Document:

EX-10.18

 Exhibit 10.18 

[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.] 

License Agreement 
 This
License Agreement (this “Agreement”), effective as of December 20, 2018 (the “Effective Date”), is entered into by and between Inhibrx, Inc., a Delaware corporation (“Inhibrx”), and bluebird
bio, Inc., a Delaware corporation (“Licensee”). Inhibrx and Licensee are referred to individually as a “Party” and collectively as the “Parties.” 

Background 
  

	A.	 Inhibrx Controls certain intellectual property relating to its single domain antibody technology platform that
may be used to generate Binders Directed Against Target Antigens. 

  

	B.	 Licensee is a biotechnology company focused on the development and commercialization of gene therapies for
severe genetic diseases and in cancer, including engineered T cells that express chimeric antigen receptors; 

  

	C.	 Inhibrx desires to grant to Licensee, and Licensee desires to obtain from Inhibrx, a license to intellectual
property Controlled by Inhibrx for the development, manufacturing, and commercialization of Cell Therapy Products that contain one or more Binders, all under the terms and conditions set forth in this Agreement. 

Agreement 
 In
consideration of the foregoing premises and the covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

1.    Definitions. Unless specifically set forth to the contrary herein, the following terms, whether used in the
singular or plural, have the respective meanings set forth below. 
 1.1    “Acquisition
Entities” has the meaning set forth in Section 1.15. 

1.2    “Affiliate” means, with respect to a Party, any Entity that controls, is controlled by, or
is under common control with that Party. For the purpose of this definition, “control” means direct or indirect ownership of more than 50% of the shares of stock entitled to vote for the election of directors, in the case of a corporation,
or more than 50% of the equity interest in the case of any other type of legal entity, status as a general partner in any partnership, or any other similar arrangement whereby such Entity controls or has the right to control the board of directors
or equivalent governing body of such Entity, or the ability to cause the direction of the management or policies of such Entity. 

1.3    “Agreement” is defined in the preamble of this Agreement. 

1.4    “Arbitration” is defined in Section 11.5.1. 

1.5    “Binder” means [***]. 

1.6    “Binder Improvement” means any modification or enhancement, or a derivative of, a Binder
(including in each case its composition, formulation, combination, product by process, or method of use, manufacture, preparation or administration) that are created, invented, discovered, conceived, reduced to practice or otherwise generated by
Licensee or its Affiliates, whether solely or with one or more other Entities. 
 1.7    “Binder
Improvement Patent” means a Patent claiming any Binder Improvement, including any method of using, making or administering a Binder Improvement and that does not claim any Binder or any method of using, making or administering a Binder.

  
 1 

 1.8    “Binder Patent” means an Inhibrx Patent
claiming any Binder, subject to the last sentence of Section 7.2.1, including any method of using, making or administering a Binder outside of the Field. 

1.9    “BLA” means a Biologics License Application for Regulatory Approval of a Product that is
filed with the FDA. 
 1.10    “Business Day” means any day other than a Saturday, a Sunday or
any day on which banks in the State of Massachusetts are permitted or required to close by Law. 

1.11    “Cell Therapy Product” means [***]. 

1.12    “Clinical Trial” means any of a Phase 1 Trial, Phase 2 Trial, or Phase 3 Trial. 

1.13    “Combination Product” means a Product that is sold for a single price together with an
Other Component. 
 1.14    “Commercially Reasonable Efforts” means, with respect to the efforts
and resources to be expended by a Party with respect to an objective under this Agreement, the reasonable, diligent, good-faith efforts and the application and expenditure of such resources that a similarly situated biotechnology or pharmaceutical
Entity [***] would use to accomplish such objective, in relation to a product owned by such Party or such biotechnology or pharmaceutical Entity, that has a market potential similar to the market potential of such Product and that is at a similar
stage of its product life, and taking into account [***]. 
 1.15    “Confidential Information”
is defined in Section 6.1. 
 1.16    “Controlled” means with respect
to any Patent or Know-How, including any material or other tangible or intangible intellectual property, the right (whether by ownership or license, other than licenses granted pursuant to this Agreement) of a
Party to grant to the other Party access to, ownership of, or a license or sublicense under, such Patent or Know-How, in each case as provided under this Agreement, without violating the terms of any agreement
or other arrangement with any Third Party; provided, however, that in the event a Third Party becomes an Affiliate of Inhibrx following the Effective Date because such Third Party acquires, directly or indirectly, Inhibrx or because Inhibrx
acquires, directly or indirectly, such Third Party (such Third Party and each Entity that was such Third Party’s Affiliate prior to the date of such acquisition, referred to herein as “Acquisition Entities”), the Patents and Know-How of such Acquisition Entities in existence prior to such acquisition, or developed after the acquisition date by such Acquisition Entities without use of or reference to Inhibrx’s preexisting materials
or proprietary know-how, shall not be deemed to be “Controlled” by Inhibrx. 

1.17    “Covers” means, with respect to a Patent within the Licensed IP and a Product, that the
making, having made, research, develop, use, sale, offer for sale, export, or importation of such Product by a Person would infringe a Valid Claim of such Patent in the country in which the activity occurred, without consideration as to whether such
Person Controls such Patent. 
 1.18    “Directed Against” means [***]. 

1.19    “Disclosing Party” is defined in Section 6.1. 

1.20    “Dispute” is defined in Section 11.5. 

1.21    “Dollar,” “dollar” or “$” means the legal tender of the
United States. 
 1.22    “Effective Date” is defined in the preamble of this Agreement. 

1.23    “EMA” means the European Medicines Agency, or any successor thereof performing
substantially 

  
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the same functions. 
 1.24    “Entity”
means a partnership, limited partnership, limited liability partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization. 

1.25    “Europe” means the European Economic Area (as of the Effective Date), and Switzerland.

 1.26    “Excluded Claim” is defined in Section 11.5.8. 

1.27    “FDA” means the United States Food and Drug Administration, or any successor entity
thereof performing substantially the same functions. 
 1.28    “Field” means the diagnosis,
treatment, or prevention of disease in humans and animals using a Cell Therapy Product. 

1.29    “Filing” means the acceptance by the applicable Regulatory Authority of the filing of a
particular Regulatory Filing. 
 1.30    “First Commercial Sale” means, with respect to a
particular Product in a particular country, the first sale of such Product in such country by a Selling Party after all Regulatory Approvals have been obtained. 

1.31     “Governmental Authority” means any federal, state, national, regional, provincial or
local government, or political subdivision thereof, or any multinational organization or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power,
any court or tribunal (or any department, bureau or division thereof, or any governmental arbitrator or arbitral body). 

1.32    “IND” means any investigational new drug application filed with the FDA pursuant to Part
312 of Title 21 of the U.S. Code of Federal Regulations, including any amendments thereto. References herein to IND shall include, to the extent applicable, any comparable filing(s) outside of the United States (such as a Clinical Trial
Authorisation, or CTA, in the European Union). 
 1.33    “Indemnitees” is defined in
Section 10.3. 
 1.34    “Inhibrx” is defined in the preamble of this
Agreement. 
 1.35    “Inhibrx Indemnitee” is defined in
Section 10.2. 
 1.36    “Inhibrx
Know-How” means all Know-How that is Controlled by Inhibrx during the Term, including Inhibrx Materials, that is necessary or useful for the research,
development, manufacture, or commercialization of Products. For avoidance of doubt, Inhibrx Know-How does not include Know-How related to [***]. 

1.37    “Inhibrx Losses” is defined in Section 10.2. 

1.38    “Inhibrx Materials” means any compounds, cell lines, biological materials, research tools
or other tangible materials (including any such materials which constitute or are directly related to a Binder or a Product) that Inhibrx or its Affiliates may provide to Licensee from time to time under this Agreement. 

1.39    “Inhibrx Patents” means each Patent that is Controlled by Inhibrx as of the Effective Date
or thereafter during the Term in the Territory that: (i) claims a Binder, a Binder Improvement, or a Product (including in each case its composition, formulation, combination, product by process, or method of use, manufacture,

  
 3 

 
preparation or administration); or (ii) otherwise claims inventions that that are necessary or useful for the research, development, manufacture, or commercialization of any Binder, Binder
Improvement or Product in the Field and in the Territory; which as of the Effective Date consist of the Patents listed on Exhibit 1.38. Notwithstanding the foregoing, Inhibrx Patents shall exclude claims not directed to a Binder, Binder
Improvement or Product. [***]. 
 1.40    “Inhibrx Product Infringement Initiation Notice” is
defined in Section 7.3.2(b). 
 1.41    “Initiation” means [***]. 

1.42    “JAMS Rules” is defined in Section 11.5.1. 

1.43    “Know-How” means any tangible and intangible
information, data, results, and materials, discoveries, improvements, inventions, compositions of matter, cell lines, assays, sequences, processes, methods, knowledge, protocols, formulas, utility, formulations, inventions (whether patentable or
not), know-how and trade secrets, and all other scientific, pre-clinical, clinical, regulatory, manufacturing, marketing, financial and commercial information or data,
in each case that either Party treats as confidential or proprietary information and that is not generally known by the public, but excluding any of the foregoing to the extent claimed in any Patents. 

1.44    “Law” means any federal, state, local, foreign or multinational law, statute, ordinance,
code, rule, regulation, resolution, or order of any Governmental Authority in the Territory, or any similar provision having the force or effect of law. 

1.45    “Licensed IP” means the Inhibrx Patents and Inhibrx
Know-How. 
 1.46    “Licensee” is defined in the
preamble of this Agreement. 
 1.47    “Licensee Indemnitee” is defined in
Section 10.1. 
 1.48    “Licensee Losses” is defined in
Section 10.1. 
 1.49    “Losses” is defined in
Section 10.3. 
 1.50    “MAA” means a Marketing Authorisation
Application for Regulatory Approval of a Product that is filed with the EMA. 
 1.51    “Marketing
Application” means a BLA, supplemental BLA, MAA or similar application for Regulatory Approval that is filed with the applicable Regulatory Authority(ies) in a particular country or jurisdiction. 

1.52    “Net Sales” means, with respect to any Product following its First Commercial Sale, the
aggregate gross amount invoiced or received by Licensee, any Affiliate or its or their sublicensee(s) (each, a “Selling Party”), for sales of such Product by a Selling Party to any Third Parties, less, to the extent customary and
reasonable and specifically and solely allocated to the sale of such Product and actually taken, paid, accrued, allowed, included, or allocated, based on good faith estimate as permitted by U.S. GAAP and consistent with such Selling Party’s
practice (and consistently applied as set forth below): 
 [***] 

Net Sales will be determined from books and records maintained in accordance with U.S. GAAP, consistently applied by Licensee and its Affiliates or its or
their sublicensees. Sales between Licensee and its Affiliates and sublicensees shall be disregarded for purposes of calculating Net Sales, except if such purchaser is an end user; and, in such event, Net Sales shall be calculated on the basis of the
average sales price to unaffiliated Third Parties in the respective Calendar Year. 

  
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 If a Product is sold by a Selling Party as a Combination Product in a country or jurisdiction, the Net Sales
of such Combination Product with respect to such country or jurisdiction for the purpose of calculating royalties owed under this Agreement for sales of such Combination Product shall be determined as follows. The actual Net Sales of such
Combination Product by the Selling Parties in such country or jurisdiction for the relevant period shall be determined using the above provisions. If in such country or jurisdiction the Selling Parties separately sell (1) a Product that does
not contain or is not sold with the Other Component (as applicable) contained in or sold with such Combination Product in an equivalent dose amount or unit (a “Mono Product”) and (2) products containing as their sole active
ingredient(s) or component one or more Other Component(s) in an equivalent dose amount(s) or unit(s), then the Net Sales attributable to such Combination Product should be calculated by [***]. If the Mono Product or the products containing as their
sole active ingredient(s) or component the Other Component(s) in the Combination Product in an equivalent dose amount(s) or unit(s) are not sold separately in such country or jurisdiction for the applicable period, the adjustment to Net Sales shall
be determined by [***]. Net Sales of a Product shall only include sales of the Product and not any other compound or product that may be used or administered in combination with a Product (other than for a single selling price). 

With respect to any sale of any Product in a given country for any consideration other than monetary consideration on
arm’s-length terms (which has the effect of reducing the invoiced amount below what it would have been in the absence of such non-monetary consideration), for
purposes of calculating the Net Sales under this Agreement, such Product shall be deemed to be sold exclusively for cash at the average Net Sales price charged to Third Parties for cash sales in such country during the applicable reporting period
(or if there were only de minimis cash sales in such country, at the fair market value as determined in good faith based on pricing in comparable markets). [***]. 

1.53    “Other Component” means, with respect to a Combination Product, (i) an active
ingredient, or other therapeutically active material, that provides pharmacological activity in a pharmaceutical product that is not a Product, or (ii) a companion diagnostic related to a Product. 

1.54    “Party” or “Parties” is defined in the preamble of this Agreement. 

1.55    “Patent” means (a) any patent application, including any provisional patent
application; (b) any patent application claiming priority from such patent application or provisional application, including any divisional, continuation,
continuation-in-part, converted provisional, and continued prosecution application; (c) any patent that has issued or in the future issues from any of the foregoing
patent applications ((a) and (b)), including any utility model, petty patent, design patent and certificate of invention; (d) any extension or restoration by existing or future extension or restoration mechanisms, including any revalidation,
reissue, reexamination and extension (including any supplementary protection certificate and the like) of any of the foregoing patents or patent applications ((a), (b) and (c)); and (e) any similar rights, including so-called pipeline protection, or any importation, revalidation, confirmation or introduction patent or registration patent or patent of additions to any such foregoing patent application or patent. 

1.56    “Person” means any individual, unincorporated organization or association, Governmental
Authority, Entity or other entity not specifically listed herein. 
 1.57    “Phase 1 Trial”
means a human clinical trial of a Product in any country that satisfies the requirements of 21 C.F.R. § 312.21(a), or its foreign equivalent. 

1.58    “Phase 2 Trial” means a human clinical trial of a Product in any country that satisfies
the requirements of 21 C.F.R. § 312.21(b). For clarity, a trial called a Phase 1/2 or Phase 1b/2 trial shall be considered a Phase 2 trial if it satisfies the requirements of 21 C.F.R. § 312.21(b). 

1.59    “Phase 3 Trial” means a human clinical trial of a Product in any country that satisfies
the requirements of 21 C.F.R. § 312.21(c). For clarity, a trial called a Phase 2/3 trial shall be considered a Phase 3 trial if it satisfies the requirements of 21 C.F.R. § 312.21(c). 

  
 5 

 1.60    “Product” means a Cell Therapy Product
comprising, containing, or otherwise incorporating one or more Binders or Binder Improvements. 

1.61    “Product Infringement” is defined in Section 7.3.1. 

1.62    “Product Infringement Action” is defined in Section 7.3.2(a).

 1.63    “Product-Specific Patent” means a Patent that consists solely of claims specifically
directed to (i) the composition or formulation of a particular Product, or (ii) any method of using, making or administering a particular Product. For avoidance of doubt, a Product-Specific Patent may not include any claims relating to a
Binder, including any method of using, making or administering a Binder, other than as part of a particular Product or for use solely in the Field. 

1.64    [***] 

1.65    “Prosecution” means, with respect to a Patent, preparing, filing, prosecuting and
maintaining such Patent, including any interference and opposition proceedings, reissue, post-grant reviews, inter partes review, re-examination and applications for patent term extensions, and all
appeals or petitions to any agency, board or court related to any of the foregoing. When used as a verb, “Prosecute” means to engage in Prosecution. 

1.66    “Quarter” means the respective periods of three consecutive calendar months ending on
March 31, June 30, September 30 and December 31. 
 1.67    “Receiving Party” is
defined in Section 6.1. 
 1.68    “Registration-Enabling Trial” means
any Clinical Trial that is intended to, or does, generate data sufficient to enable the Filing of a Marketing Application in any country in the Territory. For clarity, a Registration-Enabling Trial may be a Phase 1 Trial, a Phase 2 Trial, or a Phase
3 Trial; provided, however, for any Clinical Trial other than a Phase 3 Trial, the determination of whether such Clinical Trial is a Registration-Enabling Trial shall be solely determined by the Filing of a Marketing Application for such Product
after completion of such Clinical Trial. 
 1.69    “Regulatory Approval” means, with respect to
a Product in any country or jurisdiction, the approvals by the applicable Regulatory Authority in such country or jurisdiction necessary for the commercialization of such Product, including any reasonably necessary pricing and reimbursement
approvals. 
 1.70    “Regulatory Authority” means any applicable Governmental Authority
involved in granting Regulatory Approval for a Product, including the FDA (with respect to the United States) and the EMA (with respect to the European Union). 

1.71    “Regulatory Filing” means, with respect to any Product, any submission to a Regulatory
Authority of any appropriate regulatory application with respect to such Product, and includes any submission to a regulatory advisory board and any supplement or amendment thereto. “Regulatory Filing” includes any IND and any Marketing
Application. 
 1.72    “Representatives” is defined in Section 6.4.2.

 1.73    “Required Disclosure” is defined in Section 6.6. 

1.74    [***] 

1.75    “Royalty Term” is defined in Section 5.4.2. 

1.76    “SEC” is defined in Section 6.6. 

  
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 1.77    “Strategic Transaction” means, with
respect to a Party, the occurrence of any of the following events: (i) the direct or indirect acquisition by any Third Party of more than fifty percent (50%) of the combined voting power of the then outstanding voting securities of such Party
normally entitled to vote in elections of directors; (ii) the sale, transfer, conveyance or other disposition of all or substantially all of such Party’s assets to which this Agreement relates to a Third Party, or (iii) the
consummation of a merger, acquisition, consolidation or other similar transaction between or involving a Third Party and such Party (or the ultimate parent Entity which, immediately prior to the Strategic Transaction, directly or indirectly controls
such Party). 
 1.78    “Target Antigen” means [***]. 

1.79    “Term” is defined in Section 9.1. 

1.80    “Territory” means worldwide. 

1.81    “Third Party” means any Person other than Licensee, Inhibrx and their respective
Affiliates. 
 1.82    “U.S.” or “United States” means the United States of
America and all of its territories and possessions. 
 1.83    “Valid Claim” means, with respect
to any country: (a) a claim in an issued Inhibrx Patent, Binder Improvement Patent or Product-Specific Patent (in each case, that issued before or after the Effective Date) that has not: (i) expired or been canceled; (ii) been
revoked, declared invalid or unenforceable by an unreversed and unappealable or unappealed decision of a court or other appropriate body of competent jurisdiction in such country; (iii) been admitted by Inhibrx to be invalid or unenforceable
through reissue, disclaimer or otherwise; or (iv) been abandoned in accordance with or as permitted by the terms of this Agreement or by written agreement of the Parties; or (b) a claim in any application for a Inhibrx Patent, Binder
Improvement Patent or Product-Specific Patent that has been pending in a country for [***] ([***]) [***] from the first to occur of (i) the date that such application enters into a national phase in such country, or (ii) the date of the
first direct filing of such application in such country and, in any case, which has not been canceled, withdrawn from consideration, finally determined to be unallowable by the applicable governmental authority or court for whatever reason (and from
which no appeal is or can be taken), or abandoned. 
 1.84    “Withholding Tax Action” is
defined in Section 5.6.4. 
 1.85    “Year” means a successive period
of 12 calendar months commencing on January 1 and ending on December 31. 
 2.    License Grant; Exclusivity and Negative
Covenants. 
 2.1    License Grant. 

2.1.1.    License Grant. Subject to the terms and conditions of this Agreement, Inhibrx
hereby grants to Licensee an exclusive license (even as to Inhibrx), with the right to grant sublicenses (including the right to further sublicense through multiple tiers) pursuant to Section 2.1.2, under the Licensed IP
solely to make, have made, research, develop, use, sell, offer for sale, export and import Products in the Field and in the Territory. 

2.1.2.    Right to Sublicense. Licensee may grant sublicenses (including the
right to grant further sublicenses through multiple tiers) under the rights granted in Section 2.1.1 to any of Licensee’s Affiliates or any Third Party without the prior written consent of Inhibrx, provided
that: 
 (a)    All of the terms and conditions of such sublicense grant are in writing
and consistent with the terms and conditions of this Agreement; and 

  
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 (b)    Licensee shall remain responsible for its
obligations, including payment obligations pursuant to Section 5, under this Agreement that have been delegated, subcontracted or sublicensed to any of its Affiliates or Third Party sublicensees or subcontractors. 

2.1.3.    Retained Rights. Inhibrx retains all rights not expressly granted herein to
Licensee. 
 2.2    No Implied Licenses. Except as specifically set forth in this Agreement,
neither Party shall acquire any license, intellectual property interest or other rights, by implication or otherwise, in any Know-How disclosed to it under this Agreement or under any Patents Controlled by the
other Party or its Affiliates. 
 2.3    Exclusivity; Negative Covenant.    During the
Term, neither Inhibrx nor its Affiliates (nor any others on behalf of or with Inhibrx or any of its Affiliates) will [***]. 

3.    Research, Development, Manufacturing and Commercialization Activities. 

3.1    General. Licensee shall be solely responsible for, control, and bear all costs and expenses of any
and all activities related to the research, development, manufacture and commercialization of Product(s) in the Territory under this Agreement, including all funding for such activities. Without limiting the foregoing, Licensee shall be responsible,
at its sole cost and expense, for (a) all manufacturing activities for clinical and commercial supply, (b) all necessary IND-enabling studies for any Products; and (c) all clinical development
and commercialization of Products under this Agreement. 
 3.2    Diligence Obligations of Licensee.
Licensee (itself and with and through its Affiliates and sublicensees) shall use Commercially Reasonable Efforts to [***] to do so, in compliance with all applicable Laws. 

3.3    [***] 

4.    Disclosure of Know-How; Materials. 

4.1    Inhibrx Know-How. Promptly after the Effective Date, Inhibrx
shall disclose and make available to Licensee the Inhibrx Know-How that exists as of the Effective Date. Inhibrx shall reasonably cooperate with Licensee to provide all technical assistance requested by
Licensee to facilitate the transfer of Inhibrx Know-How at no charge to Licensee. 

4.2    Inhibrx Materials. In furtherance of the foregoing, from time to time during the Term, Licensee may
request that Inhibrx provide to Licensee Inhibrx Materials that comprise Inhibrx Know-How. Upon such a request, Inhibrx shall use reasonable efforts to promptly provide to Licensee reasonable quantities of
such Inhibrx Materials at no charge to Licensee. Licensee shall use the Inhibrx Materials solely for the purposes of, and in compliance with, this Agreement, and in compliance with applicable Laws. 

4.2.1.    Warranty Disclaimer Regarding Inhibrx Materials. THE INHIBRX MATERIALS ARE
SUPPLIED “AS IS” WITH NO WARRANTY, EXPRESS, IMPLIED OR STATUTORY, INCLUDING WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, EXCLUSIVITY, OR FITNESS FOR A PARTICULAR PURPOSE. ANY INHIBRX MATERIAL
DELIVERED PURSUANT TO THIS AGREEMENT IS UNDERSTOOD TO BE EXPERIMENTAL IN NATURE AND MAY HAVE HAZARDOUS PROPERTIES. WITHOUT LIMITING ANY OTHER OBLIGATION UNDER THIS AGREEMENT, LICENSEE SHALL HANDLE THE INHIBRX MATERIAL ACCORDINGLY. 

4.2.2.    Allocation of Liability. Licensee assumes all liability for damages incurred by
any Third Party arising from the handling, use, storage or disposal of the Inhibrx Materials by Licensee, its Affiliates or sublicensees or by a Third Party acting on behalf of Licensee, its Affiliates or sublicensees. Inhibrx shall not be liable to
Licensee for any loss, claim or demand made by Licensee, or made against Licensee by any Third Party, due to or arising from the handling, use, storage or disposal of the Inhibrx 

  
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Materials, except to the extent caused by the gross negligence or willful misconduct of, or breach of this Agreement by, Inhibrx. 

4.2.3.    Disposition of Inhibrx Materials after the Term. Upon termination (but not
expiration) of the Term, Licensee shall immediately discontinue its use of, and shall cause any sublicensees to discontinue their use of, any Inhibrx Materials and shall, upon direction of Inhibrx, return or destroy (and certify destruction of), or
require any sublicensees to return or destroy (and certify destruction of) any remaining Inhibrx Material that is in the possession or control of Licensee, its Affiliates or any sublicensee. 

5.    Payments. 

5.1    Upfront Payment. Licensee shall pay to Inhibrx a
non-refundable, non-creditable payment in the amount of Seven Million Dollars ($7,000,000) within ten (10) Business Days after the Effective Date. 

5.2    Milestone Payments. Licensee shall pay to Inhibrx the following milestone payments upon the first
achievement of each of the following milestone events with respect to each Target Antigen, by or on behalf of Licensee, its Affiliates, or any sublicensees, by a Product that comprises, contains, or otherwise incorporates a Binder Directed Against
such Target Antigen. The milestone payments shall be payable no more than once for each Target Antigen, regardless of the number of Binders that may be Directed Against such Target Antigen, or the number of Products that may subsequently be
comprised of, contain, or otherwise incorporate a Binder Directed Against such Target Antigen. No amounts shall be due for subsequent or repeated achievement of the same milestone event with respect to such Target Antigen, whether by the same
Product or a different Product, or by the same Binder or a different Binder. Furthermore, a single Product may be comprised of, contain, or otherwise incorporate Binders Directed Against more than one Target Antigen, and in the event that such
Product’s achievement of a milestone event is the first instance of the achievement of such milestone event by more than one Target Antigen, the applicable milestone payment shall be made with respect to each such applicable Target Antigen.
Each such payment shall be non-refundable and non-creditable. 
  

					
	 Milestone Event
	  	Milestone Payment	 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 

 5.3    Notice of Event Milestone Achievement; Milestone
Payments. Licensee shall notify Inhibrx in writing within [***] ([***]) [***]following the achievement of each milestone event set forth in Section 5.2. Inhibrx shall submit an invoice to Licensee for each milestone
payment that corresponds to the achievement of any milestone event upon receipt of such notifications, and Licensee shall make the corresponding milestone payment within [***] ([***]) [***] after receipt of such invoice. 

