Document:

EX-10.31

 Exhibit 10.31 

[Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted by
means of marking such portions with asterisks as the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.] 

 

	
	Confidential

 GAMMA SUPPORT SERVICES AGREEMENT 

among 
 F-STAR BIOTECHNOLOGY LIMITED, 
 and 

F-STAR GAMMA LIMITED 

Dated as of 24 August 2016 

CONFIDENTIAL 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 GAMMA SUPPORT SERVICES AGREEMENT
	  	 	I	
			
	 ARTICLE 1
	 	 DEFINITIONS
	  	 	2	
			
	 ARTICLE 2
	 	 MANAGEMENT OF THE RELATIONSHIP
	  	 	11	
			
	 ARTICLE 3
	 	 SERVICES
	  	 	12	
			
	 ARTICLE 4
	 	 FCAB DELIVERY
	  	 	14	
			
	 ARTICLE 5
	 	 PAYMENTS AND RECORDS
	  	 	15	
			
	 ARTICLE 6
	 	 INTELLECTUAL PROPERTY
	  	 	16	
			
	 ARTICLE 7
	 	 CONFIDENTIALITY AND NON-DISCLOSURE
	  	 	18	
			
	 ARTICLE 8
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	23	
			
	 ARTICLE 9
	 	 INDEMNITY
	  	 	27	
			
	 ARTICLE 10
	 	 TERM AND TERMINATION
	  	 	33	
			
	 ARTICLE 11
	 	 MISCELLANEOUS
	  	 	35	

  
 – i – 

CONFIDENTIAL 

 THIS AMENDED AND RESTATED LICENSE AGREEMENT is made and entered into effective as of 24 August
2016 (the “Effective Date”) by and between 
  

	(1)	 F-STAR BIOTECHNOLOGY LIMITED, a limited liability company
incorporated under the laws of England and Wales (“F-star”), 

  

	(2)	 F-STAR GAMMA LIMITED, a limited liability company incorporated
under the laws of England and Wales (“Gamma”) 

 F-star and Gamma are sometimes
referred to herein individually as a “Party” and collectively as the “Parties.” 
 BACKGROUND 

 

	(A)	 F-star Controls (as defined herein) certain intellectual
property rights with respect to Fcabs (as defined herein), mAb2 (as defined herein). 

  

	(B)	 Gamma has been incorporated to develop Fcabs with respect to blood-brain barrier transcytosis.

  

	(C)	 On the Effective Date F-star and Gamma entered into the Gamma IP
License Agreement (as herein defined). 

  

	(D)	 Under separate agreements dated the same date as this Agreement, Gamma has granted to Denali
Therapeutics Inc. (“Denali”) a research and development license and an option to take a licence under a License and Collaboration Agreement (the “Denali License Agreement”) and the shareholders of Gamma have granted
an option to purchase the entire share capital of Gamma under a Buy-out Option Agreement (as defined herein) pursuant to the terms of the Share Puchase Agreement attached thereto. 

 

	(E)	 F-star has agreed to provide the services to Gamma to enable
Gamma to comply with its obligations under the Denali License Agreement, and following completion by Denali of the acquisition of Gamma following the exercise of the Buy-out Option, to enable Gamma to continue
to receive the services that were contemplated in the Denali License Agreement. 

  
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CONFIDENTIAL 
 *** Certain information in this agreement has been
omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

 NOW, THEREFORE, in consideration of the premises and the mutual promises and conditions hereinafter
set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 As used in this Agreement and the Schedules to this Agreement the following capitalized terms, whether used in the singular or plural, shall have the
meanings set out below: 
  

	1.1	 “Accepted Fcab Target” means an Fcab Target that has become an Accepted Fcab Target as
provided for in the Gamma IP License Agreement. 

  

	1.2	 “Affiliate” means, with respect to a Party, any Person that, directly or indirectly,
through one (1) or more intermediaries, controls, is controlled by or is under common control with such Party. For purposes of this definition, “control” and, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with” means (a) the possession, directly or indirectly, of the power to direct the management or policies of a Person, whether through the ownership of voting securities, by contract
relating to voting rights or corporate governance, or otherwise; or (b) the ownership, directly or indirectly, of more than fifty percent (50%) of the voting securities or other ownership interest of a Person (or, with respect to a limited
partnership or other similar entity, its general partner or controlling entity). The Parties acknowledge that in the case of certain entities organized under the laws of certain countries outside of the United States, the maximum percentage
ownership permitted by law for a foreign investor may be less than fifty percent (50%), and that in such case such lower percentage shall be substituted in the preceding sentence, provided that such foreign investor has the power to direct the
management or policies of such entity. Notwithstanding the foregoing: (i) none of [***] shall be deemed an “Affiliate” of F-star or of each other, other than [***], which are Affiliates solely
of each other; and (ii) no company with substantially the same shareholders as [***] shall be an Affiliate of [***]. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.3	 “Agreement” means this agreement and all schedules, appendices and other addenda
attached hereto as any of the foregoing may be amended in accordance with the provisions of this Agreement. 

  

	1.4	 “Antibody” shall have the meaning in the Denali License Agreement.

  

	1.5	 “Applicable Law” means federal, state, local, national and supra-national laws,
statutes, rules, and regulations, including any rules, regulations, guidelines, or other requirements of the Regulatory Authorities, major national securities exchanges or major securities listing organizations, that may be in effect from time to
time during the Term and applicable to a particular activity or country or other jurisdiction hereunder. 

  

	1.6	 “Approved Subcontractors” means those subcontractors of
F-star as agreed to by the Parties in writing. 

  

	1.7	 “Breaching Party” has the meaning set forth in Section 10.2.

  

	1.8	 “Business Day” means a day other than a Saturday or Sunday on which banking
institutions in San Francisco, California or London, England are open for business. 

  

	1.9	 “Buy-out Option Agreement” shall have the
meaning in the Denali License Agreement. 

  

	1.10	 “Buy-out Option” shall have the meaning in the
Denali License Agreement. 

  

	1.11	 “Buy-out Option Period” shall have the meaning
in the Denali License Agreement. 

  

	1.12	 “Calendar Quarter” means each successive period of three (3) calendar months
commencing on January 1, April 1, July 1 and October 1, except that the first Calendar Quarter of the Term shall commence on the Effective Date and end on the day immediately prior to the first to occur of January 1,
April 1, July 1 or October 1 after the Effective Date, and the last Calendar Quarter shall end on the last day of the Term. 

  

	1.13	 “Calendar Year” means each successive period of twelve (12) calendar months
commencing on January 1 and ending on December 31, except that the first Calendar Year of the Term shall commence on the Effective Date and end on December 31 of the year in which the Effective Date occurs and the last Calendar Year
of the Term shall commence on January 1 of the year in which the Term ends and end on the last day of the Term. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.14	 “Commercially Reasonable Efforts” means, with respect to the performance of the
Services with respect to a Fcab, a mAb2 or a Licensed Product by a Party, the carrying out of such activities using efforts and resources [***]. 

 

	1.15	 “Confidential Information” means any Information or data provided orally, visually, in
writing or other form by or on behalf of one (1) Party (or an Affiliate or representative of such Party) to the other Party (or to an Affiliate or representative of such Party) in connection with this Agreement after the Effective Date,
including Information relating to the terms of this Agreement, any Fcab, any mAb2 or any Licensed Product, any Exploitation of any Fcab or any
mAb2 or any Licensed Product, any Know-How with respect thereto developed by or on behalf of the disclosing Party or its Affiliates (including Gamma Know-How and F-star Know-How, as applicable), or the scientific, regulatory or business affairs or other activities of either Party.
Notwithstanding the foregoing, (a) Patents and Know-How of F-star will be considered Confidential Information of F-star and
(b) Patents and Know of Gamma (including the Gamma Program Patents and the Gamma Program Know-How) will be considered Confidential Information of Gamma. 

 

	1.16	 “Control” means, with respect to any item of Information, material, Patent, or other
property right, the possession of the right, whether directly or indirectly, and whether by ownership, license, covenant not to sue or otherwise, to grant a license, sublicense or other right to or under such Information, material, Patent, or other
property right as provided for herein without violating the terms of any agreement or other arrangement with any Third Party; provided, that neither Party shall be deemed to Control any item of Information, material, Patent, or other property
right of a Third Party if access under this Agreement requires or triggers a payment obligation, unless the Party being granted a sublicense hereunder to such Information, material, Patent or other property right agrees in writing to pay such
payment obligation. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.17	 “Default Notice” has the meaning set forth in Section 10.2.

  

	1.18	 “Denali” has the meaning in the Denali License Agreement 

 

	1.19	 “Denali License Agreement” has the meaning set out in paragraph (C) of the
Background above. 

  

	1.20	 “Development” means all activities related to
pre-clinical and other non-clinical discovery, research, testing, test method development and stability testing, toxicology, formulation, process development,
manufacturing scale-up, qualification and validation, quality assurance/quality control, clinical studies, including manufacturing in support thereof, statistical analysis and report writing, the preparation
and submission of Drug Approval Applications, regulatory affairs with respect to the foregoing and all other activities necessary or reasonably useful or otherwise requested or required by a Regulatory Authority as a condition or in support of
obtaining or maintaining a Regulatory Approval. When used as a verb, “Develop” means to engage in Development. For purposes of clarity, Development shall include any submissions and activities required in support thereof, required
by Applicable Laws or a Regulatory Authority as a condition or in support of obtaining a pricing or reimbursement approval for an approved molecule or product. 

 

	1.21	 “Dispute” has the meaning set forth in Section 11.6.

  

	1.22	 “Dollars” or “$” means United States Dollars. 

 

	1.23	 “Drug Approval Application” means a Biologics License Application (a
“BLA”) as defined in the FFDCA, or any corresponding foreign application in the Territory, including, with respect to the European Union, a Marketing Authorization Application (a “MAA”) filed with the EMA pursuant
to the Centralized Approval Procedure or with the applicable Regulatory Authority of a country in Europe with respect to the mutual recognition or any other national approval procedure. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.24	 “Effective Date” means the effective date of this Agreement as set forth in the
preamble hereto. 

  

	1.25	 “Exploit” or “Exploitation” shall have the meaning in the Denali
License Agreement. 

  

	1.26	 “Fab” means the region on an Antibody that (a) binds to an antigen and is either
composed of (i) one (1) constant and one (1) variable domain of each of the heavy and the light chain wherein the binding sites are located in the variable domains, or (ii) another protein or biologic that specifically binds to an
antigen or substrate, or (b) constitutes [***], or, subject to agreement (or resolution) as set out in Section 3.3 of the Denali License Agreement, [***] (an “Incorporated Biologic”).

  

	1.27	 “Fcab” means a constant domain of an Antibody that includes an antigen binding site
that confers a specific binding of such constant domain to a defined Target antigen. 

  

	1.28	 “Fcab Discovery Plan” shall mean an Fcab Discovery Plan as set out in the Denali
License Agreement. 

  

	1.29	 “F-star Alpha” means F-star Alpha Limited, a limited liability company incorporated under the laws of England and Wales with registered number 08676690. 

 

	1.30	 “F-star Beta” means F-star Beta Limited, a limited liability company incorporated under the laws of England and Wales with registered number 092635320. 

 

	1.31	 “F-star GmbH” means F-star Biotechnologische Forschungs - Und Entwicklungsges.M.B.H, an Austrian limited liability company incorporated under the laws of the Republic of Austria. 

 

	1.32	 “F-star Indemnitees” has the meaning set forth
in Section 9.1. 

  

	1.33	 “F-star
Know-How” shall have the meaning set out in the Gamma IP License Agreement. 

  

	1.34	 “F-star Patents” shall have the meaning set out
in the Gamma IP License Agreement. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.35	 “FTE Rate” means, for the period from the Effective Date to 31 December 2017,
[***]. Thereafter, the FTE Rate shall be increased or decreased on 1 January of each year by the annual percentage increase or decrease in the UK Consumer Price Inflation published by the UK Office of National Statistics. 

 

	1.36	 “FTE” means the equivalent of the work of one appropriately qualified individual
working on a full-time basis in performing work in connection with this Agreement for a twelve (12) month period (consisting of at least a total of [***] hours per year of dedicated effort). FTE efforts shall not include the work of general
corporate or administrative personnel. 

  

	1.37	 “Gamma Fcab” means an Fcab which is directed to an Accepted Fcab Target.

  

	1.38	 “Gamma Indemnitees” has the meaning set forth in Section 9.2.

  

	1.39	 “Gamma IP License Agreement” means that Amended and Restated License Agreement, between
F-star and Gamma, dated as of the Effective Date, as may be amended or restated from time to time. 

  

	1.40	 “Gamma Program Know-How” means any and all Know-How that is developed or invented after the Effective Date solely by F-star or jointly with Gamma or Denali in performing Services, and that is not Platform Know-How (as defined in the Denali License Agreement) and to the extent (a) constituting the composition of matter, use, formulation or manufacturing of an Fcab,
mAb2 or Fab, or (b) arising from the performance of activities under a mAb2 Development Plan. 

 

	1.41	 “Gamma Program Patents” means any and all Patents that claim inventions that are
invented after the Effective Date solely by F-star or jointly with Gamma or Denali in performing Services, and that are not Platform Patents (as defined in the Denali License Agreement), and to the extent
(a) constituting the composition of matter, use, formulation or manufacturing of an Fcab, mAb2 or Fab, or (b) arising from the performance of activities under a mAb2 Development Plan. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.42	 “Incorporated Biologic” has the meaning set forth in
Section 1.26. 

  

	1.43	 “Indemnification Claim Notice” has the meaning set forth in
Section 9.3. 

  

	1.44	 “Indemnified Party” has the meaning set forth in Section 9.3.

  

	1.45	 “Indirect Taxes” has the meaning set forth in Section 5.6.

  

	1.46	 “Information” means all information of a technical, scientific, business and other
nature, including Know-How, technology, means, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical assistance, designs, drawings, assembly
procedures, computer programs, apparatuses, specifications, data, results and other material, regulatory data, and other biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical,
pre-clinical, clinical, safety, manufacturing and quality control data and information, including study designs and protocols, reagents (e.g., plasmids, proteins, cell lines, assays and compounds) and
biological methodology; in each case (whether or not confidential, proprietary, patented or patentable, of commercial advantage or not) in written, electronic or any other form now known or hereafter developed. 

 

	1.47	 “Know-How” means any and all data, inventions,
methods, proprietary information, processes, trade secrets, techniques and technology, whether patentable or not but which are not generally known, including discoveries, formulae, materials (including chemicals), biological materials (including
expression constructs, nucleic acid sequences, amino acid sequences, and cell lines), practices, test data (including pharmacological, toxicological, pre-clinical and clinical information and test data),
analytical and quality control data (including drug stability data), manufacturing technology and data (including formulation data), and sales forecasts, data and descriptions. 

 

	1.48	 “Licensed Product” shall have the meaning in the Denali License Agreement.

  

	1.49	 “Losses” has the meaning set forth in Section 9.1.

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.50	 “mAb2” means an Antibody
(a) which contains a Gamma Fcab and (b) which contains a Fab or an Incorporated Biologic. 

  

	1.51	 “Non-Breaching Party” has the meaning set forth
in Section 10.2. 

  

	1.52	 “Patent Challenge” has the meaning set forth in Section 10.3

  

	1.53	 “Patents” means (a) all national, regional and international patents and patent
applications, including provisional patent applications, (b) all patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority from either of these, including
divisionals, continuations, continuations-in-part, provisionals, converted provisionals and continued prosecution applications, (c) any and all patents that have
issued or in the future issue from the foregoing patent applications ((a) and (b)), including utility models, petty patents and design patents and certificates of invention, and (d) any and all extensions or restorations by existing or future
extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions (including any supplementary protection certificates and the like) of the foregoing patents or patent
applications ((a), (b), and (c)) 

  

	1.54	 “Person” means an individual, sole proprietorship, partnership, limited partnership,
limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including a government or political subdivision,
department or agency of a government. 

  

	1.55	 “Regulatory Approval” means, with respect to a country or other jurisdiction in the
Territory, any and all approvals (including Drug Approval Applications), licenses, registrations, or authorizations of any Regulatory Authority necessary to commercialize a mAb2 or Licensed
Product in such country or other jurisdiction, including, where applicable, (a) pricing or reimbursement approval in such country or other jurisdiction, and (b) pre- and post-approval marketing
authorizations (including any prerequisite manufacturing approval or authorization related thereto). 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.56	 “Regulatory Authority” means any applicable supra-national, federal, national,
regional, state, provincial, or local governmental or Regulatory Authority, agency, department, bureau, commission, council, or other entities (e.g., the FDA, EMA and PMDA) regulating or otherwise exercising authority with respect to activities
contemplated in this Agreement, including the Exploitation of any mAb2 or Licensed Products in the Territory. 

 

	1.57	 “Senior Officer” means, with respect to Gamma, its Chief Executive Officer or his/her
designee, and with respect to F-star, its Chief Executive Officer or his/her designee. 

  

	1.58	 “Services” means the services to be carried out by
F-star in fulfilment of Gamma’s obligations under the Denali License Agreement as further described in Section 3.1, and if Denali terminates the Denali License Agreement after
completion by Denali of the acquisition of Gamma following the exercise of the Buy-out Option, the services to be carried out by F-star to enable Gamma to continue to
receive the services that were contemplated in the Denali License Agreement. For the avoidance of doubt, the Services shall not include services provided by F-star to Gamma to support any agreement between
Gamma and any Third Party other than pursuant to, or as contemplated by, the Denali License Agreement. 

  

	1.59	 “Target” means the target antigen specifically bound by the Fcab in an Antibody.

  

	1.60	 “Term” means the period commencing on the Effective Date and expiring on the expiry of
the term of this Agreement as set forth in Section 10.1 or the earlier termination in accordance with the terms of this Agreement. 

  

	1.61	 “Territory” means all countries and territories worldwide. 

 

	1.62	 “Third Party Claims” has the meaning set forth in
Section 9.1. 

  

	1.63	 “Third Party” means any Person other than
F-star Gamma and their respective Affiliates. For clarity each of F-star Alpha, and F-star Beta shall be deemed Third Parties.

  

	1.64	 “TfR” means Transferrin Receptor also known as TFR1, TRFR and TFR which is identified
by UniProt number P02786. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.65	 In this Agreement: 

 

	 	1.65.1	 all references to a particular clause, section or schedule shall be a reference to that clause, section
or schedule in or to this Agreement as it may be amended from time to time pursuant to this Agreement; 

  

	 	1.65.2	 the headings are inserted for convenience only and shall be ignored in construing this Agreement;

  

	 	1.65.3	 words importing the masculine gender shall include the feminine and vice versa and words in the singular
include the plural and vice versa; 

  

	 	1.65.4	 words denoting persons shall include any individual, partnership, company, corporation, joint venture,
trust association, organisation or other entity, in each case whether or not having separate legal personality; 

  

	 	1.65.5	 the words “include”, “included” and “including” are to be construed
without conveying any limitation to the generality of the preceding words; 

  

	 	1.65.6	 reference to any statute or regulation includes any modification or
re-enactment of that statute or regulation; 

  

	 	1.65.7	 any reference to notices or consent being sought or given in writing shall require the consent or notice
to be signed by an appropriately authorised person and shall not include consents or notices conveyed by email; and 

  

	 	1.65.8	 in the event of any inconsistency or conflict between this Agreement and any of the Schedules, this
Agreement shall prevail. 

 ARTICLE 2 

MANAGEMENT OF THE RELATIONSHIP 
  

	2.1	 Prior to the exercise by Denali of the Buy-out Option F-star shall represent Gamma in the JSC under the Denali License Agreement. After the exercise by Denali under the Buy-out Option Gamma and
F-star shall establish a Joint Steering Committee with representatives from both Denali and F-star which shall operate on the same basis as set out in
Section 2 of the Denali License Agreement. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

 ARTICLE 3 

SERVICES 
  

	3.1	 F-star shall carry out the Services on behalf of Gamma as
follows: 

  

	 	3.1.1	 F-star shall, subject to Section 3.1.5 and subject
to ARTICLE 5, undertake the obligations of Gamma as provided for in the Denali License Agreement in relation to the TfR Fcab Discovery Plan (and shall continue to undertake such obligations after termination of the Denali License Agreement
following completion by Denali of the acquisition of Gamma following the exercise of the Buy-out Option). 

  

	 	3.1.2	 Gamma shall transfer to F-star [***]. F-star shall not be obliged to commence any work on the discovery of Fcabs unless and until it has received [***] from Gamma as provided for in the [***]. 

 

	 	3.1.3	 On receipt of such [***] referred to in Section 3.1.2, F-star shall, subject to Section 3.1.5 and subject to ARTICLE 5, undertake the obligations of Gamma as provided for in the Denali License Agreement (or after termination of the
Denali License Agreement following completion by Denali of the acquisition of Gamma following the exercise of the Buy-out Option, the obligations that were contemplated in the Denali License Agreement) in
relation to the [***] for the second and third Accepted Fcab Targets provided always that if such [***] are to be agreed after Denali has exercised its Buy-out Option, then such [***] shall be subject to [***]
provided [***]. 

  

	 	3.1.4	 F-star shall, subject to agreement of the activities in the
relevant mAb2 Development Plan, provide technical support provided always that F-star shall not be obligated to expend any resources or incur any costs in
excess of [***], without F-star’s prior written consent, which consent shall be in its sole discretion; 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	 	3.1.5	 F-star shall use Commercially Reasonable Efforts to carry out
each Fcab Discovery Plan and its responsibilities under any mAb2 Development Plan. F-star shall provide Gamma with [***] written reports detailing the
progress of its activities under each [***] and [***]. 

  

	 	3.1.6	 Following Fcab Delivery (as defined in the Denali License Agreement) of the first Fcab for each Accepted
Fcab Target F-star shall (to the extent it Controls any such Information) make available to Gamma any Information and materials specifically identified in the relevant Fcab Discovery Plan not already provided.

  

	 	3.1.7	 F-star shall maintain records in sufficient detail and in good
scientific manner appropriate for patent and regulatory purposes, and in compliance with Applicable Law and regulatory guidance, which shall be complete and accurate and shall properly reflect all work done and results achieved in the performance of
its obligations under each Fcab Discovery Plan and mAb2 Development Plan, which, after the Effective Date, shall record only such activities and shall not include or be commingled with records of
activities outside the scope of this Agreement. Such records shall be retained by F-star for at least [***] after the expiration or termination of this Agreement, or for such longer period as may be required
by Applicable Law. Upon request, F-star shall provide copies of the records it has maintained pursuant to this Section 3.1.7 to Gamma. 

 

	 	3.1.8	 F-star shall provide such other Services as are agreed between
the Parties. 

  

	 	3.1.9	 For clarity, after termination of the Denali License Agreement following completion by Denali of the
acquisition of Gamma following the exercise of the Buy-out Option, the Parties and Denali intend that the Services that F-star was providing to Gamma to support
Gamma’s obligations under the Denali 

  
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	 	
License Agreement shall continue under this Agreement, and any provisions of the Denali License Agreement that must be incorporated by reference to achieve such purpose shall be deemed
incorporated by reference into this Agreement including Denali’s obligation to fund each Fcab Discovery Plan pursuant to Section 9.2 of the Denali License Agreement for the period set out therein notwithstanding that
the Denali License Agreement may have terminated. 

  

	3.2	 F-star shall not subcontract its obligations under a Fcab
Discovery Plan or a mAb2 Development Plan, except to Affiliates or otherwise as agreed with Gamma in each case where such subcontractor has agreed in writing to be subject to the applicable terms
and conditions of this Agreement, including the requirements under Section 3.1.5, the confidentiality provisions of ARTICLE 7, and provided that F-star directly owns all Gamma
Program Know-How and Gamma Program Patents that it is required to assign to Gamma pursuant to ARTICLE 6. 

ARTICLE 4 
 FCAB DELIVERY

  

	4.1	 Fcab Delivery After Buy-out Option Exercise. In the event that,
at the date of completion by Denali of the acquisition of Gamma, Fcab Delivery (as defined in the Denali License Agreement) has not occurred under the Denali License Agreement for any Accepted Fcab Target then: 

 

	 	4.1.1	 the provisions of Sections 4.3, 4.4, and 4.5 of the Denali License Agreement shall be
incorporated into this Agreement subject to references to the Licensor being interpreted as references to F-star and references to Denali being references to Gamma; and 

 

	 	4.1.2	 if the Proposed Fcab (as defined in the Denali License Agreement) has failed to meet the Fcab Delivery
Criteria, F-star shall have the rights of Gamma pursuant to Section 9.11 of the Denali License Agreement to (i) provide to Denali an Fcab against that Accepted Fcab Target which
for 

  
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	 	
validation testing within the Fcab Disclosure Period (as defined in the Denali License Agreement) and Denali shall continue to have the obligation to conduct [***] additional validation
experiment(s) in respect of such Fcab (subject to F-star being responsible to reimburse Denali’s costs if such Fcab does not meet the Fcab Validation Criteria); and (ii) to conduct validation
experiments at F-star’s costs on [***] Fcab in addition to the [***] Fcabs that were the subject of validation experiment(s) by Denali. 

ARTICLE 5 
 PAYMENTS AND
RECORDS 
  

	5.1	 Service Fees. [***] shall be responsible for FTE costs incurred by [***] in relation to each Fcab
Discovery Plan and mAb2 Development Plan as set forth in the applicable Fcab Discovery Plan or mAb2 Development Plan, and subject to the following. For the TfR Fcab Discovery Plan [***] will fund [***]. Payment of such sums shall be paid in advance
in accordance with the budget/FTE allocation agreed as a part of each Fcab Discovery Plan and mAb2 Development Plan. Promptly following the end of each Calendar Quarter, [***] shall provide to [***] a report with the actual costs incurred during
such Calendar Quarter, and the Parties shall review those actual costs against the budget/FTE allocation. Following such review, and upon mutual written agreement between the Parties, the budget/FTE allocation may be increased or decreased. On an
Accepted Fcab Target-by-Accepted Fcab Target basis, [***] obligation to fund such FTE costs incurred in relation to a Fcab Discovery Plan shall terminate on the earlier
of (a) [***], and (b) [***]. 

  

	5.2	 Payments for other Services shall paid for in accordance with the budget agreed to for such Services at
the time such Services are agreed. 

  

	5.3	 All invoices shall be billed and payable in Pounds Sterling. Invoices shall be payable within [***] of
issue; provided that payments made by Gamma following completion by Denali of the acquisition of Gamma shall be paid in U.S. dollars. 

  
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	5.4	 Without limiting any other remedy of F-star, if Gamma fails to
make any payment by the due date, F-star may charge interest in the amount overdue at the rate of [***] such interest accruing [***]. 

 

	5.5	 Mode of Payment. All payments to either Party under this Agreement shall be made from the UK to the UK,
without setoff, by deposit of Dollars in the requisite amount to such bank account as F-star may from time to time designate by notice to Gamma. 

 

	5.6	 Indirect Taxes. All payments are exclusive of value added taxes, sales taxes, consumption taxes and
other similar taxes (the “Indirect Taxes”). If any Indirect Taxes are chargeable in respect of any payments, the paying Party shall pay such Indirect Taxes at the applicable rate in respect of such payments following receipt, where
applicable, of an Indirect Taxes invoice in the appropriate form issued by the receiving Party in respect of those payments. The Parties shall issue invoices for all amounts payable under this Agreement consistent with Indirect Tax requirements and
irrespective of whether the sums may be netted for settlement purposes. If the Indirect Taxes originally paid or otherwise borne by the paying Party are in whole or in part subsequently determined not to have been chargeable, all necessary steps
will be taken by the receiving Party to receive a refund of these undue Indirect Taxes from the applicable governmental authority or other fiscal authority and any amount of undue Indirect Taxes repaid by such authority to the receiving Party will
be transferred to the paying Party within forty-five (45) days of receipt. 

