Document:

EX-10.14

 Exhibit 10.14 

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(I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  
 

 
 Master Services Agreement 

This Master Services Agreement (this “Agreement”) dated March 31, 2017 (the “Effective
Date”), between Shattuck Labs, Inc., having a place of business at 3317 Bowman Ave, Austin, TX 78703 (“Client”) and KBI Biopharma, Inc., having a place of business at 1101 Hamlin Road,
Durham, North Carolina 27704 (“KBI Biopharma”) (Client and KBI Biopharma, each a “Party”, and collectively, the “Parties”). 

WHEREAS, Client is engaged in the discovery and development of new biological therapeutics; 

WHEREAS, KBI Biopharma is in the business of providing biological development and clinical manufacturing services; 

WHEREAS, Client desires KBI Biopharma to perform certain services in accordance with the terms of this Agreement and KBI Biopharma desires to perform such
services; and 
 WHEREAS, the Parties have previously entered into a Cell Line Services License Agreement on August 26, 2016 and a Services Agreement
on September 26, 2016 for Stable Pool Generation (the “2016 Agreements”). 
 NOW, THEREFORE, in consideration of
the above statements, which form part of this Agreement, and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the Parties hereto agree as follows: 

 

	1.	 Services to be Performed 

 

	1.1	 Scope of Agreement. As a master form of contract, this Agreement allows the Parties to contract for
multiple projects through the issuance of multiple Proposals as described in Section 1.2, without having to re-negotiate the basic terms and conditions contained herein. This Agreement and all attachments
thereto shall supersede and replace the 2016 Agreements and any Services being provided under the 2016 Agreements will be subject to the terms and conditions set forth herein. 

 

	1.2	 KBI Performance of Services. KBI Biopharma agrees to and shall perform services (the
“Services”) for Client which are detailed in a proposed technical scope of work and budget that has been agreed upon and executed by the Parties (each a “Proposal”). Once
executed, each Proposal shall be attached hereto as Attachment One and incorporated herein by reference. Each Proposal shall have a unique identifier, be consecutively numbered and specify the deliverables to be provided to Client as a result
of the performance by KBI Biopharma of the Services (the “Deliverables”). In the event that Client requests KBI Biopharma to perform services beyond the scope of services specifically stated in a Proposal, KBI
Biopharma shall have no obligation to perform such supplemental services unless and until a Change Order is executed in accordance with Article 8 below, or unless the Parties agree in writing on a new Proposal for additional services to be performed
under this Agreement. 

  

	1.3	 Additional Services. The Parties may agree upon additional Services to be performed under the terms of
this Agreement, as may be described in purchase orders or proposals to be mutually agreed upon by the Parties in writing. 

  
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	1.4	 Compliance with Laws. KBI Biopharma shall perform the Services in all material aspects in compliance
with Applicable Laws. Client shall have responsibility for determining regulatory strategy and for all regulatory decisions except for those matters that KBI Biopharma, in its reasonable discretion deems contrary to regulatory requirements or
commitments made by KBI Biopharma to Regulatory Authorities, of which matters KBI Biopharma shall promptly notify Client in writing. Should the Applicable Laws change over the course of KBI Biopharma’s performance of the Services, KBI Biopharma
will use reasonable efforts to satisfy the new requirements. Notwithstanding the foregoing, in the event that compliance with such new Applicable Laws necessitates a change in the scope or nature of the Services to be completed, KBI Biopharma will
submit to Client a Change Order in accordance with Article 8. 

  

	1.5	 Definitions; Interpretation. 

1.5.1 “Applicable Laws” shall mean all laws, statutes, rules, regulations, directives, decisions,
ordinances and other requirements of any Governmental Authority in the United States or the EU applicable to the Services relating to the manufacture, testing, quality, storage and supply of investigational drugs (including biologics); including,
without limitation: (a) in the case of cGMP Batches for investigational clinical trials in the U.S., as expressly stated in the relevant Proposal or Quality Agreement, the FD&C Act and cGMPs; and (b) all applicable regulations and
guidelines of the FDA, EMA and/or any other relevant Regulatory Authority in the United States and/or the EU applicable to the manufacture, testing, quality, storage and supply of an investigational new drug (including biologics); in each case,
together with any and all amendments thereto. 
 1.5.2 “Batch” shall mean a specific quantity of Client
Product that is intended to be of uniform character and quality and is produced during the same cycle of manufacture. 
 1.5.3
“Cause” means, with respect to an audit of a KBI Biopharma facility, that: (a) the audit is prompted by a Regulatory Authority critical finding or recall, or a critical finding in an audit conducted by or
on behalf of Client pursuant to Section 5.1, where, in each case, a “critical finding” is a finding that would result in a regulatory action or has such other meaning as may be provided in the Quality Agreement; or (b) any other
“for cause” basis exists (such as, by way of example and not limitation, notice by any Governmental Authority of KBI Biopharma’s noncompliance with Applicable Laws if such noncompliance relates to or may affect the Manufacture of
Client Product, or issuance by the FDA of a Form 483 or Warning Letter or a comparable notice issued by any other Governmental Authority). 

1.5.4 “Certificate of Analysis” means a document, signed by an authorized representative of KBI
Biopharma, describing the applicable Specifications for, and testing methods applied to, a Batch of Client Product, and the results of such testing, and confirming that such Batch meets the Specifications. 

1.5.5 “Certificate of Compliance” means a document, signed by an authorized representative of KBI
Biopharma, attesting that a particular Batch of Client Product was manufactured in accordance with cGMPs. 
 1.5.6 “Client
Materials” means all Client proprietary materials and information, biological and/or chemical materials, intellectual property and developments, including without limitation, all patents, patent applications, know-how, inventions, designs, concepts, technical information, manuals, or instructions which, as of the Effective Date, are owned, licensed or controlled by Client relating to the development, formulation,
manufacture, processing, packaging, analysis or testing of the Client Product and provided to KBI Biopharma by or on behalf of Client. 

1.5.7 “Client Product” shall mean a biologic Manufactured, or to be Manufactured, by KBI Biopharma on
behalf of Client pursuant to a Proposal, which biologic may, as specified in such Proposal, either comprise: (a) a KBI Biopharma proprietary cell line (“KBI Cell Line”), or (b) a biologic which does not use or incorporate
a proprietary KBI Biopharma cell line or which Client provides to KBI Biopharma (“Non-Proprietary Cell Line”), either with or without a Client-specified manufacturing process to be implemented
by KBI Biopharma and/or its affiliates in manufacturing such Client Product on Client’s behalf; in each case, as more fully described in the applicable Proposal. 

  
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 1.5.8 “cGMP” shall mean the current Good Manufacturing
Practices for the production of drugs or biological products as promulgated under each of the following as in effect on the date of this Agreement and as amended or revised after the date of this Agreement and in effect at the time of the
performance of the Services: (a) in the U.S., as set forth in FD&C Act and related U.S. regulations, including Parts 210 and 211 and/or Parts 600 and 610 (as applicable) of Title 21 of the U.S. Code of Federal Regulations (21 CFR 210 and
211 and/or 21 CFR 600 and 610), and the ICH Harmonised Tripartite Guideline Q7 “Good Manufacturing Practice Guide for Active Pharmaceutical Ingredients:” and (b) in the European Union, as set forth in European Commission Directive
2003/94/EC, Directive 2001/83/EC (as amended by Directive 2004/27/EC) and EudraLex — Volume 4 of the Rules Governing Medicinal Client Products in the European Union entitled “EU Guidelines to Good Manufacturing Practice Medicinal Client
Products for Human and Veterinary Use.” 
 1.5.9 “EMA” shall mean the European Medicines Agency or
the successor thereto. 
 1.5.10 “EU” means the countries of the European Union as it exists at any
time. 
 1.5.11 “FD&C Act” shall mean the United States Federal Food, Drug and Cosmetic Act and
regulations promulgated thereunder, as each may be amended from time to time. 
 1.5.12 “FDA” shall
mean the United States Food and Drug Administration or the successor thereto. 
 1.5.13 “Governmental
Authority” means any multinational, federal, state, local, municipal or other governmental authority of any nature (including any governmental division, prefecture, subdivision, department, agency, bureau, branch, office,
commission, council, court or other tribunal), in each case, having jurisdiction over the applicable subject matter. 
 1.5.14
“Manufacture” or “Manufacturing” means all activities, whether performed by a Party or a Third Party designee of a Party, related to the manufacturing of a product, or any
ingredient thereof, including manufacturing for clinical use, in-process and product testing, release of product, quality assurance activities related to manufacturing and release of product, handling and
storage of product and ongoing stability tests, packaging and labeling. 
 1.5.15 “Master File” shall
mean KBI Biopharma’s regulatory support file, including but not limited to information about KBI Biopharma’s facility, procedures and operations which KBI Biopharma provides to its customers for use in such customers’ regulatory
submissions with respect to investigational new drugs that are manufactured and supplied by KBI Biopharma to its clients. If KBI Biopharma has submitted a Master File to the FDA (or, if mutually agreed in writing on a
case-by-case basis, other Regulatory Authorities), such a filing shall be the “Master File” for the purposes of this Agreement and KBI Biopharma agrees to
provide Client with a letter of authorization allowing Client to reference that file in its regulatory filings. KBI Biopharma shall maintain the Master File or components thereof so that it complies with current FDA regulations. 

1.5.16 “Quality Agreement” shall have the meaning specified in Section 3.3. 

1.5.17 “Regulatory Approvals” means, with respect to a Client Product or a facility for the Manufacture
of a Client Product or any component thereof, all filings and approvals (including, as applicable, IND filings, product approvals, pricing approvals, establishment license approvals and, in each case any supplements and amendments thereto),
licenses, registrations or authorizations of any Governmental Authority necessary to obtain marketing authorization for or to Manufacture a Client Product, as applicable, for or in a particular country or regulatory jurisdiction. 

  
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 1.5.18 “Regulatory Authority” means, in a particular
country or regulatory jurisdiction, any applicable Governmental Authority involved in granting Regulatory Approval in such country or regulatory jurisdiction, including (i) in the U.S., the FDA, and (ii) in the EU, the EMA, the European
Commission and relevant national medicines regulatory authorities. 
 1.5.19 “Specifications” shall
mean, for a given Deliverable and with respect to a particular Client Product, the release and acceptance criteria to which such Client Product must conform, which criteria shall be included in, or attached as an exhibit to, the applicable Proposal
or the corresponding Quality Agreement (if any), all as amended from time to time by the Parties. 
  

	2.	 Client Obligations 

 

	2.1	 General. Unless otherwise agreed to by the Parties in writing, in each case in accordance with a
Proposal, Client is solely responsible for, and performance hereunder by KBI Biopharma is contingent upon: (a) provision of complete and accurate scientific data and relevant information which is known to Client and is relevant to the
production of the Client Product and as otherwise to be supplied by Client pursuant to a Proposal; (b) provision of information necessary to effect the reliable transfer of methods and processes to KBI Biopharma; (c) identification and/or
provision of specific reagents, reference standards or other materials necessary for the Manufacture of a Client Product, as may be provided in a Proposal; (d) if applicable, review and approval of
in-process and finished product test results to ensure conformity of such results with required Client Product Specifications, regardless of which Party is responsible for finished Client Product release;
(e) preparation of all submissions to Regulatory Authorities; and (f) performance of other relevant and appropriate obligations of Client set forth in the Proposal. The data and information provided under subsections (a) through (c)
above and Section 2.4 below together are considered “Client Information”. As applicable and pursuant to Section 13.1, such Client Information may also be considered Confidential Information. Client shall perform its
obligations as set forth in this Agreement, support and cooperate with the execution of the Services and shall not engage in any act or omission, which may reasonably be expected to prevent or delay the successful execution of the Services. Such
support and cooperation shall include, but not be limited to, informing KBI Biopharma of Client’s overall regulatory strategy for the development and approval of a Client Product(s) to the extent relevant to the applicable Proposal, prompt
review and approval of documents requiring Client’s signature, timely delivery of methods and materials and prompt response to other similar issues. 

  

	2.2	 Provision of Regulatory Submissions. Client shall be solely responsible for filing and maintaining all
IND applications and foreign equivalents thereof, applications for regulatory or marketing approval, and regulatory or marketing approvals with respect to any Client Product (collectively, “Regulatory Filings”).
In the event that KBI Biopharma has submitted a Master File with the FDA, KBI Biopharma shall submit a letter of authorization to the FDA authorizing such Regulatory Authority to access and refer to the Master File in support of Client’s
(or its designee’s) U.S. Regulatory Filings with respect to any Client Product and shall promptly provide Client with a copy of such letter of authorization. KBI Biopharma shall maintain the Master File as current per FDA regulations and will
notify Client of any critical changes to the Master File that may adversely affect Client’s Regulatory Filings. In the event that KBI Biopharma has not submitted its Master File to the FDA (or, if mutually agreed in writing on a case-by-case basis, other Regulatory Authorities), then KBI Biopharma shall provide to Client appropriate and relevant sections of the Master File that are required for
Client’s Regulatory Filings. 

  

	2.3	 Information Regarding Hazardous Materials. Client shall provide to KBI Biopharma, on an on-going basis throughout the Term (as defined below), any applicable safe handling instructions for any substance or material provided by or on behalf of Client to KBI Biopharma in sufficient time for review and
training by KBI Biopharma prior to delivery of any such substance or material to KBI Biopharma. Where appropriate or required by law, Client shall provide a Material Safety Data Sheet and instructions for proper storage for all Client-provided
materials, finished product and reference standards. 

  
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	2.4	 Other Company Materials. As soon as practicable following the execution of this Agreement, Client shall
provide to KBI Biopharma relevant and appropriate materials, know-how, information and technical assistance under Client’s control which is associated with the Client Product or otherwise required for the
performance of the Services in accordance with the Proposal. Client agrees that, to its knowledge, such materials, know-how, information and technical assistance shall be complete and accurate to the extent
required for KBI Biopharma to perform the Services. 

  

	2.5	 Limited, Non-Exclusive License. Client hereby grants to KBI
Biopharma during the Term of this Agreement the non-exclusive, non-sublicensable, non-transferable right to use any and all patent rights, trade secrets, intellectual
property and other materials under Client’s control for the limited and sole purpose of allowing KBI Biopharma to perform the Services. 

  

	3.	 Performance 

  

	3.1	 Schedule. The timelines and schedules for the performance of the Services (including without limitation
the dates for production and delivery of Client Product) and the yield or quantity of Client Product as set out in the Proposal are best estimates only. The parties recognize the unpredictable nature of biological processes and that such processes
may necessarily lead to changes to the timelines and schedules for performance of the Services. KBI Biopharma shall promptly notify Client if it reasonably expects that it will not be able to meet a timeline or schedule set forth in a Proposal,
shall keep Client regularly informed in writing of any such changes that are necessary to each Proposal, and agrees that such changes will be made to the minimum extent reasonably necessary. Client shall not be entitled to cancel any unfulfilled
part of the Services or refuse acceptance of Client Product related to a Proposal on grounds of late performance of the Services or late delivery of the Client Product subject to the provisions of this Section 3.1. Except as otherwise provided
for in this Agreement, KBI Biopharma shall not be liable for any loss, damage, costs or expenses of any nature, whether direct, indirect, incidental or consequential, arising out of any delay in performance or delivery; or arising out of any failure
to produce the estimated quantities of Client Product for delivery on the estimated schedule. 