  
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 5.4    Royalties. 

5.4.1.    Royalties for Products. Licensee shall pay Inhibrx royalties in
Dollars at the rates set forth in the table below on a Quarterly basis with respect to Net Sales of Products during such Quarter, calculated on a Product-by-Product and country-by-country basis (provided that the applicable royalty rate shall be based on aggregate net sales of the Product in all countries where the Royalty Term has not
expired), as set forth in this Section 5.4. 
  

					
	 Net Sales of Product during each Year
	  	Royalty Rate
(% of Net Sales)	 
	 Portion of aggregate Net Sales during such Year less than or equal to $[***]
	  	 	[	***]% 
	 Portion of aggregate Net Sales during such Year that is greater than $[***] but is less than or
equal to $[***]
	  	 	[	***]% 
	 Portion of aggregate Net Sales during such Year that is greater than $[***]
	  	 	[	***]% 

 Notwithstanding the foregoing, on a
country-by-country basis, if the only Valid Claim that Covers such Product is in a Binder Improvement Patent owned solely by Licensee, and a corresponding Binder
Improvement Patent owned solely by Licensee with a Valid Claim that Covers such Product has been granted by the European Patent Office, then the foregoing royalty rates applicable for such country shall be reduced by [***] percent ([***]%) for the
remainder of the Royalty Term. 
 5.4.2.    Royalty Term. Licensee’s royalty
payment obligation shall commence, on a Product-by-Product and country-by-country basis,
on the First Commercial Sale of such Product in such country, and shall expire on the later of: (i) the date on which there is no longer a Valid Claim that Covers such Product; (ii) the date on which any applicable regulatory, pediatric,
orphan drug or data exclusivity, which provides Licensee with the exclusive right to market the Product in the relevant country, expires; or (iii) twelve (12) years after the First Commercial Sale of such Product in such country (such period,
the “Royalty Term”). In each country in which no Valid Claim that Covers such Product (i.e., such Product is royalty-bearing only because of clauses (ii) or (iii) above), then the applicable royalty rate for such
country as provided in Section 5.4.1 shall be reduced by [***] percent ([***]%) for the remainder of the Royalty Term. 

5.4.3.     Third Party Obligations. To the extent that Licensee deems Third Party
intellectual property is necessary or useful to develop, manufacture, or commercialize a Product (other than with respect to any Other Component in the case of a Combination Product or Delivery System), Licensee shall have the right on a country-by-country basis to deduct from the royalty payments, [***] percent ([***]%) of the payments owed by Licensee to such Third Party with respect to such Product;
provided, however, that such deductions shall not reduce the royalty payments otherwise due to Inhibrx by more than [***] percent ([***]%) of the amount that would have been otherwise due. Licensee may carry forward any deductions permitted in
accordance with this Section 5.4.3 [***]. 
 5.4.4.    Only One
Royalty. Only one royalty shall be due with respect to the same unit of Product. Only one royalty shall be due hereunder on the sale of a Product even if more than one Valid Claim Covers such Product. 

5.4.5.    Reports; Payment of Royalty. During the Term, and following
the First Commercial Sale of any Product, Licensee shall within [***] ([***]) [***] after the end of each Quarter furnish to Inhibrx a written report for such Quarter showing, on a
Product-by-Product basis, the gross sales of such Product(s) during such Quarter, all deductions and adjustments in the calculation of such Net Sales (reported in the
aggregate), and the Net Sales and royalties due during such Quarter. Inhibrx shall have a period of [***] ([***]) [***] to review such report and to provide any comments to Licensee in writing, which Licensee shall consider in good faith; provided,
for avoidance of doubt, that such review by Inhibrx shall not be deemed to be an acceptance by Inhibrx of the accuracy of any such report or related payment. Licensee shall pay all royalties due under this Agreement with respect to a Quarter within
[***] ([***]) [***] after the end of such review 

  
 10 

 
period. 
 5.5    Audits. 

(a)    Upon [***] ([***]) [***] prior written request of Inhibrx and not more than [***] in each
Year, Licensee shall permit an independent certified public accounting firm of nationally recognized standing selected by Inhibrx, at Inhibrx’s expense, to have access during normal business hours to such of the records of Licensee as may be
reasonably necessary to verify the accuracy of royalty reports hereunder for any Year ending not more than [***] to the date of such request; provided that if Inhibrx has timely commenced an audit with respect to any earlier time period and
such audit shall be pending or its results disputed, Inhibrx shall have continued access to the records of such earlier time period. The accounting firm shall disclose to Inhibrx whether the royalty reports are correct or incorrect, the amount of
any royalty discrepancy, as well as the calculation of the foregoing. 
 (b)    If such
accounting firm correctly identifies an underpayment made by Licensee during such period, Licensee shall pay Inhibrx one hundred percent (100%) of the amount of such underpayment (along with interest in accordance with
Section 5.5.2) within [***] ([***]) [***] of the date Inhibrx delivers to Licensee such accounting firm’s written report so concluding, or as otherwise agreed upon in writing by the Parties. Inhibrx shall pay the fees
charged by such accounting firm; provided, however, if such audit uncovers an underpayment by Licensee that exceeds [***] ([***]) of the total payment due for the period under audit, then Licensee shall pay the fees of such accounting
firm whether previously paid by Inhibrx or then due. In the event that the accounting firm uncovers an overpayment by Licensee, then Licensee shall credit one hundred percent (100%) of the amount of such overpayment against any payments owing in the
Quarter following the Quarter in which such audit was completed, and future payments hereunder to be adjusted accordingly on a carry-forward basis until such overpayment amount has been fully credited against amounts owing to Inhibrx, or if no
further amounts are owing to Inhibrx, Inhibrx shall refund such overpayment amount to Licensee within [***] ([***]) [***]. 

(c)    Licensee shall include in each sublicense granted by it pursuant to this Agreement a
provision requiring the sublicensee to make reports to Licensee, to keep and maintain records of sales made pursuant to such sublicense and to grant access to such records by Inhibrx’s independent accountant to the same extent required of
Licensee under this Agreement. 
 (d)    Inhibrx shall treat all financial information subject to
review under this Section 5.4.5 or under any sublicense agreement in accordance with the confidentiality and non-use provisions of this Agreement, and shall cause its accounting firm
to enter into an acceptable confidentiality agreement with Licensee or its Affiliates obligating it to retain all such information in confidence pursuant to such confidentiality agreement. 

5.5.2.    Payment Method; Late Payment. Licensee shall pay all amounts due hereunder
in United States Dollars by wire transfer of immediately available funds to the bank account Inhibrx designates in writing from time to time. Payments based on Net Sales in currencies other than United States Dollars shall be converted by Licensee
into United States Dollars using reasonable procedures consistent with Licensee’s global practices, with the conversation ratio based on the date of payment. If any payment is not made when due, simple interest shall thereafter accrue on the
sum due until the date of payment at the per annum rate of [***] percent ([***]%) or, if lower, the maximum rate permitted by applicable law. 

5.6    Taxes. 

5.6.1.    Taxes on Income. Each Party shall be solely responsible for the payment of all
taxes imposed on its share of income arising directly or indirectly from the activities of the Parties under this Agreement. 

  
 11 

 5.6.2.    Tax Cooperation. The Parties
agree to cooperate with one another in relation to tax withholding or similar obligations in respect of any payments made by a Party to the other Party under this Agreement. Without limiting the generality of the foregoing, a Party receiving payment
shall provide the paying Party any tax forms and other information that may be reasonably necessary in order for the paying Party to not withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. The Party
receiving payment shall provide any such tax forms to the paying Party at least [***] ([***]) [***] prior to the due date for any payment for which the Party receiving payment desires that the paying Party apply a reduced withholding rate. Each
Party shall provide the other with reasonable cooperation to enable the recovery, as permitted by applicable Law, of withholding taxes, value added taxes, or similar obligations resulting from payments made under this Agreement, such recovery to be
for the benefit of the Party bearing such withholding tax or value added tax. 

5.6.3.    Payment of Tax. To the extent a Party is required by applicable Law to deduct and
withhold taxes on any payment to the other Party, the paying Party shall pay the amounts of such taxes to the proper Governmental Authority in a timely manner and promptly transmit to the other Party an official tax certificate or other evidence of
such withholding sufficient to enable such other Party to claim such payment of taxes. 

5.6.4.    Treatment of Certain Withholding Tax. If a Party is required to deduct and
withhold taxes on any payment to the other Party and such withholding obligation arises as a result of any action by the paying Party that has the effect of modifying the tax treatment of the Parties (including any assignment or sublicense, or any
failure on the part of the paying Party to comply with applicable Law or filing or record retention requirements) (a “Withholding Tax Action”), then the sum payable by the paying Party (in respect of which such deduction or
withholding is required to be made) shall be increased to the extent necessary to ensure that the other Party actually receives, as appropriate, a sum equal to the sum that it would have received had no such Withholding Tax Action occurred;
provided, however, that no such increase shall apply to the extent such increase would have resulted (i) from a change in applicable Law increasing the applicable withholding tax rate, which change occurs after the Effective Date or
(ii) in circumstances where actions or inactions of the Party receiving such payment or any of its Affiliates cause a change in the applicable withholding tax rate, for example, the failure of the Party receiving such payment to timely provide
to the paying Party the appropriate treaty forms and the certificate of residence necessary for the paying Party to withhold at a more favorable rate. 

5.7    Accounting Cooperation. The Parties shall cooperate in good faith to provide information to enable
both Parties to accurately account for this Agreement under U.S. generally accepted accounting principles, or other internationally recognized accounting principles, consistently applied. The Parties shall cooperate in good faith to select any
appropriate metrics that may be applicable. This may include, but is not limited to, Licensee’s assessment of this Agreement under ASC 810, Consolidations. 

6.    Confidentiality; Publicity and Required Disclosures. 

6.1    Confidential Information. “Confidential Information” means any data,
information or material disclosed by one Party (the “Disclosing Party”), whether in writing, visually, orally or in electronic medium to the other Party (the “Receiving Party”) under this Agreement. Except as
expressly set forth herein, the terms of this Agreement shall be kept confidential by each Party as described in this Section 6 with respect thereto. 

6.2    Nondisclosure and Non-Use Obligations. Subject
to Sections 6.3 and 6.4, unless the Disclosing Party provides prior written consent, the Receiving Party shall maintain in confidence all Confidential Information of the Disclosing Party, shall not disclose such Confidential
Information to any Affiliate of the Receiving Party or Third Party and shall not use such Confidential Information for any purpose except to exercise such Party’s rights or fulfill its obligations under this Agreement. 

6.3    Exceptions. Each Party’s confidentiality and non-use
obligations under this Agreement shall not 

  
 12 

 
apply to any portion of the Confidential Information of the Disclosing Party that the Receiving Party can demonstrate with competent written proof: 

6.3.1.    Is known by the Receiving Party at the time of its receipt, without obligation of
confidentiality or non-use, and not through a prior disclosure by the Disclosing Party, as documented by the Receiving Party’s written records; 

6.3.2.    Is in the public domain before its receipt from the Disclosing Party, or thereafter
enters the public domain through no fault of the Receiving Party or with the consent of the Disclosing Party; 

6.3.3.    Is subsequently disclosed to the Receiving Party, without obligation of confidentiality
or non-use, by a Third Party who may lawfully do so and who is not under an obligation of confidentiality to the Disclosing Party; or 

6.3.4.    Is developed by the Receiving Party independently of Confidential Information received
from the Disclosing Party and without the aid, application or use of the Disclosing Party’s Confidential Information, and such independent development can be properly documented by the Receiving Party. 

Any combination of features or disclosures shall not be deemed to fall within the foregoing exclusions merely because individual features are published or
available to the general public or in the rightful possession of the Receiving Party unless the combination itself and principle of operation are published or available to the general public or in the rightful possession of the Receiving Party. 

6.4    Permitted Disclosure. Nothing in this Section 6 shall restrict the
Receiving Party from disclosing Confidential Information of the Disclosing Party to the extent that such disclosure: 

6.4.1.     Is made to governmental or other regulatory agencies in order to obtain Inhibrx Patents
addressed in this Agreement or to gain or maintain authorizations to conduct a Clinical Trial or to market Products, provided that such disclosure is limited to the extent reasonably necessary to obtain such patents or authorizations and the
Receiving Party takes reasonable measures to obtain confidential treatment from regulatory agencies for such information; 

6.4.2.    Is made to the Receiving Party’s or its Affiliates’ employees, officers or
directors, and, when Licensee is the Receiving Party, to its potential and actual sublicensees’ employees, officers, directors, and its agents, consultants and contractors (“Representatives”), for purposes the Receiving Party
reasonably deems necessary for the exploitation of its rights or fulfillment of its obligations under this Agreement, provided that all such recipients agree to be bound by, or are otherwise bound by, confidentiality and non-use obligations that are no less stringent than those confidentiality and non-use provisions contained in this Agreement (with potentially a shorter duration no less than
[***] ([***]) [***] from the date such Confidential Information is disclosed to such recipients), and obligations of invention assignment sufficient for the Receiving Party to obtain rights from such Representatives to meet the Receiving
Party’s obligation to grant licenses to the other Party under this Agreement, and the Receiving Party shall be responsible for and liable under this Agreement with respect to any breach of its confidentiality and
non-use obligation caused by its Representatives; 

6.4.3.    Is deemed necessary by the Receiving Party to be disclosed to attorneys, independent
accountants, potential or actual acquirers, merger candidates or investors or venture capital firms, investment bankers or other financial institutions or investors; provided that, all such recipients are, or agree to be, bound by
confidentiality and non-use obligations; or 

6.4.4.    Is required to comply with applicable Law, valid order of a court of competent
jurisdiction, or other judicial or administrative process of governmental authority or agency, provided that the Receiving Party shall (i) promptly inform the Disclosing Party of the disclosure that is being sought in order to

  
 13 

 
provide the Disclosing Party, where possible, an opportunity to challenge, limit or receive confidential treatment for the required disclosure, (ii) upon request, reasonably cooperate with
any efforts by the Disclosing Party to challenge, limit or receive confidential treatment for, the required disclosure, (iii) only disclose the minimum Confidential Information necessary to comply, as determined by the Receiving Party’s
legal counsel, and (iv) in the event of a limited disclosure of any Confidential Information as required by applicable Law, continue to treat such information as Confidential Information of the Disclosing Party for all other purposes and
subject to this Section 6. 
 6.5    Publicity. Promptly following the Effective
Date, the Parties will issue a joint public announcement of the execution of this Agreement, in a form to be mutually agreed upon by the Parties, and on such date and time as may be agreed by the Parties. Subject to
Section 6.6, any other proposed publication, news release or other public announcement by a Party relating to this Agreement, the terms and conditions set forth herein, or to the performance hereunder that would disclose
information other than that already expressly in the public domain prior to such publication, news release or other public announcement, shall only be made with the prior written consent of the other Party. For clarity, neither Party shall be
obligated to obtain consent to re-issue or reiterate information previously specifically disclosed with the consent of the other Party. 

6.6    Disclosures Required by Securities Laws or Exchanges. Notwithstanding anything to the contrary in
this Agreement, to the extent required by applicable (i) securities Laws, including those promulgated by the U.S. Securities and Exchange Commission (the “SEC”), or (ii) any rules or requirements of stock exchanges on
which equity securities of such Party may be listed, a Party may disclose this Agreement and its terms, and material developments or material information generated under this Agreement, in securities filings with the SEC (or equivalent foreign
agency) (a “Required Disclosure”) after complying with the procedures set forth in this Section 6.6. If pursuant to a Required Disclosure a Party is required to disclose this Agreement, such Party shall,
prior to any such Required Disclosure, prepare and send to the other Party for review a draft confidential treatment request and proposed redacted version of this Agreement to be filed with the SEC (or equivalent foreign agency) to request
confidential treatment of this Agreement. The reviewing Party shall promptly (and in any event, no more than [***] after receipt of such confidential treatment request and proposed redactions) provide its reasonable comments, which the disclosing
Party shall take into reasonable consideration. The Party seeking such disclosure of this Agreement shall exercise commercially reasonable efforts to obtain confidential treatment of this Agreement from the SEC (or equivalent foreign agency) as
represented by the redacted version reviewed by the other Party. 
 7.    Intellectual Property. 

7.1    Binder Improvement Patents. Ownership of Binder Improvements shall follow inventorship as determined
in accordance with the patent laws of the United States. Neither Party will Prosecute a Patent claiming a Binder Improvement without the other Party’s prior written consent. The Parties shall agree upon a strategy to Prosecute each Patent
claiming a Binder Improvement with the goal of securing and maintaining the broadest reasonable protection available for such Binder Improvements in countries where it is commercially reasonable to do so [***]: 

7.1.1.    The [***] shall be submitted for final resolution by binding arbitration administered by
JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those Rules then in effect, except as otherwise provided in this Section 7.1. The proceedings and decisions of the
arbitrators in any [***] under this Section 7.1 shall be confidential except as otherwise expressly permitted in this Agreement or required by applicable law. 

7.1.2.    Each [***] shall be conducted by a panel of three arbitrators, each with substantial
experience in the pharmaceutical or biotechnology business selected pursuant to the JAMS rules. Within [***] ([***]) [***] after initiation of an [***], each Party shall select one person to act as an arbitrator and the two Party-selected
arbitrators shall select a third arbitrator within [***] ([***]) [***] of their appointment. If a Party fails to timely select an arbitrator, or if the arbitrators selected by the Parties fail to timely agree upon the third arbitrator, then such
arbitrator(s) shall be appointed by JAMS. The place of arbitration shall be New York City, New York and all proceedings and communications shall be in English. 

  
 14 

 7.1.3.    Within [***] ([***]) [***] of the
appointment of the full arbitration panel, the Parties shall exchange documents setting forth their final detailed proposed term sheets for the material terms of the [***], together with a brief or other written memorandum supporting the merits of
their final proposal. 
 7.1.4.    The arbitration panel shall select the proposal which most
closely reflects commercially reasonable terms for the exercise of the [***]. In making their selection, the arbitrators shall not modify the terms or conditions of either Party’s final proposal nor shall the arbitrators combine provisions from
both final proposals. In making their selection, the arbitrators shall consider the terms and conditions of this Agreement, that the Binder Improvements are derived from technology provided by Inhibrx, and the relative merits of the final proposals.
In the event the arbitrators seek the guidance of the law of any jurisdiction, the law of the State of New York shall govern. 

7.1.5.    The arbitrators shall make their decision known to both Parties as quickly as possible by
delivering written notice of their decision to both Parties. The Parties shall agree in writing to comply with the proposal selected by the arbitration panel within [***] ([***]) [***]of receipt of notice of such selection. The decision of the
arbitrators shall be final and binding on the Parties. Upon receipt of the decision, Inhibrx may, in its discretion, determine whether or not it wants to proceed with the exercise of the [***]. If Inhibrx determines that it does wish to proceed with
the exercise of the [***], the Parties shall use good faith, diligent efforts to promptly finalize a definitive agreement based on the arbitration panel’s decision and fair resolution of any terms not expressly set forth in the selected
proposal, and specific performance may be ordered by any court of competent jurisdiction. 

7.1.6.    The Parties shall bear their own costs in preparing for the arbitration. The costs of the
arbitrators shall be equally divided between the Parties. 
 7.2    Filing, Prosecution and Maintenance of Patents.

 7.2.1.    Inhibrx shall have the right, but not the obligation, to Prosecute Binder
Patents at its own cost. Notwithstanding the foregoing, at Licensee’s request, to the extent a Binder Patent has a claim directed to a Product or the use of a Binder in the Field, Inhibrx shall use reasonable efforts, to the extent practical to
do so, file divisional and/or continuation Patents consisting solely of claims to the Product or the use of a Binder in the Field, which Patent will be a Product-Specific Patent. 

(a)    Inhibrx shall copy Licensee on all correspondence from and to any patent office relating to
Binder Patents that include claims to use of a Binder in the Field in a timely manner, and Inhibrx shall provide Licensee with drafts of all filings and correspondence relating to the Prosecution of Binder Patents that include claims to use of a
Binder in the Field in reasonably adequate time before filing or submission of such materials, for Licensee’s review and comment. Inhibrx will take into good faith consideration Licensee’s comments prior to submitting such filings and
correspondences to the extent such comments are timely provided and it is practicable to do so. If there is a disagreement between the Parties with respect to the Prosecution (other than the initial preparation and filing) of claims of a Binder
Patent to the use of a Binder in the Field, then Inhibrx shall have the right to make the final decision. Inhibrx shall provide Licensee an annual report summarizing the status of the Prosecution of the Binder Patents that include claims to use of a
Binder in the Field. 
 (b)    Inhibrx shall notify Licensee of any decision not to Prosecute,
including a decision not to continue to pay the expenses of prosecution or maintenance of, any Binder Patents, including divisional and continuation Patents. Inhibrx shall provide such notice at least [***] ([***]) [***] prior to any filing or
payment due date, or any other due date that requires action, in connection with such Binder Patent. In such event, Licensee shall, upon written notice to Inhibrx, have the sole right, but not the obligation, to file for, or continue prosecution or
maintenance of, such Binder Patent, at Licensee’s expense. Inhibrx shall cooperate with Licensee in its preparation, filing, prosecution and maintenance of such Binder Patents, including by providing Licensee with data and other information
(but for avoidance of 

  
 15 

 
doubt, Inhibrx shall not be obligated to generate any additional data) as appropriate and executing all necessary affidavits, assignments and other paperwork. 

7.2.2.    Subject to Section 7.2.1, Licensee shall have the first right,
but not the obligation, to Prosecute Product-Specific Patents in the Territory at its own cost and expense. Notwithstanding the foregoing, (i) Licensee may file a Product-Specific Patent with respect to a Binder after Inhibrx has filed a Binder
Patent with claims specifically covering such Binder, if approved in writing by Inhibrx on a case-by-case basis, and (ii) Licensee shall use Commercially Reasonable
Efforts to Prosecute each Product-Specific Patent with the goal of securing and maintaining the broadest reasonable protection available for such Product-Specific Patents in countries where it is commercially reasonable to do so (including, at a
minimum, in the United States, China, Japan, the United Kingdom, Germany, Italy, Spain and France). 

(a)    At Licensee’s expense, Inhibrx shall cooperate with Licensee in its Prosecution of any
Product-Specific Patent, including by providing Licensee with data and other information as appropriate (but for avoidance of doubt, Inhibrx shall not be obligated to generate any additional data) and executing all necessary affidavits, assignments
and other paperwork. Within [***] ([***]) [***] after the Effective Date, Inhibrx shall provide to Licensee any copies of patent filings and correspondence between Inhibrx and patent authorities within the Territory regarding the Binder Patents
existing as of the Effective Date. 
 (b)    Licensee shall copy Inhibrx on all correspondence
from and to any patent office relating to the Product-Specific Patents in a timely manner, and Licensee shall provide Inhibrx with drafts of all filings and correspondence relating to the Prosecution of Product-Specific Patents in reasonably
adequate time before filing or submission of such materials, for Inhibrx’s review and comment. Licensee will take into good faith consideration Inhibrx’s comments prior to submitting such filings and correspondences to the extent such
comments are timely provided and it is practicable to do so. If there is a disagreement between the Parties with respect to the Prosecution (other than the initial preparation and filing) of Product-Specific Patents, then Licensee shall have the
right to make the final decision. Licensee shall provide Inhibrx an annual report summarizing the status of the Prosecution of the Product-Specific Patents. 

(c)    Licensee shall notify Inhibrx of any decision not to Prosecute, including a decision not to
continue to pay the expenses of prosecution or maintenance of, any Product-Specific Patents, including divisional and continuation Patents. Licensee shall provide such notice at least [***] ([***]) [***] prior to any filing or payment due date, or
any other due date that requires action, in connection with such Product-Specific Patent. In such event, Inhibrx shall, upon written notice to Licensee, have the sole right, but not the obligation, to file for, or continue prosecution or maintenance
of, such Product-Specific Patent, at Inhibrx’s expense. Licensee shall cooperate with Inhibrx in its preparation, filing, prosecution and maintenance of such Product-Specific Patents, including by providing Inhibrx with data and other
information (but for avoidance of doubt, Licensee shall not be obligated to generate any additional data) as appropriate and executing all necessary affidavits, assignments and other paperwork. 

7.2.3.    Except as otherwise specifically provided in this Section 7.2,
as between the Parties, each Party shall have the sole right to control the preparation, prosecution and maintenance of Patents claiming inventions owned or Controlled by such Party, at its sole expense. 

7.3    Enforcement and Defense. 

7.3.1.    Infringement. Each Party shall give the other Party written notice of any actual
or threatened infringement or misappropriation of any Binder Patents, Binder Improvement Patents, or Product-Specific Patents, by an unlicensed Third Party through the making, having made, research, development, using, selling, offering for sale,
exporting or importing of any product that is within the scope of the license granted to 

  
 16 

 
Licensee under Section 2.1.1 (a “Product Infringement”), within [***] ([***]) [***] after such Party has knowledge of such Product Infringement.
Licensee and Inhibrx shall thereafter consult and cooperate to determine a course of action, including the commencement of legal action by either or both Licensee and Inhibrx, to terminate any such Product Infringement. 

7.3.2.    Enforcement. 

(a)    Licensee, upon notice to Inhibrx, shall have the first right to initiate and prosecute such
legal action (“Product Infringement Action”) at its expense, or to control the defense of any declaratory judgment action relating to such Product Infringement; provided that Licensee shall not enter into any settlement or
compromise that would materially diminish or adversely affect the scope, exclusivity or duration of any Licensed IP or Inhibrx’s rights under this Agreement, without Inhibrx’s prior written consent, which it may withhold in its sole
discretion. Notwithstanding the foregoing, Licensee shall have the right to enforce a Binder Patent only: (i) if a Product Covered by such Binder Patent is at such time diligently being commercialized by a Selling Party in such country, and
(ii) there is no Product-Specific Patent or Binder Improvement Patent in such country with a Valid Claim that Covers such Product. 

