Document:

EX-10.6

 Exhibit 10.6 

ANAPTYSBIO, INC. 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (this “Agreement”) is made effective
from March 22, 2016 (the “Effective Date”) by and among ANAPTYSBIO, INC. (the “Company”) and Matthew Moyle (“CSO”). The
Company and CSO are hereinafter collectively referred to as the “Parties”, and individually referred to as a “Party”. 

RECITAL 

The Company desires to continue to employ CSO, and CSO is willing to continue to accept such employment by Company, on the terms and subject
to the conditions set forth in this Agreement. 
 AGREEMENT 

In consideration of the foregoing Recitals and the mutual promises and covenants herein contained, and for other good and valuable
consideration, the Parties, intending to be legally bound, agree as follows: 
 1. EMPLOYMENT. 

1.1 Title. Effective as of the Effective Date, CSO’s position shall be Chief Scientific Officer of the Company, subject to
the terms and conditions set forth in this Agreement. 
 1.2 Term. The term of this Agreement shall begin on the Effective Date and
shall continue until it is terminated pursuant to Section 4 herein (the “Term”). 
 1.3 Duties. CSO shall
do and perform all services, acts or things necessary or advisable to manage and conduct the business of the Company and that are normally associated with the position of Chief Scientific Officer. CSO shall report to the Chief Executive Officer.

 1.4 Policies and Practices. The employment relationship between the Parties shall be governed by this Agreement and by the
policies and practices established by the Company and/or the Board, or any designated committee thereof. In the event that the terms of this Agreement differ from or are in conflict with the Company’s policies or practices or the Company’s
Employee Handbook, this Agreement shall control. 
 1.5 Location. Unless the Parties otherwise agree in writing, during the Term CSO
shall perform the services CSO is required to perform pursuant to this Agreement at the Company’s offices in San Diego, California, provided, however, that the Company may from time to time require CSO to travel temporarily
to other locations in connection with the Company’s business. 

 2. LOYALTY; NONCOMPETITION; NONSOLICITATION.

 2.1 Loyalty. During CSO’s employment with the Company, CSO shall devote CSO’s full business energies,
interest, abilities and productive time to the proper and efficient performance of CSO’s duties under this Agreement. 
 2.2
Agreement not to Participate in Company’s Competitors. During CSO’s employment with the Company, CSO agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by CSO to
be adverse or antagonistic to the Company, its business, or prospects, financial or otherwise, or in any company, person, or entity that is, directly or indirectly, in competition with the business of the Company or any of its Affiliates (as defined
below). Ownership by CSO, in professionally managed funds over which CSO does not have control or discretion in investment decisions, or as a passive investment, of less than two percent (2%) of the outstanding shares of capital stock of any
corporation with one or more classes of its capital stock listed on a national securities exchange or publicly traded on a national securities exchange or in the over-the-counter market shall not constitute a breach of this Section. For purposes of
this Agreement, “Affiliate,” means, with respect to any specific entity, any other entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such
specified entity. 
 2.3 Covenant not to Compete. During CSO’s employment with the Company, CSO shall not engage in
competition with the Company and/or any of its Affiliates in any manner or capacity, as adviser, principal, agent, affiliate, promoter, partner, officer, director, employee, stockholder, owner, co-owner, consultant, in any phase of the business of
developing, manufacturing and marketing of products or services that directly compete with the products or services of the Company, except with the prior written consent of the Board. 

3. COMPENSATION OF CSO. 

3.1 Base Salary. The Company shall pay CSO a base salary at the annualized rate of $290,000 (the “Base
Salary”), less payroll deductions and all required withholdings, payable in regular periodic installments in accordance with the Company’s normal payroll practices. The Base Salary shall be prorated for any partial year of
employment on the basis of a 365-day fiscal year. 
 3.2 Discretionary Bonus. At the sole discretion of the Board and Chief Executive
Officer, promptly following each calendar year of employment CSO shall be eligible to receive a discretionary cash bonus of up to 30% of CSO’s then-current base salary (the “Bonus”), based on CSO’s achievement
relative to certain performance goals (“Performance Goals”) to be established by the Chief Executive Officer in writing in a manner reasonably consistent with the Company’s priorities. The determination of whether CSO
has met the Performance Goals for any given year, and if so, the amount of any Bonus that will be paid for such year (if any), shall be determined by the Board and Chief Executive Officer in their sole and absolute discretion. In order to be
eligible to earn or receive any Bonus, CSO must remain employed by the Company through and including the date of payment of such Bonus. For the first calendar year of CSO’s employment with Company, the Bonus payable shall be pro-rated in

 
accordance with the percentage of the calendar year that the CSO is an employee of the Company. 

3.3 Relocation. CSO in good faith intends to relocate his household to the San Diego area as soon as practical, but no later than May
2017. Until such time as CSO relocates, CSO agrees to spend at least 3 weeks per month in San Diego at the Company’s offices, unless if otherwise approved on a month-by-month basis by the Chief Executive Officer. The Company will cover the
actual and reasonable costs associated with CSO’s monthly commute to San Diego and housing in San Diego, until such time as CSO relocates to the San Diego area, up to a maximum of $40,000 in the aggregate, provided that no greater than one
round-trip flight per month from CSO’s location in Connecticut to San Diego shall be reimbursed, and no greater than $4,000 shall be accrued in housing expenses per month against this aggregate. Upon the relocation of the CSO’s household
to the San Diego area, the Company will reimburse CSO for actual and reasonable relocation expenses directly associated with the relocation up to an additional $135,000, to include airfare for up to 2 family trips to San Diego in addition to a final
relocation trip airfare, closing costs associated with the sale of the family home in Connecticut, fees associated with the purchase of a family home in San Diego upon household relocation, transportation of personal household items and up to 2
vehicles. The Chief Executive Officer will have discretion on what expenses are included within this allowance. CSO must remain employed by the Company through and including the date of payment of any such amounts payable under this
Section 3.3, and all such payments will be subject to any necessary payroll deductions and all required withholdings.  
 3.4
Stock Option. As soon as practicable following the Effective Date, CSO will be granted an option to purchase up to 1,185,925 shares of the Company’s Common Stock (the “Base Option”) pursuant to the terms of the
Company’s 2006 Equity Incentive Plan, as amended from time to time (the “Plan”). For purposes of this Section 3.3, “fully-diluted capitalization of the Company” means (1) all issued and
outstanding equity securities of the Company, (2) all shares issuable upon the conversion, exercise, or exchange of any outstanding options, warrants, or other convertible or exchangeable securities of the Company and (3) all shares
reserved for future issuance pursuant to the Plan. The Base Option shall be subject to vesting such that, subject to CSO’s continued employment with the Company, 1/4 of the shares subject to the Base Option shall vest as of the first
anniversary of the Effective Date and 1/48th of the shares subject to the Base Option shall vest in equal monthly installments on the monthly anniversary of the Effective Date of each month for
the 36 months thereafter. The exercise price per share of the Base Option will be equal to the fair market value of a single share of Common Stock on the date the Base Option is granted, as determined in good faith by the Board. The Base Option will
be governed by the Plan and shall be granted pursuant to a separate stock option grant notice and stock option agreement. For clarity, any and all preferred shares of the Company purchased by CSO, prior to or following the Effective Date, are not
included in the aforementioned consideration due to CSO. 
 3.5 Expense Reimbursements. The Company will reimburse CSO for all
reasonable business expenses CSO incurs in conducting his duties hereunder, pursuant to the Company’s usual expense reimbursement policies; provided that CSO supplies the appropriate substantiation for such expenses no later than the end of the
calendar month following the month in which such expenses were incurred by CSO. 

 3.6 Changes to Compensation. CSO’s compensation will be reviewed annually and may be
changed from time to time in the Company’s sole discretion. 
 3.7 Employment Taxes. All of CSO’s compensation shall
be subject to customary withholding taxes and any other employment taxes as are commonly required to be collected or withheld by the Company. 

3.8 Benefits. CSO shall, in accordance with Company policy and the terms of the applicable plan documents, be eligible to participate in
benefits under any benefit plan or arrangement that may be in effect from time to time and made available to the Company’s senior management employees. 

3.9 Holidays and Vacation. CSO shall be eligible for paid holiday and vacation time in accordance with Company policy as in effect from
time to time. 
 4. TERMINATION. 

4.1 Termination by the Company. CSO’s employment with the Company is at will and may be terminated by the Company at any
time and for any reason, or for no reason, including, but not limited to, under the following conditions: 
 4.1.1 Termination by the
Company for Cause. The Company may terminate CSO’s employment under this Agreement for “Cause” (as defined below) by delivery of written notice to CSO. Any notice of termination given pursuant to this section shall effect
termination as of the date of the notice, or as of such other date specified in the notice. 
 4.1.2 Termination by the Company without
Cause. The Company may terminate CSO’s employment under this Agreement without Cause at any time and for any reason, or for no reason. Such termination shall be effective on the date CSO is so informed, or as otherwise specified by
the Company. 
 4.2 Termination by CSO. CSO may terminate his employment with the Company at any time and for any reason, or for no
reason, upon thirty (30) days written notice to the Company. 
 4.3 Termination for Death or Disability. CSO’s
employment with the Company shall automatically terminate effective upon the date of CSO’s death or Disability (as defined in the Plan). 

4.4 Termination by Mutual Agreement of the Parties. CSO’s employment with the Company may be terminated at any time upon a
mutual agreement in writing of the Parties. Any such termination of employment shall have the consequences specified in such agreement. 

4.5 Compensation upon Termination. 

4.5.1 Death or Disability. If CSO’s employment is terminated by death or Disability, the Company shall pay to CSO, or to
CSO’s heirs, CSO’s accrued and unpaid base 

 
salary and accrued and unused vacation benefits earned through the date of termination at the rate in effect at the time of termination, less standard deductions and withholdings. The Company
shall thereafter have no further obligations to CSO and/or CSO’s heirs under this Agreement, except as otherwise provided by law. 

