAND AND ACCEPT THE OBLIGATIONS WHICH IT IMPOSES UPON ME WITHOUT RESERVATION. NO PROMISES OR REPRESENTATIONS HAVE BEEN MADE TO ME
TO INDUCE ME TO SIGN THIS AGREEMENT. 
  

									
	SANA BIOTECHNOLOGY, INC.	 		 	    	 	EMPLOYEE
					
	By:	 	 /s/ Robin Andrulevich
	 		 		 	 /s/ James J. MacDonald

	Title:	 	Chief People Officer	 		 		 	Print Name: James J. MacDonald
	Date:	 	October 2, 2019	 		 		 	Date: September 28, 2018EX-10.12(a)

 Exhibit 10.12(a) 

CERTAIN CONFIDENTIAL INFORMATION IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE
COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED 
 LICENSE AGREEMENT 

This License Agreement (this “Agreement”), effective on February 17, 2016 (the “Effective Date”) is by
and between Flagship Pioneering Innovations V, Inc., a Delaware corporation (“Flagship”) and Cobalt Biomedicine, Inc. (formerly VL39, Inc.), a Delaware corporation] (“Company”). Flagship and
Company may be referred to individually as a “Party” and collectively as the “Parties”. 
 WHEREAS,
Flagship Pioneering, Inc. (“Flagship Management”), pursuant to that certain managerial agreement with Company (the “Managerial Agreement”), has developed certain foundational intellectual property during the
exploration and/or proto-company phase of Company; 
 WHEREAS, Company wishes to assign to Flagship Management and Flagship Management
wishes to assign to Flagship, its interests in certain foundational intellectual property related to the business of Company and conceived prior to Company Spinout (defined below), as well as Improvements (defined below) to such intellectual
property; 
 WHEREAS, Company wishes to obtain from Flagship, and Flagship desires to grant to Company, certain rights to Foundational IP
(defined below) in order to develop and commercialize Licensed Products (defined below); 
 WHEREAS, Company and, pursuant to the Managerial
Agreement or other participation in Company’s affairs, Flagship Management has developed or may develop certain intellectual property following the Company Spinout, and Flagship Management has assigned its interest in such intellectual property
to Flagship; 
 WHEREAS, Company wishes to obtain from Flagship, and Flagship desires to assign to Company, certain rights to New IP
(defined below); and 
 NOW THEREFORE, in consideration of the foregoing premises and the mutual rights and obligations contained in this
Agreement, and for other good and valuable consideration, the receipt of which is hereby acknowledged, and intending to be legally bound, Flagship and Company hereby agree as follows: 

 

	1.	 DEFINITIONS 

1.1 “Bi-Annual Reports” has the meaning assigned in Section 5.2. 

1.2 “Business Day” means a day other than Saturday, Sunday, or any day on which commercial banks located in Boston,
Massachusetts are authorized or obligated by Laws to close. 
 1.3 “Calendar Year” means January 1 through
December 31 of a given year. 

  
 1 

 1.4 “Commercial Sale” means, with respect to a particular Licensed Product,
the commercial sale in an arm’s length bona fide transaction with a Third Party for which consideration is received or expected for the sale, use, lease, transfer or other disposition, by or on behalf of Company, its Subsidiary or Sublicensee,
to a Third Party that is not a Sublicensee (or to Company’s Subsidiary or Sublicensee that is an end user or consumer of such Licensed Product), including any final sale to a distributor or wholesaler under any
non-conditional sale arrangement, of such of a Licensed Product. A Commercial Sale is deemed completed at the time that Company, its Subsidiary or Sublicensee invoices, ships, or receives payment for a
Licensed Product, whichever occurs first. 
 1.5 “Commercialization” means any and all activities related to the
Manufacturing for commercial purposes, promotion, distribution, marketing, offering for sale and selling, including advertising, educating, planning, obtaining, supporting and maintaining pricing and reimbursement approvals and Regulatory
Authorizations, managing and responding to adverse events involving the product, pricing, price reporting, detailing, storing, handling, shipping, distributing, importing, exporting, and using a product anywhere in the world, in each case for
commercial purposes. Commercialization excludes Development activities. When used as a verb, “Commercialize” means to engage in Commercialization. 

1.6 “Commercially Reasonable Efforts” means, with respect to Company’s obligations under this Agreement, efforts
consistent with the efforts and resources as commonly used by a biotechnology company of comparable size and resources as Company for a product at a similar stage of research, development or commercialization having similar product characteristics
at a similar stage in its development or product life, taking into account relevant factors including patent coverage, relative safety and efficacy, product profile, the competitiveness of the marketplace, the proprietary position of such product,
the regulatory structure involved, the market potential of such product and other relevant factors, including comparative technical, legal, scientific, medical and/or economic factors, all as measured by the facts and circumstances in effect at the
time when the relevant activities are conducted. 
 1.7 “Company Spinout” means the closing of the Series B financing of the
Company or the first day of employment of a Chief Executive Officer, whichever is earlier. 
 1.8 “Confidential Information”
means all proprietary know-how, unpublished patent applications and other information and data of a financial, commercial, regulatory, scientific or technical nature which a Party or any of its Recipient
Entities has disclosed, supplied or otherwise made available to the other Party or its Recipient Entities, whether orally, in writing or in electronic form, pursuant to this Agreement or otherwise relating to or disclosed during any transaction
contemplated hereby, including information comprising or relating to concepts, discoveries, inventions, data, designs or formulae in relation to this Agreement. Confidential Information shall not include information that the receiving Party can
demonstrate by written and/or electronic records: (a) is available to the public at the time of disclosure hereunder or, after disclosure, becomes a part of the public domain by publication or otherwise, through no breach by the receiving
Party; (b) is already properly possessed by the receiving Party prior to receipt from the disclosing Party; (c) was received by the receiving Party without obligation of confidentiality or limitation on use from a Third Party who had the
lawful right to disclose such information on such terms; or (d) was independently developed by or for the receiving Party by any person or persons without use of or reference to the disclosing Party’s Confidential Information, where the
written or electronic records demonstrating such exception were created contemporaneously with such independent development. 

  
 2 

 1.9 “Control” or “Controlled” means, with respect to any
Patent, other intellectual property right or other intangible property, an Entity’s ownership or the possession (whether by ownership, license or otherwise) of the ability to grant access to, or a license or sublicense to, such Patent, right or
property, without violating the terms of any agreement with a Third Party. 
 1.10 “Develop” means to engage in pre-clinical and clinical research and development activities reasonably relating to the discovery and development of product candidates and submission of information to a Regulatory Authority, including toxicology,
pharmacology, and other discovery, optimization, and pre-clinical efforts, test method development and stability testing, manufacturing process development, formulation development, delivery system
development, quality assurance and quality control development, statistical analysis, clinical studies (including pre and post Regulatory Approval studies), and activities relating to obtaining Regulatory
Approval. “Development” has a correlative meaning. 
 1.11 “EMA” means the European Medicines Agency
or any successor Entities thereto. 
 1.12 “Entity” means a corporation, an association, a joint venture, a partnership, a
trust, a business, an institution, an individual, a government or political subdivision thereof, including an agency, or any other organization that can exercise independent legal standing. 

1.13 “Exploit” means, collectively, to Develop, Manufacture and Commercialize, including to have Developed, to have
Manufactured, to have Commercialized, and otherwise to commercially exploit. “Exploitation” has a correlative meaning. 