(b)    If Licensee elects not to, or does not, initiate and prosecute a Product Infringement Action
in a timely manner, then Inhibrx shall have the right to do so in accordance with Section 7.3.2 of this Agreement. If Inhibrx elects to initiate and prosecute a Product Infringement Action as a result of Licensee not doing
so in a timely manner, then Inhibrx shall: (i) notify Licensee in writing at least [***] ([***]) [***] prior to initiating such action (“Inhibrx Product Infringement Initiation Notice”); and (ii) bear the costs of
any such Product Infringement Action to terminate such Product Infringement, including the costs of any legal action commenced or the defense of any declaratory judgment, except that Inhibrx shall not be responsible for any costs incurred by
Licensee unless such costs were incurred at Inhibrx’s written request. Inhibrx shall have the right to join Licensee as a party to such action if Licensee is a necessary party to such action. 

(c)    Notwithstanding Inhibrx’s right to initiate a Product Infringement Action under
Section 7.3.2(b), Licensee shall have the right to prohibit Inhibrx from exercising its right to initiate such Product Infringement Action by providing Inhibrx with written notice of Licensee’s reasonable, strategic
rationale for doing so no later than [***] ([***]) [***] after delivery of the corresponding Inhibrx Product Infringement Initiation Notice and Inhibrx shall not initiate or proceed with the Product Infringement Action described in the corresponding
Inhibrx Product Infringement Initiation Notice. If Licensee does not exercise its Licensee Product Infringement Restriction Right prior to the date that is [***] ([***]) [***] after delivery of the corresponding Inhibrx Product Infringement
Initiation Notice, then: (x) Licensee shall have no further right to prohibit Inhibrx from initiating with the Product Infringement Action described in such Inhibrx Product Infringement Initiation Notice; and (y) Inhibrx shall have the
right, exercisable in Inhibrx’s sole discretion, to initiate, proceed with and prosecute such Product Infringement Action in accordance with Section 7.3.2(b). 

7.3.3.    Cooperation. In connection with any action under this
Section 7.3, Licensee and Inhibrx shall, at Licensee’s cost, reasonably cooperate and will provide each other with any information or assistance that either may reasonably request. Each Party shall keep the other
informed of developments in any such action or proceeding, including, to the extent permissible by applicable Law, consultation on and approval of any settlement, the status of any settlement negotiations and the terms of any offer related thereto.
Each Party shall have the right to be represented by counsel of its own choice at its own expense for any action set forth in this Section 7.3. 

7.3.4.    Any recovery obtained by either or both Licensee and Inhibrx in connection with or as a
result of any action contemplated by this Section 7.3, whether by settlement or otherwise, shall be shared in order as follows: 

  
 17 

 (a)    The Party that initiated and prosecuted
the action shall recoup all of its costs and expenses incurred in connection with the action; 

(b)    The other Party shall then, to the extent possible, recover its costs and expenses incurred
in connection with the action; and 
 (c)    The Party initiating such action shall retain any
remainder provided that if Licensee is the initiating Party, such remainder shall be shared [***] percent ([***]%) to Licensee and [***] percent ([***]%) to Inhibrx. 

8.    Representations, Warranties and Covenants. 

8.1    Representations and Warranties of Each Party. Each Party
represents and warrants to the other Party that as of the Effective Date: 
 8.1.1.    It has the
full right, power and authority to enter into this Agreement and to perform its obligations hereunder; 

8.1.2.    This Agreement has been duly executed by it and is legally binding upon it, enforceable
against such Party in accordance with its terms, except as such enforceability may be subject to applicable bankruptcy, reorganization, insolvency, moratorium and similar Laws affecting the enforcement of creditors’ rights generally and by
general principles of equity; and 
 8.1.3.    The execution and delivery by such Party of this
Agreement does not conflict in any material fashion with the terms of any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any material applicable Law. 

8.1.4.    All of its employees, officers, consultants, agents or contractors that perform such
Party’s obligations under this Agreement have executed agreements or have existing obligations under Laws requiring assignment to such Party of any invention, discovery, technical idea, process, formulation, method, composition of matter,
article of manufacture, discovery or finding (whether patentable or not) and obligating such individuals to maintain as confidential such Party’s Confidential Information. 

8.2    Inhibrx Representations and Warranties. Inhibrx represents, and warrants to Licensee as
of the Effective Date, that: 
 8.2.1.    It has the full right, power and authority to grant the
licenses granted under this Agreement; 
 8.2.2.    It is the sole and exclusive owner of, or
otherwise Controls, the Licensed IP. 
 8.2.3.    Exhibit 1.38 sets forth a complete and
accurate list of all Inhibrx Patents that are (a) owned, either solely or jointly, by Inhibrx and (b) exclusively licensed by Inhibrx. 

8.2.4.    Inhibrx does not Control any polypeptides that include a CDR of a single domain antibody
Directed Against a Target Antigen, or any humanized variants of the foregoing, other than the Binders. 

8.2.5.    [***]. 

8.2.6.    Inhibrx has complied with all applicable Laws, including any duties of candor to
applicable patent offices, in connection with the filing, prosecution and maintenance of the Inhibrx Patents. 

8.2.7.    Inhibrx has obtained or will obtain from all inventors of Inhibrx Patents under an

  
 18 

 
obligation to assign to Inhibrx valid and enforceable agreements assigning to Inhibrx each such inventor’s entire right, title and interest in and to all such Inhibrx Patents, and have made
or will make any payments to inventors of Inhibrx Patents required by applicable Law requiring remuneration for inventions. 

8.2.8.    To Inhibrx’s knowledge, no Third Party is conducting or engaging in any activity
that would constitute infringement or misappropriation of the Licensed IP. 
 8.2.9.    There is
no (a) claim, demand, suit, proceeding, arbitration, inquiry, investigation or other legal action of any nature, civil, criminal, regulatory or otherwise, pending or, to Inhibrx’s knowledge, threatened against Inhibrx or any of its
Affiliates or (b) judgment or settlement against or owed by Inhibrx or any of its Affiliates, in each case in connection with the Licensed IP. 

8.2.10.    It has not previously assigned, transferred, conveyed, exclusively licensed, or
otherwise encumbered its right, title and interest in the Licensed IP in any manner that would prevent it from granting the licenses set forth in Section 2.1. 

8.3    Warranty Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY
MAKES ANY WARRANTY WITH RESPECT TO ANY PATENTS, KNOW-HOW, LICENSES, TECHNOLOGY, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND HEREBY DISCLAIMS ANY IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING. 
 9.    Term and Termination.

 9.1    Term and Expiration. The term of this Agreement (the “Term”)
shall commence on the Effective Date and, unless terminated earlier pursuant to this Section 9, shall expire on a Product-by-Product and country-by-country basis upon the fulfillment of all payment obligations under Sections 5.2 and 5.4, after which the licenses granted by Inhibrx to Licensee in
Section 2.1 with respect to such Product in such country shall become fully paid-up, perpetual, irrevocable and non-exclusive. 

9.2    Termination at Will. Licensee shall have the right, in its sole discretion, to
terminate this Agreement in its entirety without cause at any time during the Term, by giving Inhibrx [***] ([***]) days’ prior written notice of such termination. Each Party shall remain responsible for all liabilities and obligations incurred
or accrued under this Agreement by such Party prior to the effective date of such termination. 

9.3    Termination for Cause. In addition to any other remedies conferred by this Agreement or
by Law, either Party may terminate this Agreement in its entirety at any time during the Term: (a) upon written notice by either Party if the other Party is in material breach of its obligations hereunder and has not cured such breach within
[***] ([***]) days after such notice for any payment breach, or, as the case may be, [***] ([***]) days after such notice for any breach other than a payment breach; provided, however, in the event of a good faith dispute with respect
to the existence of a material breach, the [***] ([***])-day or [***] ([***])-day cure period as applicable, shall be tolled until such time as the dispute is resolved pursuant to Section 11.5. If such alleged breach is
contested in good faith by the breaching Party in writing within the applicable cure period, then the dispute resolution procedure pursuant to Section 11.5 may be initiated by either Party to determine whether a material
breach has actually occurred. If such breach is confirmed in accordance with the procedure set forth in Section 11.5 and not cured within the longer of (i) the remainder of the tolled cure period and (ii) [***] ([***])
[***] after the receipt of a decision by the arbitrators confirming such breach, the non-breaching Party shall have the right, on written notice to the breaching Party, to terminate this Agreement it its
entirety effective immediately. 
 9.4    Termination for Bankruptcy. Either Party may
terminate this Agreement, if, at any time, the other Party shall file in any court or agency pursuant to any applicable Law, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or
trustee of the Party or of substantially all of its assets, or if the other Party shall be served with an involuntary petition against it, filed in any 

  
 19 

 
insolvency proceeding, and such petition shall not be dismissed within [***] ([***]) [***] after the filing thereof, or if the other Party shall commence a dissolution or liquidation of its
assets, or if the other Party shall make an assignment of substantially all of its assets for the benefit of creditors. All rights and licenses granted under or pursuant to any section of this Agreement are and shall otherwise be deemed to be for
purposes of 11 U.S.C. §365(n) licenses of rights to “intellectual property” as defined in 11 U.S.C. §101(35A). The Parties shall retain and may fully exercise all of their respective rights and elections under the Bankruptcy Code
of the United States. Upon the bankruptcy of any Party, the non-bankrupt Party shall further be entitled to a complete duplicate of, or complete access to, any such intellectual property, and such, if not
already in its possession, shall be promptly delivered to the non-bankrupt Party, unless the bankrupt Party elects to continue, and continues, to perform all of its obligations under this Agreement. 

9.5    Consequence of Termination. 

9.5.1.    In the event Licensee terminates this Agreement under
Section 9.2 at will or either Party terminates this Agreement under Section 9.3 or Section 9.4, subject to Section 9.6, the following shall
apply: 
 (a)    All rights granted to Licensee under this Agreement, including all licenses
granted under Section 2.1, shall immediately terminate. 

(b)    Within [***] ([***]) [***]after the termination effective date, each Party shall pay all
amounts payable to the other Party hereunder that have accrued but have not been paid as of the effective date of termination, as applicable. 

(c)    No later than [***] ([***]) [***] after the termination effective date, each Receiving Party
shall return to the Disclosing Party (or, at the Disclosing Party’s request, shall destroy) all of the Disclosing Party’s Confidential Information (including all copies thereof) that are in such Party’s possession; provided,
however, that the Receiving Party may retain one archival copy of the Disclosing Party’s Confidential Information in its confidential files solely for purposes of identifying its continuing obligations under this Agreement with respect
thereto. 
 (d)    No later than [***] ([***]) [***]after the termination effective date,
Licensee shall return to Inhibrx (or, at Inhibrx’s request, shall destroy) all of the Inhibrx Materials that are remaining in Licensee’s possession or control. 

(e)    With respect to each Product for which an IND has been filed in the United States or
European Union as of the date of termination, the obligations under Sections 5.2 through 5.7 shall survive in accordance with their terms. 

9.5.2.    In the event that Licensee has the right to terminate this Agreement under
Section 9.3 for Inhibrx’s uncured material breach, Licensee may elect by written notice to Inhibrx either to: (i) terminate this Agreement with the results set forth in Section 9.5.1 or
(ii) continue this Agreement in full force and effect except that [***] be reduced by [***] percent ([***]%) for the remainder of the Term. In the event that Licensee elects to continue this Agreement under clause (ii) of the preceding
sentence, then the foregoing shall be Licensee’s sole remedy and Inhibrx’s sole liability and obligation with respect to such breach. 

9.6    Effect of Expiration or Termination Generally; Survival.
Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior to such expiration or termination. Any expiration or termination of this Agreement shall be without prejudice to the rights of either Party
against the other accrued or accruing under this Agreement prior to expiration or termination, including the obligation to pay royalties for Product(s) sold prior to such expiration or termination. Termination of this Agreement is without prejudice
to any of the other rights and remedies conferred on the non-breaching Party by this Agreement or under law or equity, including the right to pursue damages or equitable remedies and the right to pursue
payment of any amounts owed 

  
 20 

 
by the non-breaching Party to the breaching Party after termination by the non-breaching Party pursuant to this
Section 9. The provisions set forth in Sections 1, 4.2.1, 4.2.2, 4.2.3, 5.4.5 (survival to continue for [***] ([***]) [***]post termination or expiration or, if
Section 9.5.1(e) is applicable, then for a period of [***] following the expiration of all Royalty Terms), 5.5 (survival to continue for [***] post termination or expiration), 5.6, 5.7, 6, 7.1,
8.1, 8.2, 8.3, 9.1, 9.5, 9.6, 10, 11.3, 11.4, 11.5, 11.6, 11.7, 11.8, 11.9, 11.12, 11.13, 11.14, 11.15 and 11.16
shall survive any expiration or termination of this Agreement for the time periods set forth therein and if no time period is specified, then indefinitely. 

10.    Indemnification. 

10.1    Indemnification by Inhibrx. Inhibrx shall indemnify, defend and hold Licensee,
its Affiliates and its and their respective agents, employees, officers and directors (each a “Licensee Indemnitee”) harmless from and against any and all Third Party claims, suits, actions, demands, judgments, liabilities, expenses
or losses, including reasonable legal expenses and attorneys’ fees (collectively, “Licensee Losses”), to which any Licensee Indemnitee may become subject to the extent such Licensee Losses are directly or indirectly caused by
or otherwise arise out of or in connection with: (a) the breach by Inhibrx of any covenant, representation or warranty or other agreement made by Inhibrx in this Agreement; or (b) the gross negligence or willful misconduct of
(1) Inhibrx or its Affiliates or (2) Inhibrx’s subcontractors or agents acting in connection with the matters that are subject of this Agreement; except, in each case, to the extent such Licensee Losses result from: (i) the
breach by Licensee of any covenant, representation, warranty or other agreement made by Licensee in this Agreement; or (ii) the negligence or willful misconduct of any Licensee Indemnitee. 

10.2    Indemnification by Licensee. Licensee shall indemnify, defend, and hold Inhibrx, its
Affiliates and its and their respective agents, employees, officers and directors (each a “Inhibrx Indemnitee”) harmless from and against any and all Third Party claims, suits, actions, demands, judgments, liabilities,
expenses, or losses, including reasonable legal expenses and attorneys’ fees (collectively, “Inhibrx Losses”) to which any Inhibrx Indemnitee may become subject to the extent such Inhibrx Losses are directly or
indirectly caused by or otherwise arise out of or in connection with: (a) the performance by Licensee (or its Affiliates, sublicensees or subcontractors) of Licensee’s obligations under this Agreement; (b) the practice by Licensee,
its Affiliates or its sublicensees of any license or sublicense granted to Licensee hereunder, through the manufacture, research, development, use, sale, offer for sale, exportation, or importation of a Product or otherwise; (c) the
manufacture, use, handling, storage, importation, exportation, sale, or other disposition by Licensee, its Affiliates, sublicensees, subcontractors or distributors of Product(s); (d) the use by a Third Party of any Product sold or otherwise provided
by Licensee, its Affiliates, sublicensees, subcontractors or distributors; (e) a breach by Licensee or its Affiliates of any covenant, representation, warranty or other agreement made by Licensee in this Agreement; or (f) the negligence or
willful misconduct of (1) Licensee or its Affiliates or (2) Licensee’s sublicensees, subcontractors, distributors or agents acting in connection with the matters that are subject of this Agreement; except, in each case, to the extent
such Inhibrx Losses result from: (i) the breach by Inhibrx, its Affiliates, sublicensees or subcontractors of any covenant, representation, warranty or other agreement made by Inhibrx in this Agreement; or (ii) the negligence or willful
misconduct of any Inhibrx Indemnitee. 
 10.3    Notice of Indemnification Obligation
and Defense. As used in this Section 10.3, the term “Losses” means, as applicable, any and all Inhibrx Losses or Licensee Losses, and “Indemnitees” means, as applicable, any
and all Inhibrx Indemnitees or Licensee Indemnitees. Any Party entitled to indemnification under Section 10.1 or 10.2 shall promptly give notice to the indemnifying Party of any actual or potential Losses of which it
becomes aware that may be subject to indemnification hereunder, but the failure or delay to so notify the indemnifying Party shall not relieve the indemnifying Party from any liability under Section 10.1 or 10.2
except to the extent that the indemnifying Party’s ability to defend against such Losses was actually prejudiced as a result of such failure or delay. The indemnifying Party shall have the right to assume and control the defense of such Losses
(at its own expense) with outside counsel of its choice and reasonably satisfactory to the indemnified Party; provided, however, that the indemnified Party shall have the right to retain and be represented by its own counsel (at its
own expense) in connection therewith. The indemnified Party shall, upon request, cooperate with the indemnifying Party and its legal representatives in connection with the investigation and defense of such Losses, including by providing or otherwise
making available information in its possession with respect thereto. Neither 

  
 21 

 
Party shall settle or otherwise resolve any claim, suit, action, or demand related to any Losses without the prior written consent of the other Party, if such settlement or other resolution would
(a) result in the admission of any liability or fault on behalf of the other Party or its Indemnitees, (b) result in or impose any payment obligations upon the other Party or its Indemnitees, (c) or subject the other Party to an
injunction or otherwise limit the other Party’s ability to take any actions or refrain from taking any actions under this Agreement. 

10.4    LIMITATION OF LIABILITY. EXCEPT FOR LIABILITIES ARISING UNDER SECTION 10.1 AND
10.2, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES (INCLUDING ANY CLAIMS FOR LOST PROFITS, SALES, REVENUES OR OPPORTUNITIES) ARISING OUT OF OR
IN CONNECTION WITH THIS AGREEMENT (OR THE EXERCISE OF ITS RIGHTS HEREUNDER) UNDER ANY THEORY OF LIABILITY, AND REGARDLESS OF ANY NOTICE OR KNOWLEDGE OF THE POSSIBILITY OF SUCH DAMAGES. 

11.    General Provisions. 

11.1    Assignment. Except as provided in this Section 11.1, neither Party may
assign or otherwise transfer this Agreement or any right or obligation hereunder, without the prior written consent of the other Party. Notwithstanding the foregoing, either Party may, without consent of the other Party, assign this Agreement or any
of its rights or obligations hereunder in whole or in part to: (i) an Affiliate of such Party; (ii) in connection with the transfer or sale of all or substantially all of its assets, the line of business, or Product to which this Agreement
relates; or (ii) its successor in interest in connection with a Strategic Transaction; provided, however, that in the case of assignment to an Affiliate, the assigning Party shall, notwithstanding such assignment, remain
responsible for the performance of such Affiliate under this Agreement. Any attempted assignment not in accordance with this Section 11.1 shall be null and void and of no legal effect. The terms and conditions of this
Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respected successors and permitted assigns. 

11.2    Severability. If any one or more of the provisions contained in this Agreement is held invalid,
illegal or unenforceable in any respect by a court or other governmental authority of competent jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of one or both of the Parties. The Parties shall in such an instance cooperate and use good faith efforts to replace the invalid, illegal or
unenforceable provision(s) with valid, legal and enforceable provision(s) which, insofar as practical, implements the purposes of this Agreement. 

11.3    Notices. All notices that are required or permitted hereunder shall be in writing and sufficient if
(i) delivered personally, (ii) sent by facsimile (and promptly confirmed by personal delivery, registered or certified mail, or internationally recognized express courier (e.g., Federal Express), (iii) sent by internationally recognized
express courier or (iv) sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: 
  

			
	if to Inhibrx, to:	    	 Inhibrx, Inc.
 11025 North Torrey Pines Road

Suite 200
 La Jolla, California 92037

Attention: [***]
 Email:
[***]

  
 22 

			
	if to Licensee, to:	    	 bluebird bio, Inc.
 60 Binney Street

Cambridge, Massachusetts 02142
 Attention: [***]

Email: [***]

 or to such other address(es) as the Party to whom notice is to be given may have furnished to the other Party in writing in
accordance herewith (which notice a Party may provide by email in accordance with this Section 11.3). Any such notice shall be deemed to have been given: (i) when delivered, if personally delivered or sent by facsimile
on a Business Day (or if delivered or sent on a non-Business Day, then on the next Business Day); (ii) on the Business Day of scheduled delivery, if sent by internationally recognized express courier; or
(iii) on the fifth Business Day following the date of mailing, if sent by mail. 
 11.4    Applicable
Law. This Agreement and all claims relating to or arising out of this Agreement or the breach thereof shall be governed by and construed in accordance with the laws of the State of Delaware without reference to any rules of conflict of laws.

 11.5    Dispute Resolution. The Parties shall negotiate in good faith and use reasonable
efforts to amicably settle any dispute, controversy or claim arising from or related to this Agreement or the breach thereof, except for any Excluded Claims (each, a “Dispute”). Either Party shall have the right to refer any Dispute
to the CEO of Inhibrx and the CEO of Licensee (or their respective designees) who shall attempt in good faith to resolve such Dispute over a period of [***] ([***]) [***]. 

11.5.1.    If the Parties do not fully settle any Dispute within [***] ([***]) [***] of referring
such matter to the executive officers pursuant to Section 11.5, then either Party may submit the Dispute for final resolution by binding arbitration (an “Arbitration”) administered by JAMS pursuant to its
Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited Procedures in those Rules then in effect (the “JAMS Rules”), except as provided in Section 11.5.4 with respect to
discovery, and judgment on the Arbitration award may be entered in any court having jurisdiction thereof. The proceedings and decisions of the arbitrators in any Arbitration under this Section 11.5 shall be confidential
except as otherwise expressly permitted in this Agreement or required by applicable Law. 

11.5.2.    Each Arbitration shall be conducted by a panel of three arbitrators, each with
substantial experience in the pharmaceutical or biotechnology business selected pursuant to the JAMS Rules. Within [***] ([***]) [***] after initiation of an Arbitration, each Party shall select one person to act as an arbitrator and the two
Party-selected arbitrators shall select a third arbitrator within [***] ([***]) [***] of their appointment. If a Party fails to timely select an arbitrator, or if the arbitrators selected by the Parties fail to timely agree upon the third
arbitrator, then such arbitrator(s) shall be appointed by JAMS. The place of arbitration shall be New York City, New York and all proceedings and communications shall be in English. 

11.5.3.    Each Party shall comply with all applicable Laws related to the preservation of evidence
as if such dispute were brought in the United States District Court for the Southern District of New York. Notwithstanding the JAMS Rules, each Party shall be entitled to discovery to the same extent provided by the United States Federal Rules of
Civil Procedure in effect at the time of such Arbitration, including the right to mandatory disclosures under Rule 26, and the right to take depositions, issue subpoenas (by application to the appropriate court), and obtain documents and written
discovery. The arbitrators may sanction a Party that fails to comply with its discovery obligations under this Section 11.5.3, including sanctions provided under Federal Rule of Civil Procedure 37. 

11.5.4.    The Parties shall maintain the confidential nature of the Arbitration or except as may
be necessary in connection with a court application for a preliminary remedy, a judicial challenge to an award or its enforcement, or unless otherwise required by applicable Law or judicial decision. 

  
 23 

 11.5.5.    Either Party may apply to the
arbitrators for interim injunctive relief until the arbitration award is rendered or the controversy is otherwise resolved. Either Party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction any
injunctive or provisional relief necessary to protect the rights or property of that Party pending the arbitration award. The arbitrators shall have no authority to award punitive, exemplary or any other type of damages excluded under
Section 10.4, and the Parties hereby irrevocably waive any right to seek or recover any such damages.    Each Party shall bear an equal share of the arbitrators’ fees and any administrative fees of
each Arbitration. The arbitrators’ decision shall be final, not appealable, and legally binding, and judgment may be entered thereon in a court of competent jurisdiction. 

11.5.6.    Except to the extent necessary to confirm an award or as may be required by applicable
Law, neither a Party nor an arbitrator may disclose the existence, content, or results of an Arbitration without the prior written consent of both Parties. In no event shall an Arbitration be initiated after the date when commencement of a legal or
equitable proceeding based on the dispute, controversy or claim would be barred by applicable New York or federal statute of limitations. 

11.5.7.    All the obligations of the Parties under this Agreement that are not expressly disputed
in the Arbitration shall remain in full force during the Arbitration. 
 11.5.8.    As used in
this Section 11.5, the term “Excluded Claim” means a dispute, controversy or claim between the Parties to the extent it concerns (a) the scope, validity, enforceability, inventorship or infringement of
Patents; or (b) compliance by the Parties with any Laws governing antitrust, anti-monopoly or competition, whether or not statutory. 

11.6    Entire Agreement; Amendments. This Agreement, together with the Exhibits hereto,
constitutes the entire understanding of the Parties with respect to the subject matter hereof and supersedes and cancels all previous express or implied agreements and understandings, negotiations, writings and commitments, either oral or written,
in respect to the subject matter hereof. The Exhibits to this Agreement are incorporated herein by reference and are part of this Agreement. This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by
authorized representatives of both Parties. 
 11.7    Headings. The captions to the several Sections and
subsections hereof are not a part of this Agreement, but are merely for convenience to assist in locating and reading the several Sections and subsections hereof. 

11.8    Independent Contractors. It is expressly agreed that Inhibrx and Licensee shall be
independent contractors and that the relationship between the two Parties shall not constitute a partnership, joint venture or agency, and neither Party will treat the relationship between the Parties as a partnership, joint venture or other entity
for any purposes. Neither Inhibrx nor Licensee shall have the authority to make any statements, representations or commitments of any kind on behalf of, or otherwise bind or obligate the other Party, without the prior written consent of such other
Party. 
 11.9    Performance by Affiliates. Each Party may discharge any obligations and
exercise any right hereunder through any of its Affiliates. Each Party hereby guarantees the performance by its Affiliates of such Party’s obligations under this Agreement, and shall cause its Affiliates to comply with the provisions of this
Agreement in connection with such performance. Any breach by a Party’s Affiliate of any of such Party’s obligations under this Agreement shall be deemed a breach by such Party, and the other Party may proceed directly against such Party
without any obligation to first proceed against such Party’s Affiliate. 
 11.10    Further
Actions. Each Party agrees to execute, acknowledge and deliver such further instruments, and to do all such other acts, as are reasonably necessary to carry out the purposes and intent of this Agreement. 