4.5.2 Termination For Cause. If the Company terminates CSO’s employment for Cause, then the Company shall pay CSO’s accrued
and unpaid base salary and accrued and unused vacation benefits earned through the date of termination, at the rate in effect at the time of termination, less standard deductions and withholdings. The Company shall thereafter have no further
obligations to CSO under this Agreement, except as otherwise provided by law. 
 4.5.3 Termination by Company Without Cause or by CSO for
Good Reason Not In Connection with a Change in Control. If the Company terminates CSO’s employment without Cause or if CSO resigns his employment for Good Reason, in either case at any time other than upon the occurrence of, or within the
13 months immediately following, the effective date of a Change in Control, the Company shall pay CSO’s accrued and unpaid base salary and accrued and unused vacation benefits earned through the date of termination, at the rate in effect at the
time of termination, less standard deductions and withholdings. Provided that CSO has permanently relocated his household to the San Diego area prior to such date of termination or resignation, then in addition to the above, if CSO furnishes to the
Company an executed waiver and release of claims in the form attached hereto as Exhibit A (or in such other form as may be specified by the Company) (the “Release”) within the time period specified therein, but in
no event later than 45 days following CSO’s termination, and if CSO allows such Release to become effective in accordance with its terms, then (i) CSO shall be entitled to severance in the form of continuation of his base salary, at the
base salary rate equal to the greater of the rate in effect at the time of termination or immediately prior to the event giving rise to the Good Reason (the “Severance Payments”), for a period of nine (9) months
following the termination date (the “Severance Period”), and (ii) the Company will pay directly to the insurance provider the premium for COBRA continuation coverage for CSO and CSO’s family during the Severance
Period or until he obtains new employment, whichever comes first (the “COBRA Coverage”); provided, however, that notwithstanding anything herein, if the Company determines in its sole discretion that it cannot provide the
foregoing COBRA Coverage benefit without potentially violating, or being subject to an excise tax under, applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu thereof provide to
CSO a taxable monthly payment, payable on the last day of a given month, in an amount equal to the monthly COBRA Coverage that CSO would be required to pay to continue CSO’s group health coverage in effect on the termination of employment date
(which amount will be based on the premium for the first month of COBRA coverage). The Severance Payments will be subject to standard payroll deductions and withholdings and will be made on the Company’s regular payroll cycle, provided,
however, that any Severance Payments otherwise scheduled to be made prior to the effective date of the Release shall accrue and be paid in the first payroll period that follows such effective date. The Company shall thereafter have no further
obligations to CSO under this Agreement, except as otherwise provided by law. 
 4.5.4 Termination by Company Without Cause or by CSO for
Good Reason In Connection with a Change in Control. If the Company terminates CSO’s 

 
employment without Cause or if CSO resigns his employment for Good Reason, in either case upon the occurrence of, or within the 13 months immediately following, the effective date of a Change in
Control, the Company shall pay CSO’s accrued and unpaid base salary and accrued and unused vacation benefits earned through the date of termination, at the rate in effect at the time of termination, less standard deductions and withholdings.
Provided that CSO has permanently relocated his household to the San Diego area prior to such date of termination or resignation, then in addition, if CSO furnishes to the Company an executed Release within the time period specified therein, but in
no event later than 45 days following CSO’s termination, and if CSO allows such Release to become effective in accordance with its terms, then CSO shall be entitled to: (1) the Severance Payments and COBRA coverage described in
Section 4.5.3 above and (2) accelerated vesting of any unvested shares subject to the Base Option such that CSO shall become vested in 100% of the shares subject to such Base Option on the effective date of the Release. The Company shall
thereafter have no further obligations to CSO under this Agreement, except as otherwise provided by law. 
 4.6 Definitions.
For purposes of this Agreement, the following terms shall have the following meanings: 
 4.6.1 “Cause” shall
mean the occurrence of any one or more of the following: (i) CSO’s commission of any crime involving fraud, dishonesty or moral turpitude; (ii) CSO’s attempted commission of or participation in a fraud or act of dishonesty
against the Company that results in (or might have reasonably resulted in) material harm to the business of the Company; (iii) CSO’s intentional, material violation of any contract or agreement between CSO and the Company or any statutory
duty CSO owes to the Company; or (iv) CSO’s conduct that constitutes gross insubordination, incompetence or habitual neglect of duties and that results in (or might have reasonably resulted in) material harm to the business of the Company;
provided, however, that the action or conduct described in clauses (iii) and (iv) above will constitute “Cause” only if such action or conduct continues after the Company has provided CSO with written notice thereof and
thirty (30) days to cure, or otherwise remedy to the extent possible under direct control of the CSO, the same. An occurrence of “Cause” as set forth in the preceding sentence shall be based upon a good faith determination by the
Board. CSO’s Disability shall not constitute Cause as set forth herein. The determination that a termination is for Cause shall be by the Board in its sole and exclusive judgment and discretion. 

4.6.2 “Good Reason” shall mean any of the following actions: (i) the assignment to CSO of any duties or
responsibilities that results in a material diminution in CSO’s function (for Section 4.5.4, as in effect immediately prior to the effective date of the Change in Control); provided, however, that a change in CSO’s title or
reporting relationships shall not provide the basis for a voluntary termination with Good Reason; (ii) a material reduction by the Company in CSO’s annual base salary as in effect on the effective date of the Change in Control;
provided, however, that Good Reason shall not be deemed to have occurred in the event of a reduction in CSO’s annual base salary that is pursuant to a salary reduction program affecting substantially all of the employees of the Company
and that does not adversely affect CSO to a greater extent than other similarly situated employees; or (iii) a relocation of CSO’s primary business office to a location more than 50 miles from the location of CSO’s primary business
office and which increases the CSO’s commute (for Section 4.5.4, as of the effective date of the Change in Control), except for required travel by CSO on the Company’s business to an extent

 
substantially consistent with CSO’s business travel obligations prior to the effective date of the Change in Control; provided, that CSO may not resign for Good Reason
without first providing the Company with written notice within ninety (90) days of the date of the initial existence of the condition that CSO believes constitutes Good Reason specifically identifying the acts or omissions constituting the
grounds for Good Reason and a reasonable cure period of not less than thirty (30) days and not more than ninety (90) days following the date of such notice. 

4.7 Survival of Certain Sections. Sections 2, 3.4 and 4 through 18 of this Agreement will survive the termination of this Agreement.

 4.8 Parachute Payment. If any payment or benefit CSO would receive pursuant to this Agreement (“Payment”)
would (i) constitute a “Parachute Payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but for this sentence, be subject to
the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of
the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion, up to and including the total of the Payment, whichever amount, after taking into account all applicable federal, state and
local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in CSO’s receipt, on an after-tax basis, of the greatest economic benefit notwithstanding that all or some portion of the
Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting Parachute Payments is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the manner that results in the greatest economic
benefit for CSO. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata. 

In the event it is subsequently determined by the Internal Revenue Service that some portion of the Reduced Amount (as determined pursuant to
clause (x) in the preceding paragraph) is subject to the Excise Tax, CSO agrees to promptly return to the Company a sufficient amount of the Payment so that no portion of the Reduced Amount is subject to the Excise Tax. For the avoidance of
doubt, if the Reduced Amount is determined in accordance with clause (y) in the preceding paragraph, CSO will have no obligation to return any portion of the Payment pursuant to the preceding sentence. 

Unless CSO and the Company agree on an alternative accounting or law firm, the accounting firm then engaged by the Company for general tax
compliance purposes shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a
nationally recognized accounting, law or consulting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting, law or consulting firm required to be made hereunder.

 The Company shall use commercially reasonable efforts such that the accounting, law or consulting firm engaged to make the determinations
hereunder shall provide its calculations, together with detailed supporting documentation, to CSO and the Company within 15 calendar days after the date on which CSO’s right to a Payment is triggered (if requested at that time by CSO or the
Company) or such other time as requested by CSO or the Company. 

 4.9 Application of Internal Revenue Code Section 409A. Notwithstanding anything to
the contrary set forth herein, any payments and benefits provided under this Agreement (the “Severance Benefits”) that constitute “deferred compensation” within the meaning of Section 409A of the Code and the
regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”) shall not commence in connection with CSO’s termination of employment unless and until CSO has also incurred a
“separation from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h) (“Separation From Service”), unless the Company reasonably determines that such amounts may be provided to CSO
without causing CSO to incur the additional 20% tax under Section 409A. 
 It is intended that each installment of the Severance
Benefits payments provided for in this Agreement is a separate “payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, it is intended that payments of the Severance Benefits set forth in
this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Company (or, if
applicable, the successor entity thereto) determines that the Severance Benefits constitute “deferred compensation” under Section 409A and CSO is, on the termination of service, a “specified employee” of the Company or any
successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the
Severance Benefit payments shall be delayed until the earlier to occur of: (i) the date that is six months and one day after CSO’s Separation From Service, or (ii) the date of CSO’s death (such applicable date, the
“Specified Employee Initial Payment Date”), the Company (or the successor entity thereto, as applicable) shall (A) pay to CSO a lump sum amount equal to the sum of the Severance Benefit payments that CSO would otherwise
have received through the Specified Employee Initial Payment Date if the commencement of the payment of the Severance Benefits had not been so delayed pursuant to this Section and (B) commence paying the balance of the Severance Benefits in
accordance with the applicable payment schedules set forth in this Agreement. 
 Notwithstanding anything to the contrary set forth herein,
CSO shall receive the Severance Benefits described above, if and only if CSO duly executes and returns to the Company within the applicable time period set forth therein, but in no event more than forty-five days following Separation From Service,
the Release and permits the Release to become effective in accordance with its terms. Notwithstanding any other payment schedule set forth in this Agreement, none of the Severance Benefits will be paid or otherwise delivered prior to the effective
date of the Release. Except to the extent that payments may be delayed until the Specified Employee Initial Payment Date pursuant to the preceding paragraph, on the first regular payroll pay day following the effective date of the Release, the
Company will pay CSO the Severance Benefits CSO would otherwise have received under the Agreement on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of the Severance Benefits being
paid as originally scheduled. All amounts payable under the Agreement will be subject to standard payroll taxes and deductions. 

 5. CONFIDENTIAL AND PROPRIETARY
INFORMATION. 
 CSO has already executed, as a condition of CSO’s employment with the Company, the Company’s
standard form of Proprietary Information and Inventions Agreement (the “PIIA”). The PIIA remains in full force and effect. 

6. ASSIGNMENT AND BINDING EFFECT. 

This Agreement shall be binding upon and inure to the benefit of CSO and CSO’s heirs, executors, personal representatives, assigns,
administrators and legal representatives. Because of the unique and personal nature of CSO’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement shall be assignable by CSO. This Agreement shall
be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this
purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the
Company. 
 7. NOTICES. 

All notices or demands of any kind required or permitted to be given by the Company or CSO under this Agreement shall be given in writing and
shall be personally delivered (and receipted for) or faxed during normal business hours or mailed by certified mail, return receipt requested, postage prepaid, addressed as follows: 

 

			
		 	If to the Company:
		
		 	 10421 Pacific Center Court, Suite 200
 San
Diego, CA 92121
 Attention: Chief Executive Officer

		
		 	If to CSO:
		
		 	Matthew Moyle
		
		 	 [Address]

		
		 	  

 Any such written notice shall be deemed given on the earlier of the date on which such notice is personally delivered or three
days after its deposit in the United States mail as specified above. Either Party may change its address for notices by giving notice to the other Party in the manner specified in this Section. 

8. CHOICE OF LAW. 

This Agreement shall be construed and interpreted in accordance with the internal laws of the State of California without regard to its
conflict of laws principles. 