  

	3.2	 Technical Difficulties. If it becomes apparent to either KBI Biopharma or Client at any stage in the
provision of any Services that, as a result of scientific or technical reasons [***], it will not be possible to complete the Services in the manner described in this Agreement or the Proposal or any Change Order thereto, KBI Biopharma will
(a) identify the problem, (b) submit the problem in writing to senior management of each Party, and (c) representatives of senior management from each Party will negotiate in good faith for a [***] period from the date senior
management of the Parties first convene regarding how to resolve such problem in a [***] manner. If the Parties do not agree on a [***] resolution to the problems within such [***] period, KBI Biopharma and Client shall each have the right to
terminate this Agreement by written notice to the other Party, subject to Section 24.2. 

  

	3.3	 Quality Agreement. Contemporaneously with the execution of this Agreement, or as soon as practicable
after the execution hereof, in the event that the Proposal specifically enumerates Services that include the performance of activities that are subject to cGMP, the Parties shall develop and agree upon a quality agreement describing the quality,
regulatory and compliance roles and responsibilities of each Party, the format and content of which shall be agreed upon by the Parties (the “Quality Agreement”). Upon execution by both Parties, the Quality
Agreement shall be incorporated herein and attached hereto as Attachment Two. 

  

	3.4	 Non-Conforming Services. Within [***] of the earlier of the
delivery of Batch-specific documentation (“Batch Documentation” as defined below) or receipt of the Client Product, Client shall inform KBI Biopharma of any material
non-conformity with required specifications set forth in the Proposal, as may be further provided in the Quality Agreement. Batch Documentation shall be specified in the applicable Quality Agreement and will
include, but is not limited to: (a) a Certificate of Analysis or Certificate of Compliance, as applicable, for each Batch or the Client Product and (b) a summary report regarding the Manufacture of such Batch or Client Product in KBI
Biopharma’s standard form. In the event that such non-conformity is attributable to a breach of KBI Biopharma’s obligations under this Agreement, then, KBI Biopharma shall, [***], at KBI
Biopharma’s cost, as applicable, re-perform such non-conforming Services as soon as possible with no additional fees to Client. 

  
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	3.5	 KBI Cell Line License. If one or more Client Product uses the KBI Cell Line, KBI Biopharma hereby grants
to Client, and Client hereby accepts from KBI Biopharma, a worldwide, non-exclusive, non-sublicensable, royalty free, fully-paid up, non-transferable license to use the
KBI Cell Line to create Client Products (the “Cell Line License”). Client must at minimum engage KBI Biopharma to conduct the cell line development services with the KBI Cell Line in order to receive the grant
of this Cell Line License. The fee for the Cell Line License is a one-time fee (the “Cell Line License Fee”) and shall be as follows: 

3.5.1 If Client engages KBI Biopharma for cell line development, process development and manufacturing (with the full completion of at least
one manufacturing run), no license fees will be due from Client. 
 3.5.2 If Client engages KBI Biopharma for cell line development and
process development only, Client shall pay to KBI Biopharma a one-time license fee of [***]. 
 3.5.3
If Client engages KBI Biopharma for cell line development only Client shall pay to KBI Biopharma a one-time license fee of [***]. 

If requested in writing by Client, the parties shall enter into a license agreement and KBI Biopharma shall provide to Client the KBI Cell Line
License prior to Client’s first IND filing so that appropriate documentation related to the Cell Line can be included in the regulatory submission package. The Cell Line License shall include the right for Client to make or have made Client
Products using the KBI Cell Line. Other than Client’s payment obligations as otherwise set forth herein or pursuant to a Proposal, payment of the Cell Line License Fee shall be the only financial consideration paid by Client to KBI Biopharma in
connection with commercial sales of Client Products that use the KBI Cell Line. No royalties or any other payments (except those expressly specified above) shall be due to KBI Biopharma on safes of any Client Product. Neither Party shall be
obligated to enter into a commercial manufacturing supply agreement except in its sole discretion and upon receipt of all necessary corporate approvals for such party. 
  

	4.	 Work Output 

All reports specified in each Proposal and other applicable Batch Documentation (collectively, the “Work Output”) will be prepared using KBI
Biopharma’s standard format(s) unless otherwise specified in the applicable Proposal or this Agreement. Client will be supplied with copies of Work Output generated as a result of the Services as set forth in each Proposal or Quality Agreement.
All Work Output and any required Client Product samples will be archived by KBI Biopharma in electronic and, as required, paper form for a period of [***] following completion of the Services unless otherwise provided in the corresponding Proposal
or required by Applicable Laws. At such time after completion of the Services, Work Output and Client Product samples will be sent to Client and a reasonable return fee will be charged to Client. If Client chooses to have KBI Biopharma dispose of
Work Output and Client Product samples, a reasonable disposal fee will be charged. 
  

	5.	 Facility Visits and Audits 

 

	5.1	 Scope of Visit. Client shall have the right upon no less than [***] prior written notice to KBI
Biopharma and during regular business hours, to visit KBI Biopharma to observe the progress of the Services (i.e., person in the plant) and to inspect related records and data for the purpose of making quality control inspections so as to assure
compliance with this Agreement. The form, participants, duration and procedures of all such regularly scheduled visits shall be subject to KBI Biopharma’s reasonable approval. Client shall have the right to conduct a “for Cause” audit
during normal working hours with no less than one business day’s advance notice. 

  
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	5.2	 Client Obligations. It shall be the duty of Client to follow KBI Biopharma’s reasonable safety
rules while in, on or about KBI Biopharma’s premises. KBI Biopharma also wants to ensure that all visits are conducted in a manner reasonably required to protect the confidentiality of KBI Biopharma Confidential Information and the confidential
information of other clients. As such, Client agrees that it and its subcontractors, employees, agents, representatives, and guests of any of them shall: (a) be subject to a nondisclosure obligation comparable in scope to Article 13, (b) follow
such security and facility access procedures as are designated by KBI Biopharma, (c) be accompanied by a KBI Biopharma representative, (d) not enter areas of any KBI Biopharma facility at times when any third party’s products are
being manufactured to assure protection of KBI Biopharma’s or third party’s confidential information, (e) not visit areas of the facility other than those areas reasonably necessary to assess and evaluate KBI Biopharma’s
performance of the Services, and (f) use good faith efforts to avoid disrupting KBI Biopharma’s operations. Except as set forth in the exceptions in Section 13.2, all information learned, observed or obtained by Client during any
visit to KBI Biopharma’s facilities shall be deemed “Confidential Information” of KBI Biopharma under Article 13, regardless of whether such information is marked “Confidential” or subsequently summarized in writing. Client
warrants that it, and its subcontractors, employees, agents, representatives, and any personnel acting on behalf of Client hereunder who visit the KBI Biopharma facility: (i) are not debarred, under subsections 306(a) or (b) of the Generic
Drug Enforcement Act of 1992, as each may be amended from time to time, and (ii) will at all times comply with all safety and security regulations in effect from time to time and communicated by KBI Biopharma, and (iii) will at all times
comply with Article 13 with respect to the confidentiality and use of KBI Biopharma Confidential Information. 

  

	5.3	 Costs. Client may conduct [***] such quality assurance facility visit per calendar, except for Cause,
year using no more than [***] auditors for a maximum of [***] at no cost to Client. Additional audits will be invoiced separately on a time and materials basis at the then current rate for such services. 

 

	6.	 Regulatory Inspections and Communications 

 

	6.1	 General. KBI Biopharma will promptly notify Client of any regulatory inspections directly relating to
Services provided to Client, a Client Product or Client Product, in accordance with the terms of the Quality Agreement (if applicable). KBI Biopharma agrees to reasonably cooperate with all Regulatory Authorities and submit to reasonable inspections
by such authorities. In the event KBI Biopharma receives any correspondence from any Regulatory Authority that may adversely affect the Services, a Client Product or Client Product, KBI Biopharma shall notify Client thereof in writing as promptly as
practicable but in no event later than within the time frames agreed in the Quality Agreement (if applicable). 

  

	6.2	 Costs. Client shall be responsible for, and shall promptly pay, all documented costs charged by a
Regulatory Authority for inspections directly related to Services provided to Client, a Client Product or Client Product. KBI Biopharma’s costs in connection with regulatory inspections will be invoiced separately on a time and materials basis
at the then current rate for such services. 

  

	6.3	 Cooperation. The Parties shall reasonably cooperate with and assist each other in complying with
regulatory obligations, including by each Party providing to the other Party such information and documentation which is in such Party’s possession as may be reasonably necessary for a Party to prepare a response to an inquiry from a Regulatory
Authority with respect to a Client Product or Client Product or KBI Biopharma’s facility where the Services are being rendered. 

  

	7.	 Compensation 

  

	7.1	 Fees and Invoices. In consideration for KBI Biopharma performing the Services under a Proposal, Client
shall pay to KBI Biopharma such amounts and at such times as described in the Price and Payment Terms section of the Proposal and as otherwise described in this Agreement. Following payment of an initial fee as set forth in Section 7.2, the
remainder of the Services fees may be invoiced by KBI Biopharma on a monthly basis based on a budget and billing scheduled set forth 

  
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in the Proposal. Payments are due [***] from date of invoice issuance, except as specifically provided in this Agreement. Charges for materials may be invoiced to Client and are payable at the
time that KBI Biopharma orders such materials for Client’s project. Client agrees to pay to KBI Biopharma the actual cost of materials, consumables, and third party services, as evidenced by invoices and other written records, plus a [***] fee
to compensate KBI Biopharma for the cost of purchasing, material handling, inventory and administration and management of third party services necessary for KBI Biopharma to perform the Services. KBI Biopharma agrees that cGMP materials and
consumables that are used for manufacturing services that are charged to Client shall be presented on a Bill of Materials (“BOM”) and approved by the Client in advance. Late payments are subject to an interest
charge of [***] or, if less, the maximum legal interest rate per month. Failure to bill for interest due shall not be a waiver of KBI Biopharma’s right to charge interest. All payments are non-refundable.
if paid by wire transfer, any applicable wire transfer fees must be included in the payment issued to KBI Biopharma. Client shall be responsible for, and shall promptly pay to KBI Biopharma upon demand, all costs and expenses (including without
limitation reasonable attorneys’ fees and court costs) incurred by KBI Biopharma in connection with the collection of invoice amounts that are due and payable under this Agreement. Unless within [***] of the date of invoice, Client has advised
KBI Biopharma in good faith and in writing the specific basis for disputing an invoice, Client’s failure to promptly pay an invoice may, at KBI Biopharma’s election, constitute a material breach of this Agreement, and in addition to other
remedies available to KBI Biopharma under Section 24.3, KBI Biopharma shall be entitled to suspend performance of Services until Client has paid any past due and undisputed invoice amounts. 

 

	7.2	 Start-up Payment. KBI Biopharma requires payment of an initial
fee prior to commencement of Services under each Proposal. The amount of the initial fee and the schedule for payment (if there are multiple tasks under the Proposal) shall be set forth in the Proposal. The initial fee shall be applied to the final
project invoice. Upon termination of a Proposal or this Agreement, any remaining portion of the initial fee shall be applied to any outstanding amounts due from Client under the applicable Proposal. Unless otherwise provided in this Agreement or the
applicable Proposal, initial fees are non-creditable, nonrefundable, non-transferable to apply to any Services other than under the applicable Proposal.

  

	7.3	 Client Delays. KBI Biopharma has allocated resources to the Services that may be difficult or
impractical to reallocate to other programs in the event of a delay attributable to Client’s failure to comply with its obligations under this Agreement, Client’s written request for delay, or scientific or technical issues related to a
Client Product which are outside of KBI Biopharma’s control. In recognition of this, KBI Biopharma shall be entitled to charge reasonable wind down and restart fees resulting from such delays. Where the Services include the Manufacture of a
Client Product, in the event that Client cancels or postpones a cGMP Batch (based on the manufacturing slots reserved for Client in the most recent schedule provided to Client) for any reason other than a material breach of this Agreement by KBI
Biopharma, or in the event that a cGMP Batch is cancelled or postponed for scientific or technical issues related to Client’s Client Product which are outside of KBI Biopharma’s control, Client shall pay KBI Biopharma, upon receipt of an
invoice, the following amounts, less all amounts already paid to KBI Biopharma for the applicable manufacturing Services: 

  

	 	(i)	 [***] of the price of the Services for the applicable manufacturing run if such cancellation or postponement
occurs [***] or fewer prior to the scheduled vial thaw date (as communicated by KBI Biopharma to Client in writing) or at any time following the scheduled vial thaw date; 

 

	 	(ii)	 [***] of the price of the Services for the applicable manufacturing run if such cancellation or postponement
occurs from [***] to [***] prior to the scheduled vial thaw date; or 

  

	 	(iii)	 [***] of the price of the Services for the applicable manufacturing run if such cancellation or postponement
occurs from [***] to [***] prior to the scheduled vial thaw date. 

  
 8 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	7.4	 Taxes. Any federal, state, county or municipal sales or use tax, excise tax, customs charges, duties or
similar charge, or any other tax assessment (other than that assessed against KBI Biopharma’s income), license, fee or other charge lawfully assessed or charged on the manufacture, sale or transportation of Client Product sold or Services
performed pursuant to this Agreement, and all government license filing fees and, if applicable, Prescription API User (PDUFA) annual establishment fees with respect to all Client Products and Services shall be paid by Client. Client shall not be
obligated to pay any taxes imposed on KBI Biopharma’s or its Affiliate’s operations, facilities, equipment or income. 

  

	8.	 Change Orders 

 

	8.1	 Change Orders. The budget for the Services specified in each Proposal and the estimated timelines
specified therein are subject to a number of general and Proposal-specific assumptions. The assumptions relate to the design and objectives of the Proposal, manpower requirements, timing, capital expenditure requirements, if any, and other matters
relating to the completion of the Services as may be set forth in the Proposal (“Proposal Assumptions”). KBI Biopharma also assumes that Client will cooperate and fully perform its obligations under this
Agreement and as may be set out in the Proposal in a timely manner, that no event outside of KBI Biopharma’s reasonable control will occur (including without limitation a Force Majeure Event), and that there are no material changes to
Applicable Laws relating to the performance of the Services (the foregoing assumptions together with the Proposal Assumptions, collectively, the “Assumptions”). In the event the Services cannot be performed or
KBI Biopharma cannot produce the Deliverables due to a failure of any of the Assumptions, (“Modification Event”) or Client requests a material change to the scope of Services to be provided pursuant a Proposal
(“Client Requested Modification”), then the scope of Services to be performed may be amended as provided in this Article 8 (a “Modification”). A
Modification Event shall also arise in the event (i) Client revises KBI Biopharma’s scope of Services to be provided pursuant to a Proposal, the Specifications, or the Assumptions; or (ii) the Client Information or Client Materials
provided to KBI Biopharma are materially inaccurate, incomplete or deficient. 

