Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
 CODIAK
BIOSCIENCES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	1.	 	 Definitions
	  	 	1	 
			
	2.	 	 Registration Rights
	  	 	4	 
		 	2.1	  	 Demand Registration
	  	 	4	 
		 	2.2	  	 Company Registration
	  	 	6	 
		 	2.3	  	 Underwriting Requirements
	  	 	6	 
		 	2.4	  	 Obligations of the Company
	  	 	8	 
		 	2.5	  	 Furnish Information
	  	 	9	 
		 	2.6	  	 Expenses of Registration
	  	 	9	 
		 	2.7	  	 Delay of Registration
	  	 	10	 
		 	2.8	  	 Indemnification
	  	 	10	 
		 	2.9	  	 Reports Under Exchange Act
	  	 	12	 
		 	2.10	  	 Limitations on Subsequent Registration Rights
	  	 	13	 
		 	2.11	  	 “Market Stand-off” Agreement
	  	 	13	 
		 	2.12	  	 Restrictions on Transfer
	  	 	14	 
		 	2.13	  	 Termination of Registration Rights
	  	 	15	 
			
	3.	 	 Information and Observer Rights
	  	 	16	 
		 	3.1	  	 Delivery of Financial Statements
	  	 	16	 
		 	3.2	  	 Inspection
	  	 	17	 
		 	3.3	  	 Observer Rights
	  	 	17	 
		 	3.4	  	 Termination of Information and Observer Rights
	  	 	18	 
		 	3.5	  	 Confidentiality
	  	 	18	 
			
	4.	 	 Rights to Future Stock Issuances
	  	 	19	 
		 	4.1	  	 Right of First Offer
	  	 	19	 
		 	4.2	  	 Termination
	  	 	20	 
			
	5.	 	 Additional Covenants
	  	 	20	 
		 	5.1	  	 Insurance
	  	 	20	 
		 	5.2	  	 Employee Agreements
	  	 	20	 
		 	5.3	  	 Employee Stock
	  	 	21	 
		 	5.4	  	 Matters Requiring Investor Director Approval
	  	 	21	 
		 	5.5	  	 Board Matters
	  	 	22	 
		 	5.6	  	 Successor Indemnification
	  	 	22	 
		 	5.7	  	 Expenses of Counsel
	  	 	22	 
		 	5.8	  	 Indemnification Matters
	  	 	23	 
		 	5.9	  	 Right to Conduct Activities
	  	 	23	 
		 	5.10	  	 Tax Reporting
	  	 	24	 
		 	5.11	  	 Termination of Covenants
	  	 	24	 
			
	6.	 	 Miscellaneous
	  	 	24	 
		 	6.1	  	 Successors and Assigns
	  	 	24	 

  
 i 

									
	 	 	 	  	 	  	Page	 
		 	6.2	  	 Governing Law
	  	 	25	 
		 	6.3	  	 Counterparts
	  	 	25	 
		 	6.4	  	 Titles and Subtitles
	  	 	25	 
		 	6.5	  	 Notices
	  	 	25	 
		 	6.6	  	 Amendments and Waivers
	  	 	25	 
		 	6.7	  	 Severability
	  	 	26	 
		 	6.8	  	 Aggregation of Stock
	  	 	26	 
		 	6.9	  	 Additional Investors
	  	 	26	 
		 	6.10	  	 Entire Agreement
	  	 	27	 
		 	6.11	  	 Dispute Resolution
	  	 	27	 
		 	6.12	  	 Delays or Omissions
	  	 	27	 
		 	6.13	  	 Further Assurances
	  	 	28	 
		 	6.14	  	 Acknowledgment
	  	 	28	 
		 	6.15	  	 The Board of Regents
	  	 	28	 
		 	6.16	  	 Effect on Prior Agreement
	  	 	28	 

 Schedule A - Schedule of Investors 

  
 ii 

 CODIAK BIOSCIENCES, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AMEDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of the 17th day of November, 2017, by and among Codiak BioSciences, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is
referred to in this Agreement as an “Investor” and any additional Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with Subsection 6.9 hereof. 

RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series A Preferred
Stock, Series B Preferred Stock and/or shares of Common Stock issued upon conversion thereof and possess registration rights, information rights, rights of first offer, and other rights pursuant to an Investors’ Rights Agreement dated as of
November 12, 2015 between the Company and such Investors (the “Prior Agreement”); 
 WHEREAS, the Existing
Investors are holders of over seventy-six percent (76%) of the Registrable Securities of the Company (as defined in the Prior Agreement), and desire to amend and restate the Prior Agreement in its entirety and
to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

WHEREAS, it is a condition to that certain Series C Preferred Stock Purchase Agreement of even date herewith between the Company and
certain of the Investors (the “Purchase Agreement”), that the Prior Agreement be amended and restated as set forth herein. 

NOW, THEREFORE, the Existing Investors hereby agree that the Prior Agreement shall be amended and restated and superseded and replaced
in its entirety by this Agreement, and the parties to this Agreement further agree as follows: 

1.    Definitions. For purposes of this Agreement: 

1.1    “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general or limited partner, managing member, fund manager, officer, director, stockholder or member of such Person or any venture
capital or other investment fund now or hereafter existing that is controlled by one or more general partners, fund managers or managing members of, or shares the same management company or investment adviser with, such Person, and any general
partners, fund managers or managing members of such venture capital or other investment fund. 
 1.2    “Common
Stock” means shares of the Company’s common stock, par value $0.0001 per share. 

1.3    “Competitor” means, as of any date, a Person engaged, directly or indirectly (including through
any partnership, limited liability company, corporation, joint 

  
 1 

 
venture or similar arrangement (whether now existing or formed hereafter)), in the business conducted or proposed to be conducted by the Company on such date, but shall not include (i) any
financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20%) of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any
members of the Board of any Competitor, (ii) any Fidelity Investor or (iii) Hillhouse. 

1.4    “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may
become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged
untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged
omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the indemnifying party (or any of its agents or
Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.5    “Derivative Securities” means any securities or rights convertible into, or exercisable or
exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 

1.6    “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. 
 1.7    “Excluded Registration” means (i) a registration relating to the
sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include
substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable
upon conversion of debt securities that are also being registered. 
 1.8    “Fidelity” shall mean
Fidelity Management & Research Company and any successor or affiliated registered investment advisor to the Fidelity Investors. 

1.9    “Fidelity Investors” shall mean any Investors advised or subadvised by Fidelity or one of its
Affiliates. 
 1.10     “Form S-1” means such form under
the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

1.11    “Form S-3” means such form under the Securities
Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

  
 2 

 1.12    “GAAP” means generally accepted accounting
principles in the United States. 
 1.13    “Hillhouse” means HH
RSV-CAK Holdings Limited and its Affiliates. 

1.14    “Holder” means any holder of Registrable Securities who is a party to this Agreement. 

1.15    “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

1.16    “Initiating Holders” means, collectively, Holders who properly initiate a registration request
under this Agreement. 
 1.17    “IPO” means the Company’s first underwritten public offering of
its Common Stock under the Securities Act. 
 1.18    “Key Employee” means any executive-level employee
(including, division director and vice president-level positions) as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement).

 1.19    “Major Investor” means (i) any Investor that, individually or together with such
Investor’s Affiliates, holds at least 500,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof), (ii) each Fidelity
Investor that holds any Registrable Securities and (iii) Hillhouse, so long as it holds any Registrable Securities. 

1.20    “New Securities” means, collectively, equity securities of the Company, whether or not currently
authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities. 

1.21    “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 1.22    “Preferred Director” means any director of the
Company that the holders of record of the Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation. 

1.23    “Preferred Stock” means, collectively, shares of the Company’s Series A Preferred Stock,
Series B Preferred Stock and Series C Preferred Stock. 
 1.24    “Registrable Securities” means
(i) the Common Stock issuable or issued upon conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other
securities of the Company, acquired by the Investors on or after the date hereof; provided, however that shares of Common Stock acquired on the date hereof shall not be deemed Registrable Securities for

  
 3 

 
purposes of Subsection 6.6; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or
other distribution with respect to, or in exchange for or in replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the
applicable rights under this Agreement are not assigned pursuant to Subsection 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Subsection
2.13 of this Agreement. 
 1.25    “Registrable Securities then outstanding” means the number
of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible
securities that are Registrable Securities. 
 1.26    “Restricted Securities” means the securities of
the Company required to be notated with the legend set forth in Subsection 2.12(b) hereof. 

1.27    “SEC” means the Securities and Exchange Commission. 

1.28    “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.29    “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.30    “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 1.31    “Selling Expenses” means all underwriting discounts, selling
commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as
provided in Subsection 2.6. 
 1.32    “Series A Preferred Stock” means shares of the
Company’s Series A Preferred Stock, par value $0.0001 per share. 
 1.33    “Series B Preferred
Stock” means shares of the Company’s Series B Preferred Stock, par value $0.0001 per share. 

1.34    “Series C Preferred Stock” means shares of the Company’s Series C Preferred Stock, par value
$0.0001 per share. 
 2.    Registration Rights. The Company covenants and agrees as follows: 

2.1    Demand Registration. 

(a)    Form S-1 Demand. If at any time after the earlier of (i) five (5)
years after the date of this Agreement or (ii) one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least forty percent (40%) of the Registrable
Securities then outstanding that the Company file a 

  
 4 

 
Form S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding (or a lesser percent if
the anticipated aggregate offering price, net of Selling Expenses, would exceed $10 million), then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”)
to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form
S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections
2.1(c) and 2.3. 
 (b)    Form S-3 Demand. If at any time when
it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form
S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the
Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days
after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration
by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3. 

(c)    Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant
to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors (the “Board”) it would be materially detrimental to
the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially
interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving
as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with
respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke
this right more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such ninety (90) day period other
than pursuant to a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; a registration on any form that does not include substantially the
same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt
securities that are also being registered. 

  
 5 

 (d)    The Company shall not be obligated to effect, or to take any
action to effect, any registration pursuant to Subsection 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty
(180) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective;
(ii) after the Company has effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection
2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated
registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to
Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time
as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand
registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d). 

2.2    Company Registration. If the Company proposes to register (including, for this purpose, a registration
effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at
such time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3,
cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection
2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the
Company in accordance with Subsection 2.6. 
 2.3    Underwriting Requirements. 

(a)    If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable
Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The
underwriter(s) will be selected by the majority in interest of the Initiating Holders, subject only to the reasonable approval of the Company. In such event, the right of any Holder to include such Holder’s Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) 

  
 6 

 
enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Subsection 2.3, if the managing
underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would
be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as
practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the
Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the
underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. 

(b)    In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to
Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters,
and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to
be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to
include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine
that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as
practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above
provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included
in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below
twenty-five percent (25%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other
stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the
partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any
of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons
included in such “selling Holder,” as defined in this sentence. 

  
 7 

 (c)    For purposes of Subsection 2.1, a registration shall not
be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than twenty-five (25%) of the total number of Registrable Securities that Holders have requested to be
included in such registration statement are actually included. 
 2.4    Obligations of the Company. Whenever
required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)    prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period
of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be
extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any
registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day
period shall be extended for up to sixty (60) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

(b)    prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus
used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c)    furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as
required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d)    use its commercially reasonable efforts to register and qualify the securities covered by such registration
statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e)    in the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the underwriter(s) of such offering; 

  
 8 

 (f)    use its commercially reasonable efforts to cause all such
Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then
listed; 
 (g)    provide a transfer agent and registrar for all Registrable Securities registered pursuant to this
Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h)    promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any
disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of
the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or
advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i)    notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration
statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 

(j)    after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the
Company amend or supplement such registration statement or prospectus. 
 In addition, the Company shall ensure that, at all times after any
registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under
Rule 10b5-1 of the Exchange Act. 
 2.5    Furnish Information. It shall
be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6    Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with
registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable and
documented fees and disbursements of one counsel for the selling Holders selected by the Holders of a majority of the Registrable Securities to be registered (“Selling Holder Counsel”), shall be borne and paid by the Company;
provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration 

  
 9 

 
request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata
based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections
2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the
Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one
registration pursuant to Subsections 2.1(a) or 2.1(b). All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number
of Registrable Securities registered on their behalf. 
 2.7    Delay of Registration. No Holder shall have any
right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8    Indemnification. If any Registrable Securities are included in a registration statement under this
Section 2: 
 (a)    To the extent permitted by law, the Company will indemnify and
hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel, accountants and investment advisers for each such Holder; any underwriter (as defined in the Securities Act) for
each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or
other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not
be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any
such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration. 

(b)    To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless
the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company, any
underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such
Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written 

  
 10 

 
information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that
the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering
received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c)    Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the
commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other
indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may
be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a
reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Subsection 2.8, to the extent that such failure materially prejudices the indemnifying
party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8. 

(d)    To provide for just and equitable contribution to joint liability under the Securities Act in any case in which
either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such
case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party
in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of

  
 11 

 
the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a
material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission;
provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such
registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b),
exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e)    Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in
the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f)    Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public
offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall
survive the termination of this Agreement. 
 2.9    Reports Under Exchange Act. With a view to making available
to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a)    make and keep available adequate current public
information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b)    use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c)    furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to
the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the
IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form
S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent 

  
 12 

 
annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing any Holder
of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10    Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall
not, without the prior written consent of the Holders of at least sixty percent (60%) of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow
such holder or prospective holder (i) to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the
inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included, or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such
holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9. 

2.11    “Market Stand-off” Agreement. Each Holder hereby agrees
that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the managing underwriter (such
period not to exceed one hundred eighty (180) days, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports,
and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell;
contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any
securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for the IPO or (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock
or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 (A) shall apply only to the IPO, (B) shall not apply to shares of Common Stock acquired in the IPO or in the open market following the
IPO and (C) shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the
Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if
all officers and directors and all stockholders individually owning more than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock) are subject to the
same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the

  
 13 

 
provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration
that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto. If any of the obligations described in this Subsection 2.11 are waived or terminated with respect to any of the securities of any such
Holder, officer, director or greater than one-percent stockholder (in any such case, the “Released Securities”), the foregoing provisions shall be waived or terminated, as applicable, to the same extent and with respect to the same
percentage of securities of each Holder as the percentage of Released Securities represent with respect to the securities held by the applicable Holder, officer, director or greater than one-percent stockholder. 

2.12    Restrictions on Transfer. 

(a)    The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the
Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure
compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities
subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the IPO, SEC Rule 144,
in each case, to be bound by the terms of this Agreement. 
 (b)    Each certificate, instrument, or book entry
representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization,
merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company making a notation in its records and
giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

  
 14 

 (c)    The holder of such Restricted Securities, by acceptance of
ownership thereof, agrees to comply in all respects with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under
the Securities Act covering the proposed transaction or, following the IPO, the transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer.
Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written
opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act;
(ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with
respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act,
whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal
opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration;
provided that, with respect to transfers under the foregoing clause (y), each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book entry representing the Restricted
Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144 or pursuant to an effective registration statement, the appropriate restrictive legend set forth in Subsection 2.12(b),
except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions
of the Securities Act. 
 2.13    Termination of Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 

(a)    the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of
Incorporation; 
 (b)    following the IPO, such time as Rule 144 or another similar exemption under the Securities Act
is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration (and without the requirement for the Company to be in compliance with the current public information required
under Rule 144(c)(1)); and 
 (c)    the six (6) year anniversary of the IPO. 

  
 15 

 3.    Information and Observer Rights. 

3.1    Delivery of Financial Statements. The Company shall deliver to each Major Investor, provided that the Board
has not reasonably determined that such Major Investor is a Competitor of the Company: 
 (a)    as soon as practicable,
but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such year, (ii) statements of income and of cash flows for such year, and a comparison between
(x) the actual amounts as of and for such fiscal year and (y) the comparable amounts for the prior year and as included in the Budget (as defined in Subsection 3.1(e)) for such year, with an explanation of any material differences
between such amounts and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent
public accountants selected by the Board; 
 (b)    as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited
balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal
year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(c)    as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three
(3) quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period,
the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock
options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial officer or chief
executive officer of the Company as being true, complete, and correct; 
 (d)    as soon as practicable, but in any
event within thirty (30) days of the end of each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all
prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in
accordance with GAAP); 
 (e)    as soon as practicable, but in any event thirty (30) days before the end of each
fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such
months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; 

  
 16 

 (f)     such other information relating to the financial condition,
business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Subsection 3.1 to provide information
(i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in a form acceptable to the Company); or (ii) the disclosure of which
would adversely affect the attorney-client privilege between the Company and its counsel. 
 If, for any period, the Company has any
subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the
Company and all such consolidated subsidiaries.
 Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company
may cease providing the information set forth in this Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it
reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as
the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective. 