 9. INTEGRATION. 

This Agreement, including Exhibit A and the PIIA, contains the complete, final and exclusive agreement of the Parties relating to the
terms and conditions of CSO’s employment and the termination of CSO’s employment, and supersedes any and all prior and/or contemporaneous oral and written employment agreements or arrangements between the Parties. 

10. AMENDMENT. 

This Agreement cannot be amended or modified except by a written agreement signed by CSO and the Company. 

11. WAIVER. 

No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except with the written consent of the Party
against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, condition or breach. 

12. SEVERABILITY. 

The finding by a court of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this Agreement shall not
render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or provision, which most
accurately represents the Parties’ intention with respect to the invalid or unenforceable term, or provision. 
 13.
INTERPRETATION; CONSTRUCTION. 
 The headings set forth in this Agreement are for convenience of reference
only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing the Company, but CSO has been encouraged to consult with, and has consulted with, CSO’s own independent counsel and tax
advisors with respect to the terms of this Agreement. The Parties acknowledge that each Party and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and any rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
 14.
REPRESENTATIONS AND WARRANTIES. 
 CSO represents and warrants that CSO is not restricted or
prohibited, contractually or otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and that CSO’s execution and performance of this Agreement will not violate or breach any other agreements
between CSO and any other person or entity. 
 15. COUNTERPARTS. 

 This Agreement may be executed in two counterparts, each of which shall be deemed an original,
all of which together shall contribute one and the same instrument. 
 16. ARBITRATION. 

To ensure the rapid and economical resolution of disputes that may arise in connection with CSO’s employment with the Company, CSO and the
Company agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to CSO’s employment, or the termination of that employment, will be resolved, to the fullest extent permitted by law, by final,
binding and confidential arbitration pursuant to both the substantive and procedural provisions of the Federal Arbitration Act in San Diego, California conducted by the Judicial Arbitration and Mediation Services/Endispute, Inc.
(“JAMS”), or its successors, under the then current rules of JAMS for employment disputes; provided that the arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to
award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. Accordingly, CSO and the Company hereby
waive any right to a jury trial. Both CSO and the Company shall be entitled to all rights and remedies that either CSO or the Company would be entitled to pursue in a court of law. The Company shall pay any JAMS filing fee and shall pay the
arbitrator’s fee. Nothing in this Agreement is intended to prevent either CSO or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Notwithstanding the foregoing,
CSO and the Company each have the right to resolve any issue or dispute involving confidential, proprietary or trade secret information, or intellectual property rights, by Court action instead of arbitration. 

17. TRADE SECRETS OF OTHERS. 

It is the understanding of both the Company and CSO that CSO shall not divulge to the Company and/or its subsidiaries any confidential
information or trade secrets belonging to others, including CSO’s former employers, nor shall the Company and/or its Affiliates seek to elicit from CSO any such information. Consistent with the foregoing, CSO shall not provide to the Company
and/or its Affiliates, and the Company and/or its Affiliates shall not request, any documents or copies of documents containing such information. 

18. ADVERTISING WAIVER. 

CSO agrees to permit the Company, and persons or other organizations authorized by the Company, to use, publish and distribute advertising or
sales promotional literature concerning the products and/or services of the Company, or the machinery and equipment used in the provision thereof, in which CSO’s name and/or pictures of CSO taken in the course of CSO’s provision of
services to the Company appear. CSO hereby waives and releases any claim or right CSO may otherwise have arising out of such use, publication or distribution. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK] 

 IN WITNESS WHEREOF, the
Parties have executed this Agreement as of the dates below. 
  

			
	ANAPTYSBIO, INC.
		
	By: 	 	 /s/ Hamza Suria

	Its: 	 	 President and CEO

 

			
	Dated: 	 	 March 22, 2016

		
	CSO:	 	
	
	/s/ Matthew Moyle
	  

MATTHEW MOYLE

		
	Dated:	 	 March 22, 2016

 [SIGNATURE PAGE TO EMPLOYMENT
AGREEMENT] 

 EXHIBIT A 

RELEASE AND WAIVER OF CLAIMS 

TO BE SIGNED ON OR FOLLOWING THE SEPARATION DATE ONLY 

In consideration of the payments and other benefits set forth in the Employment Agreement effective
            , 201    , to which this form is attached, I, Matthew Moyle, hereby furnish ANAPTYSBIO,
INC. (the “Company”), with the following release and waiver (“Release and Waiver”). 

In exchange for the consideration provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby generally
and completely release the Company and its current and former directors, officers, employees, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the
“Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or on the date that I
sign this Agreement (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with the Company, or the termination of
that employment; (b) all claims related to my compensation or benefits from the Company including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership
interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and
discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, misclassification, attorneys’ fees, or other claims arising under the federal
Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”), the California Labor Code, and the California
Fair Employment and Housing Act (as amended). Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (a) any rights or claims for indemnification I may have pursuant
to the charter or bylaws of the Company or under applicable law; (b) any rights or claims to unemployment compensation, funds accrued in my 401k account, or any vested equity incentives; (c) any rights that are not waivable as a matter of
law; or (d) any claims arising from the breach of this Agreement. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included
in the Released Claims. 
 I also acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as
follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her
settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that Section and any law of any jurisdiction, including New York, of similar effect with respect to any claims I may have against the
Company. 

 I acknowledge that, among other rights, I am waiving and releasing any rights I may have under
ADEA, that this Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I was already entitled as an executive of the Company. I further acknowledge that
I have been advised, as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate to claims under the ADEA which may arise after this Release and Waiver is executed; (b) I should
consult with an attorney prior to executing this Release and Waiver; and (c) if I am age 40 or older at the time of execution of this release, I have 21 days from the date of termination of my employment with the Company in which to consider
this Release and Waiver (although I may choose voluntarily to execute this Release and Waiver earlier); and (d) if I am age 40 or older at the time of execution of this release, I have seven days following the execution of this Release and
Waiver to revoke my consent to this Release and Waiver and this Release and Waiver shall not be effective until the seven day revocation period has expired without my having previously revoked this Release and Waiver. 

I agree not to disparage the Company and its officers, directors, employees, shareholders and/or agents, in any manner likely to be harmful to
them or their business, business reputations or personal reputations; provided that I may respond accurately and fully to any question, inquiry or request for information when required by legal process (e.g., a valid subpoena or other similar
compulsion of law) or as part of a government investigation. 
 I acknowledge my continuing obligations under my Proprietary Information and
Inventions Agreement. Pursuant to the Proprietary Information and Inventions Agreement I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately return all
Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control. I understand and agree that my right to the severance pay I am receiving in exchange for my agreement to the
terms of this Release and Waiver is contingent upon my continued compliance with my Proprietary Information and Inventions Agreement. 

This Release and Waiver constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with
regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Release and Waiver may only be modified by a writing signed by both me and a duly authorized officer of
the Company. 
  

							
	Date:                                     
                                         
                              	 		 	By:	 	  

		 		 		 	Matthew MoyleEX-10.9

 EXHIBIT 10.9 
  

					
		  	 [*]
	  	 Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with
the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

 ANTIBODY GENERATION AGREEMENT 

This ANTIBODY GENERATION AGREEMENT is entered into and effective as of December 2011 (the “Effective
Date”), by and between ANAPTYSBIO, INC., a Delaware corporation (“AnaptysBio”), having its principal place of business at 10421 Pacific Center Court, Suite 200, San Diego, CA 92121, and CELGENE
CORPORATION, a Delaware corporation (together with its subsidiaries and affiliates hereinafter collectively referred to as “Client”), having its principal place of business at 86 Morris Avenue, Summit, NJ 07901. 

WHEREAS, AnaptysBio possesses proprietary technology useful for the discovery,
modification, optimization and humanization of antibodies; and 
 WHEREAS, Client
wishes to have AnaptysBio apply such technology to one or more biological targets and/or antibodies selected by Client for the purpose of generating antibodies for use in the development of human therapeutic agents. 

NOW THEREFORE, in consideration of the foregoing premises and the mutual
covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, agree as follows: 

 

	1.	 DEFINED TERMS. 

1.1 “Accounting Standards” shall mean (a) GAAP (United States Generally Accepted Accounting
Principles); or (b) IFRS (International Financial Reporting Standards), in either case, consistently applied. 

1.2 “Affiliate” shall mean any entity that, directly or indirectly through one or more intermediaries,
is controlled by, controlling, or under common control with a party hereto, for so long as such control exists, and shall include any entity more than 50% of whose voting stock or participating profit interest is owned or controlled, directly or
indirectly, by a party, and any entity which owns or controls, directly or indirectly, more than 50% (or such lesser percentage that is the maximum allowed to be owned by a foreign entity in a particular jurisdiction) of the voting stock of a party.
As used in this Section 1.1, “control” means to possess, directly or indirectly, the power to direct the management and policies of an entity, whether through ownership of voting securities or by contract relating to voting rights or
corporate governance. 
 1.3 “AnaptysBio Platform” shall mean AnaptysBio’s proprietary
technology that is generally applicable to the discovery, modification, optimization and/or humanization of antibodies and/or other proteins, and/or nucleic acids relating thereto (including, without

 
limitation, the expression, manufacture and formulation of any of the foregoing), such as, but not limited to, software, nucleic acids, vectors, cell lines, libraries, screening systems,
reagents, methods, databases and instrumentation that, in each case, is Controlled by AnaptysBio on or after the Effective Date. The AnaptysBio Platform shall exclude Client Technology. 

1.4 “AnaptysBio Technology” shall mean: (a) to the extent Controlled by AnaptysBio on the
Effective Date or during the Research Period, all Information relating to the AnaptysBio Platform; and (b) all patent and other intellectual property rights in any of the foregoing. Without limiting the generality of the foregoing, AnaptysBio
Technology shall include any such Information generated, discovered or developed in whole or in part by employees or agents of AnaptysBio in performing any Project, or otherwise generated, discovered or developed in whole or in part by employees or
agents of AnaptysBio during the term of this Agreement; in each case, to the extent any of the foregoing: (i) relate or apply to the AnaptysBio Platform, improvements to the AnaptysBio Platform, or the use of the AnaptysBio Platform or any such
AnaptysBio Platform improvements; or (ii) are generally applicable to the discovery, modification, optimization or humanization of proteins and nucleic acids (including, without limitation, the expression and manufacture thereof). AnaptysBio
Technology shall exclude Client Technology. 
 1.5 “Antibody” shall mean any immunoglobulin
molecule, or fragment thereof, whether in monospecific or other form, and shall include any immunoglobulin fragment (such as Fv, Fab, F(ab’)2) containing one or more complementarity determining regions (CDRs) or framework regions (FRs)), any
fusion protein comprising an immunoglobulin molecule or immunoglobulin molecule fragment and any single chain antibody (such as scFv), any truncation of any of the foregoing, or any derivative or modification of any of the foregoing. 

