Document:

EX-10.12

 Exhibit 10.12 

 

	[***]	 Certain information in this document has been omitted from this exhibit because it is both (i) not material
and (ii) would be competitively harmful if publicly disclosed. 

  

 COLLABORATION AND LICENSE AGREEMENT 

This Collaboration and License Agreement (“Agreement”) is entered into with effect as of March 13, 2017 (the “Effective
Date”) by and between C4 Therapeutics, Inc. with an office and place of business at 675 W. Kendall St., Cambridge, MA 02142 (“C4T”) and Calico Life Sciences LLC with an office and place of business at 1170 Veterans Blvd,
South San Francisco, CA 94080 (“Calico”) (a “Party” or together, “Parties”). 
 WHEREAS,
C4T owns or controls a proprietary protein degrader platform that is useful for generating a Protein Degrader (as defined in Section 1.75 below) which is comprised of Protein Degrader Components (as defined in Section 1.76 below) that can
cause proteosomal degradation of a target within a cell, and possesses proprietary technology and intellectual property rights relating thereto;  

WHEREAS, Calico has expertise in the research, development, manufacture and commercialization of pharmaceutical products; 

WHEREAS, Calico and C4T wish to enter into this Agreement to collaborate according to the Joint Research Plans (as defined in
Section 1.57 below) to discover and develop Protein Degraders for certain targets of interest for the treatment of human diseases;  

WHEREAS, C4T is willing to grant to Calico rights to use certain of its intellectual property rights to make, use, offer for sale, sell
and import and export Protein Degraders and products containing Protein Degraders in the Territory for use in the Field (as such terms are respectively defined below), as contemplated herein; and 

WHEREAS, Calico is willing to grant to C4T the necessary rights to use Calico Patent Rights to carry out research and development to
prepare Protein Degraders, Protein Degrader Components and Collaboration Products containing them in the Territory for use in the Field (as such terms are respectively defined below), as contemplated herein. 

NOW, THEREFORE, in consideration of the mutual covenants and promises contained in this Agreement and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, do hereby agree as follows: 

1. Definitions. As used in this Agreement, the following terms, whether used in the singular or plural, shall have the following meanings: 

1.1 Affiliate. The term “Affiliate” shall mean any individual, corporation, association or other business entity that
directly or indirectly controls, is controlled by, or is under common control with the entity in question. As used in this definition of “Affiliate,” the term “control” shall mean the direct or indirect ownership of more than
fifty percent (>50%) of the stock having the right to vote for directors thereof or the ability to otherwise control the management of the corporation or other business entity whether through the ownership of voting securities, by contract,
resolution, regulation or otherwise. With respect to Calico, Alphabet Inc., and any Affiliates of Alphabet Inc., shall not be an Affiliate of Calico, other than Calico Life Sciences LLC and any entities that are controlled by Calico Life Sciences
LLC. 

 1.2 Agreement. The term “Agreement” shall mean this document
including any and all appendices and amendments to it as may be added and/or amended from time to time in accordance with the provisions of this Agreement. 

1.3 Agreement Term. The term “Agreement Term” shall mean the period of time commencing on the Effective Date and,
unless this Agreement is terminated sooner as provided in Article 16, expiring on the date when no royalty or other payment obligations under this Agreement are or will become due. 

1.4 Applicable Law. The term “Applicable Law” shall mean any law, statute, ordinance, code, rule or regulation that has
been enacted by a government authority (including without limitation, any Regulatory Authority) and is in force as of the Effective Date or comes into force during the Agreement Term, in each case to the extent that the same is applicable to the
performance by the Parties of their respective obligations under this Agreement. 
 1.5 C4T Base Patent Rights. The term “C4T
Base Patent Rights” shall mean Patent Rights Controlled by C4T or its Affiliates as of the Effective Date, including DFCI Patent Rights existing as of the Effective Date. 

1.6 C4T Collaboration Invention. The term “C4T Collaboration Invention” means any Collaboration Invention regardless of
inventorship that constitutes a discovery, improvement, modification, enhancement or creation of [***]. 
 1.7 C4T Collaboration
Patents. The term “C4T Collaboration Patents” means any Patent Rights Covering a C4T Collaboration Invention. 
 1.8
C4T Patent Rights. The term “C4T Patent Rights” shall mean Patent Rights Controlled by C4T or its Affiliates as of the Effective Date or during the Agreement Term, including but not limited to C4T Base Patent Rights, DFCI
Patent Rights obtained by C4T after the Effective Date of this Agreement, C4T Collaboration Patents and C4T’s interest in Joint Collaboration Patent Rights. 

1.9 C4T Platform. The term “C4T Platform” shall mean the C4T degradation platform, which includes its proprietary
Protein Degraders and Protein Degrader Components, assays relevant to the discovery or development of Protein Degraders or Protein Degrader Components, along with chemCRISPR. 

1.10 Calendar Quarter. The term “Calendar Quarter” shall mean each period of three (3) consecutive calendar
months, ending March 31, June 30, September 30, and December 31. 
 1.11 Calendar Year. The term “Calendar
Year” shall mean the period of time beginning on January 1 and ending December 31, except for the first year which shall begin on the Effective Date and end on December 31. 

1.12 Calico Collaboration Invention. The term “Calico Collaboration Invention” means any Collaboration Invention
regardless of inventorship that constitutes a discovery, improvement, modification, enhancement or creation to the Target Binding Moiety(ies) and/or Collaboration Target. 

  
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 1.13 Calico Collaboration Patents. The term “Calico Collaboration
Patents” means any Patent Rights Covering a Calico Collaboration Invention. 
 1.14 Calico Group. The term “Calico
Group” shall mean collectively Calico, its Affiliates, its permitted Sublicensees, and Third Party Collaboration Partners, and each shall be deemed a “Calico Group Member.” Any obligations under this Agreement that are made by the
Calico Group, shall only apply, with respect to a Sublicensee or a Third Party Collaboration Partner, to the extent such Sublicensee or Third Party Collaboration Partner is exercising rights granted by Calico under this Agreement. By way of example,
if a Third Party Collaboration Partner is selling a Collaboration Product, independent of any license grant from Calico, then such sales would not be deemed to be by a “Calico Group Member” under this Agreement. 

1.15 Calico IP. The term “Calico IP” shall mean Calico Know-How and Calico
Patent Rights. 
 1.16 Calico Know-How. The term “Calico Know-How” shall mean all Know-How that Calico Controls as of the Effective Date or during the Agreement Term that Calico provides to C4T at its discretion, and is
necessary or useful to conduct research in accordance with a Target Evaluation Research Plan or a Joint Research Plan. 
 1.17 Calico
Patent Rights. The term “Calico Patent Rights” shall mean all Patent Rights that Calico Controls as of the Effective Date and during the Agreement Term and that are necessary or useful to conduct research in accordance with the
Joint Research Plan. 
 1.18 Cereblon. The term “Cereblon” shall mean that certain E3 ligase with Uniprot Q96SW2.

 1.19 chemCRISPR. The term “chemCRISPR” shall mean the engineering of fusion proteins, or related constructs and
the use of small molecule ligands, including Protein Degraders, for the degradation of such proteins or constructs. 
 1.20 Clinical
Study. The term “Clinical Study” shall mean a Phase I Study, Phase II Study, Phase III Study, as applicable. 

1.21 Collaboration Invention. The term “Collaboration Invention” shall mean an Invention, whether patentable or not,
that is developed, created, conceived or reduced to practice in connection with and during the Agreement Term and as a result of activities under a Target Evaluation Research Plan or a Joint Research Plan (a) solely by an employee(s) of a
Calico Group Member, (b) solely by an employee(s) of C4T or its Affiliates, or (c) jointly by an employee(s) of a Calico Group Member and by an employee(s) of C4T or its Affiliates. For clarity, a Collaboration Invention does not include
Patent Rights or Know-How held by a Party or Third Party Collaborator prior to the Effective Date, or developed by a Party or a Third Party Collaborator outside of this Agreement. 

1.22 Collaboration Patents. The term “Collaboration Patents” shall mean any Patent Rights Covering a Collaboration
Invention. 

  
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 1.23 Collaboration Product. The term “Collaboration Product” shall
mean a product that binds to a Collaboration Target and is a Protein Degrader that includes a Protein Degrader Component that (i) was delivered by C4T to Calico pursuant to a Target Evaluation Research Plan or a Joint Research Plan for a
Collaboration Target, or (ii) was delivered by C4T to Calico pursuant to a Target Evaluation Research Plan or a Joint Research Plan for a Collaboration Target and was thereafter optimized by or on behalf of Calico for such Collaboration Target,
or (iii) is Covered by a Valid Claim of the Licensed Patents or Collaboration Product Patent. 
 1.24 Collaboration Product
Invention. The term “Collaboration Product Invention” shall mean a Collaboration Invention regardless of inventorship that is a Protein Degrader. 

1.25 Collaboration Product Patent. The term “Collaboration Product Patent” shall mean any Patent Rights Covering a
Collaboration Product Invention. 
 1.26 Collaboration Target. The term “Collaboration Target” shall mean each of the
[***] biological targets (as described by a UniProt/SwissProt identifier) as of the Effective Date and as may be selected by Calico pursuant to Section 3.1.2(a) and/or Section 3.1.2(b), and shall include any splice variants,
mutants, and natural variants reasonably associated with such UniProt number. Appendix 1.26 to this Agreement lists the Collaboration Targets. The initial Collaboration Targets are listed on Appendix 1.26, and the Parties shall update Appendix 1.26
during the term to add additional targets that are added as Collaboration Targets pursuant to Section 3.1.2(a) and/or Section 3.1.2(b). 

1.27 Combination Product. The term “Combination Product” shall mean: 

1.27.1 a single pharmaceutical formulation containing as its active ingredients both (i) a Protein Degrader or a Protein Degrader
Component and (ii) one or more other therapeutically or prophylactically active ingredients, 
 1.27.2 a combination therapy comprised
of (i) a Protein Degrader or a Protein Degrader Component and (ii) one or more other therapeutically or prophylactically active products, priced and sold in a single package containing such multiple products or packaged separately but sold
together for a single price, or 
 1.27.3 a combination therapy comprised of (i) a Protein Degrader or a Protein Degrader Component and
(ii) a Companion Diagnostic, priced and sold in a single package containing such multiple products or packaged separately but sold together for a single price, 

in each case, including all dosage forms, formulations, presentations, line extensions, and package configurations. All references to Collaboration Product in
this Agreement shall be deemed to include Combination Product. 
 1.28 Commercially Reasonable Efforts. The term “Commercially
Reasonable Efforts” shall mean [***]. 
 1.29 Companion Diagnostic. The term “Companion Diagnostic” shall
mean any product or service that: 
 1.29.1 identifies a person having a disease or condition, or a molecular genotype or phenotype that
predisposes a person to such disease or condition, for which a Collaboration Product could be used to treat and/or prevent such disease or condition; 

  
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 1.29.2 defines the prognosis or monitors the progress of a disease or condition in a person
for which a Collaboration Product could be used to treat and/or prevent such disease or condition; 
 1.29.3 is used to select a therapeutic
or prophylactic regimen, wherein at least one (1) potential therapeutic or prophylactic regimen involves a Collaboration Product, and where the selected regimen is determined, based on the use of such product or service, to likely be effective
and/or to be safe for a person; and/or 
 1.29.4 is used to confirm a Collaboration Product’s biological activity, model, establish
pharmacokinetic and pharmacodynamics relationships, and/or to optimize dosing or the scheduled administration of a Collaboration Product. 

1.30 Confidential Information. The term “Confidential Information” shall mean any and all information, data or know-how (including Know-How), whether technical or non-technical, oral or written, that is disclosed by one Party or its Affiliates or
Sublicensees (“Disclosing Party”) to the other Party or its Affiliates (“Receiving Party”) in connection with this Agreement. Confidential Information shall not include any information, data or know-how that: 
 1.30.1 was generally available to the public at the time of disclosure, or becomes
available to the public after disclosure by the Disclosing Party other than through fault (whether by action or inaction) of the Receiving Party or its Affiliates, 

1.30.2 can be evidenced by written records to have been already known to the Receiving Party or its Affiliates prior to its receipt from the
Disclosing Party, 
 1.30.3 is obtained at any time lawfully from a Third Party under circumstances permitting its use or disclosure, 

1.30.4 is developed independently by the Receiving Party or its Affiliates as evidenced by written records other than through knowledge of
Confidential Information, or 
 1.30.5 is approved in writing by the Disclosing Party for release by the Receiving Party. 

The terms of this Agreement shall be considered Confidential Information of the Parties. 

1.31 Control. The term “Control” shall mean (as an adjective or as a verb including conjugations and variations such as
“Controls” “Controlled” or “Controlling”) (a) with respect to Patent Rights and/or Know-How, the possession by a Party or its Affiliate of the ability to
grant a license or sublicense of such Patent Rights and/or Know-How without violating the terms of any agreement or arrangement between such Party or its Affiliate and any other party and (b) with respect
to proprietary materials, the possession by a Party or its Affiliate of the ability to supply such proprietary materials to the other Party as provided herein without violating the terms of any agreement or arrangement between such Party and its
Affiliate and any other party. For clarity, Controlled includes owned. 

  
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 1.32 Cover. The term “Cover” shall mean (as an adjective or as a
verb including conjugations and variations such as “Covered,” “Coverage” or “Covering”), with respect to a claim of a pending or issued patent, that the developing, making, using, offering for sale,
promoting, selling, exporting or importing of a given compound, formulation or product would infringe such claim in the absence of a license under or ownership in the Patent Rights to which such claim pertains. The determination of whether a
compound, formulation, process or product is Covered by a particular claim shall be made on a country-by-country basis. 