 ARTICLE 6 

INTELLECTUAL PROPERTY 
  

	6.1	 Grants by Gamma. Gamma hereby grants to F-star, from the
Effective Date until [***], a non-exclusive license, with the right to grant sublicenses to Affiliates and Approved Subcontractors, under any Know-How or Patents
Controlled by Gamma solely to conduct the Services. 

  

	6.2	 No Implied Rights. Except as expressly provided herein, F-star
grants no other right or license under this Agreement, including any rights or licenses to any Patent, Know-How 

  
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or intellectual property rights not otherwise expressly granted herein, whether by implication, estoppel, or otherwise. Except as expressly provided herein, Gamma grants no other right or license
under this Agreement, including any rights or licenses to any Patent, Know-How or intellectual property property rights not otherwise expressly granted herein, whether by implication, estoppel or otherwise.

  

	6.3	 Ownership of Intellectual Property. 

 

	 	6.3.1	 Save as provided in this Section 6.3, nothing in this Agreement shall operate
to assign any Patents or Know-How from one Party to the other. 

  

	 	6.3.2	 Ownership of Technology. 

 

	 	(a)	 Disclosure Obligation. F-star shall promptly disclose to Gamma
in writing, the conception, discovery, development or making of any Gamma Program Patent or Gamma Program Know-How. 

  

	 	(b)	 Assignment Obligation. F-star, for itself and on behalf of its
Affiliates, hereby assigns (and to the extent such assignment can only be made in the future hereby agrees to assign), to Gamma all its right, title and interest in and to any Gamma Program Know-How and Gamma
Program Patents. F-star will execute and record assignments and other necessary documents consistent with such ownership and shall cause all Persons who perform the Services to be under an obligation to assign
its rights in any Information and inventions resulting therefrom to Gamma. 

  

	6.4	 Prosecution, Maintenance, Enforcement of Gamma Patents. 

 

	 	6.4.1	 Gamma Patent Prosecution and Maintenance. Gamma shall have the sole right, but not the obligation, to
prepare, file, prosecute, and maintain the Gamma Program Patents worldwide, at Gamma’s sole cost and expense. Gamma shall keep F-star reasonably informed of all steps with regard to the preparation,
filing, prosecution, and maintenance strategy (including timing of filing, data to be included, and scope of claims of Patent applications) of the Gamma Program Patents. 

  
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	 	6.4.2	 Gamma shall have the sole right, but not the obligation, to defend and control the defense of the
validity and enforceability of the Gamma Program Patents. 

  

	6.5	 Inventor’s Remuneration. F-star shall be solely responsible
for any remuneration that may be due any inventors under any applicable inventor remuneration laws in respect of any Gamma Program Patents. 

ARTICLE 7 

CONFIDENTIALITY AND NON-DISCLOSURE 

 

	7.1	 Confidentiality Obligations. At all times during the Term and for a period of ten (10) years
following termination or expiration hereof in its entirety, each Party shall, and each of the foregoing shall cause its Affiliates and its and their respective officers, directors, employees, consultants, contractors and agents to, keep confidential
and not publish or otherwise disclose to a Third Party and not use, directly or indirectly, for any purpose, any Confidential Information furnished or otherwise made known to it, directly or indirectly, by the other Party, except to the extent such
disclosure or use is expressly permitted by the terms of this Agreement, including exercising rights granted hereunder. Notwithstanding the foregoing, to the extent the receiving Party can demonstrate by documentation or other competent proof, the
confidentiality and non-use obligations under this Section 7.1 with respect to any Confidential Information shall not include any information that: 

 

	 	7.1.1	 has been published by a Third Party or otherwise is or hereafter becomes part of the public domain by
public use, publication, general knowledge or the like through no wrongful act, fault or negligence on the part of the receiving Party and its Affiliates, to the extent F-star is the receiving Party;

  
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	 	7.1.2	 have been in the receiving Party’s possession prior to disclosure by the disclosing Party without
any obligation of confidentiality with respect to such information; 

  

	 	7.1.3	 is subsequently received by the receiving Party from a Third Party without restriction and without
breach of any agreement between such Third Party and the disclosing Party; 

  

	 	7.1.4	 that is generally made available to Third Parties by the disclosing Party without restriction on
disclosure; or 

  

	 	7.1.5	 have been independently developed by or for the receiving Party without reference to, or use or
disclosure of, the disclosing Party’s Confidential Information. 

 Specific aspects or details of Confidential
Information shall not be deemed to be within the public domain or in the possession of the receiving Party merely because the Confidential Information is embraced by more general information in the public domain or in the possession of the
receiving Party. Further, any combination of Confidential Information shall not be considered in the public domain or in the possession of the receiving Party merely because individual elements of such Confidential Information are in the public
domain or in the possession of the receiving Party unless the combination are in the public domain or in the possession of the receiving Party. 
  

	7.2	 Permitted Disclosures. Each Party may disclose Confidential Information to the extent that such
disclosure is: 

  

	 	7.2.1	 in the reasonable opinion of the receiving Party’s legal counsel, required to be disclosed pursuant
to law, regulation or a valid order of a court of competent jurisdiction or other supra-national, federal, national, regional, state, provincial and local governmental body of competent jurisdiction, (including by reason of filing with securities
regulators, but subject to Section 7.3); provided, that the receiving Party shall first have given prompt written notice 

  
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(and to the extent possible, at least five (5) Business Days’ notice) to the disclosing Party and given the disclosing Party a reasonable opportunity to take whatever action it deems
necessary to protect its Confidential Information (for example, quash such order or to obtain a protective order or confidential treatment requiring that the Confidential Information and documents that are the subject of such order be held in
confidence by such court or governmental body or, if disclosed, be used only for the purposes for which the order was issued). In the event that no protective order or other remedy is obtained, or the disclosing Party waives compliance with the
terms of this Agreement, the receiving Party shall furnish only that portion of Confidential Information which the receiving Party is advised by counsel is legally required to be disclosed; 

 

	 	7.2.2	 made by or on behalf of the receiving Party or their licensees or
sub-licensees to the Regulatory Authorities as required in connection with any filing, application or request for Regulatory Approval in accordance with the terms of this Agreement; provided, that
reasonable measures shall be taken to assure confidential treatment of such Confidential Information to the extent practicable and consistent with Applicable Law; 

 

	 	7.2.3	 subject to written consent of the disclosing Party, made by or on behalf of the receiving Party to a
Patent authority as may be reasonably necessary or useful for purposes of obtaining, defending or enforcing a Patent; provided, that reasonable measures shall be taken to assure confidential treatment of such Confidential Information, to the
extent such protection is available; 

  

	 	7.2.4	 made to its or its Affiliates’, financial and legal advisors who have a need to know such
disclosing Party’s Confidential Information and are either under professional codes of conduct giving rise to expectations of confidentiality and non-use or under written agreements of confidentiality and
non-use, in each case, at least as restrictive as those set forth in this Agreement; provided that the receiving Party shall remain responsible for any failure by such financial and legal
advisors, to treat such Confidential Information as required under this ARTICLE 7; 

  
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	 	7.2.5	 made by the receiving Party or its Affiliates to potential or actual investors, acquirers, investment
bankers, lenders, as may be necessary in connection with their evaluation of a potential or actual investment in or acquisition of the receiving Party or its Affiliates; provided, that such Persons shall be subject to obligations of
confidentiality and non-use with respect to such Confidential Information substantially similar to the obligations of confidentiality and non-use of the receiving Party
pursuant to this ARTICLE 7. 

  

	 	7.2.6	 made by Gamma or its Affiliates or sublicensees to its or their advisors, consultants, clinicians,
vendors, service providers, contractors, existing or prospective collaboration partners, licensees, sublicensees, or other Third Parties as may be necessary or useful in connection with the Exploitation of any mAb2, the Licensed Products, or otherwise in connection with the performance of its obligations or exercise of its rights as contemplated by this Agreement; provided, that such Persons shall be
subject to obligations of confidentiality and non-use with respect to such Confidential Information substantially similar to the obligations of confidentiality and
non-use of the receiving Party pursuant to this ARTICLE 7 (with a duration of confidentiality and non-use obligations as appropriate that is no less than five
(5) years from the date of disclosure for advisors, consultants, clinicians, vendors, service providers, contractors); or 

  

	 	7.2.7	 made by F-star, F-star
GmbH, or F-star Ltd or their Affiliates to its or their advisors, consultants, clinicians, vendors, service providers, contractors, and the like as may be necessary in assisting with F-star’s activities contemplated by this Agreement (including in relation to the exercise of the rights granted to F-star in Sections 6.1 or otherwise in
connection with the performance of its obligations or exercise of its rights as contemplated by this Agreement); 

  
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provided, that such Persons shall be subject to obligations of confidentiality and non-use with respect to such Confidential Information of Gamma
substantially similar to the obligations of confidentiality and non-use of F-star pursuant to this ARTICLE 7 (with a duration of confidentiality and non-use obligations as appropriate that is no less than five (5) years from the date of disclosure for advisors, consultants, clinicians, vendors, service providers, contractors and the like).

  

	7.3	 Public Announcements. Neither F-star, on the one hand, or Gamma
and its Affiliates on the other, shall issue any public announcement, press release, or other public disclosure regarding this Agreement or its subject matter without the other’s prior written consent regarding the timing and content, except
for any such disclosure that is, in the opinion of the disclosing entity’s counsel, required by Applicable Law or the rules of a stock exchange on which the securities of the disclosing entity are listed (or to which an application for listing
has been submitted). Prior to the expiration of the Buy-out Option Period, any such public announcement, press release, or other public disclosure regarding this Agreement shall also require Denali’s
prior written consent, and after expiration of the Buy-out Option Period if Denali has not exercised the Buy-out Option, then any such public announcement, press
release, or other public disclosure regarding this Agreement shall require Denali’s prior written consent if the subject matter is regarding the Denali License Agreement. In the event an entity is, in the opinion of its counsel, required by
Applicable Law or the rules of a stock exchange on which its securities are listed (or to which an application for listing has been submitted) to make such a public disclosure, such entity shall submit the proposed disclosure in writing to Gamma or F-star as far in advance as reasonably practicable (and in no event less than seven (7) Business Days prior to the anticipated date of disclosure) so as to provide a reasonable opportunity to comment thereon.
Notwithstanding the foregoing, Gamma, its sublicensees and its and their respective Affiliates shall have the right to publicly disclose research, development and commercial information (including with respect to regulatory matters) regarding mAb2 and Licensed Products; provided, that such disclosure is subject to the provisions of ARTICLE 7 with respect to F-star’s Confidential Information
and Section 7.4. 

  
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	7.4	 Return of Confidential Information. Upon the effective date of the termination of this Agreement with
respect to any Accepted Fcab Target or mAb2 for any reason, either Party may request in writing, and the other Party shall either, with respect to Confidential Information to which such first
Party does not retain rights under the surviving provisions of this Agreement: (a) as soon as reasonably practicable, destroy all copies of such Confidential Information in the possession of the other Party and confirm such destruction in
writing to the requesting Party; or (b) as soon as reasonably practicable, deliver to the requesting Party, at the other Party’s expense, all copies of such Confidential Information in the possession of the other Party; provided,
that the other Party shall be permitted to retain one (1) copy of such Confidential Information for the sole purpose of performing any continuing obligations hereunder, as required by Applicable Law, or for archival purposes. Notwithstanding
the foregoing, such other Party also shall be permitted to retain such additional copies of or any computer records or files containing such Confidential Information that have been created solely by such Party’s automatic archiving and back-up procedures, to the extent created and retained in a manner consistent with such other Party’s standard archiving and back-up procedures, but not for any other use
or purpose. 

 ARTICLE 8 

REPRESENTATIONS AND WARRANTIES 
  

	8.1	 Representations and Warranties of Gamma. Except as set forth in the Disclosure Schedule, Gamma
represents and warrants, as of the Effective Date as follows: 

  

	 	8.1.1	 Organization. Gamma is a corporation duly organized, validly existing, and in good standing under the
laws of the jurisdiction of its organization, and has all requisite power and authority, corporate or otherwise, to execute, deliver, and perform this Agreement. 

 

	 	8.1.2	 Authorization. The execution and delivery of this Agreement and the performance by Gamma of the
transactions contemplated hereby have been duly authorized by all necessary corporate action, and do not violate (a) Gamma’s 

  
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charter documents, bylaws, or other organizational documents, (b) in any material respect, any agreement, instrument, or contractual obligation to which such Gamma is bound,
(c) any requirement of any Applicable Law, or (d) any order, writ, judgment, injunction, decree, determination, or award of any court or governmental agency presently in effect applicable to Gamma. 

 

	 	8.1.3	 Binding Agreement. This Agreement is a legal, valid, and binding obligation of Gamma enforceable against
it in accordance with its terms and conditions, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles affecting the availability of specific
performance, and general principles of equity (whether enforceability is considered a proceeding at law or equity). 

  

	 	8.1.4	 No Inconsistent Obligation. Gamma is not under any obligation, contractual or otherwise, to any Person
that conflicts with or is inconsistent in any material respect with the terms of this Agreement, or that would impede the diligent and complete fulfillment of its obligations hereunder. 

 

	 	8.1.5	 There are no written claims, judgments, or settlements against, or amounts with respect thereto, owed by
Gamma relating to (i) the Gamma Patents, or (ii) the Gamma Know-How. To Gamma’s knowledge, no written claim or litigation has been brought or threatened by any Person alleging that (a) the
Gamma Patents are invalid or unenforceable, or (b) the Gamma Patents, or the Gamma Know-How, or the disclosing, copying, making, assigning, or licensing of the Gamma Patents, or the Gamma Know-How as contemplated by this Agreement violates, infringes, misappropriates or otherwise conflicts or interferes with any intellectual property or proprietary right of any Third Party. 

 

	 	8.1.6	 To Gamma’s knowledge, the use of any Denali Background IP (as defined in the Denali License
Agreement) disclosed to F-star for the conduct of the TfR Fcab Discovery Plan will not infringe, misappropriate, misuse, violate or otherwise make use without authorisation of any Third Party intellectual
property nor has any person threatened to Gamma in writing to issue such a notice. 

  
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	8.2	 Representations and Warranties of F-star. F-star represents and warrants to Gamma, as of the Effective Date as follows: 

  

	 	8.2.1	 Organization. F-star is a limited liability company duly
incorporated and validly existing under the laws of England and Wales. F-star has all requisite power and authority, corporate or otherwise, to execute, deliver and perform its respective obligations under
this Agreement. 

  

	 	8.2.2	 Authorization. The execution and delivery of this Agreement and the performance by F-star of the transactions contemplated hereby have been duly authorized by all necessary corporate action, and do not violate (a) F-star’s articles of association
or other organizational documents, (b) in any material respect, any agreement, instrument, or contractual obligation to which such F-star is bound, (c) any requirement of any Applicable Law, or
(d) any order, writ, judgment, injunction, decree, determination, or award of any court or governmental agency presently in effect applicable to F-star. 

 

	 	8.2.3	 Binding Agreement. This Agreement is the legal, valid and binding obligation of F-star enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’
rights generally and by the effect of general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). 

  

	 	8.2.4	 No Inconsistent Obligation. F-star is not under any obligation,
contractual or otherwise, to any Person that conflicts with or is inconsistent in any material respect with the terms of this Agreement, or that would impede the diligent and complete fulfillment of its obligations hereunder. 

  
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	 	8.2.5	 No Claims. Except as disclosed by F-star to Gamma in writing in
the letter from F-star to Gamma on the Effective Date, there are no written claims, judgments, or settlements against, or amounts with respect thereto, owed by F-star,
or to F-star’s knowledge by F-star GmbH, F-star Ltd or any of their respective Affiliates, relating to (i) the F-star Patents, or (ii) the F-star Know-How. To F-star’s knowledge, no written claim
or litigation has been brought or threatened by any Person alleging that (a) the F-star Patents are invalid or unenforceable, or (b) the F-star Patents, or the
F-star Know-How, or the disclosing, copying, making, assigning, or licensing of the F-star Patents, or the F-star Know-How as contemplated by this Agreement violates, infringes, misappropriates or otherwise conflicts or interferes with any intellectual property or proprietary right
of any Third Party. 

  

	 	8.2.6	 No Misappropriation. Except as disclosed by F-star to Gamma in
writing in the letter from F-star to Gamma on the Effective Date, to the Knowledge of F-star no Person is infringing or misappropriating (i) the F-star Patents, or (ii) the F-star Know-How. 

 

	8.3	 DISCLAIMER OF WARRANTIES. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH HEREIN, NONE OF F-STAR, F-STAR LTD, F-STAR GMBH OR GAMMA OR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES,
EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY, OR
FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY WARRANTY AS TO THE VALIDITY OF ANY PATENTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 

  
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	8.4	 Gamma Liability After Exercise of Buy-out Option. On [***] of
Denali’s acquisition of Gamma following the exercise of the Buy-out Option, [***]. By way of examples, (a) [***], and (b) [***]. 

ARTICLE 9 
 INDEMNITY

  

	9.1	 Indemnification of F-star. Gamma shall indemnify F-star, its Affiliates and their respective directors, officers, employees, and agents (the “F-star Indemnitees”) and defend and save each of them harmless,
from and against any and all losses, damages, liabilities, penalties, costs, and expenses (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) in connection with any and all suits, investigations,
claims, or demands of Third Parties (collectively, “Third Party Claims”) incurred by or rendered against the F-star Indemnitees arising from or occurring as a result of: 

 

	 	(a)	 the Exploitation of mAb2 or Licensed Products by or for
Gamma or any of its Affiliates, sublicensees, subcontractors, agents and consultants, on a mAb2-by-mAb2
basis during the Term; 

  

	 	(b)	 the breach by Gamma or its Affiliates of this Agreement; or 

 

	 	(c)	 the gross negligence or willful misconduct on the part of Gamma or its Affiliates or their respective
directors, officers, employees, and agents in performing its or their obligations under this Agreement; or 

  

	 	(d)	 on an Accepted Fcab
Target-by-Accepted Fcab Target basis, the infringement by F-star of any Third Party Patents or
Know-How relating to the Accepted Fcab Target, solely to the extent (i) such infringement arose from F-star’s conduct of services on behalf of Gamma (and not
any subsequent research, development or commercialization of a Fcab to such Accepted Fcab Target by F-star or any product incorporating any such Fcab), and (ii) Gamma or Denali knew of such Third Party
Patents or Know-How at the time the scope of the Services were agreed between F-star and Gamma. 

  
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 except for those Losses for which F-star, in whole
or in part, has an obligation to indemnify Gamma pursuant to Section 9.2 hereof, as to which Losses each Party shall indemnify the other to the extent of their respective liability for such Losses. 

 

	9.2	 Indemnification of Gamma. F-star shall indemnify Gamma, its
Affiliates and its and their respective directors, officers, employees, and agents (the “Gamma Indemnitees”), and defend and save each of them harmless, from and against any and all Losses in connection with any and all Third Party
Claims incurred by or rendered against the Gamma Indemnitees arising from or occurring as a result of: 

  

	 	(a)	 F-star’s (or its Affiliates’ or sublicensees’) use or
practice of any Patents or Know-How of F-star; ; 

  

	 	(b)	 the breach by F-star or its Affiliates of this Agreement; or

  

	 	(c)	 the gross negligence or willful misconduct on the part of F-star or its
Affiliates or its or their respective directors, officers, employees, and agents in performing its obligations under this Agreement; 

except for those Losses for which Gamma has an obligation to indemnify F-star pursuant to
Section 9.1 hereof, as to which Losses each Party shall indemnify the other to the extent of their respective liability for the Losses. 
  

	9.3	 Notice of Claim. All indemnification claims in respect of a Party,
F-star Ltd, F-star GmbH, and its and their respective Affiliates, or their respective directors, officers, employees and agents shall be made solely by such Party to
this Agreement (the “Indemnified Party”). The Indemnified Party shall give the indemnifying Party prompt written notice (an “Indemnification Claim Notice”) of any Losses or discovery of fact upon which such
Indemnified Party intends to base a request for indemnification under this ARTICLE 9, but in no event shall the indemnifying Party be liable for any Losses that result from any delay in providing such notice. Each Indemnification Claim Notice
must contain a description of the claim and the nature and amount of such Loss (to the extent that the nature and amount of such Loss is known at such time). The Indemnified Party shall furnish promptly to the indemnifying Party copies of all
papers and official documents received in respect of any Losses and Third Party Claims. 

  
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	9.4	 Control of Defense. 

 

	 	9.4.1	 In General. At its option, the indemnifying Party may assume the defense of any Third Party Claim by
giving written notice to the Indemnified Party within thirty (30) days after the indemnifying Party’s receipt of an Indemnification Claim Notice. The assumption of the defense of a Third Party Claim by the indemnifying Party shall not be
construed as an acknowledgment that the indemnifying Party is liable to indemnify the Indemnified Party in respect of the Third Party Claim, nor shall it constitute a waiver by the indemnifying party of any defenses it may assert against the
Indemnified Party’s claim for indemnification. Upon assuming the defense of a Third Party Claim, the indemnifying Party may appoint as lead counsel in the defense of the Third Party Claim any legal counsel selected by the indemnifying Party
which shall be reasonably acceptable to the Indemnified Party. In the event the indemnifying Party assumes the defense of a Third Party Claim, the Indemnified Party shall immediately deliver to the indemnifying Party all original notices and
documents (including court papers) received by the Indemnified Party in connection with the Third Party Claim. Should the indemnifying Party assume the defense of a Third Party Claim, except as provided in Section 9.4.2,
the indemnifying Party shall not be liable to the Indemnified Party for any legal expenses subsequently incurred by such Indemnified Party in connection with the analysis, defense or settlement of the Third Party Claim unless specifically requested
in writing by the indemnifying Party. In the event that it is ultimately determined that the indemnifying Party is not obligated to indemnify, defend or hold harmless the Indemnified Party from and against the Third Party Claim, the Indemnified
Party shall reimburse the indemnifying Party for any Losses incurred by the indemnifying Party in its defense of the Third Party Claim. 

  
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	 	9.4.2	 Right to Participate in Defense. Without limiting Section 9.4.1, any
Indemnified Party shall be entitled to participate in, but not control, the defense of such Third Party Claim and to employ counsel of its choice for such purpose; provided, that such employment shall be at the Indemnified Party’s own expense
unless (a) the employment thereof, and the assumption by the indemnifying party of such expense, has been specifically authorized by the indemnifying Party in writing, (b) the indemnifying Party has failed to assume the defense and employ
counsel in accordance with Section 9.4.1 (in which case the Indemnified Party shall control the defense), or (c) the interests of the Indemnified Party and the indemnifying Party with respect to such Third Party Claim
are sufficiently adverse to prohibit the representation by the same counsel of both Parties under Applicable Law, ethical rules or equitable principles. 

  

	 	9.4.3	 Settlement. With respect to any Losses relating solely to the payment of money damages in connection
with a Third Party Claim and that shall not result in the Indemnified Party’s becoming subject to injunctive or other relief or otherwise adversely affecting the business of the Indemnified Party in any manner, and as to which the indemnifying
Party shall have acknowledged in writing the obligation to indemnify the Indemnified Party hereunder, the indemnifying Party shall have the sole right to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such
Loss, on such terms as the indemnifying Party, in its sole discretion, shall deem appropriate. With respect to all other Losses in connection with Third Party Claims, where the indemnifying Party has assumed the defense of the Third Party Claim in
accordance with Section 9.4.1, the indemnifying Party shall have authority to consent to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss; provided, that it obtains the prior
written consent of the Indemnified Party (which consent shall not be unreasonably withheld, conditioned or delayed). If the indemnifying Party does not assume and conduct the defense of a Third Party Claim as provided

  
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above, the Indemnified Party may defend against such Third Party Claim. Regardless of whether the indemnifying Party chooses to defend or prosecute any Third Party Claim, no Indemnified Party
shall admit any liability with respect to, or settle, compromise or dispose of, any Third Party Claim without the prior written consent of the indemnifying Party, which consent shall not to be unreasonably withheld, conditioned or delayed. The
indemnifying Party shall not be liable for any settlement, compromise or other disposition of a Loss by an Indemnified Party that is reached without the written consent of the indemnifying Party, which consent shall not be unreasonably withheld,
conditioned or delayed. 

  

	 	9.4.4	 Cooperation. Regardless of whether the indemnifying Party chooses to defend or prosecute any Third Party
Claim, the Indemnified Party shall, and shall cause each indemnitee to, cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, provide such witnesses and attend such conferences, discovery
proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith. Such cooperation shall include access during normal business hours afforded to the indemnifying party to, and reasonable retention by the Indemnified
Party of, records and information that are reasonably relevant to such Third Party Claim, and making Indemnified Parties and other employees and agents available on a mutually convenient basis to provide additional information and explanation of any
material provided hereunder, and the indemnifying Party shall reimburse the Indemnified Party for all its reasonable out-of-pocket expenses in connection therewith.

  

	 	9.4.5	 Expenses. Except as provided above, the reasonable and verifiable costs and expenses, including fees and
disbursements of counsel, incurred by the Indemnified Party in connection with any Third Party Claim shall be reimbursed on a Calendar Quarter basis in arrears by the indemnifying Party, without prejudice to the indemnifying Party’s right to
contest the Indemnified Party’s right to indemnification and subject to refund in the event the indemnifying Party is ultimately held not to be obligated to indemnify the Indemnified Party. 

  
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	 	9.4.6	 Special, Indirect, and Other Losses. EXCEPT TO THE EXTENT ANY SUCH DAMAGES ARE REQUIRED TO BE PAID TO A
THIRD PARTY AS PART OF A CLAIM FOR WHICH A PARTY PROVIDES INDEMNIFICATION UNDER THIS ARTICLE 9, NEITHER PARTY NOR ANY OF THEIR AFFILIATES SHALL BE LIABLE FOR ANY LOSS OF PROFITS OR BUSINESS INTERRUPTION OR ANY INDIRECT, INCIDENTAL, SPECIAL,
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY OR OTHERWISE IN CONNECTION WITH OR ARISING IN ANY WAY OUT OF THE TERMS OF THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE USE OF THE LICENSED COMPOUND OR LICENSED PRODUCT, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. 

  

	 	9.4.7	 Insurance. Each Party shall obtain and carry in full force and effect the minimum insurance requirements
set forth herein. The types of insurance, and minimum limits shall be: General Liability Insurance with a minimum limit of One Million Dollars ($1,000,000) per occurrence and Two Million Dollars ($2,000,000) in the aggregate. General Liability
Insurance shall include, at a minimum, beginning at least thirty (30) days prior to first commercial sale of a Licensed Product, product liability insurance. 

 

	 	9.4.8	 Certificates of Insurance. Upon request by a Party, the other Party shall provide certificates of
insurance evidencing compliance with this Section. The insurance policies shall be under an occurrence form, but if only a claims-made form is available to a Party, then such Party shall continue to maintain such insurance after the expiration or
termination of this Agreement 

  
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for the longer of (a) a period of five (5) years following termination or expiration of this Agreement in its entirety, or (b) with respect to a particular Party, last sale of a
Licensed Product (or but for expiration or termination, would be considered a Licensed Product) sold under this Agreement by a Party. 

ARTICLE 10 
 TERM AND
TERMINATION 
  

	10.1	 Term. This Agreement shall commence on the Effective Date and, unless earlier terminated in accordance
herewith, shall continue in force and effect until the the provision of the Services has been completed hereunder. 