1.6 “BLA” shall mean a biologics license application, as defined in the United States Federal Food,
Drug and Cosmetic Act of 1938, as amended from time to time, and all rules, regulations and guidance promulgated thereunder, or any successor application thereto, or any foreign equivalent application, registration, certification or approval that is
required prior to the marketing, distribution, sale and/or other commercial exploitation of a biological product for human use in a regulatory jurisdiction. 

1.7 “Client Antibody” shall mean, with respect to a particular Project, the starting Antibody (if any)
identified in the applicable Research Plan. 
 1.8 “Client Assay” shall mean, with respect to a
particular Project, any assay identified in the applicable Research Plan that is to be transferred by Client to AnaptysBio (if any). 

1.9 “Client Information” shall mean, with respect to a particular Project: (a) the Information
(other than chemical or biological materials) identified in the applicable Research Plan that is to be provided by Client to AnaptysBio in connection with such Project, and (b) any additional Information disclosed by Client to AnaptysBio in
connection with Client’s transfer to AnaptysBio of the Client Materials for such Project. 

  
 2 

 1.10 “Client Materials” shall mean, with respect to a
particular Project, collectively, the chemical or biological samples of Client Antibody and Client Target to be provided, and the Client Assay(s) to be transferred, by Client to AnaptysBio for use in the performance of such Project, each as set
forth in the applicable Research Plan. 
 1.11 “Client Results” shall mean, with respect to a
particular Project, effective only upon and from such time as Client has made full and timely payment of the Success Fee for such Project to AnaptysBio: 

(a) any and all data and results generated, discovered or developed by or on behalf of Client as a result of performing
the Evaluation (but excluding AnaptysBio Technology); and 
 (b) any and all data and results generated, discovered
or developed by or on behalf of Client after payment of the Success Fee using any Delivered Antibody(ies) and/or Delivered Antibody Information. 

1.12 “Client Target” shall mean, with respect to a particular Project, the biological target
identified in the applicable Research Plan. 
 1.13 “Client Technology” shall mean: (a) Client
Materials and Client Information; (b) if applicable, Client Results; and (c) all patent and other intellectual property rights in any of the foregoing. 

1.14 “Confidential Information” shall mean all Information, tangible or intangible, whether in
written, graphic, oral, visual or electronic form, that is disclosed or made available by one party to the other party under this Agreement and is not subject to the exceptions set forth in Section 5.2. Confidential Information provided by a
party to the other party in written, graphic or electronic form shall be marked “Confidential.” Confidential Information initially provided by a party to the other party orally or visually shall be summarized in a writing marked
“Confidential” which shall be delivered to the other party within 30 days after the initial oral or visual disclosure. 

1.15 “Controlled” shall mean, with respect to any Information or intellectual property rights,
possession by a party of the ability (whether by ownership, license or otherwise) to grant a license or a sublicense of or under such Information or intellectual property rights without violating the terms of any agreement or other arrangement with
any Third Party. 
 1.16 “Delivered Antibody” shall mean, with respect to a particular Project, any
Antibody resulting from AnaptysBio’s performance of such Project that is delivered to Client pursuant to Section 2.3(a). 

1.17 “Delivered Antibody Information” shall mean, with respect to a particular Project: [*], as more
fully described in the applicable Research Plan. 
 1.18 “Delivered Antibody Inventions” shall have
the meaning provided in Section 4.4(a). 

  

					
		  	3	  	*Confidential Treatment Requested.

 1.19 “Delivered Antibody Patents” shall mean all patents
and patent applications claiming or disclosing any Delivered Antibody Invention(s). 
 1.20
“Evaluation” shall have the meaning provided in Section 2.4(a). 
 1.21 “Evaluation
Period” shall have the meaning provided in Section 2.4(a). 
 1.22 “Excluded Costs” shall
mean, with respect to a particular Project: (a) the reasonable out-of-pocket costs of specialized reagents, supplies or equipment, or specialized services performed
by Third Party subcontractors of AnaptysBio, that, in each case, are needed specifically for such Project but are not generally required for other similar projects AnaptysBio performs on behalf of Third Parties; and (b) all reasonable out-of-pocket travel costs pre-approved by Client, that are in compliance with Client’s travel policy, and incurred by AnaptysBio in the event that Client requests, and
AnaptysBio agrees, that any AnaptysBio personnel provide technical assistance at any location other than AnaptysBio’s facilities in connection with such Project. 

1.23 “First Commercial Sale” shall mean the first sale of a Product by Client or any of its
Affiliates, licensees or sublicensees to a Third Party for end use or consumption in a country after the governing health regulatory authority of such country has granted marketing approval (e.g., BLA approval) with respect to such Product.
Sale to an Affiliate or to a licensee or sublicensee of Client or any of its Affiliates shall not constitute a First Commercial Sale. 

1.24 “Information” shall mean know-how, trade secrets, data,
inventions, proprietary software, works of authorship, designs, techniques, methods, processes, formulations, structure and other information relating to compounds, compositions, specifications, reagents, ideas and information. 

1.25 “Joint Invention” shall mean any invention, whether or not patentable, that is made jointly (as
determined in accordance with U.S. laws of inventorship) by one or more employees, consultants or contractors of Client and one or more employees, consultants or contractors of AnaptysBio, in the course of activities undertaken pursuant to this
Agreement; but, in each case, excluding AnaptysBio Technology and Client Technology. 
 1.26 “Joint
Patents” shall have the meaning provided in Section 4.4(b). 
 1.27 “Materials” shall have
the meaning provided in Section 2.6. 
 1.28 “Net Sales” shall mean [*]. 

1.29 “Phase 1 Trial” shall mean a human clinical trial that would satisfy the requirements for a Phase
1 study as defined in 21 CFR § 312.21(a) (or its successor regulation) or any foreign equivalent thereof. 

1.30 “Phase 2 Trial” shall mean a human clinical trial that would satisfy the requirements for a Phase
2 study as defined in 21 CFR § 312.21(b) (or its successor regulation) or any foreign equivalent thereof. 

  

					
		  	4	  	*Confidential Treatment Requested.

 1.31 “Phase 3 Trial” shall mean a human clinical trial
that would satisfy the requirements for a Phase 3 study as defined in 21 CFR § 312.2l(c) (or its successor regulation) or any foreign equivalent thereof. 

1.32 “Product” shall mean any product, composition, method, device, or service (a) that
comprises, contains or uses any Delivered Antibody (or any derivative or modification of a Delivered Antibody), in whole or in part, or (b) the manufacture, use, sale, offer for sale or import of which is covered by any Delivered Antibody
Patent. 
 1.33 “Project” shall mean a project directed to either [*]. 

1.34 “Project Goals” shall mean, with respect to a particular Project, the specific design goals with
respect to binding affinity and specificity of the Antibodies to be generated and characterized by AnaptysBio in such Project, as set forth in the applicable Research Plan. 

1.35 “Remaining Materials” shall mean any and all biological or chemical materials derived from the
Client Materials in the course and as a result of performance of a Project by or on behalf of AnaptysBio. Notwithstanding the foregoing, Remaining Materials shall exclude the Delivered Antibodies. 

1.36 “Research Period” shall mean the period commencing on the Effective Date and, subject to earlier
termination of this Agreement in accordance with Article 7, [*] 
 1.37 “Research Plan” shall have
the meaning provided in Section 2.1(b). 
 1.38 “Results” shall mean, with respect to a particular
Project: (a) any and all data and results generated, discovered or developed by or on behalf of AnaptysBio in the course and as a result of performance of such Project, which data and results relate specifically and solely to the applicable
Client Materials, Client Information and/or Delivered Antibodies; and (b) any and all data and results generated is covered or developed by or on behalf of Client as a result of performing the Evaluation of Delivered Antibodies from such
Project (it being understood that upon payment of the Success Fee for such Project to AnaptysBio, the data and results described in this clause (b) shall be deemed Client Results). Notwithstanding the foregoing, the Results shall exclude the
AnaptysBio Technology and the Client Technology. 
 1.39 “Subject AnaptysBio Patent” shall mean any
patent application or patent within the AnaptysBio Technology that: 
 (a) claims any invention that AnaptysBio
either (i) used in generating a particular Delivered Antibody assigned to Client hereunder, or (ii) incorporated into a particular Delivered Antibody assigned to Client hereunder; and 

(b) would, in the absence of a license thereunder, be infringed by the manufacture, use, sale, offer for sale or import
of such Delivered Antibody. 
 1.40 “Success Fee” shall have the meaning provided in
Section 3.3. 

  

					
		  	5	  	*Confidential Treatment Requested.

 1.41 “Success Fee Due Date” shall mean, with respect to a
particular Project, the date that is [*] after expiration of the Evaluation Period and receipt of invoice for such Project. Notwithstanding the foregoing, if, prior to expiration of the Evaluation Period for a Project, Client exercises its rights
under Section 2.4(b) with respect to such Project, then the “Success Fee Due Date” shall be the date that is [*]. 

1.42 “Third Party” shall mean any entity other than AnaptysBio or Client or an Affiliate of
AnaptysBio. 
 1.43 “Valid Claim” means a claim of an issued patent that has not expired or been
revoked, held invalid or unenforceable by a patent office, court or other governmental agency of competent jurisdiction in a final and non-appealable judgment (or judgment from which no appeal was taken within
the allowable time period), or a claim within a patent application that has not been revoked, cancelled, withdrawn, held invalid or abandoned and which has not been pending for more than [*] years from its first priority filing date. 

 

	2.	 STEERING COMMITTEE, PROJECTS AND
DELIVERABLES. 

 2.1 Steering Committee and Projects. 

(a) Steering Committee. A steering committee (hereinafter the
“Steering Committee”) shall be formed within [*] after the Effective Date, as further described at Exhibit B. 

(b) Approval of Projects. During the Research Period, AnaptysBio shall perform the [*] Projects for Client
attached hereto as Exhibit A (the “Research Plan”) and the Projects described therein (the “Projects”). During the performance of a Project, [*]. If AnaptysBio disputes in good faith that a proposed
substitute Project is feasible, AnaptysBio shall so notify Client within [*] after receipt of the Project Notice, and the parties shall confer in good faith regarding the matter, [*]. In addition, in the event AnaptysBio [*]. Unless AnaptysBio
provides notice as set forth above that [*], which shall be in a form acceptable to the parties and shall specify the following information for such substitute Project: 

[*] 

(c) Research Plans. Each Research Plan shall be subject to all of the terms and conditions of this Agreement, in
addition to the specific details set forth in such Research Plan. To the extent any terms of a Research Plan conflict with the terms of this Agreement, the terms of this Agreement shall control, unless and only to the extent that such Research Plan
expressly states the intent of the parties that the Research Plan supersede this Agreement with respect to a specific matter. Each fully-executed Research Plan shall be deemed incorporated herein by reference, and a copy thereof shall be attached to
this Agreement. Any changes to a Research Plan shall be in writing, executed by an authorized representative of each party, attached to the original Research Plan, and incorporated herein and therein by reference. 