The Company shall promptly and accurately respond, and shall use its commercially reasonable efforts to cause its transfer agent to promptly
respond, to requests for information made on behalf of any Fidelity Investor relating to (i) accounting or securities law matters required in connection with its audit or (ii) the actual holdings of such Fidelity Investor, including in
relation to the total outstanding shares; provided, however, that the Company shall not be obligated to provide any such information that could reasonably result in a violation of applicable law or conflict with a confidentiality obligation of the
Company. 
 3.2    Inspection. The Company shall permit each Major Investor (provided that the Board has not
reasonably determined that such Major Investor is a Competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s
affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to
provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of
which would adversely affect the attorney-client privilege between the Company and its counsel. 
 3.3    Observer
Rights. The Company shall invite a representative of each of ARCH Venture Fund VIII, L.P. (“ARCH”), Flagship Ventures Fund V, L.P. (“Flagship”) and Hillhouse to attend all meetings of its Board of Directors and
of any of its committees in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors at substantially the same time; provided,
however, that such representative shall agree to hold in confidence and 

  
 17 

 
trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such
representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a
conflict of interest, or if such Investor or its representative is a Competitor of the Company. The Company shall invite a representative of the University of Texas M.D. Anderson Cancer Center, a member institution of the University of Texas
(“UTMDACC”), to attend a Board meeting pursuant to the terms and conditions of that certain Letter Agreement, dated as of November 12, 2015, by and between the Company and The Board of Regents of the University of Texas System,
an agency of the State of Texas (“Board of Regents”) on behalf of UTMDACC. 
 3.4    Termination of
Information and Observer Rights. The covenants set forth in Subsections 3.1, 3.2 and 3.3 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO,
(ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the
Company’s Certificate of Incorporation; provided, that, with respect to (iii), the covenants set forth in Subsections 3.1 and 3.2 shall only terminate if the consideration received by the Holders in such Deemed Liquidation Event
is in the form of cash and/or marketable securities unless the Holders receive financial information and inspection rights from the acquiring company or other successor to the Company comparable to those set forth in Subsections 3.1 and
3.2, whichever event occurs first. 
 3.5    Confidentiality. Each Investor agrees that such Investor will
keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the
Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.5 by such Investor), (b) is
or has been independently developed or conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any
obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent
necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the
provisions of this Subsection 3.5; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person
that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure
and takes reasonable steps to minimize the extent of any such required disclosure. Notwithstanding the foregoing, in the case of any Fidelity Investor, such Fidelity Investor may identify the Company and the value of such Fidelity Investor’s
security holdings in the Company in accordance with applicable investment reporting and disclosure regulations or internal policies and respond to routine examinations, demands, requests or reporting requirements of a regulator without prior notice
to or consent from the Company. 

  
 18 

 
Notwithstanding anything to the contrary contained herein, UTMDACC and/or the Board of Regents shall have the right to disclose confidential information in accordance with the License Agreement,
dated as of November 12, 2015, by and between the Company and the Board of Regents on behalf of UTMDACC (the “License Agreement”) without breaching this Subsection 3.5. For the avoidance of doubt, in the event there
is a conflict between the terms of the License Agreement and this Agreement, the terms of the License Agreement shall control. 

4.    Rights to Future Stock Issuances. 

4.1    Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities
laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted to it, in such
proportions as it deems appropriate, among (i) itself and (ii) its Affiliates. 
 (a)    The Company
shall give notice (the “Offer Notice”) to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if
any, upon which it proposes to offer such New Securities. 
 (b)    By notification to the Company within twenty
(20) days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that
the Common Stock then held by such Major Investor (including all shares of Common Stock then issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by
such Major Investor) bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities). At the expiration of such twenty (20) day
period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During
the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that
portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly)
upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion
and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection
4.1(b) shall occur within the later of ninety (90) days of the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Subsection 4.1(c). 

(c)    If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in
Subsection 4.1(b), the Company may, during the 

  
 19 

 
ninety (90) day period following the expiration of the periods provided in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or
Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement
is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this
Subsection 4.1. 
 (d)    The right of first offer in this Subsection 4.1 shall not be applicable to
(i) Exempted Securities (as defined in the Company’s Certificate of Incorporation); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Series C Preferred Stock pursuant to the Purchase Agreement.

 (e)    In the event that the rights of a Major Investor to purchase New Securities under this Subsection 4.1
are waived with respect to a particular offering of New Securities without such Major Investor’s prior written consent (a “Waived Investor”) and any Major Investor that participated in waiving such rights actually purchases New
Securities in such offering, then the Company shall grant, and hereby grants, each Waived Investor the right to purchase, in a subsequent closing of such issuance on substantially the same terms and conditions, the same percentage of its full pro
rata share of such New Securities as the highest percentage of any such purchasing Major Investor’s full pro rata share. 

4.2    Termination. The covenants set forth in Subsection 4.1 shall terminate and be of no further force or
effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed
Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

5.    Additional Covenants. 

5.1    Insurance. The Company will use commercially reasonable efforts to maintain Directors and Officers liability
insurance and term “key-person” insurance on the Company’s Chief Executive Officer, each in an amount and on terms and conditions satisfactory to the Board, until such time as the Board determines that such insurance should be
discontinued. The key person policy shall name the Company as loss payee, and neither the policy shall be cancelable by the Company without the prior approval of the Board, including at least one of the Preferred Directors. Notwithstanding any other
provision of this Subsection 5.1 to the contrary, for so long as a Preferred Director is serving on the Board, the Company shall not cease to maintain a Directors and Officers liability insurance policy in an amount of at least
$2.0 million unless approved by all Preferred Directors then in office. 
 5.2    Employee Agreements. The
Company will cause (i) each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter
into a nondisclosure and proprietary rights assignment agreement; and (ii) each Key Employee to enter into a one (1) year noncompetition and nonsolicitation agreement, 

  
 20 

 
substantially in the form approved by the Board. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced
agreements or any restricted stock agreement between the Company and any employee, without the consent of the Board, including all Preferred Directors then in office. 

5.3    Employee Stock. Unless otherwise approved by the Board, including all Preferred Directors then in office, all
future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as
applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued employment or service, and the
remaining shares vesting in equal monthly installments over the following thirty-six (36) months, and (ii) a market stand-off provision substantially similar to that in Subsection 2.11. In addition, unless otherwise
approved by the Board, including all Preferred Directors then in office, the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares
at cost upon termination of employment of a holder of restricted stock. 
 5.4    Matters Requiring Investor Director
Approval. So long as the holders of Preferred Stock are entitled to elect at least one (1) Preferred Director, the Company hereby covenants and agrees with the Investors that it shall not, nor shall it permit any subsidiary to, without
approval of the Board, which approval must include the affirmative vote of all Preferred Directors then in office: 

(a)    make any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation,
partnership, or other entity unless it is wholly owned by the Company; 
 (b)    make any loan or advance to any Person,
including, without limitation, any employee or director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan approved by the Board,
including the Preferred Directors; 
 (c)    guarantee, directly or indirectly, any indebtedness except for trade
accounts of the Company or any subsidiary arising in the ordinary course of business; 
 (d)    make any material
investment inconsistent with any investment policy approved by the Board; 
 (e)    incur any aggregate indebtedness in
excess of $500,000 that is not already included in a budget approved by the Board, other than trade credit incurred in the ordinary course of business; 

(f)    otherwise enter into or be a party to any transaction with any director, officer, or employee of the Company or any
“associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, except for transactions contemplated by this Agreement and the Purchase Agreement; transactions resulting
in payments to or by the Company in an aggregate amount less than $500,000 per year; or transactions made in the ordinary course of business and pursuant to reasonable requirements of the Company’s business and upon fair and reasonable terms
that are approved by a majority of the Board; 

  
 21 

 (g)    hire, terminate, or change the compensation of the executive
officers, including approving any option grants or stock awards to executive officers; 
 (h)    change the principal
business of the Company, enter new lines of business, or exit the current line of business; 
 (i)    sell, assign,
license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary course of business; 

(j)    increase the shares of Common Stock reserved for issuance under the Company’s 2015 Stock Option Plan or adopt
any other equity incentive plan; or 
 (k)    enter into any corporate strategic relationship involving the payment,
contribution, or assignment by the Company or to the Company of money or assets greater than $500,000. 
 5.5    Board
Matters. Unless otherwise determined by the vote of a majority of the directors then in office, the Board shall meet at least five times per year (including at least once in each fiscal quarter) in accordance with an agreed-upon schedule. The
Company shall reimburse the directors for all reasonable out-of-pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending meetings of the Board. The Company shall ensure that meetings of the
Board are accessible by teleconference or similar facilities for participants therein. The Company shall cause to be established, as soon as practicable after such request, and will maintain, an audit and compensation committee, each of which shall
consist solely of non-management directors. Each non-employee director shall be entitled in such person’s discretion to be a member of any Board committee. So long as the holders of Preferred Stock are entitled to elect at least one
(1) Preferred Director, each committee of the Board shall include at least one (1) Preferred Director. 

5.6    Successor Indemnification. If the Company or any of its successors or assignees consolidates with or merges
into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the
obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s By-laws, its Certificate of Incorporation, or
elsewhere, as the case may be. 
 5.7    Expenses of Counsel. In the event of a transaction which is a Sale of the
Company (as defined in the Voting Agreement (as defined in the Purchase Agreement)) before the Company has consummated its IPO, the reasonable and documented fees and disbursements of one counsel for the Major Investors (“Investor
Counsel”), in their capacities as stockholders, shall be borne and paid by the Company. At the outset of considering a transaction which, if consummated would constitute such a Sale of the Company, the Company shall use commercially
reasonable efforts to obtain the ability to share with the Investor Counsel (and such counsel’s clients) and shall share the confidential information (including, without limitation, the 

  
 22 

 
initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other compensation agreements
and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute such Sale of the Company. The Company shall be obligated to share (and cause the Company’s counsel and
investment bankers to share) such materials when distributed to the Company’s executives and/or any one or more of the other parties to such transaction(s). In the event that the Company’s legal counsel and Investor Counsel deem it
appropriate, in their reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney-client privilege, the
Company shall, and shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to the Company’s legal counsel and Investor Counsel. In the event that one or
more of the other party or parties to such transactions require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share such
information that can reasonably be shared without entry into such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without
undue burden to the clients of Investor Counsel. 
 5.8    Indemnification Matters. The Company hereby
acknowledges that one (1) or more of the directors nominated to serve on the Board of Directors by the Investors (each a “Fund Director”) may have certain rights to indemnification, advancement of expenses and/or insurance
provided by one or more of the Investors and certain of their affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its
obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be
required to advance the full amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the
extent legally permitted and as required by the Company’s Certificate of Incorporation or By-laws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the
Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect
thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the
foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company. 

5.9    Right to Conduct Activities. The Company hereby agrees and acknowledges that ARCH, Flagship, Hillhouse and
each Fidelity Investor (together with their respective Affiliates) each is a professional investment fund (each a “Fund”) and The Board of Regents, on behalf of UTMDACC, is an entity that has many opportunities to invest in
entities, and as such invests in numerous portfolio companies, some of which may be deemed 

  
 23 

 
competitive with the Company’s business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law,
neither any Fund nor The Board of Regents, on behalf of UTMDACC, shall be liable to the Company for any claim arising out of, or based upon, and shall not be restricted in any way from engaging in, directly or indirectly, (i) an
investment by such Fund or The Board of Regents, on behalf of UTMDACC, in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other representative or Affiliate of such Fund or The Board of Regents, on
behalf of UTMDACC to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company;
provided, however, subject to Section 6.15, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to
this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

5.10    Tax Reporting. The Company will comply with any obligation imposed on the Company to make any filing
(including any filing on Internal Revenue Service Form 5471) as a result of any interest that the Company holds in a non-U.S. Person or any activities that the Company conducts outside of the U.S. and shall include in such filing any information
necessary to obviate (to the extent possible) any similar obligation to which any shareholder would otherwise be subject with respect to such interest or such activity. The Company shall promptly provide each Investor with a copy of any such filing.

 5.11    Termination of Covenants. The covenants set forth in this Section 5, except for
Subsections 5.7, 5.9 and 5.10, shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic
reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation, whichever event occurs first. 

6.    Miscellaneous. 

6.1    Successors and Assigns. The rights under this Agreement may be assigned (but only with all related
obligations) by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such
Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 500,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other
recapitalizations) or, if less, all of the Registrable Securities held by such Holder; provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of
such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and
conditions of this Agreement, including the provisions of Subsection 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate
or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate 

  
 24 

 
Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have
a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this
Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their
respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

6.2    Governing Law. This Agreement shall be governed by the internal law of the State of Delaware. 

6.3    Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

6.4    Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to
be considered in construing or interpreting this Agreement. 
 6.5    Notices. All notices and other
communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by
electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written
verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of
the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5. If notice is given to the Company, a copy (which shall not constitute notice) shall
also be sent to Stephen M. Davis, Goodwin Procter LLP, 620 Eighth Avenue, New York, NY 10018, sdavis@goodwinlaw.com; and if notice is given to the Investors, copies (which shall not constitute notice) shall also be given to the Persons listed
on the applicable portion of Schedule A. 
 6.6    Amendments and Waivers. Any term of this Agreement may be
amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of at least sixty percent
(60%) of the Registrable Securities then outstanding; provided that (i) Sections 2.11, 3.1, 3.2 and 3.4 shall not be modified, supplemented, amended or waived, in whole or in part, in a manner that adversely affects
the Fidelity Investors, without the prior written consent of the Fidelity Investors holding a majority 

  
 25 

 
of the Registrable Securities held by all Fidelity Investors and (ii) the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure
to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such
party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to (i) any Investor without the
written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be
deemed to apply to all Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction), (ii) The Board of
Regents, on behalf of UTMDACC, with respect to Subsections 3.5, 5.10 or 6.15, the definition of “Major Investor” in Subsection 1.16, or this clause of this Subsection 6.6 to the extent that any such amendment or
termination adversely affects the rights or obligations of UTMDACC as set forth in the aforementioned provisions or (iii) Hillhouse, with respect to Sections 3.3 or 5.9, the definition of “Affiliate” in Section 1.1, the
definition of “Competitor” in Section 1.3, the definition of “Major Investor” in Section 1.19, or this clause of this Subsection 6.6 to the extent that any such amendment or termination adversely affects
the rights or obligations of Hillhouse as set forth in the aforementioned provisions, without the prior written consent of Hillhouse. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto
that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has
consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

6.7    Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to
be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so
that it will be valid, legal, and enforceable to the maximum extent permitted by law. 
 6.8    Aggregation of
Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as
among themselves in any manner they deem appropriate. 
 6.9    Additional Investors. Notwithstanding anything to
the contrary contained herein, if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an
additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional
Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

  
 26 

 6.10    Entire Agreement. This Agreement (including any Schedules
and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled. 
 6.11    Dispute Resolution. Any unresolved controversy or claim arising out of or
relating to this Agreement, except as (i) otherwise provided in this Agreement, or (ii) any such controversies or claims arising out of the Company’s intellectual property rights for which a provisional remedy or
equitable relief is sought, shall be submitted to arbitration by one arbitrator mutually agreed upon by the parties, and if no agreement can be reached within thirty (30) days after names of potential arbitrators have been proposed by
the American Arbitration Association (the “AAA”), then by one arbitrator having reasonable experience in corporate finance transactions of the type provided for in this Agreement and who is chosen by the AAA. The arbitration shall
take place in Boston, MA or Wilmington, DE, in accordance with the AAA rules then in effect, and judgment upon any award rendered in such arbitration will be binding and may be entered in any court having jurisdiction thereof. There shall be
limited discovery prior to the arbitration hearing as follows: (a) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the issues to be arbitrated, (b) depositions of all party
witnesses, and (c) such other depositions as may be allowed by the arbitrators upon a showing of good cause. Depositions shall be conducted in accordance with the Delaware Code of Civil Procedure, the arbitrator shall be required to provide in
writing to the parties the basis for the award or order of such arbitrator and a court reporter shall record all hearings, with such record constituting the official transcript of such proceedings. Each party will bear its own costs in respect
of any disputes arising under this Agreement. Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court for the District of Delaware or the Court of Chancery of the State of
Delaware. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN
ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN
FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY
KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 6.12    Delays or
Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such
nonbreaching 

  
 27 

 
or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver
of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 6.13    Further Assurances. At any time or from time to time after the date hereof, the parties agree to
cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the
consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder. 

6.14    Acknowledgment. The Company acknowledges that the Investors (including without limitation, The Board of
Regents, on behalf of UTMDACC) are in the business of venture capital investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete
directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such enterprise has products or services
which compete with those of the Company. 
 6.15    The Board of Regents. The Board of Regents is an agency of the
State of Texas and under the constitution and laws of the State of Texas possesses certain rights and privileges, is subject to certain limitations and restrictions, and only has such authority as is granted to it under the constitution and laws of
the State of Texas. Notwithstanding any provision hereof, nothing in this Agreement is intended to be, nor will it be construed to be, a waiver of the sovereign immunity of the State of Texas or a prospective waiver or restriction of any of the
rights, remedies, claims, and privileges of the State of Texas. Moreover, notwithstanding the generality or specificity of any provision hereof, the provisions of this Agreement as they pertain to The Board of Regents are enforceable only to the
extent authorized by the constitution and laws of the State of Texas; accordingly, to the extent any provision hereof conflicts with the constitution or laws of the State of Texas or exceeds the right, power or authority of The Board of Regents to
agree to such provision, then that provision will not be enforceable against The Board of Regents or the State of Texas. 

6.16    Effect on Prior Agreement. Upon the execution and delivery of this Agreement by the Company and the holders
of at least seventy-six percent (76%) of the Registrable Securities (as defined in the Prior Agreement) who are party to the Prior Agreement (measured before giving effect to any purchase of shares of Series C
Preferred Stock by such Investors), the Prior Agreement automatically shall terminate and be of no further force and effect and shall be amended and restated in its entirety as set forth in this Agreement. 

[Remainder of Page Intentionally Left Blank] 

  
 28 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	 COMPANY:
  

CODIAK BIOSCIENCES, INC.

		
	By:	 	/s/ Douglas E. Williams
	Name: Douglas E. Williams
	Title: President and Chief Executive Officer

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ARCH VENTURE FUND VIII, L.P.
  