  

	10.2	 Termination for Material Breach. If either Party (the
“Non-Breaching Party”) believes that the other Party (the “Breaching Party”) has materially breached one (1) or more of its material obligations under this Agreement,
then the Non-Breaching Party may deliver notice of such material breach to the Breaching Party (a “Default Notice”). If the Breaching Party fails to cure such breach within [***] after receipt
of the Default Notice the Non-Breaching Party may terminate this Agreement to the extent that it relates to the Accepted Fcab Target to which the breach relates, upon written notice to the Breaching Party.

  

	10.3	 Termination by F-star for Patent Challenge. F-star will have the right to terminate this Agreement in full upon written notice to Gamma in the event that Gamma or any of its Affiliates or sublicensees directly assert in its own respective name or directs a
Third Party to assert a Patent Challenge; provided that with respect to any such Patent Challenge by any non-Affiliate Sublicensee, F-star will not have the right to
terminate this Agreement under this Section 10.3 if, within [***] of F-star’s notice to Gamma under this Section 10.3, Gamma (a) causes such Patent
Challenge to be terminated or dismissed or (b) terminates the sublicense granted to such non-Affiliate Sublicensee. For purposes hereof, “Patent Challenge” means any challenge in a legal
or administrative proceeding to the patentability, validity, ownership or enforceability of any of the F-star Patents (or 

  
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any claim thereof), including by: (i) filing or pursuing a declaratory judgment action in which any of the F-star Patents is alleged to be invalid or
unenforceable; (ii) citing prior art against any of the F-star Patents (other than art required to be cited by Applicable Law, including under a duty of candor to a Patent office), filing a request for or
pursuing a re-examination of any of the F-star Patents (other than with F-star’s written agreement), or becoming a party to
or pursuing an interference; or (iii) filing or pursuing any opposition, cancellation, nullity or other like proceedings against any of the F-star Patents; but excluding any challenge raised as a defense
or counterclaim against a claim, action or proceeding asserted by F-star or its Affiliates against Gamma or its Affiliates or sublicensees. 

 

	10.4	 Effects of Termination. I n the event of termination of this Agreement in its entirety or in relation to
any Fcab Discovery Plan or mAb2 Development Plan or in respect of any other Services (a “Plan”) the following terms and conditions will apply, provided, however, that if the
termination relates only to a particular Plan, then the following provisions will only apply with respect to such Plan: 

  

	 	(a)	 Except as may otherwise be agreed in writing by the Parties Gamma shall be required to pay to F-star any costs incurred or to be incurred under any remaining activities under a Plan, including the remaining FTE costs unless F-star redeploys the relevant staff onto
other projects (which, subject to the provisions of 3.1.9, F-star shall use its Commercially Reasonable Efforts to accomplish); 

 

	 	(b)	 The obligations of F-star in relation to the affected Plans shall
immediately terminate; 

  

	 	(c)	 Except as set forth in ARTICLE 7, each Party shall return or cause to be returned to the other Party all
Confidential Information and all substances or compositions of the other Party or its Affiliates delivered or provided by or on behalf of such other Party, as well as any other material provided by or on behalf of such other Party in any medium, in
connection with such terminated Plan; 

  
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	10.5	 Remedies. Except as otherwise expressly provided herein, termination of this Agreement in accordance
with the provisions hereof shall not limit remedies that may otherwise be available in law or equity. 

  

	10.6	 Accrued Rights; Surviving Obligations. 

 

	 	10.6.1	 Termination or expiration of this Agreement for any reason shall be without prejudice to any rights that
shall have accrued to the benefit of a Party prior to such termination or expiration, including any amounts due under ARTICLE 5. Such termination or expiration shall not relieve a Party from obligations that are expressly indicated to survive
the termination or expiration of this Agreement. Without limiting the foregoing, the following Sections shall survive such termination or expiration: Sections 3.1.7, 4.1.2, 6.2, 6.3, 6.4, 6.5, 8.4, 10.4, 10.5, 10.6, 11.3, 11.5, 11.6, 11.7 and
11.10 and ARTICLES 4, 7 and 9. 

 ARTICLE 11 

MISCELLANEOUS 
  

	11.1	 Force Majeure. Neither Party shall be held liable or responsible to the other Party or be deemed to have
defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement when such failure or delay is caused by or results from events beyond the reasonable control of the
non-performing Party, including fires, floods, earthquakes, hurricanes, embargoes, shortages, epidemics, quarantines, war, acts of war (whether war be declared or not), terrorist acts, insurrections, riots,
civil commotion, strikes, lockouts, or other labor disturbances (whether involving the workforce of the non-performing Party or of any other Person), acts of God or acts, omissions or delays in acting by any
governmental authority (except to the extent such delay results from the breach by the non-performing Party or any of its Affiliates of any term or condition of this Agreement). The non-performing 

  
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Party shall notify the other Party of such force majeure within [***] after such occurrence by giving written notice to the other Party stating the nature of the event, its anticipated duration,
and any action being taken to avoid or minimize its effect. The suspension of performance shall be of no greater scope and no longer duration than is necessary and the non-performing Party shall use
Commercially Reasonable Efforts to remedy its inability to perform. 

  

	11.2	 Export Control. This Agreement is made subject to any restrictions concerning the export of products or
technical information from the United States or other countries that may be imposed on the Parties from time to time. Each Party agrees that it will not export, directly or indirectly, any technical information acquired from the other Party under
this Agreement or any products using such technical information to a location or in a manner that at the time of export requires an export license or other governmental approval, without first obtaining the written consent to do so from the
appropriate agency or other governmental entity in accordance with Applicable Law. 

  

	11.3	 Assignment. 

  

	 	11.3.1	 Without the prior written consent of the other Party, such consent not to be unreasonably withheld,
conditioned or delayed, no Party shall sell, transfer, assign, delegate, pledge, or otherwise dispose of, whether voluntarily, involuntarily, by operation of law or otherwise, this Agreement or any of its rights or duties hereunder; provided,
that a Party may make such an assignment without the other Party’s consent to (a) [***], or (b) [***]. With respect to an assignment to [***] the assigning Party shall [***]. Any attempted assignment or delegation in violation of this
Section 11.3 shall be void and of no effect. All validly assigned and delegated rights and obligations of the Parties hereunder shall be binding upon and inure to the benefit of and be enforceable by and against the
successors and permitted assigns of F-star or Gamma, as the case may be. The permitted assignee or transferee shall assume all obligations of its assignor or transferor under this Agreement. Without limiting
the foregoing, the grant of rights set forth in 

  
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this Agreement shall be binding upon any successor or permitted assignee of F-star, and the obligations of Gamma, including the payment obligations, shall
run in favor of any such successor or permitted assignee of F-star’s benefits under this Agreement. 

  

	 	11.3.2	 Notwithstanding anything to the contrary herein, in the event of the acquisition of a controlling (as
such term is used in the definition of Affiliate) interest in F-star or F-star GmbH or Gamma the acquirer of such Person shall not be considered to be an Affiliate of
such Person for the purposes of this Agreement including for the purposes of the definition Control in respect of the intellectual property of the Parties. For clarity, any Know-How, Patents or other
intellectual property rights or other assets owned or Controlled by an acquirer or its Affiliates before such an acquisition of such Person or which were subsequently generated by the acquirer, or an Affiliate of the acquirer which is not F-star or an Affiliate of F-star immediately prior to the acquisition, will not be Controlled by such Person after such change in Control for purposes of this Agreement,
except to the extent that F-star or F-star GmbH or any of their respective Affiliates owned or Controlled such Know-How, Patents
or other intellectual property rights or other assets before such acquisition. 

  

	11.4	 Severability. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under
any present or future law, and if the rights or obligations of either Party under this Agreement will not be materially and adversely affected thereby, (a) such provision shall be fully severable, (b) this Agreement shall be construed and
enforced as if such illegal, invalid, or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or
unenforceable provision or by its severance herefrom, and (d) in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as a part of this Agreement a legal, valid, and enforceable provision as similar in
terms to such illegal, invalid, or unenforceable provision as may be possible and reasonably acceptable to the Parties. To the fullest extent permitted by Applicable Law, each Party hereby waives any provision of law that would render any provision
hereof illegal, invalid, or unenforceable in any respect. 

  
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	11.5	 Governing Law, Jurisdiction and Service. 

 

	 	11.5.1	 Governing Law. This Agreement or the performance, enforcement, breach or termination hereof shall be
interpreted, governed by and construed in accordance with the laws of England, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another
jurisdiction; provided, that all questions concerning the construction or effect of Patents shall be determined in accordance with the laws of the country or other jurisdiction in which the particular Patent has been filed or granted, as the
case may be. The Parties agree to exclude the application to this Agreement of the United Nations Convention on Contracts for the International Sale of Goods. 

 

	 	11.5.2	 Service. Each Party further agrees that service of any process, summons, notice or document by
registered mail to its address set forth in Section 11.7.2 shall be effective service of process for any action, suit, or proceeding brought against it under this Agreement in any such court. 

 

	11.6	 Dispute Resolution. If a dispute arises between the Parties in connection with or relating to this
Agreement or any document or instrument delivered in connection herewith (a “Dispute”), it shall be resolved pursuant to this Section 11.6. 

 

	 	11.6.1	 General. Any Dispute shall first be referred to the Senior Officers of the Parties, who shall confer in
good faith on the resolution of the issue. Any final decision mutually agreed to by the Senior Officers shall be conclusive and binding on the Parties. If the Senior Officers are not able to agree on the resolution of any such issue within [***] (or
such other period of time as mutually agreed by the Senior Officers) after such issue was first referred to them, then, except as otherwise set forth in Section 11.6.2, either Party may, by written notice to the other
Party, elect to initiate arbitration proceedings pursuant to the procedures set forth in Section 11.6.3 for purposes of having the matter settled. 

  
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	 	11.6.2	 Intellectual Property Disputes. In the event that a Dispute arises with respect the validity, scope,
enforceability, inventorship or ownership of any Patent, trademark or other intellectual property rights, and such Dispute cannot be resolved in accordance with Section 11.6.1, and, unless otherwise agreed by the Parties in
writing, such Dispute shall not be submitted to arbitration in accordance with Section 11.6.3 and instead, either Party may initiate litigation in a court of competent jurisdiction, notwithstanding
Section 11.5, in any country or other jurisdiction in which such rights apply. 

  

	 	11.6.3	 Arbitration. Should the informal resolution mechanism of
Section 11.6.1 prove unsuccessful within the allotted period, then the Parties shall submit their dispute to binding arbitration [***]. Each Party shall appoint one arbitrator who at their turn shall nominate the
chairperson, who shall be qualified in [***]. If a Party does not appoint its arbitrator within [***] following the expiry of the allotted period, then such arbitrator shall be selected in accordance with the then current rules of [***]. Any
arbitrator so selected shall have substantial experience in the pharmaceutical industry. The arbitration shall be conducted, and all documents submitted to the arbitrators shall be, in English. The arbitrators shall have the power to include an
award of attorneys’ fees and costs to the prevailing Party, but shall have no power to award punitive, special, incidental or consequential damages. The arbitrator’s decision and award shall be final and binding upon all Parties. Subject
to any award that the arbitrators may make, each Party shall bear its own costs for its counsel and other expenses, and the Parties shall equally share the costs of the arbitration. Judgment upon the award rendered by arbitration may be issued and
enforced by any court having competent jurisdiction. 

  

	 	11.6.4	 Interim Relief. Notwithstanding anything herein to the contrary, nothing in this
Section 11.6 shall preclude either Party from seeking interim or 

  
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provisional relief, including a temporary restraining order, preliminary injunction or other interim equitable relief concerning a Dispute following the ADR procedures set forth in
Section 11.6.3, if necessary to protect the interests of such Party. This Section shall be specifically enforceable. 

  

	11.7	 Notices. 

  

	 	11.7.1	 Notice Requirements. Any notice, request, demand, waiver, consent, approval, or other communication
permitted or required under this Agreement shall be in writing, shall refer specifically to this Agreement and shall be deemed given only if (a) delivered by hand or (b) sent by internationally recognized overnight delivery service that
maintains records of delivery, addressed to the Parties at their respective addresses specified in Section 11.7.2 or to such other address as the Party to whom notice is to be given may have provided to the other Party in
accordance with this Section 11.7.1. Such notice shall be deemed to have been given as of the date delivered by hand or on the second Business Day (at the place of delivery) after deposit with an internationally recognized
overnight delivery service. This Section 11.7.1 is not intended to govern the day-to-day business communications necessary between the Parties
in performing their obligations under the terms of this Agreement. 

  

	 	11.7.2	 Address for Notice. 

If to F-star to: 

F-star Biotechnology Ltd. 

Eddeva B920 Babraham Research Campus 

Cambridge, CB22 3AT 
 UK 

Attention: Chief Business Officer and cc: Head of IP 

If to Gamma to: 
 F-star Gamma Ltd. 
 Eddeva B920 Babraham Research Campus 

  
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 Cambridge, CB22 3AT 

UK 
 Attention: Chief Business
Officer and cc: Head of IP 
 with a copy (which shall not constitute notice) to: 

Cooley LLP 
 Dashwood 

69 Old Broad Street London EC2M 1QS 

Attention: John Wilkinson 
  

	11.8	 Entire Agreement; Amendments. This Agreement, together with the Gamma IP License Agreement and the
Denali License Agreement and Schedules attached hereto, sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and all prior agreements, understandings, promises, and
representations, whether written or oral, with respect thereto are superseded hereby (including that certain Confidential Disclosure Agreement between Denali and F-star Ltd dated December 18, 2015;
provided that (a) all “Confidential Information” disclosed or received thereunder will be deemed “Confidential Information” hereunder and will be subject to the terms and conditions of this Agreement, and (b) all rights
and obligations under such agreement will otherwise continue in full force and effect as provided therein). Each Party confirms that it is not relying on any representations or warranties of the other Party except as specifically set forth in this
Agreement. No amendment, modification, release, or discharge shall be binding upon the Parties unless in writing and duly executed by authorized representatives of both Parties. 

 

	11.9	 English Language. This Agreement shall be written and executed in, and all other communications under or
in connection with this Agreement shall be in, the English language. Any translation into any other language shall not be an official version thereof, and in the event of any conflict in interpretation between the English version and such
translation, the English version shall control. 

  

	11.10	 Waiver and Non-Exclusion of Remedies. Any term or condition of
this Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on

  
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behalf of the Party waiving such term or condition. The waiver by either Party hereto of any right hereunder or of the failure to perform or of a breach by the other Party shall not be deemed a
waiver of any other right hereunder or of any other breach or failure by such other Party whether of a similar nature or otherwise. The rights and remedies provided herein are cumulative and do not exclude any other right or remedy provided by
Applicable Law or otherwise available except as expressly set forth herein. 

  

	11.11	 No Benefit to Third Parties. Except as provided in ARTICLE 9, covenants and agreements set forth
in this Agreement are for the sole benefit of the Parties hereto and their successors and permitted assigns, and they shall not be construed as conferring any rights on any other Persons. 

 

	11.12	 Further Assurance. Each Party shall duly execute and deliver, or cause to be duly executed and
delivered, such further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents, and instruments, as may be necessary or as the other Party may reasonably request in
connection with this Agreement or to carry out more effectively the provisions and purposes hereof, or to better assure and confirm unto such other Party its rights and remedies under this Agreement. 

 

	11.13	 Relationship of the Parties. It is expressly agreed that F-star,
on the one hand, and Gamma, on the other hand, shall be independent contractors and that the relationship between the Parties shall not constitute a partnership, joint venture, or agency, including for tax purposes. Neither F-star, on the one hand, nor Gamma, on the other hand, shall have the authority to make any statements, representations, or commitments of any kind, or to take any action, which shall be binding on the other,
without the prior written consent of the other Party to do so. All persons employed by a Party shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the
account and expense of such Party. 

  
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	11.14	 Counterparts; Facsimile Execution. This Agreement may be executed in two (2) or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument. This Agreement may be executed by facsimile or electronically transmitted signatures and such signatures shall be deemed to
bind each Party hereto as if they were original signatures. 

 [SIGNATURE PAGES FOLLOW.] 

  
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 THIS AGREEMENT IS EXECUTED by the authorized representatives of the Parties as of the Effective Date. 

 

			
	F-STAR BIOTECHNOLOGY LIMITED
		
	By:	 	 /s/ Jane Dancer

	Name:	 	Jane Dancer
	Title:	 	CBO
	
	F-STAR GAMMA LIMITED
		
	By:	 	 /s/ Tolga Hassan

	Name:	 	Tolga Hassan
	Title:	 	CFO & Co. Sec.

  
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 Exhibit 10.32 

EXECUTION VERSION 

[Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted by means of marking such
portions with asterisks as the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.] 
  

			
	DATED	 	30 May 2018

 DENALI THERAPEUTICS INC. (1) 

THE SELLERS (2) 
 and

 SHAREHOLDER REPRESENTATIVE SERVICES LLC (as the Sellers’ Representative) (3) 

 
  

SHARE PURCHASE AGREEMENT 

relating to the entire issued share capital of 

F-STAR GAMMA LIMITED 

 
  

 
 

 
 COOLEY (UK) LLP, DASHWOOD, 69 OLD BROAD STREET, LONDON EC2M 1QS, UK 

T: +44 (0) 20 7583 4055 F: +44 (0) 20 7785 9355 WWW.COOLEY.COM 

 CONTENTS 
  

							
	1.	 	 INTERPRETATION
	  	 	2	 
			
	2.	 	 SALE AND PURCHASE
	  	 	11	 
			
	3.	 	 CONSIDERATION
	  	 	12	 
			
	4.	 	 POST COMPLETION ADJUSTMENTS
	  	 	15	 
			
	5.	 	 COMPLETION
	  	 	16	 
			
	6.	 	 ESCROW ACCOUNT
	  	 	18	 
			
	7.	 	 SELLER WARRANTIES AND INDEMNITY
	  	 	20	 
			
	8.	 	 LIMITATIONS TO THE SELLERS’ LIABILITY
	  	 	21	 
			
	9.	 	 BUYER’S WARRANTIES
	  	 	22	 
			
	10.	 	 POST COMPLETION MATTERS
	  	 	23	 
			
	11.	 	 BUYER GUARANTEE
	  	 	25	 
			
	12.	 	 SELLERS’ REPRESENTATIVE
	  	 	27	 
			
	13.	 	 PAYMENTS
	  	 	32	 
			
	14.	 	 ANNOUNCEMENTS
	  	 	33	 
			
	15.	 	 CONFIDENTIALITY
	  	 	33	 
			
	16.	 	 COSTS
	  	 	35	 
			
	17.	 	 GENERAL
	  	 	36	 
			
	18.	 	 ENTIRE AGREEMENT
	  	 	37	 
			
	19.	 	 ASSIGNMENT
	  	 	37	 
			
	20.	 	 NOTICES
	  	 	38	 
			
	21.	 	 COUNTERPARTS
	  	 	39	 
			
	22.	 	 GOVERNING LAW
	  	 	39	 
			
	23.	 	 DISPUTE RESOLUTION
	  	 	39	 
			
	24.	 	 PROCESS AGENTS
	  	 	41	 
			
	25.	 	 CONFLICT WAIVER
	  	 	41	 

 Agreed Form Documents 
  

	1.	 Disclosure Letter 

  

	2.	 Escrow Agreement 

  

	3.	 Loan Notes Instrument 

 

	4.	 Press Release 

  
 CONFIDENTIAL 

 THIS SHARE PURCHASE AGREEMENT is executed and delivered as a DEED on
30 May 2018 
 BETWEEN: 
 (1) THE PERSONS,
whose names and addresses are set out in Schedule 1 (the “Sellers”); 
 (2) DENALI THERAPEUTICS INC., a corporation organised and
existing under the laws of the State of Delaware, United States, having its principal place of business at 201 Gateway Boulevard, South San Francisco, California, United States (the “Buyer”); and 

(3) SHAREHOLDER REPRESENTATIVE SERVICES LLC, a Colorado limited liability company and which is a party to this Agreement solely in its capacity as
representative of the Sellers (the “Sellers’ Representative”). 
 WHEREAS: 

 

	(A)	 The Company is a private limited liability company incorporated under the laws of England and Wales and engaged
in the delivery of therapeutics across the blood brain barrier. 

  

	(B)	 As at the date of this Agreement, the Sellers own the Shares that constitute the entire issued share capital of
the Company. The Sellers have agreed to sell to the Buyer, and the Buyer has agreed to purchase and accept, the Shares on the terms of this Agreement. 

IT IS AGREED as follows: 
  

	1.	 INTERPRETATION 

 

	1.1.	 Definitions 

In this Agreement: 
  

			
	“Accepted Fcab Target”	  	is defined in Schedule 5 (Contingent Consideration);
		
	“Accounting Policies”	  	means the accounting policies and procedures set out in Part C of Schedule 4 (Accounting Policies);

  
 CONFIDENTIAL 

 
 2 

			
	“Accounts”	  	means the Company’s individual accounts (as that term is used in sections 394 and 395 of the Companies Act) and cash flow statement for the financial year ended on the Last Accounting Date, the auditors’ report on those
accounts, the directors’ report for that year and the notes to those accounts;
		
	“Actual Net Cash”	  	has the meaning given to it in Schedule 4.
		
	“ADR”	  	has the meaning given to it in clause 23.2;
		
	“Affiliate”	  	means, with respect to a party, any Person that, directly or indirectly, through one (1) or more intermediaries, controls, is controlled by or is under common control with such Party. For purposes of this definition,
“control” and, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with” means (a) the possession, directly or indirectly, of the
power to direct the management or policies of a Person, whether through the ownership of voting securities, by contract relating to voting rights or corporate governance, or otherwise; or (b) the ownership, directly or indirectly, of more than
fifty percent (50%) of the voting securities or other ownership interest of a Person (or, with respect to a limited partnership or other similar entity, its general partner or controlling entity). The parties acknowledge that in the case of certain
entities organized under the laws of certain countries outside of the United States, the maximum percentage ownership permitted by law for a foreign investor may be less than fifty percent (50%), and that in such case such lower percentage shall be
substituted in the preceding sentence, provided that such foreign investor has the power to direct the management or policies of such entity. “Affiliates” shall be construed accordingly;
		
	“Business Day”	  	means a day (other than a Saturday or Sunday) on which banks generally are open for business in London, UK;
		
	“Business Warranty”	  	means [***];
		
	“Business Warranty Claim”	  	means a claim by the Buyer for breach of a Business Warranty;
		
	“Buyer’s Account”	  	means the bank account notified by the Buyer to the Sellers’ Representative from time to time;
		
	“Buyer’s Group”	  	means the Buyer and the Buyer’s Group Undertakings;
		
	“Buyer’s Group Undertaking”	  	means the Buyer or an undertaking which is a subsidiary undertaking or parent undertaking of the Buyer or a subsidiary undertaking of a parent undertaking of the Buyer and, for the avoidance of doubt, includes the Company from
Completion, and “Buyer’s Group Undertakings” shall be construed accordingly;
		
	“Cash”	  	means the aggregate of all cash held by the Company immediately following Completion, but excluding the Pass Through Amount;
		
	“Cash Sellers”	  	means each of the Sellers other than the Loan Note Sellers;
		
	“Claim”	  	means any Business Warranty Claim, Tax Warranty Claim, Special Indemnity Claim (including any Fraud Claim), Warrantor Fundamental Warranty Claim and/or Fundamental Warranty Claim, and “Claims” means any two or more
of them;
		
	“Company”	  	means F-star Gamma Limited, a private limited company incorporated under the laws of England and Wales under company number 10214672, having its registered office at Eddeva B920, Babraham
Research Campus, Cambridge CB22 3AT;
		
	“Company Confidential Information”	  	means any Information or data relating to any Fcab or mAb2 Product, any Exploitation of any Fcab or mAb2 Product, any Know-How with respect thereto developed by or on behalf of Company or its
Affiliates, or the scientific, regulatory or business affairs or other activities of the Company;
		
	“Completion”	  	means completion of the sale and transfer of the Shares to the Buyer in accordance with the terms of this Agreement;
		
	“Completion Accounts”	  	means the Draft Completion Accounts which have been agreed or determined in accordance with Part A of Schedule 4 (Preparation of Completion Accounts);
		
	“Completion Date”	  	means the date on which Completion occurs;
		
	“Contingent Consideration”	  	has the meaning given to it in paragraph 1 of Part A of Schedule 5 (Contingent Consideration);
	“Contingent Consideration Loan Notes”	  	means the loan notes which may become issuable by the Buyer to certain of the Sellers following Completion pursuant to clause 3.5 and/or paragraph 2.3 of Schedule 5 (Contingent Consideration), to be constituted by the Loan
Notes Instrument;

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

3 

			
	“control”	  	has the meaning given to it in section 1124 of the Corporation Tax Act 2010 and “controlling” shall be construed accordingly;
		
	“Declared Distributions”	  	means all dividends and other distributions resolved or declared to be paid or made, by the Company in respect of the Shares by reference to a record date which falls on or before Completion;
		
	“Defaulting Party”	  	has the meaning given to it in clause 5.4;
		
	[***]	  	has the meaning given to it in the definition of “Initial Amount”;
		
	“Denali Fcab Notice”	  	has the meaning given to it in the License Agreement;
		
	[***]	  	has the meaning given to it in the definition of “Initial Amount”;
		
	“Determination Date”	  	means the date on which the Completion Accounts are agreed or determined in accordance with the provisions of Part A of Schedule 4 (Preparation of Completion Accounts);
		
	“Develop” or “Development”	  	has the meaning given to it in the License Agreement;
		
	“Disclosure Documents”	  	means the documents attached to the Disclosure Letter;
		
	“Disclosure Letter”	  	means the letter from the Warrantors to the Buyer in relation to the Warranties and including the Disclosure Documents having the same date as this Agreement, the receipt of which has been acknowledged by the Buyer;
		
	“Dispute”	  	has the meaning given to it in clause 23.1;
		
	“Disputed Business Warranty Claim”	  	means any Business Warranty Claim that is not yet a Settled Business Warranty Claim, and “Disputed Business Warranty Claims” shall be construed accordingly;
		
	“Draft Completion Accounts”	  	means a statement of assets and liabilities for the Company as at the Effective Time, in the form and with the line items set out in Part B of Schedule 4 (Completion Accounts) and which has been prepared in accordance with
Part A of Schedule 4 (Preparation of Completion Accounts);
		
	“Effective Time”	  	means 5 p.m. (London time) on the Completion Date;
		
	“Encumbrance”	  	means a mortgage, charge, pledge, lien, option, restriction, right of first refusal, right of pre-emption, third-party right or interest, other encumbrance or security interest of any kind, or
another type of preferential arrangement (including a title transfer or retention arrangement) having similar effect, including any such right or interest arising at Completion or otherwise in connection with this Agreement, and
“Encumbrances” shall be construed accordingly;
		
	“Escrow Account”	  	means the separately designated interest bearing US dollar deposit account with SunTrust Bank opened by the Escrow Agent and operated in accordance with the Escrow Agreement into which payment of the Escrow Amount will be made by
the Buyer at Completion;
		
	“Escrow Agent”	  	means SunTrust Bank to be appointed pursuant to the Escrow Agreement;
		
	“Escrow Agreement”	  	means the agreement in the agreed form between the Buyer, the Sellers’ Representative and the Escrow Agent in relation to the Escrow Account;
		
	“Escrow Amount”	  	means [***];

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

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	“Estimated Net Cash”	  	means such amount in US dollars as is notified in writing by the Sellers to the Buyer no later than 10 Business Days prior to the Completion Date that is the good faith estimate by the Sellers of the Net Cash as at the Effective
Time;
		