(d) Exclusivity. On a
Project-by-Project basis, commencing on acceptance of the Research Plan for each Project and expiring on, as applicable, [*]; except for the activities under this
Agreement, AnaptysBio shall not [*]. Notwithstanding the preceding sentence or any 

  

					
		  	6	  	*Confidential Treatment Requested.

 
other provision of this Agreement to the contrary, AnaptysBio shall at all times be free to conduct, participate in, or fund, directly or indirectly, alone or with any Third Party, any activities
directed to the discovery, research or commercialization of Antibodies that: [*]. 
 2.2 Transfer and Use of
Client Materials and Information. As promptly as practicable after mutual written approval of the Research Plan for each substitute Project (or after the Effective Date in the case of the Projects), Client shall deliver to AnaptysBio the Client
Materials and the Client Information for such Project as specified in the applicable Research Plan. 
 2.3 Performance of
Projects; Substitution of Projects; Deliverables. On a Project-by-Project basis, promptly following receipt of the Client Materials and Client Information for a Project, AnaptysBio shall use commercially
reasonable efforts to perform such Project, as described in the applicable Research Plan. In the event that the research term of the Project exceeds [*] or a substitute Project is agreed to by the parties under Section 2.l(b), and the combined
research term of the Project and substitute Project exceed [*], the parties agree to negotiate in good faith additional funding payments for the time period that is in excess of [*]. In addition, such substitute Project shall not be counted as an
additional Project. AnaptysBio may perform some Project activities through one or more subcontractors, provided that AnaptysBio shall at all times be fully responsible for the compliance of its subcontractors with this Agreement. Promptly following
AnaptysBio’s completion of its responsibilities under each Research Plan, AnaptysBio shall: 
 (a) deliver to
Client the Antibodies generated and characterized in the course of the performance of the applicable Project that meet the Project Goals; [*]; and 

(b) provide a written report to Client setting forth, for each Delivered Antibody from such Project, [*]. 

For the avoidance of doubt, AnaptysBio shall have no obligation: (A) to generate or characterize Antibodies other than as
expressly set forth in the Research Plans; (B) to deliver to Client any Antibodies other than as expressly set forth in Section 2.3(a); (C) to disclose to Client any Results with respect to any Antibody other than the Delivered Antibody
Information with respect to the Delivered Antibodies; or (D) to disclose to Client any Information regarding the AnaptysBio Platform. 

2.4 Client Evaluation of Delivered Antibodies. 

(a) Evaluation. Commencing upon Client’s receipt of the Delivered Antibodies and Delivered Antibody
Information from each Project and for a period of [*] thereafter, or such extended time period as may mutually agreed by the parties (the “Evaluation Period”), Client will [*]. Client may conduct the Evaluation either
directly or indirectly through its Affiliate(s), agent(s), consultant(s) and/or subcontractor(s), provided that Client shall at all times be fully responsible for the compliance of its Affiliate(s), agent(s), consultant(s) and/or subcontractor(s)
with this Agreement and, prior to providing any Delivered Antibody or Delivered Antibody Information to any agent, consultant or subcontractor, shall obtain the written agreement of such agent, consultant or subcontractor to be bound by clauses
(ii) and (iii) 

  

					
		  	7	  	*Confidential Treatment Requested.

 
of Section 2.5(a). Unless Client notifies AnaptysBio in writing on or before the end of the Evaluation Period for a Project that Client in good faith believes that [*]. In addition, regardless of
whether or not Client has completed any or all Evaluation activities by the end of the Evaluation Period for a Project, Client shall not have the right to deliver a notice to AnaptysBio that the Project Goals for such Project have not been met
unless Client has generated data during such Evaluation Period, through performance of Evaluation activities, to support its contention that none of such Delivered Antibodies meets the Project Goals. If Client notifies AnaptysBio in writing by the
end of the Evaluation Period for a Project that Client in good faith believes that [*]. 
 (b) Independent Laboratory
Determination. If Client notifies AnaptysBio in writing by the end of the Evaluation Period for a Project that Client in good faith believes that [*] of the Delivered Antibodies] from such Project do not meet the Project Goals, and AnaptysBio in
good faith does not agree that [*] of the Delivered Antibodies from such Project do not meet the Project Goals, then [*]. The parties will initially share the costs of the independent laboratory’s analysis on an equal basis in accordance with a
pre-agreed budget and maximum cost for such activities, but the party in whose favor the independent laboratory rules shall be entitled to have its share of such costs reimbursed by the other party promptly
following such determination. 
 2.5 Use of Delivered Antibodies, Information and Results. 

(a) Prior to Success Fee Due Date. On a
Project-by-Project basis, until the Success Fee Due Date for a Project (or, if this Agreement is earlier terminated in accordance with Article 7, until such
termination), except as expressly set forth in Sections 2.5(b) and 2.5(c): 
 (i) AnaptysBio shall solely own all
rights in the Delivered Antibodies and Delivered Antibody Information resulting from such Project and associated Results; 

(ii) each party shall treat such Delivered Antibodies and Delivered Antibody Information as Confidential Information
of the other party in accordance with Article 5; 
 (iii) Client covenants that: (1) except as expressly
permitted by Section 2.4, it will not conduct or have conducted on its behalf, nor cause or allow any Affiliate or Third Party to conduct, any study of any such Delivered Antibody or related Product; (2) Client will not use any such
Delivered Antibody or Delivered Antibody Information for any purpose other than the Evaluation; and (3) except as expressly permitted by Section 2.4, Client will not transfer or disclose, or cause to be transferred or disclosed, any such
Delivered Antibody, Delivered Antibody Information, or Results to any Affiliate or to any Third Party; and 
 (iv)
AnaptysBio shall not use any such Delivered Antibody, Delivered Antibody Information or Results for any purpose other than performance of such Project. 

(b) Success Fee Timely Paid. On a
Project-by-Project basis, if Client pays the Success Fee for a Project in full on or before the applicable Success Fee Due Date (or, if this Agreement is earlier
terminated in accordance with Article 7, prior to such termination), then effective upon such payment: 

  

					
		  	8	  	*Confidential Treatment Requested.

 (i) ownership of the Delivered Antibodies and Delivered Antibody
Information from such Project and all associated Results shall be assigned solely to Client pursuant to, and subject to the terms and conditions of, Section 4.1; 

(ii) AnaptysBio shall treat such Delivered Antibodies, Delivered Antibody Information and Results as Confidential
Information of Client in accordance with Article 5; and 
 (iii) AnaptysBio shall destroy all Results of such
Project (other than the Delivered Antibodies and Delivered Antibody Information) and all Remaining Client Materials from such Project. 

(c) Success Fee Not Timely Paid. On a
Project-by-Project basis, if Client fails to pay the Success Fee for a Project in full on or before the applicable Success Fee Due Date (or, if this Agreement is earlier
terminated in accordance with Article 7, prior to such termination), then effective as of such Success Fee Due Date (or such earlier termination, as applicable): 

(i) neither party shall file, or cause to be filed, any Delivered Antibody Patent with respect to any Delivered
Antibody Invention from such Project; 
 (ii) Client and AnaptysBio shall immediately destroy all Delivered
Antibodies from such Project and, except as expressly set forth in Section 7.4(b), all associated Delivered Antibody Information and Results, and AnaptysBio shall destroy all Remaining Client Materials from such Project, and, in each case, certify
such destruction in writing to the other party; 
 (iii) the Delivered Antibodies and Delivered Antibody Information
from such Project and all associated Results shall be considered Confidential Information of both parties; and 

(iv) each of Client and AnaptysBio hereby covenants that it will not (either directly or through any Affiliate or
Third Party) develop, make, have made, use, sell, have sold, offer for sale or import any such Delivered Antibody or any Product based thereon, or otherwise exploit the associated Delivered Antibody Information or Results. 

2.6 Materials Transfer. In connection with a Project, a party may provide to the other party certain biological
or chemical materials, including, but not limited to, Client Materials and Delivered Antibodies (collectively, “Materials”). Except as otherwise expressly set forth in this Agreement, all such Materials will remain the sole
property of the providing party, will be used only in furtherance of the activities expressly contemplated by this Agreement, will not be used or delivered to or for the benefit of any Third Party (except, in the case of AnaptysBio, in connection
with the subcontracting of Project activities in accordance with Section 2.3) without the prior written consent of the providing party, and will be used in compliance with all applicable laws, rules and regulations. The Materials supplied under
this Agreement must be used with prudence and appropriate caution in any experimental work because not all of their characteristics may be known. Except as expressly set forth herein, THE MATERIALS ARE PROVIDED “AS IS” AND WITHOUT ANY
REPRESENTATION OR 

  
 9 

 
WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR ANY PARTICULAR PURPOSE OR ANY WARRANTY THAT THE USE OF THE MATERIALS WILL NOT
INFRINGE OR VIOLATE ANY PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY. 
  

	3.	 PAYMENTS. 

3.1 Initial Fee. Client shall pay to AnaptysBio a one-time, non-refundable, non-creditable initial fee of [*]. 

3.2 Reimbursement for Excluded Costs. 

(a) On a Project-by-Project basis
Client shall reimburse AnaptysBio for [*] Except as expressly set forth in such Research Plan, AnaptysBio shall issue written, reasonably detailed invoices to Client for such Excluded Costs on a monthly basis, and Client shall pay each such invoice
in full within [*] of receipt. 
 3.3 Success Fee. On a Project-by-Project basis, Client shall pay to AnaptysBio [*]: 
 [*] 

3.4 Milestone Payments. Subject to the limitations set forth below, within [*] following the first occurrence of
each of the events set forth below with respect to each Product arising from a Project, Client shall provide written notice to AnaptysBio of the occurrence of such event and shall pay to AnaptysBio the corresponding milestone payment set forth below
(whether such milestone is achieved by Client, its Affiliate or any of their respective licensees or sublicensees): 
  

					
	 Milestone Event
	  	Milestone
Payment	 
	 Upon the successful completion of the first in vivo GLP pharmacology and/or toxicology study of a
Product
	  	$	500,000	  
		
	 Initiation of the first Phase 1 Clinical Trial of a Product
	  	$	1,000,000	  
		
	 [*]
	  	 	[	*] 
		
	 [*]
	  	 	[	*] 
		
	 [*]
	  	 	[	*] 
		
	 [*]
	  	 	[	*] 
		  	  
	  
	 
	 Total per Product
	  	 	[	*] 

 On a
Project-by-Project basis, each of the milestone payments set forth above shall be payable: (a) only once per Product, regardless of the number of times a particular
Product achieves any milestone set forth above; and (b) only two times per Project, for the first two Products to achieve any milestone set forth above, regardless of the number of Products from

  

					
		  	10	  	*Confidential Treatment Requested.

 
such Project that achieve the milestones set forth above; such that the maximum amount payable under this Section 3.4 for each Project shall be [*]. With respect to any particular milestone
event set forth above, from and after such time as the corresponding milestone payment has been paid for two Products arising from a Project, Client shall have no further obligation to notify AnaptysBio of the achievement of such milestone event by
any other Product arising from such Project or to pay any additional milestone payment for any such achievement. For purposes of the foregoing milestones, “initiation” of a clinical trial shall mean [*]. Each of the foregoing milestone
payments shall be payable only one time for the first and second Product arising from a Project and shall not be payable on any additional Products arising from the Project. 