1.14 “Fair Market Value” means (a) in the case of arm’s length sale of a Licensed Product, (i) the cash
consideration that Company, its Subsidiary, or Sublicensee has realized from such sale, or (ii) if there have been no such sales or such sales have been insufficient, the cash consideration that Company, its Subsidiary, or Sublicensee would
have realized from an unaffiliated, unrelated buyer in an arm’s length sale of Licensed Product in the same quantity, under the same terms, and at the same time and place as the sale for which Fair Market Value is being determined; or
(b) in the case of non-cash consideration received in a sale of a Licensed Product, the cash value of such consideration. 

1.15 “FDA” means the United States Food and Drug Administration or any successor Entities thereto. 

1.16 “First Commercial Sale” means, on a
jurisdiction-by-jurisdiction basis, the first time a Commercial Sale is made. 

1.17 “Flagship Entities” means, collectively, Flagship, Flagship Management and any Entity that controls, is controlled by, or
is under common control with, Flagship, directly or indirectly. For purposes of this definition, “control” and its various forms means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Entity, whether through ownership of voting securities, by contract or otherwise. Without limiting the generality of the foregoing, an Entity will be deemed to control another Entity if it owns or directly or indirectly controls
more than fifty percent (50%) of the voting stock or other securities of the Entity. For purposes of this Agreement, Company and its Subsidiaries shall be deemed excluded from the meaning of “Flagship Entities.” 

  
 3 

 1.18 “Foundational IP” means (a) the Patents conceived before Company
Spinout, set forth in Exhibit A, which Exhibit may be updated from time to time by the Parties, and (b) Improvements to such Patents described in clause (a). 

1.19 “Governmental Authority” means any supranational, national, federal, state, provincial, local or foreign Entity of any
nature exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any governmental authority, agency, department, board, commission, court, tribunal, judicial body or instrumentality
of any union of nations, federation, nation, state, municipality, county, locality or other political subdivision thereof. 
 1.20
“Gross Sales” means the greater of the gross invoice or contract price charged to a Third Party by Company, its Subsidiaries, or Sublicensees, as applicable, for Commercial Sales, prior to any discounts or other list price
reductions granted. A Licensed Product shall be considered sold for purposes of calculating Gross Sales when it is shipped, invoiced or paid for, whichever occurs earlier. 

In the event Company, its Subsidiary, or Sublicensee transfers a Licensed Product to a Third Party in a bona fide arm’s length transaction, for any
consideration other than cash, then the Gross Sales price for such Licensed Product shall be deemed to be the standard invoice price then being invoiced by Company, its Subsidiary, or Sublicensee, as applicable, in an arm’s length transaction
with similar companies. In the absence of such standard invoice price, then the Gross Sales price shall be the Fair Market Value of the Licensed Product. Sales or other transfers of Licensed Products between Company and its Subsidiaries or
Sublicensees shall be excluded from the computation of Gross Sales (and therefore no payments will be payable to Flagship on such sales or transfers) except where such Subsidiaries or Sublicensees are end users or consumers of Licensed Products in
which event, notwithstanding anything herein to the contrary, Licensed Product transfers to such Subsidiaries and Sublicensees shall be included in Gross Sales. For avoidance of doubt, the sale of Licensed Product by Subsidiaries or Sublicensees to
Third Parties shall be considered as part of Gross Sales. 
 For the avoidance of doubt, disposal of any Licensed Product without charge for use in any
clinical trials, as free samples, or under compassionate use, patient assistance, named patient or test marketing programs or non-registrational studies or other similar programs or studies where Licensed
Product is supplied or delivered without charge, shall not result in any Gross Sales. No Licensed Product donated by Company, its Subsidiary, or Sublicensee to non-profit institutions or government agencies
for a non-commercial purpose shall result in any Gross Sales. 
 If Company, its Subsidiary, or Sublicensee sells,
leases or otherwise Commercializes any Licensed Product at a reduced fee or price for the purpose of promoting other products, goods or services or for the purpose of facilitating the sale, license or lease of other products, goods or services, then
notwithstanding anything herein to the contrary, Flagship shall be entitled to payments under Article 4 based upon the Fair Market Value of the Licensed Product. 

  
 4 

 1.21 “Improvement” means any Patent or pending Patent application with a
claim which, if practiced in the absence of a license, would infringe at least one Valid Claim of the base Patent or pending Patent application. 

1.22 “Infringement Action” means any threatened, pending, or ongoing action, claim, litigation, or proceeding (other than
oppositions, cancellations, interferences, reissue proceedings, reexaminations, and other ex parte or inter partes administrative proceeding before patent offices), respecting any Foundational IP in the Licensed Field in the Territory, whether
initiated by or against a Flagship Entity or Company, its Subsidiary or Sublicensee. 
 1.23 “Launch of the Company” means
the closing of the Series B financing of the Company or the hiring by Company of a Chief Executive Officer, whichever is earlier. 
 1.24
“Laws” means all active governmental constitutions, laws, statutes, ordinances, treaties, rules, common laws, rulings, regulations, orders, charges, directives, determinations, executive orders, writs, judgments, injunctions,
decrees, restrictions or similar legally effective pronouncements of any Governmental Authority. 
 1.25 “Licensed Field”
means human therapeutics. 
 1.26 “Licensed Product” means any product or process or component of either of the foregoing,
the Exploitation of which would, in the absence of the licenses granted to Company hereunder, infringe at least one Valid Claim. 
 1.27
“Manufacturing” means all activities directed to sourcing of necessary raw materials, producing, processing, packaging, labeling, quality assurance testing, release of a Licensed Product or Licensed Product candidate, whether for
Development or Commercialization. When used as a verb, “Manufacture” means to engage in Manufacturing. 
 1.28 “Net
Sales” means all Gross Sales of Licensed Product less the total of the following deductions to the extent they are included in the gross invoiced sale price of the Licensed Product or otherwise directly paid or incurred by Company, its
Subsidiaries or its Sublicensees with respect to such Gross Sales: [***] 
 In no event will the above deductions [***] in aggregate exceed [***] percent
([***]%) of Gross Sales. 
 Components of Net Sales shall be determined in the ordinary course of business using the accrual method of accounting in
accordance with generally accepted accounting principles, consistently applied. 
 No deductions shall be made from Net Sales for commissions paid to
individuals whether they are (i) with independent sales agents or agencies, (ii) regularly employed by Company, its Subsidiaries, or Sublicensees on its or their payroll, or (iii) for the cost of collections. 

  
 5 

 1.29 “New IP” means any and all Patents claiming any inventions conceived
(a) solely by Flagship Management or jointly by Flagship Management and Company, (b) after the Launch of the Company, and (c) as a result of activities conducted pursuant to the Managerial Agreement or other participation of Flagship
Management in Company’s affairs (e.g., through participation in Company’s board of directors), all of the foregoing solely to the extent such Patents do not constitute Foundational IP. Patents within the New IP are set forth on Exhibit
B, which Exhibit may be updated from time to time by the Parties. 
 1.30 “Patent Costs” has the meaning assigned in
Section 7.2. 
 1.31 “Patents” means (a) United States and foreign patents and/or patent applications;
(b) any and all patents issuing from the foregoing; (c) any and all claims of continuation-in-part applications that claim priority to the United States patent
applications, but only where such claims are directed to inventions disclosed in the manner provided in the first paragraph of 35 U.S.C. § 112 in such United States patent applications, and such claims in any patents issuing from such continuation-in-part applications; (d) any and all foreign patent applications, foreign patents, or related foreign patent documents that claim priority to the patents
and/or patent applications; and (e) any and all divisionals, continuations, reissues, re-examinations, renewals, substitutions, and extensions of the foregoing. 