	“Exercise Notice”	  	has the meaning given to it in the Option Agreement;
		
	“Exploitation”	  	has the meaning given to it in the License Agreement;
		
	“F-star”	  	means F-star Biotechnology Limited, a private limited company incorporated under the laws of England and Wales under company number 08067987, having its registered office at Eddeva B920,
Babraham Research Campus, Cambridge CB22 3AT;
		
	“F-star GmbH”	  	means F-star Biotechnologische Forschungs-und entwicklungsges.m.b.h, a limited liability company incorporated under the laws of the Republic of Austria;
		
	“Fairly Disclosed”	  	has the meaning given to it in clause 7.5;
		
	“Fcab Delivery”	  	is defined in Schedule 5 (Contingent Consideration);
		
	“Fraud Claim”	  	means a claim in respect of fraud, wilful misconduct or wilful concealment by any of Warrantors (individually or on behalf of the Company) prior to Completion;
		
	“Fundamental Warranty”	  	Means [***] and “Fundamental Warranties” means [***];
		
	“Fundamental Warranty Claim”	  	means a claim by the Buyer for breach of a Fundamental Warranty;
		
	“Gamma IP License”	  	means that certain license agreement between the Company and F-star dated 24 August 2016;
		
	“Gamma Service Agreement”	  	means that certain services agreement between the Company and F-star dated 24 August 2016;
		
	“Guaranteed Obligations”	  	means all present and future payment obligations and liabilities of the Company due, owing or incurred under clause 7.5.2 of the Gamma IP License to F-star (including, without limitation,
under any amendment, supplement or restatement of the Gamma IP License; provided such amendment, supplement or restatement shall not increase the obligations of the Buyer without the express consent of the Buyer);
		
	“HMRC”	  	means HM Revenue & Customs;
		
	“Indebtedness”	  	 means the aggregate amount (expressed as a positive number) immediately following Completion of the following:

 
 a) the principal and accrued interest on any outstanding borrowing or indebtedness
in the nature of borrowing incurred by the Company including, without limitation, bank debt, loans, overdrafts, guarantees of indebtedness, letters of credit (which are secured by a third party), any loan notes or bonds, any other interest bearing
and/or secured lending or credit liabilities provided by third parties to the Company and any early repayment, prepayment, or break costs, fees or penalties in respect of any such items and any legal costs and expenses in connection with the release
of security in relation to any such borrowings;
  
 b) all deferred indebtedness of the
Company for the payment of the purchase price of property or assets purchased or services rendered (other than up to [***] of trade payables and other current liabilities incurred in the ordinary course of business);

 
 c) all obligations of the Company to pay rent or other payment amounts under any lease
up to and including the Completion Date;
  
 d) reimbursement obligations of the Company
with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of the Company and that are outstanding as at the Completion Date;
  

e) all obligations under any interest rate swap agreement, forward rate agreement, interest rate cap or collar agreement or other financial agreement or
arrangement to which the Company is a party and which was entered into for the purpose of limiting or managing interest rate risks,
  

f) all obligations secured by any Encumbrance existing on property owned by the Company;

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

5 

			
		  	 g) all premiums, penalties, fees, expenses, breakage costs and change of control payments required to be paid or offered in respect of
any of the foregoing clauses (b) through (e) as a result of the consummation of the transactions contemplated by this Agreement or in connection with any lender consent;
  

h) all guaranties, endorsements, assumptions and other contingent obligations of the Company in respect of, or to purchase or to otherwise acquire, any of
the obligations and other matters of the kind described in any of the clauses (a) through (g) appertaining to third parties; and
  

i) all liabilities for Taxes incurred by the Company up to, but not paid by, Completion;

		
	“Information”	  	means all knowledge of a technical, scientific, business and other nature, including know-how, technology, means, methods, processes, practices, formulae, instructions, skills, techniques,
procedures, experiences, ideas, technical assistance, designs, drawings, assembly procedures, computer programs, apparatuses, specifications, data, results and other material, regulatory data, and other biological, chemical, pharmacological,
toxicological, pharmaceutical, physical and analytical, pre-clinical, clinical, safety, manufacturing and quality control data and information, including study designs and protocols, reagents
(e.g., plasmids, proteins, cell lines, assays and compounds) and biological methodology; in each case (whether or not confidential, proprietary, patented or patentable, of commercial advantage or not) in written, electronic or any other
form now known or hereafter developed;
		
	“Initial Amount”	  	 means, where the Buyer serves an Exercise Notice on the Sellers’ Representative and the Company in accordance with the Option
Agreement:
  
 a) on a date prior to both [***];

 
 b) on a date that is [***];

 
 c) on a date that is [***]; or

 
 d) after the time period in paragraph (c) above of this definition,
[***];

		
	“Intellectual Property	  	means all intellectual property rights, whether registered or not, including pending applications for registration of such rights and the right to apply for registration or extension of such rights including patents, petty patents,
utility models, design patents, designs, copyright (including moral rights and neighbouring rights), database rights, rights in integrated circuits and other sui generis rights, trade marks, trading names, company names, service marks, logos, the get-up of products and packaging and other signs used in trade, internet domain names, Know How and any rights of the same or similar effect or nature as any of the foregoing anywhere in the world;
		
	“Know How”	  	means any and all data, inventions, methods, proprietary information, processes, trade secrets, techniques and technology, whether patentable or not but which are not generally known, including discoveries, formulae, materials
(including chemicals), biological materials (including expression constructs, nucleic acid sequences, amino acid sequences, and cell lines), practices, test data (including pharmacological, toxicological,
pre-clinical and clinical information and test data), analytical and quality control data (including drug stability data), manufacturing technology and data (including formulation data), and sales forecasts,
data and descriptions;
		
	“Last Accounting Date”	  	means 31 December of the financial year on which the Company’s last audited financial statements and accounts were last required to be filed with the UK Registrar of Companies;
		
	“License Agreement”	  	means that certain license and collaboration agreement among the Buyer, the Company, F-star GmbH and F-star, dated 24 August 2016;
		
	“Loan Note Escrow Account”	  	means the separately designated interest bearing US dollar deposit account with SunTrust Bank opened by the Escrow Agent and operated in accordance with the Escrow Agreement into which payment of such amounts as required by clause
3.6 will be made by the Buyer;
	“Loan Note Sellers”	  	each of the Sellers in Schedule 1 marked with an asterisk (*);

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

6 

			
	“Loan Notes Instrument”	  	means the loan notes instrument to be issued by the Buyer in the agreed form;
		
	“Management Accounts”	  	means the unaudited monthly management accounts of the Company in respect of the period starting on the day after the Last Accounting Date and ending on the last day of the calendar month preceding the date of this Agreement for
which such accounts have been prepared;
		
	“Material Contract”	  	has the meaning given to it in clause 7.1.1 of Schedule 7;
		
	“Maximum Contingent Consideration”	  	 means:
  

a) in the event of a [***], provided that if an Initial Payment True Up Event subsequently occurs, then the Maximum Contingent Consideration will be
[***];
  
 b) in the event of a [***], provided that if an Initial Payment True Up
Event subsequently occurs, then the Maximum Contingent Consideration will be [***];
  

c) in the event of a [***]; or
  

d) in the event of a [***];

		
	“Net Cash”	  	means an amount (which may be a positive or a negative number) equal to the Cash less the Indebtedness, less Transaction Costs and less Declared Distributions;
		
	“Non-defaulting Party”	  	has the meaning given to it in clause 5.4;
		
	“Notice”	  	has the meaning given to it in clause 20.1;
		
	“Option Agreement”	  	means that certain option agreement related to the entire issued share capital of the Company among Buyer, the Company, the Sellers, and the Sellers’ Representative, dated 24 August 2016;
		
	“Pass Through Amount”	  	means amounts payable by the Company to F-star pursuant to (i) clause 7.5.2 of the Gamma IP License that have been received by the Company from the Buyer pursuant to the License Agreement
but not paid to F-star as of the Completion Date;
		
	“Payments Administrator”	  	means Acquiom Clearinghouse LLC, a Delaware limited liability company;
		
	“Payment Date”	  	has the meaning given to it in paragraph 1 of Part A of Schedule 5 (Contingent Consideration);
		
	“Person”	  	means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture
or other similar entity or organization, including a government or political subdivision, department or agency of a government;
		
	[***]	  	has the meaning given to it in the definition of “Initial Amount”;
		
	[***]	  	has the meaning given to it in the definition of “Initial Amount”;
		
	“Preliminary Determination Proceeding”	  	has the meaning given to it in paragraph 11.2 of Schedule 8 (Limitations on Sellers’ Liability);
		
	“Press Release”	  	means a press release regarding Completion in a form agreed between the Buyer and the Sellers;
		
	“Proportion of Initial Consideration”	  	has the meaning given to it in clause 3.9;
		
	“Release Date”	  	means the date which is [***] from Completion;

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

7 

			
	“Relevant Shares”	  	means, in relation to each Seller, the number and class of Shares held as at Completion set out adjacent to that Seller’s name in columns B and C of Schedule 1 (The Sellers);
		
	“Relief”	  	means any loss, relief, exemption, allowance, deduction, credit or set-off in respect of Tax or relevant to the computation of Tax and any right to repayment of Tax;
		
	“Sellers’ Majority”	  	means such of the Sellers who, immediately prior to Completion, together held not less than a majority in number of the Shares (as determined by reference to the Shares set out adjacent to each relevant Seller’s name in column
B of Schedule 1 (The Sellers));
		
	“Set Off Claim”	  	has the meaning given to it in paragraph 11.2 of Schedule 8 (Limitations on Sellers’ Liability);
		
	“Set Off Dispute Notice”	  	has the meaning given to it in paragraph 11.2 of Schedule 8 (Limitations on Sellers’ Liability);
		
	“Set Off Notice”	  	has the meaning given to it in paragraph 11.2 of Schedule 8 (Limitations on Sellers’ Liability);
		
	“Settled Business Warranty Claim”	  	 means a Business Warranty Claim or part of a Business Warranty Claim the quantum of which is:

 
 a) agreed in writing between the Buyer and the Sellers’ Representative;

 
 b) determined by [***] court of competent jurisdiction; or

 
 c) determined pursuant to the procedures set forth in clause 23.3;

		
	“Settled Claim”	  	 means a Settled Business Warranty Claim, or a Special Indemnity Claim, Fundamental Warranty Claim, or Warrantor Fundamental Warranty Claim
(or part thereof), the quantum of which is:
  
 a) agreed in writing between the
Buyer and the Sellers’ Representative;
  
 b) determined by [***] court of
competent jurisdiction; or
  
 c) determined pursuant to the procedures set forth
in clause 23.3;

		
	“Shareholders’ Agreement”	  	means the shareholders’ agreement between the Shareholders and the Company dated 24 August 2016;
		
	“Shareholder Arrangements”	  	means any advisory, contractual or commercial arrangements relating to the Company (including the existing shareholders agreement relating to the Company) to which any or all of the Sellers and/or any of their Affiliates are a party
(excluding any employment agreement or consultancy agreement between those Sellers who are employees or consultants and the Company);
		
	“Shares”	  	means all of the issued ordinary shares in the capital of the Company from time to time;
		
	“Shortfall”	  	has the meaning given to it in clause 5.1(a);
		
	[***]	  	has the meaning given to it in clause 6.3;
		
	“Special Indemnity Claim”	  	means a claim in respect of any of the Special Indemnity Matters and “Special Indemnity Claims” shall be construed accordingly;
		
	“Special Indemnity Matter”	  	means [***] and “Special Indemnity Matters” means [***];
		
	“Tax”, “Taxes” or “Taxation”	  	means all forms of taxation, duties and withholdings in respect of taxation imposed in the United Kingdom or elsewhere (including National Insurance contributions) and all interest, penalties, charges and fines in respect of any of
them;
		
	“Tax Authority”	  	means HMRC and any other authority, body or official (whether in the United Kingdom or elsewhere) competent to assess, demand, impose, administer or collect Tax or make any decision or ruling on any matter relating to Tax;
		
	“Tax Warranty”	  	means [***] and “Tax Warranties” means [***];

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

8 

			
	“Tax Warranty Claim”	  	means a claim in respect of any breach of any of the Tax Warranties;
		
	“Third Party”	  	has the meaning given to it in the License Agreement;
		
	“Total Consideration”	  	has the meaning given to it in clause 3.1;
		
	“Total Contingent Consideration”	  	has the meaning given to it in paragraph 1 of Part A of Schedule 5 (Contingent Consideration);
		
	“Transaction Costs”	  	means all third party fees, costs, expenses, payments, and expenditures incurred by the Company in connection with the transactions contemplated by this Agreement whether or not billed or accrued (including any fees, costs expenses,
payments, and expenditures of legal counsel and accountants, the maximum amount of fees costs, expenses, payments, and expenditures payable to financial advisors, investment bankers and brokers of the Company notwithstanding any contingencies for
earnouts, escrows, etc., and any such fees, costs, expenses, payments, and expenditures incurred by the Sellers paid for or to be paid for by the Company);
		
	“Transaction Documents”	  	means this Agreement, the Option Agreement, the License Agreement, the Gamma IP License, the Loan Note Instrument, the Disclosure Letter, the Escrow Agreement and the Gamma Service Agreement;
		
	“Upfront Consideration”	  	has the meaning given to it in clause 3.2;
		
	“Warrantor Fundamental Warranties”	  	means [***];
		
	“Warrantor Fundamental Warranty Claim”	  	means a claim by the Buyer for breach of a Warrantor Fundamental Warranty;
		
	“Warrantors”	  	means [***], save that if any such person ceases to be employed or otherwise engaged by F-star GmbH (or any of its Affiliates) in a management position or ceases to own (legally or
beneficially) Shares then they shall cease to be a Warrantor and shall be replaced as a Warrantor by the person then performing the role of [***], or, in any case, by such person as the Company, acting reasonably, may nominate in
writing provided that such person owns Shares (legally or beneficially), performs a senior management role in the Company and the Buyer consents to the appointment, such consent not to be unreasonably withheld, conditioned or
delayed, and a “Warrantor” means any one of them; and
		
	“Warranty”	  	means [***] and “Warranties” means [***].

  

	1.2.	 Clause, Schedule and paragraph headings shall not affect the interpretation of this Agreement.

  

	1.3.	 References to clauses and Schedules are to the clauses and Schedules of this Agreement and references to
paragraphs are to paragraphs of the relevant Schedule. 

  

	1.4.	 The Schedules form part of this agreement and shall have effect as if set out in full in the body of this
Agreement. Any reference to this agreement includes the Schedules. 

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

9 

	1.5.	 A “subsidiary” or “holding company” is to be construed in accordance with
section 1159 (and Schedule 6) of the Companies Act and a “subsidiary undertaking” or “parent undertaking” is to be construed in accordance with section 1162 (and Schedule 7) of the Companies Act;

  

	1.6.	 A person includes a natural person, corporate or unincorporated body (whether or not having
separate legal personality). 

  

	1.7.	 A reference to a party shall include that party’s personal representatives, successors
and permitted assigns. 

  

	1.8.	 Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall
include the singular. 

  

	1.9.	 Unless the context otherwise requires, a reference to one gender shall include a reference to the other
genders. 

  

	1.10.	 A reference to writing or written includes fax and e-mail (unless
otherwise expressly provided in this Agreement). 

  

	1.11.	 The ejusdem generis principle of construction shall not apply to this Agreement.
Accordingly, any words following the terms including, include, in particular, for example or any similar expression shall be construed as illustrative and shall not limit the sense of the words,
description, definition, phrase or term preceding those terms. Where the context permits, other and otherwise are illustrative and shall not limit the sense of the words preceding them. 

 

	1.12.	 A reference to a document in this Agreement in the agreed form is to a document agreed
by the parties and initialled by them or on their behalf for identification purposes. 

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

10 

	1.13.	 Where any obligation in this Agreement is expressed to be undertaken or assumed by any party, that obligation
is to be construed as requiring the party concerned to exercise all rights and powers of control over the affairs of any other person which it is able to exercise (whether directly or indirectly) in order to secure performance of the obligation.

  

	1.14.	 References to any English legal term for any action, remedy, method of judicial proceeding, legal document,
legal status, court, official or any other legal concept shall, in respect of any jurisdiction other than England, be deemed to include the legal concept which most nearly approximates in that jurisdiction to the English legal term.

  

	1.15.	 A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time. 

  

	1.16.	 References to “US$” or “$” are references to US dollars, legal tender in the
United States, and references to “GBP” or “£” are references to pounds sterling, legal tender in the United Kingdom. 

  

	2.	 SALE AND PURCHASE 

 

	2.1.	 Each Seller severally agrees to sell or procure the sale to the Buyer, and the Buyer agrees to buy, all of such
Seller’s Relevant Shares together with all rights attaching to those Relevant Shares at Completion, free from any Encumbrance and with full title guarantee. 

 

	2.2.	 Each Seller severally waives all rights of pre-emption, rights of first
refusal and any other similar rights or other restrictions on transfer conferred on that Seller by the Company’s articles of association or otherwise over any of the Relevant Shares. 

 

	2.3.	 The Buyer shall be responsible for the payment of all stamp duty (and, if applicable, stamp duty reserve tax)
on this Agreement and the transfers in respect of the Shares at Completion. 

  

	2.4.	 In the event that the Buyer becomes aware that it or the Escrow Agent will have an obligation to deduct or
withhold an amount for or on account of Taxes from any 

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

11 

	 	
payment made under this Agreement, it shall notify the Sellers’ Representative in writing as soon as reasonably practicable and the parties shall use their reasonable endeavours to do, to
the extent within their power and authority, all such acts and things and to sign all such documents as will enable them to take advantage of any applicable double taxation agreement, treaty or domestic exemption which may apply to eliminate or
reduce withholding Taxes and otherwise provide the Sellers such assistance as is reasonably required to obtain a refund of the withheld or similar Taxes, or obtain a credit with respect to such Taxes. In the event there is no applicable double
taxation agreement, treaty or domestic exemption or if an applicable double taxation agreement, treaty or domestic exemption reduces but does not eliminate such withholding or similar Tax, the Buyer or Escrow Agent shall deduct the amount paid from
the amount due to the respective Seller or Sellers, remit such withholding or similar Tax to the appropriate Tax Authority and secure and send to the respective Seller or Sellers reasonable evidence of the payment of such withholding or similar Tax.
In the event that any Taxes are required by applicable Tax law to be withheld or deducted for or on account of Tax from any payments made under this Agreement, any Taxes so withheld and deducted from any payment by the Buyer or the Escrow Agent and
paid over to the appropriate Tax Authority shall be treated as paid to the Sellers under this Agreement. 

  

	3.	 CONSIDERATION 

 

	3.1.	 The purchase price for the Shares shall be an amount equal to: 

 

	(a)	 the Upfront Consideration; and 

 

	(b)	 any Contingent Consideration, 

(collectively, the “Total Consideration”). 

Upfront Consideration 
  

	3.2.	 The aggregate consideration payable by the Buyer to the Sellers for the Shares pursuant to this Agreement on
the Completion Date shall be: 

  

	(a)	 the Initial Amount; plus 

  
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*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

12 

	(b)	 the Estimated Net Cash, 

(the amount set out in clause 3.2(a) plus the amount set out in clause 3.2(b) being the “Initial Consideration”), as increased by the amount
to be paid by the Buyer or, as the case may be, decreased by the amount to be paid by the Sellers, pursuant to clause 4.1 (the total sum being referred to as the “Upfront Consideration). 

 

	3.3.	 At Completion, the Buyer shall pay: 

 

	(a)	 an amount in cash equal to the Initial Consideration less the Escrow Amount, by transfer of funds for same day
value to the Payments Administrator in accordance with clause 13.1; and 

  

	(b)	 the Escrow Amount into the Escrow Account by transfer of funds for same day value. 

 

	3.4.	 The parties agree to comply with their respective obligations under Part A of Schedule 4 (Preparation of
Completion Accounts). 

 Contingent Consideration 
  

	3.5.	 If any of the Milestone Events set forth in Schedule 5 (Contingent Consideration) are achieved, the
Buyer will make the corresponding Milestone Payment to the Payments Administrator for further distribution to the Sellers on or prior to the Payment Date. Any Contingent Consideration payable to the Sellers shall be allocated between the Sellers
with regard to their respective Proportion of Initial Consideration or as otherwise notified to the Buyer in writing by the Sellers’ Representative at least five (5) Business Days prior to a Payment Date and shall be satisfied:

  

	(a)	 in respect of the Loan Note Sellers, by the issue by the Buyer of the Contingent Consideration Loan Notes to
each of the Loan Note Sellers equal, in principal amount, to the relevant Contingent Consideration due to such Loan Note Sellers; and 

  
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13 

	(b)	 in respect of the Cash Sellers, by paying the relevant Contingent Consideration due to each of the Cash Sellers
to the Payments Administrator in accordance with clause 13 on a Payment Date. 

  

	3.6.	 Simultaneously with the issue by the Buyer of any Contingent Consideration Loan Notes to the Loan Note Sellers
in accordance with clause 3.5(a), the Buyer shall transfer to the Loan Note Escrow Account an amount equal to the total aggregate principal amount of such Contingent Consideration Loan Notes, which amount (together with any interest accrued thereon)
shall be released by the Escrow Agent to the Loan Note Sellers within five (5) Business Days following redemption of such Contingent Consideration Loan Notes in accordance with the Loan Note Instrument. The Escrow Agent may withdraw from the
Loan Note Escrow Account an amount equal to any Tax on the interest earned in respect of money held in the Loan Note Escrow Account for which it is liable. 

  

	3.7.	 The Total Contingent Consideration shall not under any circumstances exceed the Maximum Contingent
Consideration. 

  

	3.8.	 The Buyer shall (and shall procure that all relevant Buyer’s Group Undertakings shall) comply with the
provisions of Schedule 5 (Contingent Consideration). 

  

	3.9.	 The proportion of the Initial Consideration, to which each Seller is entitled is set against his name in column
D of Schedule 1 (The Sellers) (each, a “Proportion of Initial Consideration”). 

 Consideration Generally

  

	3.10.	 Each Seller agrees to the allocation of the Total Consideration as provided for in this Agreement (including
any allocation notified to the Buyer by the Sellers’ Representative pursuant to clause 3.5) and waives any claim or dispute regarding the apportionment of the proceeds from the sale of his Shares provided it is made in accordance with this
Agreement. Following any payment to the Payments 

  
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14 

	 	
Administrator in accordance with this Agreement, the Buyer shall be under no obligation to see that any such amounts are divided and paid to each Seller (or any other person). 

 

	3.11.	 If, after Completion, any Seller is in or comes into possession of any amounts attributable to any other Seller
then as soon as reasonably practicable following any request by the Seller which has the right to such amounts, the relevant Seller shall use all reasonable endeavours to ensure that the person in possession of that relevant amount does or causes to
be done all such things as the Seller entitled to such amount may from time to time reasonably require, in order to transfer possession of such relevant amount to the owner. 

 

	4.	 POST COMPLETION ADJUSTMENTS 

 

	4.1.	 If the amount of the Actual Net Cash: 

 

	(a)	 is less than the amount of the Estimated Net Cash, then, subject to clause 5.3, the Sellers shall pay the Buyer
an amount equal to the amount of such shortfall (the “Shortfall”); or 

  

	(b)	 exceeds the amount of the Estimated Net Cash, the Buyer shall pay the Sellers an amount equal to the amount of
such excess, 

 in either case, together with an amount equal to interest on such sum calculated on a daily basis at a rate of [***] from
(and including) the Completion Date to (but excluding) the date of actual payment, in accordance with the provisions of clauses 4.2 and 4.3. 
  

	4.2.	 Payments made by the Buyer pursuant to clause 4.1(b) shall be made by transfer of funds for same day value (to
the Payments Administrator in accordance with clause 13.1), within two (2) Business Days of the Determination Date without set off, deduction or withholding (except as required by law or by this Agreement). 

 

	4.3.	 If an amount is payable by the Sellers pursuant to clause 4.1(a), such amount shall be paid from the Escrow
Account to the Buyer when the Buyer and the Sellers’ Representative within 

  
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two (2) Business Days of the Determination Date jointly instruct the Escrow Agent in writing to make such payment out of amounts standing to the credit of the Escrow Account to the
Buyer’s Account in accordance with clause 13.2. 

  

	5.	 COMPLETION 

  

	5.1.	 Completion shall take place at the offices of the Seller’s Solicitors immediately following the execution
of this Agreement. 

  

	5.2.	 At Completion each Seller and the Buyer shall do all those things respectively required of each of them in
Schedule 3 (Completion Requirements). 

  

	5.3.	 Neither the Sellers nor the Buyer are obliged to complete this Agreement unless: 

 

	(a)	 all of the Sellers (in the case of the Buyer) or the Buyer (in the case of the Sellers) comply with all
its/their obligations under this clause 5 and Schedule 3 (Completion Requirements); and 

  

	(b)	 subject to the provisions of clause 7 of the Option Agreement, the purchase of all the Shares under this
Agreement is completed simultaneously. 

  

	5.4.	 If Completion does not take place immediately following the execution of this Agreement because the Buyer or
any Seller (the “Defaulting Party”) fails to comply with any of its obligations under this clause 5 and Schedule 3 (Completion Requirements) (whether such failure amounts to a repudiatory breach or not) (a “Material
Default”), the Buyer (if the Defaulting Party is a Seller) or the Company (if the Defaulting Party is the Buyer) (the “Non-defaulting Party”) may by notice to the Defaulting Party:

  

	(a)	 proceed to Completion to the extent reasonably practicable (without limiting its rights under this Agreement);

  

	(b)	 postpone Completion to such date as the Non-defaulting Party may
specify; or 

  
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	(c)	 terminate this Agreement by notice in writing to the Defaulting Party (a “Termination Notice”)
save that the Non-defaulting Party shall have five (5) Business Days from receipt of the Termination Notice to remedy such Material Default (provided, however, that no such cure period shall be available
or applicable to any such Material Default which by its nature cannot be cured). In the event that the Material Default is capable of being remedied but is not so remedied within the requisite time period, this Agreement shall terminate upon expiry
of the period of five (5) Business Days without further action by either party. If the Material Default is remedied within the requisite time, the Termination Notice shall lapse and Completion shall be deemed to have been postponed until such
date as the Non-defaulting Party may determine. 

  

	5.5.	 If the Non-defaulting Party postpones Completion to another date in
accordance with clause 5.4(b), or if Completion is deemed to have been postponed to another date in accordance with clause 5.4(c), the provisions of this Agreement apply as if that other date is the Completion Date. 

 

	5.6.	 If the Non-defaulting Party terminates this Agreement pursuant to
clause 5.4(c), each party’s further rights and obligations cease immediately on termination, but termination does not affect a party’s accrued rights and obligations at the date of termination. 

 

	5.7.	 The parties agree that except in the case of fraud, wilful misconduct or wilful concealment on behalf of the
Sellers or the Buyer, rescission shall not be available as a remedy for any breach of this Agreement. 

  

	5.8.	 Nothing in this clause 5 shall prevent a Non-defaulting Party from
exercising remedies available to it under applicable law. 

  
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	6.	 ESCROW ACCOUNT 

 

	6.1.	 Each party agrees that the money in the Escrow Account shall only be used in accordance with the provisions set
out in clause 4, this clause 6, paragraph 5 of Part A of Schedule 4 (Preparation of Completion Accounts) and the Escrow Agreement. 

  

	6.2.	 Each party shall ensure that all rights to the Escrow Account remain free from any Encumbrance, set off or
counterclaim except as referred to in this clause 6. 

  

	6.3.	 The liability of any Warrantor in respect of [***] shall be limited by the amount of money standing to the
credit of the Escrow Account from time to time and the sole remedy of the Buyer under this Agreement in respect of a [***] shall be the release of any such amount to the Buyer from the Escrow Account. 