By: ARCH Venture Partners VIII, L.P., its General Partner
  

By: ARCH Venture Partners VIII, LLC, its General Partner

		
	By:	 	/s/ Mark McDonnell
		 	Name:	 	Mark McDonnell
		 	Title:	 	Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ARCH VENTURE FUND VIII OVERAGE, L.P.
  

By: ARCH Venture Partners VIII, LLC
 Its: General
Partner

		
	By:	 	/s/ Mark McDonnell
		 	Name:	 	Mark McDonnell
		 	Title:	 	Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FLAGSHIP VENTURES FUND V, L.P.
  

By: Flagship Ventures Fund V General Partner LLC, its General Partner

		
	By:	 	/s/ Noubar B. Afeyan
		 	Name:	 	Noubar B. Afeyan, Ph.D.
		 	Title:	 	Manager

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FLAGSHIP V VENTURELABS RX FUND, L.P.
  

By: Flagship Ventures Fund V General Partner LLC, its General Partner

		
	By:	 	/s/ Noubar B. Afeyan
		 	Name:	 	Noubar B. Afeyan, Ph.D.
		 	Title:	 	Manager

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY SELECT PORTFOLIOS: BIOTECHNOLOGY PORTFOLIO

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY ADVISOR SERIES VII: FIDELITY ADVISOR BIOTECHNOLOGY FUND

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY GROWTH COMPANY COMMINGLED POOL
  

By: Fidelity Management & Trust Co.

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY MT. VERNON STREET TRUST: FIDELITY GROWTH COMPANY FUND

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FIDELITY MT. VERNON STREET TRUST: FIDELITY SERIES GROWTH COMPANY FUND

		
	By:	 	/s/ Colm Hogan
		 	Name:	 	Colm Hogan
		 	Title:	 	Authorized Signatory

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

YUKON INVESTORS, LLC
  

By: Pavilion Alternatives Group, LLC, its manager

		
	By:	 	/s/ Donn Cox
		 	Name:	 	Donn Cox
		 	Title:	 	President and Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ALEXANDRIA VENTURE INVESTMENTS, LLC, a Delaware limited liability company
  

By: ALEXANDRIA REAL ESTATE EQUITIES, INC., a Maryland corporation, managing member

		
	By:	 	/s/ Aaron Jacobson
		 	Name:	 	Aaron Jacobson
		 	Title:	 	VP – Corporate Counsel

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

Q-VENTURES PROGRAM II (CO-INVEST HOLDINGS) LTD.

		
	By:	 	/s/ Christopher L. Quinn
		 	Name:	 	Christopher L. Quinn
		 	Title:	 	CFO

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

HH RSV-CAK Holdings Limited

		
	By:	 	/s/ Colm John O’Connell
		 	Name:	 	Colm John O’Connell
		 	Title:	 	Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

FAR WISE LIMITED

		
	By:	 	/s/ Yuan Sun
		 	Name:	 	Yuan Sun
		 	Title:	 	Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

BOXER CAPITAL, LLC

		
	By:	 	/s/ Aaron Davis
		 	Name:	 	Aaron Davis
		 	Title:	 	CEO

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ECOR1 CAPITAL FUND, L.P.
  

By: EcoR1 Capital, LLC, its General Partner

		
	By:	 	/s/ Oleg Nodelman
		 	Name:	 	Oleg Nodelman
		 	Title:	 	Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

ECOR1 CAPITAL FUND QUALIFIED, L.P.
  

By: EcoR1 Capital, LLC, its General Partner

		
	By:	 	/s/ Oleg Nodelman
		 	Name:	 	Oleg Nodelman
		 	Title:	 	Managing Director

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

					
	 INVESTOR(S):
  

CASDIN MASTER FUND, L.P.
  

By: Casdin Partners GP, LLC its General Partner

		
	By:	 	/s/ Eli Casdin
		 	Name:	 	Eli Casdin
		 	Title:	 	Managing Member

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR(S):
		
	Signature:	 	/s/ Douglas E. Williams
	Name: Douglas E. Williams

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR(S):
		
	Signature:	 	/s/ Alexander Casdin
	Name: Alexander Casdin

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR(S):
		
	Signature:	 	/s/ Nathan Jorgensen
	Name: Nathan Jorgensen

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first written above. 
  

			
	INVESTOR(S):
		
	Signature:	 	/s/ Mohamed Adel Ghanem
	Name: Mohamed Adel Ghanem

  

SIGNATURE PAGE TO AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 

 SCHEDULE A 

Investors 
 Flagship
Ventures Fund V, L.P. 
 c/o Flagship Ventures 

One Memorial Drive, 7th Floor 

Cambridge, MA 02142 
 Attn: Noubar
Afeyan 
 Email: nafeyan@flagshipventures.com 

With a copy to ccarelli@flagshipventures.com 

(617) 868-1888 

Flagship V VentureLabs Rx Fund, L.P. 

c/o Flagship Ventures 
 One
Memorial Drive, 7th Floor 
 Cambridge, MA 02142 

Attn: Noubar Afeyan 
 Email:
nafeyan@flagshipventures.com 
 With a copy to ccarelli@flagshipventures.com 

(617) 868-1888 

Flagship VentureLabs V LLC 
 c/o
Flagship Ventures 
 One Memorial Drive, 7th Floor 

Cambridge, MA 02142 
 Attn: Noubar
Afeyan 
 Phone: (617) 868-1888 

Email: nafeyan@flagshipventures.com 

With a copy to ccarelli@flagshipventures.com 

(617) 868-1888 

ARCH Venture Fund VIII Overage, L.P. 

ARCH Venture Partners VIII, L.P. 

8755 W. Higgins Road, Suite 1025 

Chicago, IL 60631 
 Attn: Mark
McDonnell 
 Phone: (773) 380-6600 

Fax: (773) 380-6606 

Email: mmcdonnell@archventure.com 

Fidelity Select Portfolios: Biotechnology Portfolio 

c/o Brown Brothers Harriman & Co. 

140 Broadway 
 New York, NY 10005

 Attn: Corporate Actions/Vault 

Email: bbh.ca.fidelity.notifications@bbh.com 

 Fidelity Advisor Series VII: Fidelity Advisor Biotechnology Fund 

c/o State Street Bank & Trust 

PO Box 5756 
 Boston,
Massachusetts 02206 
 Attn: Bangle & Co fbo Fidelity Advisor Series VII: 

Fidelity Advisor Biotechnology Fund 

Email: SSBCORPACTIONS@StateStreet.com 

Fax number: 617-988-9110 

Fidelity Growth Company Commingled Pool 

c/o Brown Brothers Harriman & Co. 

140 Broadway 
 New York, NY 10005

 Attn: Corporate Actions/Vault 

Email: bbh.ca.fidelity.notifications@bbh.com 

Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund 

c/o BNY Mellon 
 Attn: Stacey
Wolfe 
 525 William Penn Place Rm 0400 

Pittsburgh, PA 15259 
 Email:
FidelityCorporateEvents@bnymellon.com 
 Fax number:
412-236-1012 
 Fidelity Mt. Vernon Street Trust: Fidelity
Series Growth Company Fund 
 State Street Bank & Trust 

PO Box 5756 
 Boston,
Massachusetts 02206 
 Attn: WAVELENGTH + CO Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund 

Email: SSBCORPACTIONS@StateStreet.com 

Fax number: 617-988-9110 

Ge Li 
 185 Regency Park 

1883 Nong Hua Mu Road 
 Pudong,
Shanghai 201204, China 
 Email: geli@wuxiapptec.com 

Phone: +86-18602188992 

Fax: +86-21-5046-3718 

 Alexandria Equities, LLC 

385 E. Colorado Boulevard, Suite 299 

Pasadena, California 91101 
 O
626.578.0777 
 F 626.578.0770 

investments@are.com 
 The Board
of Regents of the University of Texas System 
 F/B/O The M.D. Anderson Cancer Center 

Office of Technology Commercialization 

Unit 1669 
 PO Box 301407 

Houston, Texas 77230-1407 

Attention: Ferran Prat, J.D., Ph.D. 

Yukon Investors, LLC 
 c/o
Pavilion Alternatives Group, LLC 
 Attn: Donn Cox, President and Managing Director 

4370 Town Center Blvd, Suite 300 

El Dorado Hills, CA 95762 
 Phone:
916-231-3900 

Q-Ventures Program II (Co-Invest Holdings) Ltd. 

c/o Grove Street Advisors, LLC 

One Newton Executive Park 
 2221
Washington Street, Building 1, Suite 201 
 Newton, MA 02462 

Phone: (781) 263-6182 

Email: clq@grovestreet.com 
 HH RSV-CAK Holdings Limited 
 Suite 1608, One Exchange Square 

8 Connaught Place 
 Central, Hong
Kong 
 Attention: Michael Yi and Ting Jia 

Fax: +852 2179 1978 
 Email:
myi@hillhousecap.com; 
 tjia@hillhousecap.com; legal@hillhousecap.com

Far Wise Limited 
 Rm 2865, 28F,
AIA Central 
 1 Connaught Road Central 

Hong Kong 
 Attention: Eliza Sun

 Email: eliza.sun@sironacap.com 

 Boxer Capital, LLC 

11682 El Camino Real, Suite 320 

San Diego, CA 92130 
 Attention:
Christopher Fuglesang, Managing Director 
 Phone: (858) 400-3112 

Email: cfuglesang@tavistock.com 

EcoR1 Capital Fund, L.P. 
 409
Illinois Street 
 San Francisco, CA 94158 

Attn: Oleg Nodelman 

Phone: (415) 754-3517 

Email: oleg@ecor1cap.com 
 EcoR1
Capital Fund Qualified, L.P. 
 409 Illinois Street 

San Francisco, CA 94158 
 Attn:
Oleg Nodelman 
 Phone: (415) 754-3517 

Email: oleg@ecor1cap.com 
 Casdin
Master Fund, L.P. 
 c/o Casdin Capital, LLC 

1350 Avenue of the Americas, 24th Floor 

New York, NY 10019 
 Phone: (212) 897-5430 
 Email: accounting@casdincapital.com 

Douglas E. Williams 
 c/o Codiak
BioSciences, Inc. 
 500 Technology Square, 9th Floor 

Cambridge, MA 02139 
 Phone: (617)
866-3883 
 Email: doug.williams@codiakbio.com 

Alexander Casdin 
 131 East 66th
Street, 10-D 
 New York New York 10065 

Phone: (212) 300-5536 

Email: alex@reneocap.com 

Nathan Jorgensen 
 7459 County
Road 21 SW 
 Alexandria, MN 56308 

Email: Njorgensen@qia.qa 

 Mohamed Adel Ghanem 

P.O. Box 23224 
 Doha, Qatar 

Phone: +974 44591848 
 Email:
mghanem@qia.qaEX-10.10

 Exhibit 10.10 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN
FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
 PATENT
AND TECHNOLOGY LICENSE AGREEMENT 
 This Patent and Technology License Agreement (“AGREEMENT”) is made on this 10th day of November, 2015, by and between THE BOARD OF REGENTS (“BOARD”) of THE UNIVERSITY OF TEXAS SYSTEM (“SYSTEM”), an agency of the State of Texas, whose address is 201 West 7th
Street, Austin, Texas 78701, on behalf of THE UNIVERSITY OF TEXAS M.D. ANDERSON CANCER CENTER (“UTMDACC”), a member institution of SYSTEM, and Codiak Biosciences, Inc., a Delaware corporation having a principal place of business located at
999 Third Avenue, Suite 3400, Seattle, WA 98104, and formerly known as Kodiak Biotechnologies, Inc. (“LICENSEE”). NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties agree as follows: 

RECITALS 
  

	 	A.	 BOARD owns or co-owns certain PATENT RIGHTS and TECHNOLOGY RIGHTS related to LICENSED SUBJECT MATTER developed
at UTMDACC. 

  

	 	B.	 BOARD, on behalf of UTMDACC, is a party to that certain Inter-Institutional Sharing Agreement with Beth Israel
Deaconess Medical Center (“BIDMC”), effective September 21, 2015 (the “IIA”), pursuant to which UTMDACC has the sole responsibility for negotiating and executing license agreements on behalf of BOARD and BIDMC with respect
to their respective rights in the technology described in UTMDACC invention disclosure report [***] listed in Exhibit I. 

  

	 	C.	 UTMDACC is a grantee of funds from The Cancer Prevention & Research Institute of Texas for a portion
of the research for certain of the LICENSED SUBJECT MATTER. As set forth in more detail in Article I below, this AGREEMENT is subject to the terms of UTMDACC’s grant contract with The Cancer Prevention & Research Institute of Texas
(“CPRIT”). 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 

	 	D.	 BOARD, through UTMDACC, desires to have the LICENSED SUBJECT MATTER developed in the LICENSED FIELD and used
for the benefit of LICENSEE, BOARD, SYSTEM, UTMDACC, the inventor(s), and the public as outlined in BOARD’s Intellectual Property Policy. 

  

	 	E.	 LICENSEE wishes to obtain a license from BOARD to practice LICENSED SUBJECT MATTER. 

I. CPRIT 
  

	1.1	 Notwithstanding anything to the contrary in this AGREEMENT, LICENSEE acknowledges and agrees that:

  

	 	(a)	 CPRIT is funding or has funded research and development of a portion of LICENSED SUBJECT MATTER.

  

	 	(b)	 This AGREEMENT is subject to CPRIT’s licenses, interests and other rights under the CPRIT contract set
forth in Exhibit II (together with all attachments, addenda, exhibits, and amendments or modifications thereto, the “CPRIT Contract”), including without limitation all rights reserved by UTMDACC pursuant to Section D2.01 thereof, and any
applicable law or regulation. Without limiting the foregoing, the CPRIT Contract grants rights to CPRIT regarding participation in patent prosecution and commercialization and the right to receive title to project results under certain
circumstances. 

  

	 	(c)	 UTMDACC reserves all rights that UTMDACC may require for compliance with the CPRIT grant, including without
limitation the right to grant other licenses as set forth in Part 2 of Attachment D of the CPRIT Contract (e.g., the grants to CPRIT and non-profit organizations for education, research, and non-commercial purposes as set forth in D2.02 and D2.03 of
Attachment D). 

  
 2 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(d)	 To the extent that there is a conflict between the terms of this AGREEMENT and the terms of the CPRIT Contract
or any applicable law or regulation, the terms of the CPRIT Contract or the law or regulation shall prevail. 

  

	 	(e)	 LICENSEE shall report to UTMDACC such information as is required for UTMDACC to fully comply with the terms of
the CPRIT Contract, including without limitation the reporting obligations set forth in Attachment E thereof, and to allow UTMDACC to make the grants specified in Sections D2.02 and D2.03 of the CPRIT Contract. 

 

	 	(f)	 LICENSEE shall comply with all applicable obligations, requirements, terms and conditions set forth in the
CPRIT Contract and shall cooperate with UTMDACC regarding any matters related to compliance with the CPRIT Contract. 

  

	 	(g)	 LICENSEE shall not disclose the CPRIT Contract without the written permission of UTMDACC.

  

	 	(h)	 LICENSEE shall not issue any press releases relating to work funded by CPRIT without UTMDACC’s or
CPRIT’s advance written consent. 

 II. EFFECTIVE DATE 

 

	2.1	 This AGREEMENT is effective as of the date written above (“EFFECTIVE DATE”) which is the date fully
executed by all parties. 

 III. DEFINITIONS 

As used in this AGREEMENT, the following terms have the meanings indicated: 

 

	3.1	 510K means (a) the Pre-Market Notification submission to the United States Food and Drug
Administration (“FDA”) in accordance with 21 CFR Part 807, Subpart E, or any future revisions or substitutes thereof, in order to obtain clearance to market a medical device in the United States; or (b) an equivalent foreign filing in
any jurisdiction other than the United States. For clarification and for purposes of this AGREEMENT, 51 OK includes, without limitation, the submission of any application for, or the making of a declaration for, or the use of, a CE Mark for
commercialization of a Class I device in the European Union. 

  
 3 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	3.2	 AFFILIATE means, with respect to any PERSON, any PERSON that CONTROLS, is CONTROLLED by, or is under
common CONTROL with such first PERSON. Notwithstanding the foregoing, any stockholder of LICENSEE (which stockholder is a venture capital fund, venture capital operating company, private equity fund, other investment fund or individual), and any
portfolio company of any such stockholder (or of any other entity that shares the same management company or investment advisor with the stockholder), shall not be deemed to CONTROL or to be under common CONTROL with LICENSEE and is not an AFFILIATE
of LICENSEE for any purposes under this Agreement. 

  

	3.3	 CONTROL, including the correlative terms “CONTROLS,” “CONTROLLED by,” and
“under common CONTROL with,” means (a) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies (whether through ownership of securities or any partnership or other ownership
interest, by contract or otherwise) of a PERSON or (b) the ownership, directly or indirectly, fifty percent (50%) or more of the outstanding securities or other ownership interest of such PERSON. 