  
 24 

 11.11    Waiver. No waiver or release of any obligation
under or provision of this Agreement shall be valid or effective unless in writing and signed by the waiving Party. The failure of any Party to insist on the performance of any obligation hereunder shall not be deemed to be a waiver of such
obligation. Waiver of any provision hereunder or of any breach of any provision hereof shall not be deemed to be a continuing waiver or a waiver of any other breach of such provision (or any other provision) on such occasion or any succeeding
occasion. 
 11.12    Cumulative Remedies. Unless as specified, no remedy referred to in this
Agreement is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under applicable Law. 

11.13    Rule of Construction. Each Party has had the opportunity to consult with counsel in
connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply. 

11.14    Certain Conventions. Any reference in this Agreement to a Section, subsection, paragraph,
clause or Exhibit shall be deemed to be a reference to a Section, subsection, paragraph, clause or Exhibit, of or to, as the case may be, this Agreement, unless otherwise indicated. Unless the context of this Agreement otherwise requires,
(a) words of any gender include each other gender, (b) words such as “herein”, “hereof”, and “hereunder” refer to this Agreement as a whole and not merely to the particular provision in which such words
appear, (c) words using the singular shall include the plural, and vice versa, (d) references to “day” mean calendar days, (e) the words “include,” “includes” and “including” shall be deemed to
be followed by the phrase “but not limited to,” “without limitation,” “inter alia” or words of similar import, and (f) the word “or” shall not be deemed to be used in the exclusive sense and shall instead
be used in the inclusive sense to mean “or”, unless the context is clear that only one of the options described may apply. 

11.15    Counterparts. The Parties may execute this Agreement in counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument. 
 11.16    No
Third Party Beneficiaries. The Parties agree that no provision of this Agreement shall be for the benefit of, or shall be enforceable by any Third Party, including any creditor of either Party. 

[Remainder of page intentionally blank; signature page follows.] 

  
 25 

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

									
	Inhibrx, Inc.	 		 	bluebird bio, Inc.
					
	By:	 	/s/ Brendan Eckelman	 		 	By:	 	/s/ Jason Cole

									
					
	    	 	Brendan Eckelman	 	                    	 	Name:	 	Jason Cole
					
		 	Chief Scientific Officer	 		 	Title:	 	Chief Legal Officer

  
 26 

 Exhibit 1.38 

Inhibrx Patents as of the Effective DateEX-10.19

 Exhibit 10.19 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (as the same may from time to time be amended, modified, supplemented or restated,
this “Agreement”) dated as of March 31, 2015 (the “Effective Date”) among OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314
(“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 hereof or otherwise a party hereto from time to time including Oxford in its
capacity as a Lender (each a “Lender” and collectively, the “Lenders”), and Inhibrx, LP, a Delaware limited partnership, Inhibrx 101, LP, a Delaware limited partnership, Inhibrx 104, LP, a Delaware limited
partnership, INBRX 105, LP, a Delaware limited partnership, INBRX 106, LP, a Delaware limited partnership, INBRX 107, LP, a Delaware limited partnership, INBRX 108, LP, a Delaware limited partnership, INBRX 109, LP, a Delaware limited partnership,
INBRX 110, LP, a Delaware limited partnership, INBRX 111, LP, a Delaware limited partnership and INBRX 112, LP, a Delaware limited partnership, each with an office located at with an office located at 11099 N. Torrey Pines Road, Suite 280, La Jolla,
CA 92037 (individually and collectively, jointly and severally, “Borrower”), provides the terms on which the Lenders shall lend to Borrower and Borrower shall repay the Lenders. The parties agree as follows: 

1. ACCOUNTING AND OTHER TERMS 

1.1 Accounting terms not defined in this Agreement shall be construed in accordance with GAAP. Calculations and
determinations must be made in accordance with GAAP. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have
the meaning provided by the Code to the extent such terms are defined therein. All references to “Dollars” or “$” are United States Dollars, unless otherwise noted. 

2. LOANS AND TERMS OF PAYMENT 

2.1 Promise to Pay. Borrower hereby unconditionally promises to pay each Lender, the outstanding principal amount of all
Term Loans advanced to Borrower by such Lender and accrued and unpaid interest thereon and any other amounts due hereunder as and when due in accordance with this Agreement. 

2.2 Term Loans. 

(a) Availability. 

(i) Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, to make term loans to
Borrower on the Effective Date in an aggregate amount of Five Million Dollars ($5,000,000.00) according to each Lender’s Term A Loan Commitment as set forth on Schedule 1.1 hereto (such term loans are hereinafter
referred to singly as a “Term A Loan”, and collectively as the “Term A Loans”). After repayment, no Term A Loan may be re-borrowed.

 (ii) Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, at the request
of Borrower during the Second Draw Period, to make term loans to Borrower in an aggregate amount up to Five Million Dollars ($5,000,000.00) according to each Lender’s Term B Loan Commitment as set forth on
Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term B Loan”, and collectively as the “Term B Loans”). After repayment,
no Term B Loan may be re-borrowed. 
 (iii) Subject to the terms and conditions
of this Agreement, the Lenders agree, severally and not jointly, at the request of Borrower during the Third Draw Period, to make term loans to Borrower in an aggregate amount up to Five Million Dollars ($5,000,000.00) according to each
Lender’s Term C Loan Commitment as set forth on Schedule 1.1 hereto (such term loans are hereinafter referred to singly as a “Term C Loan”, and collectively as the
“Term C Loans”). After repayment, no Term C Loan may be re-borrowed. 

(iv) Subject to the terms and conditions of this Agreement, the Lenders agree, severally and not jointly, at the request of
Borrower during the Fourth Draw Period, to make term loans to Borrower 

  
 1 

 
in an aggregate amount up to Five Million Dollars ($5,000,000.00) according to each Lender’s Term D Loan Commitment as set forth on Schedule 1.1 hereto (such
term loans are hereinafter referred to singly as a “Term D Loan”, and collectively as the “Term D Loans”; each Term A Loan, Term B Loan, Term C Loan or Term D Loan is
hereinafter referred to singly as a “Term Loan” and the Term A Loans, Term B Loans, Term C Loans and Term D Loans are hereinafter referred to collectively as the “Term Loans”). After
repayment, no Term D Loan may be re-borrowed. 
 (b) Repayment. Borrower
shall make monthly payments of interest only commencing on the first (1st) Payment Date following the Funding Date of each Term Loan, and continuing on the Payment Date of each successive month
thereafter through and including the Payment Date immediately preceding the Amortization Date. Borrower agrees to pay, on the Funding Date of each Term Loan, any initial partial monthly interest payment otherwise due for the period between the
Funding Date of such Term Loan and the first Payment Date thereof. Commencing on the Amortization Date for such Term Loan, and continuing on the Payment Date of each month thereafter, Borrower shall make consecutive equal monthly payments of
principal and interest, in arrears, to each Lender, as calculated by Collateral Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the amount of such Lender’s Term Loan, (2) the effective
rate of interest, as determined in Section 2.3(a), and (3) (i) a repayment schedule equal to forty-eight (48) months with respect to the Term A Loans, if Term B Loans are not funded, (ii) a repayment schedule equal to forty-two (42) months with respect to the Term A Loans and Term B Loans, if Term A Loans and Term B Loans are funded and Term C Loans are not funded, (iii) a repayment schedule equal to thirty-six (36) months with respect to the Term A Loans, Term B Loans and Term C Loans, if Term A Loans, Term B Loans and Term C Loans are funded Term D Loans are not funded, and (iv) thirty (30) months
with respect to all Term Loans if each of Term A Loans, Term B Loans, Term C Loans and Term D Loans are funded. All unpaid principal and accrued and unpaid interest with respect to each Term Loan is due and payable in full on the Maturity Date of
such Term Loan. Each Term Loan may only be prepaid in accordance with Sections 2.2(c) and 2.2(d). 
 (c)
Mandatory Prepayments. If the Term Loans are accelerated following the occurrence of an Event of Default, Borrower shall immediately pay to Lenders, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to
the sum of: (i) all outstanding principal of the Term Loans plus accrued and unpaid interest thereon through the prepayment date, (ii) the Final Payment, (iii) the Prepayment Fee, plus (iv) all other Obligations that are due and
payable, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts. Notwithstanding (but without duplication with) the foregoing, on the Maturity Date, if the Final Payment had not previously been paid in
full in connection with the prepayment of the Term Loans in full, Borrower shall pay to Collateral Agent, for payment to each Lender in accordance with its respective Pro Rata Share, the Final Payment in respect of the Term Loan(s). 

(d) Permitted Prepayment of Term Loans. Borrower shall have the option to prepay all, but not less than all, of the Term
Loans advanced by the Lenders under this Agreement, provided Borrower (i) provides written notice to Collateral Agent of its election to prepay the Term Loans at least fifteen (15) days prior to such prepayment, and (ii) pays to the
Lenders on the date of such prepayment, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of (A) all outstanding principal of the Term Loans plus accrued and unpaid interest thereon through the
prepayment date, (B) the Final Payment, (C) the Prepayment Fee, plus (D) all other Obligations that are due and payable, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts. 

2.3 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under the Term Loans shall accrue
interest at a fixed per annum rate (which rate shall be fixed for the duration of the applicable Term Loan) equal to the Basic Rate, determined by Collateral Agent on the Funding Date of the applicable Term Loan, which interest shall be payable
monthly in arrears in accordance with Sections 2.2(b) and 2.3(e). Interest shall accrue on each Term Loan commencing on, and including, the Funding Date of such Term Loan, and shall accrue on the principal amount outstanding under such Term
Loan through and including the day on which such Term Loan is paid in full. 

  
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 (b) Default Rate. Immediately upon the occurrence and during the
continuance of an Event of Default, Obligations shall accrue interest at a fixed per annum rate equal to the rate that is otherwise applicable thereto plus five percentage points (5.00%) (the “Default Rate”). Payment or acceptance
of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Collateral
Agent. 
 (c) 360-Day Year. Interest shall be computed on the basis of
a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days. 
 (d) Debit of
Accounts. Collateral Agent and each Lender may debit (or ACH) any deposit accounts, maintained by Borrower or any of its Subsidiaries, including the Designated Deposit Account, but excluding any deposit account maintained solely for payroll, tax
or employee benefits payments and identified on Perfection Certificates and provided that the balance of deposit account is consistent with or below Borrower’ past practices, for principal and interest payments or any other amounts Borrower
owes the Lenders under the Loan Documents when due; provided, however, that Collateral Agent or the applicable Lender will make commercially reasonably efforts to send a prior or contemporaneous notice to Borrower before making a debit (or ACH) for
amounts other than principal and interest payments. Any such debits (or ACH activity) shall not constitute a set-off. 

(e) Payments. Except as otherwise expressly provided herein, all payments by Borrower under the Loan Documents shall be
made to the respective Lender to which such payments are owed, at such Lender’s office in immediately available funds on the date specified herein. Unless otherwise provided, interest is payable monthly on the Payment Date of each month.
Payments of principal and/or interest received after 1:00 p.m. Eastern time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due the next Business
Day and additional fees or interest, as applicable, shall continue to accrue until paid. All payments to be made by Borrower hereunder or under any other Loan Document, including payments of principal and interest, and all fees, expenses,
indemnities and reimbursements, shall be made without set-off, recoupment or counterclaim, in lawful money of the United States and in immediately available funds. 

2.4 Secured Promissory Notes. The Term Loans shall be evidenced by a Secured Promissory Note or Notes in the form
attached as Exhibit D hereto (each a “Secured Promissory Note”), and shall be repayable as set forth in this Agreement. Borrower irrevocably authorizes each Lender to make or cause to be made, on or about
the Funding Date of any Term Loan or at the time of receipt of any payment of principal on such Lender’s Secured Promissory Note, an appropriate notation on such Lender’s Secured Promissory Note Record reflecting the making of such Term
Loan or (as the case may be) the receipt of such payment. The outstanding amount of each Term Loan set forth on such Lender’s Secured Promissory Note Record shall be prima facie evidence of the principal amount thereof owing and unpaid to such
Lender, but the failure to record, or any error in so recording, any such amount on such Lender’s Secured Promissory Note Record shall not limit or otherwise affect the obligations of Borrower under any Secured Promissory Note or any other Loan
Document to make payments of principal of or interest on any Secured Promissory Note when due. Upon receipt of an affidavit of an officer of a Lender as to the loss, theft, destruction, or mutilation of its Secured Promissory Note, Borrower
shall issue, in lieu thereof, a replacement Secured Promissory Note in the same principal amount thereof and of like tenor. 

2.5 Fees. Borrower shall pay to Collateral Agent: 

(a) Facility Fee. A fully earned, non-refundable facility fee of Two Hundred
Thousand Dollars ($200,000.00) to be shared between the Lenders pursuant to their respective Commitment Percentages payable as follows: (i) One Hundred Thousand Dollars ($100,000.00) of the facility fee was received by the Collateral Agent on
February 3, 2015 and (ii) the remaining One Hundred Thousand Dollars ($100,000.00) of the facility fee shall be due and payable on the Funding Date of the Term B Loan; 

(b) Final Payment. The Final Payment, when due hereunder, to be shared between the Lenders in accordance with their
respective Pro Rata Shares; 
 (c) Prepayment Fee. The Prepayment Fee, when due hereunder, to be shared between the
Lenders in accordance with their respective Pro Rata Shares; and 

  
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 (d) Lenders’ Expenses. All Lenders’ Expenses (including
reasonable attorneys’ fees and expenses for documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due. 

2.6 Withholding. Payments received by the Lenders from Borrower hereunder will be made free and clear of and without
deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any governmental authority (including any interest, additions to tax or penalties applicable
thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to make any withholding or deduction from any such payment or other sum payable hereunder to the
Lenders, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to the extent necessary to ensure that, after the making of such required withholding or
deduction, each Lender receives a net sum equal to the sum which it would have received had no withholding or deduction been required and Borrower shall pay the full amount withheld or deducted to the relevant Governmental Authority. Borrower will,
upon request, furnish the Lenders with proof reasonably satisfactory to the Lenders indicating that Borrower has made such withholding payment; provided, however, that Borrower need not make any withholding payment if the amount or validity of such
withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements and obligations of Borrower contained in this Section 2.6 shall
survive the termination of this Agreement. 
 3. CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Each Lender’s obligation to make a Term A Loan is
subject to the condition precedent that Collateral Agent and each Lender shall consent to or shall have received, in form and substance satisfactory to Collateral Agent and each Lender, such documents, and completion of such other matters, as
Collateral Agent and each Lender may reasonably deem necessary or appropriate, including, without limitation: 
 (a) original
Loan Documents, each duly executed by Borrower and each Subsidiary, as applicable; 
 (b) duly executed original Control
Agreements with respect to any Collateral Accounts maintained by Borrower or any of its Subsidiaries; 
 (c) duly executed
original Secured Promissory Notes in favor of each Lender according to its Term A Loan Commitment Percentage; 
 (d) the
Operating Documents and good standing certificates of Borrower and its Subsidiaries certified by the Secretary of State (or equivalent agency) of Borrower’s and such Subsidiaries’ jurisdiction of organization or formation and each
jurisdiction in which Borrower and each Subsidiary is qualified to conduct business, each as of a date no earlier than thirty (30) days prior to the Effective Date; 

(e) a completed Perfection Certificate for Borrower and each of its Subsidiaries; 

(f) the Annual Projections, for the current calendar year, receipt and sufficiency of which Collateral Agent and the Lenders
hereby acknowledge; 
 (g) duly executed original officer’s certificate for Borrower and each Subsidiary that is a party
to the Loan Documents, in a form acceptable to Collateral Agent and the Lenders; 
 (h) certified copies, dated as of date no
earlier than thirty (30) days prior to the Effective Date, of financing statement searches, as Collateral Agent shall request, accompanied by written evidence (including any UCC termination statements) that the Liens indicated in any such
financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

  
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 (i) a landlord’s consent executed in favor of Collateral Agent in
respect of all of Borrower’s and each Subsidiaries’ leased locations; 
 (j) a bailee waiver executed in favor of
Collateral Agent in respect of each third party bailee where Borrower or any Subsidiary maintains Collateral having a book value in excess of One Hundred Thousand Dollars ($100,000.00); 

(k) a duly executed legal opinion of counsel to Borrower dated as of the Effective Date; 

(l) evidence satisfactory to Collateral Agent and the Lenders that the insurance policies required by Section 6.5 hereof
are in full force and effect, together with appropriate evidence showing loss payable and/or additional insured clauses or endorsements in favor of Collateral Agent, for the ratable benefit of the Lenders; 

(m) evidence satisfactory to Lenders that limited partner interests in Inhibrx, LP of such class and in such quantity as are
satisfactory to Lenders, have been issued to Lenders and/or their designees; 
 (n) payment of the fees and Lenders’
Expenses then due as specified in Section 2.5 hereof. 
 3.2 Conditions Precedent to all Credit Extensions. The
obligation of each Lender to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent: 

(a) receipt by Collateral Agent of an executed Disbursement Letter in the form of Exhibit B attached
hereto; 
 (b) the representations and warranties in Section 5 hereof shall be true, accurate and complete in all
material respects on the date of the Disbursement Letter and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or
modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of
Default shall have occurred and be continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in Section 5 hereof are true, accurate
and complete in all material respects; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further
that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; 

(c) in such Lender’s sole discretion, there has not been any Material Adverse Change or any material adverse deviation by
Borrower from the Annual Projections of Borrower presented to and accepted by Collateral Agent and each Lender; 
 (d) to the
extent not delivered at the Effective Date, duly executed original Secured Promissory Notes, in number, form and content acceptable to each Lender, and in favor of each Lender according to its Commitment Percentage, with respect to each Credit
Extension made by such Lender after the Effective Date; 
 (e) if the Credit Extension is for Term B Loan, evidence
satisfactory to Lenders that limited partner interests in Inhibrx, LP of such class and in such quantity as have been agreed to by the parties on the Effective Date have been issued to Lenders and/or their designees; and 

(f) payment of the fees and Lenders’ Expenses then due as specified in Section 2.5 hereof. 

3.3 Covenant to Deliver. Borrower agrees to deliver to Collateral Agent and the Lenders each item required
to be delivered to Collateral Agent under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Collateral Agent or any Lender of any such item shall not
constitute a waiver by Collateral Agent or any Lender of Borrower’s obligation to deliver 

  
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such item, and any such Credit Extension in the absence of a required item shall be made in each Lender’s sole discretion. 

3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of a
Term Loan set forth in this Agreement, to obtain a Term Loan, Borrower shall notify the Lenders (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 1:00 p.m. Eastern time three (3) Business Days prior to the date
the Term Loan is to be made. Together with any such electronic, facsimile or telephonic notification, Borrower shall deliver to the Lenders by electronic mail or facsimile a completed Disbursement Letter executed by a Responsible Officer or his or
her designee. The Lenders may rely on any telephone notice given by a person whom a Lender reasonably believes is a Responsible Officer or designee. On the Funding Date, each Lender shall credit and/or transfer (as applicable) to the Designated
Deposit Account, an amount equal to its Term Loan Commitment. 
 4. CREATION OF SECURITY INTEREST 

4.1 Grant of Security Interest. Borrower hereby grants Collateral Agent, for the ratable benefit of the Lenders, to
secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Collateral Agent, for the ratable benefit of the Lenders, the Collateral, wherever located, whether now owned or hereafter
acquired or arising, and all proceeds and products thereof. Borrower represents, warrants, and covenants that the security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the
Collateral, subject only to Permitted Liens that are permitted by the terms of this Agreement to have priority to Collateral Agent’s Lien. If Borrower shall acquire a commercial tort claim (as defined in the Code), Borrower, shall promptly
notify Collateral Agent in a writing signed by Borrower, as the case may be, of the general details thereof (and further details as may be required by Collateral Agent) and grant to Collateral Agent, for the ratable benefit of the Lenders, in such
writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Collateral Agent. 

If this Agreement is terminated, Collateral Agent’s Lien in the Collateral shall continue until the Obligations (other
than inchoate indemnity obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as the Lenders’ obligation to make Credit Extensions has terminated,
Collateral Agent shall, at the sole cost and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. 

4.2 Authorization to File Financing Statements. Borrower hereby authorizes Collateral Agent to file financing statements
or take any other action required to perfect Collateral Agent’s security interests in the Collateral, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Collateral Agent’s interest or rights under the Loan
Documents, including a notice that any disposition of the Collateral, except to the extent permitted by the terms of this Agreement, by Borrower, or any other Person, shall be deemed to violate the rights of Collateral Agent under the Code. 

4.3 Pledge of Collateral. Borrower hereby pledges, assigns and grants to Collateral Agent, for the ratable benefit of
the Lenders, a security interest in all the Shares, together with all proceeds and substitutions thereof, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith,
and all other cash and noncash proceeds of the foregoing, as security for the performance of the Obligations. On the Effective Date, or, to the extent not certificated as of the Effective Date, within ten (10) days following the certification
(if any) of any Shares, the certificate or certificates for the Shares will be delivered to Collateral Agent, accompanied by an instrument of assignment duly executed in blank by Borrower. To the extent required by the terms and conditions governing
the Shares, Borrower shall cause the books of each entity whose Shares are part of the Collateral and any transfer agent to reflect the pledge of the Shares. Upon the occurrence and during the continuance of an Event of Default hereunder, Collateral
Agent may effect the transfer of any securities included in the Collateral (including but not limited to the Shares) into the name of Collateral Agent and cause new (as applicable) certificates representing such securities to be issued in the name
of Collateral Agent or its transferee. Subject to the terms hereof, Borrower will execute and deliver such documents, and take or cause to be taken such actions, as Collateral Agent may reasonably request to perfect or continue the perfection of
Collateral Agent’s security interest in the Shares. Unless an Event of Default shall have occurred and be continuing and Borrower is either cognizant of, or has received notification from Collateral Agent of, the exercise

  
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of Collateral Agent’s remedies hereunder with respect to such Event of Default, Borrower shall be entitled to exercise any voting rights with respect to the Shares and to give consents,
waivers and ratifications in respect thereof, provided that no vote shall be cast or consent, waiver or ratification given or action taken which would be inconsistent with any of the terms of this Agreement or which would constitute or create any
violation of any of such terms. All such rights to vote and give consents, waivers and ratifications shall terminate upon the occurrence and continuance of an Event of Default once Borrower is either cognizant of, or has received notification from
Collateral Agent of, the exercise of Collateral Agent’s remedies hereunder with respect to such Event of Default. 
 5. REPRESENTATIONS AND
WARRANTIES 
 Borrower represents and warrants to Collateral Agent and the Lenders as follows: 

5.1 Due Organization, Authorization: Power and Authority. Borrower and each of its Subsidiaries is duly existing and in
good standing as a Registered Organization in its jurisdictions of organization or formation and Borrower and each of its Subsidiaries is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its
businesses or its ownership of property requires that it be qualified except where the failure to do so could not reasonably be expected to have a Material Adverse Change. In connection with this Agreement, Borrower and each of its Subsidiaries has
delivered to Collateral Agent a completed perfection certificate signed by an officer of Borrower or such Subsidiary (each a “Perfection Certificate” and collectively, the “Perfection Certificates”). Borrower
represents and warrants that (a) Borrower and each of its Subsidiaries’ exact legal name is that which is indicated on its respective Perfection Certificate and on the signature page of each Loan Document to which it is a party;
(b) Borrower and each of its Subsidiaries is an organization of the type and is organized in the jurisdiction set forth on its respective Perfection Certificate; (c) each Perfection Certificate accurately sets forth each of Borrower’s
and its Subsidiaries’ organizational identification number or accurately states that Borrower or such Subsidiary has none; (d) each Perfection Certificate accurately sets forth Borrower’s and each of its Subsidiaries’ place of
business, or, if more than one, its chief executive office as well as Borrower’s and each of its Subsidiaries’ mailing address (if different than its chief executive office); (e) Borrower and each of its Subsidiaries (and each of its
respective predecessors) have not, in the past five (5) years, changed its jurisdiction of organization, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth
on the Perfection Certificates pertaining to Borrower and each of its Subsidiaries, is accurate and complete (it being understood and agreed that Borrower and each of its Subsidiaries may from time to time update certain information in the
Perfection Certificates (including the information set forth in clause (d) above) after the Effective Date to the extent permitted by one or more specific provisions in this Agreement); such updated Perfection Certificates subject to the review
and approval of Collateral Agent. If Borrower or any of its Subsidiaries is not now a Registered Organization but later becomes one, Borrower shall notify Collateral Agent of such occurrence and provide Collateral Agent with such Person’s
organizational identification number within five (5) Business Days of receiving such organizational identification number. 

The execution, delivery and performance by Borrower and each of its Subsidiaries of the Loan Documents to which it is a party
have been duly authorized, and do not (i) conflict with any of Borrower’s or such Subsidiaries’ organizational documents, including its respective Operating Documents, (ii) contravene, conflict with, constitute a default under or
violate any material Requirement of Law applicable thereto, (iii) contravene, conflict or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or such
Subsidiary, or any of their property or assets may be bound or affected, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals
which have already been obtained and are in full force and effect) or are being obtained pursuant to Section 6.1(b), or (v) constitute an event of default under any material agreement by which Borrower or any of such Subsidiaries, or their
respective properties, is bound. Neither Borrower nor any of its Subsidiaries is in default under any agreement to which it is a party or by which it or any of its assets is bound in which such default could reasonably be expected to have a Material
Adverse Change. 
 5.2 Collateral. 