 

	6.4.	 A [***] must be satisfied out of and deducted from the money in the Escrow Account in accordance with this
clause 6 and a Shortfall must be first satisfied out of and deducted from the money in the Escrow Account in accordance with this clause 6. In addition, in the event of [***]. 

 

	6.5.	 To the extent that liability for [***] is to be satisfied from the Escrow Account, each Warrantor shall be
[***] liable to the Buyer for such liability up to the availability of any amount standing to the credit of the Escrow Account from time to time irrespective of the amount (if any) contributed to the Escrow Account by such Warrantor.

  

	6.6.	 No Warrantor shall have any liability to any other Seller in respect of any liability satisfied from the Escrow
Account. 

  

	6.7.	 Clauses 6.3 and 6.6 shall not apply so as to limit the liability of any Warrantor in respect of any fraud by
such Warrantor or any remedy available to any other Seller or the Buyer in respect thereof. 

  
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	6.8.	 Interest accruing from time to time on the balance of money standing to the credit of the Escrow Account shall
be added to the money standing to the credit of the Escrow Account and shall form part of it for the purposes of this clause 6. 

  

	6.9.	 All of the costs (including reasonable legal costs) and expenses (together with any applicable VAT), in each
case, of any nature whatsoever, of the Escrow Agent in relation to the Escrow Account and the Escrow Agreement shall be deemed to be Transaction Costs. 

  

	6.10.	 The Escrow Agent may withdraw from the Escrow Account an amount equal to any Tax on the interest earned in
respect of money held in the Escrow Account for which it is liable. 

  

	6.11.	 On the Release Date, the money then standing to the credit of the Escrow Account less the total of the then
outstanding Disputed Business Warranty Claims and less any amount that has not yet been paid in accordance with clause 4 or paragraph 5 of Part A of Schedule 4 (Preparation of Completion Accounts) shall be paid to the Payments Administrator
in accordance with clause 13.1. After that date, to the extent that the money standing to the credit of the Escrow Account from time to time exceeds the total of the then outstanding Disputed Business Warranty Claims and any amount that has not yet
been paid in accordance with clause 4 or paragraph 5 of Part A of Schedule 4 (Preparation of Completion Accounts), that money shall be paid to the Payments Administrator in accordance with clause 13.1. 

 

	6.12.	 If the Sellers or the Buyer are entitled to money from the Escrow Account under clauses 6.4 or 6.11, the
Sellers’ Representative and the Buyer shall within five (5) Business Days of the date on which the entitlement arises jointly instruct the Escrow Agent in writing to release the money to the Payments Administrator in accordance with clause
13.1 or the Buyer, as the case may be, together with an amount (less any Tax and other amount the Escrow Agent is legally required to deduct from that amount) equal to the interest actually accrued on such sum calculated for the period from (and
including) the date of this Agreement to (but excluding) the date of payment. 

  

	6.13.	 All payments made to the Buyer by the Escrow Agent under this clause 6 shall be made gross and without
deduction or withholding of any kind other than any deduction or withholding required by law. 

  
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	6.14.	 The amount, if any, of the Escrow Amount which is paid to the Buyer pursuant to clause 4.2 or this clause 6
shall be treated as a reduction in the Total Consideration. 

  

	6.15.	 The Sellers agree between themselves that any amounts released to the Payments Administrator for further
distribution to the Sellers from the Escrow Account shall be apportioned between them by reference to their respective contribution initially made to the Escrow Amount (as set out in column F of the table in Schedule 1 (The Sellers).

  

	7.	 SELLER WARRANTIES AND INDEMNITY 

 

	7.1.	 Each Seller (i) [***] warrants [***] to the Buyer in the terms of the Fundamental Warranties at Completion and,
subject to clause 7.4, the Tax Warranties at Completion; and (ii) subject to the limitations set forth in Schedule 8 (Limitations on the Sellers’ Liability) agrees [***], and on a pro rata basis in accordance with each Seller’s
Proportion of Initial Consideration, to indemnify the Buyer against any losses, costs, claims, liabilities, damages, demands and expenses arising out of any Special Indemnity Matter save where such losses, costs, claims, liabilities, damages,
demands and/or expenses are a result of any action or omission by or on behalf of the Buyer (or any Buyer’s Group Undertaking) or due to the Buyer’s (or any Buyer’s Group Undertaking’s) gross negligence, wilful misconduct or
wilful concealment. 

  

	7.2.	 Each Warrantor [***] warrants [***] to the Buyer in the terms of the Warrantor Fundamental Warranties at
Completion. 

  

	7.3.	 Subject to clause 7.4, each Warrantor [***] warrants to the Buyer on the terms of the Business Warranties at
Completion. 

  

	7.4.	 [***]. For the avoidance of doubt, [***]. 

  
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	7.5.	 [***]. 

  

	7.6.	 Where [***] is qualified by the expression “so far as the Warrantors are aware” or “to the best
of the knowledge, information and belief of the Warrantors” or qualified by any similar expression, each Warrantor shall be deemed only to have knowledge of anything of which [***]. 

 

	7.7.	 Each Seller agrees and undertakes to the Buyer and to each person referred to in this clause 7.7 that, except
in the case of fraud, it will not make any claim against the Company or any director, officer or employee of the Company on whom it may have relied before agreeing any term of this Agreement or any of the transaction contemplated by this Agreement
which it may have in respect of a misrepresentation, inaccuracy or omission in or from information or advice provided by any such person for the purpose of assisting any such Seller to make a representation, give a Warranty or prepare the Disclosure
Letter (as applicable). After 

 Completion, the Company or any director, officer or employee of the Company may enforce the terms of this
clause 7.7 subject to and in accordance with [***]. 
  

	7.8.	 [***]. 

  

	8.	 LIMITATIONS TO THE SELLERS’ LIABILITY 

 

	8.1.	 Each Seller’s liability for [***] and each Warrantor’s liability for [***] shall be limited or
excluded, as the case may be, as set out in clause 7 and Schedule 8 (Limitations on the Sellers’ Liability). 

  

	8.2.	 Except as stated in this Agreement, the Buyer shall not be restricted from including as part of any Claim any
losses, costs, claims, liabilities, damages, demands and/or expenses [***]. 

  
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	9.	 BUYER’S WARRANTIES 

The Buyer warrants to each Seller as at Completion that: 
  

	9.1.	 it is a company duly incorporated and validly existing in the State of Delaware, United States and has the
right, power and authority to execute, deliver and perform its obligations under this Agreement and any other Transactional Document to be executed by it; 

  

	9.2.	 the Buyer’s obligations under this Agreement and any other Transactional Documents to be executed by the
Buyer are, or when the relevant document is executed will be, enforceable in accordance with their terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights generally and general equitable principles; 

  

	9.3.	 the execution, delivery and performance by the Buyer of this Agreement and each Transactional Document to be
executed by it will not breach any provision of the certificate of incorporation or bylaws of the Buyer or breach any applicable laws or regulations, or any orders, judgements or decrees which the Buyer is bound by or result in a breach of or
constitute a default under any instrument, contract or agreement to which the Buyer is a party or by which the Buyer is bound and which, in each case, is material in the context of the transactions contemplated by this Agreement and any of the
Transactional Documents; and 

  

	9.4.	 it has available on an unconditional basis (subject only to Completion) the necessary resources to meet its
obligations under this Agreement, other than payment of the Contingent Consideration. 

  
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	10.	 POST COMPLETION MATTERS 

 

	10.1.	 Each Seller agrees in respect only of itself that the Seller shall, for so long as the Seller remains the
registered holder of any of the Relevant Shares after Completion, hold those Relevant Shares with all rights and benefits attaching or accruing to them on or after the date of this Agreement as bare trustee for the Buyer absolutely.

  

	10.2.	 For a period of [***] after Completion each Seller hereby irrevocably undertakes to the Buyer pending
registration by the Company of the transfer of the Seller’s Relevant Shares to the Buyer, to exercise any votes attaching to any of the Seller’s Relevant Shares or sign any consent to short notice of a general meeting (or written
resolution in lieu thereof) as the Buyer may reasonably direct. 

  

	10.3.	 Each Seller acting severally shall execute and shall procure the execution of, all documents and deeds and/or
do or procure the doing of, all acts and things that the Buyer reasonably requires after Completion to vest in the Buyer legal title to and the full benefit of the Relevant Shares held by such Seller. 

 

	10.4.	 Subject to clause 10.5, each of the Sellers (for itself and for and on behalf of each of its Affiliates) hereby
irrevocably agrees that, with effect from and conditional upon Completion: 

  

	(a)	 the Shareholder Arrangements are hereby terminated; 

 

	(b)	 any and all rights of any Seller and/or any of its Affiliates and any and all obligations of the Company under,
pursuant to or in connection with the Shareholder Arrangements, along with any other claim or demand of any Seller or any of its Affiliates against the Company, which are subsisting or outstanding at the date of this Agreement are expressly waived
and released, including any and all such rights and obligations, claims and demands which may have accrued in respect of any period prior to Completion; and 

  

	(c)	 any and all other debts or liabilities (whether actual, contingent or prospective and including any interest
thereon) of the Company to any Seller under, pursuant to or in connection with the Shareholder Arrangements or otherwise which are subsisting or outstanding at the date of this Agreement are expressly waived, released and discharged.

  
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	10.5.	 Each Seller shall ensure that at Completion there will be no amounts owing by the Company to such Seller in
respect of itself and its Affiliates only, other than by way of accrued but unpaid salary or consultancy fees or unreimbursed expenses incurred in the ordinary course of business consistent with past practice owed to employees or consultants of the
Company. 

  

	10.6.	 The Buyer shall, within 20 Business Days of Completion, procure that the name of the Company is changed to such
name as the Buyer may decide provided that it does not include the word “F-star”. 

  

	10.7.	 The Buyer intends to make an election under Section 338(g) of the United States Internal Revenue Code of
1986, as amended (the “IRC”) (and any corresponding election under state and local Tax law) with respect to the purchase of the Shares under this Agreement (collectively, the “Section 338
Election”). The Buyer may make the Section 338 Election in its sole discretion; provided, however, that the Sellers shall not be liable in respect of a Tax Warranty Claim for any liability of the Company for Taxes arising directly
or indirectly from the Section 338 Election and the Buyer shall indemnify the Sellers and the Company on an after-Tax basis against any Tax liability, losses and all reasonable costs and expenses of the
Sellers or the Company which arise directly or indirectly as a result of the Section 338 Election being made excluding any Tax liability, losses or costs and expenses that would have not have arisen had all of the Tax Warranties made by the
Company and Sellers been true, correct and complete. In addition, in the case of any Seller, the calculation of any increase in Tax liability of such Seller resulting from the Section 338 Election shall be made assuming (a) that such
Seller and any of its direct or indirect owners has made a timely and valid election under Section 1295 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder to treat its shares in
the Company as a “qualified electing fund” within the meaning of Section 1295 effective with the first day of such Seller’s holding period in the Company’s shares and (b) that the Company is not, and has not at any time
during the five (5) taxable years preceding the Completion Date, been a “controlled foreign corporation” within the meaning of Section 957 of the IRC. For clarify, Purchaser shall not be required under

  
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this Section 10.7 to indemnify the Company or any Seller for any Tax liability that would not have arisen had a Seller (or its direct or indirect owners) elected to treat the Company as a
qualified electing fund and/or had the Company not been a controlled foreign corporation, as described in the previous sentence. 

  

	11.	 BUYER GUARANTEE 

 

	11.1.	 Following Completion, the Buyer guarantees to F-star, whenever the
Company does not pay any of the Guaranteed Obligations when due, to pay within 5 Business Days following receipt of written demand from F-star, the Guaranteed Obligations. 

 

	11.2.	 Following Completion, the Buyer as principal obligor and as a separate and independent obligation and liability
from its obligations and liabilities under clause 11.1 agrees to indemnify and keep indemnified F-star in full and on written demand from and against all and any losses, costs, claims, liabilities, damages,
demands and expenses suffered or incurred by F-star arising directly out of the Guaranteed Obligations not being recoverable for any reason or any failure of the Company to pay any of its obligations or
liabilities in respect of the Guaranteed Obligations. 

  

	11.3.	 This guarantee is and shall cover the ultimate balance from time to time owing to F-star by the Company in respect of the Guaranteed Obligations. 

  

	11.4.	 The liability of the Buyer under this clause 11 shall not be terminated by: 

 

	(a)	 any intermediate payment, settlement of account or discharge in part of the Guaranteed Obligations;

  

	(b)	 any variation, extension, discharge, compromise, dealing with, exchange or renewal of any right or remedy which
F-star may now or after the date of this guarantee have from or against any of the Company and any other person in connection with the Guaranteed Obligations; 

  
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	(c)	 any amendment, variation, novation, replacement or supplement of or to any of the Guaranteed Obligations;

  

	(d)	 any grant of time, indulgence, waiver or concession to the Company or any other person; 

 

	(e)	 any insolvency, bankruptcy, liquidation, administration, winding up, incapacity, limitation, disability, the
discharge by operation of law, or any change in the constitution, name or style of the Company, F-star, or any other person; 

 

	(f)	 any claim or enforcement of payment from the Company or any other person; or 

 

	(g)	 any act or omission which would not have discharged or affected the liability of the Buyer had it been a
principal debtor instead of a guarantor, or indemnifier or by anything done or omitted by any person which, but for this provision, might operate to exonerate or discharge the Buyer or otherwise reduce or extinguish its liability under this
guarantee. 

  

	11.5.	 Any release, discharge or settlement between the Buyer and F-star in
relation to this guarantee shall be conditional on no right, disposition or payment to F-star by the Buyer, the Company or any other person in respect of the Guaranteed Obligations being avoided, set aside or
ordered to be refunded under any enactment or law relating to breach of duty by any person, bankruptcy, liquidation, administration, protection from creditors generally or insolvency or for any other reason. 

 

	11.6.	 If any right, disposition or payment referred to in clause 11.5 is avoided, set aside or ordered to be
refunded, F-star shall be entitled subsequently to enforce this guarantee against the Buyer as if such release, discharge or settlement had not occurred and any such right, security, disposition or payment had
not been given or made. 

  
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	11.7.	 F-star shall be entitled to enforce this clause 11 against the Buyer as
if it were a party to this Agreement. 

  

	12.	 SELLERS’ REPRESENTATIVE 

 

	12.1.	 Each Seller hereby irrevocably and unconditionally appoints the Sellers’ Representative as sole
representative agent and attorney-in-fact to act on such Seller’s behalf for all purposes relating to this Agreement after Completion and each agreement and
document ancillary thereto, including for the purposes of: 

  

	(a)	 accepting and giving notices on behalf of such Seller; 

 

	(b)	 making elections and granting any consent or approval on behalf of such Seller under this Agreement;

  

	(c)	 approving and executing any document on behalf of such Seller to give effect to the release of any money then
standing to the credit of the Escrow Account; 

  

	(d)	 defending, negotiating, compromising, settling and releasing on behalf of such Seller any rights and claims
(including legal proceedings) which the Buyer may threaten or pursue in respect of any breach of, or right under, this Agreement or any other Transactional Document; 

 

	(e)	 confirming the allocation between the Sellers of the Contingent Consideration to be made under this Agreement;

  

	(f)	 enforcing, negotiating, compromising, settling and releasing on behalf of such Seller any rights and claims
(including legal proceedings and ADR) which he may have, threaten or pursue against the Buyer (or any other person) in respect of any breach of, or right under, this Agreement or any other Transactional Document or any Dispute;

  
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	(g)	 consent or agree to any amendment to this Agreement or to waive any terms and conditions of this Agreement
providing rights or benefits to the Sellers (other than with respect to the payment of the Total Consideration) in accordance with the terms hereof and in the manner provided herein; 

 

	(h)	 taking any and all actions that may be necessary or desirable in connection with the payment by the Sellers of
the costs and expenses incurred under this Agreement; and 

  

	(i)	 generally taking any and all other actions and doing any and all other things provided in or contemplated by
this Agreement and each agreement and document ancillary thereto to be performed by such Seller or the Sellers’ Representative. 

  

	12.2.	 Each Seller hereby irrevocably (by way of security for the performance of his obligations under this Agreement)
appoints the Sellers’ Representative as its agent with full authority on his behalf and in the Seller’s name, as applicable, or otherwise, to do all acts and to execute and deliver such documents or deeds as are required by law or as may,
in the reasonable opinion of the Sellers’ Representative, be required or convenient to give effect to the matters described in clause 12.1. 

  

	12.3.	 The Sellers’ Representative shall act in good faith in accordance with what the Sellers’
Representative believes to be the best interests of the Sellers when exercising any power or authority conferred on under this clause 12. 

  

	12.4.	 Save in the event of fraud, any action undertaken or omitted by the Sellers’ Representative with the
written approval of a Sellers’ Majority shall be conclusively deemed to be in accordance with the requirements of clause 12.3 provided that, for the avoidance of doubt, such approval shall not be necessary. 

  
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28 

	12.5.	 The Sellers’ Representative may resign at any time. The Sellers’ Representative may consult with any
Seller to the extent a claim is threatened or pursued by the Buyer in respect of any breach of, or right under, this Agreement or any other Transactional Document and which specifically concerns any actual or alleged act or default of that Seller.

  

	12.6.	 The Sellers may, by written notice signed by a Sellers Majority (a “Change Of Sellers’
Representative Notice”), replace a resigning Sellers’ Representative or remove an incumbent Sellers’ Representative from such position and appoint another person to act as Sellers’ Representative in substitution thereof (a
“New Sellers’ Representative”). A Change Of Sellers’ Representative Notice shall be effective only once a copy thereof has been served on both the incumbent Sellers’ Representative and the Buyer.

  

	12.7.	 A New Sellers’ Representative so appointed shall, with effect from the time of its appointment, execute a
deed of adherence in favour of the Sellers and the Buyer pursuant to which it shall agree to adhere to, and be bound by, this Agreement as though named herein as the Sellers’ Representative and the parties agree that such substitute New
Sellers’ Representative shall be conferred the rights, power and authorities (including as set out in this clause 12) of the Sellers’ Representative as set out in this Agreement and entitled to directly enforce the same (notwithstanding
that it may not have initially been a signatory hereto). A copy of such deed of adherence shall be delivered to the Buyer at the same time as the Change Of Sellers’ Representative Notice is served thereon under clause 12.6.

  

	12.8.	 If at any time a New Sellers’ Representative is appointed in accordance with clause 12.6, if required by
the Buyer, the Sellers’ Representative hereby undertakes to do all such things as may be necessary to novate the Escrow Agreement from the previous Sellers’ Representative to the New Sellers’ Representative. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

29 

	12.9.	 Any action taken or any exercise of powers under this Agreement by the Sellers’ Representative or any New
Sellers’ Representative shall be binding on each Seller for the purposes of this Agreement, shall be deemed to be done by each Seller, and the Buyer shall be entitled to assume that any action taken by the Sellers’ Representative or any
New Sellers’ Representative whose appointment has been notified in accordance with this clause 14 is binding on all of the Sellers and the parties shall be entitled to rely on the same. The Buyer shall not be required to make further enquiries
in respect thereof. The Buyer shall have no obligation to monitor or supervise the Sellers’ Representative or any New Sellers’ Representative. The Buyer shall not be liable to any of the Sellers for any action taken or omitted to be taken
by the Sellers’ Representative or any New Sellers’ Representative. 

  

	12.10.	 All costs (including legal costs) and expenses (including Tax), in each case, of any nature whatsoever, of the
Sellers’ Representative shall be borne by the Sellers in the proportions set out in column D of the table in Schedule 1 (The Sellers). 

  

	12.11.	 The Sellers’ Representative shall have no liability or obligation to take any action on behalf of any
Seller under the powers and authorities conferred on the Sellers’ Representative by this Agreement where such action may result in the Sellers’ Representative incurring any cost, expense or liability unless the Sellers’ Representative
is satisfied with any arrangements made by (or on behalf of) the Sellers for the satisfaction or re-imbursement of such costs, expenses and liabilities. 

 

	12.12.	 Upon Completion, and subject to receipt by the Sellers’ Representative of the cash sum provided for in
clause 3.3(a), the Sellers’ Representative will retain an amount of [***] from such sum (the “Expense Fund”), which will be used for the purposes of paying directly, or reimbursing the Sellers’ Representative for, any
third party expenses pursuant to this Agreement and the transactions contemplated hereby. The Sellers will not receive any interest or earnings on the Expense Fund and irrevocably transfer and assign to the Sellers’ Representative any ownership
right that they may otherwise have had in any such interest or earnings. The Sellers’ Representative will not be liable for any loss of principal of the Expense Fund other than as a result of its gross negligence or wilful misconduct. The
Sellers’ Representative will hold these funds separate from its corporate funds in a segregated client account, will not use these funds for its operating expenses or any other corporate purposes and will not voluntarily make these funds
available to its creditors in the event of bankruptcy. As soon as practicable following the completion of the Sellers’ Representative’s 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

30 

	 	
responsibilities, the Sellers’ Representative will distribute the balance of the Expense Fund to the Payments Administrator for further distribution to the Sellers. For tax purposes, the
Expense Fund shall be treated as having been received and voluntarily set aside by the Sellers at the time of Completion. The parties agree that the Sellers’ Representative is not responsible for any tax withholding or reporting or acting as a
withholding agent or in any similar capacity in connection with the Expense Fund. 

  

	12.13.	 The Sellers’ Representative will incur no liability of any kind with respect to any action or omission by
the Sellers’ Representative in connection with Sellers’ Representative’s services pursuant to this Agreement and any agreements ancillary hereto, except in the event of liability directly resulting from the Sellers’
Representative’s gross negligence or wilful misconduct. The Sellers’ Representative shall not be liable to any Seller as a result of any action or omission that is taken (or not taken) in good faith pursuant to the advice of external legal
counsel in the proper performance of its obligations under this Agreement. The Sellers will, severally and not jointly, on a pro rata basis equal to the portion of Total Consideration each such Seller is entitled to receive pursuant to this
Agreement compared to the aggregate Total Consideration entitled to be received by all Sellers, indemnify, defend and hold harmless the Sellers’ Representative from and against any and all losses, liabilities, damages, claims, penalties, fines,
forfeitures, actions, fees, costs and expenses (including the fees and expenses of counsel and experts and their staffs and all expense of document location, duplication and shipment) (collectively, “Representative Losses”) arising
out of or in connection with the Sellers’ Representative’s execution and performance of this Agreement and any agreements ancillary hereto, in each case as such Representative Loss is suffered or incurred; provided, that in the event that
any such Representative Loss is finally adjudicated to have been directly caused by the gross negligence or wilful misconduct of the Sellers’ Representative, the Sellers’ Representative will reimburse the Sellers the amount of such
Representative Loss to the extent attributable to such gross negligence or wilful misconduct. If not paid directly to the Sellers’ Representative by the Sellers, any such indemnified Representative Losses may be recovered by the Sellers’
Representative from (i) the funds in the Expense Fund, (ii) the amounts in the Escrow Amount at such 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

31 

	 	
time as remaining amounts would otherwise be distributable to the Sellers, and (iii) from any Milestone Payments at such time as any such amounts would otherwise be distributable to the
Sellers; provided, that while this section allows the Sellers’ Representative to be paid from the Expense Fund, the Escrow Amount and the Milestone Payments, this does not relieve the Sellers from their obligation to promptly pay such
Representative Losses as they are suffered or incurred, nor does it prevent the Sellers’ Representative from seeking any remedies available to it at law or otherwise. In no event will the Sellers’ Representative be required to advance its
own funds on behalf of the Sellers or otherwise. For the avoidance of doubt and notwithstanding anything in this Agreement to the contrary, the limitations on liability of the Sellers set forth elsewhere in this Agreement are not intended to be
applicable to the indemnities provide to the Sellers’ Representative under this clause 12.13. The Sellers acknowledge and agree that the foregoing indemnities will survive the resignation or removal of the Sellers’ Representative or the
termination of this Agreement. 

  

	13.	 PAYMENTS 

  

	13.1.	 Payments to be made to the Sellers under this Agreement shall be made in US dollars by telegraphic transfer of
immediately available funds to such account controlled by the Payments Administrator as may be notified by the Payments Administrator or the Sellers’ Representative in writing to the Buyer. 

 

	13.2.	 Payments to be made to the Buyer under this Agreement shall be made in US dollars by telegraphic transfer of
immediately available funds to such account as may be notified in writing by the Buyer to the Payments Administrator. 

  

	13.3.	 The payment of any sum to the Buyer by or on behalf of any of the Sellers will discharge the obligations of the
Sellers to pay the sum in question and the Sellers shall not be concerned to see the application of the monies so paid. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

32 

	13.4.	 The payment of any sum to the Payments Administrator by or on behalf of the Buyer will discharge the
obligations of the Buyer to pay the sum in question and the Buyer shall not be concerned to see the application of the monies so paid. 

  

	14.	 ANNOUNCEMENTS 

 

	14.1.	 Subject to clause 14.2, no party (the “disclosing party”) may, before or after Completion,
make or issue a public announcement or press release concerning the transactions referred to in this Agreement other than the Press Release unless it has first obtained the written consent of the Sellers (prior to Completion, if the disclosing party
is the Buyer) or the Sellers’ Representative (after Completion, if the disclosing party is the Buyer), or of the Buyer (if the disclosing party is a Seller) (in either case, the “other party”), which consent may not be
unreasonably withheld or delayed. 

  

	14.2.	 Clause 14.1 does not apply to a public announcement or press release required by law, by a rule of a listing
authority by which a party’s shares are listed, a stock exchange on which a party’s shares are listed or traded or by a governmental authority or other authority with relevant powers to which either party is subject or submits, whether or
not the requirement has the force of law, provided that the public announcement, communication or circular shall so far as is practicable be made after consultation with the other party and after taking into account the reasonable requirements of
the other party as to its timing, content and manner of making or despatch. 

  

	15.	 CONFIDENTIALITY 

 

	15.1.	 Subject to clause 15.4, each party shall treat the following information as confidential to the extent obtained
as a result of or in connection with entering into this Agreement: 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

33 

	(a)	 details of the provisions of this Agreement, the Transactional Documents and any other agreement or arrangement
entered into in connection with this Agreement; 

  

	(b)	 information relating to the negotiations leading to the execution of this Agreement, the Transactional
Documents and any other agreement or arrangement entered into in connection with this Agreement; and 

  

	(c)	 (to the extent obtained as a result of or in connection with entering into this Agreement) information relating
to the other party or such party’s group undertakings, 

 provided that the parties shall always be permitted to confirm that the
transaction effected by this Agreement has taken place without providing any further information. 
  

	15.2.	 Any party may disclose information otherwise required by clause 15.1 to be treated as confidential:

  

	(a)	 if and to the extent required by the laws of any relevant jurisdiction, provided that the disclosing party
shall, where it is practicable to do so and where permitted under applicable law, notify the other party of such disclosure in writing and take reasonable steps to minimize the extent of any such required disclosure; 

 

	(b)	 if and to the extent requested by any competent regulatory or governmental body, Tax Authority or securities
exchange in any relevant jurisdiction wherever situated, whether or not the request has the force of law and including for the avoidance of doubt, any disclosure required by US accounting regulations; 

 

	(c)	 to a Tax Authority in connection with the Tax affairs of the disclosing party; 

 

	(d)	 to its professional advisers, auditors or bankers from time to time provided that such disclosure is reasonably
required; 

  

	(e)	 to its shareholders and/or its limited partners as appropriate; 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

34 

	(f)	 in the case of the Buyer, to members of the Buyer’s Group and to their professional advisers, auditors or
bankers in each case from time to time; 

  

	(g)	 if and to the extent the information is or comes into the public domain through no fault of that part of any of
those to whom that party has disclosed information; or 

  

	(h)	 if and to the extent, in the case of a Seller, the Buyer or, in the case of the Buyer, the Sellers’
Representative, has given prior written consent to the disclosure. 