1.32 “Prosecution” means the filing, preparation, prosecution (including any interferences, reissue proceedings,
reexaminations, oppositions and other ex parte or inter partes administrative proceeding before patent offices), extension, term adjustment, and maintenance of Foundational IP. When used as a verb, “Prosecute” means to engage in
Prosecution. 
 1.33 “Quarter” means each three-month period beginning on January 1, April 1, July 1 and
October 1 of each Calendar Year; provided, however, that as it relates to the Commercial Sale of Licensed Products, the first Quarter shall be comprised of the time period beginning on the date of First Commercial Sale and ending at the
end of the Quarter during which such First Commercial Sale occurs. 
 1.34 “Recipient Entity” has the meaning assigned in
Section 6.1. 
 1.35 “Regulatory Approval” means, with respect to a country or other jurisdiction, all approvals,
licenses, clearances, marks, registrations, authorizations certificates, exemptions, consents, franchises, concessions, notices or other like item of or issued by any Regulatory Authority, from the relevant Governmental Authority necessary or useful
to commercially distribute, sell or market a product in such country or other applicable jurisdiction (not including any applicable pricing and governmental reimbursement approvals unless legally required to market the product in a country or other
applicable jurisdiction). 
 1.36 “Regulatory Authority” means any applicable Governmental Authority involved in granting
Regulatory Approval for, and responsible for the regulation of, the product in any jurisdiction, including the FDA, EMA, and any corresponding Governmental Authority. 

  
 6 

 1.37 “Royalty Term” means, on a Licensed Product-by-Licensed Product and jurisdiction-by-jurisdiction basis, the period from the First Commercial Sale of such Licensed
Product in the Licensed Field in such jurisdiction until the expiration of the last Valid Claim of any Foundational IP covering such Licensed Product in the Licensed Field in such jurisdiction. 

1.38 “Sublicensee” means any Entity that enters into an agreement or arrangement with Company, or receives from Company a
license grant or option for license grant under any Foundational IP, to exercise any of the rights granted to Company by Flagship hereunder (such agreement, arrangement, or license herein referred to as a “Sublicense”), including to
Exploit a Licensed Product, subject to the then-current applicable article, item, service, technology, and technical data-specific requirements of the U.S. export Laws. 

1.39 “Subsidiary” means any Entity that is controlled by a Party, directly or indirectly. For purposes of this definition,
“control” and its various forms means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Entity, whether through ownership of voting securities, by contract or
otherwise. Without limiting the generality of the foregoing, a Party will be deemed to control another Entity if the Party owns or directly or indirectly controls more than fifty percent (50%) of the voting stock or other securities of the Entity.

 1.40 “Term” means the term of this Agreement which will commence on the Effective Date and expire upon the expiration of
the last Royalty Term for the last Licensed Product, unless terminated earlier pursuant to Article 12. 
 1.41 “Territory”
means worldwide. 
 1.42 “Third Party” means any Entity other than a Party, a Subsidiary of Company or a Flagship Entity.

 1.43 “Valid Claim” means (a) an unexpired claim of an issued Patent within the Foundational IP that has not been
ruled unpatentable, invalid or unenforceable by a final and unappealable decision of a court or other competent authority in the subject jurisdiction; or (b) a pending claim of a Patent application within the Foundational IP which (i) has
not been abandoned or finally disallowed without possibility of appeal and (ii) has not been pending for more than [***] from its filing date. 
  

	2.	 LICENSE GRANT AND ASSIGNMENTS 

2.1 Assignment of Foundational IP to Flagship. Company hereby irrevocably and unconditionally assigns to Flagship all of its right,
title and interest in and to all Foundational IP as of the Effective Date and thereafter. Company shall take all further actions reasonably requested by Flagship to vest in Flagship all right, title and interest in and to such Foundational IP. 

2.2 License Grant to Company. Subject to the terms and conditions set forth herein (including Section 6), Flagship hereby grants to
Company an exclusive, royalty-bearing, sublicensable (subject to the provisions of Section 2.3), transferable (subject to the provisions of Section 14.5) license under the Foundational IP to Exploit Licensed Products in the Licensed Field,
during the Term and throughout the Territory. 

  
 7 

 2.3 Sublicensing. Company shall have the right to sublicense, through multiple tiers,
the rights licensed to Company hereunder, provided that: 
 (a) Any and all Sublicenses shall be in writing (and Company shall provide a copy
of all such Sublicenses to Flagship upon execution) and consistent with the terms of this Agreement (including an assignment of Foundational IP to Company, with a right of further transfer to Flagship, consistent with Section 2.1 and reversion
rights consistent with Section 2.7). 
 (b) Company shall notify Flagship in writing of any proposed grant of a Sublicense and provide
to Flagship a copy of any proposed Sublicense at least [***] Business Days prior to execution thereof for review and comment by Flagship, which comments Company shall not unreasonably refuse to incorporate therein. Company hereby agrees to remain
fully liable under this Agreement to Flagship for the performance or non-performance under this Agreement and the relevant Sublicense by any party to those agreements. 

(c) Company shall enforce all such Sublicenses against its Sublicensees, ensuring its Sublicensees’ performance in accordance with the
terms of this Agreement and the relevant Sublicense. No such Sublicense or attempt to obtain a Sublicense shall relieve Company of its obligations hereunder to exercise its Commercially Reasonable Efforts pursuant to Section 3.1, directly or
through a Sublicensee, to Develop and Commercialize Licensed Products, nor relieve Company of its obligations to pay Flagship any and all royalties and other payments due under this Agreement. 

(d) Such Sublicensees shall have the right to grant further sublicenses to Third Parties of same or lesser scope as its sublicense from Company
under the licenses contained in Section 2.2, provided that such further Sublicenses shall be in accordance with and subject to all of the terms and conditions of this Section 2.3 (i.e., such Sublicensee shall be subject to this
Section 2.3 in the same manner and to the same extent as Company). For clarity, any Entity to whom a Sublicensee grants a sublicense as permitted by the terms of this Agreement shall be deemed to be a Sublicensee for purposes of this Agreement.

 2.4 Assignment of New IP to Company. Flagship hereby irrevocably and unconditionally assigns to Company all of its right, title and
interest in and to all New IP as of the Effective Date and thereafter. At Company’s cost and expense, Flagship shall take all further actions reasonably requested by Company to vest in Company all such right, title and interest in and to such
New IP. 
 2.5 Notice of Foundational IP and New IP. Upon the filing of any Foundational IP (including Improvements therein) or New IP
during the Term, the Party making or becoming aware of such filing shall promptly notify the other Party, and the Parties shall update the Foundational IP set forth on Exhibit A, including to add such Improvements, and the New IP set forth on
Exhibit B, as applicable. 
 2.6 Retained Rights; License Back. The licenses granted to Foundational IP hereunder are
subject to and contingent upon Company’s compliance with all of its obligations hereunder including, but not limited to, the payment by Company to Flagship of all payments required under this Agreement, and further subject to rights hereby
retained by Flagship and/or 

  
 8 

 
granted by Company to Flagship. Company hereby grants to Flagship a non-exclusive, royalty-free, fully paid, sublicensable (to Flagship Entities and
service providers thereof) license to practice, and permit Flagship Entities to practice, the Foundational IP within the Licensed Field in the Territory for non-commercial research and Development purposes or
to perform under the Managerial Agreement. 
 2.7 Reversion Rights 

(a) In the event that Flagship determines, in its reasonable discretion, that Company has not used, itself or through Sublicensees,
Commercially Reasonable Efforts to Develop or Commercialize Licensed Products in a specified sub-field within the Licensed Field (each, a “Sub-Field”),
Flagship has the right, at any time during the Term, to terminate the license granted to Company hereunder with respect to Exploitation of Licensed Products in such Sub-Field upon [***] prior written notice to
Company (each, a “Sub-Field Termination Notice”). 
 (b) Within [***] of Company’s
receipt of a Sub-Field Termination Notice, Company shall provide to Flagship either (i) written notice of its agreement to terminate Company’s license in such
Sub-Field, or (ii) written notice requesting to maintain Company’s license in such Sub-Field, together with a written plan for Development and
Commercialization of a Licensed Product in such Sub-Field (which may include activities to be conducted by a Sublicensee), including planned Development and Commercialization milestones (and a timeline and
budget therefor) and a management and financial plan (“Sub-Field Plan”). Flagship shall consider such Sub-Field Plan in good faith and shall not unreasonably
withhold its approval of such Sub-Field Plan. In the event Flagship approves of such Sub-Field Plan, (x) Flagship shall withdraw the
Sub-Field Termination Notice upon written notice to Company, (y) the license granted to Company hereunder in such Sub-Field shall remain in effect unless and until
subsequently terminated in accordance with this Agreement (including termination under this Section 2.7 following a subsequent Sub-Field Termination Notice by Flagship with respect to the same Sub-Field) and (z) Company shall carry out the Sub-Field Plan. 