(a) Borrower and each of its Subsidiaries have good title to, have rights in, and the power to transfer each item of the
Collateral upon which it purports to grant a Lien under the Loan Documents, free and clear of any and all Liens except Permitted Liens, and neither Borrower nor any of its Subsidiaries have any Deposit

  
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Accounts, Securities Accounts, Commodity Accounts or other investment accounts other than the Collateral Accounts or the other investment accounts, if any, described in the Perfection
Certificates delivered to Collateral Agent in connection herewith with respect of which Borrower or such Subsidiary has given Collateral Agent notice and taken such actions as are necessary to give Collateral Agent a perfected security interest
therein. The Accounts are bona fide, existing obligations of the Account Debtors. 
 (b) On the Effective Date, and except as
disclosed on the Perfection Certificate (i) the Collateral is not in the possession of any third party bailee (such as a warehouse), and (ii) no such third party bailee possesses components of the Collateral in excess of One Hundred
Thousand Dollars ($100,000.00). None of the components of the Collateral shall be maintained at locations other than as disclosed in the Perfection Certificates on the Effective Date or as permitted pursuant to Section 6.10. 

(c) All Inventory is in all material respects of good and marketable quality, free from material defects. 

(d) Borrower and each of its Subsidiaries is the sole (or, as noted on the Perfection Certificate as of the Effective Date,
joint) owner of the Intellectual Property each respectively purports to own, free and clear of all Liens other than Permitted Liens. Except as noted on the Perfection Certificates, neither Borrower nor any of its Subsidiaries is a party to, nor is
bound by, any material license or other material agreement with respect to which Borrower or such Subsidiary is the licensee that (i) prohibits or otherwise restricts Borrower or its Subsidiaries from granting a security interest in
Borrower’s or such Subsidiaries’ interest in such material license or material agreement or any other property, or (ii) for which a default under or termination of could interfere with Collateral Agent’s or any Lender’s
right to sell any Collateral. Borrower shall provide written notice to Collateral Agent and each Lender within ten (10) days of Borrower or any of its Subsidiaries entering into or becoming bound by any license or agreement with respect to
which Borrower or any Subsidiary is the licensee (other than over-the-counter software that is commercially available to the public). 

5.3 Litigation. Except as disclosed (i) on the Perfection Certificates, or (ii) in accordance with
Section 6.9 hereof, there are no actions, suits, investigations, or proceedings pending or, to the knowledge of the Responsible Officers, threatened in writing by or against Borrower or any of its Subsidiaries involving more than Two Hundred
Fifty Thousand Dollars ($250,000.00). 
 5.4 No Material Deterioration in Financial Condition; Financial Statements.
All consolidated financial statements for Borrower and its Subsidiaries, delivered to Collateral Agent fairly present, in conformity with GAAP, in all material respects the consolidated financial condition of Borrower and its Subsidiaries, and the
consolidated results of operations of Borrower and its Subsidiaries; except that monthly financials (i) do not reflect the principles of GAAP which require fair value measurements of preferred and common stock warrants at each period end, and
the associated non-cash income statement impacts, in accordance with ASC 815 and (ii) do not contain footnotes and are subject to standard year-end audit
adjustments. There has not been any material deterioration in the consolidated financial condition of Borrower and its Subsidiaries since the date of the most recent financial statements submitted to any Lender. 

5.5 Solvency. Borrower and each of its Subsidiaries is Solvent. 

5.6 Regulatory Compliance. Neither Borrower nor any of its Subsidiaries is an “investment company” or a
company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Neither Borrower nor any of its Subsidiaries is engaged as one of its important activities in extending credit for margin stock
(under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower and each of its Subsidiaries has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a
“holding company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Neither
Borrower nor any of its Subsidiaries has violated any laws, ordinances or rules, the violation of which could reasonably be expected to have a Material Adverse Change. Neither Borrower’s nor any of its Subsidiaries’ properties or assets
has been used by Borrower or such Subsidiary or, to Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than in material compliance with applicable laws. Borrower
and each of its Subsidiaries has obtained all consents, 

  
 8 

 
approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as
currently conducted. 
 None of Borrower, any of its Subsidiaries, or any of Borrower’s or its Subsidiaries’
Affiliates or any of their respective agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement is (i) in violation of any Anti-Terrorism Law,
(ii) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism
Law, or (iii) is a Blocked Person. None of Borrower, any of its Subsidiaries, or to the knowledge of Borrower and any of their Affiliates or agents, acting or benefiting in any capacity in connection with the transactions contemplated by this
Agreement, (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (y) deals in, or otherwise engages in any transaction relating to, any
property or interest in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Law. 

5.7 Investments. Neither Borrower nor any of its Subsidiaries owns any stock, shares, partnership interests or other
equity securities except for Permitted Investments. 
 5.8 Tax Returns and Payments; Pension Contributions. Borrower
and each of its Subsidiaries has timely filed all required tax returns and reports, and Borrower and each of its Subsidiaries, has timely paid all foreign, federal, state, and material local taxes, assessments, deposits and contributions (i.e. local
taxes, assessments, deposits and contributions in an aggregate amount of $25,000 or more) owed by Borrower and such Subsidiaries, in all jurisdictions in which Borrower or any such Subsidiary is subject to taxes, including the United States, unless
such taxes are being contested in accordance with the following sentence. Borrower and each of its Subsidiaries, may defer payment of any contested taxes, provided that Borrower or such Subsidiary, (a) in good faith contests its obligation to
pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Collateral Agent in writing of the commencement of, and any material development in, the proceedings, and (c) posts bonds or takes any
other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Neither Borrower nor any of its Subsidiaries is aware of
any claims or adjustments proposed for any of Borrower’s or such Subsidiaries’, prior tax years which could result in additional taxes becoming due and payable by Borrower or its Subsidiaries. Borrower and each of its Subsidiaries have
paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and neither Borrower nor any of its Subsidiaries have, withdrawn from participation in, and have not permitted
partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower or its Subsidiaries, including any liability to the Pension
Benefit Guaranty Corporation or its successors or any other Governmental Authority. 
 5.9 Use of Proceeds. Borrower
shall use the proceeds of the Credit Extensions solely as working capital and to fund its general business requirements in accordance with the provisions of this Agreement, and not for personal, family, household or agricultural purposes. 

5.10 Shares. Borrower has full power and authority to create a first lien on the Shares and no disability or contractual
obligation exists that would prohibit Borrower from pledging the Shares pursuant to this Agreement. To Borrower’s knowledge, there are no subscriptions, warrants, rights of first refusal or other restrictions on transfer relative to, or options
exercisable with respect to the Shares. The Shares have been and will be duly authorized and validly issued, and are fully paid and non-assessable. To Borrower’s knowledge, the Shares are not the subject
of any present or threatened suit, action, arbitration, administrative or other proceeding, and Borrower knows of no reasonable grounds for the institution of any such proceedings. 

5.11 Full Disclosure. No written representation, warranty or other statement of Borrower or any of its Subsidiaries in
any certificate or written statement given to Collateral Agent or any Lender, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Collateral
Agent or any Lender, contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized that the projections and
forecasts provided by Borrower in good faith and based upon reasonable 

  
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assumptions are not viewed as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

 5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or
warranty is made to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible
Officers. 
 6. AFFIRMATIVE COVENANTS 

Borrower shall, and shall cause each of its Subsidiaries to, do all of the following: 

6.1 Government Compliance. 

(a) Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of
organization and maintain qualification in each jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Change. Comply with all laws, ordinances and regulations to which Borrower or any of its
Subsidiaries is subject, the noncompliance with which could reasonably be expected to have a Material Adverse Change. 
 (b)
Obtain and keep in full force and effect, all of the Governmental Approvals necessary for the performance by Borrower and its Subsidiaries of their respective businesses and obligations under the Loan Documents and the grant of a security interest
to Collateral Agent for the ratable benefit of the Lenders, in all of the Collateral. Borrower shall promptly provide copies to Collateral Agent of any material Governmental Approvals obtained by Borrower or any of its Subsidiaries. 

6.2 Financial Statements, Reports, Certificates. 

(a) Deliver to each Lender: 

(i) as soon as available, but no later than thirty (30) days after the last day of each month, a company prepared
consolidated balance sheet, income statement and cash flow statement covering the consolidated operations of Borrower and its Subsidiaries for such month certified by a Responsible Officer and in a form reasonably acceptable to Collateral Agent;

 (ii) as soon as available, but no later than one hundred eighty (180) days after the last day of Borrower’s
fiscal year or within five (5) days of filing with the SEC, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion as to the scope audit on the financial statements from an
independent certified public accounting firm acceptable to Collateral Agent in its reasonable discretion (it being understood that Weaver is acceptable to Collateral Agent); 

(iii) as soon as available after approval thereof by Borrower’s Board of Directors, but no later than thirty
(30) days after the last day of each of Borrower’s fiscal years, Borrower’s annual financial projections for the entire current fiscal year as approved by Borrower’s Board of Directors, which such annual financial
projections shall be set forth in a month-by-month format (such annual financial projections as originally delivered to Collateral Agent and the Lenders are referred to
herein as the “Annual Projections”; provided that, any revisions of the Annual Projections approved by Borrower’s Board of Directors shall be delivered to Collateral Agent and the Lenders no later than seven (7) days after
such approval); 
 (iv) within five (5) days of delivery, copies of all statements and reports and notice made
available to Borrower’s security holders or holders of Subordinated Debt; 
 (v) in the event that Borrower becomes
subject to the reporting requirements under the Securities Exchange Act of 1934, as amended, within five (5) days of filing, all reports on Form 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission, 

  
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 (vi) prompt notice of any amendments of or other changes to the
capitalization table of Borrower and to the Operating Documents of Borrower or any of its Subsidiaries, together with any copies reflecting such amendments or changes with respect thereto; 

(vii) prompt notice of any event that could reasonably be expected to materially and adversely affect the value of the
Intellectual Property; 
 (viii) as soon as available, but no later than thirty (30) days after the last day of each
month, copies of the month-end account statements for each Collateral Account maintained by Borrower or its Subsidiaries, which statements may be provided to Collateral Agent and each Lender by Borrower or
directly from the applicable institution(s), and 
 (ix) other information as reasonably requested by Collateral Agent or
any Lender. 
 Notwithstanding the foregoing, documents required to be delivered pursuant to the terms hereof (to the extent any such
documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on
Borrower’s website on the internet at Borrower’s website address. 
 (b) Concurrently with the delivery of the
financial statements specified in Section 6.2(a)(i) above but no later than thirty (30) days after the last day of each month, deliver to each Lender, a duly completed Compliance Certificate signed by a Responsible Officer. 

(c) Keep proper books of record and account in accordance with GAAP in all material respects, in which full, true and correct
entries shall be made of all dealings and transactions in relation to its business and activities. Borrower shall, and shall cause each of its Subsidiaries to, allow, at the sole cost of Borrower, Collateral Agent (or any Lender, if an Event of
Default then exists and as is continuing) during regular business hours upon reasonable prior notice (provided that no notice shall be required when an Event of Default has occurred and is continuing), to visit and inspect any of its properties, to
examine and make abstracts or copies from any of its books and records, and to conduct a collateral audit and analysis of its operations and the Collateral. Such audits shall be conducted no more often than twice every year unless (and more
frequently if) an Event of Default has occurred and is continuing. 
 6.3 Inventory; Returns. Keep all Inventory in
good and marketable condition, free from material defects, except for Inventory for which adequate reserves have been made. Returns and allowances between Borrower, or any of its Subsidiaries, and their respective Account Debtors shall follow
Borrower’s, or such Subsidiary’s, customary practices as they exist at the Effective Date. Borrower must promptly notify Collateral Agent and the Lenders of all returns, recoveries, disputes and claims that involve more than Two Hundred
Fifty Thousand Dollars ($250,000.00) individually or in the aggregate in any calendar year. 
 6.4 Taxes; Pensions.
Timely file and require each of its Subsidiaries to timely file, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely file, all foreign, federal, state, and local taxes, assessments, deposits and
contributions owed by Borrower or its Subsidiaries, except for deferred payment of any taxes contested pursuant to the terms of Section 5.8 hereof, and shall deliver to Lenders, promptly on demand, appropriate certificates attesting to such
payments, and pay all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with the terms of such plans. 

6.5 Insurance. Keep Borrower’s and its Subsidiaries’ business and the Collateral insured for risks and in
amounts standard for companies in Borrower’s and its Subsidiaries’ industry and location and as Collateral Agent may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are reasonably satisfactory
to Collateral Agent and Lenders. All property policies shall have a lender’s loss payable endorsement showing Collateral Agent as lender loss payee and waive subrogation against Collateral Agent, and all liability policies shall show, or have
endorsements showing, Collateral Agent, as additional insured. The Collateral Agent shall be named as lender loss payee and/or additional insured with respect to any such insurance providing coverage in respect of any Collateral, and each provider
of any such insurance shall agree, by endorsement upon the 

  
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policy or policies issued by it or by independent instruments furnished to the Collateral Agent, that it will give the Collateral Agent at least thirty (30) days prior written notice before
any such policy or policies shall be materially altered or canceled. At Collateral Agent’s request, Borrower shall deliver certified copies of policies and evidence of all premium payments. Proceeds payable under any policy shall, at Collateral
Agent’s option, be payable to Collateral Agent, for the ratable benefit of the Lenders, on account of the Obligations; provided that any such payment shall not constitute a prepayment hereunder, including without limitation for purposes of the
Prepayment Fee. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy up to One Hundred Fifty Thousand Dollars
($150,000.00) with respect to any loss, but not exceeding Three Hundred Thousand Dollars ($300,000.00), in the aggregate for all losses under all casualty policies in any one year, toward the replacement or repair of destroyed or damaged property;
provided that any such replaced or repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Collateral Agent has been granted a first priority security
interest, and (b) after the occurrence and during the continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the option of Collateral Agent, be payable to Collateral Agent, for the ratable benefit of the
Lenders, on account of the Obligations. If Borrower or any of its Subsidiaries fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons, Collateral Agent and/or
any Lender may make, at Borrower’s expense, all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Collateral Agent or such Lender deems prudent. 

6.6 Operating Accounts. 

(a) Except as contemplated by Section 6.6(b), maintain all of Borrower’s and its Subsidiaries’ Collateral
Accounts with First Republic Bank in accounts which are subject to a Control Agreement in favor of Collateral Agent. 
 (b)
Borrower shall provide Collateral Agent five (5) days’ prior written notice before Borrower or any of its Subsidiaries establishes any Collateral Account at or with any Person other than First Republic Bank. In addition, for each
Collateral Account that Borrower or any of its Subsidiaries, at any time maintains, Borrower or such Subsidiary shall cause the applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a
Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Agent’s Lien in such Collateral Account in accordance with the terms hereunder prior to the establishment of such Collateral
Account, which Control Agreement may not be terminated without prior written consent of Collateral Agent. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee wage
and benefit payments to or for the benefit of Borrower’s, or any of its Subsidiaries’, employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates. 

(c) Neither Borrower nor any of its Subsidiaries shall maintain any Collateral Accounts except Collateral Accounts maintained
in accordance with Sections 6.6(a) and (b). 
 (d) Collateral Agent and the Lenders agree not to give a notice of
exclusive control, entitlement order, or other similar direction or instructions under any Control Agreement unless an Event of Default has occurred and has neither been cured in accordance with the terms hereof nor waived in accordance with the
terms hereof. 
 6.7 Protection of Intellectual Property Rights. Borrower and each of its Subsidiaries shall:
(a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; (b) promptly advise Collateral Agent in writing of material
infringement by a third party of its Intellectual Property; and (c) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written
consent. 
 6.8 Litigation Cooperation. Commencing on the Effective Date and continuing through the termination of
this Agreement, make available to Collateral Agent and the Lenders, without expense to Collateral Agent or the Lenders, upon reasonable notice and at reasonable times (unless an Event of Default has occurred and

  
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is continuing), Borrower and each of Borrower’s officers, employees and agents and Borrower’s Books, to the extent that Collateral Agent or any Lender may reasonably deem them necessary
to prosecute or defend any third-party suit or proceeding instituted by or against Collateral Agent or any Lender with respect to any Collateral or relating to Borrower. 

6.9 Notices of Litigation and Default. Borrower will give prompt written notice to Collateral Agent and the Lenders of
any litigation or governmental proceedings pending or threatened (in writing) against Borrower or any of its Subsidiaries, which could reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of Two Hundred Fifty
Thousand Dollars ($250,000.00) or more or which could reasonably be expected to have a Material Adverse Change. Without limiting or contradicting any other more specific provision of this Agreement, promptly (and in any event within three
(3) Business Days) upon Borrower becoming aware of the existence of any Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of Default, Borrower shall give written notice to
Collateral Agent and the Lenders of such occurrence, which such notice shall include a reasonably detailed description of such Event of Default or event which, with the giving of notice or passage of time, or both, would constitute an Event of
Default. 
 6.10 Landlord Waivers; Bailee Waivers. In the event that Borrower or any of its Subsidiaries, after the
Effective Date, intends to add any new offices or business locations, including warehouses, or otherwise store any portion of the Collateral with, or deliver any portion of the Collateral to, a bailee, in each case pursuant to Section 7.2, then
Borrower or such Subsidiary will first receive the written consent of Collateral Agent and, in the event that the Collateral at any new location is valued in excess of Two Hundred Fifty Thousand ($250,000.00) in the aggregate, such bailee or
landlord, as applicable, must execute and deliver a bailee waiver or landlord waiver, as applicable, in form and substance reasonably satisfactory to Collateral Agent prior to the addition of any new offices or business locations, or any such
storage with or delivery to any such bailee, as the case may be. 
 6.11 Creation/Acquisition of Subsidiaries. In the
event Borrower, or any of its Subsidiaries creates or acquires any Subsidiary, Borrower shall provide prior written notice to Collateral Agent and each Lender of the creation or acquisition of such new Subsidiary and take all such action as may be
reasonably required by Collateral Agent or any Lender to cause each such Subsidiary to become a co-Borrower hereunder or to guarantee the Obligations of Borrower under the Loan Documents and, in each case,
grant a continuing pledge and security interest in and to the assets of such Subsidiary (substantially as described on Exhibit A hereto); and Borrower (or its Subsidiary, as applicable) shall grant and pledge to Collateral
Agent, for the ratable benefit of the Lenders, a perfected security interest in the Shares of such Subsidiary owned by Borrower. 

6.12 Further Assurances. 

(a) Execute any further instruments and take further action as Collateral Agent or any Lender reasonably requests to perfect or
continue Collateral Agent’s Lien in the Collateral or to effect the purposes of this Agreement. 
 (b) Deliver to
Collateral Agent and Lenders, within five (5) days after the same are sent or received, copies of all material correspondence, reports, documents and other filings with any Governmental Authority that could reasonably be expected to have a
material adverse effect on any of the Governmental Approvals material to Borrower’s business or otherwise could reasonably be expected to have a Material Adverse Change. 

7. NEGATIVE COVENANTS 

Borrower shall not, and shall not permit any of its Subsidiaries to, do any of the following without the prior written consent
of the Required Lenders: 
 7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of
(collectively, “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of worn out or obsolete
Equipment; (c) in connection with Permitted Liens, Permitted Investments and Permitted Licenses; and (d) consisting of cash 

  
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payments to trade creditors in connection with transactions not prohibited hereunder that are in the ordinary course of business. 

7.2 Changes in Business, Management, Ownership, or Business Locations. (a) Engage in or permit any of its
Subsidiaries to engage in any business other than the businesses engaged in by Borrower as of the Effective Date or reasonably related thereto; (b) liquidate or dissolve; or (c) (i) any Key Person shall cease to be actively engaged in
the management of Borrower unless written notice thereof is provided to Collateral Agent within 5 days of such change, or (ii) enter into any transaction or series of related transactions in which the stockholders of Borrower who were not
stockholders immediately prior to the first such transaction own more than forty nine percent (49%) of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions (other than by the sale of
Borrower’s equity securities in a public offering, a private placement of public equity or to venture capital investors so long as Borrower identifies to Collateral Agent the venture capital investors prior to the closing of the transaction).
Borrower shall not, without at least fifteen (15) days’ prior written notice to Collateral Agent: (A) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Two
Hundred Fifty Thousand Dollars ($250,000.00) in assets or property of Borrower or any of its Subsidiaries); (B) change its jurisdiction of organization, (C) change its organizational structure or type, (D) change its legal name, or
(E) change any organizational number (if any) assigned by its jurisdiction of organization. 
 7.3 Mergers or
Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock, shares or property of
another Person. A Subsidiary may merge or consolidate into another Subsidiary (provided such surviving Subsidiary is a “co-Borrower” hereunder or has provided a secured Guaranty of Borrower’s
Obligations hereunder) or with (or into) Borrower provided Borrower is the surviving legal entity, and as long as no Event of Default is occurring prior thereto (unless such Event of Default has been cured or waived in accordance with the terms
hereof) or arises as a result therefrom. 
 7.4 Indebtedness. Create, incur, assume, or be liable for any
Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 
 7.5 Encumbrance. Create, incur,
allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, or permit any Collateral not to be subject
to the first priority security interest granted herein (except for Permitted Liens that are permitted by the terms of this Agreement to have priority over Collateral Agent’s Lien), or enter into any agreement, document, instrument or other
arrangement (except with or in favor of Collateral Agent, for the ratable benefit of the Lenders) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower, or any of its Subsidiaries, from assigning,
mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or such Subsidiary’s Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of
“Permitted Liens” herein. 
 7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account
except pursuant to the terms of Section 6.6 hereof. 
 7.7 Distributions; Investments. (a) Pay any dividends
(other than dividends payable solely in capital stock or a dividend paid by a Subsidiary to a Borrower) or make any distribution or payment in respect of or redeem, retire or purchase any capital stock (other than repurchases pursuant to the terms
of employee stock purchase plans, employee restricted stock agreements, stockholder rights plans, director or consultant stock option plans, or similar plans, provided such repurchases do not exceed One Hundred Thousand Dollars ($100,000.00) in the
aggregate per fiscal year) or (b) directly or indirectly make any Investment other than Permitted Investments, or permit any of its Subsidiaries to do so. Notwithstanding anything herein to the contrary, the Parent may make tax distributions to
its limited partners in accordance with its limited partnership agreement (a complete and accurate copy of which has been provided to Collateral Agent and each Lender); provided, however, the aggregate amount of such tax distributions for any given
fiscal quarter shall not exceed 50% of the excess cash flow for such fiscal quarter that Parent generates from its operations and that it receives (as distributions) from the operations of its Subsidiaries for such quarter after Parent and the
respective Subsidiaries have made their respective essential operating and maintenance expenditures for such fiscal quarter other capital expenditures for such fiscal quarter. 

  
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 7.8 Transactions with Affiliates. Directly or indirectly enter into
or permit to exist any material transaction with any Affiliate of Borrower or any of its Subsidiaries, except for (a) transactions that are in the ordinary course of Borrower’s or such Subsidiary’s business, upon fair and reasonable
terms that are no less favorable to Borrower or such Subsidiary than would be obtained in an arm’s length transaction with a non-affiliated Person, (b) Subordinated Debt or equity investments by
Borrower’s investors in Borrower or its Subsidiaries and (c) transactions otherwise explicitly permitted by this Agreement. 

7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the
subordination, intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect the
subordination thereof to Obligations owed to the Lenders. 
 7.10 Compliance. Become an “investment company”
or a company controlled by an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the
Board of Governors of the Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to
occur; fail to comply with the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a Material Adverse Change, or permit any of its Subsidiaries to do so; withdraw or permit
any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be
expected to result in any liability of Borrower or any of its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority. 

7.11 Compliance with Anti-Terrorism Laws. Collateral Agent hereby
notifies Borrower and each of its Subsidiaries that pursuant to the requirements of Anti-Terrorism Laws, and Collateral Agent’s policies and practices, Collateral Agent is required to obtain, verify and
record certain information and documentation that identifies Borrower and each of its Subsidiaries and their principals, which information includes the name and address of Borrower and each of its Subsidiaries and their principals and such other
information that will allow Collateral Agent to identify such party in accordance with Anti-Terrorism Laws. Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or any of its Subsidiaries
permit any Affiliate to, directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Person listed on the OFAC Lists. Borrower and each of its Subsidiaries shall immediately notify Collateral Agent if
Borrower or such Subsidiary has knowledge that Borrower, or any Subsidiary or Affiliate of Borrower, is listed on the OFAC Lists or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is
arraigned and held over on charges involving money laundering or predicate crimes to money laundering. Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or any of its Subsidiaries, permit any Affiliate to, directly or
indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for the benefit of any Blocked
Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224 or any similar executive order or other
Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth
in Executive Order No. 13224 or other Anti-Terrorism Law. 
 8. EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement:

 8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension
on its due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day grace period shall not apply to payments due on the Maturity Date or the date of
acceleration pursuant to Section 9.1 (a) hereof). During the cure period, the failure to cure the payment default is not an Event of Default (but no Credit Extension will be made during the cure period); 

  
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 8.2 Covenant Default. 