1.33 Development Candidate. The term “Development Candidate” shall mean a Collaboration Product that meets all of the
Development Candidate criteria that is set forth in the applicable Joint Research Plan, or alternative criteria agreed to on a Collaboration Target-by-Collaboration Target basis by the JRC (“Development Candidate Criteria”). 

1.34 Dispute. The term “Dispute” shall mean any dispute, claim, or controversy arising from or regarding this
Agreement, including the interpretation, application, breach, termination, or validity of any provision hereof. For the avoidance of doubt, any matter within the decision-making authority of the JRC shall not be deemed a Dispute merely if a
unanimous decision cannot be reached if one of the Parties has the final decision making authority on such matter; however, if a controversy between the Parties arises regarding the interpretation of any provisions hereunder pertaining to any JRC
decision that cannot be made due to such controversy, such controversy shall be deemed a Dispute to the extent of such controversy. 
 1.35
DFCI. The term “DFCI” shall mean the Dana Farber Cancer Institute, Inc. 
 1.36 DFCI Patent Rights. The term
“DFCI Patent Rights” shall mean all Patent Rights that C4T Controls pursuant to the Exclusive License Agreement by and between DFCI and C4T dated December 16, 2015, amended on May 11, 2016, and as may be further amended
from time to time. 
 1.37 E3 Ligase Binding Moiety. The term “E3 Ligase Binding Moiety” shall mean a moiety that binds to
Cereblon or another E3 ligase in possession of or Controlled by C4T or its Affiliates. 
 1.38 EU. The term “EU”
shall mean the European Union and all its then-current member countries. Notwithstanding the foregoing, for the purpose of this Agreement, the EU shall include all countries comprising the United Kingdom as of
the Effective Date. 
 1.39 FDA. The term “FDA” shall mean the Food and Drug Administration of the United States of
America. 
 1.40 FDCA. The term “FDCA” shall mean the Food, Drug and Cosmetics Act. 

1.41 Field. The term “Field” shall mean any use. 

1.42 Filing. The term “Filing” shall mean the filing of an application to the FDA as defined in the FDCA and applicable
regulations, or the equivalent application to the equivalent agency in any other country or group of countries, the official approval of which is required before any lawful commercial sale or marketing of Collaboration Products. 

  
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 1.43 First Commercial Sale. The term “First Commercial Sale” shall
mean, on a country-by-country basis, the first invoiced sale of a Collaboration Product to a Third Party by a member of the Calico Group following the receipt of any
Regulatory Approval required for the sale of such Collaboration Product, or if no such Regulatory Approval is required, the date of the first invoiced sale of a Collaboration Product to a Third Party by the Calico Group member in such country. 

1.44 FTE. The term “FTE” shall mean a full-time equivalent person-year, based upon a total of no less than [***] working hours per year, undertaken in connection with the conduct of research in the Research Program. In no circumstance can the work of any given person exceed
[***] FTE. 
 1.45 FTE Rate. The term “FTE Rate” shall mean the amount of [***] per FTE for each year of the
Agreement, and in addition to labor costs, shall be inclusive of all materials, reagents, equipment and other costs under each Target Evaluation Research Plan or each Joint Research Plan. 

1.46 Good Laboratory Practice. The term “Good Laboratory Practices” shall mean the then-current standards for good
laboratory practices for pharmaceuticals, as set forth in the FD&C Act and applicable regulations and guidance promulgated thereunder, including the Code of Federal Regulations, as amended from time to time, or under any other Applicable Law.

 1.47 Handle. The term “Handle” shall mean to have primary responsibility for preparing, filing, prosecuting
(including interference and opposition proceedings) and maintaining (including interferences, reissue, re-examination, post-grant reviews,
inter-partes reviews, derivation proceedings and opposition proceedings), including discontinuing or abandoning Patent Rights. 

1.48 ICD-10. The term “ICD-10” shall
mean the Tenth Revision of the International Classifications of Diseases and Related Health Problems, as may be revised or amended from time to time, or a successor classification. 

1.49 Indication. The term “Indication” shall mean a distinct type of disease or medical condition in humans to which a
Collaboration Product is directed and eventually approved. To distinguish one Indication from another Indication, the two Indications have to be [***]. 

1.50 Initiation. The term “Initiation” shall mean, when referring to a human clinical study, the date that a human is
first dosed with the Collaboration Product in a Clinical Study approved by the respective Regulatory Authority. 
 1.51 Initiation of GLP
Tox Study. The term “Initiation of GLP Tox Study” shall mean the date that an animal is first dosed with the Development Candidate of a Collaboration Product for the applicable Collaboration Target, in a study of the
relationship between dose and its effects on the exposed animal, where (i) the study is a chronic toxicology study to be conducted in accordance with Good Laboratory Practice standards and (ii) the study has been designed in expectation
that the results may support establishment of a safe starting dose of the Collaboration Product for a Phase I Study for human therapeutic use. 

  
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 1.52 Insolvency Event. The term “Insolvency Event” shall mean
circumstances under which a Party (i) has a receiver or similar officer appointed over all or a material part of its assets or undertaking; (ii) passes a resolution for winding-up (other than a winding-up for the purpose of, or in connection with, any solvent amalgamation or reconstruction) or a court makes an order to that effect or a court makes an order for administration (or any equivalent order in any
jurisdiction); (iii) enters into any composition or arrangement with its creditors (other than relating to a solvent restructuring); (iv) ceases to carry on business; (v) is unable to pay its debts as they become due in the ordinary
course of business. 
 1.53 Invention. The term “Invention” shall mean an invention, discovery, improvement,
modification, enhancement or creation, in each case whether or not patentable. 
 1.54 Joint Collaboration
Know-How. The term “Joint Collaboration Know-How” shall mean Know-How that is made jointly by employees of
C4T or its Affiliates and employees of Calico Group with or without a Third Party Collaboration Partner in connection with any activity carried out under a Target Evaluation Research Plan or a Joint Research Plan. The Joint Collaboration Know-How
shall not include any Calico Collaboration Inventions or C4T Collaboration Inventions. 
 1.55 Joint Collaboration Inventions. The
term “Joint Collaboration Invention” shall refer to a Collaboration Invention that is not a Calico Collaboration Invention or a C4T Collaboration Invention or a Collaboration Product Invention and was made by an employee(s) of C4T
or its Affiliates jointly with an employee(s) of the Calico Group. 
 1.56 Joint Collaboration Patents. The term “Joint
Collaboration Patents” shall mean those Collaboration Patents Covering a Joint Collaboration Invention. 
 1.57 Joint Research
Plan. The term “Joint Research Plan” shall mean the strategic plan appended to this Agreement as Appendix 1.57, which sets out the responsibilities of each Party for research and development leading to a Collaboration Product
for each Collaboration Target under the Agreement. On the Effective Date of this Agreement, a detailed Joint Research Plan in accordance with the conduct of research described in Article 3 and the responsibilities of the JRC described in Article 6,
shall be appended to Appendix 1.57. Such Joint Research Plan shall detail the work to be conducted, the Lead Series Criteria, the Development Candidate Criteria, schedule, and level of effort in FTEs and budget for the initial Collaboration Target,
and serve as exemplars for Joint Research Plans for each subsequent Collaboration Target approved by the JRC after the Effective Date, which shall be substantially similar in scope, responsibilities, deliverables, and resource requirements unless
otherwise agreed in writing. 
 1.58 JRC. The term “JRC” shall mean the joint research committee described in
Article 6. 
 1.59 Know-How. The term
“Know-How” shall mean any and all data, results, pre-clinical and clinical protocols, chemical structures, chemical sequences, information, inventions, proprietary information, materials,
know-how, formulas, trade secrets, techniques, methods, processes, procedures and developments, whether or not patentable that are necessary or useful for the discovery of Protein Degraders or Protein Degrader Components, or the development,
manufacture, or commercialization of Collaboration Products. 
 1.60 Lead Series. The term “Lead Series” shall mean a
set of compounds that meet the Lead Series criteria that is set forth in the applicable Joint Research Plan (“Lead Series Criteria”). 

  
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 1.61 Licensed Know-How. The term
“Licensed Know-How” shall mean all Know-How Controlled by C4T or its Affiliates, as of the Effective Date and during the Agreement Term, that is necessary or useful to research, develop, make,
use, sell, offer for sale, or import Protein Degraders or Protein Degrader Components or Collaboration Products, including, but not limited to, proprietary information, know-how, or materials related to the C4T Platform. 

1.62 Licensed Patents. The term “Licensed Patents” shall mean all C4T Patent Rights that are necessary or useful to
research, develop, make, use, sell, offer for sale, or import a Protein Degrader, a Protein Degrader Component or Collaboration Products. The Licensed Patents as of the Effective Date are listed on Appendix 1.62, which shall be updated on an annual
basis to include new C4T Patent Rights (including adding Patent Rights which cover Protein Degraders to newly added Collaboration Targets) and to remove Patent Rights which apply solely to Collaboration Targets which have been substituted pursuant
to Section 3.1.2 hereof. 
 1.63 Licensed Technology. The term “Licensed Technology” shall mean the Licensed
Patents and Licensed Know-How. 
 1.64 Linker. The term “Linker” shall mean a linker connecting the Target Binding
Moiety and the E3 Ligase Binding Moiety. 
 1.65 Major European Countries. The term “Major European Countries” shall
mean the United Kingdom, Germany, France, Italy, and Spain, provided that if the United Kingdom splits into multiple sovereign jurisdictions without a common patent regime during the term of this Agreement, it shall cease to be considered a Major
European Country for purposes of this Agreement. 
 1.66 Net Sales. The term “Net Sales” shall mean [***]. 

1.67 Non-Calico Protein Degrader. The term “Non-Calico Protein Degrader” shall have the meaning set forth in
Section 2.2. The Target Binding Moiety, Linker and E3 Ligase Binding Moiety referenced in such definition are each a “Non-Calico Protein Degrader Component”. 

1.68 Party. The term “Party” shall mean C4T or Calico, as the case may be, and “Parties” shall mean
C4T and Calico collectively. 
 1.69 Patent Controversy. The term “Patent Controversy” shall mean any Dispute between
the Parties to the extent that it involves an issue relating to the inventorship, claim scope or interpretation, infringement, enforceability, patentability, or validity of any Patent Right hereunder, and including any such issues relevant to any
prosecution activities hereunder. 
 1.70 Patent Rights. The term “Patent Rights” shall mean a claim of any pending
patent application or any issued, unexpired United States or granted foreign patent that has not been dedicated to the public, disclaimed, abandoned or held invalid or unenforceable by a court or other body of competent jurisdiction from which no
further appeal can be taken, and that has not been explicitly disclaimed, or admitted in writing to be invalid or unenforceable or of a scope not covering a particular product or service through reissue, disclaimer or otherwise. 

  
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 1.71 Patent Term Extension. The term “Patent Term Extension” means
an extension of the term of any issued patent, or a right of protection equivalent to such an extension, granted under the U.S. Drug Price Competition and Patent Term Restoration Act of 1984, the Supplementary Protection Certificate of the member
states of the EU, or another similar law or regulation in any other country or jurisdiction. 
 1.72 Phase I Study. The term
“Phase I Study” shall mean a human clinical trial in any country that would satisfy the requirements of 21 C.F.R. § 312.21(a) (FDCA), as amended from time to time, and the foreign equivalent thereof. 

1.73 Phase II Study. The term “Phase II Study” shall mean a human clinical trial, for which the primary endpoints
include a determination of dose ranges and/or a preliminary determination of efficacy in patients being studied as described in 21 C.F.R. § 312.21(b) (FDCA), as amended from time to time, and the foreign equivalent thereof. 

1.74 Phase III Study. The term “Phase III Study” shall mean a human clinical trial that is prospectively designed
to demonstrate statistically whether a product is safe and effective for use in humans in a manner sufficient to obtain regulatory approval to market such product in patients having the disease or condition being studied as described in
21 C.F.R. § 312.21(c) (FDCA), as amended from time to time, and the foreign equivalent thereof. 
 1.75 Protein
Degrader. The term “Protein Degrader” shall mean, with respect to a Collaboration Target, a compound comprising (a) a Target Binding Moiety, (b) optionally, a Linker, and (c) an E3 Ligase Binding Moiety
that degrades such Collaboration Target. The Target Binding Moiety, Linker and E3 Ligase Binding Moiety are each a “Protein Degrader Component”. 

1.76 Protein Degrader Component. The term “Protein Degrader Component” shall have the definition set forth in Section
1.75. 
 1.77 Regulatory Approval. The term “Regulatory Approval” shall mean all approvals (including pricing and
reimbursement approvals), licenses, registrations or authorizations by Regulatory Authority, necessary for the manufacture and sale of a Collaboration Product in the Field in a regulatory jurisdiction in the Territory. 

1.78 Regulatory Authority. The term “Regulatory Authority” shall mean any national, supranational
(e.g., the European Commission, the Council of the European Union, the European Medicines Agency), regional, state or local regulatory agency, department, bureau, commission, council or other governmental entity including the FDA, in
each country involved in the granting of Regulatory Approval for the Collaboration Product. 
 1.79 Research Plan Representative. The
term “Research Plan Representative” shall mean, during the Research Term, for each Joint Research Plan, a single point of contact from each Party that elaborate and coordinate work under the Joint Research Plan. With the consent of
the JRC, the Parties shall have the right to have multiple Research Plan Representatives. 