  
 4 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	3.4	 CORPORATE TRANSACTION means 

 

	 	(a)	 a transaction whereby any person, corporation, partnership, syndicate, trust, estate or other group acting with
a view to the acquisition, holding or disposition of securities of LICENSEE, (i) becomes, directly or indirectly, the beneficial owner (“Beneficial Owner”), as defined in Rule 13d-3 under the Securities Exchange Act of 1934, of
securities of LICENSEE representing fifty percent (50%) or more of the voting power of all securities, of LICENSEE having the right under ordinary circumstances to vote at an election of the Board of Directors (“Voting Securities”),
other than by reason of the acquisition of securities of LICENSEE by LICENSEE or any of the subsidiaries of LICENSEE (its “Subsidiaries”) or any employee benefit plan of LICENSEE or any of its Subsidiaries, or (ii) possesses, directly
or indirectly, the power to direct or cause the direction of the management or policies of LICENSEE, whether through the ownership of Voting Securities, by contract, or otherwise; 

 

	 	(b)	 the consummation of a reorganization, merger, consolidation, or similar transaction involving LICENSEE, unless

  

	 	(i)	 the stockholders of LICENSEE, immediately prior to the reorganization, merger, consolidation, or similar
transaction involving LICENSEE, beneficially own, immediately after the reorganization, merger, consolidation, or similar transaction, shares entitling such stockholders to fifty percent (50.0%) or more of the voting power of all securities of
the corporation or entity surviving such reorganization, merger, consolidation, or similar transaction, or having the right under ordinary circumstances to vote at an election of the Board of Directors in substantially the same proportions as their
ownership, immediately prior to such reorganization, merger, consolidation, or similar transaction, of Voting Securities of LICENSEE; or 

  
 5 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(ii)	 no person, corporation, partnership, syndicate, trust, estate or other group beneficially owns, directly or
indirectly, fifty percent (50%) or more of the voting power of the outstanding voting securities of the corporation resulting from such reorganization, merger, or consolidation, or similar transaction involving LICENSEE, except to the extent
that such ownership existed prior to such reorganization, merger, or consolidation or similar transaction; 

  

	 	(c)	 the consummation of a sale or other disposition of all or substantially all of the assets of LICENSEE to a
bona-fide unrelated third party; or 

  

	 	(d)	 the date of approval of the stockholders of LICENSEE of a plan to complete the liquidation of LICENSEE, with
the necessary approval required under the General Corporation Law of the State of Delaware. 

  

	3.5	 DIAGNOSTICS BUSINESS means that portion of LICENSEE’s business and assets used for the development,
testing, and commercialization of DIAGNOSTIC PRODUCTS. 

  

	3.6	 DIAGNOSTIC PRODUCT means any product or service for the diagnosis of a disease, condition, or
state, or ascertaining the presence or absence of any exosome, DNA, protein, or a fragment or sequence of any of the foregoing, in the LICENSED FIELD and comprising or using LICENSED SUBJECT MATTER. 

 

	3.7	 DIAGNOSTIC PRODUCT ROYALTY TERM means, with respect to a particular DIAGNOSTIC PRODUCT, the period that
commences with the first SALE of such DIAGNOSTIC PRODUCT and continues on a country-by-country and DIAGNOSTIC PRODUCT-by- DIAGNOSTIC PRODUCT basis until the last to occur of the following:

  
 6 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
(a) the date is the [***] anniversary of such first SALE of that particular DIAGNOSTIC PRODUCT in such particular country of SALE; or (b) the date of the expiration, cancellation,
withdrawal, and/or abandonment of all VALID CLAIMS that would be infringed by the use, composition, sale, manufacture, or importation of such DIAGNOSTIC PRODUCT in such country or jurisdiction of SALE. For clarity, (i) if a DIAGNOSTIC PRODUCT
is not covered by a VALID CLAIM at the time of the first SALE of such DIAGNOSTIC PRODUCT, but a VALID CLAIM is subsequently filed or issues which covers such DIAGNOSTIC PRODUCT, then the DIAGNOSTIC PRODUCT ROYALTY TERM shall extend until the last to
occur of (a) or (b) above; and (ii) if all VALID CLAIMS covering a DIAGNOSTIC PRODUCT have expired or been abandoned, but a VALID CLAIM covering the DIAGNOSTIC PRODUCT is revived following abandonment, then the DIAGNOSTIC PRODUCT
ROYALTY TERM shall not expire earlier than the expiration of all such revived VALID CLAIMS. 

  

	3.8	 FUTURE UTMDACC EXOSOME TECHNOLOGY means any invention that: 

 

	 	(a)	 either (1) involves the use of exosomes (nano-vesicles secreted or released by cells) for diagnostic or
therapeutic purposes, or (2) is an “Invention” made in the performance of the SPONSORED RESEARCH AGREEMENT, as “Invention” is more specifically defined in the SPONSORED RESEARCH AGREEMENT; 

 

	 	(b)	 is conceived and reduced to practice: (1) solely by [***] or solely by [***] and those working under his
direction and control, and while all such individuals were employed, at UTMDACC and while all were working solely at [***] laboratories at UTMDACC; or (2) jointly by LICENSEE employees and the foregoing individuals (during such foregoing
individuals’ employment at UTMDACC and while such foregoing individuals were working solely at [***] laboratories at UTMDACC); 

  
 7 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(c)	 is conceived and reduced to practice prior to [***]; 

 

	 	(d)	 is solely owned by BOARD, or solely owned jointly by BOARD and LICENSEE; 

 

	 	(e)	 is not, under any agreement, applicable law, statute or regulation: (1) obligated, in whole or in part, to
a third party; or (2) subject to restrictions, limitations, terms or conditions such that BOARD’s rights in the invention cannot be disclosed or exclusively licensed to LICENSEE worldwide (in the field of “any and all human and animal
therapeutic, prophylactic and diagnostic uses”) without the consent of the third party; and 

  

	 	(f)	 is disclosed in writing to UTMDACC’s Office of Technology Commercialization. 

 

	3.9	 LICENSED FIELD means any and all human and animal therapeutic, prophylactic, and diagnostic uses.

  

	3.10	 LICENSED PRODUCT(S) means DIAGNOSTIC PRODUCT(S) and/or THERAPEUTIC PRODUCTS. 

 

	3.11	 LICENSED SUBJECT MATTER means inventions and discoveries covered by PATENT RIGHTS or TECHNOLOGY RIGHTS
within LICENSED FIELD. 

  

	3.12	 LICENSED TERRITORY means worldwide. 

 

	3.13	 NET SALES means, with respect to a LICENSED PRODUCT(S), the aggregate gross invoiced sales prices from
SALES of all units of such LICENSED PRODUCT(S) sold by LICENSEE, its AFFILIATES and sublicensees (each, for purposes of this definition, a “Seller”) after deducting, if not previously deducted, from the amount invoiced or received:

  
 8 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 [***] 

The definition and method of calculation of NET SALES shall also include the following: 

[***] 
 For purposes of this
definition, “Combination Product” means a product that includes a device for delivery or at least one active ingredient other than a LICENSED PRODUCT(S). 
  

	3.14	 PATENT RIGHTS means BOARD’s and BIDMC’s rights in (i) the information or discoveries
described in invention disclosures, or claimed in any patents and/or patent applications, whether domestic or foreign, as identified in Exhibit I attached hereto, (ii) patent applications listed in Exhibit I, (iii) all divisionals,
requests for continuation, continuations, continuations-in-part (to the extent the claims of such continuations-in-part are entitled to claim priority to the patent applications identified in Exhibit I), divisionals and renewals of the patent
applications identified in Exhibit I, (iv) all patents issuing from any of the patent applications identified in Exhibit I, including any extensions, restorations by any existing or future extension or registration mechanism (including patent
term adjustments, patent term extensions, supplemental protection certificates or the equivalent thereof), substitutions, confirmations, re-registrations, re-examinations, reissues, patents and patent claims maintained after post grant examination
(including inter partes review, post grant review or opposition proceeding) and patents of addition (to the extent such patents of addition claim subject matter disclosed in the IDRs, patents, and patent applications listed in Exhibit I); and
(v) all equivalents of the foregoing in any country of the LICENSED TERRITORY. 

  
 9 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	3.15	 PERSON means an individual, a corporation, a partnership, a limited liability company, a trust, an
unincorporated association, a governmental entity or any other entity or body. 

  

	3.16	 PHASE I CLINICAL TRIAL means: (a) that portion of the U.S. Food & Drug Administration
(“FDA”) submission and approval process which provides for the first introduction into humans of a product with the purpose of determining human toxicity, metabolism, absorption, elimination and other pharmacological action, as more fully
defined by the rules and regulations of the FDA, including 21 C.F.R. § 312.21(a) or any future revisions or substitutes therefor; or (b) a similar clinical trial in any national jurisdiction other than the United States.

  

	3.17	 PHASE II CLINICAL TRIAL means: (a) that portion of the FDA submission and approval process which
provides for early controlled clinical studies conducted to obtain preliminary data on the effectiveness of a product for a particular indication, as more specifically defined by the rules and regulations of the FDA, including 21 C.F.R. §
312.21(b) or any future revisions or substitutes therefor; or (b) a similar clinical trial in any national jurisdiction other than the United States. 

  

	3.18	 PHASE III CLINICAL TRIAL means: (a) that portion of the FDA submission and approval process in
which expanded clinical trials are conducted to gather the additional information about effectiveness and safety that is needed to evaluate the overall benefit-risk relationship of a product, as more specifically defined by the rules and regulations
of the FDA, including 21 C.F.R. § 312.21(c) or any future revisions or substitutes therefor; or (b) a similar clinical trial in any national jurisdiction other than the United States. 

  
 10 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	3.19	 PMA means (a) the premarket approval application submitted to the FDA in accordance with 21 CFR
Part 814, or any future revisions or substitutes thereof, in order to obtain approval to market a medical device in the United States; or (b) an equivalent foreign filing in any jurisdiction other than the United States. For clarification and
for purposes of this AGREEMENT, PMA includes, without limitation, the submission of any application for, or the making of a declaration for, or the use of, a CE Mark for commercialization of a Class IIa, IIb, or III device in the European Union.

  

	3.20	 PREFERRED STOCK means the equity securities of LICENSEE that have been designated in its Certificate of
Incorporation, as amended, modified or restated from time to time, as Preferred Stock of LICENSEE. 

  

	3.21	 PURCHASE AGREEMENT means that certain Series A and Series B Preferred Stock Purchase Agreement of even
date herewith by and between LICENSEE and the purchasers under the PURCHASE AGREEMENT. 

  

	3.22	 REGULATORY APPROVAL means (a) the approval required by the FDA to begin selling a LICENSED PRODUCT
in the U.S.; or (b) the approval by an equivalent regulatory agency in any national jurisdiction other than the United States to begin selling a LICENSED PRODUCT in such jurisdiction, including without limitation the approval or use of a CE
Mark for commercialization in the European Union; or (c) if no such approval is required in a particular jurisdiction, the first SALE in such jurisdiction. 

 

	3.23	 SALE or SOLD means the transfer or disposition of a LICENSED PRODUCT for value to a party other than
LICENSEE, an AFFILIATE, or a sublicensee (provided that such transfer is for re-sale or distribution and not for end use) or a ROYALTY-FREE PRACTITIONER. A transfer or disposition of a LICENSED PRODUCT for value between or among LICENSEE and/or its
AFFILIATES and/or any sublicensees shall be a SALE if LICENSEE, AFFILIATE, or sublicensee acquires such LICENSED PRODUCT 

  
 11 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
for end use. As used herein, “ROYALTY-FREE PRACTITIONER” means UTMDACC and the following individuals: [***] and any other UTMDACC physician who is an inventor of subject matter licensed
hereunder (“PHYSICIAN INVENTORS”), and any partner or associate who practices medicine with one or more of the PHYSICIAN INVENTORS, but with respect to such partner or associate, only for such time as he/she is engaged in a bona fide
medical practice with one or more of the PHYSICIAN INVENTORS. 

  

	3.24	 SERIES A FINANCING ROUND means the equity round of financing in which the LICENSEE, as the issuer,
issues the first series of Preferred Stock of LICENSEE. 

  

	3.25	 SPONSORED RESEARCH AGREEMENT or SRA means that certain sponsored research agreement between
UTMDACC and LICENSEE executed on or about the date of this AGREEMENT for research related to exosomes. 

  

	3.26	 SUBLICENSING CONSIDERATION means cash consideration received by LICENSEE from any sublicensee pursuant
to Sections 4.3 and 4.4 hereinbelow, including but not limited to, up-front payments, marketing, distribution, franchise, option, license, or documentation fees, and bonus and milestone payments; provided, however, that SUBLICENSING CONSIDERATION
shall not include: (a) royalties received by LICENSEE for a SALE (but such exclusion applying only to the extent that UTMDACC has received its running royalty for such SALE pursuant to Section 5.1(d) hereof); (b) funds consistent with
then-prevailing, commercially reasonable labor and material rates paid by a sublicensee for research and/or development to be performed by LICENSEE in connection with LICENSED SUBJECT MATTER if (I) the respective sublicense agreement expressly
states that such funds are for research to be performed by 

  
 12 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
LICENSEE after the actual date of signatory execution of the sublicense agreement, and (II) LICENSEE does in fact perform such research and/or development after execution of, and in accordance
with, the sublicense agreement; or (c) funds received by LICENSEE from a third party for an equity investment in LICENSEE that is reported by both LICENSEE and such third party on their books and records as an equity investment. For the
avoidance of doubt: (a) LICENSEE shall not deduct from SUBLICENSING CONSIDERATION (X) any amounts received from a sublicensee as reimbursement or recoupment of research expenses incurred by LICENSEE before the actual date of signatory
execution of the sublicense agreement, (Y) any amounts described as overhead or indirect costs for research described in subparts (I) and (II) above that are in excess of [***] of the direct costs (meaning, the costs of (i) salaries
and benefits of employees engaged in performing such research, (ii) supplies and materials used in the performance of such research, (iii) out-of-pocket expenses incurred in the performance of such research, including the cost to engage
consultants and services providers) of performing such research, or (Z) any payments by a sublicensee for LICENSEE’s achievement of research milestones or similar milestone events. Notwithstanding the foregoing, in the event that LICENSEE
makes a Milestone Payment for a particular Milestone Event set forth in Section 5.1(e) hereof, and LICENSEE receives from a sublicensee a payment in connection with the achievement of the same event as triggered such payment under
Section 5.1(e) hereof, then SUBLICENSING CONSIDERATION shall exclude payments received by LICENSEE from such sublicensee for achievement of such event, provided in any event that UTMDACC shall receive the Milestone Payment set forth in
Section 5.1(e) for such Milestone Event. For the avoidance of doubt, nothing in this Section shall be construed as relieving LICENSEE of its obligation to pay the running royalty set forth in Section 5.1(d). 

  
 13 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	3.27	 TECHNOLOGY RIGHTS means (a) BOARD’s respective rights in any technical information, know-how,
processes, procedures, compositions, devices, methods, formulae, protocols, techniques, software, designs, drawings or data created by the inventor(s) listed in Exhibit I at UTMDACC before the EFFECTIVE DATE, which are not claimed in PATENT RIGHTS
but that are necessary for practicing PATENT RIGHTS, and (b) with respect to UTMDACC invention disclosure report [***] only, BIDMC’s respective rights in any unpatented technical information, know-how, processes, procedures, compositions,
devices, methods, formulae, protocols, techniques, software, designs, drawings or data created by the inventors listed in Exhibit I for [***] while at BIDMC which are not claimed in patents or patent applications under PATENT RIGHTS but that are
deemed necessary by the inventors listed in Exhibit I for [***] for practicing subject matter claimed therein, provided that BIDMC has no conflicting obligations to third parties that will prohibit licensing thereof. 

 

	3.28	 THERAPEUTIC BUSINESS means that portion of LICENSEE’s business and assets used for the development,
testing, and commercialization of THERAPEUTIC PRODUCTS. 

  

	3.29	 THERAPEUTIC PRODUCT means any product or service for the treatment or prevention of a disease,
condition, or state in the LICENSED FIELD and comprising or using LICENSED SUBJECT MATTER. 

  
 14 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	3.30	 THERAPEUTIC PRODUCT ROYALTY TERM means, with respect to a particular THERAPEUTIC PRODUCT, the period
that commences with the first SALE of such THERAPEUTIC PRODUCT and continues on a country-by-country and THERAPEUTIC PRODUCT-by- THERAPEUTIC PRODUCT basis until the last to occur of the following: (a) the date is the [***] anniversary of such
first SALE of that particular THERAPEUTIC PRODUCT in such particular country of SALE; or (b) the date of the expiration, cancellation, withdrawal, and/or abandonment of all VALID CLAIMS that would be infringed by the use, composition, sale,
manufacture, or importation of such THERAPEUTIC PRODUCT in such country or jurisdiction of SALE. For clarity, (i) if a THERAPEUTIC PRODUCT is not covered by a VALID CLAIM at the time of the first SALE of such THERAPEUTIC PRODUCT, but a VALID
CLAIM is subsequently filed or issues which covers such THERAPEUTIC PRODUCT, then the THERAPEUTIC PRODUCT ROYALTY PERIOD shall extend until the last to occur of (a) or (b) above; and (ii) if all VALID CLAIMS covering a THERAPEUTIC
PRODUCT have expired or been abandoned, but a VALID CLAIM covering the THERAPEUTIC PRODUCT is revived following abandonment, then the THERAPEUTIC PRODUCT ROYALTY PERIOD shall not expire earlier than the expiration of all such revived VALID CLAIMS.

  

	3.31	 VALID CLAIM means (a) a claim of an issued and unexpired patent under PATENT RIGHTS that has not
been revoked or held to be invalid by a decision of a court or governmental agency of competent jurisdiction from which no appeal can be taken, or with respect to which an appeal is not taken within the time allowed for appeal; or (b) a claim
of a pending patent application under PATENT RIGHTS that has not been cancelled, withdrawn, or abandoned and has not been pending for more than [***] years from the earliest date from which it is entitled to claim priority. For purposes of
clarification, if a claim in an application has been pending for more than [***] years from its priority date, and a patent subsequently issues containing such claim, then upon issuance of the patent, the claim shall thereafter be considered a VALID
CLAIM. 