(c) Unless Flagship elects to withdraw the Sub-Field Termination Notice pursuant to
Section 2.7(b), the license granted to Company hereunder in such Sub-Field shall automatically terminate and revert to Flagship on the earlier of: (i) the date upon which Company agrees in writing to
terminate Company’s license in such Sub-Field or (ii) the date which is [***] following Company’s receipt of the Sub-Field Termination Notice (a
“Reversion Effective Date”). Upon the Reversion Effective Date, (x) any such Sub-Field shall be deemed a “Reversion Sub-Field”, (y) the meaning
of the Licensed Field shall be deemed amended to exclude each Reversion Sub-Field for all purposes hereunder and (z) any rights under the Foundational IP granted to any Sublicensee in a Reversion Sub-Field shall terminate automatically. Commencing upon the Reversion Effective Date and continuing thereafter, neither Company nor any Sublicensee will have any right to, or will undertake to, Exploit any Licensed
Product in a Reversion Sub-Field, and Company will ensure all Sublicensees comply with the foregoing. 

2.8 No Implied Licenses. Except as expressly provided under this Article 2, no right or license is granted under this Agreement
(expressly or by implication or estoppel) by either Party to the other Party, its Subsidiaries or Sublicensees under any tangible or intellectual property. 

  
 9 

	3.	 DUE DILIGENCE 

3.1 Commercially Reasonable Efforts. At all times throughout the Term and at Company’s sole cost and expense, Company shall use
Commercially Reasonable Efforts to diligently Exploit the Licensed Products in the Licensed Field and Territory. [***] 
 3.2 Annual
Spend. In furtherance of Company’s obligations in Section 3.1, Company shall spend (a) [***] on Development and/or Commercialization activities with respect to Licensed Products in the Licensed Field during each year of the Term (with
such year to be calculated beginning on the Effective Date and terminating on each annual anniversary thereafter), and (b) no less than [***] on Development and/or Commercialization activities with respect to Licensed Products in the Licensed
Field during the period beginning on the Effective Date and ending [***]. 
  

	4.	 PAYMENTS 

4.1 Royalties. As additional consideration for the license and other rights granted under this Agreement, during the Royalty Term,
Company shall pay to Flagship [***] of Net Sales on a Licensed Product-by-Licensed Product basis. 

4.2 Notwithstanding anything to the contrary herein, Company will pay Flagship [***] under this Agreement with respect to the same unit of
Licensed Product sold, regardless of the number of Valid Claims covering such Licensed Product. 
  

	5.	 REPORTS AND PAYMENT TERMS 

5.1 Reporting of First Commercial Sale. Company shall provide a written report to Flagship setting forth the date of First Commercial
Sale in each jurisdiction within [***] of the occurrence thereof. 
 5.2 Bi-Annual Royalty
Report. 
 (a) Within [***] after the Quarter in which any First Commercial Sale occurs, and within [***] after each alternating Quarter
thereafter [***], Company shall provide Flagship with a written report detailing the amount of Gross Sales during the preceding two Quarters, the amount of Net Sales made during such Quarters and the royalty payments due to Flagship for such
Quarters pursuant to Article 4 (each such report, a “Bi-Annual Report”). 
 (b) Each
Bi-Annual Report shall include at least the following: accounting for Net Sales, detailing the Gross Sales and specifying the deductions taken to arrive at Net Sales, listed by Licensed Product and by
jurisdiction, and total royalty payments due to Flagship by Licensed Product and by jurisdiction. Each Bi-Annual Report shall be in substantially similar form as Exhibit C hereto, or to such other form
as Flagship may provide from time to time. Each Bi-Annual Report shall be certified as true and correct by an officer of Company. 

(c) With each Bi-Annual Report submitted, Company shall pay to Flagship the royalties due and payable
under this Agreement, to the extent not already paid. If no royalties or fees are due and payable, Company shall so report. 

  
 10 

 5.3 Payment and Currency. All dollar amounts referred to in this Agreement are
expressed in United States dollars (“Dollars”) and Company shall make all payments due to Flagship in Dollars, without deduction of exchange, collection, wiring fees, bank fees, or any other charges, within [***] following the
Quarter in which Net Sales occur. All payments to Flagship will be made in Dollars by wire transfer or check payable to Flagship in accordance with the payment instructions set forth on Exhibit D hereto or as otherwise provided by
Flagship from time to time. 
 5.4 Currency Exchange; Taxes. For converting any Net Sales made in a currency other than Dollars, the
Parties will use the conversion rate published in the Wall Street Journal or other industry standard conversion rate approved in writing by Flagship for the last day of the Quarter for which such royalty payment is due or, if the last day is not a
Business Day, the closest preceding Business Day. All applicable taxes and other charges such as duties, customs, tariffs, imposts and government-imposed surcharges on payments made under this Agreement (for the avoidance of doubt, not including
income taxes imposed directly upon Flagship or its owners) shall be borne by Company and will not be deducted from payments due to Flagship. 

5.5 Late Payments. In the event royalty payments or other fees are not received by Flagship when due hereunder, Company shall pay to
Flagship interest charges that will accrue interest until paid at a rate equal to [***], as reported in the Wall Street Journal, Eastern Edition from time-to-time (or
the maximum allowed by Law, if less), calculated on the number of days such payment is overdue. 
 5.6 Records and Audit Rights.
Company shall keep, and cause its Subsidiaries and Sublicensees to keep, complete, true and accurate records and books containing all particulars that may be necessary for the purpose of showing the amounts payable to Flagship hereunder. Copies of
all such records and books shall be kept at the applicable Entity’s principal place of business or the principal place of business of the appropriate division of such Entity to which this Agreement relates. The records and books for each
Quarter will be maintained for at least [***] after the Calendar Year in which the applicable report was submitted to Flagship. Such records and books and the supporting data shall be open to inspection by Flagship, its contractors or agents at all
reasonable times for a term of [***] following the end of the Calendar Year to which they pertain, for the purpose of verifying the Bi-Annual Report or compliance in other respects with this Agreement. Such
access will be available to Flagship, its contractors or agents upon not less than [***] written notice to Company, or its Subsidiary or Sublicensee, as applicable, not more than twice each Calendar Year during the Term and once per Calendar Year
after the expiration or termination of this Agreement. Should such inspection lead to the discovery of [***] discrepancy in reporting to Flagship’s detriment (whichever is greater), Company agrees to pay [***] of such inspection. Whenever
Company, or its Subsidiary or Sublicensee has its books and records audited by an independent certified public accountant with respect to any Quarter in which amounts are payable to Flagship hereunder, Company, or its Subsidiary or Sublicensee, as
applicable, will, within [***] of the conclusion of such audit, provide Flagship with a written statement, certified by said auditor, setting forth the calculation of royalties, fees, and other payments due to Flagship over the time period audited
as determined from the books and records of such Entity, together with the payment of any outstanding amounts due to Flagship. 