  
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 1.80 Research Program. The term “Research Program” shall mean, for
each Collaboration Target, the activities undertaken by the Parties pursuant to the Joint Research Plan for that Collaboration Target to identify and test Protein Degraders or a Protein Degrader Components, and such other activities as the
Parties may agree in writing. 
 1.81 Research Term. The term “Research Term” shall mean the period of time in which
the Joint Research Plans shall be conducted, commencing on the Effective Date and continuing for a [***] period. 
 1.82 Royalty Term.
The term “Royalty Term” shall mean, with respect to a Collaboration Product and for a given country, the period of time commencing on the date of First Commercial Sale of the Collaboration Product in such country and ending on the
later of the date that is (a) [***] after the date of the First Commercial Sale of the Collaboration Product in such country, or (b) the expiration of the last to expire Valid Composition of Matter Claim in such country Covering the sale
of the Collaboration Product in such country. [***]. 
 1.83 Sublicensee. The term “Sublicensee” shall mean an entity
to which Calico has licensed rights in accordance with this Agreement and shall include entities to which direct sublicensees of Calico in turn license in accordance with this Agreement, through multiple tiers. 

1.84 Target Binding Moiety. The term “Target Binding Moiety” shall mean a moiety that is directed to and binds to a
particular Collaboration Target. 
 1.85 Target Evaluation Phase. The term “Target Evaluation Phase” shall mean each
phase after which one or more Collaboration Targets have been nominated pursuant to Section 3.1.2(a), beginning not more than [***] after submission to the JRC of a research plan, (each, a “Target Evaluation Research Plan”),
and during which C4 shall create tool compound Non-Calico Protein Degraders to such Collaboration Target to determine whether the Collaboration Target can be degraded, in accordance with Section 3.1.3 and the relevant Target Evaluation Research
Plan. 
 1.86 Territory. The term “Territory” shall mean worldwide. 

1.87 Third Party. The term “Third Party” shall mean a person or entity other than (i) C4T or any of its Affiliates
or (ii) Calico or any of its Affiliates. 
 1.88 Third Party Collaboration Partner. The term “Third Party Collaboration
Partner” shall mean a Third Party that has entered into an agreement with Calico to participate in research and/or development of Protein Degraders or Protein Degrader Components on a Collaboration Target pursuant to a Joint Research Plan.

 1.89 US. The term “US” shall mean the United States of America and its territories and possessions. 

1.90 US$. The term “US$” shall mean US dollars. 

1.91 Valid Claim. The term “Valid Claim” shall mean [***]. 

1.92 Valid Composition of Matter Claim. The term “Valid Composition of Matter Claim” shall mean, for a given
Collaboration Product in a given country of the Territory, a Valid Claim of a Licensed Patent (other than a Valid Claim of a Licensed Patent 

  
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Covering a Collaboration Invention invented solely by a Calico Group Member and assigned to C4T) or a Collaboration Product Patent (other than a Valid Claim of a Collaboration Product Patent
Covering a Collaboration Product Invention invented solely by a Calico Group Member), in each case that specifically claims the composition of matter of the Collaboration Product (as opposed to its process of manufacture, use or method of
treatment), or specifically claims the composition of matter of a Protein Degrader Component that is included in such Collaboration Product. 

1.93 Additional Definitions. Each of the following definitions is set forth in the Section of this Agreement indicated below: 

 

			
	 Definition
	  	 Section

	 Accounting Period
	  	8.1
	 Alliance Director
	  	6.7
	 ANDA
	  	11.5.2
	 Available Target
	  	3.1.2(a)
	 Bankruptcy Code
	  	17
	 Breaching Party
	  	16.2.1
	 C4T Indemnitees
	  	13.1
	 Calico Indemnitees
	  	13.2
	 Competing Product
	  	7.7.2(a)
	 CPR Rules
	  	18.6
	 Decision Period
	  	11.5.2
	 Development Candidate Criteria
	  	1.33
	 Development Event Payment
	  	7.5
	 Disclosing Party
	  	1.30
	 Indemnified Party
	  	13.3
	 Indemnifying Party
	  	13.3
	 Initial Payment
	  	7.1
	 Initiating Party
	  	11.5.3
	 Lead Series Criteria
	  	1.60
	 Members
	  	6.2
	 Net Sales Threshold
	  	7.6
	 Non Breaching Party
	  	16.2.1
	 Nomination Notice
	  	3.1.2(a)
	 Patent Term Extensions
	  	11.7
	 Peremptory Notice Period
	  	16.2.1
	 Receiving Party
	  	1.30
	 Sales Based Event
	  	7.6
	 Settlement
	  	11.5.3
	 SPCs
	  	11.7
	 Suit Notice
	  	11.5.2
	 Target 1
	  	3.1.3(i)
	 Target 2
	  	3.1.3(ii)
	 Target Evaluation Research Plan
	  	1.85
	 Target Initiation Fee
	  	7.2
	 Target Substitution Right
	  	3.1.2(b)
	 Technology Transfer Date
	  	3.1.8
	 Technology Transfer Package
	  	3.1.8
	 Terminated Target
	  	3.1.2(b)
	 Unavailable Target
	  	3.1.2(a)

  
 12 

 2. Grant of Licenses and Exclusivity 

2.1 Licenses 
 2.1.1 C4T
Research License to Calico. C4T and its Affiliates grant to Calico a non-exclusive license under Licensed Technology solely to the extent necessary to allow Calico to (i) perform its research
activities, if any, under a Joint Research Plan, (ii) select and optimize Protein Degraders and Protein Degrader Components developed under a Joint Research Plan, and (iii) develop Collaboration Products including the Protein Degraders and
Protein Degrader Components generated under a Joint Research Plan. This research license granted under this Section 2.1.1 may not be sublicensed to any party, other than a Third Party Collaboration Partner and its Affiliates, and then only to
the extent necessary for Calico (or such Third Party Collaboration Partner or its Affiliates) to carry out its responsibilities under a Joint Research Plan, without C4T’s prior written consent in its sole discretion. 

2.1.2 Calico Research License to C4T. Calico hereby grants to C4T a non-exclusive license under Calico IP solely to the extent necessary
to allow C4T to (i) perform its research activities under a Target Evaluation Research Plan or a Joint Research Plan, (ii) select and optimize Protein Degraders and Protein Degrader Components developed under and in accordance with a
Target Evaluation Research Plan or a Joint Research Plan, and (iii) develop Collaboration Products including the Protein Degraders and Protein Degrader Components generated under and in accordance with a Target Evaluation Research Plan or a
Joint Research Plan. This research license granted under this Section 2.1.2 may not be sublicensed to any Third Party without Calico’s prior written consent in its sole discretion. 

2.1.3 Commercial License. C4T and its Affiliates hereby grant to Calico, an exclusive, sublicenseable (in accordance with
Section 2.1.5), royalty-bearing license under the Licensed Technology to make, have made, use, have used, offer to sell, have offered for sale, sell, have sold, import and have imported Collaboration Products. 

2.1.4 Right to Subcontract. Calico shall have the right to subcontract its work to be performed under this Agreement without the
approval of C4T. C4T shall have the right to subcontract work to be performed under this Agreement with the prior written approval of Calico, which shall not be unreasonably withheld or delayed. In each case, each Party will remain responsible to
the other Party for the performance of such contracted work. C4T shall provide Calico with written notice in advance of the initiation of the subcontract. Further, the Party subcontracting the work must obtain a contract of confidentiality from the
subcontractor in advance of initiation of work, which includes at least the terms of confidentiality required under this Agreement. 

  
 13 

 2.1.5 Conditions to Sublicense. Calico’s right to grant a commercial sublicense
under this Agreement that allows a Third Party or Third Party Collaboration Partner to make, have made, use, have used, offer to sell, have offered for sale, sell, have sold, import and have imported a Collaboration Product in the Territory shall be
conditioned on the following terms. Calico shall have the right to grant sublicenses through multiple tiers without the written consent in advance by C4T. Each Sublicensee shall agree to be bound by the applicable provisions of this Agreement
including without limitation Article 15 (Obligation Not to Disclose Confidential Information), Section 10.1 (C4T Right to Audit), Sections 18.1—18.3 (Other Government Laws, Patent Marking, Publicity and Use of Name). In addition, Calico
shall forward to C4T a copy of the fully executed Sublicense (redacted of financial terms, the identity of Collaboration Targets and any research plans) within [***] of execution; provided, however, Calico shall not be required to forward
copies of agreements with (i) entities which Calico (or its Sublicensee) appoints to distribute, market, or sell a Collaboration Product (with or without packaging rights) and (ii) those contract research organizations, clinical sites,
investigators and manufacturing providers who provide research or development services to Calico (or its Sublicensee) with respect to a Collaboration Target or Collaboration Product. Calico shall provide the Sublicensee with a confidential redacted
copy of the DFCI Agreement if, and only if, Calico reasonably believes that a license to make, have made, use, have used, offer to sell, have offered for sale, sell, have sold, import and have imported the Collaboration Product requires such license
under the DFCI Agreement. The copy of the DFCI Agreement shall be provided by Calico to the Sublicensee prior to execution of the Sublicense and Calico shall obtain the written agreement of the Sublicensee to be bound by the terms of the DFCI
Agreement where applicable. [***] 
 2.1.6 Compliance with the DFCI Agreement. Calico acknowledges that it has received a
redacted, fully executed copy of the DFCI Agreement and agrees to be bound by the applicable terms as a sublicensee thereunder, to the extent Calico is able to determine its obligations based on such redacted copy. C4T represents that the redacted
copy provided has not been modified, amended or restated prior to the Effective Date. C4T represents and warrants that the DFCI Agreement is in full force and effect in accordance with its terms, and after giving effect to this Agreement, there
exist no breaches, defaults or events which would (with the giving of notice, the passage of time or both) give rise to a breach, default or other right to terminate or modify the DFCI Agreement. C4T shall timely pay in full all amounts required to
be paid by C4T, and timely perform in full all obligations required to be performed by C4T, under the DFCI Agreement. Without the prior express written consent of Calico, C4T shall not (and shall take no action or make no omission to) modify or
waive any provision of the DFCI Agreement that could impair the value of the licenses to Calico herein, or to terminate or have terminated the DFCI Agreement. For clarity, C4T is responsible for all payments owing under the DFCI Agreement, and
Calico’s payment obligations (including as partial consideration for any sublicense rights under the DFCI Agreement) are as set forth in Section 7 of this Agreement. 

2.1.7 Know-How Licenses. 

(a) Calico hereby grants to C4T and its Affiliates an irrevocable, royalty-free, fully paid, perpetual, non-exclusive license to use any
Know-How disclosed by Calico to C4T that constitutes general information regarding a Collaboration Target or a Target Binding Moiety for C4T’s internal research and development, including research and development undertaken through a contract
research organization (“CRO”) or third party collaborator that has agreed to be bound by obligations of (i) confidentiality no less restrictive than those that bind the parties under this Agreement, and (ii) non-use (except to
support its internal research and development in accordance with its foregoing license rights); provided that, the foregoing license rights exclude any and all rights with respect to Patent Rights. During the Agreement Term, the foregoing license
grant shall remain subject to the exclusivity set forth in Section 2.2. 

  
 14 

 (b) C4T and its Affiliates hereby grants to each Calico Group Member an irrevocable,
royalty-free, fully paid, perpetual, non-exclusive license to use any Know-How disclosed by C4T to a Calico Group Member that constitutes general information regarding a Linker or E3 Ligase Binding Moiety for the Calico Group Member’s internal
research and development, including research and development undertaken through a contract research organization (“CRO”) that has agreed to be bound by obligations of (i) confidentiality no less restrictive than those that bind the
parties under this Agreement, and (ii) non-use (except to support its internal research and development in accordance with its foregoing license rights); provided that, the foregoing license rights exclude any and all rights with respect to
Patent Rights. 
 2.1.8 Grantback Licenses. 

(a) Calico hereby grants to C4T and its Affiliates an irrevocable, royalty-free, fully paid, perpetual, sublicensable (through multiple
tiers), non-exclusive license under any Calico Grantback Claims to practice any method and to make, use, sell, offer for sale or import any product. As used herein, a “Calico Grantback Claim” means a claim of a Collaboration Patent solely
owned by Calico that claims a discovery, improvement, modification, enhancement or creation to a E3 Ligase Binding Moiety (other than those that bind to Cereblon) and/or a Linker in each case delivered by C4T pursuant to a Joint Research Plan or
claimed within the C4T Patent Rights that exist as of the Effective Date. 
 (b) C4T hereby grants to Calico and its Affiliates an
irrevocable, royalty-free, fully paid, perpetual, sublicensable (through multiple tiers), non-exclusive license under any C4T Grantback Claims to practice any method and to make, use, sell, offer for sale or import any product. As used herein, a
“C4T Grantback Claim” means a claim of a Collaboration Patent solely owned by C4T that claims a discovery, improvement, modification, enhancement or creation to a E3 Ligase Binding Moiety and/or a Linker in each case delivered by Calico
pursuant to a Target Evaluation Research Plan or a Joint Research Plan. 
 2.2 Exclusivity. 