  

	15.3.	 Each party shall ensure that any person to whom confidential information is disclosed pursuant to clauses
15.2(d) through 15.2(f) is made aware of the obligations of confidentiality contained in this clause and agrees to adhere to them. 

  

	15.4.	 Notwithstanding anything in this Agreement to the contrary, following Completion, the Sellers’
Representative shall be permitted to: (i) after the public announcement (if any) of the transaction contemplated by this Agreement, publicly announce that it has been engaged to serve as the Sellers’ Representative in connection with the
transaction as long as such announcement does not disclose any of the other terms hereof and (ii) disclose information to the Sellers who have a need to know such information provided that any such information will be subject to the
confidentiality provisions of this Agreement including clause 15.1. 

  

	16.	 COSTS 

Except where this Agreement or the relevant document provides otherwise, each party shall pay its own costs relating to the negotiation, preparation, execution
and performance by it of this Agreement and of each document referred to in it. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

35 

	17.	 GENERAL 

  

	17.1.	 A variation of this Agreement is valid only if it is in writing and signed by or on behalf of each party,
provided that after Completion, any variation may be signed by the Sellers’ Representative on behalf of itself and the Sellers provided the Sellers’ Representative has the prior written approval of the Sellers Majority. The parties to this
Agreement do not require the consent of any person having a right under the Contracts (Rights of Third Parties) Act 1999, as provided in clause 17.7, to rescind or vary this agreement. 

 

	17.2.	 The failure to exercise or delay in exercising a right or remedy provided by this Agreement or by law does not
impair or constitute a waiver of the right or remedy or an impairment of or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by this Agreement or by law prevents further exercise of the right or
remedy or the exercise of another right or remedy. 

  

	17.3.	 The Buyer’s rights and remedies contained in this Agreement are cumulative and not exclusive of rights or
remedies provided by law to the extent not excluded or limited by this Agreement. 

  

	17.4.	 Except to the extent that they have been performed and except where this Agreement provides otherwise, the
obligations contained in this Agreement remain in force after Completion. 

  

	17.5.	 Any payment by a Seller, pursuant to a Fundamental Warranty Claim, Special Indemnity Claim or Tax Warranty
Claim or a Warrantor, pursuant to a Warrantor Fundamental Warranty Claim or a Business Warranty Claim shall, to the extent possible and without limiting the liability of any Seller or Warrantor (as the case may be) under this Agreement, be treated
as a reduction in the purchase price payable by the Buyer for the Shares. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

36 

	17.6.	 All payments made by a Seller under this Agreement shall be made gross, free of right of counterclaim or set
off and without deduction or withholding of any kind other than deductions or withholding required by law. 

  

	17.7.	 Except as provided in clauses 10.7 and 11.7, a person who is not a party to this Agreement has no right,
including under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. 

  

	18.	 ENTIRE AGREEMENT 

 

	18.1.	 The Transactional Documents constitute the entire agreement between the parties. They supersede any previous
agreements relating to the subject matter of the Transactional Documents, and set out the complete legal relationship of the parties arising from or connected with that subject matter. 

 

	18.2.	 Nothing in this clause 19 shall have the effect of limiting any liability arising from fraud or wilful non-disclosure. 

  

	19.	 ASSIGNMENT 

  

	19.1.	 Subject to clause 19.2, no right or obligation arising under this Agreement or any other Transactional Document
may be assigned, transferred or otherwise disposed of, in whole or in part without the prior written agreement if the assignor is the Buyer, of the Sellers’ Representative, or if the assignor is a Seller, of the Buyer. 

 

	19.2.	 The Buyer shall be entitled to assign any benefit arising under or out of this Agreement or any other
Transactional Document to any Buyer’s Group Undertaking provided that the Buyer enters into a guarantee in a form reasonably satisfactory to the Sellers’ Representative and further provided that, if the assignee is to cease to be a
Buyer’s Group Undertaking it shall, before ceasing to be so, assign the benefit (so far as it is assigned) to another Buyer’s Group Undertaking. 

  

	19.3.	 The Buyer agrees that if it makes an assignment pursuant to this clause 19, the assignment shall not increase
the liabilities of any Seller. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

37 

	20.	 NOTICES 

  

	20.1.	 A notice or other communication under or in connection with this Agreement (a “Notice”) shall
be: 

  

	(a)	 in writing; 

  

	(b)	 in the English language; and 

 

	(c)	 delivered personally or sent by first class post (and air mail if overseas) or fax or email to the party due to
receive the Notice to the address set out in clause 20.3 or to an alternative address, person or fax number or email address specified by that party by not less than five Business Days’ written notice to the other party received before the
Notice was despatched. 

  

	20.2.	 Unless there is evidence that it was received earlier, a Notice is deemed given if: 

 

	(a)	 delivered personally, when left at the address referred to in clause 20.3; 

 

	(b)	 sent by mail, except air mail, two Business Days after posting it; 

 

	(c)	 sent by air mail, six Business Days after posting it; and 

 

	(d)	 sent by email, when the email is sent, provided that a copy of the Notice is sent by another method referred to
in this clause 20.2 on the same Business Day as the sending of the email, and provided further that the sender of the email does not receive an automated response from the recipient or a mail server indicating that the recipient is out of office or
that the email could not be delivered. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

38 

	20.3.	 The address referred to in clause 23.1.3 is: 

 

							
	Name of Party	  	Address	  	Email address or telephone number	  	For the attention of
		
	Each Seller	  	In relation to each Seller, the address set out adjacent to that Seller’s name in column A of Schedule 1 (The Sellers).
				
	Seller’s Representative	  	 Shareholder Representative Services LLC
 1614
15th Street, Suite 200, Denver, CO 80202, United States
	  	deals@srsacquiom.com	  	Managing Director
				
	The Buyer	  	 201 Gateway Boulevard
 South San Francisco

California
 United States
	  	[***]	  	Nick Galli and Alexander Schuth

  

	21.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which when executed and delivered is an original and all of which together evidence the
same agreement. 
  

	22.	 GOVERNING LAW 

This Agreement or the performance, enforcement, breach or termination hereof shall be interpreted, governed by and construed in accordance with the laws of
England, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. 

 

	23.	 DISPUTE RESOLUTION 

 

	23.1.	 If a dispute arises between the Parties in connection with or relating to this Agreement or any document or
instrument delivered in connection herewith (a “Dispute”), it shall be resolved pursuant to this clause 23. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

39 

	23.2.	 General 

Any Dispute shall first be referred to the Chief Executive Officer of the Buyer and the Sellers’ Representative, who shall confer in good faith on the
resolution of the issue. Any final decision mutually agreed to by such persons shall be conclusive and binding on the parties to this Agreement. If such persons are not able to agree on the resolution of any such issue within thirty (30) days
(or such other period of time as mutually agreed by the Buyer and the Seller’s Representative) after such issue was first referred to them, then either the Buyer or the Sellers’ Representative may, by written notice to the other, elect to
initiate an alternative dispute resolution (“ADR”) proceeding pursuant to the procedures set forth in clause 23.3 for purposes of having the matter settled. 
  

	23.3.	 ADR 

Any ADR proceeding under this Agreement (with the exception of that specified in paragraph 11 of Schedule 8) shall take place pursuant to the procedures set
forth in clause 15.7.3 of the License Agreement, save that references to “Denali” are references to the Buyer and references to the “Licensor” are references to the Sellers (or relevant Seller). 

 

	23.4.	 Interim Relief 

Notwithstanding anything herein to the contrary, nothing in this clause 23 shall preclude either party from seeking interim or provisional relief, including a
temporary restraining order, preliminary injunction or other interim equitable relief concerning a Dispute following the ADR procedures set forth in clause 23.3, if necessary to protect the interests of such party. This clause shall be specifically
enforceable. 
  

	23.5.	 RIGHTS OF EACH PARTY/NON-WAIVER 

The rights of each party under this Agreement: 
  

	(a)	 may be exercised as often as necessary; 

 

	(b)	 except as otherwise expressly provided in this Agreement, are cumulative and not exclusive of rights and
remedies provided by law; and 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

40 

	(c)	 may be waived only in writing and specifically. 

 

	24.	 PROCESS AGENTS 

The Buyer irrevocably appoints [***] as its process agent to receive on its behalf service of process in any proceedings [***]. Service upon the process agent
shall constitute good and valid service on the Buyer whether or not the process is forwarded to or received by the Buyer. If for any reason the process agent ceases to act as process agent, resigns [***], the Buyer irrevocably agrees to appoint a
substitute process agent [***] acceptable to the Sellers’ Representative and to deliver to the Sellers’ Representative a copy of the substitute process agents’ acceptance of that appointment within 10 Business Days of the obligation
to appoint arising. In the event that the Buyer fails to appoint a substitute process agent, it shall be effective service for the Sellers (or the Sellers’ Representative) to serve process upon the last known address [***] of the last known
process agent for the Buyer notified to the Sellers, notwithstanding that such process agent is no longer found at such address or has ceased to act. 
  

	25.	 CONFLICT WAIVER 

Notwithstanding that the Company has been represented by Cooley (UK) LLP (the “Firm”) in the preparation, negotiation and execution of this
Agreement and the transactions contemplated hereby, the Company agrees that after Completion the Firm may represent the Sellers’ Representative, the Sellers and/or their Affiliates in matters related to this Agreement and the transactions
contemplated hereby, including without limitation in respect of any indemnification claims pursuant to this Agreement and the transactions contemplated hereby. The Company hereby acknowledges, on behalf of itself and its Affiliates, that it has had
an opportunity to ask for and has obtained information relevant to such representation, including disclosure of the reasonably foreseeable adverse consequences of such representation, and it hereby waives any conflict arising out of such future
representation. 
 IT WITNESS whereof this Agreement has been entered into as a deed and is delivered on the date first aforementioned. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

41 

 SCHEDULE 1 

The Sellers 
  

																					
	 (A)
	  	(B)	 	  	(C)	 	  	(D)	 	  	(E)	 	  	(F)	 
	 Name and Address of Seller
	  	No. of Ordinary
Shares	 	  	No. of Deferred
Shares	 	  	Proportion of Initial
Consideration (%)	 	  	Contribution to
Expense Fund (US$)	 	  	Contribution to
Escrow Account (%)	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 
	 [***]
	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 	  	 	[***]	 

 [***]

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

42 

 SCHEDULE 2 

Information about the Company 
  

			
	Registered Number:	  	10214672
		
	Place of Incorporation:	  	England and Wales
		
	Address of Registered Office:	  	 Eddeva B920
 Babraham Research Campus

Cambridge CB22 3AT

		
	Type of Company:	  	Private company limited by shares
		
	Total Issued Share Capital:	  	£90.39625 comprising (i) 8,969,550 ordinary shares; and (ii) 70,075 deferred shares, in each case with an aggregate nominal value of £0.00001 with £0.00001 paid up on each share
		
	Directors:	  	 John Edwards
 Jean-Francois Formela

Deborah Harland
 Tolga Hassan

John Haurum
 Patrick Krol

Florian Ruker
 Helmut Schuehsler

		
	Secretary:	  	Tolga Hassan
		
	Accounting Reference Date:	  	31 December
		
	Subsidiaries:	  	None

  
 CONFIDENTIAL 

 
 43 

 SCHEDULE 3 

Completion Requirements 
  

	1.	 Sellers’ Obligations 

 

	1.1.	 At Completion, each Seller shall deliver the following documents or items to the Buyer or at the Buyer’s
direction: 

  

	1.1.1.	 duly executed transfer(s) in respect of that Seller’s Relevant Shares to the Buyer or its nominee(s) and
the share certificate(s) for such Relevant Shares; 

  

	1.1.2.	 duly executed powers of attorney or other authorities in the agreed form under which this Agreement, the other
Transactional Documents and the transfers referred to in paragraph 1.1.1 of this Schedule 3 have been or are to be executed by such Seller; and 

  

	1.1.3.	 (if the Buyer so requires) an irrevocable power of attorney in the agreed form duly executed by such Seller and
any other registered owner of such Seller’s Relevant Shares in favour of the Buyer or its nominee(s) generally in respect of the Relevant Shares. 

  

	1.2.	 At Completion the Sellers shall deliver, procure delivery or make available to the Buyer:

  

	1.2.1.	 each register, minute book and other book required by law to be kept by the Company made up to the Completion
Date and each certificate of incorporation and certificate(s) of incorporation on change of name for the Company; 

  

	1.2.2.	 (if the Buyer so requires) resignations in the agreed form from each director and secretary of the Company
expressed to take effect from the end of the meeting held pursuant to paragraph 1.3; 

  

	1.2.3.	 the Management Accounts; 

 

	1.2.4.	 a copy of each bank mandate of the Company and copies of statements of each bank account of the Company made up
to a date not earlier than two (2) Business Days before the Completion Date; 

  

	1.2.5.	 a counterpart of the Escrow Agreement duly executed by the Sellers’ Representative; and

  
 CONFIDENTIAL 

 
 44 

	1.2.6.	 the Disclosure Letter signed on behalf of each Warrantor. 

 

	1.3.	 The Sellers shall ensure that at Completion a meeting of the board of directors of the Company is held at which
the directors: 

  

	1.3.1.	 vote in favour of the registration of the Buyer or its nominee(s) as member(s) of the Company in respect of the
Shares (subject to the production of properly stamped transfers); and 

  

	1.3.2.	 approve the payment of the Transaction Costs. 

 

	2.	 Buyer’s Obligations 

 

	2.1.	 At Completion, the Buyer shall deliver to the Sellers: 

 

	2.1.1.	 a counterpart of the Escrow Agreement duly executed by the Buyer; and 

 

	2.1.2.	 a counterpart of the Disclosure Letter signed by the Buyer. 

 

	2.2.	 At Completion, the Buyer shall procure that the Company shall pay the Transaction Costs to the extent not
already paid. 

  
 CONFIDENTIAL 

 
 45 

 SCHEDULE 4 

Completion Accounts 
 Part A:
Preparation of Completion Accounts 
  

	1.	 The Buyer shall procure that Draft Completion Accounts are prepared in accordance with the provisions of this
Part A of Schedule 4 and on the basis of the Accounting Policies. 

  

	2.	 The Draft Completion Accounts shall be delivered to the Sellers’ Representative by the Buyer as soon as is
reasonably practicable and, in any event, not later than 90 calendar days after Completion. 

  

	3.	 If the Sellers’ Representative does not within 30 calendar days of presentation to it of the Draft
Completion Accounts give notice to the Buyer that it disagrees with the Draft Completion Accounts or any item therein, stating the reasons for the disagreement in reasonable detail including each disputed item, the amount in dispute and the basis
for such dispute (the “Sellers’ Disagreement Notice”), the Draft Completion Accounts shall constitute the Completion Accounts and shall be final and binding on the parties for all purposes in accordance with paragraph 12 of
this Part A of Schedule 4. 

  

	4.	 If the Sellers’ Representative gives a Sellers’ Disagreement Notice under paragraph 3, the Buyer and
the Sellers’ Representative shall attempt in good faith to reach agreement in respect thereof (and, if such agreement is reached, the Draft Completion Accounts as amended by the matters set out in the Sellers’ Disagreement Notice and
agreed by the Buyer and the Sellers’ Representative in writing shall constitute the Completion Accounts and shall be final and binding on them for all purposes in accordance with paragraph 12 of this Part A of Schedule 4). If they are unable to
do so within 30 calendar days of such notification under paragraph 3 of this Part A of Schedule 4, either party may, by notice to the other (an “Appointment Notice”), require that the Draft Completion Accounts be referred to an
independent firm of internationally recognised chartered accountants agreed upon by the Buyer and the Sellers’ Representative or, failing agreement within five (5) Business Days of service of the Appointment Notice, nominated by the
President for the time being of the Institute of Chartered Accountants in England and Wales or in his/her absence a suitable deputy (the “Reporting Accountants”). 

 

	5.	 The Reporting Accountants shall be engaged jointly by the Buyer and the Sellers (acting through the
Sellers’ Representative) and the charges (including any VAT) of the Reporting Accountants shall be allocated between the Buyer on the one hand and the Sellers (acting through the Sellers’ Representative) on the other by the Reporting
Accountants in proportion 

  
 CONFIDENTIAL 

 
 46 

	 	
to the extent either of such parties did not prevail in the aggregate on the disputed items (as measured by the amounts in dispute). If any amount is payable by the Sellers pursuant to this
paragraph 5, such amount shall be paid from the Escrow Account when the Buyer and the Sellers’ Representative shall within three (3) Business Days following the date of such election or within five (5) Business Days of the
Determination Date (whichever is later) jointly instruct the Escrow Agent in writing to make such payment out of amounts standing to the credit of the Escrow Account. 

 

	6.	 Except to the extent that the Buyer and the Sellers’ Representative agree otherwise, the Reporting
Accountants shall determine their own procedure but each party shall use all reasonable endeavours to procure that the Reporting Accountants apply the following rules: 

 

	6.1.	 apart from procedural matters and as otherwise set out in this Agreement, they shall determine only:

  

	6.1.1.	 whether any of the arguments for an alteration to the Draft Completion Accounts put forward in respect of
matters specified in the Sellers’ Disagreement Notice is correct in whole or in part (unless such matters have been agreed between the Sellers’ Representative and the Buyer); and 

 

	6.1.2.	 if so, what alterations (if any) should be made to the Draft Completion Accounts; 

 

	6.2.	 they shall apply the Accounting Policies; 

 

	6.3.	 they shall make their determination pursuant to paragraph 6.1 of this Part A of Schedule 4 as soon as is
reasonably practicable; 

  

	6.4.	 the procedure of the Reporting Accountants shall: 

  
 CONFIDENTIAL 

 
 47 

	6.4.1.	 give the Buyer and the Sellers’ Representative a reasonable opportunity to make oral representations and
representations in writing to them; 

  

	6.4.2.	 require that each party supplies the other with a copy of any representations in writing at the same time as
they are made to the Reporting Accountants; and 

  

	6.4.3.	 permit each party to be present while oral submissions are being made by the other party;

  

	6.5.	 for the avoidance of doubt, the Reporting Accountants shall not be entitled to determine the scope of their own
jurisdiction; and 

  

	6.6.	 the determination of the Reporting Accountants pursuant to paragraph 6.1 of this Part A of Schedule 4 shall be
made in writing. 

  

	7.	 The Reporting Accountants shall act as experts and not as arbitrators and their determination of any matter
falling within their jurisdiction shall be final and binding on the parties, save in the event of fraud of the Buyer, any of the Sellers or the Reporting Accountants or manifest error of the Reporting Accountants (when the relevant part of their
determination shall be void). In particular, without limitation, their determination shall be deemed to be incorporated into the Draft Completion Accounts, which shall then be final and binding on the parties for the purposes of this Schedule 4,
save as stated above in the event of fraud or manifest error. 

  

	8.	 The Buyer and the Sellers’ Representative shall co-operate with
the Reporting Accountants and comply with their reasonable requests made in connection with the carrying out of their duties pursuant to their engagement under the terms of this Agreement. 

 

	9.	 Subject to paragraph 10 of this Part A of Schedule 4, nothing in this Schedule 4 shall entitle the Buyer or the
Sellers’ Representative or the Reporting Accountants to have access to any information or document which is protected by legal professional privilege, or which has been prepared by the other party or its accountants or other professional
advisers with a view to assessing the merits of any claim or argument. 

  
 CONFIDENTIAL 

 
 48 

	10.	 The Buyer and the Sellers’ Representative shall not be entitled by reason of paragraph 9 of this Part A of
Schedule 4 to refuse to supply such part or parts of documents as contain only the facts on which the relevant claim or argument is based. 

  

	11.	 Each party and the Reporting Accountants shall, and shall procure that its accountants and other advisers
shall, keep all information and documents provided to them pursuant to this Part A of Schedule 4 confidential and shall not use them for any purpose, except for disclosure or use in connection with the preparation of the Draft Completion Accounts
and the agreement or determination of the Completion Accounts, the proceedings of the Reporting Accountants or any other matter arising out of this Agreement or in defending any claim or argument or alleged claim or argument relating to this
Agreement or its subject matter. 

  

	12.	 When the Sellers’ Representative and the Buyer reach agreement on the Draft Completion Accounts or when
the Draft Completion Accounts is finally determined at any stage in accordance with the procedures set out in this Part A of Schedule 4: 

  

	12.1.	 the Draft Completion Accounts as so agreed or determined shall constitute the Completion Accounts for the
purposes of this Agreement and shall (in the absence of fraud or manifest error) be final and binding on the parties; and 

  

	12.2.	 the “Actual Net Cash” shall be the amount set out in line item “E” in the Completion
Accounts. 

  

	13.	 Subject to paragraph 9 of this Part A of Schedule 4 and clause 15 of the Agreement, each Seller shall (in
relation to information in its possession or control only) and the Buyer shall procure that the Company shall (in relation to information in their respective possession or control), promptly provide the parties, their respective advisers, the
Buyer’s accountants and the Sellers’ accountants and, if relevant, the Reporting Accountants with all information (in their respective possession or control) 

  
 CONFIDENTIAL 

 
 49 

	 	
relating to the operations of the Company, as the case may be, including access at all reasonable times to the Company and the employees of the Company (who shall give such explanations as any
party may reasonably require in relation to the preparation of the Draft Completion Accounts), books, records, and other relevant information and all cooperation and assistance, as in any such case be reasonably required to enable the production and
agreement or determination of the Completion Accounts pursuant to and in accordance with this Part A of Schedule 4; provided however, that the auditors or accountants of the Buyer or the Company shall not be obliged to make any work papers available
to any person unless and until such person has signed a customary agreement relating to access to such work papers in form and substance reasonably acceptable to the Buyer and such auditors or accountants. 

 

	14.	 The Sellers (acting through the Seller’s Representative) and the Buyer shall each bear their own costs
(including legal costs) and expenses (including tax) together with VAT charged thereon, arising out of the preparation and review of the Draft Completion Accounts and the agreement or determination of the Completion Accounts. 

Part B: Completion Accounts 
  

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

 *** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission.
[***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 CONFIDENTIAL 

 
 50 

 Part C: Accounting Policies 

1. General Accounting Policies 
  

	1.1.	 The Completion Accounts shall be determined in accordance with the following: 

 

	(a)	 first, in accordance with the [***]; 

 

	(b)	 secondly, and to the extent not covered by or inconsistent with paragraph 1.1(a) of this Part C of Schedule 4
(which shall prevail in the event of any inconsistency), on a basis consistent with [***]; and 

  

	(c)	 thirdly, and to the extent not covered by or inconsistent with paragraphs 1.1(a) or 1.1(b) of this Part C of
Schedule 4 (which shall prevail in the event of any inconsistency), [***]. 

  

	1.2.	 The parties acknowledge that the sole purpose of determining the Actual Net Cash is to determine the
adjustments (if any) to be made to the Initial Consideration in accordance with clause 3. 

  

	1.3.	 The provisions of this Part C of Schedule 4 and the line items comprising the Completion Accounts shall be
interpreted so as to avoid double counting (whether positive or negative) of any items to be included in the Actual Net Cash. 

 Part
D: Preparation of Management Accounts 
 1. ACCOUNTING POLICIES 

a. PRESENTATION OF MANAGEMENT ACCOUNTS 
 CRITICAL
ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY 
 In the application of the Company’s accounting policies, management make
judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

51 

 
readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates. 
 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period of the revision and future periods if the revision affects both current and future periods. 
  

	b.	 OVERALL CONSIDERATIONS 

The principal accounting policies adopted in the preparation of the management accounts are set out below. 

 

	i.	 BASIS OF PREPARATION OF MANAGEMENT ACCOUNTS 

These management accounts have been prepared in accordance with EU endorsed International Financial Reporting Standards (IFRS) and interpretations issued by
the IFRS Interpretations Committee (IFRS IC) and the Companies Act 2006 applicable to companies reporting under IFRS. The management accounts have been prepared under the historical cost convention. 

 

	ii.	 GOING CONCERN 

Management prepare management accounts on a going concern basis unless they intend to liquidate the business or to cease trading, or have no realistic
alternative but to do so. In deciding whether the going concern basis is appropriate, the directors examine existing budgets and forecasts, assess borrowing requirements, and review other information as needed. 

 

	iii.	 NEW AND AMENDED STANDARDS ADOPTED BY THE COMPANY 

In any period, new or amended standards and interpretations are considered for adoption. Other standards, amendments and interpretations which are effective
for the period are considered where they material to the Company. 
  

	c.	 RECEIVABLES 

Receivables are recognised initially at fair value less provision for impairment. The Company provides an allowance for uncollectible accounts based on prior
experience and management’s assessment of the collectability of existing specific accounts. 
  

	d.	 CASH AND CASH EQUIVALENTS 

Cash and cash equivalents comprises cash on hand and demand deposits, and other short-term and highly liquid
investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. 

  
 CONFIDENTIAL 

 
 52 

	e.	 EQUITY AND RESERVES 

Ordinary and preferred shares are classified as equity. Issued capital represents the nominal value of shares that have been issued. Retained earnings includes
all current period retained profits and accumulated losses. 
  

	f.	 TRADE PAYABLES 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables
are stated at cost, which approximates fair value due to the short term nature of these liabilities. Trade payables are classified as current liabilities if payment is due within one period or less. If not, they are presented as non-current liabilities. 
  

	g.	 REVENUE RECOGNITION 

Revenue is measured at the fair value of the consideration received or receivable and is stated net of value added taxes. Revenue is recognised when it is
probable that future economic benefits will flow to the Company and those benefits can be measured reliably. Revenue on the sale of an asset (e.g. the outright sale or assignment of a licence) is only recognised when, inter alia, the significant
risks and rewards of ownership have been transferred to the buyer and the Company does not retain either control of the goods, or continuing involvement, to the degree associated with ownership. 

Where, as part of a licence agreement, services are performed by an indeterminate number of acts over a specified period of time, revenue for such services is
recognised on a straight-line basis over the specified period unless there is evidence that some other method represents better the stage of completion. 
  

	h.	 SHARE BASED PAYMENTS 

A share option compensation charge is not recognised in the monthly management accounts. 

 

	i.	 TAXATION AND DEFERRED TAX 

A tax credit or charge is not reflected in the monthly management accounts. Deferred tax is not reflected in the monthly management accounts. 

 

	j.	 FINANCIAL INSTRUMENTS 

  
 CONFIDENTIAL 

 
 53 

	i.	 FINANCIAL ASSETS 

All financial assets relate to trade and other receivables, which are stated at their recoverable amount, which approximates the fair value due to the short
term nature of these assets. 
 ii. RISK MANAGEMENT POLICY 

The Company undertakes transactions denominated in foreign currencies and as such is exposed to currency risk due to fluctuations in foreign exchange rates.
The Company does not use derivative instruments to reduce exposure to foreign exchange risk. 
  

	iii.	 FINANCIAL LIABILITIES 

Trade and other payables are stated at cost. This approximates fair value due to the short term nature of these liabilities. 

 

	k.	 FOREIGN CURRENCY TRANSLATION 

Foreign currency transactions are translated at the rates of exchange in effect at the dates of the transaction. Resulting foreign currency denominated
monetary assets and liabilities are translated at the rates of exchange in effect at the balance sheet date. Gains and losses on foreign exchange are recognised in the income statement. 