  
 11 

	6.	 CONFIDENTIALITY; PUBLICITY; USE OF NAME 

6.1 Confidentiality. The receiving Party shall maintain in confidence and not disclose to any Third Party any of disclosing Party’s
Confidential Information, using the same degree of care it uses to protect its own confidential information of a similar nature but in no event using less than a reasonable degree of care. The receiving Party will use disclosing Party’s
Confidential Information solely as required to exercise its rights and undertake its obligations under this Agreement (the “Purpose”) and only during the Term. The receiving Party will ensure that its employees, independent
contractors, Subsidiaries, Sublicensees (in the case of Company) and Flagship Entities (in the case of Flagship) (“Recipient Entities”) have access to disclosing Party’s Confidential Information only on a need to know basis,
are informed of all the obligations attaching to such Confidential Information in advance of being given access to it, and are required to comply with such receiving Party’s obligations under this Agreement. Receiving Party shall be fully
responsible to disclosing Party for such compliance by its Recipient Entities. If such a Recipient Entity is not an employee of a Party hereto, then receiving Party will enter into a legally binding, written confidentiality agreement with provisions
at least as strict as the confidentiality obligations and use restrictions herein with such Recipient Entity prior to disclosing Party’s Confidential Information to such Recipient Entity, and receiving Party will be fully responsible to
disclosing Party for compliance with such obligations and restrictions by such Recipient Entity. 
 6.2 Notwithstanding Section 6.1, the
receiving Party may disclose disclosing Party’s Confidential Information to the limited extent required by Law, court order or other Governmental Authority with jurisdiction, provided that the receiving Party (a) promptly provides the
disclosing Party, to the extent legally permissible, with written notice of such requirement, (b) uses no less than reasonable efforts to obtain confidential treatment of such Confidential Information by such court or Governmental Authority,
and (c) cooperates, at the disclosing Party’s written request and expense, with the disclosing Party’s legal efforts to prevent or limit the scope of such required disclosure; the receiving Party shall in all other respects continue
to hold such Confidential Information as confidential and subject to all obligations of this Article 6. The receiving Party’s obligations of confidentiality and non-use restrictions as set forth in this
Article 6 shall remain in effect for a period of [***] from receipt of the Confidential Information from the disclosing Party. 
 6.3 Each
Party agrees to treat the terms and conditions of this Agreement as the Confidential Information of the other Party, provided however that, in addition to the above exceptions, each Party shall be free to disclose any of the terms of this Agreement
(i) to the extent that a Party is advised by its counsel that such disclosure is required by the regulations or rules of any relevant stock exchange, (ii) to actual or prospective investors, partners and Sublicensees, (iii) to its
accountants, attorneys and other professional advisors, or (iv) in connection with a financing, merger, consolidation, acquisition or a permitted assignment of this Agreement; provided that (a) in the case of any disclosure under clause
(ii), (iii), or (iv) above, the recipient(s) are obligated and do so undertake to keep such terms of this Agreement confidential to the same extent as said Party (said Party being fully responsible to the other Party for such recipients’
compliance), and (b) in the case of disclosure under clause (i), such disclosure shall be in accordance with Section 6.2. 

  
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 6.4 Publicity. Neither Party shall issue or release any announcement, statement,
press release or other publicity or marketing materials relating to this Agreement without the prior written consent of the other Party. The Parties will cooperate to determine the timing and content of such announcement, statement, press release or
other publicity or marketing materials. 
 6.5 Use of Flagship’s Name. Company and its Subsidiaries, Sublicensees, employees and
agents may not use the name, logo, seal, trademark, service mark or domain names or other indicia of source, association or sponsorship of any Flagship Entity, or any officer, director or other representative of any Flagship Entity (or any
adaptation of any of the foregoing) without the prior written consent of such Flagship Entity, which consent will be granted or denied in such Flagship Entity’s sole discretion. 

 

	7.	 PATENT PROSECUTION AND COSTS 

7.1 Patent Prosecution. [***] shall control the Prosecution of Foundational IP and the selection of patent counsel (provided that [***]
does not reasonably object to such patent counsel). [***] will request that copies of all material documents prepared by patent counsel be provided to [***] for review and comment prior to filing, to the extent reasonably practicable under the
circumstances. [***] will consider any timely comments and requests from [***] in good faith; provided, however, that [***] shall have final authority regarding all Prosecution decisions. In the event [***] decides not to Prosecute or intends to
abandon the registration or application of any rights in and to any Foundational IP in any jurisdiction in the Territory, [***] shall provide [***] with written notice of such circumstance as promptly as practicable, and, upon [***] request, [***]
shall have the right to undertake Prosecution of such Foundational IP in such jurisdiction at its sole cost and expense. [***] will maintain as confidential and privileged, and as [***] Confidential Information in accordance with Article 6, all
information received pursuant to this Section 7.1. 
 7.2 Patent Costs. Within [***] after the Effective Date, [***] will
reimburse [***] for all attorneys’ fees, expenses, official fees and all other reasonable out-of-pocket expenses incurred by [***] in connection with the
Prosecution of the Foundational IP (“Patent Costs”) prior to the Effective Date and not previously reimbursed by [***]. In addition, within [***] after receipt of an invoice from [***], [***] will reimburse [***] for all Patent
Costs incurred prior to or during the Term and not previously reimbursed by [***]. 
 7.3
Non-Payment of Patent Costs. If [***] decides that it does not wish to pay the Patent Costs of any Foundational IP in a particular jurisdiction, [***] shall provide [***] with written notice of such
election. Upon the date which is [***] following notice of such election with respect to any Patent, [***]. Should [***] decline or fail to pay, by the deadline set forth in Section 7.2, the Patent Costs for the Prosecution of any Foundational
IP payable under this Agreement, [***] may terminate this Agreement solely with respect to such Patent upon written notice to [***], in which event any license granted by [***] to [***] hereunder with respect to such Patent will immediately
terminate, [***] will have no rights whatsoever to Exploit such Patent, and [***] will be free, without further notice or obligation to [***], to grant rights in and to such Patent to any Third Parties. 

7.4 Privileged Communications. It is expected that, in furtherance of this Agreement, the Parties and/or their respective counsel will,
from time to time, disclose to one another privileged communications between a Party and its counsel, including opinions, memoranda, letters, and other written, electronic, and verbal communications. Such disclosures are made with

  
 13 

 
the understanding that they shall remain privileged and confidential and that they are made in connection with the shared community of identical legal interests existing between the Parties,
including the community of legal interests in avoiding infringement of any valid, enforceable third party Patents and in obtaining patent protection for Foundational IP. 
  

	8.	 INFRINGEMENT 

8.1 Notice. In the event that either Party becomes aware of any suspected infringement of any Foundational IP or of any Infringement
Action, such Party shall promptly notify the other Party in writing thereof. Company and Flagship will consult each other in a timely manner concerning any appropriate response to such suspected infringement or Infringement Action. 

8.2 Procedure. 
 (a) As
between the Parties, [***] will have the first right to prosecute any Infringement Action against an infringing Third Party at its own expense. If, within [***] after becoming aware of any suspected infringement or Infringement Action, [***] has not
commenced to initiate, defend, or otherwise resolve such Infringement Action, then [***] shall have the right, but not the obligation, to initiate, control, prosecute, and/or defend such Infringement Action at its own expense. 