With respect to a given Collaboration Target, during the Agreement Term, except to the extent required for C4T to fulfill its obligations under this
Agreement, neither C4T nor its Affiliates shall (a) research, develop, make, have made, use, have used, offer for sale, have offered for sale, sell, have sold, import, have imported or otherwise exploit or commercialize any product or material
that consists of a compound containing (1) a target binding moiety, (2) optionally, a linker, and (3) an E3 ligase binding moiety (“Non-Calico Protein Degrader”) that is (i) directed against a Collaboration
Target or (ii) designed to be used with (in whole or in part) a Protein Degrader for a Collaboration Target, (b) engage any Third Party(ies) to perform any of the foregoing activities on behalf of C4T or any Affiliate thereof, or
(c) grant to any Third Party any right to research, develop, make, have made, use, have used, offer for sale, have offered for sale, sell, have sold, import, have imported or otherwise exploit or commercialize any product or material that
consists of a Non-Calico Protein Degrader that is (i) directed against a Collaboration Target, or (ii) designed to be used with  

  
 15 

 
(in whole or in part) a Protein Degrader for a Collaboration Target. In addition, C4T cannot grant rights to or fund a Third Party to do any of the foregoing. C4T, shall retain the right, either
alone or with a Third Party, to research, develop, make, have made, use, have used, offer for sale, have offered for sale, sell, have sold, import, have imported or otherwise exploit or commercialize a Non-Calico Protein Degrader directed against a
target that is not a Collaboration Target that also has activity against a Collaboration Target provided that C4T, either alone or with a Third Party, cannot research, develop, make, have made, use, have used, offer for sale, have offered for sale,
sell, have sold, import, have imported or otherwise exploit or commercialize such Non-Calico Protein Degrader as a degrader of a Collaboration Target, nor can C4T grant rights to a Third Party to do the same. For clarity, this would prohibit C4T,
either alone or with a Third Party, from (A) conducting or funding a clinical trial using such Non-Calico Protein Degrader that has as an inclusion criteria the expression of a Collaboration Target or that uses a biomarker that may predict
response to a Non-Calico Protein Degrader directed against a Collaboration Target for the purposes of obtaining a label to treat such patients with a Non-Calico Protein Degrader against such Collaboration Target, and (B) marketing and/or
selling such Non-Calico Protein Degrader as a Protein Degrader that has activity against such Collaboration Target, nor could C4T grant rights to a Third Party in each case of clauses (A) and (B) to do the same. If Calico substitutes a
Collaboration Target pursuant to Section 3.1.2(b), then upon the date of substitution, the foregoing exclusivity shall terminate with respect to the Terminated Target. For the avoidance of doubt, but subject to the foregoing limitations, C4T
has the right to use any E3 Ligase Binding Moiety or Linker that C4T Controls with any target other than a Collaboration Target. 
 3. Research
Collaboration 
 3.1 Conduct of the Research Program 

3.1.1 Scope. Calico and C4T shall conduct their activities pursuant to a Target Evaluation Research Plan and a Joint Research Plan as
described in Appendix 1.57 for each Collaboration Target initiated by Calico. The activities conducted under the Target Evaluation Research Plan and each Joint Research Plan will be overseen by the JRC. Each Target Evaluation Research Plan and each
Joint Research Plan detail the responsibilities of each Party to discover, generate, engineer and characterize Protein Degraders and Protein Degrader Components, including the timeline(s) and budget(s) for such performance. 

3.1.2 Collaboration Target Selection.  

(a) During the Research Term, Calico shall nominate targets for [***] Collaboration Target slots. The initial Collaboration Targets are set
forth on Appendix 1.26. For remaining Collaboration Target slots, or, if applicable, for Collaboration Targets Calico subsequently elects to substitute (as set forth in Section 3.1.2(b) below), the following process will occur. Upon
Calico’s nomination of a proposed target by written notice to C4T (the “Nomination Notice”) C4T will have [***] to provide a written response as to whether such target is an Available Target. An “Available
Target” shall mean all biological targets, as described by a UniProt/SwissProt identifier, except those (i) listed on Appendix 3.1.2 (“Unavailable Targets”) or (ii) with respect to which C4T has, as of the
date Calico provides the Nomination Notice, (A) licensed or provided an option right to such target to a Third Party pursuant to an executed agreement with C4T, or (B) initiated a bona fide internal program at C4T against such target as
evidenced by having synthesized a Non-

  
 16 

 
Calico Protein Degrader for such target and having an active program for such Non-Calico Protein Degrader against such target as evidenced by written records. C4T will inform Calico as to whether
a target is an Available Target within [***] of when Calico submits the Nomination Notice. If the proposed target is an Available Target, then the parties shall discuss and within [***] determine whether to include such target in the collaboration
based on the relative merits of such target. If there is a disagreement as to whether to add such target to the collaboration, [***] shall have the tie-breaking vote. Any target added to the collaboration under this process shall be deemed a
Collaboration Target. 
 (b) Additionally, during the Research Term, Calico shall have the ability, at its option, to substitute
Collaboration Targets if any of the following conditions apply: (i) the Parties have not initiated activities against such Collaboration Target pursuant to a Joint Research Plan, (ii) Calico Group or C4T demonstrates that it will be
difficult to degrade such Collaboration Target, (iii) the parties are unable to find a suitable ligand for such Collaboration Target, (iv) data is obtained showing the Collaboration Product does not demonstrate meaningful degradation
of the corresponding Collaboration Target or the Collaboration Product fails for other technical reasons to meet the Lead Series Criteria or Development Candidate Criteria as set forth in the mutually agreed to Joint Research Plan or other criteria,
such as insufficient efficacy, significant toxicity or inability to achieve drug-like properties, or (v) the Parties obtain data indicating that it is no longer commercially reasonable to pursue such Collaboration Target (“Target
Substitution Right”). Calico’s proposal to substitute a target shall be discussed and agreed upon by the JRC. If Calico exercises its Target Substitution Right then it must provide a Nomination Notice pursuant to Section 3.1.2(a) above
and the original named Collaboration Target (the “Terminated Target”) shall no longer be deemed an active Collaboration Target, and the restrictions pursuant to Section 2.2 shall no longer apply to such Terminated Target. 

3.1.3 Target Evaluation Phase and Research Plan Initiation. Except with respect to the commencement of the Target Evaluation Research
Plans and Joint Research Plans for the first two Collaboration Targets, which are subject to clauses (i) and (ii) below, Calico shall notify C4T regarding the date Calico desires to commence work on a Target Evaluation Research Plan for a
Collaboration Target, and following such notice, the Parties shall submit to the JRC a Target Evaluation Research Plan for such Collaboration Target. Within [***] after approval of a Target Evaluation Research Plan by the JRC, C4T shall
commence degradation evaluation experiments as agreed upon by the JRC for such Collaboration Targets under such Target Evaluation Research Plan. The initial Target Evaluation Research Plan is attached hereto as Appendix 3.1.3. If C4T is able to
demonstrate protein degradation for the Collaboration Targets, as determined by the JRC (pursuant to Section 6.3(iii)), Calico will have the right to select Collaboration Targets in any order and at any time and upon providing written notice to
C4T, Calico will together with C4T establish Joint Research Plans (for approval by the JRC) and initiate Joint Research Plans, provided that for the first two Collaboration Targets the submission to the JRC, and initiation, of the Joint Research
Plans is as follows: 
 (i) The Joint Research Plan for the first
(1st) Collaboration Target (“Target 1”) shall be submitted to the JRC and such Joint Research Plan will be initiated within [***] following the demonstration of
successful degradation of Target 1 through the Target Evaluation Phase; 

  
 17 

 (ii) The Joint Research Plan for the second
(2nd) Collaboration Target (“Target 2”) shall be submitted within [***] after initiation of the first Joint Research Plan and will be initiated [***] following the
demonstration of successful degradation of Target 2 through the Target Evaluation Phase. 
 3.1.4 FTE Commitment. During the Research
Term, C4T shall provide, subject to FTE funding by Calico, (i) up to a maximum of [***] FTEs from the period commencing upon the initiation of the Research Term, and ending upon the achievement of the Lead Series Criteria, and
(ii) up to a maximum of [***] FTEs during the period commencing upon the achievement of the Lead Series Criteria and ending upon the achievement of the Development Candidate Criteria, in each case per Collaboration Target for which a
Joint Research Plan is initiated at the FTE Rate. In addition, C4T shall provide, subject to FTE funding by Calico, up to [***] FTEs per Collaboration Target for Target Evaluation Research Plans at the FTE Rate. All FTEs committed by C4T
hereunder shall be fully dedicated to (i.e., solely working on) work to be performed under this Agreement unless a full FTE is not necessary; no time of any FTE working on projects other than as provided hereunder shall be credited toward C4T’s
commitments above. C4T shall ensure that personnel providing work under each Joint Research Plan shall have skills and expertise no less than personnel working on C4T internal projects, set forth in Article 4. Prior to using personnel on a Joint
Research Plan, C4T shall provide to Calico the background and expertise of such personnel and reasonably consider Calico’s input regarding the appropriateness of such personnel. The exact number of FTEs and their roles shall be discussed and
agreed upon by the JRC and specified in each Joint Research Plan. Payment for such FTEs shall be made in accordance with Section 7.4. Should the Lead Series Criteria or Development Candidate Criteria, respectively, not be sufficiently met
as judged by the JRC, then the Parties, via their Research Plan Representatives, shall agree on further activities under such Joint Research Plan designed to meet Lead Series Criteria or Development Candidate Criteria, respectively; provided
that neither Party shall be obligated to incur additional expenses with respect to such further activities without their consent. However, if Calico agrees to reimburse C4T for such additional expenses, then C4T shall perform such further
activities as requested by Calico. 
 3.1.5 Joint Research Plan. Each Joint Research Plan will set forth (i) the activities and
the resources that will be dedicated, including the responsibilities of each Party, (ii) specific objectives for each year, which objectives as proposed to the JRC by the Research Plan Representatives will be approved, if appropriate, by the
JRC as research progresses, and (iii) budgets for such activities; provided that C4T shall not be obligated to incur unfunded expenses in connection with such updated plans without its consent. The Research Plan Representatives shall
review the Joint Research Plan on an ongoing basis and may amend such Joint Research Plan to reflect the updated or amended objectives and the progress made, subject to JRC written approval. Any such changes shall be reflected in written amendments
to the Joint Research Plan for each Collaboration Target. 
 3.1.6 Responsibilities under the Joint Research Plans. Under the Joint
Research Plan for a given Collaboration Target, the Parties shall closely interact on all activities. The responsibilities of the Parties shall be set forth in the Joint Research Plan. 

  
 18 

 3.1.7 Decision to Progress to Development Candidate Research. If the JRC decides that
the Lead Series Criteria have been met for a particular Collaboration Target and therefore recommends initiating Lead Optimization activities as outlined in the Joint Research Plan for such Collaboration Target, then Calico shall decide whether to
approve such recommendation. If Calico approves the JRC’s recommendation to progress to research toward Development Candidate Criteria testing for a given Collaboration Target, then Calico shall do so in writing. If no such approval is given
within [***] after the JRC meeting during which the recommendation was made, then the Agreement shall terminate with respect to such Collaboration Target. 

3.1.8 Technology Transfer Package. On a Collaboration Target-by-Collaboration Target basis, within [***] of when the JRC
determines that C4T’s activities under the Joint Research Plan have been completed with respect to such Collaboration Target, C4T shall transfer to Calico all relevant data, synthetic methods, and a quantity of Protein Degrader or Protein
Degrader Components related to such Collaboration Target as shall be reasonably necessary for Calico to commence further development work (together, the “Technology Transfer Package”). The details of the contents of the Technology
Transfer Package shall be set forth in the applicable Joint Research Plan. The date of such transfer shall be the “Technology Transfer Date”. 

3.1.9 Extension. In order for the Parties to achieve the Lead Series Criteria and the Development Candidate Criteria under a JRC
approved Joint Research Plan, the Research Term may be extended with written agreement of both Parties. In such case, the Parties shall negotiate in good faith the terms of any such extension. 

3.1.10 Research Plan Representative. Calico and C4T shall each appoint [***] to establish the Joint Research Plan for each
Collaboration Target and any revisions thereof for approval by the JRC, and to communicate progress of the Research Program to the other Party. The Research Plan Representatives shall meet at least [***] until the earlier of achievement
of the Development Candidate criteria set forth in the applicable Joint Research Plan for the last Collaboration Target or expiration or termination of the Research Term. Each meeting may be via teleconference, video conference, and/or in person.
The Research Plan Representatives will have no authority to amend, modify or waive compliance with this Agreement (including the Joint Research Plan). 

3.2 Records; Reports 

3.2.1 Reporting and Visitation. During the JRC meetings, C4T shall provide to the JRC, data and reports summarizing the status of
C4T’s activities under each Joint Research Plan. Upon the written request of Calico, C4T shall permit Calico, at Calico’s expense, to have access during normal business hours to those records of C4T that may be necessary to verify the data
that were generated under the Joint Research Plans and the basis for any payments hereunder, no more frequently than [***]. 
 3.2.2
Research Records. Each Party shall maintain records of the Research Program (or cause such records to be maintained) in sufficient detail and in good scientific manner as will properly reflect all work done and results achieved by or on
behalf of such Party in the performance of the Research Program. All laboratory notebooks shall be maintained for no less than the term of any Patent Rights issuing therefrom. 

  
 19 

 4. Diligence. Calico shall use Commercially Reasonable Efforts to perform its respective
activities contemplated by this Agreement or as may be agreed upon in any subsequent written agreements with respect to the subject matter hereof. Specifically, for the [***] Collaboration Targets commencing on the times set forth in
Sections 3.1.3(i) and 3.1.3(ii), and for all other Collaboration Targets commencing on the date Calico notifies C4T that it is ready to begin preparing a Joint Research Plan, Calico agrees to use Commercially Reasonable Efforts to conduct
research to discover and develop Protein Degraders and Protein Degrader Components and to commercialize Collaboration Products against each of such Collaboration Target(s). If Calico ceases to exercise Commercially Reasonable Efforts regarding such
research, development and commercialization activities with respect to a Collaboration Target for which there was a JRC approved Joint Research Plan, C4T may terminate this Agreement with respect to such Collaboration Target in accordance with
Section 16.2.1 (provided that the other Collaboration Targets and associated Joint Research Plans shall not be terminated and shall continue in accordance with this Agreement). C4T shall conduct its respective activities under each Target
Evaluation Research Plan and any Joint Research Plan using the most up-to-date C4T Platform technologies and with efforts and use of personnel with skills and expertise no less than as applied to C4T internal projects or other collaborations. 