(a) Borrower or any of its Subsidiaries fails or neglects to perform any obligation in Sections 6.2 (Financial Statements,
Reports, Certificates), 6.4 (Taxes), 6.5 (Insurance), 6.6 (Operating Accounts), 6.7 (Protection of Intellectual Property Rights), 6.9 (Notice of Litigation and Default), 6.10 (Landlord Waivers; Bailee Waivers), 6.11 (Creation/Acquisition of
Subsidiaries) or 6.12 (Further Assurances) or Borrower violates any covenant in Section 7; or 
 (b) Borrower, or any of
its Subsidiaries, fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8)
under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within
the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not
in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure
period). Grace periods provided under this Section shall not apply, among other things, to any covenants set forth in subsection (a) above; 

8.3 Material Adverse Change. A Material Adverse Change occurs; 

8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or any of its
Subsidiaries or of any entity under control of Borrower or its Subsidiaries on deposit with any Lender or any Lender’s Affiliate or any bank or other institution at which Borrower or any of its Subsidiaries maintains a Collateral Account, or
(ii) a notice of lien, levy, or assessment is filed against Borrower or any of its Subsidiaries or their respective assets by any government agency, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days
after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; and 

(b) (i) any material portion of Borrower’s or any of its Subsidiaries’ assets is attached, seized, levied on, or
comes into possession of a trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower or any of its Subsidiaries from conducting any part of its business; 

8.5 Insolvency. (a) Borrower or any of its Subsidiaries is or becomes Insolvent; (b) Borrower or any of its
Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and not dismissed or stayed within forty-five (45) days (but no
Credit Extensions shall be made while Borrower or any Subsidiary is Insolvent and/or until any Insolvency Proceeding is dismissed); 

8.6 Other Agreements. There is a default in any agreement to which Borrower or any of its Subsidiaries is a party with a
third party or parties resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of Two Hundred Fifty Thousand Dollars ($250,000.00) or that could reasonably
be expected to have a Material Adverse Change; 
 8.7 Judgments. One or more judgments, orders, or decrees for the
payment of money in an amount, individually or in the aggregate, of at least Two Hundred Fifty Thousand Dollars ($250,000.00) (not covered by independent third-party insurance as to which liability has not
been denied by such insurance carrier (lack of acceptance in writing by the insurance carrier within ten days of the date of the applicable judgment shall be deemed to be a denial for the purposes hereof)) shall be rendered against Borrower or any
of its Subsidiaries and shall remain unsatisfied, unvacated, or unstayed for a period of ten (10) days after the entry thereof (provided that no Credit Extensions will be made prior to the satisfaction, vacation, or stay of such judgment, order
or decree); 
 8.8 Misrepresentations. Borrower or any of its Subsidiaries or any Person acting for Borrower or any of
its Subsidiaries makes any representation, warranty, or other statement now or later in this Agreement, any 

  
 16 

 
Loan Document or in any writing delivered to Collateral Agent and/or Lenders or to induce Collateral Agent and/or the Lenders to enter this Agreement or any Loan Document, and such
representation, warranty, or other statement is incorrect in any material respect when made; 
 8.9 Subordinated Debt.
A default or breach occurs under any agreement between Borrower or any of its Subsidiaries and any creditor of Borrower or any of its Subsidiaries that signed a subordination, intercreditor, or other similar agreement with Collateral Agent or the
Lenders, or any creditor that has signed such an agreement with Collateral Agent or the Lenders breaches any terms of such agreement; 

8.10 Guaranty. (a) Any Guaranty terminates or ceases for any reason to be in full force and effect; (b) any
Guarantor does not perform any obligation or covenant under any Guaranty; (c) any circumstance described in Sections 8.3, 8.4, 8.5, 8.7, or 8.8 occurs with respect to any Guarantor, or (d) the death of any Guarantor who is an individual or
the liquidation, winding up, or termination of existence of any Guarantor that is an entity; or(e) a Material Adverse Change with respect to any Guarantor; 

8.11 Governmental Approvals. Any Governmental Approval shall have been revoked, rescinded, suspended, modified in an
adverse manner, or not renewed in the ordinary course for a full term and such revocation, rescission, suspension, modification or non-renewal has resulted in or could reasonably be expected to result
in a Material Adverse Change; or 
 8.12 Lien Priority. Except for Liens permitted to be released or terminated
pursuant to this Agreement or any other Loan Documents, any Lien created hereunder or by any other Loan Document shall at any time fail to constitute a valid and perfected Lien on any of the Collateral purported to be secured thereby, subject to no
prior or equal Lien, other than Permitted Liens which are permitted to have priority in accordance with the terms of this Agreement. 
 9. RIGHTS AND
REMEDIES 
 9.1 Rights and Remedies. 

(a) Upon the occurrence and during the continuance of an Event of Default, Collateral Agent may, and at the written direction
of Required Lenders shall, without notice or demand, do any or all of the following: (i) deliver notice of the Event of Default to Borrower, (ii) by notice to Borrower declare all Obligations immediately due and payable (but if an
Event of Default described in Section 8.5 occurs all Obligations shall be immediately due and payable without any action by Collateral Agent or the Lenders) or (iii) by notice to Borrower suspend or terminate the obligations, if any, of
the Lenders to advance money or extend credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Collateral Agent and/or the Lenders (but if an Event of Default described in Section 8.5 occurs all
obligations, if any, of the Lenders to advance money or extend credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Collateral Agent and/or the Lenders shall be immediately terminated without any
action by Collateral Agent or the Lenders). 
 (b) Without limiting the rights of Collateral Agent and the Lenders set forth
in Section 9.1(a) above, upon the occurrence and during the continuance of an Event of Default, Collateral Agent shall have the right at the written direction of the Required Lenders, without notice or demand, to do any or all of
the following: 
 (i) foreclose upon and/or sell or otherwise liquidate, the Collateral; 

(ii) apply to the Obligations any (a) balances and deposits of Borrower that Collateral Agent or any Lender holds or
controls, or (b) any amount held or controlled by Collateral Agent or any Lender owing to or for the credit or the account of Borrower; and/or 

(iii) commence and prosecute an Insolvency Proceeding or consent to Borrower commencing any Insolvency Proceeding. 

  
 17 

 (c) Without limiting the rights of Collateral Agent and the Lenders set
forth in Sections 9.1(a) and (b) above, upon the occurrence and during the continuance of an Event of Default, Collateral Agent shall have the right, without notice or demand, to do any or all of the following: 

(i) settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Collateral
Agent considers advisable, notify any Person owing Borrower money of Collateral Agent’s security interest in such funds, and verify the amount of such account; 

(ii) make any payments and do any acts it considers necessary or reasonable to protect the Collateral and/or its security
interest in the Collateral. Borrower shall assemble the Collateral if Collateral Agent requests and make it available in a location as Collateral Agent reasonably designates. Collateral Agent may enter premises where the Collateral is located, take
and maintain possession of any part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Collateral Agent a license to
enter and occupy any of its premises, without charge, to exercise any of Collateral Agent’s rights or remedies; 

(iii) ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, and/or advertise for sale, the Collateral.
Collateral Agent is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s and each of its Subsidiaries’
labels, patents, copyrights, mask works, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for
sale, and selling any Collateral and, in connection with Collateral Agent’s exercise of its rights under this Section 9.1, Borrower’s and each of its Subsidiaries’ rights under all licenses and all franchise agreements inure to
Collateral Agent, for the benefit of the Lenders; 
 (iv) place a “hold” on any account maintained with Collateral
Agent or the Lenders and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

(v) demand and receive possession of Borrower’s Books; 

(vi) appoint a receiver to seize, manage and realize any of the Collateral, and such receiver shall have any right and
authority as any competent court will grant or authorize in accordance with any applicable law, including any power or authority to manage the business of Borrower or any of its Subsidiaries; and 

(vii) subject to clauses 9.1(a) and (b), exercise all rights and remedies available to Collateral Agent and each Lender
under the Loan Documents or at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 

Notwithstanding any provision of this Section 9.1 to the contrary, upon the occurrence of any Event of Default, Collateral Agent shall
have the right to exercise any and all remedies referenced in this Section 9.1 without the written consent of Required Lenders following the occurrence of an Exigent Circumstance. As used in the immediately preceding sentence, “Exigent
Circumstance” means any event or circumstance that, in the reasonable judgment of Collateral Agent, imminently threatens the ability of Collateral Agent to realize upon all or any material portion of the Collateral, such as, without
limitation, fraudulent removal, concealment, or abscondment thereof, destruction or material waste thereof, or failure of Borrower or any of its Subsidiaries after reasonable demand to maintain or reinstate adequate casualty insurance coverage, or
which, in the judgment of Collateral Agent, could reasonably be expected to result in a material diminution in value of the Collateral. 

9.2 Power of Attorney. Borrower hereby irrevocably appoints Collateral Agent as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s or any of its Subsidiaries’ name
on any checks or other forms of payment or security; (b) sign Borrower’s or any of its Subsidiaries’ name on any invoice or bill of lading for any Account or drafts against 

  
 18 

 
Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Collateral Agent determines reasonable; (d) make,
settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any
action to terminate or discharge the same; and (f) transfer the Collateral into the name of Collateral Agent or a third party as the Code or any applicable law permits. Borrower hereby appoints Collateral Agent as its lawful attorney-in-fact to sign Borrower’s or any of its Subsidiaries’ name on any documents necessary to perfect or continue the perfection of Collateral Agent’s
security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other than inchoate indemnity obligations) have been satisfied in full and Collateral Agent and the Lenders are under no further
obligation to make Credit Extensions hereunder. Collateral Agent’s foregoing appointment as Borrower’s or any of its Subsidiaries’ attorney in fact, and all of Collateral Agent’s rights and powers, coupled with an interest, are
irrevocable until all Obligations (other than inchoate indemnity obligations) have been fully repaid and performed and Collateral Agent’s and the Lenders’ obligation to provide Credit Extensions terminates. 

9.3 Protective Payments. If Borrower or any of its Subsidiaries fail to obtain the insurance called for by
Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower or any of its Subsidiaries is obligated to pay under this Agreement or any other Loan Document, Collateral Agent may obtain such insurance or make
such payment, and all amounts so paid by Collateral Agent are Lenders’ Expenses and immediately due and payable, bearing interest at the Default Rate, and secured by the Collateral. Collateral Agent will make reasonable efforts to provide
Borrower with notice of Collateral Agent obtaining such insurance or making such payment at the time it is obtained or paid or within a reasonable time thereafter. No such payments by Collateral Agent are deemed an agreement to make similar payments
in the future or Collateral Agent’s waiver of any Event of Default. 
 9.4 Application of Payments and Proceeds.
Notwithstanding anything to the contrary contained in this Agreement, upon the occurrence and during the continuance of an Event of Default, (a) Borrower irrevocably waives the right to direct the application of any and all payments at any time
or times thereafter received by Collateral Agent from or on behalf of Borrower or any of its Subsidiaries of all or any part of the Obligations, and, as between Borrower on the one hand and Collateral Agent and Lenders on the other, Collateral Agent
shall have the continuing and exclusive right to apply and to reapply any and all payments received against the Obligations in such manner as Collateral Agent may deem advisable notwithstanding any previous application by Collateral Agent, and
(b) the proceeds of any sale of, or other realization upon all or any part of the Collateral shall be applied: first, to the Lenders’ Expenses; second, to accrued and unpaid interest on the Obligations (including any interest which, but
for the provisions of the United States Bankruptcy Code, would have accrued on such amounts); third, to the principal amount of the Obligations outstanding; and fourth, to any other indebtedness or obligations of Borrower owing to Collateral Agent
or any Lender under the Loan Documents. Any balance remaining shall be delivered to Borrower or to whoever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct. In carrying out the foregoing,
(x) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding category, and (y) each of the Persons entitled to receive a payment in any particular category shall
receive an amount equal to its pro rata share of amounts available to be applied pursuant thereto for such category. Any reference in this Agreement to an allocation between or sharing by the Lenders of any right, interest or obligation
“ratably,” “proportionally” or in similar terms shall refer to Pro Rata Share unless expressly provided otherwise. Collateral Agent, or if applicable, each Lender, shall promptly remit to the other Lenders such sums as may be
necessary to ensure the ratable repayment of each Lender’s portion of any Term Loan and the ratable distribution of interest, fees and reimbursements paid or made by Borrower. Notwithstanding the foregoing, a Lender receiving a scheduled
payment shall not be responsible for determining whether the other Lenders also received their scheduled payment on such date; provided, however, if it is later determined that a Lender received more than its ratable share of scheduled payments made
on any date or dates, then such Lender shall remit to Collateral Agent or other Lenders such sums as may be necessary to ensure the ratable payment of such scheduled payments, as instructed by Collateral Agent. If any payment or distribution of any
kind or character, whether in cash, properties or securities, shall be received by a Lender in excess of its ratable share, then the portion of such payment or distribution in excess of such Lender’s ratable share shall be received by such
Lender in trust for and shall be promptly paid over to the other Lender for application to the payments of amounts due on the other Lenders’ claims. To the extent any payment for the account of Borrower is required to be returned as a voidable
transfer or otherwise, the Lenders shall contribute to one another as is necessary to ensure that such 

  
 19 

 
return of payment is on a pro rata basis. If any Lender shall obtain possession of any Collateral, it shall hold such Collateral for itself and as agent and bailee for Collateral Agent and other
Lenders for purposes of perfecting Collateral Agent’s security interest therein. 
 9.5 Liability for Collateral.
So long as Collateral Agent and the Lenders comply with reasonable banking practices regarding the safekeeping of the Collateral in the possession or under the control of Collateral Agent and the Lenders, Collateral Agent and the Lenders shall not
be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or
other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 
 9.6 No Waiver; Remedies
Cumulative. Failure by Collateral Agent or any Lender, at any time or times, to require strict performance by Borrower of any provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Collateral
Agent or any Lender thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by Collateral Agent and the Required Lenders and then is only effective for the specific instance
and purpose for which it is given. The rights and remedies of Collateral Agent and the Lenders under this Agreement and the other Loan Documents are cumulative. Collateral Agent and the Lenders have all rights and remedies provided under the Code,
any applicable law, by law, or in equity. The exercise by Collateral Agent or any Lender of one right or remedy is not an election, and Collateral Agent’s or any Lender’s waiver of any Event of Default is not a continuing waiver.
Collateral Agent’s or any Lender’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. Borrower waives, to the fullest extent permitted by law, demand, notice of default or dishonor,
notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Collateral Agent or any Lender on
which Borrower or any Subsidiary is liable. 
 10. NOTICES 

All notices, consents, requests, approvals, demands, or other communication (collectively, “Communication”) by
any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the U.S.
mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail (if an email address is specified herein) or facsimile transmission; (c) one
(1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be
notified and sent to the address, facsimile number, or email address indicated below. Any of Collateral Agent, Lender or Borrower may change its mailing address or facsimile number by giving the other party written notice thereof in accordance with
the terms of this Section 10. 
  

			
	 If to Borrower:
	  	 INHIBRX, LP

11099 N. Torrey Pines Road
 Suite
280
 La Jolla, CA 92037
 Attn:
Mark Lappe, CEO

		
	 with a copy

(which shall not constitute

notice) to:
	  	 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

3580 Carmel Mountain Road
 Suite
300
 San Diego, CA 92130
 Attn:
Jeremy D. Glaser
 Fax: (858)
314-1501

  
 20 

			
	If to Collateral Agent:	  	 OXFORD FINANCE LLC

133 North Fairfax Street

Alexandria, Virginia 22314

Attention: Legal Department
 Fax:
(703) 519-5225
  

	with a copy (which shall not constitute notice) to:	  	 Greenberg Traurig, LLP

One International Place
 Boston,
MA 02110
 Attn: Jonathan Bell, Esq.

Fax: (617) 310-6001

 11. CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

New York law governs the Loan Documents without regard to principles of conflicts of law. Borrower, Lenders and Collateral Agent each submit to
the exclusive jurisdiction of the State and Federal courts in the City of New York, Borough of Manhattan. NOTWITHSTANDING THE FOREGOING, COLLATERAL AGENT AND THE LENDERS SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS
PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION WHICH COLLATERAL AGENT AND THE LENDERS (IN ACCORDANCE WITH THE PROVISIONS OF SECTION 9.1) DEEM NECESSARY OR APPROPRIATE TO REALIZE ON THE COLLATERAL OR TO OTHERWISE ENFORCE COLLATERAL AGENT’S AND
THE LENDERS’ RIGHTS AGAINST BORROWER OR ITS PROPERTY. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based
upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons,
complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently
provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails,
first class, registered or certified mail return receipt requested, proper postage prepaid. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
BORROWER, COLLATERAL AGENT, AND THE LENDERS EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF
DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR EACH PARTY TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 

12. GENERAL PROVISIONS 

12.1 Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each
party. Borrower may not transfer, pledge or assign this Agreement or any rights or obligations under it without Collateral Agent’s and each Lender’s prior written consent (which may be granted or withheld in Collateral Agent’s and
each Lender’s discretion, subject to Section 12.6). The Lenders have the right, without the consent of or notice to Borrower, to sell, transfer, assign, pledge, negotiate, or grant participation in (any such sale, transfer,
assignment, negotiation, or grant of a participation, a “Lender Transfer”) all or any part of, or any interest in, the Lenders’ obligations, rights, and benefits under this Agreement and the other Loan Documents;
provided, however, that any such Lender Transfer (other than a transfer, pledge, sale or assignment to an Eligible Assignee) of its obligations, rights, and benefits under this Agreement and the other Loan Documents shall require the
prior written consent of the Required Lenders (such approved assignee, an “Approved Lender”). Borrower and Collateral Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the

  
 21 

 
interests so assigned until Collateral Agent shall have received and accepted an effective assignment agreement in form satisfactory to Collateral Agent executed, delivered and fully completed by
the applicable parties thereto, and shall have received such other information regarding such Eligible Assignee or Approved Lender as Collateral Agent reasonably shall require. Notwithstanding anything to the contrary contained herein, so long as no
Event of Default has occurred and is continuing, no Lender Transfer (other than a Lender Transfer in connection with (x) assignments by a Lender due to a forced divestiture at the request of any regulatory agency; or (y) the
occurrence of a default, event of default or similar occurrence with respect to a Lender’s own financing or securitization transactions) shall be permitted, without Borrower’s consent, to any Person which is an Affiliate or Subsidiary of
Borrower, a direct competitor of Borrower or a vulture fund, each as determined by Collateral Agent in its reasonable discretion. 

12.2 Indemnification. Borrower agrees to indemnify, defend and hold Collateral Agent and the Lenders and their
respective directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Collateral Agent or the Lenders (each, an “Indemnified Person”) harmless against: (a) all obligations, demands,
claims, and liabilities (collectively, “Claims”) asserted by any other party in connection with; related to; following; or arising from, out of or under, the transactions contemplated by the Loan Documents; and (b) all losses
or Lenders’ Expenses incurred, or paid by Indemnified Person in connection with; related to; following; or arising from, out of or under, the transactions contemplated by the Loan Documents between Collateral Agent, and/or the Lenders and
Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s gross negligence or willful misconduct. Borrower hereby further indemnifies, defends and holds each
Indemnified Person harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the fees and
disbursements of counsel for such Indemnified Person) in connection with any investigative, response, remedial, administrative or judicial matter or proceeding, whether or not such Indemnified Person shall be designated a party thereto and including
any such proceeding initiated by or on behalf of Borrower, and the reasonable expenses of investigation by engineers, environmental consultants and similar technical personnel and any commission, fee or compensation claimed by any broker (other than
any broker retained by Collateral Agent or Lenders) asserting any right to payment for the transactions contemplated hereby which may be imposed on, incurred by or asserted against such Indemnified Person as a result of or in connection with the
transactions contemplated hereby and the use or intended use of the proceeds of the loan proceeds except for liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements directly caused
by such Indemnified Person’s gross negligence or willful misconduct. 
 12.3 Time of Essence. Time is of the
essence for the performance of all Obligations in this Agreement. 
 12.4 Severability of Provisions. Each provision
of this Agreement is severable from every other provision in determining the enforceability of any provision. 
 12.5
Correction of Loan Documents. Collateral Agent and the Lenders may correct patent errors and fill in any blanks in this Agreement and the other Loan Documents consistent with the agreement of the parties. 

12.6 Amendments in Writing; Integration. (a) No amendment, modification, termination or waiver of any provision of
this Agreement or any other Loan Document, no approval or consent thereunder, or any consent to any departure by Borrower or any of its Subsidiaries therefrom, shall in any event be effective unless the same shall be in writing and signed by
Borrower, Collateral Agent and the Required Lenders provided that: 
 (i) no such amendment, waiver or other modification
that would have the effect of increasing or reducing a Lender’s Term Loan Commitment or Commitment Percentage shall be effective as to such Lender without such Lender’s written consent; 

(ii) no such amendment, waiver or modification that would affect the rights and duties of Collateral Agent shall be effective
without Collateral Agent’s written consent or signature; 
 (iii) no such amendment, waiver or other modification
shall, unless signed by all the Lenders directly affected thereby, (A) reduce the principal of, rate of interest on or any fees with respect to any 

  
 22 

 
Term Loan or forgive any principal, interest (other than default interest) or fees (other than late charges) with respect to any Term Loan (B) postpone the date fixed for, or waive, any
payment of principal of any Term Loan or of interest on any Term Loan (other than default interest) or any fees provided for hereunder (other than late charges or for any termination of any commitment); (C) change the definition of the term
“Required Lenders” or the percentage of Lenders which shall be required for the Lenders to take any action hereunder; (D) release all or substantially all of any material portion of the Collateral, authorize Borrower to sell or
otherwise dispose of all or substantially all or any material portion of the Collateral or release any Guarantor of all or any portion of the Obligations or its guaranty obligations with respect thereto, except, in each case with respect to this
clause (D), as otherwise may be expressly permitted under this Agreement or the other Loan Documents (including in connection with any disposition permitted hereunder); (E) amend, waive or otherwise modify this Section 12.6 or the definitions
of the terms used in this Section 12.6 insofar as the definitions affect the substance of this Section 12.6; (F) consent to the assignment, delegation or other transfer by Borrower of any of its rights and obligations under any Loan
Document or release Borrower of its payment obligations under any Loan Document, except, in each case with respect to this clause (F), pursuant to a merger or consolidation permitted pursuant to this Agreement; (G) amend any of the provisions
of Section 9.4 or amend any of the definitions of Pro Rata Share, Term Loan Commitment, Commitment Percentage or that provide for the Lenders to receive their Pro Rata Shares of any fees, payments, setoffs or proceeds of Collateral hereunder;
(H) subordinate the Liens granted in favor of Collateral Agent securing the Obligations; or (I) amend any of the provisions of Section 12.10. It is hereby understood and agreed that all Lenders shall be deemed directly affected by an
amendment, waiver or other modification of the type described in the preceding clauses (C), (D), (E), (F), (G) and (H) of the preceding sentence; 

(iv) the provisions of the foregoing clauses (i), (ii) and (iii) are subject to the provisions of any interlender or
agency agreement among the Lenders and Collateral Agent pursuant to which any Lender may agree to give its consent in connection with any amendment, waiver or modification of the Loan Documents only in the event of the unanimous agreement of all
Lenders. 
 (b) Other than as expressly provided for in
Section 12.6(a)(i)-(iii), Collateral Agent may, if requested by the Required Lenders, from time to time designate covenants in this Agreement less restrictive by notification to a representative of
Borrower. 
 (c) This Agreement and the Loan Documents represent the entire agreement about this subject matter and supersede
prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of this Agreement and the Loan Documents merge into this Agreement and the Loan
Documents. 
 12.7 Counterparts. This Agreement may be executed in any number of counterparts and by different parties
on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.8 Survival. All covenants, representations and warranties made in this Agreement continue in full force and effect
until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) have been satisfied. The
obligation of Borrower in Section 12.2 to indemnify each Lender and Collateral Agent, as well as the confidentiality provisions in Section 12.9 below, shall survive until the statute of limitations with respect to such claim or cause of
action shall have run. 
 12.9 Confidentiality. In handling any confidential information of Borrower, the Lenders and
Collateral Agent shall exercise the same degree of care that it exercises for their own proprietary information, but disclosure of information may be made: (a) subject to the terms and conditions of this Agreement, to the Lenders’ and
Collateral Agent’s Subsidiaries or Affiliates, or in connection with a Lender’s own financing or securitization transactions and upon the occurrence of a default, event of default or similar occurrence with respect to such financing or
securitization transaction; (b) to prospective transferees (other than those identified in (a) above) or purchasers of any interest in the Credit Extensions (provided, however, the Lenders and Collateral Agent shall, except upon the
occurrence and during the continuance of an Event of Default, obtain such prospective transferee’s or purchaser’s agreement to the terms of this provision or to similar confidentiality terms); (c) as required by law, regulation,
subpoena, or other order; (d) to Lenders’ or Collateral Agent’s regulators or as otherwise required in 

  
 23 

 
connection with an examination or audit; (e) as Collateral Agent reasonably considers appropriate in exercising remedies under the Loan Documents; and (f) to third party service
providers of the Lenders and/or Collateral Agent so long as such service providers have executed a confidentiality agreement with the Lenders and Collateral Agent with terms no less restrictive than those contained herein. Confidential information
does not include information that either: (i) is in the public domain or in the Lenders’ and/or Collateral Agent’s possession when disclosed to the Lenders and/or Collateral Agent, or becomes part of the public domain, through no
fault of omission by Lenders and/or Collateral Agent after disclosure to the Lenders and/or Collateral Agent; or (ii) is disclosed to the Lenders and/or Collateral Agent by a third party under no confidentiality obligation to Borrower (as per
applicable Lenders’ or Collateral Agent’s knowledge), if the Lenders and/or Collateral Agent does not know that the third party is prohibited from disclosing the information. Collateral Agent and the Lenders may use confidential
information for any purpose, including, without limitation, for the development of client databases, reporting purposes, and market analysis, so long as neither the Collateral Agent nor any Lender discloses Borrower’s identity or the identity
of any person associated with Borrower unless otherwise expressly permitted by this Agreement. The provisions of the immediately preceding sentence shall survive the termination of this Agreement. The agreements provided under this Section 12.9
supersede all prior agreements, understanding, representations, warranties, and negotiations between the parties about the subject matter of this Section 12.9. 