(b) The Party controlling any Infringement Action shall use reasonable efforts to: (i) inform the other Party of the status of such
Infringement Action on a regular basis; (ii) provide to the other Party copies of any documents relating to the Infringement Action promptly upon receipt from any Third Party and/or, if practicable, prior to filing such documents;
(iii) consult with the other Party regarding the advisability of any contemplated course of action; and (iv) consider any comments from the other Party in good faith, including with respect to the infringement, claim construction, or
defense of the validity or enforceability of any claim in the involved Foundational IP. The Party without primary control of an Infringement Action shall cooperate at its own expense with the Party controlling such Infringement Action to the extent
reasonably practicable, including joining the Infringement Action if necessary or desirable. 
 (c) [***] may not settle any Infringement
Action without the prior written consent [***]. For clarity, if the settlement of any Infringement Action includes granting a Sublicense, Company shall pay to Flagship royalties on any Net Sales by such Sublicensee in accordance with Article 4 in
addition to any other share of recoveries due to Flagship under Section 8.3. 
 8.3 Recoveries. 

(a) Any recovery obtained by Company as a result of any Infringement Action, by settlement or otherwise, shall be applied in the following
order of priority: (i) first, to [***]; and (ii) second, the remainder of the recovery shall [***]. 
 (b) Any recovery obtained by
Flagship as a result of any Infringement Action, by settlement or otherwise, shall be applied in the following order of priority: (i) first, to [***]; and (ii) second, the remainder of the recovery shall be [***]. 

  
 14 

	9.	 REPRESENTATIONS; DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITIES 

9.1 Certain Representations. Each Party represents to the other Party that, as of the Effective Date: 

(a) it has the full right, power and authority to enter into this Agreement and to perform its obligations hereunder; and 

(b) this Agreement has been duly authorized and executed by it and is legally binding upon it, enforceable in accordance with its terms, and
does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any applicable Law or applicable regulation of any Governmental Authority having jurisdiction over
it. 
 9.2 Company Representations, Warranties and Covenants. Company represents, warrants, and covenants to Flagship that: 

(a) it, and its Subsidiaries, agents, and employees who are or shall be involved in the performance of this Agreement, have not been, and
during the Term of this Agreement shall not be, debarred, excluded or disqualified (or convicted of any crime or engaged in any conduct for which debarment, exclusion or disqualification is mandated) under any Law, including pursuant to 21 U.S.C.
§ 335a; 
 (b) to its reasonable knowledge, no Third Party that, on behalf of Company, has been or during the Term of this
Agreement will be, involved in the Development, Manufacture or Commercialization of the Licensed Products (each a “Company Partner”), has been or will be debarred, excluded or disqualified (or convicted of any crime or engaged in
any conduct for which debarment, exclusion or disqualification is mandated) under any Law, including pursuant to 21 U.S.C. § 335a; 

(c) Company, and its Subsidiaries, agents, and employees involved in the performance of this Agreement, and Company Partners, shall perform
this Agreement in full compliance with all applicable Laws; and 
 (d) Company shall notify Flagship in writing immediately in the event of a
violation of any of the foregoing, and shall, with respect to any Entity involved in such violation, promptly remove such Entity from performing any role under this Agreement. 

9.3 DISCLAIMER OF WARRANTIES. THE FOUNDATIONAL IP, NEW IP, AND ANY OTHER TECHNOLOGY OR INFORMATION PROVIDED, ASSIGNED OR LICENSED UNDER
THIS AGREEMENT ARE PROVIDED ON AN “AS IS” BASIS. NEITHER PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF ACCURACY, COMPLETENESS, PERFORMANCE, MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, COMMERCIAL UTILITY, SCOPE, OR TITLE WITH RESPECT THERETO. 

  
 15 

 9.4 DISCLAIMER OF LIABILITIES. EXCEPT FOR [***] GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT, NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY FOR SPECIAL, CONSEQUENTIAL, OR OTHER INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS OR BUSINESS INTERRUPTION). NO FLAGSHIP ENTITY WILL BE LIABLE TO COMPANY, ITS SUBSIDIARIES,
SUCCESSORS OR ASSIGNS, OR TO ANY THIRD PARTY (INCLUDING SUBLICENSEES) WITH RESPECT TO ANY CLAIM ARISING FROM OR ATTRIBUTABLE TO USE BY COMPANY, ITS SUBSIDIARIES, OR SUBLICENSEES OF THE FOUNDATIONAL IP, NEW IP OR ANY OTHER TECHNOLOGY OR INFORMATION
PROVIDED, ASSIGNED OR LICENSED UNDER THIS AGREEMENT, OR ARISING FROM THE EXPLOITATION OF LICENSED PRODUCTS. 
 9.5 LIMITATION OF
LIABILITY. NOTWITHSTANDING ANY PROVISION IN THIS AGREEMENT TO THE CONTRARY, FLAGSHIP’S AGGREGATE LIABILITY UNDER THIS AGREEMENT SHALL NOT EXCEED [***] 
  

	10.	 INDEMNIFICATION 

10.1 Indemnification. Company will indemnify, hold harmless and, at Flagship’s option, shall defend the Flagship Entities, and
their respective officers, directors, agents employees, successors and assigns (each, an “Indemnified Party”) from and against any and all claims, actions, liabilities, losses, damages, judgments, costs or expenses suffered or
incurred by the Indemnified Parties, including attorneys’ fees and related costs (collectively, “Liabilities”), arising out of or resulting from [***] 

10.2 Indemnification Procedure. An Indemnified Party will promptly provide Company with written notice of any Liability that is
indemnifiable under this Article 10; provided, however, that the failure to so notify shall not relieve Company of its indemnification obligations hereunder except to the extent of any material prejudice to Company as a direct result of such
failure. If Flagship so directs in writing, Company shall control such defense and all negotiations relative to the settlement of any indemnifiable claim or action, except that Company shall not settle or compromise any claim or action in any manner
that may impose restrictions or obligations on any Indemnified Party, or that grants any rights to the Foundational IP or Licensed Products, or that concedes any fault or wrongdoing on the part of Flagship, without Flagship’s prior written
consent. If Company fails or declines to assume the defense against any claim or action within [***] after notice thereof, then Flagship may assume and control the defense of such claim or action for the account and at the risk of Company, and any
Liabilities related to such claim or action will be conclusively deemed a liability of Company. The indemnification rights of the Indemnified Parties under this Article 10 are in addition to all other rights that an Indemnified Party may have at
law, in equity or otherwise. 

  
 16 

	11.	 INSURANCE 

11.1 Coverages. Company will procure and maintain insurance policies for commercially reasonable amounts with respect to personal
injury, bodily injury, property damage and contractual liability arising out of Company’s performance under this Agreement, and, [***] clinical trials coverage in a minimum amount of [***] combined single limit per occurrence and in the
aggregate; and, prior to the sale of the first Licensed Product, product liability coverage, in a minimum amount of [***] combined single limit per occurrence and in the aggregate. Flagship may review periodically the adequacy of the minimum amounts
of insurance for each type of coverage required by this Article 11, and Flagship reserves the right to require Company to adjust the limits accordingly. Upon request, Company shall provide certificates of insurance and applicable endorsements
evidencing the required insurance coverages noted herein. The failure of Flagship to request said evidence of coverage shall not constitute or be construed as a waiver of Company’s insurance obligations. Flagship and its affiliates shall be
named as additional insureds, on a primary and non-contributory basis, under all applicable policies of insurance. Company’s comprehensive general liability insurance shall be primary and non-contributory to any insurance maintained by Flagship. The required minimum amounts of insurance do not constitute a limitation on Company’s liability or indemnification obligations to Flagship under this
Agreement. 
 11.2 Other Requirements. Any policies of insurance required by Section 11.1 will be issued by an insurance carrier
with an A.M. Best rating of [***] or better. 
  