3.5 Royalties. Client shall pay to AnaptysBio a royalty equal to [*] percent [*]% of Net Sales of Products.
Royalties under this Section 3.5 shall be payable on a Product-by-Product and
country-by-country basis from the First Commercial Sale of a Product in a country until the later of [*] (the “Royalty Term”). In the event
Client obtains a license under any issued patent of a Third Party in a country for which license Client is obligated to pay such Third Party a royalty on sales of a Product in such country, then Client may offset [*] percent ([*]%) of the royalties
actually paid to such Third Party under such patent license with respect to sales of such Product in such country against the royalties due AnaptysBio under this Agreement with respect to Net Sales of such Product in such country, provided that in
no event shall the effective royalty rate applicable to Net Sales of such Product in such country hereunder be reduced below [*]% as a result of all such offsets in the aggregate. For the avoidance of doubt, royalties shall be payable only once with
respect to the same unit of Product. On a Product-by-Product and country-by-country basis, upon expiration of the Royalty Term for a Product in a country, Client’s
licenses and rights hereunder with respect to such Product in such country shall continue in effect, but become fully paid-up, royalty-free, transferable, perpetual and irrevocable. 

3.6 Applicability of Payment Obligations. Client acknowledges and agrees that all milestone and royalty payment
obligations as set forth in Sections 3.4 and 3.5 shall apply notwithstanding the sale, license, transfer or other disposition by Client of any of its rights with respect to any Delivered Antibody, Product, Delivered Antibody Information or Delivered
Antibody Patent. Moreover, Client shall at all times be and remain liable for any and all fees and payments that may become due hereunder with respect to any Delivered Antibody or Product, regardless of whether Client has sold, licensed, transferred
or otherwise disposed of any of its rights with respect to such Delivered Antibody or Product or any Delivered Antibody Information or Delivered Antibody Patent to any Affiliate or Third Party. Prior to selling, licensing, transferring or otherwise
disposing of any of Client’s rights with respect to any Delivered Antibody, Product, Delivered Antibody Information or Delivered Antibody Patent to any Affiliate or Third Party, Client shall obtain the written agreement of such Affiliate or
Third Party, for the benefit of AnaptysBio, to be bound by Sections 3.4 through 3.12 of this Agreement to the same extent as Client, and Client shall provide prompt written notice of any such sale, license, transfer or other disposition to
AnaptysBio, including the identity of the applicable Delivered Antibody(ies), Product(s), Delivered Antibody Information and/or Delivered Antibody Patent and the identity of the purchaser, licensee, transferee or other recipient thereof. Client
shall ensure that any such transfer arrangement is consistent with the terms of this Agreement. 
 3.7 Third Party
Patents. Except as expressly set forth in Section 4.3(b), Client shall be solely responsible for obtaining such licenses under Third Party patent or other intellectual 

  

					
		  	11	  	*Confidential Treatment Requested.

 
property rights as Client determines are necessary or desirable for the manufacture, use, sale, offer for sale or import of Delivered Antibodies or Products, at Client’s sole expense. 

3.8 Payment; Reports. Royalties shall be calculated and reported for each calendar quarter and shall be paid within [*]
after the end of each calendar quarter. Each payment shall be accompanied by a report of [*]. 
 3.9 Exchange
Rate; Manner and Place of Payment. All payments hereunder shall be payable in U.S. dollars and shall be made by electronic funds transfer in immediately available funds to a bank and account designated in writing by AnaptysBio, unless otherwise
specified in writing by AnaptysBio. When conversion of payments from any foreign currency is required, such conversion shall be made at the rate of exchange used by Client throughout its accounting system for the applicable calendar quarter. 

3.10 Income Tax Withholding. AnaptysBio will pay any and all taxes levied on account of any payments made to it
under this Agreement. If any taxes are required to be withheld by Client, Client will (a) deduct such taxes from the payment made to AnaptysBio, (b) timely pay the taxes to the proper taxing authority, (c) send proof of payment to
AnaptysBio (and, if such tax authority provides a receipt for such payment to Client, a copy of such receipt), and (d) reasonably assist AnaptysBio in its efforts to obtain a credit for or refund of such tax payment. 

3.11 Records and Audit Rights. During the Term and for a period of [*] years thereafter, Client shall keep (and
shall cause its Affiliates, licensees and sublicensees to keep) complete and accurate records pertaining to the sale or other disposition of Products in sufficient detail to permit AnaptysBio to confirm the accuracy of all royalty payments due
hereunder. AnaptysBio shall have the right to cause an independent, certified public accountant reasonably acceptable to Client to audit such records to confirm Net Sales and royalty payments for a period covering not more than the preceding [*]
full calendar years. Such audits may be exercised during normal business hours upon reasonable prior written notice to Client. All information received or learned in connection with such audit shall be Confidential Information of Client and shall be
subject to Article 5, provided that AnaptysBio may use and disclose such information to the extent necessary to prepare its financial statements. Prompt adjustments shall be made by the parties to reflect the results of such audit. AnaptysBio shall
bear the full cost of such audit unless such audit discloses an underpayment by Client of more than [*]% of the amount due under this Agreement, in which case, Client shall bear the full cost of such audit and shall promptly remit to AnaptysBio the
amount of any underpayment. 
 3.12 Late Payments. In the event that any payment due under this Agreement is
not made when due, the payment shall accrue interest from the date due at the rate of [*]% per month (or, if lower, the maximum legal annual interest rate). The payment of such interest shall not limit AnaptysBio from exercising any other rights it
may have as a consequence of the lateness of any payment. 
  

	4.	 INTELLECTUAL PROPERTY RIGHTS. 

  

					
		  	12	  	*Confidential Treatment Requested.

 4.1 Delivered Antibodies. Subject to the terms and conditions of
this Agreement, on a Project-by-Project basis, and effective only upon payment in full of the Success Fee for a Project on or before the applicable Success Fee Due Date
(or, if this Agreement is earlier terminated in accordance with Article 7, prior to such termination), AnaptysBio hereby assigns to Client all right, title and interest of AnaptysBio in and to the Delivered Antibodies and Delivered Antibody
Information from such Project, and the Results of the Evaluation thereof, including all intellectual property rights in any of the foregoing. Client acknowledges and agrees that, notwithstanding any assignment by AnaptysBio to Client of any
Delivered Antibody, Delivered Antibody Information and/or any Results of the Evaluation, or any further assignment, license or transfer by Client to any Affiliate or Third Party of any rights in any Delivered Antibody, Product, Delivered Antibody
Information and/or Results of the Evaluation, all Delivered Antibodies and Products shall be and remain subject to the milestone and royalty payment obligations set forth in Sections 3.4 and 3.5, respectively. 

4.2 AnaptysBio Technology. AnaptysBio shall at all times be and remain the sole and exclusive owner of the
AnaptysBio Technology and shall have no obligation to deliver, make available or disclose to Client any AnaptysBio Technology. AnaptysBio shall be free, in its sole discretion, to seek patent or other intellectual property protection of AnaptysBio
Technology. Except as expressly set forth in Section 4.3, nothing in this Agreement shall be construed as granting to Client any right or license in any AnaptysBio Technology or any other intellectual property rights of AnaptysBio. 

4.3 Freedom to Operate. 

(a) Subject AnaptysBio Patents. Subject to the terms and conditions of this Agreement (including Sections 3.4 and 3.5
above and Section 4.3(b) below), on a Project-by-Project basis, to the extent necessary, and effective only upon the effectiveness of the assignment set forth in Section 4.1 for a Project, AnaptysBio
shall, and it hereby does, grant to Client a non-exclusive, worldwide, royalty-bearing license under the Subject AnaptysBio Patents associated with a particular Delivered Antibody from such Project, solely to make, have made, use, sell, have sold,
offer for sale, and import such Delivered Antibody and related Products for all uses and purposes. The foregoing license will include the right to sublicense solely in conjunction with the grant by Client to a Third Party of a license to make, have
made, use, sell, have sold, offer for sale, or import a Product based on such Delivered Antibody. For the avoidance of doubt, the license granted pursuant to this Section 4.3(a) excludes (i) the right to use any AnaptysBio Technology for the
purpose of modifying any Antibody (including, without limitation, any Delivered Antibody), and (ii) the right to make, have made, use, sell, have sold, offer for sale, or import any Antibody other than a Delivered Antibody that has been
assigned to Client pursuant to Section 4.1 and its related Products. 
 (b)
In-Licensed Patents. With regard to any Subject AnaptysBio Patent licensed to Client pursuant to Section 4.3(a) that is licensed to AnaptysBio by [*]. Subject to mutual execution by the parties of a
sublicense agreement with respect to an In-Licensed Patent, AnaptysBio shall be responsible for any payments that may be due to Licensor(s) as a result of Client’s practice of the invention(s) claimed by
such In-Licensed Patent within the scope of such sublicense. 

  

					
		  	13	  	*Confidential Treatment Requested.

 4.4 Patents. 

(a) Delivered Antibody Patents. Subject to the terms and conditions of this Agreement, on a Project-by-Project basis and effective only upon effectiveness of the assignment set forth in Section 4.1 for a Project, Client shall have the exclusive right, in its
sole discretion and at its own expense, to file and prosecute any patent applications, and to maintain, defend and enforce any resulting patents, claiming or disclosing any Delivered Antibody or Delivered Antibody Information from such Project, any
associated Product, or any method of making or using any of the foregoing (collectively, “Delivered Antibody Inventions”). [*] 

(b) Joint Patents. For the avoidance of doubt, the parties do not anticipate that there will be any Joint Inventions,
as they anticipate that inventions and information resulting from activities under this Agreement are most likely to fall within the scope of AnaptysBio Technology, Client Technology or Delivered Antibody Inventions. However, in the event that any
Joint Invention is made, the parties shall mutually agree, on a case-by-case basis, [*] 

4.5 Cooperation. The parties shall cooperate in good faith to accomplish the intent of Sections 4.1 and 4.4 and
to enable each party to exercise its rights and perform its responsibilities under such Sections, including the execution of all such documents and instruments and the performance of such acts (and causing its relevant employees to execute such
documents and instruments and to perform such acts) as may be reasonably necessary in order to permit each party to exercise such rights and perform such obligations. 