12.10 Right of Set Off. Borrower hereby grants to Collateral Agent and to each Lender, a lien, security interest and
right of set off as security for all Obligations to Collateral Agent and each Lender hereunder, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody,
safekeeping or control of Collateral Agent or the Lenders or any entity under the control of Collateral Agent or the Lenders (including a Collateral Agent affiliate) or in transit to any of them. At any time after the occurrence and during the
continuance of an Event of Default, without demand or notice, Collateral Agent or the Lenders may set off the same or any part thereof and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy
of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE COLLATERAL AGENT TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH
RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

12.11 Cooperation of Borrower. If necessary, Borrower agrees to (i) execute any documents (including new Secured
Promissory Notes) reasonably required to effectuate and acknowledge each assignment of a Term Loan Commitment or Loan to an assignee in accordance with Section 12.1, (ii) make Borrower’s management available to meet with Collateral
Agent and prospective participants and assignees of Term Loan Commitments or Credit Extensions (which meetings shall be conducted no more often than twice every twelve months unless an Event of Default has occurred and is continuing), and
(iii) assist Collateral Agent or the Lenders in the preparation of information relating to the financial affairs of Borrower as any prospective participant or assignee of a Term Loan Commitment or Term Loan reasonably may request. Subject to
the provisions of Section 12.9, Borrower authorizes each Lender to disclose to any prospective participant or assignee of a Term Loan Commitment, any and all information in such Lender’s possession concerning Borrower and its financial
affairs which has been delivered to such Lender by or on behalf of Borrower pursuant to this Agreement, or which has been delivered to such Lender by or on behalf of Borrower in connection with such Lender’s credit evaluation of Borrower prior
to entering into this Agreement. 
 12.12 Borrower Liability. Each Borrower hereby appoints Parent as agent for the
Borrower for all purposes hereunder, including with respect to requesting Credit Extensions hereunder. Each Borrower hereunder shall be jointly and severally obligated to repay all Credit Extensions made hereunder, regardless of which Borrower
actually receives said Credit Extension, as if each Borrower hereunder directly received all Credit Extensions. Each Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law, and (b) any right
to require Collateral Agent or any Lender to: (i) proceed against any Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Collateral Agent and or any Lender may exercise or not
exercise any right or remedy it has against any Borrower or any security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability.
Notwithstanding any other provision of this Agreement or other related document, each Borrower irrevocably waives all rights that it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of
Collateral Agent and the Lenders under this Agreement) to seek contribution, indemnification or any other form of reimbursement from 

  
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any other Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to the Obligations in connection
with this Agreement or otherwise and all rights that it might have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations in connection with this Agreement
or otherwise, in each case until indefeasible payment in full of the Obligations (other than inchoate indemnity obligations). Any agreement providing for indemnification, reimbursement or any other arrangement prohibited under this
Section shall be null and void. If any payment is made to a Borrower in contravention of this Section, such Borrower shall hold such payment in trust for Collateral Agent and the Lenders and such payment shall be promptly delivered to
Collateral Agent for application to the Obligations, whether matured or unmatured. 
 13. DEFINITIONS 

13.1 Definitions. As used in this Agreement, the following terms have the following meanings: 

“Account” is any “account” as defined in the Code with such additions to such term as may hereafter
be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 
 “Account
Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter be made. 

“Affiliate” of any Person is a Person that owns or controls directly or indirectly the Person, any Person
that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that Person’s managers and
members. 
 “Agreement” is defined in the preamble hereof. 

“Amortization Date” is, (i) with respect to a Term A Loan, May 1, 2016, if Term B Loans are
not funded, (ii) with respect to a Term A Loans and Term B Loans, November 1, 2016, if Term A Loans and Term B Loans are funded and Term C Loans are not funded, (iii) with respect to a Term A Loans, Term B Loans and Term C
Loans, May 1, 2017, if Term A Loans, Term B Loans and Term C Loans are funded and Term D Loans are not funded and (iv) with respect to each Term Loan, November 1, 2017, if each of Term A Loans, Term B Loans, Term C Loans and Term
D Loans are funded. 
 “Annual Projections” is defined in Section 6.2(a). 

“Anti-Terrorism Laws” are any laws relating to terrorism or
money laundering, including Executive Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by OFAC. 

“Approved Fund” is any (i) investment company, fund, trust, securitization vehicle or conduit that is
(or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business or (ii) any Person (other than a natural person) which temporarily warehouses
loans for any Lender or any entity described in the preceding clause (i) and that, with respect to each of the preceding clauses (i) and (ii), is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) a
Person (other than a natural person) or an Affiliate of a Person (other than a natural person) that administers or manages a Lender. 

“Approved Lender” is defined in Section 12.1. 

“Basic Rate” is, with respect to a Term Loan, the per annum rate of interest (based on a year of three
hundred sixty (360) days) equal to the greater of (i) Seven and Ninety-Nine Hundredths percent (7.99%) and (ii) the sum of (a) the three (3) month U.S. LIBOR rate reported in the Wall Street Journal three
(3) Business Days prior to the Funding Date of such Term Loan, plus (b) Seven and Seventy-Three Hundredths percent (7.73%). 

  
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 “Blocked Person” is any Person: (a) listed in
the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224, (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions
of, Executive Order No. 13224, (c) a Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, (d) a Person that commits,
threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224, or (e) a Person that is named a “specially designated national” or “blocked person” on the most current list
published by OFAC or other similar list. 
 “Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are Borrower’s or any of its Subsidiaries’ books and records including
ledgers, federal, and state tax returns, records regarding Borrower’s or its Subsidiaries’ assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing
such information. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on which Collateral
Agent is closed. 
 “Cash Equivalents” are (a) marketable direct obligations issued or unconditionally
guaranteed by the United States or any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the
highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc., and (c) certificates of deposit maturing no more than one (1) year after issue provided that the account in which any such
certificate of deposit is maintained is subject to a Control Agreement in favor of Collateral Agent. For the avoidance of doubt, the direct purchase by Borrower or any of its Subsidiaries of any Auction Rate Securities, or purchasing participations
in, or entering into any type of swap or other derivative transaction, or otherwise holding or engaging in any ownership interest in any type of Auction Rate Security by Borrower or any of its Subsidiaries shall be conclusively determined by the
Lenders as an ineligible Cash Equivalent, and any such transaction shall expressly violate each other provision of this Agreement governing Permitted Investments. Notwithstanding the foregoing, Cash Equivalents does not include and Borrower, and
each of its Subsidiaries, are prohibited from purchasing, purchasing participations in, entering into any type of swap or other equivalent derivative transaction, or otherwise holding or engaging in any ownership interest in any type of debt
instrument, including, without limitation, any corporate or municipal bonds with a long-term nominal maturity for which the interest rate is reset through a dutch auction and more commonly referred to as an
auction rate security (each, an “Auction Rate Security”). 
 “Claims” are defined in
Section 12.2. 
 “Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted
and in effect in the State of New York; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such
term contained in Article or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Collateral Agent’s
Lien on any Collateral is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State of New York, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction
solely for purposes of the provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on
Exhibit A. 
 “Collateral Account” is any Deposit Account, Securities Account, or
Commodity Account, or any other bank account maintained by Borrower or any Subsidiary at any time. 
 “Collateral
Agent” is, Oxford, not in its individual capacity, but solely in its capacity as agent on behalf of and for the benefit of the Lenders. 

“Commitment Percentage” is set forth in Schedule 1.1, as amended from time to time.

  
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 “Commodity Account” is any “commodity account” as
defined in the Code with such additions to such term as may hereafter be made. 
 “Communication” is
defined in Section 10. 
 “Compliance Certificate” is that certain certificate in the form attached
hereto as Exhibit C. 
 “Contingent Obligation” is, for any Person, any direct or
indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed,
co-made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and
(c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange
rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the
Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support
arrangement. 
 “Control Agreement” is any control agreement entered into among the depository institution
at which Borrower or any of its Subsidiaries maintains a Deposit Account or the securities intermediary or commodity intermediary at which Borrower or any of its Subsidiaries maintains a Securities Account or a Commodity Account, Borrower or such
Subsidiary, and Collateral Agent pursuant to which Collateral Agent obtains control (within the meaning of the Code) for the benefit of the Lenders over such Deposit Account, Securities Account, or Commodity Account. 

“Copyrights” are any and all copyright rights, copyright applications, copyright registrations and like
protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Term Loan or any other extension of credit by Collateral Agent or Lenders for
Borrower’s benefit. 
 “Default Rate” is defined in Section 2.3(b). 

“Deposit Account” is any “deposit account” as defined in the Code with such additions to such term
as may hereafter be made. 
 “Designated Deposit Account” is Borrower’s deposit account, account
number 80001640557, maintained with First Republic Bank. 
 “Disbursement Letter” is that certain form
attached hereto as Exhibit B. 
 “Dollars,”
“dollars” and “$” each mean lawful money of the United States. 
 “Effective
Date” is defined in the preamble of this Agreement. 
 “Eligible Assignee” is (i) a Lender,
(ii) an Affiliate of a Lender, (iii) an Approved Fund and (iv) any commercial bank, savings and loan association or savings bank or any other entity which is an “accredited investor” (as defined in Regulation D under the
Securities Act of 1933, as amended) and which extends credit or buys loans as one of its businesses, including insurance companies, mutual funds, lease financing companies and commercial finance companies, in each case, which either (A) has a
rating of BBB or higher from Standard & Poor’s Rating Group and a rating of Baa2 or higher from Moody’s Investors Service, Inc. at the date that it becomes a Lender or (B) has total assets in excess of Five Billion Dollars
($5,000,000,000.00), and in each case of clauses (i) through (iv), which, through its applicable lending office, is capable of lending to Borrower without the imposition of any 

  
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withholding or similar taxes; provided that notwithstanding the foregoing, “Eligible Assignee” shall not include, unless an Event of Default has occurred and is continuing,
(i) Borrower or any of Borrower’s Affiliates or Subsidiaries or (ii) a direct competitor of Borrower or a vulture hedge fund, each as determined by Collateral Agent. Notwithstanding the foregoing, (x) in connection with
assignments by a Lender due to a forced divestiture at the request of any regulatory agency, the restrictions set forth herein shall not apply and Eligible Assignee shall mean any Person or party and (y) in connection with a Lender’s own
financing or securitization transactions, the restrictions set forth herein shall not apply and Eligible Assignee shall mean any Person or party providing such financing or formed to undertake such securitization transaction and any transferee of
such Person or party upon the occurrence of a default, event of default or similar occurrence with respect to such financing or securitization transaction; provided that no such sale, transfer, pledge or assignment under this clause (y) shall
release such Lender from any of its obligations hereunder or substitute any such Person or party for such Lender as a party hereto until Collateral Agent shall have received and accepted an effective assignment agreement from such Person or party in
form satisfactory to Collateral Agent executed, delivered and fully completed by the applicable parties thereto, and shall have received such other information regarding such Eligible Assignee as Collateral Agent reasonably shall require. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may
hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, as amended, and its regulations. 

“Event of Default” is defined in Section 8. 

“Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of
principal plus accrued interest) due on the earliest to occur of (a) the Maturity Date, or (b) the acceleration of any Term Loan, or (c) the prepayment of a Term Loan pursuant to Section 2.2(c) or (d), equal to the original
principal amount of such Term Loan multiplied by the Final Payment Percentage, payable to Lenders in accordance with their respective Pro Rata Shares. 

“Final Payment Percentage” is seven percent (7.00%). 

“First Equity Event” is the receipt by Borrower on or after the Effective Date of unrestricted net cash
proceeds of not less than Thirteen Million Dollars ($13,000,000.00) in the aggregate for two separate therapeutics (with net cash proceeds of not less than Six Million Five Hundred Dollars ($6,500,000.00) for each such therapeutic) from (i) the
issuance and sale by Borrower of its unsecured subordinated convertible debt and/or equity securities to Persons approved by Collateral Agent in advance in writing and/or (ii) “up front” or milestone payments in connection with a
joint venture, licensing, collaboration or other partnering transaction, and the initiation of and the initiation of the production of such two therapeutics in compliance with the applicable “Good Manufacturing Practices”. 

“Foreign Subsidiary” is a Subsidiary that is not an entity organized under the laws of the United States or
any territory thereof. 
 “Fourth Draw Period” is the period commencing on later of (i) the date of
the occurrence of the Third Equity Event, (ii) November 1, 2016 and the (iii) Funding Date of Term C Loans, and ending on the earlier of (i) April 30, 2017, (ii) thirty (30) days after the date of the occurrence of the Third
Equity Event and (iii) the occurrence of an Event of Default (unless such Event of Default is cured or waived to the satisfaction of the Collateral Agent and the Required Lenders for the purposes of the continuation of the Fourth Draw Period);
provided, however, that the Fourth Draw Period shall not commence if on the date of the occurrence of the Third Equity Event an Event of Default has occurred and is continuing. 

“Funding Date” is any date on which a Credit Extension is made to or on account of Borrower which shall be a
Business Day. 

  
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 “GAAP” is generally accepted accounting principles set
forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such
other Person as may be approved by a significant segment of the accounting profession in the United States, which are applicable to the circumstances as of the date of determination. 

“General Intangibles” are all “general intangibles” as defined in the Code in effect on the date
hereof with such additions to such term as may hereafter be made, and includes without limitation, all copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work, whether
published or unpublished, any patents, trademarks, service marks and, to the extent permitted under applicable law, any applications therefor, whether registered or not, any trade secret rights, including any rights to unpatented inventions, payment
intangibles, royalties, contract rights, goodwill, franchise agreements, purchase orders, customer lists, route lists, telephone numbers, domain names, claims, income and other tax refunds, security and other deposits, options to purchase or sell
real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of
insurance and rights to payment of any kind. 
 “Governmental Approval” is any consent, authorization,
approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any self-regulatory organization. 
 “Guarantor” is any Person providing a
Guaranty in favor of Collateral Agent. 
 “Guaranty” is any guarantee of all or any part of the
Obligations, as the same may from time to time be amended, restated, modified or otherwise supplemented. 

“Indebtedness” is (a) indebtedness for borrowed money or the deferred price of property or services,
such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent Obligations. 

“Indemnified Person” is defined in Section 12.2. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code,
or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Insolvent” means not Solvent. 

“Intellectual Property” means all of Borrower’s or any Subsidiary’s right, title and interest in
and to the following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, operating manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to Borrower; 

  
 29 

 (e) any and all claims for damages by way of past, present and future
infringement of any of the foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such
additions to such term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as
is temporarily out of any Person’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or
other securities), and any loan, advance, payment or capital contribution to any Person. 
 “Key Person” is
each of Borrower’s (i) Chief Executive Officer, who is Mark Lappe as of the Effective Date, (ii) Vice President of Biotherapeutics, who is Brendan Eckelman as of the Effective Date and (iii) Vice President of Research and
Development, who is Quinn Deveraux as of the Effective Date. 
 “Lender” is any one of the Lenders. 

“Lenders” are the Persons identified on Schedule 1.1 hereto and each assignee that
becomes a party to this Agreement pursuant to Section 12.1. 
 “Lenders’ Expenses” are all audit
fees and expenses, costs, and expenses (including reasonable and documented attorneys’ fees and expenses, as well as appraisal fees, fees incurred on account of lien searches, inspection fees, and filing fees) for preparing, amending,
negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred by Collateral Agent and/or the Lenders in connection
with the Loan Documents. 
 “Lien” is a claim, mortgage, deed of trust, levy, charge, pledge, security
interest, or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement, the Perfection Certificates, each Compliance Certificate,
each Disbursement Letter, any subordination agreements, any note, or notes or guaranties executed by Borrower or any other Person, and any other present or future agreement entered into by Borrower, any Guarantor or any other Person for the benefit
of the Lenders and Collateral Agent in connection with this Agreement; all as amended, restated, or otherwise modified. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Collateral
Agent’s Lien in the Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations or condition (financial or otherwise) of Borrower or any Subsidiary; or (c) a material impairment of the
prospect of repayment of any portion of the Obligations. 
 “Maturity Date” is, for each Term Loan,
March 31, 2020. 
 “Obligations” are all of Borrower’s obligations to pay when due any debts,
principal, interest, Lenders’ Expenses, the Prepayment Fee, the Final Payment, and other amounts Borrower owes the Lenders now or later, in connection with, related to, following, or arising from, out of or under, this Agreement or, the other
Loan Documents, and including interest accruing after Insolvency Proceedings begin (whether or not allowed) and debts, liabilities, or obligations of Borrower assigned to the Lenders and/or Collateral Agent, and the performance of Borrower’s
duties under the Loan Documents. 
 “OFAC” is the U.S. Department of Treasury Office of Foreign Assets
Control. 

  
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 “OFAC Lists” are, collectively, the Specially Designated
Nationals and Blocked Persons List maintained by OFAC pursuant to Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and
regulations of OFAC or pursuant to any other applicable Executive Orders. 
 “Operating Documents” are, for
any Person, such Person’s formation documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date,
and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its
partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto. 

“Parent” means Inhibrx, LP, a Delaware limited partnership. 

“Patents” means all patents, patent applications and like protections including without limitation
improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment Date” is the first (1st) calendar day of each
calendar month. 
 “Perfection Certificate” and “Perfection Certificates” is defined in
Section 5.1. 
 “Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to the Lenders and Collateral Agent under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and disclosed on the Perfection Certificate(s); 

(c) Subordinated Debt; 

(d) unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 

(e) Indebtedness consisting of capitalized lease obligations and purchase money Indebtedness, in each case incurred by Borrower
or any of its Subsidiaries to finance the acquisition, repair, improvement or construction of fixed or capital assets of such person, provided that (i) the aggregate outstanding principal amount of all such Indebtedness does not exceed Two
Hundred Fifty Thousand Dollars ($250,000.00) at any time and (ii) the principal amount of such Indebtedness does not exceed the lower of the cost or fair market value of the property so acquired or built or of such repairs or improvements
financed with such Indebtedness (each measured at the time of such acquisition, repair, improvement or construction is made); 

(f) Indebtedness incurred as a result of endorsing negotiable instruments received in the ordinary course of Borrower’s
business; and 
 (g) extensions, refinancings, modifications, amendments and restatements of any items of Permitted
Indebtedness (a) through (e) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose materially more burdensome terms upon Borrower, or its Subsidiary, as the case may be. 

“Permitted Investments” are: 

(a) Investments disclosed on the Perfection Certificate(s) and existing on the Effective Date; 

(b) (i) Investments consisting of cash and Cash Equivalents, and (ii) any Investments permitted by Borrower’s
investment policy, as amended from time to time, provided that such investment policy (and any such amendment thereto) has been approved in writing by Collateral Agent; 

  
 31 

 (c) Investments consisting of the endorsement of negotiable instruments for
deposit or collection or similar transactions in the ordinary course of Borrower; 
 (d) Investments consisting of Deposit
Accounts maintained in accordance with this Agreement; 
 (e) Investments in connection with Transfers permitted by
Section 7.1; 
 (f) Investments consisting of (i) travel advances and employee relocation loans and other employee
loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements
approved by Borrower’s Board of Directors; not to exceed One Hundred Thousand Dollars ($100,000.00) in the aggregate for (i) and (ii) in any fiscal year; 

(g) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers or
suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(h) Investments consisting of ownership interests in Subsidiaries formed pursuant (and subject) to Section 6.11; 

(i) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers
who are not Affiliates, in the ordinary course of business; provided that this paragraph (i) shall not apply to Investments of Borrower in any Subsidiary; and 

(j) non-cash Investments in joint ventures or strategic alliances in the ordinary
course of Borrower’s business consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical support. 

“Permitted Licenses” are (A) licenses disclosed in the Perfection Certificate as of the Effective Date;
of (B) over-the-counter software that is commercially available to the public, and (C) non-exclusive and exclusive
licenses for the use of the Intellectual Property of Borrower or any of its Subsidiaries entered into in the ordinary course of business, provided, that, with respect to each such license described in clause (C), (i) no Event of Default
has occurred or is continuing at the time of such license; (ii) the license constitutes an arms-length transaction, the terms of which, on their face, do not provide for a sale or assignment of any
Intellectual Property and do not restrict the ability of Borrower or any of its Subsidiaries, as applicable, to pledge, grant a security interest in or lien on, or assign or otherwise Transfer any Intellectual Property; (iii) in the case of any
exclusive license, (x) Borrower delivers ten (10) days’ prior written notice and a brief summary of the terms of the proposed license to Collateral Agent and the Lenders and delivers to Collateral Agent and the Lenders copies of the
final executed licensing documents in connection with the exclusive license promptly upon consummation thereof and (y) any such license could not result in a legal transfer of title of the licensed property but may be exclusive in respects
other than territory and may be exclusive as to territory only as to discrete geographical areas outside of the United States; and (iv) all upfront payments, royalties, milestone payments or other proceeds arising from the licensing agreement
that are payable to Borrower or any of its Subsidiaries are credited, paid and/or deposited into a Deposit Account that is governed by a Control Agreement. 

“Permitted Liens” are: 

(a) Liens existing on the Effective Date and disclosed on the Perfection Certificates or arising under this Agreement and the
other Loan Documents; 
 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not
due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and
the Treasury Regulations adopted thereunder; 

  
 32 

 (c) liens securing Indebtedness permitted under clause (e) of the
definition of “Permitted Indebtedness,” provided that (i) such liens exist prior to the acquisition of, or attach substantially simultaneous with, or within twenty (20) days after the, acquisition, lease, repair,
improvement or construction of, such property financed or leased by such Indebtedness and (ii) such liens do not extend to any property of Borrower other than the property (and proceeds thereof) acquired, leased or built, or the improvements or
repairs, financed by such Indebtedness; 
 (d) Liens of carriers, warehousemen, suppliers, landlords or other Persons arising
in the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00), and which are not delinquent or remain payable without
penalty or which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e) Liens to secure payment of workers’ compensation, employment insurance,
old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens imposed by ERISA); 

(f) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through
(c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase; 

(g) leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to
another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the
ordinary course of Borrower’s business (or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Collateral Agent or any Lender a
security interest therein; 
 (h) banker’s liens, rights of setoff and Liens in favor of financial institutions incurred
in the ordinary course of business arising in connection with Borrower’s deposit accounts or securities accounts held at such institutions solely to secure payment of fees and similar costs and expenses and provided such accounts are maintained
in compliance with Section 6.6(b) hereof; 
 (i) Liens arising from judgments, decrees or attachments in
circumstances not constituting an Event of Default under Section 8.3 or 8.6; and 
 (j) Liens consisting of Permitted
Licenses. 
 “Person” is any individual, sole proprietorship, partnership, limited liability company, joint
venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Prepayment Fee” is, with respect to any Term Loan subject to prepayment prior to the Maturity Date, whether
by mandatory (other than in accordance with Section 6.5 hereof) or voluntary prepayment, acceleration or otherwise, an additional fee payable to the Lenders in amount equal to: 

(i) for a prepayment made on or after the Funding Date of such Term Loan through and including the first anniversary of the
Funding Date of such Term Loan, three percent (3.00%) of the principal amount of such Term Loan prepaid; 
 (ii) for a
prepayment made after the date which is after the first anniversary of the Funding Date of such Term Loan through and including the second anniversary of the Funding Date of such Term Loan, two percent (2.00%) of the principal amount of such Term
Loan prepaid; and 

  
 33 

 (iii) for a prepayment made after the date which is after the second
anniversary of the Funding Date of such Term Loan and prior to the Maturity Date of such Term Loan, one percent (1.00%) of the principal amount of such Term Loan prepaid. 

“Pro Rata Share” is, as of any date of determination, with respect to each Lender, a percentage (expressed as
a decimal, rounded to the ninth decimal place) determined by dividing the outstanding principal amount of Term Loans held by such Lender by the aggregate outstanding principal amount of all Term Loans. 

“Registered Organization” is any “registered organization” as defined in the Code with such
additions to such term as may hereafter be made. 
 “Required Lenders” means (i) for so long as all of
the Persons that are Lenders on the Effective Date (each an “Original Lender”) have not assigned or transferred any of their interests in their Term Loan, Lenders holding one hundred percent (100%) of the aggregate outstanding
principal balance of the Term Loan, or (ii) at any time from and after any Original Lender has assigned or transferred any interest in its Term Loan, Lenders holding at least sixty six percent (66%) of the aggregate outstanding principal
balance of the Term Loan and, in respect of this clause (ii), (A) each Original Lender that has not assigned or transferred any portion of its Term Loan, (B) each assignee or transferee of an Original Lender’s interest in the Term Loan,
but only to the extent that such assignee or transferee is an Affiliate or Approved Fund of such Original Lender, and (C) any Person providing financing to any Person described in clauses (A) and (B) above; provided, however, that this
clause (C) shall only apply upon the occurrence of a default, event of default or similar occurrence with respect to such financing. 

“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any
law (statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject. 
 “Responsible Officer” is any of the President, Chief Executive Officer, or Chief
Financial Officer of Borrower acting alone. 
 “Second Draw Period” is the period commencing on later of
the date of the occurrence of the First Equity Event and November 1, 2015, and ending on the earlier of (i) April 30, 2016, (ii) thirty (30) days after the date of the occurrence of the First Equity Event and (iii) the occurrence
of an Event of Default (unless such Event of Default is cured or waived to the satisfaction of the Collateral Agent and the Required Lenders for the purposes of the continuation of the Second Draw Period); provided, however, that the Second Draw
Period shall not commence if on the date of the occurrence of the First Equity Event an Event of Default has occurred and is continuing. 

“Second Equity Event” is the receipt by Borrower after the occurrence of the First Equity Event of
unrestricted net cash proceeds of not less than Thirteen Million Dollars ($13,000,000.00) in the aggregate for two separate therapeutics that are not the same as the therapeutics with respect to which the First Equity Event occurred (with net cash
proceeds of not less than Six Million Five Hundred Dollars ($6,500,000.00) for each such therapeutic) from (i) the issuance and sale by Borrower of its unsecured subordinated convertible debt and/or equity securities to Persons approved by
Collateral Agent in advance in writing and/or (ii) “up front” or milestone payments in connection with a joint venture, licensing, collaboration or other partnering transaction, and the initiation of and the initiation of the
production of such two therapeutics in compliance with the applicable “Good Manufacturing Practices”. 

“Secured Promissory Note” is defined in Section 2.4. 

“Secured Promissory Note Record” is a record maintained by each Lender with respect to the outstanding
Obligations owed by Borrower to Lender and credits made thereto. 
 “Securities Account” is any
“securities account” as defined in the Code with such additions to such term as may hereafter be made. 