	12.	 TERM AND TERMINATION 

12.1 Expiration of Royalty Term. Upon expiration of the Royalty Term with respect to a Licensed Product in any jurisdiction and payment
in full of all amounts owed hereunder with respect to such Licensed Product in such jurisdiction, the license granted to Company under Section 2.2 shall automatically convert into a non-exclusive, fully
paid up license for such Licensed Product in such jurisdiction. 
 12.2 Termination by Flagship. 

(a) For Cause. Flagship may give written notice of default to Company, if Company materially breaches any obligation, covenant,
condition, or undertaking of this Agreement to be performed by it hereunder (including, e.g., if Company should cease or fail to undertake Commercially Reasonable Efforts with respect to Licensed Products, fail to make any payment at the time such
payment is due, or fail to maintain the insurance coverage required hereunder). If Company should fail to cure such default within [***] of such notice, this Agreement (including, for the avoidance of doubt, all licenses granted to Company
hereunder) shall terminate immediately upon written notice to Company.
 (b) Cessation of Business; Bankruptcy. If Company shall cease
to carry on its business with respect to the rights granted in this Agreement, this Agreement shall terminate 

  
 17 

 
upon [***] written notice by Flagship. Flagship may terminate this Agreement upon written notice to Company, if Company experiences an Event of Bankruptcy. For purposes of this provision, the
term “Event of Bankruptcy” means: (i) filing by Company in any court or agency pursuant to any statute or regulation of any state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or
for the appointment of a receiver or trustee of Company or of its assets; (ii) Company being served with an involuntary petition against it, filed in any insolvency proceeding, where such petition has not been dismissed within [***]; (iii)
Company proposing or being a party to any dissolution or liquidation of Company; or (iv) Company making a general assignment for the benefit of creditors. 

(c) Challenge of Patents. 

(i) In the event that Company, its Subsidiary or Sublicensee institutes or actively participates as an adverse party in, or otherwise provides
material support to, any Licensed Patent Challenge, Flagship has the right, but not the obligation, in addition to any other remedy it may have available to it at law and/or in equity, to terminate this Agreement immediately upon providing written
notice of the same to Company; provided that if such Licensed Patent Challenge is brought by a Sublicensee, Flagship may not terminate this Agreement under this Section 12.2(c)(i) if Company has terminated all Sublicenses granted to such
Sublicensee hereunder within [***] after Company has received written notice from Flagship of such Licensed Patent Challenge. Notwithstanding any provision of this Agreement, Flagship may seek redress for any Licensed Patent Challenge in any court
of competent jurisdiction in its sole discretion. “Licensed Patent Challenge” means any direct dispute or challenge, or any knowing or willful assistance in the dispute or challenge, of the validity, patentability, or enforceability
of any Foundational IP or any claim thereof, or opposition or assistance in the opposition of the grant of any letters patent within the Foundational IP, in any legal or administrative proceedings, including in a court of law, before the U.S. PTO or
other agency or tribunal in any jurisdiction, or in arbitration, including without limitation by reexamination, inter partes review, opposition, interference, post-grant review, nullity proceeding, preissuance submission, third party submission,
derivation proceeding or declaratory judgment action; provided, however, that the term “Licensed Patent Challenge” shall not include arguments, or any other statements or allegations, made by or on behalf of Company, its Subsidiary or its
Sublicensee that distinguish the inventions claimed in Patents Controlled (except by virtue of this Agreement or a Sublicense) by Company, its Subsidiary or its Sublicensee from those claimed in the Foundational IP in the ordinary course of ex parte
prosecution of such Patents Controlled by Company, its Subsidiary or its Sublicensee, including without limitation any reissue or reexamination patents or patent applications. 

(ii) Company shall include provisions in all Sublicenses providing that, if the Sublicensee or its affiliate brings or participates in a
Licensed Patent Challenge, the Sublicense will immediately terminate effective as of the first date of the Sublicensee’s or its affiliate’s first filing or participation in such Licensed Patent Challenge. The failure to include such
automatic termination provision in a Sublicense shall constitute a material breach of this Agreement. If a Sublicensee or its affiliate undertakes a Licensed Patent Challenge, Company shall immediately terminate the applicable Sublicense. Any
failure to immediately terminate the Sublicense as required by this Section 12.2(c)(ii) shall constitute a material breach of this Agreement. 

  
 18 

 12.3 Termination by Company. Following approval by the board of directors of Company,
Company may terminate this Agreement, in its entirety, (a) without cause by giving [***] prior written notice thereof to Flagship, or (b) upon delivering written notice to Flagship, if Flagship materially breaches any obligation, covenant,
condition, or undertaking of this Agreement to be performed by it hereunder and fails to cure such default within [***] of receiving written notice thereof. 
  

	13.	 EFFECT OF TERMINATION 

13.1 Continuing Obligations. Termination or expiration of this Agreement shall not relieve Company of any monetary or any other
obligation or liability accrued hereunder prior to the effective date of such termination, or rescind or give rise to any right to rescind any payments made or other consideration given to Flagship hereunder prior to the effective date of such
termination or expiration. Termination or expiration of this Agreement shall not affect in any manner any rights of Flagship arising under this Agreement prior to the date of such termination or expiration. Company shall pay all attorneys’ fees
and costs incurred by Flagship in enforcing any obligation of Company or accrued right of Flagship. 
 13.2 Sublicenses. Upon
termination of this Agreement in its entirety for any reason other than by Company pursuant to Section 12.3, any then-current Sublicensee shall, from the effective date of such termination, automatically become a direct licensee of Flagship
under, and subject to the terms and conditions of, this Agreement (subject only to modifications with respect to territory, field and exclusivity consistent with the scope of the applicable Sublicense and so as to accommodate all such Sublicensees),
provided that (a) the applicable Sublicense does not provide that it terminates upon termination of this Agreement, (b) such Sublicensee is not the cause of a breach of this Agreement and is not in breach of the applicable Sublicense (or
any provision of this Agreement applicable to such Sublicensee), (c) within [***] of such termination, such Sublicensee provides written notice to Flagship of its election to become a direct licensee of Flagship pursuant hereto and of its agreement
to assume all obligations of Company hereunder, and (d) such Sublicensee cures any breach by Company of this Agreement (including payment obligations); and provided further, however, that Flagship (x) shall not have under any such direct
license (i) any obligations that are greater than or inconsistent with the obligations of Flagship under this Agreement or (ii) any fewer rights than it has under this Agreement, and (y) shall have no liability for any obligations
arising prior to the effective date of such direct license or for any obligations of Company whenever arising and Flagship shall be released from any and all liability relating to such obligations. 

13.3 Survival of Terms. In addition to any provision which by its terms contemplates performance after the Term, the following
provisions shall survive the expiration or termination of this Agreement: Sections 1 (Definitions), 4 (Payments), 5.4 (Records and Audit Rights), 6 (Confidentiality; Publicity; Use of Name), 9 (Representations; Disclaimer of Warranties;
Limitation of Liabilities), 10 (Indemnification), 11 (Insurance), 13 (Effect of Termination), and 14 (Additional Provisions). 

  
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	14.	 ADDITIONAL PROVISIONS 

14.1 Independent Contractors. The Parties are independent contractors. Nothing contained in this Agreement is intended to create an
agency, partnership or joint venture between the Parties. At no time will either Party make commitments or incur any charges or expenses for or on behalf of the other Party. 

14.2 Compliance with Laws. Company must comply with all prevailing Laws that apply to its activities or obligations under this
Agreement. For example, Company will comply with applicable United States export Laws. The transfer of certain technical data and commodities may require a license from the applicable agency of the United States government and/or written assurances
by Company that Company will not export data or commodities to certain foreign countries without prior approval of the agency. Flagship does not represent that no license is required, or that, if required, the license will issue. 