5. Development, Regulatory Affairs, Manufacturing and Commercialization; Reports. Following the Technology Transfer Date, on a Collaboration
Product-by-Collaboration Product basis, Calico, at its sole cost, shall be solely responsible for all pre-clinical and clinical development, regulatory affairs, manufacturing and commercialization of Collaboration Products. Additionally, following
the Technology Transfer Date, on a Collaboration Product-by-Collaboration Product basis, [***], Calico shall provide [***] reports to C4T regarding Calico’s progress to achieving milestones and commercial launch, including milestones related to
the Development Events outlined in Section 7.5, in each case, regarding the relevant Collaboration Product. 
 6. Governance 

6.1 Joint Research Committee. Within [***] after the Effective Date of this Agreement, the Parties shall establish a JRC to oversee the
activities of each Party under the Target Evaluation Research Plans and the Joint Research Plans. 
 6.2 Members. The JRC shall be
composed of [***] persons (“Members”). Calico and C4T each shall be entitled to appoint [***] Members with appropriate seniority and functional expertise, provided that for C4T Andy Phillips shall be one of the [***]Members
appointed by C4T to serve on the JRC, or if Andy Phillips is no longer employed by C4T or no longer holds the title of C4T’s Chief Scientific Officer, then C4T’s Chief Scientific Officer shall be one of the [***] Members appointed by C4T
to serve on the JRC. Each Party may replace any of its Members (except that at all times C4T’s Chief Scientific Officer shall be one of C4T’s Members) and appoint a person to fill the vacancy arising from each such replacement. In
addition, with respect to any JRC matters for a particular Collaboration Product to a Collaboration Target that has been sublicensed by Calico to a Sublicensee, Calico may appoint personnel from such Sublicensee to have representation on the JRC by
proxy. A Party that replaces a Member shall notify the other Party at least [***] prior to the next scheduled meeting of the JRC. Both Parties shall use reasonable efforts to keep an appropriate level of continuity in representation. Both Parties
may invite a reasonable number of additional guests, including the Research Plan Representatives, and/or advisors to attend part or the whole JRC meeting with prior notification to the JRC. Members (other than C4’s Chief Scientific Officer) may
be represented at any meeting by another person designated by the absent Member. The agenda for each JRC meeting shall be set by an Alliance Director of a Party, in consultation with the JRC. Facilitation of each JRC meeting shall be done
alternatively by the Calico Alliance Director and the C4T Alliance Director, with the first facilitation by the Calico Alliance Director, followed by a C4T Alliance Director, and so on. 

  
 20 

 6.3 Responsibilities of the JRC. The JRC shall have the responsibility and authority,
subject to the other provisions of this Agreement, including Sections 6.6 and 6.8 below, to: 
 (i) recommend and approve each Target
Evaluation Research Plan and each Joint Research Plan, and any revisions or amendments to the Target Evaluation Research Plans and Joint Research Plans which are to be added to Appendix 3.1.3 and Appendix 1.57, respectively, within [***] of such
approval by the JRC; 
 (ii) establish timelines and criteria for decision points; 

(iii) assess and determine whether a Collaboration Target has been successfully degraded during the Target Evaluation Phase; 

(iv) assess and determine whether Lead Series Criteria and Development Candidate Criteria (as each is set forth in the applicable Joint
Research Plan) has been achieved, recommend to Calico whether to progress a Lead Series to the Lead Optimization Phase for a Collaboration Target (as defined in the applicable Joint Research Plan), and other deliverables or milestones under any
Joint Research Plan have been met; modify and adopt alternative Lead Series Criteria or Development Candidate Criteria on a Collaboration Target-by-Collaboration Target basis as agreed to by the JRC; 

(v) recommend Initiation of GLP Tox Study for a Collaboration Product for a Collaboration Target; 

(vi) oversee implementation of each Target Evaluation Research Plan and each Joint Research Plan by C4T and monitor the Parties’
activities under this Agreement; 
 (vii) approve Calico proposals regarding Collaboration Target substitution pursuant to the Target
Substitution Right; 
 (viii) set expectations for the Research Plan Representatives; 

(ix) monitor and implement the transfer of the Protein Degraders, Protein Degrader Components and Collaboration Products to Calico; and 

(x) attempt to resolve any disputes; 

(xi) establish subcommittees as necessary to further the objectives of each Joint Research Plan; 

The JRC shall have no responsibility and authority other than that expressly set forth in this Section 6.3. 

  
 21 

 6.4 Meetings. The Alliance Director that is facilitating the applicable JRC meeting
will be responsible for sending invitations and agendas for such JRC meeting to all Members at least [***] before the next scheduled meeting of the JRC. The venue for the meetings shall be agreed by the JRC, provided that the JRC shall hold meetings
at least [***], in person and alternating between San Francisco and Cambridge, and in any case as frequently as the Members of the JRC may agree shall be necessary. The Alliance Director of each Party shall attend the JRC meetings as a permanent
participant. 
 6.5 Minutes. The Alliance Director that is facilitating the applicable JRC meeting shall record in reasonable detail
and circulate draft minutes of JRC meetings to the other Alliance Director for comment and review within [***] after the relevant meeting. After such review, the minutes shall be circulated to the JRC. The Members of the JRC shall have [***] to
provide comments. C4T shall incorporate timely received comments and distribute finalized minutes to all Members of the JRC within [***] of the relevant meeting. The JRC shall approve the final version of the minutes. 

6.6 Decisions 
 6.6.1
Decision Making Authority. The JRC shall decide matters within its responsibilities as set forth in Section 6.3. 
 6.6.2
Consensus; Good Faith. The Members of the JRC shall act in good faith to cooperate with one another and seek agreement with respect to issues to be decided by the JRC. The Parties shall endeavor to make decisions by consensus. 

6.6.3 Failure to Reach Consensus. If the JRC is unable to decide a matter by consensus, then the matter shall be escalated as set forth
in Section 6.6.4. 
 6.6.4 Escalation. If the JRC is unable to decide a matter by consensus, then within [***] such matter
shall be referred to the senior scientific management of both C4T and Calico (for C4T, this shall mean the CEO or CSO, and for Calico this shall mean the President of Research and Development), who together shall use reasonable and good faith
efforts to reach a decision by consensus within [***] after the date such matter is referred to them. If the Parties still fail to reach a decision within such [***], then the final decision shall be [***], which shall be
exercised in good faith. Any such decision shall constitute a decision of the JRC; provided that [***] decision shall not result in [***]. 

6.7 Alliance Director. Each Party shall appoint one person to be its point of contact with responsibility for facilitating communication
and collaboration between the Parties (each, an “Alliance Director”). The Alliance Directors shall be permanent participants of the JRC meetings. The Alliance Directors shall facilitate resolution of potential and pending issues and
potential disputes to enable the JRC to reach consensus and avert escalation of such issues or potential disputes and to implement the Agreement and any amendments thereto. 

6.8 Limitations of Authority. The JRC shall have no authority to amend or waive any terms of this Agreement. 

6.9 Expenses. Each Party shall be responsible for its own expenses including travel and accommodation costs incurred in connection with
the JRC. 
 6.10 Lifetime. The JRC shall remain in effect during the Research Term or until the completion of the last Joint Research
Plan, whichever is sooner, after which Calico shall provide C4T annual reports describing the development and commercialization progress of the Collaboration Product(s) in the Territory in accordance with Section 5 and Section 8.4. 

  
 22 

 7. Payments 

7.1 Initial Payment. Within [***] after the Effective Date and receipt of an invoice from C4T, Calico shall pay to C4T an initial
payment (“Initial Payment”) of [***]. 
 7.2 Target Initiation Fees. Upon initiation of each Joint Research Plan for
a Collaboration Target after successful degradation of such Collaboration Target during such Target Evaluation Phase as determined by the JRC, Calico shall pay a Collaboration Target initiation fee (each a “Target Initiation Fee”) of
[***], provided however that Calico shall not be required to pay any Target Initiation Fee to exercise the Target Substitution Right under Section 3.1.2(b) or initiate work on a Collaboration Target which is the substitute of a Terminated
Target. For clarity, Calico may nominate up to the [***] Collaboration Targets upon the Effective Date, but the Target Initiation Fee for a Collaboration Target is only due upon the initiation of the Joint Research Plan for such Collaboration Target
after Calico’s selection of such Collaboration Target after the relevant Target Evaluation Phase. 
 7.3 Anniversary Payments.
Upon each of the [***] and [***] anniversaries of the Effective Date, Calico shall pay C4T [***]. 
 7.4 FTE Payments. Based on the
budget set forth in each Joint Research Plan, Calico shall pay C4T in arrears for FTEs used by C4T in the preceding Calendar Quarter pursuant to such Joint Research Plan. C4T shall provide to Calico an invoice, on a Joint Research Plan-by-Joint
Research Plan basis, setting forth the number of actual FTEs used, the FTE Rate and the amount payable. Calico shall pay such invoices within [***] after receipt of such invoice from C4T. 

7.5 Development Event Payments. For each Collaboration Target, Calico shall pay C4T the following set of
one-time milestone event payments for the first achievement of each of the corresponding milestone events by the first Collaboration Product for such Collaboration Target. The development event payments (each,
a “Development Event Payment”) under this Section 7.5 shall be paid as follows: 
  

									
	 Development Event
	  	First Collaboration
Product, first
Indication
(US$ million)	 	 	First Collaboration
Product, second
Indication (US$
million)	 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 

  
 23 

									
	 Development Event
	  	First Collaboration
Product, first
Indication
(US$ million)	 	 	First Collaboration
Product, second
Indication (US$
million)	 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 
	 [***]
	  	 	[	***] 	 	 	[	***] 

 [***] 

If development of the first Collaboration Product for a given Collaboration Target is terminated, then the next Collaboration Product
shall become the first Collaboration Product for that same Collaboration Target with regard to development event payments that have yet to be achieved, and so on; provided that any milestone payments that were previously paid for such
Collaboration Target (including for a Terminated Target) shall not be payable again for such Collaboration Target (or the substituted Collaboration Target). By way of example, if Calico has paid the milestone payment for achievement of Development
Candidate Criteria for a Collaboration Product to Collaboration Target X, and then Collaboration Target Y is substituted for Collaboration Target X, then Calico would not owe another milestone payment for subsequent achievement of Development
Candidate Criteria for a Collaboration Product to Collaboration Target Y. 
 Upon reaching each development event, Calico shall
timely notify C4T and each Development Event Payment shall be paid by Calico to C4T within [***] from receipt of an invoice from C4T for the occurrence of the applicable event. 

7.6 Sales Based Events. On a Collaboration Target-by-Collaboration Target basis, Calico shall pay C4T the following one-time sales-based event (each, a “Sales Based Event”) payments for the first Collaboration Product to achieve the following levels of Net Sales
(“Net Sales Threshold”) for such Collaboration Target: 
  

					
	 Net Sales Threshold
	  	Payment	 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 

 For each Collaboration Target, each of the Sales Based Event payments shall be paid no more than once
at the first occurrence of the event for a Collaboration Product in the Territory first reaching the respective Net Sales Threshold, irrespective of whether or not the previous Sales Based Event payment was triggered by the same or by a different
Collaboration Product for such Collaboration Target, and shall be paid within [***] after receipt of invoice from C4T after the end of the Calendar Year in which the event first occurs. 

  
 24 

 The milestone payments in the table above shall be paid in full for Collaboration
Products that are Covered by a Valid Composition of Matter Claim in each of (i) the US, (ii) each of the Major European Countries, and (iii) Japan. For Collaboration Products that either (a) are not Covered by a Valid Composition
of Matter Claim in each of the US, the Major European Countries and Japan or (b) with respect to which the only Valid Composition of Matter Claim for such Collaboration Product in each of the US, the Major European Countries and Japan is
[***], then the above milestone payments shall be reduced by [***].  
 7.7 Royalty Payments 

7.7.1 Royalty Term. Royalties shall be payable by Calico on Net Sales of Collaboration Products during the Royalty Term. Thereafter, the
licenses granted to Calico shall be fully paid up, irrevocable and royalty-free worldwide. 
 7.7.2
Royalty Rates. Calico shall, on a Collaboration Product-by-Collaboration Product basis, pay C4T royalties on Calendar Year Net Sales of a given Collaboration
Product in the Territory as follows: 
  

					
	 Portion of Calendar Year Net Sales of a Collaboration
Product:
	  	Rate:	 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 
	 [***]
	  	 	[	***] 

 For the purpose of calculating royalties of a Collaboration Product, Calendar Year Net Sales and the royalty
rates shall be subject to the following adjustments, as applicable: 
 (a) No Valid Composition of Matter Claim. Royalties payable
for a particular Collaboration Product in a particular country shall be reduced by [***] if (i) there is no Valid Composition of Matter Claim Covering the sale of such Collaboration Product in such country of sale, or
(ii) [***]. As used herein, a “Competing Product” means, with respect to a particular Collaboration Product, a Protein Degrader that is directed against the same Collaboration Target. 