  
 CONFIDENTIAL 

 
 54 

 SCHEDULE 5 

Contingent Consideration 
 Part A:
Contingent Consideration 
  

	1.	 Definitions 

In this Schedule 5, and where applicable, the remainder of this Agreement, the following definitions shall apply: 

“Accepted Fcab Target” has the meaning given to it in the License Agreement, with respect to events and circumstances before Completion and
has the meaning given to it in the Gamma IP License with respect to events and circumstances after Completion; 
 “Commercialisation” has
the meaning given to it in the License Agreement; 
 “Commercially Reasonable Efforts” has the meaning given to it in the License
Agreement; 
 “Conforming mAb2” means [***]; 

“Contingent Consideration” means any of the Milestone Payments; 

“Default Notice” has the meaning given to it in paragraph 2.2 of this Part A of Schedule 5; 

“Denali Fcab” has the meaning given to it in the License Agreement; 

“EU Regulatory Milestone” means [***]; 

“European Union” or “E.U.” has the meaning given to it in the License Agreement and shall be deemed to include [***]; 

“Fcab Delivery” means, with respect to an Accepted Fcab Target, that an Fcab that specifically binds to such Accepted Fcab Target has
achieved “Fcab Delivery” (as defined therein) under Section 4.3 or Section 9.11.1 of the License Agreement or Section 4.1.2 of the Gamma Services Agreement during the applicable Fcab Disclosure Period (as defined therein);

 “First Commercial Sale” has the meaning given to it in the License Agreement, except that all references to Licensed Products in such
definition will be read as references to mAb2 Products; 
 “Fcab” has the meaning
given to it in the License Agreement; 
 “Fcab Disclosure Period” has the meaning given to it in Section 1.3.3 of that certain letter
agreement between the Company, F-Star, F-Star GmbH and Buyer dated and entered into on or about May     , 2018; 

“GMP” has the meaning given to it in the License Agreement; 

“Initial Milestone” has the meaning given to it in the table in Part B of this Schedule 5; 

“Initial Payment True Up Event” means that [***]; 

“Joint Fcab” has the meaning given to it in the License Agreement; 

“Licensor Fcab” has the meaning given to it in the License Agreement; 

“mAb2 Product” means [***]; 

“Major EU Market” means [***]. 

“Milestone Event” means the relevant event as set out in column 1 of Part B of this Schedule 5, which shall trigger the relevant Milestone
Payment. In addition: 
  

	a)	 where [***], it shall be considered a “Milestone Event” in respect of which the Buyer will pay to the
Sellers a one-time payment (which shall constitute a “Milestone Payment”) of [***]; 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

55 

	b)	 [intentionally left blank]; 

 

	c)	 [intentionally left blank]; and 

 

	d)	 [***]; 

“Milestone Payment” means, with respect to a Milestone Event: 
  

	a)	 if [***], a payment equal to [***] of the “Maximum Milestone Payment” amount set out column 2 of Part
B of this Schedule 5 in the row corresponding to the applicable Milestone Event; and 

  

	b)	 if [***], a payment equal to [***] of the “Maximum Milestone Payment” amount set out column 2 of Part
B of this Schedule 5 in the row corresponding to the applicable Milestone Event; 

 In no event will more than one Milestone Payment be
made for a given Milestone Event, regardless of how many mAb2 Products achieve such Milestone Event, except that [***], then a second Milestone Payment shall
become due with respect to such Milestone Event, in an amount equal to [***] of the “Maximum Milestone Payment” amount set out column 2 of Part B of this Schedule 5 in the row corresponding to the applicable Milestone Event. For clarity,
under no circumstances will the total Milestone Payments that the Buyer becomes obligated to make in respect to a given Milestone Event exceed the “Maximum Milestone Payment” amount set out column 2 of Part B of this Schedule 5 in the row
corresponding to the applicable Milestone Event; 
 “Net Sales” means, with respect to a
mAb2 Product for any period, the total amount billed or invoices on sales of such mAb2 Product during such period by the Buyer, its
Affiliates or sublicensees, calculated in accordance with the definition of “Net Sales” used in the License Agreement, and reading all references to Licensed Products in such definition as references to mAb2 Products; 
 “Non-conforming mAb2” means a mAb2 Product that is not a Conforming mAb2; 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

56 

 “Payment Date” means the date which is 90 calendar days after any date on which a Milestone
Payment is triggered; 
 “Regulatory Approval” has the meaning given to it in the License Agreement; 

“Relevant Period” means the period from Completion until [***]; 

“Remaining Amount” means the aggregate Contingent Consideration payable pursuant to [***] minus the aggregate Contingent Consideration
actually paid by the Buyer pursuant to [***] prior to the date of delivery of a Default Notice; 
 “Risk-Adjusted Remaining Amount” means
[***]; 
 “Total Contingent Consideration” means the aggregate of the Milestone Payments; and 

“US Regulatory Milestone” means [***]. 
  

	2.	 Conduct of business during Relevant Period 

Commercially Reasonable Efforts 
  

	2.1.	 The Buyer shall during the Relevant Period use Commercially Reasonable Efforts to achieve both of the EU
Regulatory Milestone and the US Regulatory Milestone. The Sellers acknowledge and agree that, in addition to the foregoing: 

  

	 	(a)	 the Buyer shall be deemed to have satisfied its obligations under this paragraph 2.1 of Schedule 5 so long as
the Buyer is using Commercially Reasonable Efforts to advance [***] toward achievement of the [***]; 

  

	 	(b)	 the Buyer shall have the right to satisfy its diligence obligations under this paragraph 2.1 of Schedule 5
through its Affiliates or Sublicensees; and 

  

	 	(c)	 nothing in this paragraph 2.1 of Schedule 5 is intended, or shall be construed, to require the Buyer to
Develop: 

  

	 	(i)	 [***]; or 

  

	 	(ii)	 [***]

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

57 

	2.2.	 If at any time the Sellers have a reasonable basis to believe that the Buyer is in material breach of its
obligations under paragraph 2.1 of Schedule 5 and such material breach has continued for a period of at least [***] (a “Continuing Material Breach”), then the Sellers shall cause the Sellers’ Representative to
deliver written notice (the “Default Notice”) of such Continuing Material Breach to the Buyer and, if the Buyer fails to remedy such Continuing Material Breach within 60 days of receipt of the Default Notice, then the provisions of
paragraph 2.3 shall apply. 

  

	2.3.	 If the Buyer is in Continuing Material Breach of its obligations under paragraph 2.1 and following receipt of a
Default Notice fails to remedy such Continuing Material Breach within the time period set out in paragraph 2.2, then the Sellers’ Representative may, by written notice to the Buyer, elect to initiate an ADR proceeding pursuant to the procedures
set forth in clause 23.3, and the arbitrators for such ADR proceeding shall be instructed and required to conduct a proceeding for the sole purposes of [***]. In the event [***] the Buyer is in Continuing Material Breach of its obligations under
paragraph 2.1, the Buyer shall pay to the Sellers [***] the Risk-Adjusted Remaining Amount. 

  

	2.4.	 Any amount to be paid by the Buyer pursuant to paragraph 2.3: 

 

	(a)	 to the Cash Sellers, shall be paid by transfer of the relevant funds for same day value to the Payments
Administrator, 

  

	(b)	 to the Loan Note Sellers, shall be paid by the issue by the Buyer of Contingent Consideration Loan Notes to
each of the Loan Note Sellers equal, in principal amount, to the relevant amount due to each of them pursuant to paragraph 2.3, 

 in each
case shall be made within 30 Business Days of the expiry of the time period set out in paragraph 2.2 without set off, deduction or withholding (except as required by law or by this Agreement). 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

58 

	2.5.	 The Sellers agree between themselves that any payments to the Payments Administrator pursuant to paragraph 2.4
shall be apportioned, and the principal amount of any Contingent Consideration Loan Notes issued pursuant to paragraph 2.4 shall be calculated, by reference to the Sellers’ respective Proportion of Initial Consideration. The Buyer shall not be
responsible for how any such payment to the Payments Administrator is allocated or applied by the Payments Administrator. 

  

	2.6.	 A payment or issue of Contingent Consideration Loan Notes by the Buyer pursuant to paragraph 2.3 shall not
discharge the Buyer of its obligation to pay any further Contingent Consideration (if any) above the amounts paid to the Sellers in accordance with paragraph 2.3 upon achievement of the relevant Milestone Events. 

 

	2.7.	 The parties acknowledge that: 

 

	(a)	 any provision in this Agreement that imposes a detriment on a party in breach, in particular as set out in
paragraph 2.3 of this Part A of Schedule 5, represents a genuine pre-estimate of the loss expected to be suffered by the party not in breach, and: 

 

	(i)	 protects the legitimate interests of the other parties in the enforcement of the obligation breached; and

  

	(ii)	 is not out of all proportion to those legitimate interests; and 

 

	(b)	 they are of comparable bargaining power and each of them has been properly advised in relation to this
Agreement. 

 Record Keeping and Reporting 
  

	2.8.	 The Buyer agrees that during the period whilst further Contingent Consideration is payable in accordance with
this Schedule 5 it shall, and shall procure that each other Buyer’s Group Undertaking shall: 

  
 CONFIDENTIAL 

 
 59 

	(a)	 prepare and maintain reasonably complete and accurate records regarding any Commercialisation or Development
efforts which relate to any mAb2 Product and all other data necessary for the calculation of the Contingent Consideration; 

 

	(b)	 once per calendar year, on 31 January, and subject to reasonable procedures and agreements to preserve
confidentiality, provide the Sellers’ Representative with a written report on material developments with respect to the Development and Commercialisation of any mAb2 Product, together
with such reasonable additional information regarding any such activities or events as the Sellers’ Representative may reasonably request from time to time (subject to any applicable third party confidentiality restrictions) which shall include
copies of relevant documents as requested by the Sellers’ Representative; and 

  

	(c)	 once per calendar year during the Relevant Period, within 30 days of the Sellers’ Representative’s
written request, meet in person or by telephone with the Sellers’ Representative. At such meetings, the Buyer shall cause senior officers from the research, clinical development, and business operations of the Buyer and/or the Buyer’s
Group Undertakings to attend, to present and to answer questions. Each of the Buyer and the Sellers’ Representative (on behalf of the Sellers) shall bear its own costs and expenses regarding such meetings. 

 

	2.9.	 Upon receipt of a request from the Sellers’ Representative, the Buyer shall, and shall ensure each of
Buyer’s Group Undertakings shall, permit an independent auditor designated by the Sellers’ Representative to inspect and audit the records and books of account maintained by it pursuant to paragraph 2.8 in order to confirm the accuracy and
completeness of such records and books of account and the calculation of the Contingent Consideration. Any such audit shall (i) be for a reasonable duration during office hours on a Business Day; (ii) be upon notice of at least 30 days;
and (iii) not be requested more than once during each financial year of the period during which any Contingent Consideration remains payable. The Sellers’ Representative (on behalf of the Sellers) shall pay the costs of each audit unless
the audit reveals a variance of more than [***] between the amounts paid and the amounts due, 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

60 

	 	
in which case the Buyer shall bear the cost of the audit, provided, however, that in the event the audit pertains to achievement of a Milestone Event relating to the
Buyer’s Net Sales, the Sellers’ Representative (on behalf of the Sellers) shall pay the costs of each audit unless the audit reveals a variance of more than [***] between the Net Sales reported by Buyer and the Net Sales determined by the
audit. If the audit reveals an underpayment by the Buyer, the Buyer shall transfer the amount by which it had underpaid by transfer of funds for same day value to the Payments Administrator for further distribution to the Sellers within 10 Business
Days after the date on which such audit is completed. 

 Part B: Milestone Payment Amounts 

 

					
	 Column 1: Milestone Event
	  	Column 2: Maximum
Milestone Payment
(US$)	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 [***]
	  	 	[***]	 
	 TOTAL =
	  	 	[***]	 

  

	*	 The maximum Milestone Payment for this Milestone Event shall be increased by [***]. 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

61 

 SCHEDULE 6 

[***] 
 Part A: [***] 

 

	1.	 CAPACITY AND AUTHORITY 

 

	1.1.	 The Seller has the right, power and authority to execute, deliver and perform its obligations under this
Agreement and any other Transactional Document to be executed by the Seller and, where the Seller is not an individual, all such obligations of the Seller have been duly and validly approved and authorized by all necessary action on the part of such
Seller, and no other action on the part of such Seller is required in connection therewith. 

  

	1.2.	 If such Seller is not an individual, it has been duly incorporated and is validly existing and in good standing
under the laws of the jurisdiction in which it is incorporated or constituted (to the extent that such concepts are recognised in such jurisdiction). 

  

	1.3.	 The Seller’s obligations under this Agreement and any other Transactional Document to be executed by the
Seller are, or when the relevant document is executed will be, enforceable in accordance with their terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights generally and general equitable principles 

  

	1.4.	 The execution and delivery of, and the performance by the Seller of its obligations under, this Agreement and
any of the Transactional Documents will not: 

  

	(a)	 if relevant, result in a breach of any provision of its articles of association or by-laws; 

  

	(b)	 result in a breach of, or constitute a default under, any instrument to which the Seller is a party or by which
the Seller is bound where such breach may prejudice the transactions contemplated by this Agreement or any of the Transaction Documents; or 

  

	(c)	 result in a breach of any order, judgment or decree of any court or Authority to which the Seller is a party or
by which the Seller is bound or submits where such breach may prejudice the transactions contemplated by this Agreement or any of the Transaction Documents. 

  
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 62 

	2.	 SHARES 

  

	2.1.	 The Seller’s Relevant Shares constitute the whole of the Seller’s interest in the allotted and issued
share capital of the Company and the Seller does not exercise voting power over any other outstanding shares or other equity interests of the Company. 

  

	2.2.	 The Seller is entitled to sell and transfer or procure the transfer of the full legal and beneficial ownership
of its Relevant Shares to the Buyer on the terms set out in this Agreement. 

  

	2.3.	 The Shares registered in the name of the Seller and set out opposite his name at columns B and C (as
applicable) of Schedule 1 have been properly allotted and issued and are fully paid and such Shares will be sold free of all Encumbrances and there is no agreement, arrangement or obligation to give or create any such Encumbrance. No person has
claimed to be entitled to an Encumbrance in relation to any such Shares. 

 Part B: [***] 

 

	1.	 SHARES 

  

	1.1.	 At Completion, the Shares are registered in the name of the Sellers and set out opposite their names at columns
B and C (as applicable) of Schedule 1 and constitute the entire issued share capital of the Company, have been properly allotted and issued and are fully paid or credited as fully paid. 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

63 

	1.2.	 Other than this Agreement, the Transaction Documents, the Shareholders’ Agreement or as referred to or
contemplated by this Agreement, there is no agreement, arrangement or obligation requiring the creation, allotment, issue, transfer, redemption or repayment of, or the grant to a person by the Company of the right (conditional or not) to require the
allotment, issue, transfer, redemption or repayment of, a share in the capital of the Company (including an option or right of pre emption or conversion). 

  

	1.3.	 So far as the Warrantors are aware, no person has claimed to be entitled to an Encumbrance in relation to any
Shares. 

  

	1.4.	 Save for this Agreement, the Transaction Documents, the Company’s articles of association and the
Shareholders’ Agreement, there are no contracts relating to voting, purchase, sale or transfer of any Shares (i) between or among the Company and any Shareholder, and (ii) so far as the Warrantors are aware, between or among any of
the Shareholders. 

  

	2.	 THE GROUP 

  

	2.1.	 The Company does not have, and has not at any time had, any subsidiary undertakings. 

 

	2.2.	 Other than as contemplated by this Agreement, the Company has no interest in, and has not agreed to acquire an
interest in or merge or consolidate with, a corporate body or any other person. 

  

	2.3.	 The information contained in Schedule 1 (The Sellers) and Schedule 2 (Information about the
Company) is true and accurate. 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

64 

 SCHEDULE 7 

[***] 
  

	1.	 ORGANIZATION 

  

	1.1	 The Company is a company duly incorporated and validly existing under the laws of England and Wales and has the
right, power and authority to execute, deliver and perform its obligations under this Agreement and any other Transactional Document to be executed by it. 

  

	1.2	 The Company’s obligations under this Agreement and any other Transactional Documents to be executed by the
Company are, or when the relevant document is executed will be, enforceable in accordance with their terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights generally and general equitable principles. 

  

	2.	 ACCOUNTS 

  

	2.1	 General 

  

	2.1.1	 The Accounts have been prepared and audited on a proper and consistent basis in accordance with the law and
applicable standards, principles and practices generally accepted in the United Kingdom. 

  

	2.1.2	 The Accounts show a true and fair view of the state of affairs of the Company as at the Last Accounting Date
and of the profit or loss of the Company for the financial year ended on the Last Accounting Date. 

  

	2.1.3	 Save as disclosed in the Accounts, the Accounts have been prepared using the same accounting policies as those
adopted and applied in preparing the accounts for the previous two years. 

  

	2.1.4	 The Company does not have any liabilities of any nature other than (i) those set forth or adequately
provided for in the Accounts, (ii) those incurred in the conduct of the Company’s business since the Last Accounting Date in the ordinary course, and which, individually or in the aggregate, are not material in nature or amount and do not
result from any breach by the Company of any contract, warranty, infringement, tort or violation of law to which it is subject, and (iii) those incurred by the Company in connection with the execution of this Agreement. Except for liabilities
reflected in the Accounts, the Company has no off balance sheet liability of any nature to, or any material financial interest in, any third party or entities, the purpose or effect of which is to defer, postpone, reduce or otherwise avoid or adjust
the recording of expenses 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

65 

	 	
incurred by the Company. Without limiting the generality of the foregoing, the Company has never guaranteed any debt or other obligation of any other person. 

 

	2.2	 Provision for Tax 

The Accounts include provision or reserve (as appropriate) in accordance with the relevant accounting standards for Tax liable to be assessed on the Company or
for which the Company is accountable in respect of profits earned, accrued or received on or before the Last Accounting Date, and in respect of any event occurring on or before the Last Accounting Date. 

 

	2.3	 Accounting records 

The Company’s accounting records are up-to-date in all material respects,
are in its possession or under its control and are properly completed in accordance with the law and applicable standards, principles and practices generally accepted in the United Kingdom. 

 

	3.	 CHANGES SINCE THE LAST ACCOUNTING DATE 

 

	3.1	 Since the Last Accounting Date: 

 

	3.1.1	 the Company’s business has in all material respects been operated in the usual way so as to maintain it as
a going concern; 

  

	3.1.2	 there has been no material adverse change in the financial or trading position of the Company or the
properties, assets (including intangible assets), liabilities, business, prospects, capitalization, employees, operations or results of operations of the Company or any change that would reasonably be expected to materially impede or delay the
Company’s ability to consummate the transactions contemplated by this Agreement, other than any event, circumstance or change resulting from changes in stock markets, interest rates, exchange rates, commodity prices or other general economic
conditions or changes in conditions affecting the industry generally in which the Company operates; 

  

	3.1.3	 the Company has not made or entered into any contract or letter of intent with respect to, or otherwise
effected, any acquisition, sale, license, disposition or transfer of any asset that is material to the business of the Company, including without limitation, Intellectual Property other than IP Licenses Out; 

  
 CONFIDENTIAL 

 
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	3.1.4	 there has not occurred any change in accounting methods or practices (including any change in depreciation or
amortization policies or rates or revenue recognition policies or establishment of reserves) by the Company or any revaluation by the Company of any of its assets; 

 

	3.1.5	 there has not occurred any declaration, setting aside, or payment of a dividend or other distribution with
respect to any securities of the Company, or any redemption, purchase or other acquisition by the Company of any of its securities, or any change in any rights, preferences, privileges or restrictions of any of its outstanding securities;

  

	3.1.6	 the Company has not entered into, amended, renewed or terminated any Material Contract (as hereinafter
defined), and there has not occurred any material default or breach under any Material Contract to which the Company is a party or by which it is, or any of its assets and properties are, bound; 

 

	3.1.7	 the Company has not incurred, created or assumed any Encumbrance on any of its assets or properties, any
material indebtedness, or any liability as guarantor or surety with respect to the obligations of any other person; and 

  

	3.1.8	 the Company has not paid or discharged any Encumbrance or liability which was not shown on the Accounts or
incurred in the ordinary course of business consistent with past practice since the Last Accounting Date. 

  

	4.	 TAX 

  

	4.1	 The Company has, within the last three years, where legally obliged to do so: 

 

	4.1.1	 duly and punctually paid all Tax which it has become liable to pay, whether or not shown or required to be
shown on any Tax return; 

  
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	4.1.2	 duly deducted, withheld or collected for payment (as appropriate) all Tax due to have been deducted, withheld
or collected for payment and has accounted for or paid all such Tax to the relevant Tax Authority (to the extent due); and 

  

	4.1.3	 not been liable to pay any material interest, penalty or surcharge in respect of any unpaid Tax.

  

	4.2	 All returns, computations, information, accounts and notices which are or have been required by law to be made
or given by the Company within the last three years for any Tax purposes have been made or given in the required form and have been properly submitted by the Company and are complete and accurate in all material respects. 

 

	4.3	 The Company has, in the last three years, in all material respects, complied at all times with all statutory
requirements, regulations, notices, orders, directions and conditions relating to all relevant Taxes, including the terms of any agreement made with HMRC or any other relevant Tax Authority. 

 

	4.4	 The Company is not, nor has it at any time within the last three years, been involved in any dispute with or non-routine investigation, audit or discovery by any Tax Authority and, so far as the Warrantors are aware, no such dispute, investigation, audit or discovery is planned. 

 

	4.5	 There are no liens or encumbrances against any of the Company’s assets, arising in connection with a
failure to pay any Tax. 

  

	4.6	 In the last three years, each related party transaction involving the Company is and has been at arm’s-length in all material respects and determined in compliance in all material respects with applicable transfer pricing rules and regulations. 

 

	4.7	 The Company does not have any outstanding waivers or extension of the statute of limitations for assessment of
any Tax. 

  

	4.8	 The Company is not a party to, or bound by, any Tax indemnity agreement, Tax sharing agreement or Tax
allocation agreement with respect to Taxes (other than any agreement entered into in the ordinary course of business and not primarily related 

  
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to Taxes) and other than this Agreement, the Spin-Out License, and the License Agreement and any other agreement contemplated by any such agreements. The
Company is not liable for Taxes of any other Person (i) under any applicable Law, (ii) as a transferee of any assets or successor to any liabilities, or (iii) by Contract, indemnity or otherwise, including by reason of the
transactions contemplated by the Gamma IP License. 

  

	4.9	 In the last three years, no written claim has been made by any Tax Authority in a jurisdiction where the
Company does not file Tax Returns that the Company is or may be subject to Taxation by that jurisdiction. 

  

	4.10	 The Company will not, after the Completion Date, be liable under any applicable Law, by Contract, indemnity or
otherwise as a transferee of any assets or successor to any liabilities, for any Taxes of F-star, F-star GmbH, or any of their Affiliates as a result of (i) the
Company’s entry into, and transactions contemplated by, the Gamma IP License, the License Agreement and the Services Agreement and/or (ii) the transactions contemplated by the Option Agreement and this Agreement other than VAT as provided
for in any agreement. 

  

	5.	 ASSETS 

  

	5.1	 Title and condition 

 

	5.1.1	 Each asset included in the Accounts or acquired by the Company since the Last Accounting Date is:

  

	(a)	 legally and beneficially owned solely by the Company; 

 

	(b)	 where capable of possession, in the possession or under the control of the Company. 

 

	5.1.2	 Company owns or has the right to use each asset used in and necessary for the effective operation of its
business. 

  

	6.	 INTELLECTUAL PROPERTY 

The Company owns, or has rights to use, all Intellectual Property materially necessary for the Company to operate its business. 

  
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 69 

	6.1	 Registered Owned IP 

 

	6.1.1	 The Disclosure Letter sets out details of all material registered Intellectual Property owned by the Company
(“Registered Owned IP”). The Company solely owns the Registered Owned IP. 

  

	6.1.2	 To the best of the knowledge, information and belief of the Warrantors, (i) there are no issued patents or
registered trademarks within the Registered Owned IP that are invalid or unenforceable and (ii) there are no patent applications included within the Registered Owned IP that have not been duly filed and diligently prosecuted.

  

	6.1.3	 The Company has received an assignment of rights from each inventor listed in the patents and patent
applications included in the Disclosure Letter save in the case of those inventors which are employees of the Company and whose inventions vest in the Company by virtue of their employment relationship. The Company is the sole legal and beneficial
owner of each of the patents and patent applications. 

  

	6.1.4	 All issuance, renewal and maintenance fees due up to and including the date of this Agreement in respect of
each of the Registered Owned IP have been paid in full and on time. 

  

	6.2	 No infringement by Company of third party Intellectual Property 

 

	6.2.1	 To the best of the knowledge, information and belief of the Warrantors, the activities of the Company, and the
practice of the inventions claimed under the Registered Owned IP, do not nor have they in the year prior to the date of this Agreement infringed, misappropriated, misused, violated or otherwise made use without authorisation of any third party
Intellectual Property nor has any person threatened to the Company in writing to issue such a notice. 

  

	6.2.2	 To the best of the knowledge, information and belief of the Warrantors, the Company has not issued any
opposition, invalidation, revocation or cancellation proceeding or any other proceeding or counterclaim (including any litigation, arbitration or proceeding pursuant to any other dispute resolution mechanism) concerning the validity, enforceability
or title to any Intellectual Property of any third party. 

  
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 70 

	6.3	 IP Licenses In and IP Licenses Out 

 

	6.3.1	 Copies of all material licenses of Intellectual Property granted by the Company (“IP Licenses
Out”) and granted to the Company (“IP Licenses In”) are included in the Disclosure Bundle. 

  

	6.3.2	 To the best of the knowledge, information and belief of the Warrantors, no IP License In or IP License Out is
currently being, or has at any time been, breached in a material way by the Company or to the best of the Warrantors’ knowledge, information and belief, by any other party thereto. So far as the Warrantors are aware, the rights granted under
the IP Licenses In and IP Licenses Out will not be adversely affected by the transactions contemplated by this Agreement. 

  

	6.3.3	 To the best of the knowledge, information and belief of the Warrantors, all fees, royalties or other amounts
due to be paid by or to the Company in respect of any IP License In or IP License Out have been paid in a timely manner and no such payments have been outstanding for more than 60 days. 

 

	6.4	 Company Confidential Information 

 

	6.4.1	 To the best of the knowledge, information and belief of the Warrantors, all Company Confidential Information
held by the Company is accurately and properly documented to enable the Buyer to acquire and retain its full benefit and is subject to appropriate storage and security measures to preserve the confidentiality and secrecy of such Company Confidential
Information. 

  

	6.4.2	 To the best of the knowledge, information and belief of the Warrantors, the Company has not disclosed any
Company Confidential Information to any person other than (i) its employees and advisors who are bound by obligations of confidence (howsoever arising); (ii) in circumstances where such disclosures have been made in the ordinary course of
business; and (iii) pursuant to the IP Licenses Out and the IP Licenses In. 

  
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	7.	 INSURANCE 

  

	7.1	 Policies 

The Disclosure Letter sets out a list of insurance policies maintained by or on behalf of the Company (together the “Policies”); 

 

	7.2	 Status of the Policies 

Each of the Policies is valid and enforceable and the Warrantors are not aware of any circumstances that would render any of them void or voidable. 

 

	7.3	 Premiums 

All premiums which are due under the Policies have been paid. 
  