  

	8.2	 Change Order Process. In the event a Modification Event or Client Requested Modification, KBI Biopharma
shall provide Client with a written change order containing an estimate of the required Modifications to the budget, activities and/or duration specified in applicable Proposal (“Change Order”). Client and KM
Biopharma shall negotiate in good faith for a period of [***] following receipt of such Change Order by Client (the “Change Order Negotiation Period”) to agree on a Change Order that is mutually acceptable. The
Parties may agree to extend the Change Order Negotiation Period beyond [***]. If practicable, and agreed to by Client, KBI Biopharma shall continue work on the Services during any such negotiations, but shall have no obligation to commence work with
respect to any Change Order unless authorized in writing by Client. In the event the Parties are unable to agree upon such Change Order within the Change Order Negotiation Period, KBI Biopharma may elect to terminate this Agreement, or if reasonably
possible, to perform the Services without regard to the unresolved Change Order; provided, however, that the estimated timelines shall be adjusted to reflect any delay during the Change Order Negotiation Period. In the event that this Agreement is
so terminated, the provisions with respect to the effect of termination set forth in Section 24.5 shall apply. Any disputes arising from this Section 8 shall be resolved in accordance with the dispute resolution procedures set forth in
Article 23. 

  

	8.3	 Regulatory Changes. Notwithstanding the foregoing, with respect to any changes or modifications dictated
by a Regulatory Authority or changes or modifications in Applicable Laws that occur after the initiation of Services by KBI Biopharma pursuant to a Proposal and which materially affect the budget in the Proposal, KBI Biopharma shall promptly notify
Client of such changes or modifications and the anticipated change in the budget in the Proposal. The Parties will promptly meet to discuss the actions necessary to comply with such changes and the costs associated with the change in the budget. If,
after reasonable efforts, the Parties are unable to agree on such changes (including the costs payable by Client pursuant to this Section 8.3), or if KBI Biopharma is unable to comply with such changes or modifications through the exercise of
[***], either Party may, in its sole discretion, terminate this Agreement upon written notice to the other Party. 

  
 9 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	8.4	 Non-Material Changes. Notwithstanding the foregoing, Client
acknowledges, however, that KBI Biopharma is given flexibility to conduct the Services, although not expressly stated in the Proposal, at the time and in the manner that KBI Biopharma deems reasonably necessary to fulfill its obligations under this
Agreement and each Proposal. Such flexibility includes the right to make Non-Material Changes to the Services and the Proposal, provided that KBI Biopharma implements all such changes only (a) in
accordance with KBI Biopharma’s written standard operating procedures governing change control and (b) after confirming that such change does not affect either the related Client Product specifications if such specifications and
requirements are fixed in writing by the Parties. As used herein, a “Non-Material Change” is defined as any variation, alteration or modification of activities, materials,
or methods provided in a Proposal that does not: (i) impact the regulatory commitments or filings for a Client Product, (ii) affect the quality, purity, identity or strength of a Client Product, or (iii) increase the Services fees for
the Manufacture of a Client Product. 

  

	9.	 Shipment 

  

	9.1	 General. Unless otherwise agreed in writing by the Parties, all Deliverables including, but not limited
to, Client Products, raw materials, samples or other materials provided hereunder by KBI Biopharma shall be made available for shipment Ex Works (INCOTERMS 2010) KBI Biopharma’s facility at which the cGMP Batch was Manufactured. For purposes of
clarification, Ex Works means that carriage of goods shall be arranged by Client, and the cost of such carriage and risk of loss shall transfer to Client when the goods have been made available for shipment at KBI Biopharma’s facilities. KBI
Biopharma shall package for shipment such Deliverables as set forth in each Proposal and in accordance with Client’s reasonable written instructions. 

  

	9.2	 Shipping Charges. Client shall pay to KBI Biopharma, in addition to actual shipping costs, a handling
fee of [***] for each standard shipment of any Deliverables, products, raw materials, samples, components or other materials provided hereunder. 

  

	10.	 Notices 

Any notice required to be given pursuant to the terms and provisions hereof shall be in writing and shall be sent by certified or registered mail, postage
prepaid with return receipt requested, or by nationally recognized overnight courier, postage prepaid with return receipt requested, or by confirmed facsimile (with printed confirmation of receipt), to the other Party at the following address: 

If to Client: 
 Shattuck Labs,
Inc. 
 3317 Bowman Ave 

Austin, TX 78703 
 Attention:
Taylor Schreiber, M.D., Ph. D. 
 If to KBI Biopharma: 

KBI Biopharma, Inc. 
 1101 Hamlin
Road 
 Durham, North Carolina 27704 

Attention: Vice President Finance 

with a copy to the Vice President and General Counsel, at the same address. 

Each notice shall be deemed sufficiently given, served, sent, or received for all purposes at such time as it is delivered to the addressee or at such time as
delivery is refused by the addressee upon presentation. 

  
 10 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	11.	 Limitations of Liability 

 

	11.1	 The liability of either Party to the other Party for any loss suffered by the other Party resulting from this
Agreement, a breach of warranty under Article 12, or any other liability of any nature, shall be limited to the payment of damages which shall not exceed the price for Services to be paid by Client to KBI Biopharma under each Proposal. The foregoing
limitations of liability set forth in this Section 11.1 shall not apply to the extent such liability arises from a Party’s breach of Article 13, infringement of the other Party’s intellectual property, or a Party’s gross
negligence or willful misconduct. 

  

	11.2	 EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT: NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY
FOR ANY INCIDENTAL, INDIRECT, PUNITIVE, CONSEQUENTIAL (INCLUDING WITHOUT LIMITATION, LOST PROFITS), EXEMPLARY OR SPECIAL DAMAGES OF ANY TYPE, ARISING IN CONNECTION WITH THIS AGREEMENT, THE PROPOSAL, THE QUALITY AGREEMENT OR ANY ATTACHMENTS OR
DOCUMENTS RELATED THERETO, WHETHER OR NOT FORESEEABLE AND WHETHER SUCH DAMAGES ARISE IN TORT, CONTRACT, EQUITY, STRICT LIABILITY, OR OTHERWISE, EVEN IF THE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

 

	12.	 Warranties 

  

	12.1	 Warranties of KBI Biopharma. 

12.1.1 As of the Effective Date, KBI Biopharma represents and warrants to Client that it has all requisite corporate power and authority to
enter into and perform all of its obligations under this Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action in
respect thereof on the part of KBI Biopharma. Neither the execution and delivery of this Agreement nor the performance of the transactions contemplated hereby, nor compliance by KBI Biopharma with the provisions hereof, shall conflict with any
obligations or agreements of KBI Biopharma to any person, contractual or otherwise. 
 12.1.2 KBI Biopharma warrants to Client that
(a) it will render the Services with diligence, due care, consistent with industry standards for work of a similar nature, (b) it has the equipment, capacity, and skilled and experienced employees which are necessary to complete the
Services, (c) it will complete the Services in accordance with Applicable Laws, (d) title to all Deliverables provided to Client under this Agreement will pass to Client as provided in this Agreement, free and clear of any security
interest, lien or other encumbrance; (e) KBI Biopharma has the rights to grant the rights and licenses granted to Client under this Agreement; (f) to KBI Biopharma’s knowledge as of the Effective Date, KBI Biopharma has not received
any written communication alleging that the practice it employs in rendering the Services of the type contemplated under this Agreement infringes the patent rights or misappropriates the trade secrets of any Third Party; and to KBI Biopharma’s
knowledge, providing the Services will not infringe the intellectual property rights held by any third party. 
 12.1.3 KBI Biopharma
represents to Client that it is not debarred, and warrants to Client that it will not knowingly use in any capacity the services of any person debarred, under subsections 306(a) or (b) of the Generic Drug Enforcement Act of 1992, as each may be
amended from time to time. 
 12.1.4 EXCEPT AS EXPRESSLY WARRANTED IN THIS SECTION 12.1, KBI BIOPHARMA MAKES NO REPRESENTATION OR WARRANTY
WITH RESPECT TO THE SERVICES OR CLIENT PRODUCT, EXPRESS OR IMPLIED, IN ANY MANNER AND EITHER IN FACT OR BY OPERATION OF LAW, AND SPECIFICALLY DISCLAIMS ANY AND ALL IMPLIED OR STATUTORY WARRANTIES, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, COURSE OF DEALING, COURSE OF PERFORMANCE, USAGE OF TRADE OR NONINFRINGEMENT. KBI BIOPHARMA MAKES NO WARRANTIES THAT THE EXECUTION OF THE SERVICES WILL RESULT IN ANY SPECIFIC QUANTITY OR AMOUNT OF
PRODUCT. 

  
 11 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 12.1.5 KBI Biopharma has entered into certain covenants as provided in this Agreement with
respect to the performance of the Services and has warranted, in Section 12.1.2, that the Services will be rendered with due care and in compliance with Applicable Laws; however, no predetermined results are assured. Client understands and
agrees that the Services are experimental in nature, that biopharmaceutical process development is subject to certain inherent risks, and as such nothing in this Agreement shall be construed as a guarantee or warranty by KBI Biopharma that the
Services, the Client Products, the Deliverables, or the materials, data, information of other results produced in connection therewith, will meet or otherwise satisfy any of the objectives, goals or targets of a Proposal. Client acknowledges and
agrees there is absolutely no guarantee: 
  

	 	(i)	 that the results of the Services will be successful in any way or will be commercially exploitable, profitable,
or approved by a Regulatory Authority; 

  

	 	(ii)	 that the Client Product, or any product, resulting from the Services will fulfill certain specifications or
certain yields, except where expressly agreed in writing by KBI Biopharma; or 

  

	 	(iii)	 the Client Products, the Services and/or the results of the Services will be acceptable to or approved by any
Regulatory Authority at the time of submission of such results to such authorities. 

 12.1.6 Client’s sole and
exclusive remedy and KBI Biopharma’s sole and exclusive obligation under the warranties provided in this Section 12.1 shall be the remedies provided in Section 3.4 and monetary damages subject to Article 11. 

 

	12.2	 Warranties of Client. 

12.2.1 As of the Effective Date, Client represents and warrants to KBI Biopharma that it has all requisite corporate power and authority to
enter into and perform all of its obligations under this Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action in
respect thereof on the part of Client. Neither the execution and delivery of this Agreement nor the performance of the transactions contemplated hereby, nor compliance by Client with the provisions hereof, shall conflict with any obligations or
agreements of Client to any person, contractual or otherwise. 
 12.2.2 Client represents and warrants to KBI Biopharma that, to its
knowledge, it holds legal title to, or is fully entitled to provide, the materials, methods, plans, and processes necessary to conduct the Services and that to its knowledge KBI Biopharma’s performance of the Services will not violate or
infringe on the patents, trademarks, service marks, copyrights, or intellectual property of any nature of any third party. 
 12.2.3 Client
represents and warrants to KBI Biopharma that all Client Materials for use in the performance of the Services shall be free of defects and contaminants and shall be fit for use in the performance of the Services. 

12.2.4 Client represents and warrants to KBI Biopharma that it will hold, use and/or dispose of Client Product and all materials provided by
KBI Biopharma in accordance with Applicable Laws. 
 12.2.5 Client represents and warrants to KBI Biopharma that, to its knowledge, no
specific safe handling instructions are applicable to any substance or material provided by Client to KBI Biopharma, except as disclosed to KBI Biopharma in writing in sufficient time for review and training by KBI Biopharma prior to delivery of any
such substance or material to KBI Biopharma. 

  
 12 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 12.2.6 KBI Biopharma’s sole and exclusive remedy and Client’s sole and exclusive
obligation under the warranties provided in this Section 12.2 shall be monetary damages subject to Article 11. 
  

	13.	 Confidentiality 

 

	13.1	 Confidential Information. During the Term and for a period of [***] thereafter, each Party shall
maintain in confidence all information and materials of the other Party disclosed or provided to it (the “Recipient”) by the other Party (the “Disclosing Party”) including
the terms and conditions (but not the existence) of this Agreement (the “Confidential Information”). Confidential Information need not be labeled or marked “confidential” to be deemed Confidential
Information hereunder, if under the circumstances it is, or should be, understood to be confidential. In accordance with Section 5.2, information learned, observed or obtained by Client during any visit to KBI Biopharma’s facilities shall
be deemed “Confidential information” of KBI Biopharma hereunder, regardless of whether such information is marked “confidential” or subsequently summarized in writing. 

 

	13.2	 Exceptions. Notwithstanding the foregoing, Confidential Information shall not include that portion of
information or materials that the Recipient can demonstrate by contemporaneous written records was: 

  

	 	(i)	 known to the general public at the time of its disclosure to the Recipient, or thereafter became generally
known to the general public, other than as a result of actions or omissions of the Recipient in violation of this Agreement; 

  

	 	(ii)	 disclosed to the Recipient on an unrestricted basis from a source unrelated to the Disclosing Party and not
known by the Recipient to be under a duty of confidentiality to the Disclosing Party, as evidenced by competent written proof; or 

  

	 	(iii)	 independently developed by the Recipient, or known by the Recipient prior the date of disclosure by the
Disclosing Party, without the use of Confidential Information of the Disclosing Party, as evidenced by competent written proof. 

  

	13.3	 Additional Protections. Each Party shall take all reasonable steps to maintain the confidentiality of
the Confidential Information of the other Party, which steps shall be no less protective than those that such Party takes to protect its own information and materials of a similar nature, but in no event less than a reasonable degree of care.
Neither Party shall use or permit the use of any Confidential Information of the other Party except for the purposes of carrying out its obligations or exercising its rights under this Agreement. All Confidential Information of a Party, including
all copies and derivations thereof, is and shall remain the sole and exclusive property of the Disclosing Party and subject to the restrictions provided for herein. Neither Party shall disclose any Confidential Information of the other Party other
than to those of its directors, officers, employees, licensors, independent contractors, assignees, agents and external advisors directly concerned with the carrying out of this Agreement, on a strictly applied “need to know” basis,
provided that any such disclosure is made subject to obligations of confidentiality no less stringent than the obligations provided herein. 

  

	13.4	 Permitted Disclosures. The obligations set forth in this Article 13 shall not apply to the extent that
Recipient is required to disclose information by law, judicial order by a court of competent jurisdiction, or the rules of a securities exchange or requirement of a Governmental Authority for purposes of obtaining approval to test or market Client
Product, or disclosures of information to a patent office for the purposes of filing a patent application as permitted in this Agreement; provided, however, that the Recipient shall provide prior written notice thereof to the Disclosing Party and
sufficient opportunity for the Disclosing Party to review and comment on such required disclosure and request confidential treatment thereof or a protective order therefore. Any disclosure permitted pursuant to this Section 13.4 shall not be
considered an exception under Section 13.2. 