(b) Third Party Payments. If Calico is obligated to remit payments to a Third Party in relation to Third Party intellectual property
that would be infringed by the making, using, selling, offering to sell, or importing of a Collaboration Product, then Calico shall have the right to deduct [***] of such consideration actually paid to a Third Party from payments otherwise
due and payable by Calico to C4T under this Agreement; provided that such offsets shall not reduce amounts payable to C4T by more than [***] of the amount otherwise payable after reductions under Section 7.7.2(a). The Third Party
intellectual property that is subject to the foregoing offset shall not include any intellectual property that is developed by a Third Party Collaboration Partner on behalf of, or in collaboration with, Calico. 

7.8 Disclosure of Payments. The Parties acknowledge that one or both Parties may be obligated to disclose this financial arrangement,
including all fees, payments and transfers of value, as may be advised by competent counsel or required under Applicable Law, including the US Sunshine Act. If such disclosure is advised by competent counsel or required accounting, the disclosing
Party shall notify the other Party in writing not less than [***] before the disclosure. 

  
 25 

 8. Accounting and Reporting 

8.1 Timing of Payments. Calico shall calculate royalties on Net Sales quarterly as of March 31, June 30, September 30 and
December 31 (each being the last day of an “Accounting Period”) and shall pay royalties on Net Sales within [***] after the end of each Accounting Period in which such Net Sales occur. 

8.2 Late Payment. Any payment under this Agreement that is not paid on or before the date such payment is due shall bear [***] interest
per annum. 
 8.3 Method of Payment. Royalties on Net Sales and all other amounts payable by Calico hereunder shall be paid by Calico
in US dollars. 
 8.4 Reporting. With each payment Calico shall provide C4T in writing for the relevant Calendar Quarter on a
Collaboration Product-by-Collaboration Product basis the following information: 

[***] 
 9. Taxes. C4T shall pay all
sales, turnover, income, revenue, value added, and other taxes levied on account of any payments accruing or made to C4T under this Agreement. 

If provision is made in law or regulation of any country for withholding of taxes of any type, levies or other charges with respect to any
royalty or other amounts payable under this Agreement to C4T (or payable by a Sublicensee to Calico), then Calico shall promptly pay (or the applicable Sublicensee shall promptly pay) such tax, levy or charge for and on behalf of C4T (or in the case
of the Sublicensee, on behalf of Calico) to the proper governmental authority, and shall promptly furnish C4T with receipt of payment. Calico shall be entitled to deduct any such tax, levy or charge actually paid from royalty or other payment due
C4T or be promptly reimbursed by C4T if no further payments are due to C4T. Each Party agrees to reasonably assist the other Party in claiming exemption from such deductions or withholdings under double taxation or similar agreement or treaty from
time to time in force and in minimizing the amount required to be so withheld or deducted. 
 10. Auditing 

10.1 C4T Right to Audit. Calico shall keep, and shall require its Affiliates and Sublicensees to keep, full, true and accurate books of
account containing all particulars that may be necessary for the purpose of calculating all royalties payable under this Agreement. Such books of accounts shall be kept at their principal place of business. At the expense of C4T, C4T shall have the
right to engage an internationally recognized independent public accountant reasonably acceptable to Calico to perform, on behalf of C4T, an audit of such books and records of Calico that are deemed necessary by the independent public accountant to
report on Net Sales of Collaboration Product for the period or periods requested by C4T and the correctness of any financial report or payments made under this Agreement. 

  
 26 

 Upon timely request and at least [***] prior written notice from C4T, such
audit shall be conducted in the countries specifically requested by the independent public accountant, during regular business hours in such a manner as to not unnecessarily interfere with Calico’s normal business activities. Such audit
shall be limited to results in the [***] prior to audit notification. Accordingly, if C4T does not request an audit of a given Calendar Year for a given country on or before the [***] of the end of such Calendar Year, then C4T will be
deemed to have accepted the royalty payments and reports for such country in such Calendar Year. 
 Such audit shall not be
performed more frequently than [***] nor more frequently than [***] with respect to records covering any specific period of time. 

All information, data documents and abstracts herein referred to shall be used only by the auditors for the purpose of verifying
royalty statements, shall be treated as Calico’s Confidential Information subject to the obligations of this Agreement and need neither be retained more than [***] after completion of an audit hereof, if an audit has been requested; nor
more than [***] from the end of the Calendar Year to which each shall pertain; nor more than [***] after the date of termination of this Agreement. 

10.2 Audit Reports. The auditors shall disclose only whether the books of account calculating all royalties payable under this Agreement
are correct or not, and the specific details concerning any discrepancies. No other information shall be shared. The auditors shall share all draft audit reports with the Parties before the final document is issued and either Party shall have the
right to provide comments to the auditors. The final audit report shall be shared with Calico at the same time it is shared with C4T. 
 10.3
Over-or Underpayment. If the audit reveals an overpayment, C4T shall reimburse Calico for the amount of the overpayment within [***]. If the audit reveals an underpayment, Calico shall make up such
undisputed underpayment with the next royalty payment or, if no further royalty payments are owed by Calico, Calico shall reimburse C4T for the amount of the underpayment within [***]. Calico shall pay for the audit costs if the underpayment of
Calico exceeds [***] of the aggregate amount of royalty payments owed with regard to the royalty statements subject to the audit. Section 8.2 shall apply to this Section 10.3. If the amount or existence of an overpayment or underpayment
under this provision is disputed, the Parties shall resolve the dispute through the procedures set forth in Section 18.4. 
 11. Intellectual
Property 
 11.1 Ownership of Inventions & Prosecution and Maintenance. 

11.1.1 C4T and Calico shall promptly report in writing to the other Party each Invention developed, created, conceived or reduced to practice
under a Target Evaluation Research Plan or a Joint Research Plan by it or its Affiliates’ or Third Party subcontractor’s employees or agents (and in the Case of Calico, by a Calico Group Member) in performing any activities under a Target
Evaluation Research Plan or a Joint Research Plan. 
 11.1.2 As between the Parties, (i) C4T shall solely own or Control all C4T Patent
Rights including C4T Collaboration Patents; and (ii) Calico shall solely own or Control all Calico Patent Rights, Calico Collaboration Patents and Collaboration Product Patents. For clarity, the Parties acknowledge and agree that once Patent
Rights are assigned under this Agreement by one Party to the other Party, such assignment shall remain effective 

  
 27 

 
regardless of whether a Collaboration Target is subsequently terminated or substituted. C4T shall Handle all C4T Patent Rights including C4T Collaboration Patents in its sole discretion at its
own cost and using prosecution counsel of its choice. Calico shall Handle all Calico Patent Rights, Calico Collaboration Patents and Collaboration Product Patents in its sole discretion at its own cost and using prosecution counsel of its choice.
Calico shall promptly provide to C4T copies of all material prosecution communications regarding Collaboration Product Patents for which a C4T person is a named inventor, and will send C4T copies of drafts of such material prosecution submissions
prior to filing. Calico will specifically consider all comments and suggestions provided by C4T on such material patent prosecution submissions and will use reasonable efforts to arrive at joint decisions on responses. If Calico decides to abandon
or terminate its interest in any such Collaboration Product Patents in [***], it shall provide written notice to C4T no less than [***] prior to termination and give C4T the opportunity to take over, at C4T’s expense, the prosecution and
maintenance of such application or patent. 
 11.1.3 Calico, for itself and on behalf of its Affiliates, licensees and Sublicensees, and
employees, subcontractors, consultants and agents of any of the foregoing, hereby assigns (and to the extent such assignment can only be made in the future hereby agrees to assign), to C4T all right, title and interest in and to C4T Collaboration
Inventions and C4T Collaboration Patents and any Know-How included therein. Calico will, and will cause the foregoing persons and entities including the other Calico Group Members, to reasonably cooperate with C4T to effectuate and perfect the
foregoing ownership, including by promptly executing and recording assignments and other documents consistent with such ownership, as well as cooperating in the prosecution and defense of C4T Collaboration Patents. Calico shall specifically notify
any Third Party Collaboration Partners of the obligation to assign C4T Collaboration Inventions and C4T Collaboration Patents to C4T. 

11.1.4 C4T, for itself and on behalf of its Affiliates, and employees, subcontractors, consultants and agents of any of the foregoing, hereby
assigns (and to the extent such assignment can only be made in the future hereby agrees to assign), to Calico all right, title and interest in and to Calico Collaboration Inventions, Collaboration Product Inventions, Calico Collaboration Patents and
Collaboration Product Patents and any Know-How included therein. C4T will, and will cause the foregoing persons and entities to reasonably cooperate with Calico to effectuate and perfect the foregoing ownership, including by promptly executing and
recording assignments and other documents consistent with such ownership, as well as cooperating in the prosecution and defense of Calico Collaboration Patents and Collaboration Product Patents. 

11.1.5 C4T and its Affiliates shall require its employees and agents to assign Joint Collaboration Inventions made by them to C4T and Calico
shall require its employees and agents to assign Joint Collaboration Inventions made by them to Calico. Subject to the licenses granted under this Agreement, C4T and Calico will each have an equal undivided share in the Joint Collaboration Patents,
without obligation to account to the other for exploitation thereof, or to seek consent of the other Party for the grant of any license thereunder. 

11.1.6 The Parties shall determine, after good faith consultation, which Party shall Handle any Joint Collaboration Patents. 

  
 28 

 11.1.7 The Parties shall separately prosecute claims in different applications that are
Joint Collaboration Patents and solely owned Patent Rights to avoid any comingling of ownership. 
 11.1.8 Ownership of any invention arising
from any activities hereunder other than as specified above shall follow inventorship as determined pursuant to principles of United States patent law. Except as specifically set forth herein, this Agreement shall not be construed as (i) giving
any of the Parties any license, right, title, interest in or ownership to the Confidential Information; (ii) granting any license or right under any intellectual property rights; or (iii) representing any commitment by either Party to
enter into any additional agreement, by implication or otherwise. 
 11.2 Patent Coordination. The Parties shall consult no less than
[***] regarding the Handling of C4T Patent Rights and Collaboration Product Patents. The purpose of such consultation will be to ensure, to the extent reasonable, that one Party’s Handling of patent prosecution does not adversely affect
the patentability of the other Party’s Patent Rights. The Parties shall establish mutually agreed upon procedures for such consultation, which may be at the JRC, and shall exchange such information as may be deemed advisable to carry out the
purpose of the consultation. 
 11.3 Trademarks and Labeling. Calico shall own all trademarks used on or in connection with
Collaboration Products in the Territory, and shall, at its sole cost, be responsible for procurement, maintenance, enforcement and defense of all trademarks used on or in connection with Collaboration Products in the Territory. 

Calico shall have the right to obtain the International Non-proprietary Name (INN) from the World
Health Organization and the US Adopted Name (USAN) from the US Adopted Names Council (USANC) as the generic name(s) for the Collaboration Products. 

11.4 CREATE Act. The Parties acknowledge that, during the course of a Target Evaluation Research Plan or a Joint Research Plan, Patent
Rights may be generated with different assigning entities, which in the course of U.S. patent prosecution, may benefit from the use of the CREATE Act of 2004 (70 Fed. Reg. 177 (54259-54267) as amended by the Leahy-Smith America Invents Act of 2011
(35 U.S.C. §§ 102(b)(2)(c)). For the purpose of benefit of the Act, the Parties deem this Agreement and/or the written memorialization of transactions contemplated hereunder, to constitute a joint research program and agree that, if deemed
necessary under 35 USC § 103(c)(3), to effectuate the use of the CREATE Act, as amended, to include the names of the Parties in appropriate patent applications. The Parties also acknowledge that a terminal disclaimer submitted during
patent prosecution under the CREATE Act, if likewise deemed necessary under § 103(c)(3), may include a provision pursuant to Applicable Law that the assigning entity of a second-filed patent application in prosecution waives the right to
separately enforce a first-filed patent application made in the course of a Target Evaluation Research Plan or a Joint Research Plan, and that a patent issuing on the second-filed application will not be enforceable if separately litigated. For
clarity, a Party submitting a terminal disclaimer under the CREATE Act shall provide a copy of such terminal disclaimer to the other Party’s Patent Representative. 

  
 29 

 11.5 Infringement. 

11.5.1 Notice. Each Party shall promptly provide written notice to the other Party during the Agreement Term of any known infringement
or suspected infringement by a Third Party of any C4T Patent Rights or any Collaboration Product Patents, and shall provide the other Party with all evidence in its possession supporting such infringement or unauthorized use or misappropriation.

 11.5.2 Calico’s Right to Prosecute Infringement. Within [***] after Calico provides or receives written notice
(“Decision Period”) of infringement of a claim of the C4T Patent Rights that Covers a Collaboration Product, Calico, in its sole discretion, shall decide whether or not it will initiate a suit or action in the affected Territory to
abate such infringement or unauthorized use or misappropriation and shall notify C4T of its decision in writing (“Suit Notice”). If the infringement is under the Drug Price Competition and Patent Term Restoration Act of 1984 (Public
Law 98-417, known as the Hatch-Waxman Act), as amended, or its equivalent in a country other than the US (the “Hatch-Waxman Act”), Calico shall decide
whether it will bring suit and shall notify C4T in writing within [***] of receiving or providing notice of the infringement (in light of the requirement to file suit within [***] of receiving notice from the filer of the Hatch Waxman
Abbreviated New Drug Application (“ANDA”)). 
 If Calico decides to bring a suit or take action, after Calico provides Suit
Notice, Calico may immediately commence such suit or take such action. In the event that Calico (i) does not in writing advise C4T within the Decision Period that Calico will commence suit or take action, or (ii) fails to commence suit or
take action within a reasonable time after providing Suit Notice, C4T shall thereafter have the right to commence suit or take action in the Territory with respect to a claim of the C4T Patent Rights that Covers a Collaboration Product, and shall
provide written notice to Calico of any such suit commenced or action taken by C4T. 
 11.5.3 Cooperation, Costs and Damages. The
Party bringing suit or taking action (“Initiating Party”) shall keep the other Party informed of the status of any such suit or action and shall provide the other Party with copies, to the extent the Initiating Party is lawfully permitted
to do so, of all substantive documents or communications filed in such suit or action. The Initiating Party shall have the sole and exclusive right to select counsel for any such suit or action. 