4.6 No Implied Licenses. No right or license under any Information or intellectual property right of either
party is granted or shall be granted by implication hereunder. All such rights or licenses are or shall be granted only as expressly provided in this Agreement. 
  

	5.	 PROTECTION OF CONFIDENTIAL INFORMATION.

 5.1 Confidentiality. Except to the extent expressly authorized by this Agreement or
otherwise agreed in writing by the parties, the parties agree that a party (referred to as the “receiving party’ shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as expressly
provided for in this Agreement any Confidential Information of the other party. Each party may use the other party’s Confidential Information only to the extent required to accomplish the purposes of this Agreement. Each party may disclose
Confidential Information of the other party to those of such party’s employees, directors, contractors and consultants who have a need for such information, provided that such party shall advise such employees, directors, contractors and
consultants of the confidential nature thereof, shall insure that each such employee, director, contractor or consultant is bound by obligations of confidentiality at least as stringent as those contained in this Agreement and shall be responsible
for the compliance of its employees, directors, contractors and consultants with the terms of this Agreement. Each party will use at least the same standard of care as it uses to protect proprietary or confidential information of its own (but in no
event less than reasonable care) to ensure that its employees, directors, contractors and consultants do not disclose or make any unauthorized use of the other party’s Confidential Information. Each party will promptly

  

					
		  	14	  	*Confidential Treatment Requested.

 
notify the other upon discovery of any unauthorized use or disclosure of the other party’s Confidential Information. 

5.2 Exceptions. Confidential Information shall not include any information that the receiving party can prove by
competent evidence: (a) was already known to the receiving party prior to receipt from the other party other than as a result of performance of a Project; (b) was generally available to the public or otherwise part of the public domain at
the time of its disclosure to the receiving party; (c) became generally available to the public or otherwise part of the public domain after its disclosure, other than through any act or omission of the receiving party in breach of this
Agreement; (d) was disclosed to the receiving party, other than under an obligation of confidentiality, by a Third Party with the lawful right to make such disclosure; or (e) was independently discovered or developed by the receiving party
without access to and without the aid, use or application of any Confidential Information disclosed or made available to the receiving party by the other party. 

5.3 Authorized Disclosure. Notwithstanding Section 5.1, a party may disclose Confidential Information of
the other party, without violating its obligations under this Agreement, to the extent the disclosure is necessary in the following instances: 

(a) filing or prosecuting patent applications as permitted by this Agreement; 

(b) prosecuting or defending litigation as permitted by this Agreement; 

(c) exercising rights expressly granted to such party hereunder; 

(d) enforcing the provisions of this Agreement; or 

(e) complying with a valid order of a court or other governmental body having jurisdiction or with applicable law;
provided that, if legally permissible and to the extent practicable under the circumstances, such party gives reasonable prior written notice to the other party of such required disclosure and, at the other party’s request and expense,
cooperates with the other party’s efforts to contest such required disclosure, and/or to obtain a protective order preventing or limiting the disclosure and/or requiring that the Confidential Information so disclosed be used only for the
purposes for which the law or regulation requires, or for which the order was issued, and/or to obtain other confidential treatment of such information. 

5.4 Use of Names; Blinded Data. Neither party shall use the other party’s name or trademarks in any
advertising, sales, or promotional material or in any publication without the prior written consent of the other party. Notwithstanding the preceding sentence or any other provision of this Article 5, the parties agree that for the purposes of
promoting or otherwise highlighting the advantages of the AnaptysBio Technology, AnaptysBio may publish (or cause to be published) or otherwise disclose (or cause to be disclosed) to Third Parties, blinded data relating to Results, Delivered
Antibodies and/or Delivered Antibody Information (such data to be limited to the number of projects, the types of projects, number and diversity of Antibodies generated or matured, binding affinity of Antibodies generated or matured, functional
assay data, and number and types of mutations observed), at any time during or subsequent to the Term, provided that neither Client nor any Client Target, Client Antibody or Delivered Antibody shall be identified, directly or indirectly, in
connection therewith. 

  

					
		  	15	  	

 5.5 Confidentiality of this Agreement. This Agreement and its terms
are considered Confidential Information of both parties, and each party shall keep confidential and shall not publish or otherwise disclose this Agreement or its terms without the prior written consent of the other party, except as expressly
permitted by Section 5.3, Section 5.4 or Section 5.6, and except that AnaptysBio may disclose this Agreement and its terms to actual or potential investors, strategic partners, acquirers and merger candidates on a confidential basis.

 5.6 Publicity. Except as required by judicial order or applicable law, neither party shall make any public
announcement concerning this Agreement without the prior written consent of the other party. Notwithstanding the foregoing, from and after such time as Client begins publicly disclosing or discussing Client’s interest and/or efforts in the
development of antibodies, AnaptysBio may issue one or more press releases concerning, or otherwise publicly disclose or discuss, the existence of this Agreement and/or the achievement of significant development and regulatory milestones by Products
arising from this Agreement, after good faith consultation between the parties with respect to the text and timing of any such press release (or content and timing of any such other public disclosure or discussion) and subject to Client’s prior
approval, which shall not be unreasonably withheld. 
  

	6.	 REPRESENTATIONS AND WARRANTIES; DISCLAIMER;
LIMITATION OF LIABILITY. 

 6.1 Mutual
Representations and Warranties. Each party represents and warrants to the other that: (a) it is duly organized and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other power and
authority to enter into this Agreement and to carry out the provisions hereof; (b) it is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder; and (c) this Agreement is legally binding upon it,
enforceable in accordance with its terms, and does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound. 

6.2 Limited Services Warranty. AnaptysBio’s sole warranty with respect to each Project is that AnaptysBio
will perform such Project with due care and in accordance with applicable laws and regulations (including, without limitation, laws and regulations relating to health, safety and the environment, fair labor practices, unlawful discrimination and
animal welfare), (b) the terms and conditions contained herein and (c) generally prevailing industry standards. 

6.3 Disclaimer. Except as expressly set forth herein, EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF
ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES,
OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICES. Without limiting the generality of the foregoing, Client acknowledges and agrees that AnaptysBio does not make, and that AnaptysBio hereby disclaims, any representation or warranty
(a) that the Project Goals will be achieved by any Antibody generated in the course of any Project, (b) as to the safety or usefulness for any purpose of the AnaptysBio Technology or any Delivered Antibody, Delivered Antibody Information
or other Results, or (c) that any Delivered Antibody, Product, Delivered 

  

					
		  	16	  	

 
Antibody Information or other Results will be acceptable to any regulatory governmental agency to which they are presented or that Client will be able to market or otherwise exploit any Delivered
Antibody or Product. 
 6.4 Limitation of Liability. EXCEPT FOR LIABILITY FOR BREACH OF SECTION 4.1, 4.3 OR 4.4, OR
ARTICLE 5 HEREOF, IN NO EVENT SHALL EITHER PARTY BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS AND THE COST OF PROCUREMENT OF SUBSTITUTE GOODS,
TECHNOLOGY OR SERVICES, IN CONNECTION WITH THIS AGREEMENT, EVEN IF THE OTHER PARTY HAD NOTICE OF THE POSSIBILITY OF SUCH DAMAGES; provided, however, that the foregoing shall not be construed to limit either party’s indemnification obligations
under Article 8. [*] 
  

	7.	 TERMINATION. 

7.1 Term. The term of this Agreement (the “Term”) shall commence on the Effective Date
and, subject to earlier termination of this Agreement in accordance with this Article 7, shall continue until: 
 (a)
the Success Fee Due Date for the last Project initiated during the Research Period, unless Client has timely paid the Success Fee for at least one Project on or before the Success Fee Due Date for such last Project; or 

(b) if Client pays the Success Fee for at least one Project on or before the applicable Success Fee Due Date, the
expiration of the last-to-expire of all Royalty Terms with respect to all Products associated with any Project for which Client obtained the assignment set forth in
Section 4.1. 
 7.2 Termination of Agreement for Material Breach. Each party shall have the right to
terminate this Agreement upon 60 days’ prior written notice to the other party upon or after the material breach of any provision of this Agreement by the other party if the breaching party has not cured such breach by the end of such 60-day period. 
 7.3 Termination by Client At Will. Client shall have the
right, at any time prior to delivery to Client of the Delivered Antibodies and Delivered Antibody Information pursuant to Section 2.3 and in its sole discretion, to terminate this Agreement upon 30 days’ prior written notice to AnaptysBio.

 7.4 Disposal of Materials and Information. In the event of expiration or any termination of this Agreement:

 (a) each party shall return to the other party all Materials of the other party remaining in such party’s
possession promptly following such expiration or termination, except as expressly provided in Section 7.5 (including any surviving sections of this Agreement referenced therein); provided that AnaptysBio shall destroy all Remaining Materials;

  

					
		  	17	  	*Confidential Treatment Requested.

 (b) each party shall return to the other party all Confidential
Information of the other party (including all copies thereof) in such party’s possession; provided, however, that each party may retain one copy of the other party’s Confidential Information in such party’s secure archives for the
sole purpose of monitoring compliance with its obligations hereunder; and provided, further, that a party may retain such Confidential Information of the other party as is necessary or useful for the exercise or enforcement of any of its rights
under this Agreement that survive such expiration or termination pursuant to the applicable provisions of Section 7.5; and 

(c) each party covenants that, from and after such expiration or termination, it will not use any Confidential
Information of the other party for any purpose whatsoever, except as expressly set forth in Section 7.5 (including any surviving sections of this Agreement referenced therein). 

7.5 Consequences of Termination or Expiration. 

(a) Project Goals Not Achieved; Success Fee Not Paid. On a Project-by-Project basis, in the event of any termination or expiration of this Agreement, if the Project Goals for a Project were not met prior to such termination or expiration, and Client did not pay the
Success Fee for such Project in full to AnaptysBio on or before the applicable Success Fee Due Date (or, if earlier, prior to termination or expiration of this Agreement), then: (i) Sections 4.1, 4.3 and 4.4(a) shall terminate with respect to
such Project and be of no further force or effect; and (ii) clauses (i) through (iv) of Section 2.5(c) shall become effective with respect to such Project and survive such termination or expiration. 

(b) Success Fee Paid. On a
Project-by-Project basis, in the event of any termination or expiration of this Agreement, if Client paid the Success Fee for a Project in full on or before the Success
Fee Due Date and prior to such termination or expiration, Sections 2.5(b), 4.1, 4.3 and 4.4(a) shall survive such termination or expiration with respect to such Project in accordance with their respective terms, subject to Client’s continued
compliance with all applicable terms and conditions of this Agreement, including, without limitation, Sections 3.4 through 3.12 (which shall survive such termination). 