  
 13 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	13.5	 Injunctive Relief. The Parties acknowledge that either Party’s breach of this Article 13 may
cause the other Party irreparable injury for which it may not have an adequate remedy at law. In the event of a breach and notwithstanding any other provision in this Agreement to the contrary, the
non-breaching Party shall be entitled to seek injunctive relief in addition to any other remedies it may have at law or in equity. 

 

	14.	 Intellectual Property 

 

	14.1	 Inventions. KBI Biopharma acknowledges and agrees that, as between the Parties, that Client Information,
Client Materials, Client Products and/or Deliverables, and all inventions and discoveries, including all patent and other intellectual property rights therein, resulting from, or made during performance of, the Services by KBI Biopharma or its
employees, representatives or agents or by a KBI Biopharma Affiliate or its employees, representatives or agents that use, reference, rely upon or incorporate the Client Information, Client Materials, Client Products and/or Deliverables, as well as
any improvements thereto, shall constitute the sole and exclusive property of Client. KBI Biopharma assigns and agrees to assign to Client, at no cost to Client, any all data, ideas, information, developments, and inventions that are Client Product
discoveries or improvements, or improvements to Client Materials, discovered solely or jointly by KBI Biopharma employees exclusively as a result of performing the Services under this Agreement or any Proposal (collectively a
“Client Product Invention”). All inventions and improvements related to Client Materials will be Client Product Inventions. KBI Biopharma will promptly notify Client of all such Client Product Inventions. If
Client requests and at Client’s expense, KBI Biopharma will execute any and all applications, assignments or other instruments and give testimony which shall be necessary to apply for and obtain letters of patent of the US or of any foreign
country with respect to the Client Product Invention and Client shall compensate KBI Biopharma for the time devoted to such activities and reimburse it for expenses incurred. For Client Product Inventions assigned pursuant to this section, Client
shall provide KBI Biopharma a non-exclusive, non-sublicensable, non-transferable, royalty-free license to use such Client Product Inventions for the limited purpose of
performing the Services. 

  

	14.2	 Process Technology and Process Inventions. Notwithstanding the foregoing, Client acknowledges that KBI
Biopharma possesses and shall retain full ownership of information and technology relating to general manufacturing and analytical methods and processes that it employs for its business (“KBI Process Technology”)
and KBl Biopharma shall retain all rights to any data, ideas, know-how, information, developments, and inventions related to the Process Technology that are developed, conceived or reduced to practice in
connection with the Services which can be generally applied to the production of biologics other than the Client Product and which do not use, reference, rely on or incorporate any Client Information or Client Materials (collectively,
“Process inventions”). 

  

	14.3	 Process Technology and Process Inventions License. If requested by Client, KBI Biopharma will grant to
Client a perpetual, world-wide, royalty-free, non-exclusive license to KBI Process Technology and Process Inventions under terms mutually agreed to by the Parties for Client to use such KBI Process Technology
and/or Process Inventions to Manufacture or have Manufactured the Client Product. If KBI Biopharma requests, and at KBI Biopharma’s expense, Client will execute any and all applications, assignments or other instruments and give testimony which
shall be necessary to apply for and obtain letters of patent of the US or of any foreign country with respect to the KBI Process Inventions and KBI Biopharma shall compensate Client for the time devoted to such activities and reimburse it for
expenses incurred. 

  

	14.4	 Client Materials. All Client Information and Client Materials that KBI Biopharma may have access to in
order to perform the Services shall be deemed Client’s Confidential Information (regardless of whether such Client Materials are marked as “confidential”) and shall be owned exclusively by the Client. Nothing in this Agreement shall
be deemed to grant any rights to KBI Biopharma in any Client Information or Client Materials, other than the right for KBI Biopharma to use such information or materials to perform the Services pursuant to each Proposal. 

  
 14 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	14.5	 Inventions, Discoveries, and Other Intellectual Property. To the extent that the provisions in this
Agreement do not expressly address a Party’s (or the Parties’) rights and responsibilities regarding inventions, discoveries and other intellectual property that are conceived over the Term of this Agreement, such rights and
responsibilities will be governed by U.S. patent laws. 

  

	14.6	 No Implied License. Neither Client nor KBI Biopharma grants or transfers to the other by operation of
this Agreement any right or license under any patent right, copyright right, trademark right or other proprietary right of such Party, except as expressly set forth in this Agreement. 

 

	14.7	 No Implied Assignment. Nothing in this Agreement shall be construed or deemed to be an assignment by
either Party of, or obligation of the Party to assign, ownership of any intellectual property rights in subject matter conceived or authored solely or jointly by a Party or its employees or otherwise owned by that Party. 

 

	15.	 Indemnification 

 

	15.1	 Indemnification by KBI Biopharma. Subject to Section 15.2 below, KBI Biopharma will indemnify,
defend and hold harmless Client and its shareholders, directors, officers, employees and agents (each, a “Client indemnitee”) from and against all costs, losses, expenses (including reasonable attorneys’
fees) and direct damages (collectively, “Losses”) resulting from all lawsuits, claims, demands, actions and other proceedings by or on behalf of any third party (collectively
“Claims”) to the extent such Losses arise directly or indirectly out of: (i) KBI Biopharma’s [***] failure of any material representation made hereunder by KBI Biopharma or (ii) the gross
negligence or willful misconduct of any KBI Biopharma Indemnitee; except, in each case, to the extent such Losses result from the negligence or willful misconduct of any Client Indemnitee or the breach of this Agreement by Client.

  

	15.2	 Indemnification by Client. Client will indemnify, defend and hold harmless KBI Biopharma and its
shareholders, directors, officers, employees and agents (each, a “KBI Biopharma lndemnitee”) from and against all Losses resulting from all Claims to the extent such Losses arise directly or indirectly out of:
(i) Client’s [***] failure of any material representation made hereunder by Client; (ii) Client’s development (including the conduct of clinical trials in humans), handling, manufacturing, testing, storage, transportation,
disposal, marketing, commercialization (including any recalls, field corrections or market withdrawals), distribution, promotion, sale or use of the Client Product or Deliverables (including without limitation as a result of any illness, injury or
death to persons, including employees, agents or contractors of Client or damage to property); (iii) the gross negligence or willful misconduct of any Client Indemnitee; or (iv) a claim that the Client does not have title to the Client
Materials or that the Client Materials or the Client Product infringe the intellectual property rights of a third party; except in each case to the extent such Claims or Losses result from negligence or willful misconduct on the part of a KBI
Biopharma Indemnitee or a breach of this Agreement by KBI Biopharma. 

  

	15.3	 Indemnification Procedure. If any Claim covered by Article 15 is brought: 

15.3.1 the indemnified Party shall promptly notify the indemnifying Party in writing of such Claim, provided, however, the failure to provide
such notice within a reasonable period of time shall not relieve the indemnifying Party of any of its obligations hereunder except to the extent the indemnifying Party is prejudiced by such failure or delay; 

15.3.2 the indemnifying Party shall assume, at its cost and expense, the sole defense of such Claim through counsel selected by the
indemnifying Party and reasonably acceptable to the other Party, except that those indemnified may at their option and expense select and be represented by separate counsel; 

15.3.3 the indemnifying Party shall maintain control of such defense and/or the settlement of such Claim; 

  
 15 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

 15.3.4 the indemnified Party may, at its option and expense, participate in such defense, and
if it so participates, the indemnifying Party and the indemnified Party shall cooperate with one another in such defense; 
 15.3.5 the
indemnifying Party will have authority to consent to the entry of any settlement or otherwise to dispose of such Claim (provided and only to the extent that an indemnified Party does not have to admit liability and such judgment does not involve
equitable relief), and an indemnified Party may not consent to the entry of any judgment, enter into any settlement or otherwise to dispose of such Claim without the prior written consent of the indemnifying Party (not to be unreasonably withheld or
delayed); and 
 15.3.6 the indemnifying Party shall pay the full amount of any judgment, award or settlement with respect to such Claim and
all other costs, fees and expenses related to the resolution thereof; provided, however, that such other costs, fees and expenses have been incurred or agreed, as the case may be, by the indemnifying Party in its defense or settlement of the Claim.

  

	16.	 Force Majeure 

Except for each Party’s payment, confidentiality and indemnity obligations, the obligations of either Party under this Agreement shall be excused during
each period of delay caused by matters such as acts of God, fire, flood, explosion, earthquake, or other natural forces, war, civil unrest, acts of terrorism, accident, destruction, or other casualty, any lack or failure of transportation
facilities, any lack or failure of supply of raw materials, power failure, any strike or labor disturbance, or any other event similar to those enumerated above, which are reasonably beyond the control of the Party obligated to perform (each, a
“Force Majeure Event”). A Force Majeure Event shall not include a lack of funds, bankruptcy or other financial cause or disadvantage. Nothing contained in this Agreement shall affect either Party’s ability
or discretion regarding any strike or other employee dispute or disturbance and all such strikes, disputes or disturbances shall be deemed to be beyond the control of such Party. A Force Majeure Event shall be deemed to continue only so long as the
affected Party shall be using its [***] to overcome such condition. If either Party shall be affected by a Force Majeure Event, such Party shall give the other Party prompt notice thereof, which notice shall contain the affected Party’s
estimate of the duration of such condition and a description of the steps being taken or proposed to be taken to overcome such Force Majeure Event. Any delay in the results delivered, in the performance of the Services occasioned by any such cause
shall not constitute a default under this Agreement, and the obligations of the Parties shall be suspended during the period of delay so occasioned. During any period of any Force Majeure Event, the Party that is not directly affected by such Force
Majeure Event may take any reasonable action necessary to mitigate the effects of such Force Majeure Event. If any part of the Services is invalid as a result of a Force Majeure Event affecting KBI Biopharma, KBI Biopharma will, upon written request
from Client, and at Client’s sole cost and expense, repeat that part of the Services affected by the Force Majeure Event. 
  

	17.	 Insurance 

  

	17.1	 KBI Biopharma Insurance. KBI Biopharma shall secure and maintain in full force and effect throughout the
Term policies of insurance for (a) workers’ compensation in accordance with applicable statutory requirements, employer’s liability in an amount not less than $[***], and automobile liability in an amount not less than $[***], (b)
commercial general liability in an amount not less than $[***] per occurrence and $[***] in the aggregate, and (c) products liability in an amount not less than $[***] per occurrence and $[***] in the aggregate. 

 

	17.2	 Client Insurance. Client shall secure and maintain in full force and effect throughout the Term policies
of insurance for (a) workers’ compensation in accordance with applicable statutory requirements, employer’s liability in an amount not less than $[***], and automobile liability in an amount not less than $[***], and (b) primary
and noncontributory commercial general liability in an amount not less than $[***] per occurrence and $[***] in the aggregate. Upon the initiation of clinical trials and for a period of [***] after completion of any clinical trials in which any
Client Product provided under this Agreement is used, Client shall secure and maintain in full force and effect policies of insurance for (a) primary and noncontributory products/completed operations liability in an amount not less than $[***]
per occurrence and $[***] in the aggregate. 

  
 16 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	17.3	 Mutual Obligations. Each party will upon reasonable request furnish to the other certificates of
insurance evidencing that such insurance is in effect. Each party shall serve prompt notice on the other in the event that such insurance should be materially adversely changed or terminated for any reason. 

 

	18.	 Independent Contractor; Non-Solicitation 

 

	18.1	 Independent Contractor. KBI Biopharma shall perform the Services as an independent contractor of the
Client. The relationship between the Parties shall not constitute a partnership, joint venture or agency nor constitute either Party as the agent, employee or legal representative of the other. The Parties agree that neither shall have power or
right to bind or obligate the other, nor shall either hold itself out as having such authority. 

  

	18.2	 Non-Solicitation. During the Term of this Agreement and for
[***] thereafter, each Party agrees not to directly or indirectly solicit for hire (in any capacity) any person who is an employee of the other Party; provided that newspaper, Internet or other advertisements to fill job openings shall not be deemed
to be “solicitation” hereunder. Any exceptions to this provision must be in writing and signed by each Party. 

  

	19.	 Publicity; Use of Name 

The Parties may agree in writing to issue press releases or public disclosures describing the general nature of the Services provided
hereunder. The use of the name, trademark, logo, or other identifying materials of either Party or its employees in any publicity, advertising or promotional material shall require the other Party’s express prior written consent. 

 

	20.	 Entire Agreement, Amendment, Construction, Precedence 

This Agreement, each Proposal, and any applicable Quality Agreement constitute the entire agreement between the Parties and supersede all prior
and contemporaneous negotiations, representations, commitments, agreements and understandings between the Parties (whether written or oral) relating to the subject matter hereof. This Agreement may not be amended or modified without the mutual
written consent of both Parties. Each Party has had the opportunity to consult with counsel in connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall
be construed against the drafting Party shall not apply. In the event of any conflict among the components of this Agreement, the following order of precedence shall apply: (i) the terms and conditions of the Agreement, (ii) the Quality
Agreement (if existing and except as noted below), and (iii) the Proposal. If Client chooses to issue a purchase order for the delivery of the Services or any component thereof, such purchase order should reference this Agreement and shall be
issued solely for the convenience of Client and to provide subject matter description; however, any legal terms and conditions contained therein shall be of no effect. In the event of a conflict between the terms of the Quality Agreement and the
terms of this Agreement, the terms of the Quality Agreement shall control as to issues pertaining to quality and this Agreement shall control as to all other issues. 
  

	21.	 Choice of Law 

This Agreement shall be construed and enforced in accordance with the laws of the State of New York, without regard to its, or any other
jurisdiction’s, rules regarding conflicts or choice of laws. The Parties waive application of the provisions of the 1980 U.N. Convention on Contracts for the International Sale of Goods, as amended. 

  
 17 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	22.	 Dispute Resolution 

 

	22.1	 Initial Attempts to Resolve Disputes. If a dispute arises between the Parties in connection with this
Agreement, the respective presidents or senior executives of KBI Biopharma and Client shall first meet as promptly as practicable and attempt to resolve in good faith such dispute. If such parties cannot resolve the dispute within [***] after
written notice given by one Party to the other specifically invoking this stage in the dispute resolution procedure, either Party may by written notice to the other commence the arbitration process set forth in Section 23.2 below.

  

	22.2	 Arbitration. If a dispute has not been resolved by negotiation as provided in Section 23.1 above,
then, except as otherwise provided in this Section 23.2, the dispute will be finally settled by binding arbitration in accordance with the Commercial Arbitration Rules of the AAA then in effect, by three (3) arbitrators, one of whom will
be designated by each Party and the third of whom will be designated by the two so designated. The arbitration shall be conducted in English and held in a location mutually acceptable to the Parties. If the Parties cannot agree upon a location for
the arbitration, it will be held in New York, New York. The arbitrators will render their award in writing and, unless all Parties agree otherwise, will include an explanation in reasonable detail of the reasons for their award. Judgment upon the
award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The Parties expressly waive any putative right they may otherwise have to seek an award arising out of any dispute hereunder of punitive damages or any other
damages limited or excluded by this Agreement. The arbitrator will have the authority to grant injunctive relief and other specific performance. The arbitrator will, in rendering its decision, apply the substantive law of the State of New York,
without regard to its conflict of laws provisions. The decision and/or award rendered by the arbitrator will be final and non-appealable (except for an alleged act of corruption or fraud on the part of the
arbitrator). 