14.3 Marking. Company shall, and agrees to require its Subsidiaries and Sublicensees to, comply with any marking requirements of the
intellectual property Laws of the applicable countries in the Territory to the extent any failure to do so would materially and adversely affect the Foundational IP or any Licensed Product, or either Party’s ability to avail itself of all
potential remedies for any infringement of the Foundational IP, and particularly agrees to permanently and legibly mark all Licensed Products made, used, reproduced, or sold under the terms of this Agreement, or their respective containers, in
accordance with the applicable provisions set forth in the Patent marking and notice provisions under Title 35 of the United States Code. Any Sublicense shall impose on the Sublicensee obligations substantially similar to those imposed in this
paragraph. 
 14.4 Modification, Waiver and Remedies. This Agreement may only be modified by a written amendment that is executed by
an authorized representative of each Party. Any waiver must be express and in writing. No waiver by either Party of a breach by the other Party will constitute a waiver of any different or succeeding breach. Unless otherwise specified, all remedies
are cumulative. 
 14.5 Assignment. 

(a) Company may not assign this Agreement or any part of it, either directly or by merger or operation of Law, without the prior written
consent of Flagship (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, Company, or a secured creditor of Company after the occurrence and during the continuance of an event of default, under the applicable
loan agreement, that remains uncured [***] following notice of default to Company may, without Flagship’s consent but with prior written notice to Flagship, assign this Agreement to any Entity in the event of the merger, acquisition,
consolidation, reorganization, change of control or sale of securities of Company with or to such Entity, or the transfer or sale of all or substantially all of Company’s assets to which this Agreement relates to such Entity, provided that
(i) Company or such secured creditor provides prior written notice to Flagship of such proposed transaction, and (ii) such Entity agrees in writing to be legally bound by this Agreement. 

  
 20 

 (b) Flagship may not assign this Agreement or any part of it, either directly or by merger
or operation of Law, without the prior written consent of Company (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, Flagship may, without Company’s consent, (i) assign this Agreement (A) to
a Flagship Entity (other than a portfolio company of a Flagship Entity or Subsidiary of such portfolio company), or (B) to any Entity in the event of the merger, acquisition, consolidation, reorganization, change of control or sale of
securities of Flagship with or to such Entity, or the transfer or sale of all or substantially all of Flagship’s assets to which this Agreement relates to such Entity, and (ii) freely assign to any Entity all of Flagship’s rights to
receive royalties under this Agreement, together with information, audit and other related rights, and to enforce such rights against Company. 

(c) This Agreement is binding upon and inures to the benefit of the parties hereto and their respective permitted successors and assigns. Any
permitted assignment will not relieve the assigning party of responsibility for performance of any obligation of such party that has accrued at the time of the assignment. Any assignment granted, or purported to be granted, contrary to this
Section 14.5 will be null and void. 
 14.6 Notices. Except as otherwise expressly set forth herein, any notice or other required
communication under this Agreement (each, a “Notice”) must be in writing, addressed to the Party’s respective Notice Address, and delivered personally or by globally recognized express delivery service, charges prepaid. A
Notice will be deemed delivered and received: (a) in the case of personal delivery, on the date of such delivery; and (b) in the case of a globally recognized express delivery service, on the Business Day that receipt by the addressee is
confirmed pursuant to the service’s systems. The “Notice Address” of each Party is as follows: 
  

			
	if to Flagship, to:	  	[***]
		
	if to Company, to:	  	[***]

 14.7 Severability and Reformation. If any provision of this Agreement is held to be invalid or
unenforceable by a court of competent jurisdiction, then the remaining provisions of this Agreement will remain in full force and effect. Such invalid or unenforceable provision will be automatically revised to be a valid or enforceable provision
that comes as close as permitted by Law to the Parties’ original intent. 
 14.8 Headings and Counterparts. The headings of the
articles and sections included in this Agreement are inserted for convenience only and are not intended to affect the meaning or interpretation of this Agreement. This Agreement may be executed in several counterparts, and execution signatures may
be exchanged electronically including by facsimile or as scanned e-mail attachments, and signatures so exchanged shall be considered as original for all purposes and taken together will constitute one and the
same instrument. 
 14.9 Governing Law; Venue. This Agreement will be governed in accordance with the Laws of the State of
Massachusetts, without giving effect to the conflict of law provisions of any jurisdiction. Each Party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts located in Boston, Massachusetts. 

  
 21 

 14.10 Integration. This Agreement, together with all attached Exhibits, contains the
entire agreement between the Parties, and supersedes all other oral or written representations, statements, or agreements with respect to such subject matter, including but not limited to any term sheet exchanged prior to this Agreement. 

14.11 Force Majeure. Neither Party will be responsible for nonperformance caused by forces beyond the reasonable control of such Party,
including fire, explosion, natural disaster, war (whether declared or not), act of terrorism, strike, or riot, provided that the nonperforming Party uses reasonable efforts to avoid or remove such causes of nonperformance and continues performance
under this Agreement with reasonable dispatch whenever such causes are removed, and notifies the other Party of such cause as promptly as is reasonably practical given the circumstances. 

14.12 Certain Conventions. Any reference in this Agreement to an Article, Section, subsection, paragraph, clause or Exhibit shall be
deemed to be a reference to an Article, Section, subsection, paragraph, clause or Exhibit, of or to, as the case may be, this Agreement, unless otherwise indicated. Unless the context of this Agreement otherwise requires, (a) all definitions
set forth herein shall be deemed applicable whether the words defined are used herein with initial capital letters in the singular or the plural, (b) the word “will” shall be construed to have the same meaning and effect as the word
“shall,” (c) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (d) any reference herein to any Party shall be construed to include the Party’s successors and assigns, (e) the word
“notice” shall mean notice in writing (whether or not specifically stated) and shall include notices, consents, approvals and other written communications contemplated under this Agreement, (f) provisions that require that a Party or
the Parties “agree,” “consent” or “approve” or the like shall require that such agreement, consent or approval be specific and in writing, whether by written agreement, letter, approved minutes or otherwise (but
excluding e-mail and instant messaging), (g) references to any specific Law, rule or regulation, or article, section or other division thereof, shall be deemed to include the then-current amendments thereto or
any replacement or successor Law, rule or regulation thereof, (h) words of any gender include each other gender, (i) words such as “herein,” “hereof” and “hereunder” refer to this Agreement as a whole and not
merely to the particular provision in which such words appear, (j) the words “include,” “includes” and “including” shall be deemed to be followed by the phrase “but not limited to,” “without
limitation,” “inter alia” or words of similar import, and (k) unless “Business Days” is specified, “days” shall mean “calendar days.” In the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. 

14.13 Business Day Requirements. In the event that any notice or other action or omission is required to be taken by a Party under this
Agreement on a day that is not a Business Day, then such notice or other action or omission shall be deemed to be required to be taken on the next occurring Business Day. 

[Signature Page Follows] 

  
 22 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date. 

 

									
	COMPANY:	 		  	FLAGSHIP:
			
	Cobalt Biomedicine, Inc.	 	    	  	Flagship Pioneering Innovations V, Inc.
					
	BY:	 	 /s/ Geoffrey von Maltzahn
	 		  	BY:	  	 /s/ Noubar Afeyan

	NAME: Geoffrey von Maltzahn	 		  	NAME: Noubar Afeyan
	TITLE: President	 		  	TITLE: President

 Exhibit A 

Foundational IP 
 [***]

 Exhibit B 

New IP 

 Exhibit C 

Form of Bi-Annual Report 

[***] 

 Exhibit D 

Payment Instructions 

[***]

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