  
 34 

 “Shares” is one hundred percent (100%) of the issued and
outstanding capital stock, membership units or other securities owned or held of record by Borrower or Borrower’s Subsidiary, in any Subsidiary; provided that, in the event Borrower, demonstrates to Collateral Agent’s reasonable
satisfaction, that a pledge of more than sixty five percent (65%) of the Shares of such Subsidiary which is a Foreign Subsidiary, creates a present and existing adverse tax consequence to Borrower under the U.S. Internal Revenue Code,
“Shares” shall mean sixty-five percent (65%) of the issued and outstanding capital stock, membership units or other securities owned or held of record by Borrower or its Subsidiary in such Foreign
Subsidiary. 
 “Solvent” is, with respect to any Person: the fair salable value of such Person’s
consolidated assets (including goodwill minus disposition costs) exceeds the fair value of such Person’s liabilities; such Person is not left with unreasonably small capital after the transactions in this Agreement; and such Person is able to
pay its debts (including trade debts) as they mature. 
 “Subordinated Debt” is indebtedness incurred by
Borrower or any of its Subsidiaries subordinated to all Indebtedness of Borrower and/or its Subsidiaries to the Lenders (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Collateral Agent
and the Lenders entered into between Collateral Agent, Borrower, and/or any of its Subsidiaries, and the other creditor), on terms acceptable to Collateral Agent and the Lenders. 

“Subsidiary” is, with respect to any Person, any Person of which more than fifty percent (50%) of the voting
stock or other equity interests (in the case of Persons other than corporations) is owned or controlled, directly or indirectly, by such Person or through one or more intermediaries. 

“Term Loan” is defined in Section 2.2(a)(iv) hereof. 

“Term A Loan” is defined in Section 2.2(a)(i) hereof. 

“Term B Loan” is defined in Section 2.2(a)(ii) hereof. 

“Term C Loan” is defined in Section 2.2(a)(iii) hereof. 

“Term D Loan” is defined in Section 2.2(a)(iv) hereof. 

“Term Loan Commitment” is, for any Lender, the obligation of such Lender to make a Term Loan, up to the
principal amount shown on Schedule 1.1. “Term Loan Commitments” means the aggregate amount of such commitments of all Lenders. 

“Third Draw Period” is the period commencing on later of (i) the date of the occurrence of the Second
Equity Event, (ii) May 1, 2016 and the (iii) Funding Date of Term B Loans, and ending on the earlier of (i) October 31, 2016, (ii) thirty (30) days after the date of the occurrence of the Second Equity Event and
(iii) the occurrence of an Event of Default (unless such Event of Default is cured or waived to the satisfaction of the Collateral Agent and the Required Lenders for the purposes of the continuation of the Third Draw Period); provided, however,
that the Third Draw Period shall not commence if on the date of the occurrence of the Second Equity Event an Event of Default has occurred and is continuing. 

“Third Equity Event” is the receipt by Borrower after the occurrence of the Second Equity Event of
unrestricted net cash proceeds of not less than Thirteen Million Dollars ($13,000,000.00) in the aggregate for two separate therapeutics that are not the same as the therapeutics with respect to which the First Equity Event or the Second Equity
Event occurred (with net cash proceeds of not less than Six Million Five Hundred Dollars ($6,500,000.00) for each such therapeutic) from (i) the issuance and sale by Borrower of its unsecured subordinated convertible debt and/or equity
securities to Persons approved by Collateral Agent in advance in writing and/or (ii) “up front” or milestone payments in connection with a joint venture, licensing, collaboration or other partnering transaction, and the initiation of
and the initiation of the production of such two therapeutics in compliance with the applicable “Good Manufacturing Practices”. 

  
 35 

 “Trademarks” means any trademark and servicemark rights,
whether registered or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 

[Balance of Page Intentionally Left Blank] 

  
 36 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the Effective Date. 
  

			
	BORROWERS:
	
	INHIBRX, LP
	INHIBRX 101, LP
	INHIBRX 104, LP
	INBRX 105, LP
	INBRX 106, LP
	INBRX 107, LP
	INBRX 108, LP
	INBRX 109, LP
	INBRX 110, LP
	INBRX 111, LP
	INBRX 112, LP
	
	By: EFFICACY CAPITAL, LLC, as General Partner
		
	By:	 	 /s/ Mark Lappe

	Name:	 	Mark Lappe
	Title:	 	CEO
	
	COLLATERAL AGENT AND LENDER:
	
	OXFORD FINANCE LLC
		
	By:	 	 /s/ Mark Davis

	Name:	 	Mark Davis
	Title:	 	Vice President – Finance, Secretary & Treasurer

 [Signature Page to Loan and Security Agreement] 

 SCHEDULE 1.1 

Lenders and Commitments 

Term A Loans 
  

									
	 Lender
	  	Term Loan Commitment	 	  	Commitment Percentage	 
	 OXFORD FINANCE LLC
	  	$	5,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	5,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 

 Term B Loans 
  

									
	 Lender
	  	Term Loan Commitment	 	  	Commitment Percentage	 
	 OXFORD FINANCE LLC
	  	$	5,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	5,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 

 Term C Loans 
  

									
	 Lender
	  	Term Loan Commitment	 	  	Commitment Percentage	 
	 OXFORD FINANCE LLC
	  	$	5,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	5,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 

 Term D Loans 
  

									
	 Lender
	  	Term Loan Commitment	 	  	Commitment Percentage	 
	 OXFORD FINANCE LLC
	  	$	5,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	5,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 

 Aggregate (all Term Loans) 
  

									
	 Lender
	  	Term Loan Commitment	 	  	Commitment Percentage	 
	 OXFORD FINANCE LLC
	  	$	20,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	20,000,000.00	 	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 

 EXHIBIT A 

Description of Collateral 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory,
contract rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles (except as noted below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether
tangible or electronic), cash, deposit accounts and other Collateral Accounts, all certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment
property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and 

All Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include (i) any Intellectual Property; provided, however, the
Collateral shall include all Accounts and all proceeds of Intellectual Property if a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security
interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection
of Collateral Agent’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property; (ii) more than 65% of the total combined voting power of all classes of stock entitled to vote the
shares of capital stock (the “Shares”) of any Foreign Subsidiary, if Borrower demonstrates to Collateral Agent’s reasonable satisfaction that a pledge of more than sixty five percent (65%) of the Shares of such Subsidiary creates a
present and existing adverse tax consequence to Borrower under the U.S. Internal Revenue Code; Equipment or personal property subject to a Lien described in clause (c) of the definition of “Permitted Liens” if the granting of a Lien
in such Equipment or personal property is prohibited by or would constitute a default under the agreement governing such Equipment or personal property (but (A) only to the extent such prohibition is enforceable under applicable law and
(B) other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-408 or 9-409 (or
any other Section) of Article 9 of the Code); provided that upon the termination, lapsing or expiration of any such prohibition, such Equipment or personal property, as applicable, shall automatically be subject to the security interest granted in
favor of Collateral Agent hereunder and become part of the “Collateral; (iii) the capital stock of INBRX 103, LLC, to the extent Borrower is prohibited from granting a security interest in such capital stock or consent is required for the
grant of such security interest and has not been obtained and (iv) any license or contract, in each case if the granting of a Lien in such license or contract is prohibited by or would constitute a default under the agreement governing such
license or contract (but (A) only to the extent such prohibition is enforceable under applicable law and (B) other than to the extent that any such term would be rendered ineffective pursuant to Sections
9-406, 9-408 or 9-409 (or any other Section) of Division 9 of the Code); provided that upon the termination, lapsing or
expiration of any such prohibition, such license or contract, as applicable, shall automatically be subject to the security interest granted in favor of Collateral Agent hereunder and become part of the “Collateral.” 

Pursuant to the terms of a certain negative pledge arrangement with Collateral Agent and the Lenders, Borrower has agreed not
to encumber any of its Intellectual Property. 

 EXHIBIT B 

Form of Disbursement Letter 

[see attached] 

 DISBURSEMENT LETTER 

[DATE] 
 The undersigned, being
the duly elected and acting                                      of
INHIBRX, LP, a Delaware limited partnership, with offices located at 11099 N. Torrey Pines Road, Suite 280, La Jolla, CA 92037, for and on behalf of each Borrower under the Loan Agreement (as defined below) (collectively,
“Borrower”), does hereby certify to OXFORD FINANCE LLC (“Oxford” and “Lender”), as collateral agent (the “Collateral Agent”) in connection with that certain Loan and Security
Agreement dated as of March 31, 2015, by and among Borrower, Collateral Agent and the Lenders from time to time party thereto (the “Loan Agreement”; with other capitalized terms used below having the meanings ascribed thereto
in the Loan Agreement) that: 
 1. The representations and warranties made by Borrower in Section 5 of the Loan
Agreement and in the other Loan Documents are true and correct in all material respects as of the date hereof. 
 2. No event
or condition has occurred that would constitute an Event of Default under the Loan Agreement or any other Loan Document. 

3. Borrower is in compliance with the covenants and requirements contained in Sections 4, 6 and 7 of the Loan Agreement. 

4. All conditions referred to in Section 3 of the Loan Agreement to the making of the Loan to be made on or about the date
hereof have been satisfied or waived by Collateral Agent. 
 5. No Material Adverse Change has occurred. 

6. The undersigned is a Responsible Officer. 

[Balance of Page Intentionally Left Blank] 

 7. The proceeds of the Term [A][B][C][D] Loan shall be disbursed as
follows: 
  

					
	 Disbursement from Oxford:
	  			
	 Loan Amount
	  	$	_______________	 
	 Plus:
	  			
	 —Deposit Received
	  	$	__________	 
	 Less:
	  			
	 —Facility Fee
	  	($	_________	) 
	 [—Interim Interest
	  	($	_________	)] 
	 —Lender’s Legal Fees
	  	($	_________	)* 
	 Net Proceeds due from Oxford:
	  	$	_______________	 
	 TOTAL TERM [A][B][C][D] LOAN NET PROCEEDS FROM LENDERS
	  	$	_______________	 

 8. The [initial][Term Loan][Term A Loan][Term B Loan][Term C Loan][Term D
Loan] shall amortize in accordance with the Amortization Table attached hereto. 
 9. The aggregate net proceeds of the Term
Loans shall be transferred to the Designated Deposit Account as follows: 
  

					
	 Account Name:        
	  	 [BORROWER]
	  	
			
	 Bank Name:
	  	
[                       
      ]
	  	
			
	 Bank Address:
	  	
[                       
      ]
	  	
			
	 Account Number:
	  	  
	  	
			
	 ABA Number:
	  	
[                       
      ]
	  	

 [Balance of Page Intentionally Left Blank] 

 

	* 	 Legal fees and costs are through the Effective Date. Post-closing
legal fees and costs, payable after the Effective Date, to be invoiced and paid post-closing. 

 Dated as of the date first set forth above. 

 

			
	BORROWER:
	
	INHIBRX, LP, for itself and on behalf of all Borrowers
	
	By: EFFICACY CAPITAL, LLC, as General Partner

			
		
	By	 	  

	Name:	 	  

	Title:	 	  

			
	
	COLLATERAL AGENT AND LENDER:
	
	OXFORD FINANCE LLC

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [Signature Page to Disbursement Letter] 

 AMORTIZATION TABLE 

(Term [A][B][C][D] Loan) 

[see attached] 

 EXHIBIT C 

Compliance Certificate 
  

			
	 TO:
	  	 OXFORD FINANCE LLC, as Collateral Agent and Lender

		
	 FROM:            
	  	 INHIBRX, LP, for itself and on behalf of all Borrowers

 The undersigned authorized officer (“Officer”) of INHIBRX, LP, for itself and on behalf of
all Borrowers under and as defined in the Loan Agreement (as defined below) (collectively, “Borrower”), hereby certifies that in accordance with the terms and conditions of the Loan and Security Agreement by and among Borrower,
Collateral Agent, and the Lenders from time to time party thereto (the “Loan Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings given them in the Loan Agreement), 

(a) Borrower is in complete compliance for the period ending
                         with all required covenants except as noted below; 

(b) There are no Events of Default, except as noted below; 

(c) Except as noted below, all representations and warranties of Borrower stated in the Loan Documents are true and correct in
all material respects on this date and for the period described in (a), above; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in
the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date. 

(d) Borrower, and each of Borrower’s Subsidiaries, has timely filed all required tax returns and reports, Borrower, and
each of Borrower’s Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower, or Subsidiary, except as otherwise permitted pursuant to the terms of Section 5.8 of
the Loan Agreement; 
 (e) No Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to
unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Collateral Agent and the Lenders. 

Attached are the required documents, if any, supporting our certification(s). The Officer, on behalf of Borrower, further certifies that the
attached financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and are consistently applied from one period to the next except as explained in an accompanying letter or footnotes and except, in the case
of (x) unaudited financial statements, for the absence of footnotes and subject to year-end audit adjustments as to the interim financial statements and (y) monthly financial statements, subject to
Section 5.4 of the Loan Agreement. 
 Please indicate compliance status since the last Compliance Certificate by circling Yes, No, or N/A under
“Complies” column. 
  

													
	 	 	Reporting Covenant	  	Requirement	  	Actual	  	Complies
	1)	 	 Financial statements
	  	 Monthly within 30 days
	  		  	Yes	  	No	  	N/A
	2)	 	 Annual (CPA Audited) statements
	  	 Within 120 days after FYE
	  		  	Yes	  	No	  	N/A

													
	3)	 	 Annual Financial Projections/Budget (prepared on a monthly basis)
	  	 Annually (within 30 days following FYE), and when revised
	  		  	Yes	  	No	  	N/A
	4)	 	 A/R & A/P agings
	  	 If applicable
	  		  	Yes	  	No	  	N/A
	5)	 	 8-K, 10-K and 10-Q Filings
	  	 If applicable, within 5 days of filing
	  		  	Yes	  	No	  	N/A
	6)	 	 Compliance Certificate
	  	 Monthly within 30 days
	  		  	Yes	  	No	  	N/A
	7)	 	 IP Report
	  	 When required
	  		  	Yes	  	No	  	N/A
	8)	 	 Total amount of Borrower’s cash and cash equivalents at the last day of the measurement
period
	  		  	$ ________	  	Yes	  	No	  	N/A
	9)	 	 Total amount of Borrower’s Subsidiaries’ cash and cash equivalents at the last day of
the measurement period
	  		  	$ ________	  	Yes	  	No	  	N/A

 Deposit and Securities Accounts 

(Please list all accounts; attach separate sheet if additional space needed) 

 

													
	 	  	Institution Name	  	Account Number	  	New Account?	  	Account Control Agreement in
place?
	1)	  	 	  	 	  	Yes	  	No	  	Yes	  	No
	2)	  	 	  	 	  	Yes	  	No	  	Yes	  	No
	3)	  	 	  	 	  	Yes	  	No	  	Yes	  	No
	4)	  	 	  	 	  	Yes	  	No	  	Yes	  	No

 Other Matters 
  

							
	1)	 	 Have there been any changes in management since the last Compliance Certificate?
	  	Yes	  	No
	2)	 	 Have there been any transfers/sales/disposals/retirement of Collateral or IP prohibited by the
Loan Agreement?
	  	Yes	  	No
	3)	 	 Have there been any new or pending claims or causes of action against Borrower that involve more
than Two Hundred Fifty Thousand Dollars ($250,000.00)?
	  	Yes	  	No
	4)	 	 Have there been any amendments of or other changes to the capitalization table of Borrower and to
the Operating Documents of Borrower or any of its Subsidiaries? If yes, provide copies of any such amendments or changes with this Compliance Certificate.
	  	Yes	  	No

 Exceptions 

Please explain any exceptions with respect to the certification above: (If no exceptions exist, state “No exceptions.” Attach
separate sheet if additional space needed.) 
 INHIBRX, for itself and on behalf of all Borrowers 

 

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Date:     
  

					
		 	 LENDER USE ONLY

			
		 	
Received by:                
                                
	  	
Date:                  

			
		 	
Verified by:                
                                  
	  	
Date:                  

		
		 	 Compliance Status:
            Yes             No

 EXHIBIT D 

Form of Secured Promissory Note 

[see attached] 

 SECURED PROMISSORY NOTE 

(Term [A][B] Loan) 
  

					
	
$                       
 
	  		  	Dated: [DATE]

 FOR VALUE RECEIVED, the undersigned, Inhibrx, LP, a Delaware limited partnership, Inhibrx 101,
LP, a Delaware limited partnership, Inhibrx 104, LP, a Delaware limited partnership, INBRX 105, LP, a Delaware limited partnership, INBRX 106, LP, a Delaware limited partnership, INBRX 107, LP, a Delaware limited partnership, INBRX 108, LP, a
Delaware limited partnership, INBRX 109, LP, a Delaware limited partnership, INBRX 110, LP, a Delaware limited partnership, INBRX 111, LP, a Delaware limited partnership and INBRX 112, LP, a Delaware limited partnership, each with an office located
at with an office located at 11099 N. Torrey Pines Road, Suite 280, La Jolla, CA 92037 (individually and collectively, jointly and severally, “Borrower”) HEREBY PROMISES TO PAY to the order of OXFORD FINANCE LLC
(“Lender”) the principal amount of [                    ] MILLION DOLLARS
($                    ) or such lesser amount as shall equal the outstanding principal balance of the Term [A][B][C][D]Loan made to Borrower by
Lender, plus interest on the aggregate unpaid principal amount of such Term [A][B][C][D] Loan, at the rates and in accordance with the terms of the Loan and Security Agreement dated March 31, 2015 by and among Borrower, Lender, Oxford
Finance LLC, as Collateral Agent, and the other Lenders from time to time party thereto (as amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”). If not sooner paid, the entire principal
amount and all accrued and unpaid interest hereunder shall be due and payable on the Maturity Date as set forth in the Loan Agreement. Any capitalized term not otherwise defined herein shall have the meaning attributed to such term in the Loan
Agreement. 
 Principal, interest and all other amounts due with respect to the Term [A][B][C][D]Loan, are payable in lawful money of
the United States of America to Lender as set forth in the Loan Agreement and this Secured Promissory Note (this “Note”). The principal amount of this Note and the interest rate applicable thereto, and all payments made with respect
thereto, shall be recorded by Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Note. 

The Loan Agreement, among other things, (a) provides for the making of a secured Term [A][B][C][D] Loan by Lender to Borrower, and
(b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. 
 This Note may not be
prepaid except as set forth in Section 2.2 (c) and Section 2.2(d) of the Loan Agreement. 
 This Note and the obligation
of Borrower to repay the unpaid principal amount of the Term [A][B][C][D] Loan, interest on the Term [A][B][C][D] Loan and all other amounts due Lender under the Loan Agreement is secured under the Loan Agreement. 

Presentment for payment, demand, notice of protest and all other demands and notices of any kind in connection with the execution, delivery,
performance and enforcement of this Note are hereby waived. 
 Borrower shall pay all reasonable fees and expenses, including, without
limitation, reasonable and documented attorneys’ fees and costs, incurred by Lender in the enforcement or attempt to enforce any of Borrower’s obligations hereunder not performed when due. 

This Note shall be governed by, and construed and interpreted in accordance with, the internal laws of the State of New York. 

 The ownership of an interest in this Note shall be registered on a record of ownership
maintained by Lender or its agent. Notwithstanding anything else in this Note to the contrary, the right to the principal of, and stated interest on, this Note may be transferred only if the transfer is registered on such record of ownership and the
transferee is identified as the owner of an interest in the obligation. Borrower shall be entitled to treat the registered holder of this Note (as recorded on such record of ownership) as the owner in fact thereof for all purposes and shall not be
bound to recognize any equitable or other claim to or interest in this Note on the part of any other person or entity. 
 [Balance of
Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed by one
of its officers thereunto duly authorized on the date hereof. 
  

			
	 BORROWERS:

	
	 INHIBRX, LP

	 INHIBRX 101, LP

	 INHIBRX 104, LP

	 INBRX 105, LP

	 INBRX 106, LP

	 INBRX 107, LP

	 INBRX 108, LP

	 INBRX 109, LP

	 INBRX 110, LP

	 INBRX 111, LP

	 INBRX 112, LP

	
	 By: EFFICACY CAPITAL, LLC, as General
Partner

 
			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 LOAN INTEREST RATE AND PAYMENTS OF PRINCIPAL 

 

									
	 Date
	  	 Principal

Amount
	  	 Interest Rate
	  	 Scheduled

Payment Amount
	  	 Notation By

 CORPORATE BORROWING CERTIFICATE 

 

					
	 BORROWER:
	  	 [BORROWER]
	  	 DATE: [DATE]

	 LENDERS:
	  	 OXFORD FINANCE LLC, as Collateral Agent and Lender

 I hereby certify as follows, as of the date set forth above: 

1. I am the Secretary, Assistant Secretary or other officer of Borrower. My title is as set forth below. 

2. Borrower’s exact legal name is set forth above. Borrower is a limited partnership existing under the laws of the State of Delaware.

 3. Attached hereto as Exhibit A and Exhibit B, respectively, are true, correct and
complete copies of (i) Borrower’s Certificate of Formation (including amendments), as filed with the Secretary of State of the state in which Borrower is formed as set forth in paragraph 2 above; and (ii) Borrower’s limited
partnership agreement. Neither such Certificate of Formation nor such limited partnership agreement have been amended, annulled, rescinded, revoked or supplemented, and such Certificate of Formation and such Certificate of Formation remain in full
force and effect as of the date hereof. 
 4. The following resolutions were duly and validly adopted by Borrower’s Board of Directors
at a duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified, repealed,
rescinded, amended or revoked, and the Lenders may rely on them until each Lender receives written notice of revocation from Borrower. 

[Balance of Page Intentionally Left Blank] 

 RESOLVED, that any one of the
following officers or employees of Borrower, whose names, titles and signatures are below, may act on behalf of Borrower: 
  

							
	 Name
	  	 Title
	  	 Signature
	  	 Authorized
to Add or
Remove
Signatories

	  
	  	  
	  	  
	  	☐
	  
	  	  
	  	  
	  	☐
	  
	  	  
	  	  
	  	☐
	  
	  	  
	  	  
	  	☐

 RESOLVED FURTHER, that any one of the persons
designated above with a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower. 

RESOLVED FURTHER, that such individuals may, on behalf of
Borrower: 
 Borrow Money. Borrow money from the Lenders. 

Execute Loan Documents. Execute any loan documents any Lender requires. 

Grant Security. Grant Collateral Agent a security interest in any of Borrower’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which
Borrower has an interest and receive cash or otherwise use the proceeds. 
 Further Acts. Designate other individuals
to request advances, pay fees and costs and execute other documents or agreements (including documents or agreement that waive Borrower’s right to a jury trial) they believe to be necessary to effectuate such resolutions. 

RESOLVED FURTHER, that all acts authorized by the above
resolutions and any prior acts relating thereto are ratified. 
 [Balance of Page Intentionally Left Blank] 

 5. The persons listed above are Borrower’s officers or employees with their titles and
signatures shown next to their names. 
  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  

	***	 If the Secretary, Assistant Secretary or other certifying officer executing above is designated by the
resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 

I, the
                             of Borrower, hereby certify as to paragraphs 1 through 5 above, as 

[print title] 
 of
the date set forth above. 
  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 [Signature
Page to Corporate Borrowing Certificate] 

 EXHIBIT A 

Certificate of Formation (including amendments) 

[see attached] 

 EXHIBIT B 

Limited Partnership Agreement 

[see attached] 

			
	 DEBTOR:
	  	 [BORROWER]

	 SECURED PARTY:
	  	 OXFORD FINANCE LLC,

		  	 as Collateral Agent

 EXHIBIT A TO UCC FINANCING STATEMENT 

Description of Collateral 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory,
contract rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles (except as noted below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether
tangible or electronic), cash, deposit accounts and other Collateral Accounts, all certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment
property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and 

All Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include (i) any Intellectual Property; provided, however, the
Collateral shall include all Accounts and all proceeds of Intellectual Property if a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security
interest in such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection
of Collateral Agent’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property; (ii) more than 65% of the total combined voting power of all classes of stock entitled to vote the
shares of capital stock (the “Shares”) of any Foreign Subsidiary, if Borrower demonstrates to Collateral Agent’s reasonable satisfaction that a pledge of more than sixty five percent (65%) of the Shares of such Subsidiary creates a
present and existing adverse tax consequence to Borrower under the U.S. Internal Revenue Code; Equipment or personal property subject to a Lien described in clause (c) of the definition of “Permitted Liens” if the granting of a Lien
in such Equipment or personal property is prohibited by or would constitute a default under the agreement governing such Equipment or personal property (but (A) only to the extent such prohibition is enforceable under applicable law and
(B) other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-408 or 9-409 (or
any other Section) of Article 9 of the Code); provided that upon the termination, lapsing or expiration of any such prohibition, such Equipment or personal property, as applicable, shall automatically be subject to the security interest granted in
favor of Collateral Agent hereunder and become part of the “Collateral; (iii) the capital stock of INBRX 103, LLC, to the extent Borrower is prohibited from granting a security interest in such capital stock or consent is required for the
grant of such security interest and has not been obtained and (iv) any license or contract, in each case if the granting of a Lien in such license or contract is prohibited by or would constitute a default under the agreement governing such
license or contract (but (A) only to the extent such prohibition is enforceable under applicable law and (B) other than to the extent that any such term would be rendered ineffective pursuant to Sections
9-406, 9-408 or 9-409 (or any other Section) of Division 9 of the Code); provided that upon the termination, lapsing or
expiration of any such prohibition, such license or contract, as applicable, shall automatically be subject to the security interest granted in favor of Collateral Agent hereunder and become part of the “Collateral.” 

Pursuant to the terms of a certain negative pledge arrangement with Collateral Agent and the Lenders, Borrower has agreed not
to encumber any of its Intellectual Property. 
 Capitalized terms used but not defined herein have the meanings ascribed in
the Uniform Commercial Code in effect in the State of New York as in effect from time to time (the “Code”) or, if not defined in the Code, then in the Loan and Security Agreement by and between Debtor, Secured Party and the other Lenders
party thereto (as modified, amended and/or restated from time to time).

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