  

	22.3	 Expenses. All expenses and fees of the arbitrators and expenses for hearing facilities and other
expenses of the arbitration will be borne equally by the Parties unless the Parties agree otherwise or unless the arbitrators in the award assess such expenses against one of the Parties or allocate such expenses other than equally between the
Parties. Each of the Parties will bear its own counsel fees and the expenses of its witnesses except (i) to the extent otherwise provided in this Agreement or by applicable law or (ii) to the extent the arbitrators in their discretion
determine for any reason to allocate such fees and expenses among the Parties in a different manner. Any attorney or retired judge who serves as an arbitrator will be compensated at a rate equal to his or her current regular hourly billing rate
unless otherwise mutually agreed upon by the Parties and the arbitrator. 

  

	22.4	 Interlocutory Relief. Compliance with this Article 23 is a condition precedent to seeking relief in any
court or tribunal in respect of a dispute, but nothing in this Article 23 will prevent a Party from seeking interlocutory relief in the courts of appropriate jurisdiction provided in Article 22, pending the arbitrator’s determination of the
merits of the controversy, if applicable to protect the Confidential Information, property or other rights of that Party. 

  

	23.	 Assignment and Delegation 

 

	23.1	 Assignment. This Agreement between the Parties shall not be assigned in whole or in part by either Party
without the prior written consent of the other, which consent shall not be unreasonably withheld or delayed; provided, however, either Party may assign this Agreement in its entirety without the other Party’s consent, upon written notice to the
other Party, as part of: (a) the sale of all or substantially all of the assets or the entire business to which this Agreement relates, or (b) a merger, consolidation, reorganization or other combination with or into another person or
entity, in each case, pursuant to which the surviving entity or assignee assumes in writing the assigning or merging Party’s obligations hereunder. Any attempt to assign, or purported assignment of, this Agreement in contravention to this
Section 24.1 shall be void ab initio and of no effect. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns, 

  
 18 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	23.2	 Delegation. Neither Party may delegate any performance under this Agreement; however, performance of the
Services hereunder may be delegated or subcontracted by KBI Biopharma with the written consent of Client, which consent shall not be unreasonably withheld. 

  

	24.	 Term and Termination 

 

	24.1	 Term. The term of this Agreement (the “Term”) shall be from the
Effective Date until the fifth anniversary thereof, unless extended or earlier terminated as provided herein. If the Services pursuant to any Proposal have not been completed at the end of the initial term, the Term will thereafter be extended for
successive [***] periods until the Services have been completed. Additionally, the Agreement may be terminated sooner as provided in Section 24.2 or 24.3, or the Term may be extended by written agreement of the Parties. 

 

	24.2	 Termination for Convenience. Client may terminate this Agreement or a Proposal prior to completion of
the Proposal by providing [***] days written notice to KBI Biopharma, subject to the conditions of this Section 24.2. Upon receipt of such notice of termination, KBI Biopharma will promptly scale down the affected portion of its Services and
[***] avoid (or minimize, where non-cancellable) additional fees and expenses. KBI Biopharma shall submit to Client its final invoice of all its costs for Services performed and expenses incurred or
irrevocably obligated related to the terminated Proposal and any reasonable costs for winding down its activities within [***] from the date of notice of termination. In addition, such final invoice shall also include any amounts due pursuant to
Section 7.3 for cancellation or postponement of any cGMP Batches scheduled within [***] of the termination. Client shall pay all undisputed amounts in the final invoice within [***] from receipt of the invoice. 

 

	24.3	 Termination for Breach. In the event of a material breach of this Agreement by a Party that is not cured
within [***] of written notice of such breach by the non-breaching Party, the non-breaching Party may terminate this Agreement or a Proposal immediately upon written
notice. Upon such termination, KBI Biopharma will promptly scale down the affected portion of the Proposal and use its reasonable commercial efforts to avoid (or minimize, where non-cancellable) additional
expenses. In the event of termination under this Section 24.3 by KBI Biopharma, KBI Biopharma shall, within [***] from the date of notice of termination, submit to Client its final invoice of all its costs for Services performed and expenses
incurred or irrevocably obligated related to the terminated Proposal and any reasonable costs for winding down its activities, plus, as liquidated damages and not as a penalty, an amount equal to the greater of (a) [***] of the cost of the Services
not yet performed as of the effective date of termination for any Proposal terminated under this Section 24.2; or (b) the amounts due pursuant to Section 7.3 for cancellation or postponement of any cGMP Batches scheduled within [***]
of the termination. Client shall pay all undisputed amounts in the final invoice within [***] from receipt of the invoice. 

  

	24.4	 Bankruptcy. This Agreement may be terminated upon written notice by a Party in the event: (i) the
other Party voluntarily enters into bankruptcy proceedings; (ii) the other Party makes an assignment for the benefit of creditors; (iii) a petition is filed against the other Party under a bankruptcy law, a corporate reorganization law, or
any other law for relief of debtors or similar law analogous in purpose or effect, which petition is not stayed or dismissed within [***] of filing thereof; or (iv) the other Party enters into liquidation or dissolution proceedings or a
receiver is appointed with respect to any assets of the other Party, which appointment is not vacated within [***]. 

  

	24.5	 Effects of Termination. Upon termination of this Agreement for any reason, each Party shall, as soon as
practicable, but in any event within [***] of the effective date of termination, return to the other all Confidential Information which it possesses that belongs to the other Party, except that each may retain a copy in its law department for record
keeping purposes. Upon termination of this Agreement, KBI Biopharma will furnish to Client a complete inventory of all work in progress and an inventory of all Client Product processed pursuant to each Proposal. Upon termination of this Agreement,
neither Party shall use or exploit in any manner whatsoever any intellectual property rights or Confidential Information of the other Party, except as may be specifically provided 

  
 19 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	 	
in this Agreement. With respect to the liquidated damages set forth herein, the Parties acknowledge and agree that (i) actual damages would be difficult or impracticable to ascertain,
(ii) the amounts set forth herein, as applicable, represent the Parties reasonable estimate of such damages, and (iii) the amounts set forth herein, as applicable, are not unreasonable under the circumstances existing at the time this
Agreement was entered. 

  

	25.	 Survival 

Articles 6, 10, 11, 12, 13, 14, 15, 19, 20, 21, 22, 23, 25, 26, Sections 1.5, 2.1, 2.2, 3.5 7.4, 17.2, 24.2, 24.3 and 24.5 hereof shall survive termination or
expiration of this Agreement. Termination or expiration of this Agreement for any reason will not release either Party from any liabilities or obligations set forth in this Agreement that: (1) the Parties have expressly agreed shall survive any
such termination or expiration; or (2) remain to be performed or by their nature would be intended to be applicable following any such termination or expiration. 
  

	26.	 Severability 

In the event that any one or more of the provisions of this Agreement should be held for any reason by any court or authority having final jurisdiction over
this Agreement, or over any of the Parties to this Agreement, to be invalid, illegal, or unenforceable, such provision or provisions shall be reformed to approximate as nearly as possible the intent of the Parties, and if not reformable, shall be
divisible and deleted in such jurisdictions; elsewhere, this Agreement shall not be affected. 
  

	27.	 Waiver and Remedies 

The delay or waiver (or single or partial exercise) by either Party hereto of any right, power, or privilege hereunder, or of any failure of the other Party to
perform, or of any breach by the other Party, shall not be deemed a waiver of any other right, power, or privilege hereunder or of any other breach by or failure of such other Party, whether of a similar nature or otherwise. Any such waiver must be
made in writing. Except as may otherwise be specifically set forth in this Agreement, no remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to in this Agreement
or otherwise available under law or equity. No Party shall have any right of set off with respect to amounts it has an obligation to pay hereunder. No provision of this Agreement shall in any way inure to the benefit of any third person so as to
constitute to any such person a third-party beneficiary of this Agreement or otherwise give rise to any cause of action in any person not a Party hereto. 
  

	28.	 Counterparts 

This Agreement, the Quality Agreement(s), each Proposal and any other attachment may be executed in counterparts, each of which will be deemed an original but
all of which together will constitute a single instrument. A facsimile or electronic transmission of the above referenced documents, or a counterpart, shall be legal and binding on the Parties. 

 

	29.	 Headings 

All article and section titles or headings contained in this Agreement, the Quality Agreement and each Proposal are for convenience only, will not be deemed a
part hereof or thereof, and will not affect the meaning or interpretation of this Agreement. 
 [Signature Page Follows.] 

  
 20 

 [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS,
HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  

	The	 Parties by their authorized representatives execute this Agreement as of the Effective Date.

  

											
	KBI BIOPHARMA, INC.	 		 		 	SHATTUCK LABS, INC.
						
	By:	 	 /s/ Tim Kelly
	 		 		 	By:	 	 /s/ Taylor Schreiber

	Name: Tim Kelly	 		 		 	Name: Taylor Schreiber
	Title: President	 		 		 	Title: Director and CSO
	Date: March 31, 2017	 		 		 	Date: March 30, 2017

  
 21EX-10.1

 Exhibit 10.1 

FORM OF 
 SUBSCRIPTION
AGREEMENT 
 This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into this 17th day of September,
2020, by and among Pivotal Investment Corporation II., a Delaware corporation (the “Company”), and the entity named on the signature page hereto (“Subscriber”). Capitalized terms used herein and not otherwise
defined shall have the meaning ascribed to them in the Merger Agreement (as defined below). 
 RECITALS 

WHEREAS, the Company, substantially concurrently with the execution of this Subscription Agreement, shall enter into an Agreement and
Plan of Reorganization (as it may be amended or supplemented from time to time, the “Merger Agreement”), by and among the PIC II Merger Sub Corp., a Delaware corporation and wholly owned subsidiary of the Company
(“Merger Sub”) and XL Hybrids, Inc., a Delaware corporation (“XL Hybrids”), in substantially the form previously provided to Subscriber; 

WHEREAS, in connection with the transactions contemplated by the Merger Agreement (collectively,
the “Transactions”), Subscriber desires to subscribe for and purchase from the Company in a private placement transaction that number of shares of Class A common stock, par value $0.0001 per share, of the Company
(the “Shares”) set forth on the signature page hereto (the “Acquired Shares”) for a Subscription Amount of $10.00 per share (the “Per Share Subscription Amount”), and for the
aggregate Subscription Amount set forth on the signature page hereto (the “Subscription Amount”), and the Company desires to issue and sell to Subscriber the Acquired Shares in consideration for the payment of the Subscription
Amount by or on behalf of Subscriber to the Company on or prior to the Subscription Closing (as defined below); and 
 WHEREAS, in
connection with the Transactions, certain other “accredited investors” (as defined in Rule 501 under the Securities Act), have entered into separate subscription agreements with the Company (the “Other Subscription
Agreements”), pursuant to which such investors have, together with Subscriber pursuant to this Subscription Agreement, agreed to purchase on the Merger Closing (as defined below) an aggregate of 15,000,000 Shares at the Per Share
Subscription Amount. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and
covenants, and subject to the conditions, herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

1. Subscription. Pursuant to the terms and subject to the conditions set forth herein, Subscriber hereby agrees to subscribe for and
purchase from the Company, and the Company hereby agrees to issue and sell to Subscriber, upon the payment of the Subscription Amount, the Acquired Shares (such subscription and issuance, the “Subscription”). 

2. Subscription Closing. 

(a) The closing of the Subscription contemplated hereby (the “Subscription Closing”) is intended to occur substantially
concurrently with the closing of the Merger (the “Merger Closing”), and is contingent upon the occurrence of the Merger Closing. Not less than three (3) Business Days prior to the scheduled date of the Merger Closing (the
“Merger Closing Date”), the Company shall provide written notice to Subscriber (as it may be revised in accordance with this Section 2(a), the “Closing Notice”) of such scheduled Merger
Closing Date; provided, that the Company may delay from time to time the scheduled Merger Closing Date until the Outside Date (as defined in the Merger Agreement) following the original scheduled Merger Closing Date identified in the Closing
Notice, or such Merger Closing Date as it may be delayed, by written notice to Subscriber if it provides Subscriber with notice of the revised Merger Closing Date (a “Revised Closing Notice”) setting forth the revised scheduled
Merger Closing Date no later than twenty-four (24) hours prior to the then-scheduled Merger Closing Date; provided further that, in the event the revised scheduled Merger Closing Date set forth in the Revised Closing Notice is a date
that is more than five (5) Business Days after the then scheduled Merger Closing Date, any Subscription Amount paid by Subscriber that is held in escrow shall be returned to Subscriber within two (2)

 
Business Days of the date the Company provides the Revised Closing Notice to the Subscriber. For the avoidance of doubt, the return of any Subscription Amount in connection with a delay in the
scheduled Closing Date shall not relieve Subscriber of its obligations to pay the Subscription Amount on the date set forth in a Revised Closing Notice and to otherwise comply with the terms and conditions of this Agreement. Subscriber shall deliver
to the Company at least two (2) Business Days prior to the then-scheduled Merger Closing Date identified in the Closing Notice (including any Revised Closing Notice) (unless a later time is otherwise agreed by the Company), to be held in escrow
until the Subscription Closing, the Subscription Amount for the Acquired Shares by wire transfer of U.S. dollars in immediately available funds to the account specified by the Company in the Closing Notice (including any Revised Closing Notice).
Such funds shall be held on behalf of Subscriber until the Subscription Closing in an escrow account by an escrow agent selected by the Company prior to the date hereof. On the Merger Closing Date, the Company shall deliver to Subscriber
(i) the Acquired Shares in book-entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws or as set forth herein), in the name of Subscriber (or its nominee in
accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable, with each register and book-entry for the Shares containing a notation and each certificate, if any, evidencing the Shares shall be stamped or
otherwise imprinted with a legend, in substantially the form set forth on Exhibit A hereto, and (ii) a copy of the records of the Company’s transfer agent (the “Transfer Agent”) showing Subscriber (or such nominee
or custodian) as the owner of the Acquired Shares on and as of such date. If the Merger Closing does not occur on the same day as the Subscription Closing, the Company shall promptly (but not later than one (1) Business Day after the
Subscription Closing (or two (2) Business Days after the Subscription Closing if the Company reasonably believes the Merger Closing will occur within two (2) Business Days after the Merger Closing Date identified in the Closing Notice
(including any Revised Closing Notice))) return the Subscription Amount to Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber, and any book-entries shall be deemed repurchased and
cancelled; provided, that the return of the funds shall not terminate this Subscription Agreement or otherwise relieve any party of any of its obligations hereunder (including Subscriber’s obligation to purchase the Acquired Shares at
the Subscription Closing). 
 (b) Conditions to Closing of the Company. The Company’s obligations to sell and issue the Shares at
the Subscription Closing are subject to the fulfillment or (to the extent permitted by applicable law) written waiver, on or prior to the Merger Closing Date, of each of the following conditions: 

(i) Representations and Warranties Correct. The representations and warranties made by Subscriber in
Section 4 hereof shall be true and correct in all material respects when made (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined below), which
representations and warranties shall be true and correct in all respects) and shall be true and correct in all material respects on and as of the Subscription Closing (unless they specifically speak as of another date in which case they shall be
true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true and correct in all
respects), with the same force and effect as if they had been made on and as of said date, but in each case without giving effect to consummation of the Transactions. 