The Initiating Party shall, except as provided below, pay all expenses of the suit or action, including the Initiating Party’s
attorneys’ fees and court costs. Any damages, settlement fees or other consideration received as a result of such suit or action shall be allocated as follows: 

(a) First, to reimburse the Initiating Party for its costs and, if any remains, to the other Party for any advisory counsel fees and costs;
and 
 (b) Second, the balance, if any, shall be allocated [***] to the Initiating Party, and [***] to the other Party. 

If the Initiating Party believes it is reasonably necessary or desirable to obtain an effective remedy, upon written request, the other Party
agrees to be joined as a party to the suit or action but shall be under no obligation to participate except to the extent that such participation is required as the result of its being a named party to the suit or action. At the Initiating
Party’s written request, the other Party shall offer reasonable assistance to the Initiating Party in connection therewith at no charge to the Initiating Party except for reimbursement of reasonable out-of-pocket expenses incurred by the other Party in rendering such assistance. The other Party shall have the right to participate and be represented in any such suit or action by its own counsel at its own
expense. 

  
 30 

 The Initiating Party may settle, enter consent judgment or otherwise voluntarily dispose of
the suit or action (“Settlement”) without the written consent of the other Party but only if such Settlement can be achieved without adversely affecting the other Party’s Patent Rights or licenses under this Agreement
(including any of its Patent Rights and including by resulting in a reduction in royalties or milestones payable hereunder). If a Settlement could adversely affect the other Party’s Patent Rights or licenses under this Agreement, then the
written consent of the other Party shall be required. 
 For any patent that is not a C4T Patent Right, Calico, in its sole discretion,
shall decide whether or not to initiate such suit or action in the Territory. Calico shall have full discretion as to how it wishes to handle such suit and may reach Settlement and retain all damages, settlement fees or other consideration under any
terms and conditions it desires and retain whatever. However, if a Settlement could adversely affect C4T by resulting in a reduction in royalties or milestones payable hereunder, then the written consent of C4T shall be required, for such
settlement. 
 11.6 Hatch-Waxman. If a Party receives a certification letter notifying the
Party of the acceptance for filing of an ANDA for a Collaboration Product pursuant to the Hatch-Waxman Act, as amended, or its equivalent in a country other than the US, then such Party shall immediately
provide the other Party with a copy of such certification. 
 11.7 Patent Term Extensions. The Parties shall use Commercially
Reasonable Efforts to obtain all available patent term extensions, adjustments or restorations, or supplementary protection certificates (“SPCs”, and together with patent term extensions, adjustments and restorations,
“Patent Term Extensions”) for Patent Rights which they are Handling under this Agreement; provided that Calico shall have the final say on which patent to apply for Patent Term Extension for a particular Collaboration Product. C4T
shall execute such authorizations and other documents and take such other actions as may be reasonably requested by Calico to obtain such Patent Term Extensions, including designating Calico as its agent for such purpose as provided in 35 USC
§ 156. All filings for such Patent Term Extensions shall be made by Calico or the Sublicensee holder of the NDA. Each Party shall execute such authorizations and other documents and take such other actions as may be reasonably requested by
the other Party to obtain such extensions. The Parties shall cooperate with each other in gaining patent term restorations, extensions and/or SPCs wherever applicable to such Patent Rights. 

12. Representations, Warranties and Covenants 

12.1 Mutual Representations. Each Party hereby represents and warrants to the other Party as of the Effective Date, and covenants, as
applicable, as a material inducement for such Party’s entry into this Agreement as follows: 
 12.1.1 Corporate Existence and Power. It
is a company or corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction in which it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and
assets and to carry on its business as it is now being conducted and as contemplated in this Agreement, including the right to grant the licenses granted by it hereunder. 

  
 31 

 12.1.2 Authority and Binding Agreement. (i) It has the corporate power and authority
and the legal right to enter into this Agreement and perform its obligations hereunder; (ii) it has taken all necessary corporate action on its part required to authorize the execution and delivery of this Agreement and the performance of its
obligations hereunder; and (iii) this Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and binding obligation of such Party that is enforceable against it in accordance with its terms. 

12.1.3 No Conflict. It is not a party to and will not enter into any agreement that would prevent it from granting the rights or exclusivity
granted or intended to be granted to the other Party under this Agreement or performing its obligations under this Agreement. 
 12.1.4
Bankruptcy; Insolvency. It is not aware of any action or petition, pending or otherwise, for bankruptcy or insolvency of such Party or its Affiliates or subsidiaries in any state, country or other jurisdiction, and it is not aware of any facts or
circumstances that could result in such Party becoming or being declared insolvent, bankrupt or otherwise incapable of meeting its obligations under this Agreement as they become due in the ordinary course of business. 

12.1.5 No Debarment. Such Party is not debarred, has not been convicted, and is not subject to debarment or conviction pursuant to
Section 306 of the FD&C Act. In the course of the Research or Development of Licensed Compounds or Collaboration Products, such Party has not, to its knowledge, used prior to the Effective Date, and will not use, during the Term, any
employee, consultant, agent or independent contractor who has been debarred by any Regulatory Authority, or, to such Party’s knowledge, is the subject of debarment proceedings by a Regulatory Authority or has been convicted pursuant to
Section 306 of the FD&C Act. 
 12.1.6 Compliance with Applicable Law. Each Party will comply with the Applicable Law in the course
of performing its obligations or exercising its rights pursuant to this Agreement. 
 12.1.7 Pending Suits or Claims As of the Effective
Date of this Agreement, neither C4T nor its Affiliates have received any notice of any suit or claim that would affect Calico’s rights set forth in this Agreement. 

12.1.8 Third Party Intellectual Property. As of the Effective Date of this Agreement, neither C4T nor its Affiliates are aware of any Third
Party patent rights or other intellectual property other than DFCI Patent Rights and Know-How licensed from DFCI that would be infringed by using or practicing any materials, methods, or procedures encompassed under the C4T Platform. 

12.1.9 Platform Information. As of the Effective Date of this Agreement, C4T has provided to Calico all material information and data regarding
the efficacy and sufficiency of C4T’s proprietary protein degrader platform for generating a Non-Calico Protein Degrader, including information and data that shows such platform’s inability to generate Non-Calico Protein Degraders,
provided that C4T has not disclosed any information C4T is prohibited from disclosing pursuant to any agreement between C4T and a Third Party; however, in such case C4T has at the very least informed Calico of C4T’s inability to generate a
protein degrader that degrades a particular target, without disclosing the identity of such target or such Third Party. 

  
 32 

 12.1.10 Licenses. All of C4T’s and its Affiliates’ current collaborators and
licensees are obligated to assign or exclusively license to C4T (with right to grant sublicenses), all discoveries, improvements, modifications, enhancements or creations regarding any Linker and/or E3 Ligase Binding Moiety, conceived, invented, or
otherwise discovered in connection with such collaborator’s or licensee’s collaboration with C4T or its Affiliates. C4T will use commercially reasonable efforts to ensure that all future collaborators and licensees are obligated to assign
or exclusively license to C4T (with right to grant sublicenses), all discoveries, improvements, modifications, enhancements or creations regarding any Linker and/or E3 Ligase Binding Moiety conceived, invented, or otherwise discovered in connection
with such collaborator’s or licensee’s collaboration with C4T or its Affiliates. 
 12.2 No Other Representations. EXCEPT AS
OTHERWISE PROVIDED IN THIS AGREEMENT, THE FOREGOING REPRESENTATIONS AND WARRANTIES ARE IN LIEU OF ALL OTHER REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OF COLLABORATION PRODUCTS. 
 13. Indemnification 

13.1 Indemnification by Calico. Subject to the remainder of this Article 13, Calico shall defend, indemnify, and hold C4T and its
Affiliates, subcontractors, sublicensees and each of their respective directors, officers, employees and agents (the “C4T Indemnitees”) harmless from and against any and all liabilities losses, expenses, costs, damages, or other
amounts payable to a Third Party claimant as well as any reasonable attorneys’ fees and costs of litigation incurred by such C4T Indemnitees, to the extent that such claims, suits, proceedings, or causes of action brought on behalf of such
Third Party against such C4T Indemnitee that arise from or are based on [***]; excluding, in each case [***], any damages or other amounts for which C4T has an obligation to indemnify any Calico Indemnitee pursuant to
Section 13.2. 
 13.2 Indemnification by C4T. Subject to the remainder of this Article 13, C4T shall defend, indemnify, and hold
Calico, its Affiliates, subcontractors, and Sublicensees, and its and their respective directors, officers, employees and agents (the “Calico Indemnitees”) harmless from and against any and all liabilities, losses, expenses, costs,
damages, or other amounts payable to a Third Party claimant as well as any reasonable attorneys’ fees and costs of litigation incurred by such Calico Indemnitees, to the extent that such claims, suits, proceedings or causes of action brought on
behalf of such Third party against such Calico Indemnitee that arise from or are based on: [***]; excluding, in each case [***] any damages or other amounts for which Calico has an obligation to indemnify any C4T Indemnitee pursuant to
Section 13.1. 

  
 33 

 13.3 Procedure. In the event of a claim by a Third Party against a Party entitled to
indemnification under this Agreement (“Indemnified Party”), the Indemnified Party shall promptly notify the other Party (“Indemnifying Party”) in writing of the claim and the Indemnifying Party shall undertake and
solely manage and control, at its sole expense, the defense of the claim and its settlement. The Indemnifying Party’s obligation to defend, indemnify, and hold harmless pursuant to Section 13.1 or Section 13.2 as applicable, will be
reduced to the extent the Indemnified Party’s delay in providing notification pursuant to the previous sentence results in material prejudice to the Indemnifying Party; provided, however, that the failure by an Indemnified Party to give such
notice or otherwise meet its obligations under this Section 13.3 will not relieve the Indemnifying Party of its indemnification obligation under this Agreement. The Indemnified Party shall cooperate with the Indemnifying Party and may, at its
option and expense, be represented in any such action or proceeding by counsel of its choice. The Indemnifying Party shall not be liable for any litigation costs or expenses incurred by the Indemnified Party without the Indemnifying Party’s
written consent, which shall not be unreasonably withheld, delayed or conditioned. The Indemnifying Party shall not settle any such claim unless such settlement fully and unconditionally releases the Indemnified Party from all liability relating
thereto, unless the Indemnified Party otherwise agrees in writing. 
 14. Liability 

14.1 Limitation of Liability IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE,
EXEMPLARY OR INDIRECT DAMAGES OF ANY KIND ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT OR ANY CLAIMS ARISING HEREUNDER, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR
OTHERWISE), REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 14.1 IS INTENDED TO OR WILL LIMIT OR RESTRICT (A) THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER
SECTION 13.1 OR SECTION 13.2, (B) DAMAGES AVAILABLE IN THE CASE OF A PARTY’S FRAUD, GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT, OR (C) DAMAGES AVAILABLE TO A PARTY FOR A BREACH BY THE OTHER PARTY OF THE CONFIDENTIALITY OBLIGATIONS
UNDER ARTICLE 15 OR (D) DAMAGES AVAILABLE IN THE CASE OF BREACH OF EXCLUSIVITY UNDER SECTION 2.2. 
 15. Obligation Not to Disclose
Confidential Information 
 15.1 Non-Use and
Non-Disclosure. During the Agreement Term and for [***] thereafter, a Receiving Party shall (i) treat Confidential Information provided by Disclosing Party as it would treat its own information of a
similar nature, (ii) take all reasonable precautions not to disclose such Confidential Information to Third Parties, without the Disclosing Party’s prior written consent, (iii) not use such Confidential Information other than for
fulfilling its obligations or exercising its rights under this Agreement, and (iv) not disclose nor permit the disclosure of Confidential Information of the Disclosing Party to any entity or person other than those among the Receiving
Party’s employees, contractors, and agents (which, in the case of Calico will include any actual or prospective Calico Group Member) who (a) are informed of the duties of confidentiality in this Agreement; and (b) have a need to know
and receive such Confidential Information in order for the Receiving Party to perform its obligations under this Agreement. 

  
 34 

 15.2 Permitted Disclosure. Notwithstanding the obligation of non-use and non-disclosure set forth in Section 15.1, the Parties recognize the need for certain exceptions to this obligation, specifically set forth below, with respect
to press releases, patent rights, publications, and certain commercial considerations. 
 15.3 Press Releases. The Parties will issue
the press release attached hereto as Appendix 15.3 shortly after the Effective Date regarding their execution and entering into this Agreement. Such press release shall not disclose any financial terms. In addition, any additional press
releases will be subject to mutual consent of both Parties. 
 15.4 Publications. During the Agreement Term, Calico shall have the
right to publish or present information regarding Collaboration Products without the consent of C4T, and C4T shall not publish or present any information regarding Collaboration Products without the prior written consent of Calico. 