  
 15 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 IV. LICENSE 
  

	4.1	 BOARD, through UTMDACC, hereby grants to LICENSEE: 

 

	 	(a)	 a royalty-bearing, exclusive license under PATENT RIGHTS to manufacture, have manufactured, use, import, offer
to sell, sell and/or have sold LICENSED PRODUCTS within LICENSED TERRITORY for use within LICENSED FIELD; 

  

	 	(b)	 a royalty-bearing, exclusive license under BOARD’s rights in TECHNOLOGY RIGHTS (set forth in
Section 3.26(a)) to manufacture, have manufactured, use, import, offer to sell, sell and/or have sold LICENSED PRODUCTS within LICENSED TERRITORY for use within LICENSED FIELD; and 

 

	 	(c)	 a royalty-bearing, non-exclusive license under BIDMC’s rights in TECHNOLOGY RIGHTS (set forth in
Section 3.26(b) to manufacture, have manufactured, use, import, offer to sell, sell and/or have sold LICENSED PRODUCTS within LICENSED TERRITORY for use within LICENSED FIELD. 

The grants in this Section 4.1 are subject to Article I and Sections 15.2 and 15.3 hereinbelow, the payment by LICENSEE to UTMDACC of all
consideration as provided herein, and are further subject to the following rights retained by BOARD and UTMDACC and BIDMC to: 

  
 16 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(a)	 Publish the general scientific findings from research related to LICENSED SUBJECT MATTER, subject to the terms
of Article XII-Confidential Information and Publication; and 

  

	 	(b)	 Use LICENSED SUBJECT MATTER for (i) patient care at UTMDACC and/or BIDMC facilities; provided that with
respect to patient care at UTMDACC facilities, such use shall be (x) prior to the submission of the first application for REGULATORY APPROVAL of the first LICENSED PRODUCT, and (y) after the submission of the first application for
REGULATORY APPROVAL of the first LICENSED PRODUCT only with the consent of LICENSEE, which consent shall not be unreasonably withheld, delayed or conditioned, (ii) research, and (iii) teaching and other academically-related purposes; and

  

	 	(c)	 Transfer LICENSED SUBJECT MATTER to academic or research institutions for solely non-commercial research use.

 Anything herein to the contrary notwithstanding, the rights in subparts (b) and (c) retained hereunder do not
include (i) any right or license (whether express or implied) under or to inventions or materials that are not developed or invented by UTMDACC or BIDMC personnel, or (ii) any right to manufacture LICENSED PRODUCTS or to sell LICENSED
PRODUCTS other than for patient care at UTMDACC and/or BIDMC facilities; provided that with respect to patient care at UTMDACC facilities, such manufacture and sale shall be (x) prior to the submission of the first application for REGULATORY
APPROVAL of the first LICENSED PRODUCT, and (y) after the submission of the first application for REGULATORY APPROVAL of the first LICENSED PRODUCT only with the consent of LICENSEE, which consent shall not be unreasonably withheld, delayed or
conditioned. 

  
 17 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	4.2	 LICENSEE may extend the license granted herein to any AFFILIATE provided that the AFFILIATE consents in writing
to be bound by this AGREEMENT to the same extent as LICENSEE. LICENSEE agrees to deliver such contract to UTMDACC within [***] calendar days following execution thereof. 

 

	4.3	 LICENSEE may grant sublicenses under the rights granted to LICENSEE in Section 4.1 consistent with the
terms of this AGREEMENT provided that LICENSEE is responsible for its sublicensees relevant to this AGREEMENT and for diligently collecting all amounts due LICENSEE from sublicensees. If a sublicensee pursuant hereto becomes bankrupt, insolvent or
is placed in the hands of a receiver or trustee, LICENSEE, to the extent allowed under applicable law and in a timely manner, agrees to use its best reasonable efforts to collect all consideration owed to LICENSEE and to have the sublicense
agreement confirmed or rejected by a court of proper jurisdiction. 

  

	4.4	 LICENSEE must deliver to UTMDACC a true and correct copy of each sublicense granted by LICENSEE, and any
modification or termination thereof, within [***] calendar days after execution, modification, or termination. 

  

	4.5	 If this AGREEMENT is terminated pursuant to Article XIV-Term and Termination, BOARD and UTMDACC agree to
accept, as successors to LICENSEE, existing sublicensees in good standing at the date of termination provided that each such sublicensee consents in writing to be bound by all of the terms and conditions of this AGREEMENT. 

  
 18 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	4.6	 UTMDACC grants to LICENSEE the first right to negotiate, on an exclusive basis for the time periods specified
in this Section 4.6, a license to BOARD’s rights in FUTURE UTMDACC EXOSOME TECHNOLOGY in the LICENSED FIELD in the LICENSED TERRITORY, exercisable as follows: 

 

	 	(a)	 Following written disclosure of a new invention that is a FUTURE UTMDACC EXOSOME TECHNOLOGY to UTMDACC’s
Office of Technology Commercialization (“OTC”), OTC shall promptly (within [***] days) disclose such new invention to LICENSEE. 

  

	 	(b)	 If LICENSEE is interested in licensing such new invention, LICENSEE will promptly (within [***] days) notify
UTMDACC in writing of its interest in negotiating a license for such invention. Thereafter, LICENSEE and UTMDACC agree to negotiate in good faith, for a period of [***] days from the date of disclosure of the new invention to LICENSEE, the terms of
a license to LICENSEE to such new invention. 

  

	 	(c)	 Each license to a new invention shall include financial terms relating to royalties and milestones to be paid
by LICENSEE upon further commercial development. Each license shall contain terms and conditions consistent with UTMDACC’s standard license agreement, including, but not limited to the following provisions: payment of all past and future costs
incurred by UTMDACC associated with the prosecution and maintenance of patents and patent applications directed to the invention, LICENSEE’s right to grant sublicenses, UTMDACC’s right to share in sublicense consideration, a commitment by
LICENSEE to exert commercially reasonable efforts to introduce licensed products into public use as rapidly as 

  
 19 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
practicable, the right of UTMDACC to terminate the license agreement should LICENSEE not meet negotiated milestones, a commitment by LICENSEE to maintain the confidentiality of any unpublished
applications relating to the licensed technology, and indemnity and insurance provisions satisfactory to UTMDACC. Additionally, any license will include a reservation of rights for UTMDACC and BOARD to use the licensed technology for patient care,
research, teaching, and other academically-related purposes. Notwithstanding anything herein to the contrary, this option shall only require the parties to negotiate in good faith to attempt to enter into a license, and shall not require either
party to enter into such a license unless the terms and conditions for such license are satisfactory to such party in its sole discretion. 

  

	 	(d)	 If a license agreement to such new invention has not been executed within [***] days of OTC’s disclosure
of such new invention to LICENSEE, then LICENSEE’s option shall be deemed terminated with respect to such new invention and UTMDACC shall be free to enter into an exclusive or nonexclusive license to such new invention with any other entity,
with no further obligation to LICENSEE. 

 UTMDACC warrants that, until the first to occur of (i) [***], or
(ii) the date of the dissolution of Codiak Biosciences, Inc., UTMDACC will not endeavor to assist in the formation of a competitor company, based on UTMDACC’s exosome technology as of the EFFECTIVE DATE or FUTURE UTMDACC EXOSOME
TECHNOLOGY, without first offering such technology for license by LICENSEE under the [***] day option as described above. 

  
 20 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 V. CONSIDERATION, PAYMENTS AND REPORTS 

 

	5.1	 In consideration of rights granted by BOARD to LICENSEE under this AGREEMENT, LICENSEE agrees to pay and issue
to UTMDACC the following: 

  

	 	(a)	 Patent expenses (if any) as set forth in Section 7.2, with UTMDACC sending an invoice to LICENSEE to be
reimbursed for such expenses on a quarterly basis. The invoiced amounts will be due and payable by LICENSEE within [***] calendar days of invoice; and 

  

	 	(b)	 A nonrefundable license fee, paid in the form of Five Million (5,000,000) shares of Class A Common
Stock, par value $0.0001 per share (“Class A Common Stock”) and one (I) share of Class F Common Stock, par value $0.0001 per share (“Class F Common Stock,” and together with the Class A Common Stock, the “Common
Stock”); such shares of Common Stock having been issued by LICENSEE to UTMDACC and/or its designee(s) (with such allocation between UTMDACC and its designee(s) being determined by UTMDACC, and disclosed by UTMDACC to LICENSEE), to be issued in
connection with the execution of this Agreement; and 

  

	 	(c)	 [Intentionally Deleted]; and 

 

	 	(d)	 Running royalties as follows: 

(i) DIAGNOSTIC PRODUCTS. During the respective DIAGNOSTIC PRODUCT ROYALTY TERM, LICENSEE shall pay UTMDACC a running
royalty of [***] of NET SALES of DIAGNOSTIC PRODUCTS, which rate cannot be reduced in the event LICENSEE requires a third party fee or royalty-bearing license in order to commercialize such products. In the event that at least one U.S. patent that

  
 21 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 
covers a DIAGNOSTIC PRODUCT has issued, and subsequently all U.S. patents covering such DIAGNOSTIC PRODUCT have expired (so that such DIAGNOSTIC PRODUCT is only covered by TECHNOLOGY RIGHTS),
then the running royalty rate payable on NET SALES of such DIAGNOSTIC PRODUCT that are sold in the U.S. after expiration of all U.S. patents covering the DIAGNOSTIC PRODUCT shall be reduced to [***] during the balance of the applicable DIAGNOSTIC
PRODUCT ROYALTY TERM. In the event that a DIAGNOSTIC PRODUCT is not covered by a VALID CLAIM in the country of SALE at the time of the SALE, then the running royalty shall be [***] of NET SALES of such DIAGNOSTIC PRODUCT not covered by a VALID CLAIM
for SALES in such country. 
 (ii) THERAPEUTIC PRODUCTS. During the respective THERAPEUTIC PRODUCT ROYALTY TERM,
LICENSEE shall pay UTMDACC a running royalty of [***] of NET SALES of THERAPEUTIC PRODUCTS. To the extent that LICENSEE makes a good faith determination that it is required to obtain a license from a third party in order to sell THERAPEUTIC PRODUCTS
in a particular jurisdiction or jurisdictions, then [***] of the royalties payable and actually paid to such third party for sales of such THERAPEUTIC PRODUCTS in such jurisdiction(s) may be deducted from royalties otherwise payable to UTMDACC in
such jurisdiction(s), provided that in no event shall the royalties payable to UTMDACC in any quarterly period 

  
 22 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 
be reduced to less than [***] of NET SALES of such THERAPEUTIC PRODUCTS in such jurisdiction(s). In the event that at least one U.S. patent that covers a THERAPEUTIC PRODUCT has issued, and all
U.S. patents covering such THERAPEUTIC PRODUCT have expired (so that such THERAPEUTIC PRODUCT is only covered by TECHNOLOGY RIGHTS), then the running royalty rate payable on NET SALES of such THERAPEUTIC PRODUCT that are sold in the U.S. after
expiration of all U.S. patents covering the THERAPEUTIC PRODUCT shall be reduced to [***] during the balance of the applicable THERAPEUTIC PRODUCT ROYALTY TERM. In the event that a THERAPEUTIC PRODUCT is not covered by a VALID CLAIM in the country
of SALE at the time of the SALE, then the running royalty shall be [***] of NET SALES of such THERAPEUTIC PRODUCT not covered by a VALID CLAIM for SALES in such country. In no event shall the running royalty on NET SALES of a THERAPEUTIC PRODUCT be
less than [***] of NET SALES of such THERAPEUTIC PRODUCT; and 
  

	 	(e)	 Payments for the achievement of milestones as follows: 

 

	 	(i)	 Milestones. The following one-time payments (“Milestone Payments”) shall be due for each
specified milestone (“Milestone Event”) that has been achieved, whether such Milestone Event has been achieved by LICENSEE, a sublicensee, or an AFFILIATE of LICENSEE or the sublicensee: 

  
 23 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

					
	 No.
	  	 Milestone Event
	  	 Milestone Payment

		  	DIAGNOSTIC PRODUCTS	  	
	  1 	  	[***]	  	[***]
	  2 	  	[***]	  	[***]
	  3 	  	[***]	  	[***]
	  4 	  	[***]	  	[***]
	  5 	  	[***]	  	[***]
	  	  	THERAPEUTIC PRODUCTS	  	
	  6 	  	[***]	  	[***]
	  7 	  	[***]	  	[***]
	  8 	  	[***]	  	[***]
	  9 	  	[***]	  	[***]
	10 	  	[***]	  	[***]

  

	 	(ii)	 Form of Milestone Payment. Except as set forth herein, all Milestone Payments shall be in cash. Subject
to the occurrence of a Corporate Transaction as described in the last section of this Section 5.1 (e)(ii), LICENSEE may elect in its sole discretion to pay Milestone Payments for Milestone Events 1, 2, 4, 6, 7, and/or 8, as set forth above,
(A) entirely in cash or (B) by the issuance of shares of (I) Common Stock in LICENSEE, if LICENSEE’s Common Stock is publicly-traded, or (II) the then-most recent series of Preferred Stock, if LICENSEE’s capital stock is
privately owned, in each case to UTMDACC and/or its designee(s) (with such allocation between UTMDACC and its designee(s) being determined by 

  
 24 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
UTMDACC, and disclosed by UTMDACC to LICENSEE). The number of shares of stock for a particular Milestone Payment being calculated as follows: for Common Stock, the applicable Milestone Payment
amount in issue divided by Market Price Per Share. “Market Price Per Share” means the price per share of the Licensee’s Common Stock determined in accordance with the following provisions: 

 

	 	(1)	 if such security is listed on a national securities exchange registered under the Securities Exchange Act of
1934, a price equal to the average of the closing sales prices for such security on such exchange for each day during the 30 consecutive trading days immediately preceding the date in question; and 

 

	 	(2)	 if such security is not so listed on a national securities exchange, and such security is quoted on NASDAQ,
OTCQB or other similar quotation system, a price equal to the average of the closing sales prices for such security quoted on such system each day during the 30 trading days on which trades occurred immediately preceding the date in question.

 With respect to the issuance of Preferred Stock, the number of shares of Preferred Stock for a particular Milestone
Payment shall be calculated by dividing the applicable Milestone Payment amount in issue by the price per share for the then-most recent series of Preferred Stock paid by investors immediately prior to the applicable Milestone Payment being due and
owing. 

  
 25 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 The shares of Common Stock or Preferred Stock, as applicable, issued in lieu of cash for such
a Milestone Payment shall be fully vested upon issuance. Notwithstanding anything to the contrary contained herein, after a Corporate Transaction has occurred, the payments of all future Milestone Events shall be in cash. 

 

	 	(iii)	 Commencement of Trial. For purposes of this AGREEMENT, “Commencement” of a PHASE I, 13, or III
CLINICAL TRIAL shall be deemed to occur upon the [***] in the respective PHASE I, II, or III CLINICAL TRIAL. 

  

	 	(iv)	 Notice and Payment Deadline. LICENSEE shall promptly notify UTMDACC in writing upon achievement of any
Milestone Event. For the avoidance of doubt, each Milestone Payment is a one-time payment that is due and payable upon the first DIAGNOSTIC PRODUCT or THERAPEUTIC PRODUCT (as may be applicable) to achieve a respective Milestone Event. Each of the
foregoing Milestone Payments shall be made by LICENSEE to UTMDACC (without invoice) within [***] calendar days of achieving the Milestone Event referenced above and shall not reduce the amount of any other payment provided for in this Article V; and

  
 26 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(f)	 a percentage of SUBLICENSING CONSIDERATION as follows: 

 

	 	(i)	 DIAGNOSTIC PRODUCTS. For sublicense agreements granting rights with respect to DIAGNOSTIC PRODUCTS and
executed after Closing of the SERIES A FINANCING ROUND, or such other round of financing as agreed upon by the parties, LICENSEE shall pay the following percentage of SUBLICENSING CONSIDERATION: 

 

			
	 Sublicense agreement
execution date
	  	 Percentage of

SUBLICENSING

CONSIDERATION
 owed to
UTMDACC

	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

 For purposes of illustration of the foregoing, if a sublicense is executed at least [***] years after the
Closing of the SERIES A FINANCING ROUND, but less than [***] years after the Closing of the SERIES A FINANCING ROUND, the applicable percentage of SUBLICENSING CONSIDERATION paid by LICENSEE to UTMDACC shall be [***]. As another example, if a
sublicense is executed at least [***] years after the Closing of the SERIES A FINANCING ROUND, but less than [***] years after the Closing of the SERIES A FINANCING ROUND, the applicable percentage of SUBLICENSING CONSIDERATION paid by LICENSEE to
UTMDACC shall be [***]. 
  

	 	(ii)	 THERAPEUTIC PRODUCTS. For sublicense agreements granting rights with respect to THERAPEUTIC PRODUCTS and
executed after the Closing of LICENSEE’s SERIES A FINANCING ROUND, LICENSEE shall pay the following percentage of SUBLICENSING CONSIDERATION: 

  
 27 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

			
	 Sublicense agreement

execution date
	  	 Percentage of SUBLICENSING

CONSIDERATION owed to

UTMDACC

	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

 For purposes of illustration of the foregoing, if a sublicense is executed [***] months after the Closing of
the SERIES A FINANCING ROUND, the applicable percentage of SUBLICENSING CONSIDERATION paid by LICENSEE to UTMDACC shall be [***]. As another example, if a sublicense is executed [***] months after the Closing of the SERIES A FINANCING ROUND, the
applicable percentage of SUBLICENSING CONSIDERATION paid by LICENSEE to UTMDACC shall be [***]. 
  