(c) General. Except as expressly set forth in Section 7.4, 7.5(a) or 7.5(b), or below in this Section
7.5(c), upon expiration or any termination of this Agreement, all rights and obligations of the parties under this Agreement shall terminate and be of no further force or effect. The expiration or termination of this Agreement for any reason shall
not release either party from any liability or obligation that, at the time of such expiration or termination, has already accrued to the other party or that is attributable to a period prior to such expiration or termination, nor will expiration or
any termination of this Agreement preclude either party from pursuing all rights and remedies it may have under this Agreement , or at law or in equity, with respect to breach of this Agreement. In the event of expiration or any termination of this
Agreement (and in addition to any provisions of this Agreement that survive pursuant to the preceding provisions of this Section 7.5), the following provisions of this Agreement shall survive such expiration or termination in accordance with
their respective terms and conditions: Sections 2.6 (last sentence only), 3.11, 3.12, 4.2, 4.4(b), 4.5 (solely as it applies to Joint Patents), 4.6, 6.3, 6.4, 7.4 and 7.5, and Articles 5, 8 and 9. 

  
 18 

	8.	INDEMNIFICATION. 

 8.1 By Client. Client
hereby agrees to save, defend, indemnify and hold harmless AnaptysBio and its officers, directors, employees, consultants and agents (each, an “AnaptysBio Indemnitee”) from and against any and all losses, damages,
liabilities, expenses and costs, including reasonable legal expense and attorneys’ fees (collectively, “Losses”), to which any AnaptysBio Indemnitee may become subject as a result of any claim, demand, action or other
proceeding by any Third Party to the extent such Losses arise directly or indirectly out of (a) the use of Client Materials or Client Information in performance of a Project, (b) the development, manufacture, use, handling, storage, sale
or other disposition of any Delivered Antibody or Product or use of any Delivered Antibody Information by or on behalf of Client or any Affiliate or Third Party to whom Client sells, licenses, transfers or disposes of its rights therein,
(c) the negligence or willful misconduct of any Client Indemnitee, or (d) the breach by Client of any warranty, representation , covenant or agreement made by Client in this Agreement; except, in each case, to the extent such Losses result
from the negligence or willful misconduct of any AnaptysBio Indemnitee or the breach by AnaptysBio of any warranty, representation, covenant or agreement made by AnaptysBio in this Agreement. 

8.2 By AnaptysBio. AnaptysBio hereby agrees to save, defend, indemnify and hold harmless Client and its
officers, directors, employees, consultants and agents (each, a “Client Indemnitee”) from and against any and all Losses to which any Client Indemnitee may become subject as a result of any claim, demand, action or other
proceeding by any Third Party to the extent such Losses arise directly or indirectly out of (a) the negligence or willful misconduct of any AnaptysBio Indemnitee, or (b) the breach by AnaptysBio of any warranty, representation, covenant or
agreement made by AnaptysBio in this Agreement; except, in each case, to the extent such Losses result from the negligence or willful misconduct of any Client Indemnitee or the breach by Client of any warranty, representation, covenant or agreement
made by Client in this Agreement. 
 8.3 Control of Defense. In the event a party seeks indemnification under
Section 8.1 or Section 8.2, it shall inform the other party (the “Indemnifying Party”) of a claim as soon as reasonably practicable after it receives notice of the claim, shall permit the Indemnifying Party to
assume direction and control of the defense of the claim (including the right to settle the claim solely for monetary consideration with no admission of fault) at the Indemnifying Party’s expense, and shall cooperate as requested (at the
expense of the Indemnifying Party) in the defense of the claim. 
  

	9.	 MISCELLANEOUS. 

9.1 Independent Contractor Relationship. AnaptysBio’s relationship with Client is that of an independent
contractor, and nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship. Neither party is an agent of the other party or authorized to make any representation, contract, or commitment
on behalf of the other party. 
 9.2 Entire Agreement; Amendment. This Agreement, together with all Exhibits
attached hereto, constitutes the final, complete and exclusive agreement of the parties with 

  
 19 

 
respect to the subject matter hereof and supersedes all prior and contemporaneous understandings and agreements relating to its subject matter, including, without limitation, that certain Mutual
Confidentiality Agreement between the parties dated May 11, 2011 (the “CDA”); provided, however, that all “Confidential Information,” as such term is defined in the CDA, that was disclosed by a party to the
other party pursuant to the CDA shall be deemed Confidential Information of such party for purposes of this Agreement. This Agreement (including its Exhibits) may not be changed, modified, amended or supplemented except by a written instrument
signed by both parties. 
 9.3 Non-Waiver. The failure of a party to
insist upon strict performance of any provision of this Agreement or to exercise any right arising out of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or right, in whole or in part, in that
instance or in any other instance. Any waiver by a party of a particular provision or right shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed by such party. 

9.4 Severability. If any provision of this Agreement should be held invalid or unenforceable, the remaining
provisions shall be unaffected and shall remain in full force and effect, to the extent consistent with the intent of the parties as evidenced by this Agreement as a whole. 

9.5 Assignment. Neither this Agreement nor any rights or obligations hereunder may be assigned by either party
without the prior written consent of the other party (which consent shall not be unreasonably withheld); provided, however, that either party may assign this Agreement and its rights and obligations hereunder without the other party’s consent
to an Affiliate of the assigning party or in connection with the transfer or sale of all or substantially all of the business of such party to which this Agreement relates to a Third Party, whether by merger, sale of stock, sale of assets or
otherwise, provided that in the event of any such transaction involving AnaptysBio (whether this Agreement is actually assigned or is assumed by the acquiring party by operation of law (e.g., in the context of a reverse triangular merger)),
intellectual property rights of the acquiring party to such transaction (if other than AnaptysBio) shall not be included in the technology subject to this Agreement. The rights and obligations of the parties under this Agreement shall be binding
upon and inure to the benefit of the successors and permitted assigns of the parties, and the name of a party appearing herein will be deemed to include the name of such party’s successors and permitted assigns to the extent necessary to carry
out the intent of this section. Any assignment not in accordance with this Agreement shall be void. 
 9.6
Governing Law. This Agreement shall be governed by the laws of the State of California, excluding its conflict of laws principles. 

9.7 Force Majeure. Except for the obligation to make payment when due, each party shall be excused from
liability for the failure or delay in performance of any obligation under this Agreement by reason of any event beyond such party’s reasonable control including but not limited to 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, any strike or labor

  
 20 

 
disturbance, or any other event similar to those enumerated above. Such excuse from liability shall be effective only to the extent and duration of the event(s) causing the failure or delay in
performance and provided that the party has not caused such event(s) to occur. All delivery dates under this Agreement that have been affected by force majeure shall be tolled for the duration of such force majeure. 

9.8 Notices. Any notice to be given under this Agreement must be in writing and delivered either in person, by
any method of mail (postage prepaid) requiring return receipt, by overnight courier, or by facsimile, to the party to be notified at its address(es) given below, or at any address such party has previously designated by prior written notice to the
other. Notice shall be deemed sufficiently given for all purposes upon the earlier of: (a) the date of actual receipt; or (b) if mailed, three calendar days after the date of postmark. 

 

			
	lf to AnaptysBio:      	  	AnaptysBio, Inc.
		  	10421 Pacific Center Court, Suite 200
		  	San Diego, CA 92121
		  	Attn: Chief Executive Officer
		  	Fax: (858) 228-9642
		
	If to Client:	  	Celgene Corporation
		  	86 Morris Avenue
		  	Summit, NJ 07901
		  	Attn: George S. Golumbeski
		  	Fax: (908) 673-2769
		
	with a copy to:	  	Celgene Corporation
		  	86 Morris Avenue
		  	Summit, NJ 07901
		  	Attn: Legal Department
		  	Fax: (908) 673-2771

 9.9 Interpretation. The headings of clauses contained in this Agreement
preceding the text of the sections, subsections and paragraphs hereof are inserted solely for convenience and ease of reference only and shall not constitute any part of this Agreement, or have any effect on its interpretation or construction. All
references in this Agreement to the singular shall include the plural where applicable. Unless otherwise specified, references in this Agreement to any Article shall include all Sections, subsections and paragraphs in such Article, references to any
Section shall include all subsections and paragraphs in such Section, and references in this Agreement to any subsection shall include all paragraphs in such subsection. Ambiguities and uncertainties in this Agreement, if any, shall not be
interpreted against either party, irrespective of which party may be deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language, and the English language shall control its interpretation. In
addition, all notices required or permitted to be given hereunder, and all written, electronic, oral or other communications between the parties regarding this Agreement, shall be in the English language. 

  
 21 

 9.10 Counterparts. This Agreement may be executed in counterparts,
including by transmission of facsimile or PDF copies of signature pages, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 

[Signature page follows.] 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have executed this ANTIBODY
GENERATION AGREEMENT on the Effective Date. 
  

									
	ANAPTYSBIO, INC.	 		 	CELGENE CORPORATION
					
	By:	 	 /s/ Hamza Suria
	 		 	By:	 	 /s/ G.S. Golumberski

	Name:	 	Hamza Suria	 		 	Name:	 	G.S. Golumberski
	Title:	 	Acting CEO	 		 	Title:	 	SVP Business Development
				
		 		 		 	CELGENE CORPORATION
					
		 		 		 	By:	 	 /s/ Robert J. Hugin

		 		 		 	Name:	 	Robert J. Hugin
		 		 		 	Title:	 	Chief Executive Officer

 EXHIBIT A 

Research Plan 
 [*]

  

					
		  		  	*Confidential Treatment Requested.

 EXHIBIT B 

Steering Committee 

(a) Steering Committee. A steering committee (hereinafter the “Steering Committee”) shall be formed
within [*] after the Effective Date. The duties of the Steering Committee shall include: 
 [*] 

(b) Steering Committee Composition. The Steering Committee shall be comprised of [*] representatives from each
Party. The Steering Committee representatives from each party shall be designated by such party upon written notice to the other party, and each party can change its designated representatives from time to time upon written notice to the other
party. 
 (c) Steering Committee Meetings. The Steering Committee shall meet [*] and meetings may be conducted
by telephone, electronic mail, facsimile, video conference or in person. Up to [*] additional employees of each party may attend the Steering Committee meetings as non-voting observers. The Steering Committee
shall be chaired by one of the representatives [*] (the “Chairperson”). The Chairperson shall prepare written minutes of each Steering Committee meeting and a written record of all Steering Committee decisions made during such meetings.

 (d) Quorum; Required Vote. No Steering Committee meeting may be conducted unless at least [*] Steering
Committee member from each party is participating. For the purposes of any approval or action taken by the Steering Committee, all decisions of the Steering Committee initially will be taken [*]. 

  

					
		  	B-1	  	*Confidential Treatment Requested.

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