(ii) Closing of the Transactions. The Transactions set forth in the Merger Agreement shall have been or will be consummated
substantially concurrently with the Subscription Closing. 
 (iii) Legality. There shall not be in force any order, judgment,
injunction, decree, writ, stipulation, determination or award, in each case, entered by or with any Governmental Entity, statute, rule or regulation enjoining or prohibiting the consummation of the Subscription. 

(c) Conditions to Closing of Subscriber. Subscriber’s obligation to purchase the Acquired Shares at the Subscription Closing is
subject to the fulfillment or (to the extent permitted by applicable law) written waiver, on or prior to the Merger Closing Date, of each of the following conditions: 

(i) Representations and Warranties Correct. The representations and warranties made by the Company in
Section 3 hereof shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Company Material Adverse Effect (as defined below), which
representations and warranties shall be true and correct in all respects) on and as of the Subscription Closing (unless they specifically speak as of another date in which case they shall be true and correct in all material respects as of such date)
with the same force and effect as if they had been made on and as of said date, but in each 

  
 2 

 
case without giving effect to consummation of the Transactions; provided, that in the event this condition would otherwise fail to be satisfied as a result of a breach of one or more of
the representations and warranties of the Company contained in this Subscription Agreement and the facts underlying such breach would also cause a condition to the Company’s obligations under the Merger Agreement to fail to be satisfied, this
condition shall nevertheless be deemed satisfied in the event the Company waives such condition with respect to such breach under the Merger Agreement. 

(ii) Closing of the Transactions. The Transactions set forth in the Merger Agreement shall have been or will be consummated
substantially concurrently with the Subscription Closing. 
 (iii) No Amendment to the Merger Agreement. There shall have been no
amendment, waiver or modification to the Merger Agreement that would reasonably be expected to materially and adversely affect the economic benefits that the Subscriber would reasonably expect to receive under this Subscription Agreement. 

(iv) Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each
case, entered by or with any Governmental Entity, statute, rule or regulation enjoining or prohibiting the consummation of the Subscription. 

(d) At the Subscription Closing, the parties hereto shall make reasonable efforts to execute and deliver such additional documents and take
such additional actions as the parties reasonably may deem to be necessary in order to consummate the Subscription as contemplated by this Subscription Agreement. 

3. Company Representations and Warranties. The Company represents and warrants to the Subscriber that: 

(a) The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware.
Subject to obtaining all required approvals necessary in connection with the performance of the Merger Agreement and the consummation of the Transactions (collectively, “Required Approvals”), the Company has all corporate power and
authority to own, lease and operate its properties and conduct its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement. 

(b) As of the Merger Closing, the Acquired Shares will be duly authorized by the Company and, when issued and delivered to Subscriber against
full payment for the Acquired Shares in accordance with the terms of this Subscription Agreement and registered with the Transfer Agent, the Acquired Shares will be validly issued, fully paid and
non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights created under the Company’s Charter Documents (as defined in the Merger Agreement) or under the
Delaware General Corporation Law. 
 (c) This Subscription Agreement has been duly authorized, executed and delivered by the Company and,
assuming that this Subscription Agreement constitutes the valid and binding agreement of Subscriber, is the valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as may be limited or
otherwise affected bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity. 

(d) As of the date of this Subscription Agreement, the authorized capital stock of the Company consists of (i) 75,000,000 Shares, of which
23,000,000 shares are issued and outstanding, (ii) 10,000,000 shares of the Company’s Class B common stock, par value $0.0001 per share, of which 5,750,000 shares are issued and outstanding, and (iii) 1,000,000 shares of the Company’s
preferred stock, par value $0.0001 per share (“Preferred Shares”), none of which are issued and outstanding. As of the date of this Subscription Agreement, the Company has 11,900,000 warrants outstanding, each of which entitles to
the holder thereof to purchase one Share. 
 (e) Subject to obtaining the Required Approvals, the execution, delivery and performance by the
Company of this Subscription Agreement (including compliance by the Company with all of the provisions hereof), and the issuance and sale by the Company of the Acquired Shares, will not conflict with or result in a breach or violation of any of the
terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Company pursuant to the 

  
 3 

 
terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company is a party or by which the Company is bound or to
which any of the property or assets of the Company is subject, which would be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect on the Company (“Company Material Adverse Effect”) or materially
affect the validity of the Acquired Shares or the legal authority of the Company to comply in all material respects with the Company’s obligations under this Subscription Agreement; (ii) the Company’s Charter Documents; or
(iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties that would be reasonably likely to have, individually
or in the aggregate, a Company Material Adverse Effect or materially affect the validity of the Acquired Shares or the legal authority of the Company to comply in all material respects with the Company’s obligations under this Subscription
Agreement. 
 (f) The Company is not in default or violation (and no event has occurred which, with notice or the lapse of time or both,
would constitute a default or violation) of any term, condition or provision of (i) the Company Charter Documents, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license
to which the Company is now a party or by which the Company’s properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having
jurisdiction over the Company or any of its properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not be reasonably likely to have, individually or in the aggregate, a Company Material
Adverse Effect. 
 (g) Other than as set forth in the Merger Agreement, there are no securities or instruments issued by or to which the
Company is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Acquired Shares or (ii) the shares to be issued pursuant to any Other Subscription Agreement that have not been or will not
be validly waived on or prior to the Merger Closing; provided, that any such holders will waive any such anti-dilution or similar provisions in connection with the Transactions. 

(h) The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or
registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance by the Company of this Subscription Agreement
(including, without limitation, the issuance of the Acquired Shares), other than (i) filings with the Securities and Exchange Commission (the “Commission”), (ii) filings required by applicable state securities laws,
(iii) filings required in accordance with Section 9(p) of this Subscription Agreement; (iv) filings required by the NYSE, including with respect to obtaining stockholder approval; and (v) the failure of which
to obtain would not be reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect. 
 (i) The Company has
not received any written communication from a governmental entity that alleges that the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance,
default or violation would not be reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect. 
 (j)
There is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by the NYSE or the Commission, respectively, to prohibit or terminate the listing of the Shares on the NYSE or to
deregister the Shares under the Exchange Act. The Company has taken no action that is designed to terminate the registration of the Shares under the Exchange Act. 

(k) Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 4 of this
Subscription Agreement, no registration under the Securities Act is required for the offer and sale of the Acquired Shares by the Company to Subscriber. 

(l) Neither the Company nor anyone acting on its behalf has offered the Shares or any similar securities for sale to, or solicited any offer to
buy any of the same from, or otherwise approached or negotiated in respect thereof with, any person other than Subscriber and other accredited investors (as defined in Rule 501 of Regulation D of the Securities Act), each of which has been offered
Shares at a private sale for investment. 
 (m) None of the Company nor any of its Affiliates has offered Shares or any similar securities
during the six months prior to the date hereof to anyone, other than in connection with the Transactions, as set forth in the Merger Agreement, to Subscriber and other investors in connection with the Other Subscription Agreements. Other than the
foregoing, the Company has no intention to offer Shares or any similar security during the twelve (12) months from the date hereof other than in connection with the Transactions, including as referenced in Section 5.15 (Lock-Up Agreements) of the Merger Agreement and the Lock-Up Agreements. 

  
 4 

 (n) Neither the Company nor any person acting on its behalf has offered or sold the Acquired
Shares by any form of general solicitation or general advertising, including, but not limited to, the following: (1) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast
over television or radio; (2) any website posting or widely distributed email; or (3) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. 

(o) A copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by the
Company with the Commission since its initial registration of the Shares under the Exchange Act (the “SEC Documents”) is available to Subscriber via the Commission’s EDGAR system. None of the SEC Documents contained, when filed
or, if amended, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company has timely filed each report, statement, schedule, prospectus, and registration statement, as applicable, that the Company was required to file with
the Commission since its initial registration of the Shares under the Exchange Act. There are no material outstanding or unresolved comments in comment letters from the Commission with respect to any of the SEC Documents. 

(p) Except for such matters as have not had and would not be reasonably likely to have, individually or in the aggregate, a Company Material
Adverse Effect, there is no (i) Governmental Action/Filing (as defined in the Merger Agreement) by or before any Governmental Entity (as defined in the Merger Agreement) pending, or, to the knowledge of the Company, threatened against the
Company or (ii) judgment, decree, injunction, ruling or order of any Governmental Entity or arbitrator outstanding against the Company. 

(q) Other than the Agent (as defined below), the Company has not dealt with any broker, finder, commission agent, placement agent or arranger
in connection with the sale of the Acquired Shares, and the Company is not under any obligation to pay any broker’s fee or commission in connection with the sale of the Acquired Shares other than to the Agent. Neither the Company nor any of its
Affiliates nor any other person acting on its behalf (other than its officers acting in such capacity) has solicited offers for, or offered or sold, the Acquired Shares other than through the Agent. 

(r) Other than the Other Subscription Agreements, the Company has not entered into any side letter or similar agreement with any subscriber in
connection with such subscriber’s direct or indirect investment in the Company or with or any other investor, and such Other Subscription Agreements have not been amended in any material respect following the date of this Subscription Agreement
and reflect the same Per Share Subscription Amount and terms with respect to the purchase of the Acquired Shares that are no more favorable to such subscriber thereunder than the terms of this Subscription Agreement, except, in each case, for
agreements with the Agent (as defined below), and certain of their respective affiliates and related persons. 
 4. Subscriber
Representations and Warranties. Subscriber represents and warrants that: 
 (a) Subscriber has been duly organized, formed or
incorporated, as the case may be, and is validly existing in good standing under the laws of its jurisdiction of organization, formation or incorporation, as the case may be, with all requisite power and authority to enter into, deliver and perform
its obligations under this Subscription Agreement, and (ii) this Subscription Agreement has been duly authorized, executed and delivered by Subscriber. 

(b) Assuming that this Subscription Agreement constitutes the valid and binding agreement of the Company, this Subscription Agreement is the
valid and binding obligation of Subscriber, enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of
creditors’ rights generally and by general principles of equity. 
 (c) The execution, delivery and performance by Subscriber of this
Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber or, to the best of Subscriber’s knowledge, any of its subsidiaries, if applicable, pursuant to the terms of (i) any indenture, mortgage, deed of
trust, loan 

  
 5 

 
agreement, lease, license or other agreement or instrument to which Subscriber or, if applicable, any of its subsidiaries is a party or by which Subscriber or, if applicable, any of its
subsidiaries is bound or to which any of the property or assets of Subscriber or, if applicable, any of its subsidiaries is subject, which would be reasonably likely to have, individually or in the aggregate, a material adverse effect on the
business, properties or financial condition of Subscriber, or, if applicable, the stockholders’ equity or results of operations of Subscriber or, if applicable, any of its subsidiaries, taken as a whole (a “Subscriber Material Adverse
Effect”), or materially affect the legal authority of Subscriber to comply in all material respects with Subscriber’s obligations under this Subscription Agreement, (ii) the organizational documents of Subscriber if Subscriber is
not a natural person, or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or, if applicable, any of its subsidiaries or any of
their respective properties that would be reasonably likely to have, individually or in the aggregate, a Subscriber Material Adverse Effect or materially affect the legal authority of Subscriber to comply in all material respects with
Subscriber’s obligations under this Subscription Agreement. 
 (d) Subscriber is “qualified institutional buyer” (as defined
in Rule 144A under the Securities Act) or an institutional “accredited investor” as defined within the meaning of Rule 501 of the Securities Act), in each case, satisfying the applicable requirements set forth on Schedule A.
Subscriber represents that it is purchasing the Acquired Shares for its own account (and not for the account of others) or for one or more separate accounts maintained by it as a fiduciary or agent for the benefit of one or more other accredited
investors and not with a view to the distribution thereof in violation of the securities laws; provided, that the disposition of Subscriber’s property shall at all times be within Subscriber’s control. Subscriber understands that
the Acquired Shares have not been registered under the Securities Act and may not be resold, transferred, pledged or otherwise disposed of by the Subscriber absent an effective registration statement under the Securities Act, except if an exemption
from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to register the resale of the Acquired Shares other than as provided for in
Section 5 below. Subscriber further represents and warrants that it will not sell, transfer, pledge or otherwise dispose of the Acquired Shares or any interest therein except in a registered transaction or in a transaction exempt from or not
subject to the registration requirements of the Securities Act and except in accordance with the terms and conditions of this Subscription Agreement. 

(e) The purchase of Acquired Shares by Subscriber has not been solicited by or through anyone other than the Company or the Agent. 

(f) Subscriber acknowledges that the Acquired Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities
Act. Subscriber understands and agrees that the Acquired Shares will be subject to transfer restrictions as set forth on Exhibit A to this Subscription Agreement, unless and until such transfer restrictions have been removed in accordance
with Section 5 of this Subscription Agreement and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Acquired Shares and may be required to bear the financial risk of an investment in the Acquired
Shares for an indefinite period of time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Acquired Shares. 

(g) Subscriber understands and agrees that Subscriber is purchasing the Acquired Shares directly from the Company. Subscriber further
acknowledges that there have been no representations, warranties, covenants and agreements made to Subscriber by the Company or any of its officers, directors or representatives, expressly or by implication, other than those representations,
warranties, covenants and agreements made by the Company in this Subscription Agreement. 
 (h) In making its decision to purchase the
Acquired Shares, Subscriber represents that it has relied solely upon independent investigation made by Subscriber. Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary in order to make an
investment decision with respect to the Acquired Shares, including with respect to the Company, XL Hybrids and the Transactions. Subscriber represents and warrants that Subscriber and Subscriber’s professional advisor(s), if any, were given the
opportunity to ask questions and receive answers concerning the terms and conditions of the Subscription and to obtain any additional information which the Company possessed or could acquire without unreasonable effort or expense. Subscriber
acknowledges and agrees that it has not relied on the Agent or any of the Agent’s Affiliates with respect to its decision to purchase the Acquired Shares. Subscriber further acknowledges that the information provided to Subscriber is
preliminary and subject to change, and that any changes to such information, including, without limitation, any changes based on updated information or changes in terms of the Transactions, shall in no way affect the Subscriber’s obligation to
purchase the Shares hereunder. 