	 	(iii)	 APPORTIONMENT. To the extent that patent rights, intellectual property rights or analogous rights other
than rights in LICENSED SUBJECT MATTER are licensed, sublicensed or granted by LICENSEE together with any sublicense pursuant to Section 4.3 and Section 4.4 to any THIRD PARTY, that portion of the consideration received by LICENSEE that
shall be included as SUBLICENSING CONSIDERATION and subject to sharing with UTDMACC under Section 5.1(f)(i) and Section 5.1(f)(ii), shall be determined through an equitable apportionment of such consideration between the LICENSED SUBJECT
MATTER and those other patent rights, intellectual property rights or analogous rights and 

  
 28 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
obligations, and such apportionment shall be reasonable and in accordance with customary standards in the industry. LICENSEE shall promptly deliver to UTDMACC a written report setting forth such
apportionment. In the event UTDMACC disagrees with the determination made by LICENSEE, UTDMACC shall so notify LICENSEE within [***] days of receipt of LICENSEE’s report and the parties shall meet to discuss and resolve such disagreement in
good faith. In the absence of a resolution of the foregoing by the parties, LICENSEE shall not enter into such sublicense; provided that LICENSEE shall be permitted to enter into separate sublicenses of the LICENSED SUBJECT MATTER and such other
patent rights, intellectual property rights or analogous rights and obligations with such THIRD PARTY; and 

  

	 	(g)	 Early Sale of DIAGNOSTICS BUSINESS. In the event that LICENSEE sells all or substantially all of its
DIAGNOSTICS BUSINESS (whether via an asset sale or a stock sale, a merger, consolidation, or pursuant to some other similar transaction) within the first [***] months after the Closing of LICENSEE’s SERIES A FINANCING ROUND, then LICENSEE shall
pay or provide UTMDACC, or cause its stockholders to pay or provide to UTMDACC, [***] of the cash and non-cash gross proceeds generated from such sale or other transaction, whether or not such consideration is paid to the LICENSEE or the
stockholders of LICENSEE. Anything herein to the contrary notwithstanding, in the event that LICENSEE grants a sublicense for fair market value pursuant to Section 4.3 and Section 4.4 to the acquirer in connection with such sale, all
proceeds from such sublicense shall be treated as proceeds generated from such sale and not as part of SUBLICENSING CONSIDERATION; and 

  
 29 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(h)	 Early Sale of THERAPEUTICS BUSINESS. In the event that LICENSEE sells all or substantially all of its
THERAPEUTICS BUSINESS (whether via an asset sale or a stock sale, merger, consolidation or pursuant to some other similar transaction) within the first [***] months after the Closing of LICENSEE’s SERIES A FINANCING ROUND, then LICENSEE shall
pay or provide UTMDACC [***] of the cash and non-cash gross proceeds generated from such sale or other transaction, whether or not such consideration is paid to the LICENSEE or the stockholders of LICENSEE. Anything herein to the contrary
notwithstanding, in the event that LICENSEE grants a sublicense for fair market value pursuant to Section 4.3 and Section 4.4 to the acquirer in connection with such sale, all proceeds from such sublicense shall be treated as proceeds
generated from such sale and not as part of SUBLICENSING CONSIDERATION. 

  

	 	(i)	 All payments under the foregoing Section 5.1(f), Section 5.1(g). and
Section 5.1(h). will be made to UTDMACC and/or its designee(s) (i) only as and when the same are received by the relevant payee (whether such payee is LICENSEE and/or its stockholders), (ii) the amount of each payment due to
UTDMACC shall be based on each net payment actually received by the payee(s) (with the net payment actually received by payee determined by only deducting any amounts allocated to an escrow account or paid for indemnification purposes from the gross
proceeds to be paid to such payee, and for the avoidance of doubt, debt or other expenses incurred by the payee(s) will not be deducted from the 

  
 30 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
gross proceeds paid to such payee), and (iii) for avoidance of doubt, amounts that are based on contingencies (for example, the achievement of milestones by the acquirer or assignee) or that
are subject to an escrow obligation shall be calculated and be payable to UTDMACC and/or its designee(s) only as and when such payments are made to the relevant payee. 

 

	 	(j)	 WIN-STATE PAYMENTS. 

 

	 	(i)	 General. If, within the first [***] years following the closing of the SERIES A FINANCING ROUND (the
“WIN-STATE TERM”), the per share FAIR MARKET VALUE (as defined below) of LICENSEE’s Common Stock is equal to or in excess of a PRICE TRIGGER (as defined below), then LICENSEE will make one or more payments to UTMDACC (and/or its
designee(s) as instructed by UTMDACC) (each a “WIN-STATE PAYMENT”) as set forth herein. 

  

	 	(ii)	 PRICING DATE. Commencing on the EFFECTIVE DATE, and from time-to-time thereafter during the term of this
AGREEMENT, and in any case, (A) upon the closing of a sale by LICENSEE of all or substantially all of the assets, or the sale by the stockholders of all or substantially all of their respective capital stock in LICENSEE and (B) no less
frequently than promptly following the closing of each sale by LICENSEE of LICENSEE’s equity securities (excluding sales to employees or consultants pursuant to the exercise of options to purchase any such equity securities issued pursuant to
an incentive stock option plan), LICENSEE shall determine the per share FAIR MARKET VALUE (defined herein) of its Common Stock (the date of each such determination is a “PRICING DATE”). 

  
 31 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(iii)	 FAIR MARKET VALUE. For purposes of this Section 5.1(j), “FAIR MARKET VALUE” means the per
share value of LICENSEE’s Common Stock, which shall be determined as follows: 

  

	 	(A)	 in connection with financing transactions undertaken by LICENSEE (including each sale of LICENSEE’s equity
securities in accordance with Section 5.1(j)(ii)(B): (1) if LICENSEE’s Common Stock is not publicly-traded, then the per share FAIR MARKET VALUE of LICENSEE’s Common Stock shall be deemed to be equal to the price per share at
which LICENSEE most recently sold shares of its Preferred Stock and (II) if LICENSEE’s Common Stock is publicly-traded, then the per share FAIR MARKET VALUE of LICENSEE’s Common Stock shall be determined in accordance with the following
provisions: 

  

	 	(1)	 if such security is listed on a national securities exchange registered under the Securities and Exchange Act
of 1934, a price equal to the average of the closing sales prices for such security on such exchange for each day during the 30 consecutive trading days immediately preceding the date in question; and 

  
 32 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(2)	 if such security is not so listed, and such security is quoted on NASDAQ, OTCQB or other similar quotation
system, a price equal to the average of the closing sales prices for such security quoted on such system each day during the 30 trading days on which trades occurred immediately preceding the date in question, and 

 

	 	(B)	 in connection with the sale of all or substantially all of the assets, or the sale of all or substantially all
of the outstanding equity securities of LICENSEE, the per share value of LICENSEE’s Common Stock shall be equal to (I) in the case of a sale of all or substantially all of the assets of LICENSEE, the total purchase price for the assets
divided by the total number of shares of LICENSEE’s Common Stock outstanding (on a fully diluted basis), or (II) the total gross proceeds paid for such shares of capital stock, in connection with the sale of the equity securities of LICENSEE,
in each case divided by the total number of such shares of the equity securities sold in connection with such acquisition. 

  

	 	(iv)	 SUSPENSION PERIODS. No PRICING DATES shall occur, and the payment of WIN-STATE PAYMENTS will be
suspended, for any period during which LICENSEE is engaged in good faith negotiations either (A) with a potential financing source towards a capital financing of the LICENSEE through a sale of its equity securities or (B) a potential
partner in a transaction that would, if consummated, result in the sale of all or substantially all of the assets or capital stock of LICENSEE. In either such case, a Pricing Date shall occur, and LICENSEE shall determine the per share FAIR MARKET
VALUE of its Common Stock, promptly following the consummation of the relevant transaction. 

  
 33 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(v)	 PAYMENTS. If, during the WIN-STATE TERM, the per share FAIR MARKET VALUE of LICENSEE’s Common Stock
is, as of any particular PRICING DATE, equal to or in excess of an amount shown in the column below labeled “PRICE TRIGGER” (each such per share price is a “PRICE TRIGGER”), then LICENSEE shall pay UTMDACC and/or its designee(s)
on an aggregate basis, (with such allocation between UTMDACC and its designee(s) being determined by UTMDACC, and disclosed by UTMDACC to LICENSEE), the amount indicated opposite such PRICE TRIGGER in the column labeled “WIN-STATE PAYMENT”
(each such payment amount is a “WIN-STATE PAYMENT”) within [***] days after such PRICING DATE; provided that: (i) if such FAIR MARKET VALUE was determined in connection with a capital financing of LICENSEE through a sale by LICENSEE
of its equity securities (including through an initial public offering or a private offering), then such WIN-STATE PAYMENT shall become due and payable only after the closing of such transaction and (ii) if such FAIR MARKET VALUE was determined
in connection with a sale of all or substantially all of LICENSEE’s assets by LICENSEE or the equity securities of LICENSEE by LICENSEE’s stockholders, then such WIN- STATE PAYMENT shall become due and payable only after the closing of
such transaction. 

  
 34 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

			
	 PRICE TRIGGER
	  	 WIN-STATE PAYMENT

	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]

 For the avoidance of doubt: (i) each WIN-STATE PAYMENT shall become due and payable under this AGREEMENT,
if at all, a maximum of one (1) time and (ii) more than one WIN-STATE PAYMENT may become due and payable based on the per share FAIR MARKET VALUE determined on any single PRICING DATE. For example, if the first per share FAIR MARKET VALUE
is determined to be [***] per share, then LICENSEE shall pay UTMDACC the WIN-STATE PAYMENT equal to one hundred and fifty million dollars ($150,000,000). 

Notwithstanding anything to the contrary contained herein, if LICENSEE shall at any time or from time to time during the WIN-STATE TERM,
effect a stock dividend, stock split, combination, or other similar recapitalization or subdivision with respect to LICENSEE Common Stock, the PRICE TRIGGER in effect immediately before that transaction shall be proportionately decreased or
increased, as applicable (for example, if LICENSEE implements a “2-for-l stock split”, then the PRICE TRIGGER will be reduced by [***]). For the avoidance of doubt, the amount of the WIN-STATE PAYMENT will remain the same. 

  
 35 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Each WIN-STATE PAYMENT shall be payable, in LICENSEE’s sole discretion, in cash, or in
such number of shares of LICENSEE’s Common Stock as is equal to the WIN-STATE PAYMENT amount, based on the FAIR MARKET VALUE of such shares as determined in connection with the calculation of the amount of such WIN-STATE PAYMENT. 

All amounts paid to UTMDACC and/or its designee(s) pursuant to Sections 5.1(d)(i) (relating to running royalties for DIAGNOSTIC PRODUCTS),
5.1(e)(1) (relating to milestones payable for achieving Milestone Events with DIAGNOSTIC PRODUCTS), 5.1(f)(i) (relating to SUBLICENSING CONSIDERATION received in connection with DIAGNOSTIC PRODUCTS) and 5.1(g) (relating to the early sale of the
LICENSEE’s DIAGNOSTICS BUSINESS) shall be fully credited, on a dollar-for-dollar basis, against any WIN-STATE PAYMENTS that subsequently become due and payable hereunder to UTMDACC and its designee(s), on an aggregate basis. 

 

	 	(k)	 For clarity, with respect to any consideration received in connection with making, having made, using, selling
and/or offering to sell a product that could be considered to be both a DIAGNOSTIC PRODUCT and a THERAPEUTIC PRODUCT (including a sublicense to such rights), the highest applicable rate set forth in this AGREEMENT (e.g., the highest applicable
Milestone Payment, royalty rate, percentage of SUBLICENSING CONSIDERATION, etc.) shall apply. 

  
 36 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	5.2	 Unless otherwise provided, all such payments are payable within [***] calendar days after
March 31, June 30, September 30, and December 31 of each year during the term of this AGREEMENT, at which time LICENSEE will also deliver to UTMDACC a true and accurate report, giving such particulars of the business
conducted by LICENSEE, its AFFILIATES and its sublicensees, if any exist, during the preceding [***] calendar months under this AGREEMENT as necessary for UTMDACC to account for LICENSEE’s payments hereunder. This report will include pertinent
data, including, but not limited to: 

  

	 	(a)	 the accounting methodologies used to account for and calculate the items included in the report and any
differences in such accounting methodologies used by LICENSEE since the previous report; and 

  

	 	(b)	 a list of LICENSED PRODUCTS produced for the [***] preceding calendar months categorized by the technology it
relates to under PATENT RIGHTS; and 

  

	 	(c)	 the total quantities of LICENSED PRODUCTS produced by the category listed in Section 5.2(b); and

  

	 	(d)	 the total SALES by the category listed in Section 5.2(b); and 

 

	 	(e)	 the calculation of NET SALES by the category listed in Section 5.2(b); and 

 

	 	(f)	 the royalties so computed and due UTMDACC by the category listed in Section 5.2(b); and

  

	 	(g)	 all consideration received from each sublicensee or assignee and payments due UTMDACC; and

  

	 	(h)	 all other amounts due UTMDACC herein. 

  
 37 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 Simultaneously with the delivery of each such report, LICENSEE agrees to pay UTMDACC the
amount due, if any, for the period of such report. These reports are required even if no payments are due. 
  

	5.3	 During the term of this AGREEMENT and for [***] year thereafter, LICENSEE agrees to keep complete and accurate
records of its, its AFFILIATES’ and its sublicensees’ SALES and NET SALES in sufficient detail to enable the royalties and other payments due hereunder to be determined. LICENSEE agrees to permit UTMDACC or its representatives, at
UTMDACC’s expense, to periodically examine LICENSEE’s books, ledgers, and records during regular business hours for the purpose of and to the extent necessary to verify any report required under this AGREEMENT. If any amounts due UTMDACC
are determined to have been underpaid in an amount equal to or greater than [***] of the total amount due during the period so examined, then LICENSEE will pay the cost of the examination. LICENSEE shall pay accrued interest on past-due amounts for
the relevant period at the lesser of (i) the prime rate as identified in the Wall Street Journal, Eastern Edition, or (ii) the highest rate allowed by applicable law. 

 

	5.4	 Within [***] calendar days following each anniversary of the EFFECTIVE DATE, LICENSEE will deliver to UTMDACC a
written progress report as to LICENSEE’s (and any sublicensee’s) efforts and accomplishments during the preceding year in diligently commercializing LICENSED SUBJECT MATTER in the LICENSED TERRITORY and LICENSEE’s (and
sublicensees’) commercialization plans for the upcoming year. 

  

	5.5	 All amounts payable hereunder by LICENSEE will be paid in United States funds without deductions for taxes,
assessments, fees, or charges of any kind. Payments shall be by checks made payable to The University of Texas M. D. Anderson Cancer Center, and sent by United States mail to Box 4390, Houston, Texas 77210-4390, or by wire transfer to:

 [***]. 

  
 38 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	5.6	 No payments due or royalty rates owed under this AGREEMENT will be reduced as the result of co-ownership of
LICENSED SUBJECT MATTER by BOARD and another PERSON, including, but not limited to, LICENSEE. 

 VI. SPONSORED RESEARCH

  

	6.1	 If LICENSEE and UTMDACC do not enter into a mutually agreeable form of SPONSORED RESEARCH AGREEMENT within
[***] days after the EFFECTIVE DATE, this AGREEMENT shall terminate upon written notice from UTMDACC. 

  

	6.2	 If, in addition to the sponsored research agreement referenced in Section 6.1 above LICENSEE desires to
sponsor research for or related to the LICENSED SUBJECT MATTER, and particularly where LICENSEE receives payments for sponsored research pursuant to a sublicense under this AGREEMENT, LICENSEE (a) will notify UTMDACC in writing of all
opportunities to conduct this sponsored research (including clinical trials, if applicable), (b) will solicit research and/or clinical proposals from UTMDACC for this purpose, and (c) will give good faith consideration to funding any such
proposals at UTMDACC. 

 VII. PATENTS AND INVENTIONS 

 

	7.1	 For the avoidance of doubt, the terms and conditions in this Article VII are subject to the rights of CPRIT
under the CPRIT Contract and the rights of BIDMC under the IIA. 

  
 39 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	7.2     (a)	 Consultation. LICENSEE shall have the right to provide comments to UTMDACC on patent prosecution
strategy, claim language and interactions with U.S. or foreign (non-U.S.) patent offices for patent applications and patents for LICENSED SUBJECT MATTER. If after consultation with LICENSEE both parties agree that a new patent application should be
filed for LICENSED SUBJECT MATTER, UTMDACC will prepare and file appropriate patent applications. With respect to all such patent applications and patents, UTDMACC shall instruct the patent counsel prosecuting such patent applications and patents to
(i) copy LICENSEE on patent prosecution documents that are received from or filed with the United States Patent and Trademark Office (“USPTO”) and foreign equivalent, as applicable; (ii) if practical under the circumstances in
light of applicable deadlines, provide LICENSEE with copies of draft submissions to the USPTO and foreign equivalent, as applicable prior to filing; and (iii) implement the comments and requests of LICENSEE or its patent counsel unless such
implementation is not consistent with reasonable practices. 