	8.	 MATERIAL CONTRACTS 

 

	8.1	 Validity of Material Contract 

 

	8.1.1	 Save for the Transaction Documents. the Company is not a party to or bound by any of the following contracts
(each a “Material Contract”): 

  

	(a)	 any contract limiting the freedom of the Company to engage or participate, or compete with any other person, in
any line of business, market or geographic area, or to make use of any Intellectual Property, or any contract granting exclusive rights, rights of refusal, rights of first negotiation or similar rights and/or terms to any person, or any contract
otherwise limiting the right of the Company to sell, distribute or manufacture any products or services or to purchase or otherwise obtain any products or services; 

 

	(b)	 any licenses, sublicenses and other contracts pursuant to which any person is granted any rights to
Intellectual Property of the Company or pursuant to which the Company has agreed to any restriction on the right of the Company to use or enforce any Intellectual Property owned by the Company or pursuant to which the Company agrees to encumber,
transfer or sell rights in or with respect to any Intellectual Property owned by the Company; or 

  
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 72 

	(c)	 any other contract or obligation that individually had or has a value or payment obligation in excess of
US$50,000 over the life of the contract or is otherwise material to the Company or its businesses, operations, financial condition, properties or assets. 

  

	8.1.2	 Each of the Material Contracts is in full force and effect, subject only to the effect, if any, of applicable
bankruptcy and other similar laws affecting the rights of creditors generally and rules of law governing specific performance, injunctive relief and other equitable remedies. 

 

	8.1.3	 No party to a Material Contract has given notice of its intention to terminate to the Company, or has sought to
repudiate or disclaim, the Material Contract. 

  

	8.1.4	 Neither the Company nor, so far as the Warrantors are aware, any party with whom the Company has entered into a
Material Contract is in material breach of the Material Contract. 

  

	8.1.5	 So far as the Warrantors are aware, no circumstances exist which would give rise to any breach of any Material
Contract or to any such Material Contract being terminated or varied without the Company’s consent (other than termination without cause upon notice in accordance with the terms of the agreement). 

 

	9.	 EFFECT OF SALE 

Neither the execution nor the performance of this Agreement or any document to be executed at or before the Completion Date will result in the Company losing
the benefit of any material asset, grant, subsidy, right or privilege which it enjoys at the date of this Agreement. 
  

	10.	 LIABILITIES 

  

	10.1	 Indebtedness 

The Company does not have outstanding and has not agreed to create or incur loan capital, borrowings, indebtedness in the nature of borrowings other than the
trade debt incurred in the ordinary and usual course of trading. 
  

	10.2	 Guarantees and indemnities 

The Company is not a party to and is not liable under a guarantee, indemnity or other agreement to secure or incur a financial or other obligation with respect
to another person’s obligation. 

  
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	10.3	 Grants 

  

	10.3.1	 The Company is not liable to repay an investment or other grant or subsidy made to it by a body (including the
Department for Business, Innovation and Skills or its predecessor). 

  

	10.3.2	 No fact or circumstance (including the execution and performance of this Agreement) exists which might entitle
a body to require repayment of, or refuse an application by the Company for, the whole or part of a grant or subsidy. 

  

	11.	 RESTRICTIONS ON BUSINESS ACTIVITIES 

Other than the Transaction Documents, there is no contract, judgment, injunction, order or decree binding upon the Company as of the date of this Agreement
which has or would reasonably be expected to have, whether before or after Completion, the effect of prohibiting, restricting or impairing any current or presently proposed business practice of the Company, any acquisition of property by the Company
or the conduct or operation of the Company’s business or limiting the freedom of the Company to engage in any line of business, to sell, license or otherwise distribute services or products in any market or geographic area, or to compete with
any person. 
  

	12.	 SERVICE PROVIDERS 

 

	12.1	 The Company has never employed or engaged any employees, consultants, advisory board members, or independent
contractors. The Company has never maintained or offered any: 

  

	12.1.1	 employee benefit plans; 

 

	12.1.2	 loan to any independent contractor or consultant; 

 

	12.1.3	 stock option, stock purchase, phantom stock, stock appreciation right, supplemental retirement, severance,
sabbatical, medical, dental, vision care, disability, employee relocation, cafeteria benefit, dependent care, life insurance or accident insurance plans, programs or arrangements; 

  
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 74 

	12.1.4	 bonus, pension, profit sharing, savings, severance, retirement, deferred compensation or incentive plans,
programs or arrangements; 

  

	12.1.5	 other fringe or employee benefit plans, programs or arrangements; or 

 

	12.1.6	 employment or executive compensation or severance agreements, written or otherwise. 

 

	12.2	 None of the execution and delivery of this Agreement, the Completion or any other transaction contemplated
hereby or any termination of employment or service or any other event in connection therewith or subsequent thereto will, individually or together or with the occurrence of some other event: 

 

	12.2.1	 result in any payment (including severance, unemployment compensation, golden parachute, bonus or otherwise)
becoming due to any person; 

  

	12.2.2	 increase or otherwise enhance any benefits otherwise payable by the Company; 

 

	12.2.3	 result in the acceleration of the time of payment or vesting of any such benefits; 

 

	12.2.4	 obligate the payment of compensation to any person; or 

 

	12.2.5	 result in the forgiveness in whole or in part of any outstanding loans made by the Company to any person.

  

	13.	 INTERESTED PARTY TRANSACTIONS 

None of the officers and directors of the Company and, as far as the Warrantors are aware, none of the employees of the Company or Shareholders, nor, so far as
the Warrantors are aware, any immediate family member of an officer, director, employee or Shareholder, has any direct or indirect ownership, participation, or other interest in, or is an officer, director, employee of or consultant or contractor
for any firm, partnership, entity or corporation that competes with, or does business with, or has any contractual arrangement with, the Company (except with respect to (i) F-star or F-star GmbH or (ii) any interest in less than 

  
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five per cent (5%) of the issued share capital of any Company whose shares are publicly traded). None of said officers, directors or Shareholders or, so far as the Warrantors are aware, any
employees or member of their immediate families of the foregoing, is a party to or otherwise directly interested in, any contract to which the Company is a party or by which the Company or any of its assets or properties may be bound or affected in
a material manner. As far as the Warrantors are aware, none of said officers, directors, employees or Shareholders has any material interest in any property, real or personal, tangible or intangible (including any Intellectual Property) that is
directly related to the business of the Company. 
  

	14.	 COMPLIANCE WITH OPTION AGREEMENT 

At all times since the Effective Date (as defined in the Option Agreement) the Company has complied in all material respects with its covenants set forth in
the Option Agreement. 
  

	15.	 INSOLVENCY, WINDING UP ETC. 

 

	15.1	 Winding up 

No order has been made, petition presented or resolution passed for the winding up of the Company or for the appointment of a liquidator or provisional
liquidator to the Company. 
  

	15.2	 Administration 

No administrator has been appointed in relation to the Company. So far as the Warrantors are aware, no notice has been given or filed with the court of an
intention to appoint an administrator. No petition or application has been presented or order made for the appointment of an administrator in respect of the Company. 
  

	15.3	 Receivership 

No receiver or administrative receiver has been appointed, nor any notice given of the appointment of any such person, over the whole or part of the
Company’s business or assets. 
  

	15.4	 Moratorium 

No moratorium has been sought or has been granted under section 1A of the Insolvency Act 1986 in respect of the Company. 

  
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	15.5	 Voluntary arrangements 

No voluntary arrangement has been proposed under section 1 of the Insolvency Act 1986 in respect of the Company. 

 

	15.6	 Scheme of arrangement 

No compromise or arrangement has been proposed, agreed to or sanctioned under Part 26 (Arrangements and Reconstructions) of the Act in respect of the Company,
nor has any application been made to, or filed with, the court for permission to convene a meeting to vote on a proposal for any such compromise or arrangement. 
  

	15.7	 Informal arrangements with creditors 

The Company has not proposed or agreed to a composition, compromise, assignment or arrangement with any of its creditors. 

 

	15.8	 Inability to pay debts 

The Company is not unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986. There are no unsatisfied written demands that have
been served on the Company pursuant to section 123(1)(a) of the Insolvency Act 1986. There is no unsatisfied judgment or court order outstanding against the Company. 
  

	15.9	 Payment of debts 

The Company has not stopped payment of, nor is it unable to pay, its debts as they fall due, nor has the Company commenced negotiations with one or more of its
creditors with a view to rescheduling or restructuring any of its indebtedness. 
  

	15.10	 Distress 

No distress, execution, attachment, sequestration or other process has been levied on an asset of the Company which remains undischarged. 

 

	15.11	 Striking out 

No action is being taken by the Registrar of Companies to strike the Company off the register under section 1000 of the Act. 

 

	15.12	 Analogous proceedings 

The Company is not, in any jurisdiction, subject to or threatened by any other procedures or steps which are analogous to those set out above. 

  
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	16.	 COMPETITION 

So far as the Warrantors are aware, the Company has not failed to comply with or infringed the competition laws or regulations of any jurisdiction or been
investigated for alleged non-compliance or infringement or given any undertaking in connection therewith. 
  

	17.	 LITIGATION AND COMPLIANCE WITH LAW 

Nothing in this Warranty concerns any matters concerned with any Intellectual Property. For the purposes of this paragraph 12: 

“Agent” means, with respect to an entity, any director, officer, employee or other representative of such entity; any person for whose acts
such entity may be vicariously liable; and any other person that acts for or on behalf of, or provides services for or on behalf of, such entity, in each case, whilst acting in his capacity as such; 

 

	17.1	 Litigation 

  

	17.1.1	 Neither the Company nor, so far as the Warrantors are aware, a person for whose acts or defaults the Company
may be vicariously liable is involved, or has been involved, in a civil, criminal, arbitration, administrative or other proceeding. The Company has not received written notice that any civil, criminal, arbitration, administrative or other proceeding
is pending or threatened by or against the Company or the assets or properties of the Company, or any of the directors, officers or employees of the Company (in their capacities as such or relating to their employment, services or relationship with
the Company) or, so far as the Warrantors are aware, a person for whose acts or defaults the Company may be vicariously liable. So far as the Warrantors are aware, there is no reasonable basis for any action, suit, proceeding, claim, mediation,
arbitration or investigation against the Company or the assets or properties of the Company, or any of the directors, officers or employees of the Company (in their capacities as such or relating to their employment, services or relationship with
the Company) or a person for whose acts or defaults the Company may be vicariously liable. 

  

	17.1.2	 There is no outstanding judgment, order, decree, arbitral award or decision of a court, tribunal, arbitrator or
governmental agency against the Company, any of its assets or properties, or a person for whose acts or defaults the Company may be vicariously liable. 

  

	17.1.3	 So far as the Warrantors are aware, there is no reasonable basis for any Person to asset a claim against the
Company based upon the Company entering into this Agreement or any of the Transaction Documents. 

  
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	17.2	 Compliance with law 

 

	17.2.1	 The Company has conducted its business and dealt with its assets in all material respects in accordance with
applicable legal and administrative requirements. 

  

	17.2.2	 The Company has obtained each governmental consent, license, permit, grant, or other authorization of a
governmental entity that is required for the operation of the Company’s business or the holding of its assets or properties (all of the foregoing consents, licenses, permits, grants, and other authorizations, collectively, the “Company
Authorizations”) and all of the Company Authorizations are in full force and effect. The Company has not received any notice or other communication from any governmental entity regarding (i) any actual or possible violation of law or
of any Company Authorization or any failure to comply with any term or requirement of any Company Authorization or (ii) any actual or possible revocation, withdrawal, suspension, cancellation, termination or modification of any Company
Authorization. None of the Company Authorizations will be terminated or impaired, or will become terminable, in whole or in part, as a result of the consummation of the transactions contemplated by this Agreement. 

 

	17.3	 Investigations 

There is not and has not been any governmental or other investigation, enquiry or disciplinary proceeding concerning the Company that the Company has been
notified of and, so far as the Warrantors are aware, none is pending or threatened. 
  

	17.4	 Making unlawful payments 

Neither the Company nor, so far as the Warrantors are aware, any of its Agents has paid, offered, promised, given or authorised the payment of money or
anything of value directly or indirectly to any person: 
  

	17.4.1	 intending to induce a person to improperly perform a function or activity or to reward a person for any such
performance; or 

  

	17.4.2	 while knowing or believing that the acceptance by that person would constitute the improper performance of a
function or activity. 

  
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 79 

	17.5	 Receiving unlawful payments 

Neither the Company nor so far as the Warrantors are aware, have any of its Agents has directly or indirectly requested, agreed to receive or accepted money or
anything of value: 
  

	17.5.1	 as a reward for the improper performance of a function or activity by any person; 

 

	17.5.2	 in circumstances which amount to an improper performance of a function or activity; or 

 

	17.5.3	 intending that as a consequence of any such request, agreement to receive or acceptance a function or activity
will be performed improperly. 

  
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 SCHEDULE 8 

Limitations on Sellers’ Liability 
  

	1.	 LIMITATION ON QUANTUM 

 

	1.1.	 No Warrantor shall be liable in respect of [***] unless and until the amount that would otherwise be
recoverable from the Warrantors (in aggregate) in respect of [***], when aggregated with any other amounts recoverable in respect of [***] exceeds [***] (the “Threshold”), in which case the Warrantors shall be liable [***].

  

	1.2.	 The total aggregate liability of the Warrantors in respect of [***] shall be limited in accordance with clause
6.3. 

  

	1.3.	 The liability in respect of each Seller in respect of [***] shall be limited to a maximum amount equal to [***]
of the aggregate of the Total Consideration paid to such Seller, except for [***] with respect to [***] set forth in [***], which shall be limited to a maximum amount of [***]. The liability in respect of each Seller in respect of [***] shall be
limited to a maximum amount equal to [***], except in the case of [***], which shall be limited to a maximum amount of [***]. 

  

	1.4.	 The liability of each Seller, in respect of [***] made against such Seller, and the liability of each Warrantor
for [***] made against such Warrantor, shall be limited to a maximum amount equal to [***]. 

  

	1.5.	 Subject to paragraph 4 of this Schedule 8, the aggregate liability of any Seller for all claims under this
Agreement shall be limited to a maximum amount equal to [***]. 

  

	2.	 TIME LIMITATIONS 

 

	2.1.	 No Seller, in respect of [***], or Warrantor, in respect of [***], shall be liable for such Claim (as the case
may be) unless the Buyer has given the Sellers’ Representative and each Warrantor notice of such Claim (as the case may be), which notice shall state in reasonable detail the nature of the Claim, the grounds on which it is based (including
which Warranty has or Warranties have been breached) and a good faith estimate of the amount claimed and must be notified to the Sellers’ Representative or Warrantor (as the case may be): 

 

	(a)	 on or before the date that is [***] after the Completion Date in respect of [***]; 

 

	(b)	 on or before [***] in respect of [***]; or 

 

	(c)	 on or before [***] in respect of [***]. 

 

	2.2.	 No Seller shall be liable for [***] or Warrantor shall be liable for [***] unless proceedings in respect of
such Claim (as the case may be) are issued and served on the Sellers’ Representative within a period of [***] starting on the day of the Buyer’s notification of such Claim pursuant to Section 2.1 above and provided that such Claim has
not otherwise been satisfied, settled or withdrawn. 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

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	3.	 RECOURSE FOR [***] 

In the event that any Seller is liable to the Buyer in respect of [***] following the earlier of (i) exhaustion of the money standing to the credit of the
Escrow Account and (ii) the Release Date, the Buyer’s [***] recourse for such liability shall be [***]. 
  

	4.	 NO LIMITATION FOR FRAUD ETC. 

Nothing in this Schedule 8 shall have the effect of limiting or restricting any liability of any Seller or Warrantor in respect of a Claim arising as a result
of any fraud, wilful misconduct or wilful concealment by or on behalf of that Seller or Warrantor. 
  

	5.	 RECOVERY ONLY ONCE 

The Buyer is not entitled to recover more than once in respect of any one matter giving rise to a loss or liability under this Agreement. 

 

	6.	 THIRD PARTY RECOVERY 

 

	6.1.	 If the Sellers pay to a Buyer’s Group Undertaking an amount in respect of a Claim and a Buyer’s Group
Undertaking subsequently recovers from another person an amount which is referable to the matter giving rise to the Claim: 

  

	(a)	 if the amount paid by the Sellers in respect of the Claim is more than the Sum Recovered, the Buyer shall
promptly pay to the Sellers the Sum Recovered; and 

  

	(b)	 if the amount paid by the Sellers in respect of the Claim is less than or equal to the Sum Recovered, the Buyer
shall promptly pay to the Sellers an amount equal to the amount paid by the Sellers. 

 For the purposes of paragraph 6.1 of this Schedule
8, “Sum Recovered” means an amount equal to the total of the amount recovered from the other person plus any interest in respect of the amount recovered from that person less all reasonable costs incurred by a Buyer’s Group
Undertaking in recovering the amount from the person. 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

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82 

 6.2. If the Buyer or a Buyer’s Group Undertaking becomes aware that matters have arisen which will or
could reasonably be expected to give rise to a Claim, the Buyer will (or will procure that the relevant Buyer’s Group Undertaking will) where practicable (and provided such information is not subject to confidentiality or is not privileged)
disclose in writing to the Sellers’ Representative such information and documents relating to the Claim as the Sellers’ Representative may reasonably request (at the sole cost of the Sellers) and will consult with those Sellers to the
extent practicable and have regard to their reasonable representations in respect of the resolution of the Claim. 
  

	7.	 ACCOUNTS 

The Sellers shall have no liability in respect of any Claim if and to the extent that any allowance, provision or reserve was made or otherwise reflected in
the Accounts or the Completion Accounts in respect of the matter or circumstances giving rise to the Claim. 
 8. TAX 

 

	8.1.	 The Sellers shall not be liable in respect of [***] to the extent that: 

 

	(a)	 it has been discharged or made good without cost or loss to the Buyer; or 

 

	(b)	 it arises or is increased as a result of any increase in the rates of Tax announced after the date of this
Agreement; or 

  

	(c)	 it arises or is increased by virtue of the failure or omission by the Company or the Buyer to make any claim,
election, surrender or disclaimer or give any notice or consent or do any other thing after Completion (otherwise than at the written request of the Sellers), the making, giving or doing of which was taken into account or assumed in computing any
provision or reserve for Tax in the Completion Accounts; or 

  

	(d)	 any Relief (other than a Relief which has been reflected or shown as an asset in the Completion Accounts, or
has been taken into account in calculating any provisions for Tax in the Completion Accounts) is available to reduce or eliminate such Tax liability. 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

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83 

	9.	 CHANGE IN LAW 

The Sellers shall not be liable in respect of any Claim to the extent that it arises, or its value is increased, as a result of a change in any law,
legislation, rule or regulation (including any new law, legislation, rule or regulation) that comes into force or otherwise takes effect after the date of this Agreement. 
  

	10.	 VOLUNTARY ACTS 

 

	10.1.	 The Sellers shall not be liable in respect of any Claim to the extent that the matter or circumstance giving
rise to such Claim arises, occurs or is otherwise attributable to, or the Sellers’ liability pursuant to such Claim is increased as a result of: 

[***]. 
  

	10.2.	 The Sellers shall not be liable in respect of any Claim to the extent that [***]. 

 

	11.	 SET OFF 

  

	11.1.	 Subject to the procedures set forth in paragraph 11.2 below, the Buyer shall be entitled to deduct from the
Contingent Consideration payable to a Seller or Sellers when it becomes due and payable in accordance with the provisions of Schedule 5 (Contingent Consideration), an amount equal to any Claim which may exist at the date upon which the
Contingent Consideration falls due to be paid by the Buyer; provided, however, that in respect of [***], the Buyer may only deduct or withhold from the Contingent Consideration payable to the Sellers the proportion of the
Contingent Consideration (as notified by the Sellers’ Representative pursuant to clause 3.5 of the Agreement) that is due or becomes due to [***]. 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

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84 

	11.2.	 If in connection with a payment of Contingent Consideration that has become due and payable in accordance with
the provisions of Schedule 5 (Contingent Consideration), the Buyer in good faith believes that a Claim exists and the Buyer intends to make a deduction to such Contingent Consideration as permitted under paragraph 11.1 above, the Buyer shall,
within three (3) Business Days following such payment becoming due and payable, deliver to the Sellers’ Representative and each Warrantor a notice in writing (a “Set Off Notice”) of such Claim, which Set Off Notice shall
state in reasonable detail the nature of the Claim, the grounds on which it is based (including which Warranty has or Warranties have been breached) and a good faith estimate of the amount claimed (the “Set Off Claim”). If the
Sellers’ Representative wishes to dispute the Set Off Claim on behalf of the Sellers or any Seller, it may, within twenty (20) Business Days of receipt of the Set Off Notice, indicate the same by written notice to the Buyer (the
“Set Off Dispute Notice”) which also shall state in reasonable the basis for the Sellers’ Representative’s dispute and the grounds on which it is based, in which case, either the Buyer or the Sellers’ Representative
may then elect to initiate an alternative dispute resolution proceeding pursuant to the procedures set forth in clause 23.3 for purposes of having the Set Off Claim settled (a “Set Off ADR”) 

 

	11.3.	 Promptly following timely receipt of the Set Off Dispute Notice, the Buyer shall deposit the applicable
Contingent Consideration into escrow with SunTrust Bank or another escrow agent mutually acceptable to the Buyer and the Sellers’ Representative. The applicable Contingent Consideration shall be released from escrow and paid in accordance with
the decision of the arbitrators in such Set Off ADR. 

  

	11.4.	 For the avoidance of doubt, the set-off right set out in this paragraph
11 shall not apply to [***]. 

  

	12.	 [***] 

[***]. 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

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85 

	13.	 CONDUCT OF THIRD PARTY CLAIMS 

 

	13.1.	 The provisions of this paragraph 13 shall apply in the event that any third party brings or makes (or threatens
to bring or make) any claim, demand, action or proceedings against any of the Buyer or a Buyer’s Group Undertaking which may reasonably be considered likely to give rise to a Claim (a “Third Party Claim”).

  

	13.2.	 In the event of a Third Party Claim, the Buyer shall: 

 

	(a)	 as soon as reasonably practicable [***] give written notice of the Third Party Claim to the Sellers’
Representative, specifying in reasonable detail the nature of the Third Party Claim; 

  

	(b)	 permit the Sellers’ Representative to participate in the defence of (but not conduct or control) such
Third Party Claim at the expense of the Sellers’ Representative; 

  

	(c)	 keep the Sellers reasonably informed (through the Sellers’ Representative) of the progress of, and all
material developments in relation to, the Third Party Claim; 

  

	(d)	 provide the Sellers’ Representative with copies of all material information and correspondence relating to
the Third Party Claim; and 

  

	(e)	 give (and cause each relevant Buyer’s Group Undertaking to give) the Sellers’ Representative and/or
its professional advisers access at reasonable times (and on reasonable prior notice) to its premises and personnel, and to any relevant assets, accounts, documents or records within its control, for the purposes of enabling the Sellers to assess
the Third Party Claim and to exercise their rights under this paragraph 13.2. 

  
 CONFIDENTIAL 

 
 86 

	13.3.	 The Buyer shall have the right in its sole discretion to conduct the defence of and to settle or resolve such
Third-Party Claim. However, without the prior written consent of the Sellers’ Representative, which consent will not be unreasonably withheld, delayed or conditioned [***]. In the event that the Sellers’ Representative has consented in
writing [***], neither the Sellers’ Representative nor any Seller shall have any power or authority to object [***]. 

  

	13.4.	 The Sellers shall indemnify the Buyer in respect of all costs, charges and expenses that are reasonably and
properly incurred by the Buyer (or any other member of the Buyer’s Group) in connection with the defence of a Third Party Claim. 

  

	14.	 PROVISION OF INFORMATION 

If, at any time after the date of this Agreement, a Seller wants to insure against its liabilities in respect of a Claim, the Buyer shall provide such
information and assistance as a prospective insurer may reasonably require before effecting the insurance. 
  

	15.	 PRESERVATION OF INFORMATION 

The Buyer shall, and shall ensure that each Buyer Group Company will, use reasonable endeavours to preserve all documents, records, correspondence, accounts
and other information whatsoever relevant to a matter which may give rise to a Claim. 
  

	16.	 RELEASING SELLER FROM LIABILITY 

The Buyer may release or compromise in whole or in part the liability of any of the Sellers under this Agreement or grant any time or indulgence to that Seller
without affecting the liability of any other Seller. 
  

	17.	 CONTINGENT LIABILITIES 

If any potential Claim arises as a result of a contingent or unquantifiable liability of any Buyer’s Group Undertaking, each Seller will not be obliged to
pay any sum in respect of the potential Claim until the liability either ceases to be contingent or becomes quantifiable; 

  
 *** Certain information in this
agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

CONFIDENTIAL 
  

87 

 
provided, however, that this paragraph 17 shall not restrict the Buyer from setting off and deducting the Buyer’s reasonable estimate of any such potential Claim from Contingent
Consideration, as permitted by paragraph 11. 
  

					
	EXECUTED and DELIVERED as a DEED by DENALI THERAPEUTICS INC. acting by an authorised officer	 	 )
 )

)
	 	
			
	In the presence of:	 		 	 /s/ Steve Krognes

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  

					
	EXECUTED and DELIVERED as a DEED by SHAREHOLDER REPRESENTATIVE SERVICES LLC. acting by an authorised officer	 	 )
 )

)
	 	
			
	In the presence of:	 		 	 /s/ [***]

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

88 

					
	 EXECUTED and DELIVERED as a DEED by [***]

an authorised signatory of
 ATLAS VENTURE ASSOCIATES VII,
INC. acting in its capacity as general partner of ATLAS VENTURE ASSOCIATES VII, L.P. acting in its capacity as general partner of ATLAS VENTURE FUND VII, L.P.
	 		 	
			
	In the presence of:	 		 	 /s/ [***]

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

89 

					
	 EXECUTED and DELIVERED as a DEED

by [***]
 an authorised signatory of

AESCAP VENTURE MANAGEMENT B.V. acting as manager of

COÖPERATIVE AESCAP VENTURE I U.A.
	 		 	
			
	In the presence of:	 		 	 /s/ [***]

			
	Signature of Witness: 	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  

					
	EXECUTED and DELIVERED as a DEED by TVM LIFE SCIENCE VENTURES VI GMBH & CO. KG acting by
                                        
, authorised signatory	 		 	
			
	In the Presence of:	 		 	 /s/ [***]

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

90 

					
	 EXECUTED and DELIVERED as a DEED
by                                       
  , authorised signatory of TVM LIFE SCIENCE VENTURES VI CAYMAN LIMITED acting as a general partner of
 TVM
LIFE SCIENCE VENTURES VI LIMITED PARTNERSHIP
	 		 	
			
	In the Presence of:	 		 	 /s/ [***]

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  

					
	EXECUTED and DELIVERED as a DEED by MP HEALTHCARE VENTURE MANAGEMENT, INC. acting
by                                       
  , an authorised signatory	 		 	
			
	In the Presence of:	 		 	 /s/ [***]

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

91 

					
	EXECUTED and DELIVERED as a DEED by MERCK VENTURES B.V. acting by
                                        
, an authorised signatory	 		 	
			
	In the Presence of:	 		 	 /s/ [***]

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness: 	 		 	  

			
		 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  

					
	EXECUTED and DELIVERED as a DEED by S.R. ONE, LIMITED acting by [***], a duly authorised officer 	 		 	
			
	In the Presence of:	 		 	 /s/ [***]

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

92 

					
	EXECUTED and DELIVERED as a DEED by [***]	 		 	
			
	In the Presence of:	 		 	 /s/ [***]

			
	Signature of Witness:	 		 	  

			
	Name of Witness:	 		 	  

			
	Address of Witness:	 		 	  

			
		 		 	  

			
		 		 	  

			
	Occupation of Witness:	 		 	  

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has
been omitted and is the subject of a confidential treatment request. 
  

93

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