  
 6 

 (i) Subscriber became aware of the offering of the Acquired Shares solely by means of direct
contact between Subscriber and the Company or by means of contact from BTIG, LLC or PJT Partners LP, each acting as a placement agent for the Company (the “Agent”), and the Acquired Shares were offered to Subscriber solely by direct
contact between Subscriber and the Company or by contact between Subscriber and the Agent. Subscriber did not become aware of this offering of the Acquired Shares, nor were the Acquired Shares offered to Subscriber, by any other means. Subscriber
acknowledges that the Company represents and warrants that the Acquired Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or
in a distribution in violation of, the Securities Act, or any state securities laws. 
 (j) Subscriber acknowledges that it is aware that
there are substantial risks incident to the purchase and ownership of the Acquired Shares. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the
Acquired Shares, and Subscriber has sought such accounting, legal and tax advice as Subscriber has considered necessary to make an informed investment decision. 

(k) Alone, or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed and
fully considered the risks of an investment in the Acquired Shares and determined that the Acquired Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a
total loss of Subscriber’s investment in the Company. Subscriber acknowledges specifically that a possibility of total loss exists. 

(l) Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Acquired
Shares or made any findings or determination as to the fairness of this investment. 
 (m) Subscriber represents and warrants that neither
Subscriber nor, in the case Subscriber is not a natural person, any of its officers, directors, managers, managing members, general partners or any other individual acting in a similar capacity or carrying out a similar function, is (i) a
person or entity named on the Specially Designated Nationals and Blocked Persons List, the Foreign Sanctions Evaders List, the Sectoral Sanctions Identification List, or any other similar list of sanctioned persons administered by the U.S. Treasury
Department’s Office of Foreign Assets Control, or any similar list of sanctioned persons administered by the European Union or any individual European Union member state, including the United Kingdom (collectively, “Sanctions
Lists”); (ii) directly or indirectly owned or controlled by, or acting on behalf of, one or more persons on a Sanctions List; (iii) organized, incorporated, established, located, resident or born in, or a citizen, national, or the
government, including any political subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria, Venezuela, the Crimea region of Ukraine, or any other country or territory embargoed or subject to substantial trade
restrictions by the United States, the European Union or any individual European Union member state, including the United Kingdom; (iv) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515; or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, a “Prohibited Investor”). Subscriber represents that if
it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing regulations
(collectively, the “BSA/PATRIOT Act”), that Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that it maintains policies and
procedures reasonably designed to ensure compliance with sanctions administered by the United States, the European Union, or any individual European Union member state, including the United Kingdom, if applicable. Subscriber further represents that
the funds held by Subscriber and used to purchase the Acquired Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor. 

(n) If Subscriber is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), (ii) a plan, an individual retirement account or other arrangement that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
(iii) an entity whose underlying assets are considered to include “plan assets” of any such plan, account or arrangement described in clauses (i) and (ii) (each, an “ERISA Plan”), or (iv) an employee benefit plan
that is a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) 

  
 7 

 
of ERISA), a non-U.S. plan (as described in Section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or
(iii) but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar
Laws”, and together with ERISA Plans, “Plans”), then Subscriber represents and warrants that (A) neither the Company nor any of its Affiliates (the “Transaction Parties”) has provided investment advice
or has otherwise acted as the Plan’s fiduciary, with respect to its decision to acquire and hold the Acquired Shares, and none of the Transaction Parties is or shall at any time be the Plan’s fiduciary with respect to any decision in
connection with Subscriber’s investment in the Acquired Shares; (B) the decision to invest in the Acquired Shares has been made at the recommendation or direction of a fiduciary (for purposes of ERISA and/or Section 4975 of the Code,
or any applicable Similar Law) with respect to Subscriber’s investment in the Acquired Shares who is independent of the Transaction Parties; and (C) its purchase of the Acquired Shares will not result is
non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or any applicable Similar Law. 

(o) Subscriber is not currently (and at all times through the Subscription Closing will refrain from being or becoming) a member of a
“group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of equity securities of the
Company (within the meaning of Rule 13d-5(b)(1) under the Exchange Act). 
 (p) No foreign person (as
defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign state have a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest in the Company as a result of the
purchase and sale of Acquired Shares hereunder such that a declaration to the Committee on Foreign Investment in the United States (CFIUS) would be mandatory under 31 C.F.R. Part 800.401, and no foreign person will have control (as defined in 31
C.F.R. Part 800.208) over the Company from and after the Subscription Closing as a result of the purchase and sale of Acquired Shares hereunder. 

(q) If Subscriber will purchase 20% of the Company’s securities, Subscriber represents that no disqualifying event described in Rule
506(d)(1)(i)-(viii) under the Securities Act (a “Disqualification Event”) is applicable to Subscriber or any of its Rule 506(d) Related Parties (as defined below), except, if applicable, for a Disqualification Event as to which Rule
506(d)(2)(ii) or (iii) or (d)(3) is applicable. Subscriber hereby agrees that it shall notify the Company promptly in writing in the event a Disqualification Event becomes applicable to Subscriber or any of its Rule 506(d) Related Parties,
except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. For purposes of this Section 2.1.18, “Rule 506(d) Related Party” shall mean a person or entity that is a
beneficial owner of Subscriber’s securities for purposes of Rule 506(d) under the Securities Act. 
 (r) At the Subscription Closing,
Subscriber will have sufficient funds to pay the Subscription Amount pursuant to Section 2(a) of this Subscription Agreement. 

5. Registration Rights. 

(a) Shelf Registration Statement. The Company agrees that, as soon as reasonably practicable within thirty (30) calendar days, but
no later than forty-five (45) calendar days following the Merger Closing Date (the “Filing Date”), the Company will file with the Commission (at the Company’s sole cost and expense) a registration statement registering the
resale of the Acquired Shares and the Shares to be acquired by investors pursuant to the Other Subscription Agreements (the “Registration Statement”), and the Company shall use its commercially reasonable efforts to have the
Registration Statement declared effective as soon as reasonably practicable after the filing thereof, but no later than the earlier of (i) the 60th calendar day following the Filing Date (or the 90th calendar day if the Commission notifies the
Company (orally or in writing) that it will “review” the Registration Statement) and (ii) the 10th Business Day after the date the Company is notified (orally or in writing) by the Commission that the Registration Statement will not
be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Date”); provided, however, that (i) if the Commission is closed for operations due to a government shutdown, the
Effectiveness Date shall be extended by the same amount of days that the Commission remains closed for operations and (ii) if the Subscriber fails to provide the Company with any information requested by the Company that is required to be
provided in such Registration Statement with respect to the Subscriber, then, for purposes of this Section, the Filing Date or Effectiveness Date, as applicable, shall be extended two (2) Business Days following the date of receipt by the
Company of such requested and required information from the Subscriber; provided, further, that the Company’s obligations to include the Acquired Shares in the Registration Statement are contingent upon Subscriber furnishing in
writing to the Company such information 

  
 8 

 
regarding Subscriber, the securities of the Company held by Subscriber and the intended method of disposition of the Acquired Shares as shall be reasonably requested by the Company to effect the
registration of the resale of the Acquired Shares, and Subscriber shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations, including
providing that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement in accordance with Section 5(c). In no event shall the Subscriber be identified as a statutory
underwriter in the Registration Statement unless requested by the Commission.    Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the Acquired Shares proposed to be registered for
resale under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Acquired Shares by the applicable shareholders or otherwise, (i) such Registration Statement shall register for resale
such number of Acquired Shares which is equal to the maximum number of Acquired Shares as is permitted by the Commission and (ii) the number of Acquired Shares to be registered for each selling shareholder named in the Registration Statement
shall be reduced pro rata among all such selling shareholders. Following the Effectiveness Date, if the transfer restrictions as set forth on Exhibit A to this Subscription Agreement are no longer required by the Securities Act or any
applicable state securities laws, upon request of Subscriber, the Company shall use its commercially reasonable efforts to cooperate with Subscriber to have such transfer restrictions removed, including providing authorization to the Transfer Agent.

 (b) Registration Cooperation. At its expense the Company shall: 

(i) keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions;

 (ii) advise Subscriber within two (2) Business Days: 

(1) when a Registration Statement or any amendment thereto has been filed with the Commission and when such Registration Statement or any
post-effective amendment thereto has become effective; 
 (2) of any request by the Commission for amendments or supplements to any
Registration Statement or the prospectus included therein or for additional information; 
 (3) of the issuance by the Commission of any
stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; 
 (4) of the
receipt by the Company of any notification with respect to the suspension of the qualification of the Acquired Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and 

(5) subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any
Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus,
in the light of the circumstances under which they were made) not misleading. 
 Notwithstanding anything to the contrary set forth herein,
the Company shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding the Company other than to the extent that providing notice to Subscriber of the occurrence of the events listed
in (1) through (5) above constitutes material, nonpublic information regarding the Company; 
 (iii) use its commercially reasonable
efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable; 

  
 9 

 (iv) upon the occurrence of any event contemplated in
Section 5(b)(ii)(5), except for such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially
reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers
of the Acquired Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; 
 (v) use its commercially reasonable efforts to cause all Acquired Shares to be listed on each national securities
exchange (within the meaning of the Exchange Act), if any, on which the Shares issued by the Company have been listed; 
 (vi) use its
commercially reasonable efforts to take all other steps necessary to effect the registration of the Acquired Shares as required hereby; and 

(vii) use its commercially reasonable efforts to allow Subscriber to review disclosure regarding Subscriber in the Registration Statement.

 (c) Suspension Event. Notwithstanding anything to the contrary in this Subscription Agreement, the Company shall be entitled to
delay or postpone the filing or effectiveness of the Registration Statement and any other registration statement referred to in this Section 5, and from time to time to require Subscriber not to sell under the Registration
Statement or such other registration statement, as applicable, or to suspend the effectiveness thereof, if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which negotiation,
consummation or event the Company reasonably believes, upon the advice of legal counsel, would require additional disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business purpose for
keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Company’s board of directors, upon the advice of legal counsel,
to cause the Registration Statement or such other registration statement, as applicable, to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however, that
the Company may not delay or suspend a particular registration statement on more than two (2) occasions, for more than sixty (60) consecutive calendar days, or more than ninety (90) total calendar days, in each case during any
twelve-month period. Upon receipt of any written notice from the Company of the happening of any Suspension Event during the period that the Registration Statement or such other registration statement, as applicable, is effective or if as a result
of a Suspension Event the Registration Statement or such other registration statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Acquired Shares under the
Registration Statement or such other registration statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended prospectus (which the Company agrees to promptly
prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales, and
(ii) it will maintain the confidentiality of any information included in such written notice delivered by the Company unless otherwise required by law or subpoena. If so directed by the Company, Subscriber will deliver to the Company or, in
Subscriber’s sole discretion destroy, all copies of the prospectus covering the Acquired Shares in Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the
Acquired Shares shall not apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance
with a bona fide pre-existing document retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up. 

(d) Opt-Out Notice. Subscriber may deliver written notice (including via email in accordance
with Section 9(l) of this Subscription Agreement) (an “Opt-Out Notice”) to the Company requesting that Subscriber not receive notices from the Company otherwise
required by this Section 5; provided, however, that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Company shall not deliver any such notices to Subscriber and Subscriber shall no 

  
 10 

 
longer be entitled to the rights associated with any such notice and (ii) each time prior to Subscriber’s intended use of an effective registration statement, Subscriber will notify the
Company in writing at least two (2) Business Days in advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this
Section 5(d)) and the related suspension period remains in effect, the Company will so notify Subscriber, within one (1) Business Day of Subscriber’s notification to the Company, by delivering to Subscriber a copy
of such notice of Suspension Event that would have been provided, and thereafter will provide Subscriber with the related notice of the conclusion of such Suspension Event immediately upon its availability, and Subscriber shall comply with any
restrictions on using such Registration Statement during such Suspension Event. 
 (e) Subscriber Indemnification. The Company agrees
to indemnify and hold Subscriber, each person, if any, who controls Subscriber within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of Subscriber within the meaning of Rule 405
under the Securities Act, and each broker, placement agent or sales agent to or through which Subscriber effects or executes the resale of any Acquired Shares (collectively, the “Subscriber Indemnified Parties”), harmless against
any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) incurred by Subscriber directly that are
caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any other registration statement which covers Registrable Securities (as defined below) of Subscriber (including, in each case,
the prospectus contained therein) or any amendment thereof (including the prospectus contained therein) or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein (in the case of
a prospectus, in the light of the circumstances under which they were made), not misleading, except insofar as the same are caused by or contained in any information or affidavit so furnished in writing to the Company by Subscriber expressly for use
therein. For purposes of this Section, “Registrable Security” shall mean any of the Acquired Shares until the earliest to occur of: (A) a registration statement with respect to the sale of any such Acquired Shares shall have
become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such registration statement; (B) any such Acquired Shares shall have ceased to be outstanding;
(C) any such Acquired Shares have been sold without registration pursuant to Rule 144 (or any successor rule promulgated thereafter by the Commission); and (D) any such Acquired Shares have been sold to, or through, a broker, dealer or
underwriter in a public distribution or other public securities transaction. 
 (f) Company Indemnification. Subscriber agrees to,
severally and not jointly with any other accredited investor that is a party to the Other Subscription Agreements, indemnify and hold harmless the Company, its directors, officers, agents and each person, if any, who controls the Company within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of the Company within the meaning of Rule 405 under the Securities Act, and each underwriter pursuant to the applicable underwriting
agreement with such underwriter, and each broker, placement agent or sales agent to or through which Subscriber effects or executes the resale of any Acquired Shares (collectively, the “Company Indemnified Parties”), harmless
against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) incurred by the Company directly that
are caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any other registration statement which covers Registrable Securities of Subscriber (including, in each case, the prospectus
contained therein) or any amendment thereof (including the prospectus contained therein) or caused by any omission or alleged omission to state therein of a material fact necessary in order to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made), not misleading, insofar as the same are caused by or contained in any information or affidavit so furnished in writing to the Company by Subscriber expressly for use therein. In
no event shall the liability of any Subscriber be greater in amount than the dollar amount of the net proceeds received by such Subscriber upon the sale of the Acquired Shares giving rise to such indemnification obligation. 

6. Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and
obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) such date and time as the Merger Agreement is terminated in accordance with its
terms, (b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) if any of the conditions to the Subscription Closing set forth in Section 2 of this
Subscription Agreement are not satisfied on or prior to the Subscription Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Subscription Closing and (d)

  
 11 

 
March 16, 2021, provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to
any remedies at law or in equity to recover losses, liabilities or damages arising from such breach. The Company shall promptly notify Subscriber of (i) the termination of the Merger Agreement (other than such a termination as a result of the
Merger Closing thereunder) and (ii) any amendment to the Merger Agreement. 
 7. Trust Fund Waiver. Subscriber acknowledges that
the Company is a blank check company with the powers and privileges to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses. Subscriber
further acknowledges that the Company established a Trust Fund for the benefit of the Company, as set forth in Section 3.24 (Trust Fund) of the Merger Agreement, to hold substantially all of the Company’s assets consisting of the
cash proceeds of the Company’s initial public offering and private placements of its securities, and substantially all of those proceeds have been deposited in the Trust Fund for the benefit of the Company, its public stockholders and the
underwriters of the Company’s initial public offering. For and in consideration of the Company entering into this Subscription Agreement, the receipt and sufficiency of which are hereby acknowledged, Subscriber, on behalf of itself and its
Affiliates and representatives, hereby irrevocably waives any and all right, title and interest, or any claim of any kind they have or may have in the future as a result of, or arising out of, this Subscription Agreement, in or to any monies held in
the Trust Fund, and agrees not to seek recourse or make or bring any action, suit, claim or other proceeding against the Trust Fund as a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby or the Acquired
Shares, regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability. Subscriber acknowledges and agrees that it shall not have any redemption rights with respect to the Acquired Shares pursuant to
the Company’s organizational documents in connection with the Transactions or any other business combination, any subsequent liquidation of the Trust Fund or the Company or otherwise. In the event Subscriber has any claim against the Company as
a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby or the Acquired Shares, it shall pursue such claim solely against the Company and its assets outside the Trust Fund and not against the Trust Fund or
any monies or other assets in the Trust Fund; provided, however, that nothing in this Section shall be deemed to limit Subscriber’s right, title, interest or claim to the Trust Fund by virtue of Subscriber’s record or
beneficial ownership of Shares of the Company acquired by any means other than pursuant to this Subscription Agreement. 
 8.
Company’s Covenants. With a view to making available to Subscriber the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the Commission that may at any time permit
Subscriber to sell securities of the Company to the public without registration, the Company agrees, until the Acquired Shares are sold by Subscriber, to: 

(a) make and keep public information available, as those terms are understood and defined in Rule 144; 

(b) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is required for the applicable provisions of Rule 144; 

(c) in connection with any resale of the Acquired Shares by Subscriber pursuant to Rule 144, if the transfer restrictions as set forth on
Exhibit A to this Subscription Agreement are no longer required by the Securities Act or any applicable state securities laws, upon request of Subscriber, the Company shall use its commercially reasonable efforts to cooperate with Subscriber
to have such transfer restrictions removed, including providing authorization to the Transfer Agent. 
 9. Miscellaneous. 

(a) Subscriber acknowledges that the Company and the Agent and the Company acknowledges that Subscriber, will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Subscription Closing, Subscriber and the Company agree to promptly notify the other party if it becomes aware that any of the
acknowledgments, understandings, agreements, representations and warranties set forth herein are no longer accurate in all material respects. 

  
 12 

 (b) Each of the Company and Subscriber is entitled to rely upon this Subscription Agreement
and is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. Disclosure of Subscriber’s
name shall be subject to the notice provisions set forth in Section 9(l) of this Subscription Agreement. 
 (c)
Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder may be transferred or assigned (other than the transfer and assignment of (i) the Acquired Shares acquired hereunder, if any, subsequent to
Subscriber’s purchase of such Acquired Shares at the Subscription Closing and in accordance with Subscriber’s representations and warranties herein; (ii) any or all of Subscriber’s rights and obligations under this Subscription
Agreement to its Affiliates, subject to, if such transfer or assignment is prior to the Subscription Closing, such Affiliates executing a subscription agreement in substantially the same form as this Subscription Agreement, including with respect to
the Subscription Amount and other terms and conditions; and (iii) after the Subscription Closing, the Subscriber’s rights pursuant to Section 8 and Section 9 of this Subscription
Agreement to any purchaser of the Acquired Shares that receives the Acquired Shares without the removal of the transfer restrictions set forth on Exhibit A of this Subscription Agreement). Neither this Subscription Agreement nor any rights
that may accrue to the Company hereunder may be transferred or assigned by the Company without the prior written consent of the Subscriber. 

(d) All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive the Subscription
Closing. 
 (e) The Company or the Agent may request from Subscriber such additional information as may be reasonably necessary to evaluate
the eligibility of Subscriber to acquire the Acquired Shares and to comply with the Company’s registration obligations under Section 5 hereof, and Subscriber shall take commercially reasonable efforts to provide such
information as may be reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures. 

(f) This Subscription Agreement may not be modified, waived or terminated except by an instrument in writing, signed by the party against whom
enforcement of such modification, waiver, or termination is sought. 
 (g) This Subscription Agreement and the documents and instruments and
other agreements among the parties as contemplated by or referred to herein, including the Schedules and Exhibits hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior
agreements and understandings, both written and oral, between the parties and any of their respective Affiliates with respect to the transactions contemplated hereby and the subject matter hereof. This Subscription Agreement shall not confer any
rights or remedies upon any person other than the parties hereto, and their respective successors and assigns; provided, that the parties acknowledge and agree that the Agent shall be a third-party beneficiary of the representations and
warranties of Subscriber contained in Section 4 of this Subscription Agreement, and in each case with respect thereto shall be entitled to the rights and benefits hereunder. 

(h) Subject to Section 9(c), and except as otherwise provided herein, this Subscription Agreement shall be binding
upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained
herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. 

(i) If any provision of this Subscription Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to
be illegal, void or unenforceable, the remainder of this Subscription Agreement will continue in full force and effect and the application of such provision to other persons or circumstances will be interpreted so as reasonably to effect the intent
of the parties hereto. The parties further agree to replace such void or unenforceable provision of this Subscription Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other
purposes of such void or unenforceable provision. 

  
 13 

 (j) This Subscription Agreement and each other document executed in connection with the
transactions contemplated hereby, and the consummation thereof, may be executed in one or more counterparts, all of which shall be considered one and the same document and shall become effective when one or more counterparts have been signed by each
of the parties and delivered to the other party, it being understood that all parties need not sign the same counterpart. Delivery by electronic transmission to counsel for the other party of a counterpart executed by a party shall be deemed to meet
the requirements of the previous sentence. 
 (k) Except as otherwise set forth herein, all fees and expenses incurred in connection with
this Subscription Agreement and the transactions contemplated herein shall be paid by the party incurring such expenses. 
 (l)
Notices. All notices and other communications among the parties hereto shall be in writing and shall be deemed to have been duly given (i) when delivered in person, (ii) when delivered after posting in the United States mail having
been sent registered or certified mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service or
(iv) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day), addressed as follows: 

 

	 	(1)	 if to Subscriber, to such address or addresses set forth on the signature page hereto; 

 

	 	(2)	 if to the Company, to: 

Pivotal Investment Corporation II

c/o Graubard Miller

The Chrysler Building

405 Lexington Avenue, 11th Floor

New York, New York 10174

Attention: Jonathan J. Ledecky

E-mail: jledecky@hockeyny.com

with copies to (which copies shall not constitute notice): 

Morrison & Foerster LLP 

250 West 55th Street 

New York, New York 10019 

Attention: Mitchell S. Presser / Omar E. Pringle 

E-mail: mpresser@mofo.com / opringle@mofo.com 

and 
 Graubard
Miller 
 The Chrysler Building 

405 Lexington Avenue, 11th Floor 

New York, New York 10174 

Attention: David Alan Miller / Jeffrey M. Gallant 

E-mail: dmiller@graubard.com / jgallant@graubard.com 

(m) This Subscription Agreement shall be governed by and construed in accordance with the internal law of the State of Delaware regardless of
the law that might otherwise govern under applicable principles of conflicts of law thereof. 
 (n) Except as otherwise provided herein, any
and all remedies herein expressly conferred upon a party will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the
exercise of any other remedy. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached.
It 

  
 14 

 
is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any
court of the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity. Each party agrees that it will not oppose the granting of specific performance and other
equitable relief on the basis that the other parties have an adequate remedy at law or that an award of specific performance is not an appropriate remedy for any reason at law or equity. The parties acknowledge and agree that any party seeking an
injunction to prevent breaches of this Subscription Agreement and to enforce specifically the terms and provisions of this Subscription Agreement in accordance with this Section shall not be required to provide any bond or other security in
connection with any such injunction. 
 (o) Each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue of the
Delaware Chancery Court (or, if the Delaware Chancery Court shall be unavailable, any other court in the State of Delaware or, in the case of claims to which the federal courts have exclusive subject matter jurisdiction, any federal courts of the
United States of America sitting in the State of Delaware) in connection with any matter based upon or arising out of this Subscription Agreement or the transactions contemplated hereby, agrees that process may be served upon them in any manner
authorized by the laws of the State of Delaware for such persons and waives and covenants not to assert or plead any objection which they might otherwise have to such jurisdiction, venue and manner of service of process. Each party hereto hereby
agrees not to commence any legal proceedings relating to or arising out of this Subscription Agreement or the transactions contemplated hereby in any jurisdiction or courts other than as provided herein. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(p) The Company shall, no later than 9:00 a.m., New York City time, on the first (1st)
Business Day immediately following the date of this Subscription Agreement, issue one or more press releases and file with the Commission a Current Report on Form 8-K (collectively, the
“Disclosure Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements, the Transactions and any other material, nonpublic information that the Company has
provided to Subscriber at any time prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure Document, to the Company’s knowledge, Subscriber shall not be in possession of any material, non-public information received from the Company or any of its officers, directors or employees. Notwithstanding anything in this Subscription Agreement to the contrary, each party hereto acknowledges and agrees
that without the prior written consent of the other party hereto it will not publicly make reference to such other party or any of its Affiliates (i) in connection with the Transactions or this Subscription Agreement or the Other Subscription
Agreements or (ii) in any press release, filing with the Commission or any regulatory agency or trading market, promotional materials, media, or similar circumstances, except, in each case, (a) as required by law or regulation or at the
request of the staff of the Commission or regulatory agency or under the regulations of the NYSE or (b) as required by the federal securities law, provided, that the Company shall use its commercially reasonable efforts to consult with
Subscriber in the case of clauses (a) or (b) of this Section. 
 (q) Except as expressly set forth in this Subscription Agreement, no
former, current or future equity holders, controlling persons, directors, officers, employees, agents, Affiliates, members, managers, general or limited partners, representatives or assignees of Subscriber or any former, current or future equity
holder, controlling person, director, officer, employee, agent, Affiliate, member, manager, general or limited partner, representative or assignee of any of the foregoing, shall have any obligation to the Company or to any other person hereunder in
connection with the transactions contemplated hereby. 
 [Signature pages follow] 

  
 15 

 IN WITNESS WHEREOF, each of the Company and Subscriber has executed or caused this
Subscription Agreement to be executed by its duly authorized representative as of the date set forth below. 
  

			
	PIVOTAL INVESTMENT CORPORATION II
		
	By:	 	      

		 	Name:
		 	Title:

 [Signature Page to Subscription Agreement] 

			
	SUBSCRIBER:
		
	[•]	 	
		
	By:	 	
                 

		
	Name:	 	
		
	Title:	 	

			
	
	(Please print. Please indicate name and capacity of person signing above)
		
	Address:	 	  

		
	Facsimile:	 	  

		
	Email:	 	  

		
	Attention:	 	  

		
	EIN:	 	  

 Aggregate Number of Acquired Shares subscribed for: 

Aggregate Subscription Amount: $  
 Name in which
securities are to be registered (if different): 
 You must pay the Subscription Amount by wire transfer of United States dollars in immediately
available funds to the account specified by the Company in the Closing Notice. 
 [Signature Page to Subscription Agreement] 

 SCHEDULE A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER 

This page should be completed by Subscriber 

and constitutes a part of the Subscription Agreement. 

A. QUALIFIED INSTITUTIONAL BUYER STATUS 
 (Please
check the applicable subparagraphs): 
  

	 	☐	 We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933,
as amended (the “Securities Act”)). 

 B. ACCREDITED INVESTOR STATUS 

(Please check the applicable subparagraphs): 
  

	 	☐	 We/I are/am an “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) or
an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act, and have marked and initialed the appropriate box or boxes below indicating the provision(s) under which we/I qualify
as an “accredited investor.” 

 B. AFFILIATE STATUS 

(Please check the applicable box) 
 SUBSCRIBER: 

 

	 	☐	 is: 

  

	 	☐	 is not: 

an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company. 

Rule 501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed categories, or
who the Company reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below
which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.” 
  

	☐	 Any bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other
institution as defined in Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity; 

  

	☐	 Any broker or dealer registered pursuant to Section 15 of the Exchange Act; 

 

	☐	 Any insurance company as defined in Section 2(a)(13) of the Securities Act; 

	☐	 Any investment company registered under the Investment Company Act of 1940 or a business development company as
defined in Section 2(a)(48) of that Act; 

  

	☐	 Any Small Business Investment Company licensed by the U.S. Small Business Administration under
Section 301(c) or (d) of the Small Business Investment Act of 1958; 

  

	☐	 Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; 

  

	☐	 Any employee benefit plan within the meaning of the ERISA if the investment decision is made by a plan
fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a
self-directed plan, with investment decisions made solely by persons that are accredited investors; 

  

	☐	 Any private business development company as defined in Section 202(a)(22) of the Investment Advisers Act
of 1940; 

  

	☐	 Any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds
$1,000,000, with net worth calculated as set forth by Rule 501(a)(5)(i) under the Securities Act; 

  

	☐	 Any natural person who has an individual income in excess of $200,000 in each of the two most recent years or
joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year; 

 

	☐	 Any organization described in Section 501(c)(3) of the Code, corporation, or similar business trust, or
partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000; or 

  

	☐	 Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the
securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii). 

  

	☐	 We are an entity in which all of the equity owners are accredited investors. 

 Exhibit A 

NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE ACQUIRED SHARES OR ANY INTEREST OR PARTICIPATION THEREIN MAY BE MADE EXCEPT
(A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS AND, IN THE CASE OF
CLAUSE (B), UNLESS, IF THE COMPANY REQUESTS, THE COMPANY RECEIVES AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. 

Any transferee of the Acquired Shares or any interest therein, by its acceptance thereof, shall be deemed to have made the representations set forth in
Section 4 of the Subscription Agreement (other than the representations set forth in Section 4(f), Section 4(j) and Section 4(p)). The Company
shall not be required to register the transfer of any Acquired Shares to any transferee unless the Company receives from the proposed transferee a written instrument in form and substance reasonably satisfactory to the Company in which such
transferee makes the representations and warranties set forth in Section 4 of the Subscription Agreement (other than the representations set forth in Section 4 Section 4(f),
Section 4(j) and Section 4(p)) and, if the Company so requests, an opinion of counsel in form and substance reasonably satisfactory to the Company to the effect that registration under the
Securities Act is not required in connection with such transfer; provided, that no opinion of counsel will be required for a pledge of the Acquired Shares if the Company receives a representation from the pledgor and pledgee that the pledge
is a bona fide pledge and, in the event that the pledgee acquires the shares that are the subject of the pledge, the pledgee agrees to the representations and warranties set forth in Section 4 of the Subscription Agreement. The foregoing shall
not apply to any sale of the Acquired Shares made in accordance with Rule 144; provided, that the transferor of the Acquired Shares provides to the Company such representations with respect to compliance as is reasonably requested by the
Company

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