  

	 	(b)	 Payment of Patent Expenses. UTMDACC agrees to pay all expenses, up to a total of $1,500,000 (the
“UTMDACC LIMIT”), regardless of when incurred and which amount includes without limitation expenses paid by UTMDACC before the EFFECTIVE DATE, associated with prosecution of patents and patent applications for LICENSED SUBJECT MATTER
during the period commencing on the EFFECTIVE DATE and ending on the [***] anniversary of the EFFECTIVE DATE. LICENSEE will pay all expenses in excess of the UTMDACC LIMIT and all expenses incurred or invoiced after the [***] anniversary of the
EFFECTIVE DATE for the searching, preparing, filing, prosecuting and maintaining patent applications and patents for LICENSED SUBJECT MATTER. If LICENSEE notifies UTMDACC that it does not intend

  
 40 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
to pay the cost of filing, prosecuting or maintaining a patent application or patent, or if LICENSEE fails to promptly confirm its intent to pay the cost of filing, prosecuting or maintaining a
patent application or patent upon inquiry from UTMDACC, or if LICENSEE is in arrears on any expense payments due under Section 5.1(a), then UTMDACC may elect to file, not file, continue prosecution or maintenance, or abandon such patent
application or patent at its own expense without further notice to LICENSEE. In the event UTMDACC files or continues prosecution or maintenance of such patent application or patent at UTMDACC’s expense, then LICENSEE’s rights to such
patent application or patent under this AGREEMENT shall terminate in their entirety unless otherwise determined by UTMDACC in its sole discretion. 

  

	 	(c)	 Common Interest. The parties agree that they share a common legal interest to get valid enforceable
patents and that LICENSEE will keep all privileged information received pursuant to this Section confidential. 

  

	 	(d)	 Series A Preferred Shares. In exchange for UTMDACC’s agreement to pay patent expenses up to
$1,500,000, and, in addition to all other equity interests in LICENSEE received by UTMDACC, LICENSEE shall issue to UTMDACC and/or its designee, in the aggregate (which allocation between UTMDACC and its designee shall be determined by UTDMACC and
disclosed by UTDMACC to LICENSEE), 1,500,000 shares of Series A Preferred Stock at the first Closing of LICENSEE’S SERIES A FINANCING ROUND. 

  
 41 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(e)	 Series B Preferred Shares. Notwithstanding anything to the contrary contained herein, UTMDACC will have
the right to participate in the contemplated Series B Financing Round of LICENSEE on the same terms as the other investors in such financing; provided, however, that UTMDACC will be limited to being able to purchase up to [***] of Series B Preferred
Stock. 

 VIII. INFRINGEMENT BY THIRD PARTIES 

 

	8.1	 LICENSEE, at its expense, has the first right (but not the obligation) to enforce any patent exclusively
licensed hereunder against infringement by third parties in the LICENSED FIELD and is entitled to retain recovery from such enforcement. After reimbursement of LICENSEE’s reasonable legal costs and expenses related to such recovery, LICENSEE
agrees to pay UTMDACC: [***] of any monetary recovery, whether by judgment or settlement (including damages awarded for lost profits, reasonable royalties, or enhanced or punitive damages). LICENSEE must notify UTMDACC in writing of any potential
infringement in the LICENSED FIELD within [***] calendar days of knowledge thereof. If LICENSEE does not file suit against a substantial infringer in the LICENSED FIELD within [***] months of knowledge thereof, then BOARD or UTMDACC may, at its sole
discretion, enforce any patent licensed hereunder on behalf of itself and LICENSEE, with UTMDACC retaining, after reimbursement of UTMDACC’s and BOARD’s reasonable legal costs and expenses, seventy-five percent of any recoveries from such
enforcement and the remainder being paid over to LICENSEE. 

  

	8.2	 In any suit or dispute involving an infringer, the parties agree to cooperate fully with each other. At the
request and expense of the party bringing suit, the other party will permit access during regular business hours, to all relevant personnel, records, papers, information, samples, specimens, and the like in its possession. 

  
 42 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 IX. PATENT MARKING 

 

	9.1	 LICENSEE agrees that all packaging containing individual LICENSED PRODUCT(S), documentation therefor, and, when
possible, actual LICENSED PRODUCT(S) sold by LICENSEE, AFFILIATES, and/or sublicensees of LICENSEE will be appropriately marked with the number of any applicable patent(s) licensed hereunder in accordance with each country’s patent laws,
including Title 35, United States Code, to the extent such marking is necessary or required to fully preserve PATENT RIGHTS in each such country. 

X. INDEMNIFICATION AND INSURANCE 
  

	10.1	 LICENSEE AGREES TO HOLD HARMLESS AND INDEMNIFY BOARD, SYSTEM, UTMDACC, BIDMC, THEIR REGENTS, OFFICERS,
EMPLOYEES, STUDENTS AND AGENTS (COLLECTIVELY, THE “UTMDACC INDEMNITEES”) FROM AND AGAINST ANY CLAIMS, DEMANDS, OR CAUSES OF ACTION WHATSOEVER, COSTS OF SUIT AND REASONABLE ATTORNEY’S FEES (INCLUDING WITHOUT LIMITATION, THOSE CLAIMS,
DEMANDS, CAUSES OF ACTION, COSTS OF SUIT, AND REASONABLE ATTORNEYS’ FEES ARISING ON ACCOUNT OF ANY INJURY OR DEATH OF PERSONS OR DAMAGE TO PROPERTY) CAUSED BY, OR ARISING OUT OF, OR RESULTING FROM, THE EXERCISE OR PRACTICE OF THE RIGHTS GRANTED
HEREUNDER BY LICENSEE, ITS OFFICERS, ITS AFFILIATES OR THEIR OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES. Both parties agree that upon receipt of a notice of claim or action that may reasonably be covered by the foregoing indemnification
obligation, that the party receiving such notice will notify the other party promptly; provided, however, that the failure to promptly notify LICENSEE shall not relieve LICENSEE of its indemnification obligations unless LICENSEE is materially
adversely 

  
 43 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
affected by such failure, and in such case the indemnification obligations shall be relieved only to the extent of such material adverse effect. LICENSEE shall not compromise or settle such claim
without the advance written consent of BOARD and UTMDACC. No settlement by LICENSEE shall require the UTMDACC INDEMNITEES to contribute to the settlement, admit fault or change their operation or business practices. To the extent authorized by the
Texas Constitution and the laws of the State of Texas and subject to the statutory duties of the Texas Attorney General, LICENSEE agrees, at its own expense, to provide attorneys to defend against any actions brought or filed against with respect to
the subject of the indemnity contained herein, whether such claims or actions are rightfully brought or filed. Obligations to indemnify and hold harmless under this Article X are subject to: (a) to the extent authorized by the Texas
Constitution and the laws of the State of Texas and subject to the statutory duties of the Texas Attorney General, the indemnified party giving LICENSEE control of the defense and settlement of the claim and demand; and (b) to the extent
authorized by the Texas Constitution and the laws of the State of Texas and subject to statutory duties of the Texas Attorney General, the indemnified party providing the assistance reasonably requested by LICENSEE, at LICENSEE’s expense.

  

	10.2	 OTHER THAN WITH RESPECT TO LICENSEE’S OBLIGATIONS UNDER THIS ARTICLE X OR LICENSEE’S INFRINGEMENT OF
BOARD’S INTELLECTUAL PROPERTY, IN NO EVENT SHALL LICENSEE, BOARD, SYSTEM, UTMDACC, OR BIDMC BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS OR EXPECTED SAVINGS
OR OTHER ECONOMIC LOSSES, 

  
 44 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
OR FOR INJURY TO PERSONS OR PROPERTY) ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT OR ITS SUBJECT MATTER, REGARDLESS OF WHETHER LICENSEE, BOARD, SYSTEM, UTMDACC, OR BIDMC KNOWS OR SHOULD
KNOW OF THE POSSIBILITY OF SUCH DAMAGES. 

  

	10.3	 LICENSEE’S OBLIGATIONS TO HOLD HARMLESS AND INDEMNIFY THE UTMDACC INDEMNITEES IN SECTION 10.1 AND THE
LIMITATION OF LIABILITY IN SECTION 10.2 SHALL INCLUDE, BUT ARE NOT LIMITED TO, ANY CLAIM ALLEGING PRODUCT DEFECT, STRICT STATUTORY LIABILITY, OR THE SOLE OR CONCURRENT NEGLIGENCE OF ANY OF THE UTMDACC INDEMNITEES THAT ARISES OUT OF, RELATES TO, IS
CAUSED IN WHOLE OR 3N PART BY, OR RESULTS FROM THIS AGREEMENT OR LICENSED SUBJECT MATTER. 

  

	10.4	 Beginning at the time when any LICENSED SUBJECT MATTER or LICENSED PRODUCT is being distributed or sold
(including for the purpose of obtaining regulatory approvals) by LICENSEE, an AFFILIATE, or by a sublicensee, LICENSEE shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than [***]
per incident and [***] annual aggregate (excluding for all purposes all self-insurance programs), and LICENSEE shall use reasonable efforts to have the UTDMACC INDEMNITEES named as additional insureds. Such commercial general liability insurance
shall provide: (i) product liability coverage; (ii) broad form contractual liability coverage for LICENSEE’s indemnification under this AGREEMENT; and (iii) coverage for litigation costs. The minimum amounts of insurance coverage
required herein shall not be construed to create a limit of LICENSEE’s liability with respect to its indemnification under this AGREEMENT. 

  
 45 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	10.5	 LICENSEE shall provide UTMDACC with written evidence of such insurance within [***] calendar days of its
procurement. Additionally, LICENSEE shall provide UTMDACC with written notice of at least [***] calendar days prior to the cancellation, non-renewal or material change in such insurance. 

 

	10.6	 LICENSEE shall maintain such commercial general liability insurance beyond the expiration or termination of
this AGREEMENT during: (i) the period that any LICENSED SUBJECT MATTER or LICENSED PRODUCT developed pursuant to this AGREEMENT is being commercially distributed or sold by LICENSEE, an AFFILIATE or by a sublicensee, distributor, or agent of
LICENSEE; and (ii) the [***] year period immediately after such period. 

 XI. USE OF NAME 

 

	11.1	 LICENSEE will not use the name of (or the name of any employee of) UTMDACC, SYSTEM, BOARD, or BIDMC in any
advertising, promotional or sales literature, on its Web site, or for the purpose of raising capital without advance express written consent. LICENSEE may request such consent with respect to BOARD or UTMDACC by contacting: 

The University of Texas 
 M. D.
Anderson Cancer Center 
 Legal Services, Unit 1674 

P.O. Box 301407 
 Houston, TX
77230-1407 
 Notwithstanding the above, LICENSEE may use the name of (or name of employee of) UTMDACC, SYSTEM or BOARD in routine business
correspondence, or as needed in appropriate regulatory submissions without express written consent. 

  
 46 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 XII. CONFIDENTIAL INFORMATION AND PUBLICATION 

 

	12.1	 UTMDACC and LICENSEE each agree that all information contained in documents marked
‘‘confidential” and forwarded to one by the other (i) are to be received in strict confidence, (ii) are to be used only for the purposes of this AGREEMENT, and (iii) will not be disclosed by the recipient party (except
as required by law or court order), its agents or employees without the prior written consent of the disclosing party, except to the extent that the recipient party can establish by competent written proof that such information:

  

	 	(a)	 was in the public domain at the time of disclosure; or 

 

	 	(b)	 later became part of the public domain through no act or omission of the recipient party, its employees,
agents, successors or assigns; or 

  

	 	(c)	 was lawfully disclosed to the recipient party by a third party having the right to disclose it; or

  

	 	(d)	 was already known by the recipient party at the time of disclosure; or 

 

	 	(e)	 was independently developed by the recipient party without use of the disclosing party’s confidential
information; or 

  

	 	(f)	 is required by law or regulation to be disclosed. 

For avoidance of doubt, LICENSEE, its AFFILIATES and sublicensees are hereby permitted to use and disclose the LICENSED SUBJECT MATTER in a
manner that is commercially reasonable in connection with its exercise of the license granted under Section 4.1 in connection with the development and commercialization of products. 

 

	12.2	 Each party’s obligation of confidence hereunder will be fulfilled by using at least the same degree of
care with the disclosing party’s confidential information as it uses to protect its own confidential information, but always at least a reasonable degree of care. 

  
 47 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
This obligation will exist while this AGREEMENT is in force and for a period of [***] years thereafter. 

  

	12.3	 UTMDACC and BIDMC reserve the right to publish the general scientific findings from research related to
LICENSED SUBJECT MATTER, with due regard to the protection of LICENSEE’s confidential information. For purposes of clarification, such reserved right shall not be deemed to create an obligation on the part of LICENSEE to provide scientific
findings or other research results to UTMDACC or SYSTEM under this AGREEMENT nor a right of UTDMACC or SYSTEM to publish any such information disclosed under this AGREEMENT by LICENSEE to UTDMACC or SYSTEM. UTMDACC will submit the manuscript of any
proposed publication by UTMDACC to LICENSEE at least [***] calendar days before publication, and LICENSEE shall have the right to review and comment upon the publication in order to protect LICENSEE’s confidential information. Upon
LICENSEE’s request, publication may be delayed up to [***] additional calendar days to enable LICENSEE to secure adequate intellectual property protection of LICENSEE’s confidential information that would otherwise be affected by the
publication. For avoidance of doubt, the foregoing reservation of rights shall not apply to research conducted under the Sponsored Research Agreement. Notwithstanding any provision to the contrary herein, nothing in this AGREEMENT shall be construed
as a requirement that UTMDACC or BOARD engage in any action that, in the judgment of BOARD or UTMDACC, may jeopardize (a) the applicability of the fundamental research exclusion of the International Traffic in Arms Regulations and/or Export
Administration Regulations as currently drafted or as subsequently updated, supplemented, amended, or revised, to any information, (b) any tax-exempt status of BOARD, SYSTEM, or

  
 48 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
UTMDACC or financial instruments pertaining thereto, or (c) BOARD’s or UTMDACC’s compliance with any applicable law or regulation; provided, however, that if BOARD or UTMDACC has a
good faith belief that a restriction on publication under this AGREEMENT may pose an issue under (a), (b), or (c) immediately above, UTMDACC shall notify LICENSEE and the parties shall confer in good faith with respect thereto.

  

	12.4	 Notwithstanding the foregoing, UTMDACC may disclose LICENSEE’s confidential information to CPRIT and/or
BIDMC under appropriate obligations of confidentiality in order to comply with the IIA and/or CPRIT Contract. 

 XIII.
ASSIGNMENT 
  

	13.1	 LICENSEE may assign this AGREEMENT without the consent of UTMDACC in connection with the sale by LICENSEE of
all or substantially all of its assets (whether via an asset sale or a stock sale or pursuant to some other similar transaction). Except as provided in the foregoing sentence, this AGREEMENT may not be assigned by LICENSEE without the prior written
consent of UTMDACC, which will not be unreasonably withheld. For any assignment to be effective, the assignee must assume in writing (a copy of which writing will be provided to UTMDACC) all of LICENSEE’s interests, rights, duties, and
obligations under the AGREEMENT and agree to comply with all terms and conditions of the AGREEMENT as if the assignee were the original party (i.e., the LICENSEE) to the AGREEMENT. 

XIV. TERM AND TERMINATION 
  

	14.1	 Subject to Sections 14.2, 14.3 and 14.4 hereinbelow, the term of this AGREEMENT is from the EFFECTIVE DATE
until the last to occur of: (a) the expiration of all patents issued under PATENT RIGHTS (if any) and the cancellation, withdrawal, or express 

  
 49 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
abandonment of all patent applications under PATENTS RIGHTS (if any), or (b) the date that is the fifteenth (15th) anniversary of the EFFECTIVE DATE. Upon expiration of this AGREEMENT,
the license granted under the TECHNOLOGY RIGHTS in Section 4.1 shall automatically convert to a fully-paid, irrevocable, perpetual license. 

  

	14.2	 Any time after [***] years from the EFFECTIVE DATE, BOARD or UTMDACC have the right to terminate this license
in any national political jurisdiction within the LICENSED TERRITORY if LICENSEE, within [***] calendar days after receiving written notice from UTMDACC of the intended termination, fails to provide written evidence satisfactory to UTMDACC that
LICENSEE or its sublicensee(s) is using commercially reasonable efforts to commercialize a licensed invention in such jurisdiction(s). 

  

	14.3	 Subject to any rights herein which survive termination, this AGREEMENT will earlier terminate in its entirety:

  

	 	(a)	 automatically, if LICENSEE becomes bankrupt or insolvent and/or if the business of LICENSEE shall be placed in
the hands of a receiver, assignee, or trustee, whether by voluntary act of LICENSEE or otherwise; or 

  

	 	(b)	 upon [***] calendar days written notice from UTMDACC, if LICENSEE breaches or defaults on the payment or report
obligations of Article V (excluding the license fee specified in Section 5.1(b), for which no cure period applies), or use of name obligations of Article XI, unless, before the end of such thirty (30) calendar day notice period, LICENSEE
has cured the default or breach to UTMDACC’s reasonable satisfaction, and so notifies UTMDACC, stating the manner of the cure; or 

  
 50 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(c)	 immediately, upon written notice from UTMDACC, if LICENSEE fails to timely pay the license fee specified in
Section 5.1(b); or 

  

	 	(d)	 immediately upon UTMDACC’s written notice pursuant to Section 6.1; or 

 

	 	(e)	 upon [***] calendar days written notice from UTMDACC if LICENSEE breaches or defaults on any other obligation
under this AGREEMENT (other than a breach caused by a failure of LICENSEE to use commercially reasonable efforts to commercialize a licensed invention, which shall be governed by Section 14.2), unless, before the end of such ninety
(90) calendar-day notice period, LICENSEE has cured the default or breach to UTMDACC’s reasonable satisfaction and so notifies UTMDACC, stating the manner of the cure; or 

 

	 	(f)	 at any time by LICENSEE upon one hundred eighty (180) calendar days written notice to UTMDACC and subject
to any terms herein which survive termination; or 

  

	 	(g)	 if Section 16.10 is invoked; or 

 

	 	(h)	 if LICENSEE has defaulted or been late on its payment obligations pursuant to the terms of this AGREEMENT on
any [***] occasions in a [***] month period. 

  

	14.4	 Upon termination of this AGREEMENT: 

 

	 	(a)	 nothing herein will be construed to release either party of any obligation maturing prior to the effective date
of the termination; and 

  

	 	(b)	 LICENSEE covenants and agrees to be bound by the provisions of Articles X (Indemnification and Insurance), XI
(Use of Name) and XII (Confidential Information and Publication) of this AGREEMENT. 

  
 51 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 XV. WARRANTY: SUPERIOR-RIGHTS 

 

	15.1	 Except for the rights of BIDMC and CPRIT and the rights, if any, of the Government of the United States of
America (“Government”) as set forth below, BOARD represents and warrants its belief that (a) it is the owner or co-owner of the right, title, and interest in and to LICENSED SUBJECT MATTER, (b) it has the right to grant licenses
thereunder, and (c) it has not knowingly granted licenses thereunder to any other entity that would restrict rights granted hereunder except as stated herein, 

 

	15.2	 LICENSEE understands that the LICENSED SUBJECT MATTER may have been developed under a funding agreement with
the Government and, if so, that the Government may have certain rights relative thereto. This AGREEMENT is explicitly made subject to the Government’s rights under any such agreement and any applicable law or regulation. To the extent that
there is a conflict between any such agreement, applicable law or regulation and this AGREEMENT, the terms of such Government agreement, applicable law or regulation shall prevail. LICENSEE agrees that LICENSED PRODUCTS used or SOLD in the United
States will be manufactured substantially in the United States as and to the extent required by law (including without limitation the Bayh-Dole Act), unless a written waiver is obtained in advance from the GOVERNMENT. LICENSEE will promptly advise
UTMDACC if such a written waiver is requested and/or obtained. 

  

	15.3	 LICENSEE UNDERSTANDS AND AGREES THAT BOARD AND UTMDACC, BY THIS AGREEMENT, MAKE NO REPRESENTATION AS TO THE
OPERABILITY OR FITNESS FO ANY USE, SAFETY, EFFICACY, APPROVABILITY BY REGULATORY AUTHORITIES, TIME AND COST OF DEVELOPMENT, PATENTABILITY, AND/OR BREADTH OF THE LICENSED SUBJECT MATTER.

  
 52 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
BOARD AND UTMDACC, BY THIS AGREEMENT, ALSO MAKE NO REPRESENTATION AS TO WHETHER ANY PATENT COVERED BY PATENT RIGHTS IS VALID OR AS TO WHETHER THERE ARE ANY PATENTS NOW HELD, OR WHICH WILL BE
HELD, BY OTHERS OR BY BOARD OR UTMDACC IN THE LICENSED FIELD, NOR DO BOARD AND UTMDACC MAKE ANY REPRESENTATION THAT THE INVENTIONS CONTAINED IN PATENT RIGHTS DO NOT INFRINGE ANY OTHER PATENTS NOW HELD OR THAT WILL BE HELD BY OTHERS OR BY BOARD.

  

	15.4	 LICENSEE, by execution hereof, acknowledges, covenants and agrees that LICENSEE has not been induced in any way
by BOARD, SYSTEM, UTMDACC or employees thereof to enter into this AGREEMENT, and further warrants and represents that (a) LICENSEE is entering into this AGREEMENT voluntarily; (b) LICENSEE has conducted sufficient due diligence with
respect to all items and issues pertaining to this AGREEMENT; and (c) LICENSEE has adequate knowledge and expertise, or has used knowledgeable and expert consultants, to adequately conduct such due diligence, and agrees to accept all risks
inherent herein. 

  

	15.5	 UTMDACC represents and warrants that: 

 

	 	(a)	 UTMDACC has, before the EFFECTIVE DATE, provided LICENSEE a true and correct copy of the IIA;

  

	 	(b)	 The IIA provides that termination of the IIA shall not affect the rights of LICENSEE under this AGREEMENT;

  

	 	(c)	 Neither BOARD nor UTMDACC shall terminate or amend the IIA in a manner that would impair LICENSEE’s rights
hereunder (including by impairing LICENSEE’s license to the PATENT RIGHTS or the TECHNOLOGY RIGHTS as described in this AGREEMENT); 

  
 53 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	(d)	 UTMDACC has, before the EFFECTIVE DATE, provided LICENSEE a true and correct copy of the CPRIT Contract;

  

	 	(e)	 As of the EFFECTIVE DATE, UTMDACC has not committed an act or omission that CPRIT considers a default of the
CPRIT Contract; 

  

	 	(f)	 CPRIT has agreed that, in the event of an uncured default by UTMDACC under the CPRIT Contract, CPRIT shall not
take any action that would impair LICENSEE’s rights under this AGREEMENT provided that LICENSEE is diligently working toward commercialization of LICENSED SUBJECT MATTER and is taking commercially reasonable efforts to obtain patent protection
with respect thereto; 

  

	 	(g)	 Neither BOARD nor UTMDACC shall terminate or amend the CPRIT Contract in a manner that would impair
LICENSEE’s rights hereunder (including by impairing LICENSEE’s license to the PATENT RIGHTS or the TECHNOLOGY RIGHTS as described in this AGREEMENT); and 

 

	15.6	 UTMDACC represents and warrants that the following representations and warranties set forth in the PURCHASE
AGREEMENT are incorporated herein for all purposes and shall be deemed to be provided by UTMDACC, as the “Purchaser”, in favor of LICENSEE, subject in all cases to Section 16.5: Section 3.2, Section 3.3,
Section 3.4, Section 3.5, Section 3.6, Section 3.7, Section 3.8, Section 3.9, Section 3.10 and Section 3.11. A breach by UTMDACC of any of the
representations and warranties set forth in this Section 15.6 shall be deemed a breach of this Agreement, and LICENSEE shall have all rights and recourse under the provisions of this Agreement and/or the PURCHASE AGREEMENT against
UTMDACC in connection with such breach. 

  
 54 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	15.7	 LICENSEE further represents and warrants that all of the representations and warranties set forth in
Section 2 of the PURCHASE AGREEMENT are incorporated herein for all purposes and shall be deemed to be provided by LICENSEE, as the “Company” in favor of UTMDACC in this Section 15.7. A breach of any of the
representations and warranties set forth in this Section 15.7 shall be deemed a breach of this Agreement and the PURCHASE AGREEMENT, and UTMDACC shall have all rights and recourse under the provisions of this Agreement and/or the
PURCHASE AGREEMENT against the LICENSEE in connection with such breach. 

 XVI. GENERAL 

 

	16.1	 This AGREEMENT constitutes the entire and only agreement between the parties for the subject matter hereof and
all other prior negotiations, representations, agreements and understandings related thereto are superseded hereby. No agreements altering or supplementing the terms hereof will be made except by a written document signed by both parties.

  

	16.2	 Any notice required by this AGREEMENT must be given by prepaid, first class, mail, and addressed in the case of
UTMDACC to: 

 The University of Texas M, D. Anderson Cancer 

Center Office of Technology Commercialization, Unit 1669 

PO Box 301407 
 Houston, Texas
77230-1407 
 [***] 
 or in the
case of LICENSEE to: 
 [***] 

Managing Director 
 ARCH Venture
Partners 
 999 Third Avenue, Suite 3400 

Seattle, WA 98104 

  
 55 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 or other addresses as may be given from time to time under the terms of this notice
provision. Communications regarding patent prosecution may be transmitted by electronic mail. For such communications to UTMDACC sent via electronic mail, the electronic mail shall be addressed or copied to [***]. 

 

	16.3	 LICENSEE must comply with all applicable federal, state and local laws and regulations in connection with its
activities pursuant to this AGREEMENT. LICENSEE acknowledges that the LICENSED SUBJECT MATTER is subject to U. S. export control jurisdiction. LICENSEE agrees to comply with all applicable international and national laws that apply to the LICENSED
SUBJECT MATTER, including U.S. Export Administration Regulations, as well as end-user, end-use, and destination restrictions applied by the United States. 

  

	16.4	 This AGREEMENT will be construed and enforced in accordance with the laws of the United States of America and
of the State of Texas, without regard to its conflict of law provisions. 

  

	16.5	 UTMDACC is an agency of the State of Texas and under the constitution and the laws of the State of Texas
possesses certain rights and privileges, is subject to certain limitations and restrictions, and only has such authority as is granted to it under the constitution and laws of the State of Texas. Notwithstanding any provision hereof, nothing in this
AGREEMENT is intended to be, nor will it be construed to be, a waiver of the sovereign immunity of the State of Texas, BOARD, SYSTEM or UTMDACC or a prospective waiver or restriction of any of the rights, remedies, claims, and privileges of the
State of Texas, BOARD, SYSTEM or UTMDACC. Moreover, notwithstanding the generality or 

  
 56 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
specificity of any provision hereof, the provisions of this AGREEMENT as they pertain to BOARD or UTMDACC are enforceable only to the extent authorized by the constitution and laws of the State
of Texas. Accordingly, to the extent any provision hereof conflicts with the constitution or laws of the State of Texas or exceeds the right, power or authority of BOARD or UTMDACC to agree to such provision, then that provision will not be
enforceable against BOARD or UTMDACC or the State of Texas. Further, the terms of this AGREEMENT shall be subject to and shall be construed to be consistent with any third party rights (e.g., CPRIT, BIDMC), applicable UT System and MDA Rules and
Policies, and other applicable laws, statutes, policies, rules and regulations with respect thereto or the subject matter hereof. 

  

	16.6	 Notwithstanding the foregoing, to the extent that Chapter 2260, Texas Government Code, as it may be amended
from time to time (“Chapter 2260”), is applicable to this AGREEMENT, LICENSEE acknowledges and agrees that the dispute resolution process provided for in Chapter 2260 shall be LICENSEE’s sole and exclusive process for seeking a remedy
for any and all alleged breaches of the AGREEMENT by BOARD and/or UTMDACC or the State of Texas. 

  

	16.7	 Failure of BOARD or UTMDACC to enforce a right under this AGREEMENT will not act as a waiver of right or the
ability to later assert that right relative to the particular situation involved. 

  

	16.8	 Headings included herein are for convenience only and will not be used to construe this AGREEMENT.

  

	16.9	 If any part of this AGREEMENT is for any reason found to be unenforceable, all other parts nevertheless will
remain enforceable. 

  
 57 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	16.10	 In the event that LICENSEE brings an action before any court, agency or tribunal seeking to invalidate or
otherwise challenge the enforceability of or BOARD’S ownership of any patent included in the PATENT RIGHTS, then UTMDACC may immediately terminate this AGREEMENT upon written notice to LICENSEE. To the extent that LICENSEE unsuccessfully
challenges the validity or enforceability of any patent included in the PATENT RIGHTS, LICENSEE agrees to reimburse UTMDACC and BOARD for all costs and fees (including attorney’s fees) paid by UTMDACC and BOARD in defending against such
challenge. LICENSEE understands and agrees that, in the event LICENSEE successfully challenges the validity or enforceability of any patent included in the PATENT RIGHTS, all payments or other consideration made or otherwise provided by LICENSEE to
UTMDACC prior to a final, non-appealable adjudication of invalidity and/or unenforceability shall be non-refundable. The obligations of this Section shall survive the expiration or termination of this AGREEMENT. 

 

	16.11	 This AGREEMENT may be executed in one (1) or more counterparts, by original, facsimile or PDF signature,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures to this AGREEMENT transmitted by facsimile, by email in “portable document format” (“.pdf), or by any other
electronic means intended to preserve the original graphic and pictorial appearance of this AGREEMENT shall have the same effect as physical delivery of the paper document bearing original signature. Facsimiles and scanned images of original
signatures shall be considered as valid and binding as original signatures, and as such, a facsimile or scanned image of an original signature delivered by the executing party to the other party shall create a valid and binding obligation of the
party executing (or on whose behalf such 

  
 58 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

	 	
signature is executed) with the same force and effect as if such facsimile or scanned signature was an original signature. In the event signatures are exchanged by facsimile and/or in “.pdf
format, each party shall thereafter promptly provide an original signature page to the other party. 

 [Signatures Appear on
Following Page] 

  
 59 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to
execute this AGREEMENT. 
  

			
	THE BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM, on behalf of
	
	THE UNIVERSITY OF TEXAS M. D. ANDERSON CANCER CENTER
		
	By:	 	 /s/ Ronald A. DePinho, M.D.

	Name:	 	Ronald A. DePinho, M.D.
	Title:	 	President
		 	
	Approved as to Consent
		
	By:	 	 /s/ Ferran Prat, J.D., Ph.D.

	Name:	 	Ferran Prat, J.D., Ph.D.
	Title:	 	Vice President, Strategic Industry
	  Ventures M. D. Anderson Cancer Center

	
	Addresses for notices:
	
	The University of Texas M. D.
	Anderson Cancer Center
	Office of Technology Commercialization
	Unit 1669
	PO Box 301407
	Houston, Texas 77230-1407
	[***]
	
	With a mandatory copy, which shall not constitute notice, to:
	
	Bracewell & Giuliani LLP
	1445 Ross Avenue Suite 3800
	Dallas, TX 75202-2724
	[***]

 SIGNATURE PAGE TO PATENT
AND TECHNOLOGY LICENSE AGREEMENT 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to
execute this AGREEMENT. 
  

			
	 LICENSEE:
  

	CODIAK BIOSCIENCES, INC.
		
	By:	 	 /s/ Doug Williams

	Name:	 	Doug Williams
	Title:	 	President
	
	Addresses for notices:
	
	c/o ARCH Venture Partners
	999 Third Avenue, Suite 3400
	Seattle, WA 98104
	
	With a mandatory copy, which shall not constitute notice to:
	
	Goodwin Procter LLP
	620 Eighth Avenue
	New York, NY 10018
	[***]

 SIGNATURE PAGE TO PATENT
AND TECHNOLOGY LICENSE AGREEMENT 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 EXHIBIT I 
  

							
	 UTMDACC Invention Disclosure
Report (IDR)
No.
	 	 Inventors
	 	 IDR Title/Patent Title
	 	 U.S. and foreign patent

application/ 
patent numbers

	[***]	 	[***]	 	[***]	 	[***]
	[***]	 	[***]	 	[***]	 	[***]
	[***]	 	[***]	 	[***]	 	[***]
	[***]	 	[***]	 	[***]	 	[***]

  
 62 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 EXHIBIT II 

CPRIT CONTRACT 
 [***]

  
 63 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 FIRST AMENDMENT TO 

PATENT AND TECHNOLOGY LICENSE AGREEMENT 

This First Amendment to Patent and Technology License Agreement (“AMENDMENT”) is made on this 26th day of April, 2018 by and between
THE BOARD OF REGENTS (“BOARD”) of THE UNIVERSITY OF TEXAS SYSTEM (“SYSTEM”), an agency of the State of Texas, whose address is 201 West 7th Street, Austin, Texas 78701, on behalf of THE UNIVERSITY OF TEXAS M.D. ANDERSON
CANCER CENTER (“UTMDACC”), a member institution of SYSTEM, and Codiak BioSciences, Inc., a Delaware corporation having a principal place of business located at 500 Technology Square, 9th
Floor, Cambridge, MA 02139, and formerly known as Kodiak Biotechnologies, Inc. (“LICENSEE”). 
 RECITALS 

 

	 	A.	 Licensee and the Board have entered into that certain Patent and Technology License Agreement, effective as of
the 10th day of November, 2015 (the “Agreement;” capitalized terms used but not defined herein shall have the meaning provided in the Agreement). 

 

	 	B.	 Licensee and Board now desire to amend the Agreement as provided herein. 

NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties agree as follows: 

  
 1 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 1. AMENDMENT OF AGREEMENT 

 

	2.1.	 Section 3.8 of the Agreement is hereby amended so that the phrase “[***]” as it appears in
clause “(c)” of Section 3.8 is hereby deleted and replaced with the phrase “[***].” 

  

	2.2.	 Section 4.6 of the Agreement is hereby amended so that the phrase “(i) the third anniversary of the
EFFECTIVE DATE, or” as it appears in the last paragraph of Section 4.6 is hereby deleted and replaced with the phrase “February 1, 2021, or.” 

 

	2.3	 Section 7.2 of the Agreement is hereby amended so that the phrase “the third anniversary of the
EFFECTIVE DATE.” is hereby deleted and replaced with the phrase “February 1, 2021.” 

 2. CONFIRMATION OF
TERMS 
  

	2.1	 Except as otherwise set forth herein, the Agreement shall continue in full force and effect, in accordance with
it terms. 

 [Signatures Appear on Following Page] 

  
 2 

 [***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED 
  

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute
this AMENDMENT. 
  

							
	 BOARD OF REGENTS OF THE
 UNIVERSITY
OF TEXAS SYSTEM, on behalf of
 THE UNIVERSITY OF TEXAS M. D.

ANDERSON CANCER CENTER
	  	CODIAK BIOSCIENCES, INC.
				
	By:	 	 /s/ Eric Melson
	  	By:	  	 /s/ Douglas Williams

	 Printed Name: Eric Melson
 Title:
Senior Vice President
	  	 Printed Name: Douglas Williams

Title: Chief Executive Officer

			
	Approved as to Content:	  		  	
				
	By:	 	 /s/ Ferran Prat, J.D.,
Ph.D.            
	  		  	
		 	 Ferran Prat, J.D., Ph.D.
 Vice President,
Strategic Industry Ventures
 M. D. Anderson Cancer Center
	  		  	

  
 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]