15.5 Commercial Considerations. Nothing in this Agreement shall prevent a Party or its Affiliates from disclosing Confidential
Information of the other Party or its Affiliates to (i) governmental agencies to the extent required to secure government approval for the development, manufacture or sale of Collaboration Product in the Territory, (ii) Third Parties
acting on behalf of Calico, to the extent reasonably necessary for the development, manufacture or sale of Collaboration Product in the Territory, (iii) Third Parties requesting clinical trial data information (in accordance with Calico’s then-current data sharing policy), (iv) Third Parties to the extent reasonably necessary to market the Collaboration Product in the Territory or (v) in connection with due diligence by an actual or
prospective, bona-fide Third Party investor, acquirer or Sublicensee under an appropriate confidentiality agreement with confidentiality terms no less restrictive than those contained herein. The Receiving Party may disclose Confidential Information
of the Disclosing Party to the extent that such Confidential Information is required to be disclosed by the Receiving Party to comply with Applicable Law, to defend or prosecute litigation or to comply with governmental regulations; provided that
the Receiving Party provides prior written notice of such disclosure to the Disclosing Party and, to the extent practicable, takes reasonable and lawful actions to minimize the degree of such disclosure. In addition, C4T may provide a copy of this
Agreement to DFCI, redacted of (a) financial terms, (b) the identify of Collaboration Targets and (c) the Target Evaluation Research Plans and Joint Research Plans, and may disclose the existence and terms of this Agreement to DFCI
and to potential financing sources; provided that in each case such provision or disclosure is under a confidentiality agreement having terms and conditions at least as stringent as those contained in this Agreement. 

16. Term and Termination 
 16.1
Commencement and Term. This Agreement shall commence upon the Effective Date and continue for the Agreement Term. 
 16.2
Termination 
 16.2.1 Termination for Breach. Subject to Section 4, a Party
(“Non-Breaching Party”) shall have the right to terminate this Agreement in its entirety or on a Collaboration
Target-by-Collaboration Target, Collaboration Product-by-Collaboration Product or country-by-country (in the case of termination by C4T) basis in the event the other Party (“Breaching Party”) is in breach of any of its material obligations
under this Agreement. The non-Breaching Party shall provide written notice to the Breaching Party, which notice shall identify the breach and the countries in which the
Non-Breaching Party intends to have this Agreement terminate. The Breaching Party shall have a period of [***]  

  
 35 

 
after such written notice is provided (“Peremptory Notice Period”) to cure such breach. If the Breaching Party has a bona fide dispute as to whether such breach occurred or has
been cured, it will so notify the Non-Breaching Party, and the expiration of the Peremptory Notice Period shall be tolled until such dispute is resolved pursuant to Section 18.5. Upon a determination of
breach or failure to cure, the Breaching Party may have the remainder of the Peremptory Notice Period to cure such breach. If such breach is not cured within the Peremptory Notice Period, then absent withdrawal of the
Non-Breaching Party’s request for termination, this Agreement shall terminate in its entirety, or with respect to the applicable Collaboration Target (on a Collaboration Target-by-Collaboration Target
basis) or such identified countries effective as of the expiration of the Peremptory Notice Period. 
 16.2.2 Insolvency. A Party
shall have the right to terminate this Agreement, if the other Party incurs an Insolvency Event; provided, however, in the case of any involuntary bankruptcy proceeding, such right to terminate shall only become effective if the Party that incurs
the Insolvency Event consents to the involuntary bankruptcy or such proceeding is not dismissed within [***] after the filing thereof. 

16.2.3 Discretionary Termination of Agreement by Calico. Calico may terminate this Agreement in its entirety, or on a Collaboration
Target-by-Collaboration Target basis, or a country-by-country basis, in each case at will without cause [***] after written notice to C4T, however, Calico shall (i) reimburse C4T for all costs it has incurred up to the date of
termination; and (ii) provide C4T with all inventory of starting materials, synthetic intermediates, Protein Degraders and Protein Degrader Components provided to Calico by C4T without cost. 

16.3 Consequences of Termination 

16.3.1 Termination by C4T for Breach by Calico. Upon any termination by C4T for breach by Calico under Section 16.2.1, the rights
and licenses granted by C4T to Calico under this Agreement shall terminate in their entirety or on a Collaboration Product-by-Collaboration Product, Collaboration Target-by-Collaboration Target or country-by-country basis, as applicable, on the effective
date of termination. 
 16.3.2 Termination by Calico for Breach by C4T or C4T Insolvency. Upon breach by C4T or C4T’s Insolvency,
Calico shall have the right to terminate this Agreement in accordance with Section 16.2.1, 16.2.3 or Section 16.3.2, as applicable. In such event, the rights and licenses granted by Calico to C4T and by C4T to Calico under this Agreement
shall terminate in their entirety or on a Collaboration Product-by-Collaboration Product or Collaboration
Target-by-Collaboration Target basis, as applicable, on the effective date of termination. 

16.3.3 Direct License. Notwithstanding anything to the contrary in this Agreement, any existing, permitted sublicense granted by Calico
under Section 2.1.3 of this Agreement (and any further sublicenses thereunder) shall, upon the written request of Calico, remain in full force and effect after termination of this Agreement; provided that (i) such Sublicensee is not
then in material breach of its sublicense agreement (and, in the case of termination by C4T for breach by Calico, that such Sublicensee and any further sublicensees did not cause the breach that gave rise to the termination by C4T); and
(ii) and such Sublicensee agrees to be bound to C4T under the terms and conditions of such sublicense agreement. [***] 

  
 36 

 16.3.4 Royalty and Payment Obligations. Except as set forth in Section 16.3.3,
termination of this Agreement by Calico, for any reason, shall not release Calico from any obligation to pay royalties or make any payments to C4T that are payable after the effective date of termination until expiration of the applicable Royalty
Term. 
 16.3.5 Termination in General. In the event of any termination by Calico, C4T shall use Commercially Reasonable Efforts to
minimize any cancellable expenses after the notice of termination and to wind down activities in an expeditious manner. In the event of termination by Calico of a Collaboration Product or Collaboration Target, C4T shall use Commercially Reasonable
Efforts to reassign FTEs working on such terminated Collaboration Product or Collaboration Target to another Collaboration Product or Collaboration Target to the extent possible to maximize the value of these FTEs to Calico. 

16.4 Survival. Article 1 (Definitions – to the extent necessary to interpret the Agreement), Section 2.1.7 (Know-How
Licenses), Section 2.1.8 (Grantback Licenses) Section 7.7 (Royalty Payments), Article 10 (Auditing); Section 11.1 (Ownership of Inventions), Article 13 (Indemnification), Article 14 (Liability), Article 15
(Obligation Not to Disclose Confidential Information), Section 16.3 (Consequences of Termination), Section 16.4 (Survival), Section 18.4 (Governing Law), and Section 18.5—18.9 (Dispute Resolution Provisions) shall survive
any expiration or termination of this Agreement for any reason. 
 17. Bankruptcy. All licenses (and to the extent applicable
rights) granted under or pursuant to this Agreement by C4T to Calico are, and shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11, US Code (the “Bankruptcy Code”) licenses of rights to
“intellectual property” as defined under Section 101(60) of the Bankruptcy Code. Unless Calico elects to terminate this Agreement, the Parties agree that Calico, as a licensee or sublicensee of such rights under this Agreement, shall
retain and may fully exercise all of its rights and elections under the Bankruptcy Code, subject to the continued performance of its obligations under this Agreement. 

18. Miscellaneous 
 18.1 Other
Government Laws. Calico shall comply with, and require that its Affiliates and Sublicensees comply with, all government statutes and regulations applicable to Collaboration Products. These include but are not limited to FDA statutes and
regulations, the Export Administration Act of 1979, as amended, codified in 50 App. U.S.C. 2041 et seq. and the regulations promulgated thereunder or other applicable export statutes or regulations. 

18.2 Patent Marking. Calico shall mark, and shall require its Sublicensees and Affiliates to mark, directly or via a mechanism such as
the Orange Book, all Collaboration Products sold in the US in a manner designed to allow enforcement of the Licensed Patents Covering such Collaboration Products. 

18.3 Publicity – Use of Name. Except as expressly permitted pursuant to Section 15.3, neither Party shall be permitted to use
the name, or any proprietary trademarks, trade names, trade dress or logos of the other Party, or its Affiliates in any publicity, promotion, news release or public disclosure relating to this Agreement or its subject matter, without the prior
express written permission of the other Party. Each Party, its Affiliates and Sublicensees shall not use the names of DFCI, its related entities or its employees, or any adaptations thereof, in any advertising, promotional or sales literature, or in
any securities 

  
 37 

 
report required by the Securities and Exchange Commission (except as required by law), without the prior written consent of DFCI in each case. However, each Party may (a) refer to
publications in the scientific literature by employees of DFCI, (b) state that a sub-license from DFCI has been granted as provided in this Agreement and (c) post the press release mutually agreed
upon pursuant to Section 15.3 on its website. 
 18.4 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws and jurisdiction of the State of New York, without reference to its conflict of laws principles, and shall not be governed by the United Nations Convention of International Contracts on the Sale of Goods (the Vienna
Convention). 
 18.5 Disputes. Unless otherwise set forth in this Agreement, in the event of any Dispute in connection with this
Agreement, such Dispute shall be referred to the respective executive officers of the Parties designated below or their designees within [***] following the identification of the Dispute, for good faith negotiations attempting to resolve the
Dispute. The designated executive officers are as follows: 
  

					
	                	 	For C4T:	  	President
		 	For Calico:	  	President of Research & Development

 If the officers are unable to resolve the Dispute within [***], then the Dispute may be referred to arbitration
upon mutual agreement in accordance with Section 18.6 below.  
 18.6 Arbitration. If the Parties fail to resolve a
Dispute pursuant to Section 18.5, and the Parties together agree in writing to pursue resolution of the Dispute other than a Patent Controversy by binding Arbitration, then the Dispute shall be submitted for resolution in arbitration pursuant
to the then current CPR Non-Administered Arbitration Rules (“CPR Rules”) (www.cpradr.org), except where they conflict with these provisions, in which case these provisions control. 

18.6.1 The arbitration will be held in New York, New York. All aspects of the arbitration shall be treated as confidential. 

18.6.2 The arbitrators will be chosen from the CPR Panel of Distinguished Neutrals, unless a candidate not on such panel is approved by both
Parties. Each arbitrator shall be a lawyer with at least [***] experience with a law firm or corporate law department of over [***] lawyers or who was a judge of a court of general jurisdiction. To the extent that the Dispute requires
special expertise for example, scientific or technical expertise, either Party may so inform CPR prior to the beginning of the selection process, and such criteria will be included in the selection process. 

18.6.3 The arbitration tribunal shall consist of three arbitrators, of whom each Party shall designate one in accordance with the
“screened” appointment procedure provided in CPR Rule 5.4, and the third arbitrator shall be selected by two arbitrators selected by the Parties. The chair will be chosen in accordance with CPR Rule 6.4. 

18.6.4 If, however, the aggregate award sought by the Parties is less than [***] and equitable relief is not sought, a single arbitrator
shall be chosen in accordance with the CPR Rules. 

  
 38 

 18.6.5 Candidates for the arbitrator position(s) may be interviewed by representatives of
the Parties in advance of their selection, provided that all Parties are represented. 
 18.6.6 The Parties agree to select the arbitrator(s)
within [***] days of initiation of the arbitration. The hearing will be concluded within [***] after selection of the arbitrator(s) and the award will be rendered within [***] of the conclusion of the hearing, or of any post
hearing briefing, which briefing will be completed by both sides within [***] after the conclusion of the hearing. In the event the Parties cannot agree upon a schedule, then the arbitrator(s) shall set the schedule following the time limits
set forth above as closely as practical. 
 18.6.7 The Parties shall have the right to conduct and enforce pre-hearing discovery in
accordance with the then current Federal Rules of Civil Procedure, unless otherwise agreed by the Parties in writing. 
 18.6.8 The hearing
will be concluded in [***] or less. Multiple hearing days will be scheduled consecutively to the greatest extent possible. A transcript of the testimony adduced at the hearing shall be made and shall be made available to each Party. 

18.6.9 All discovery conducted pursuant to the arbitration proceedings will be subject to the then current Federal Rules of Civil Procedure,
unless otherwise agreed by the Parties in writing. 
 18.6.10 The arbitrator(s) shall decide the merits of any Dispute in accordance with the
law governing this Agreement, without application of any principle of conflict of laws that would result in reference to a different law. The arbitrator(s) may not apply principles such as “amiable compositeur” or “natural justice and
equity.” 
 18.6.11 The arbitrator(s) are expressly empowered to decide dispositive motions in advance of any hearing and shall endeavor
to decide such motions as would a United States District Court Judge sitting in the jurisdiction whose substantive law governs. 
 18.6.12
The arbitrator(s) shall render a written opinion stating the reasons upon which the award is based. The Parties consent to the jurisdiction of the United States District Court for the district in which the arbitration is held for the enforcement of
these provisions and the entry of judgment on any award rendered hereunder. Should such court for any reason lack jurisdiction, any court with jurisdiction may act in the same fashion. 

18.6.13 Each Party has the right to seek from the appropriate court provisional remedies such as attachment, preliminary injunction, replevin,
etc. to avoid irreparable harm, maintain the status quo, or preserve the subject matter of the Dispute. Rule 14 of the CPR Rules does not apply to this Agreement 

18.7 Patent Controversies. Notwithstanding anything in this Agreement to the contrary, any Patent Controversy shall be subject to
adjudication in accordance with the Applicable Laws of the country or jurisdiction in which the relevant Patent Right is pending or has been issued. The Parties agree that the venue of any such adjudication involving a Patent Right pending in or
issued by the United States shall be a U.S. Federal District Court (or appellate body, as necessary) sitting in New York, and for a Patent Right pending in or issued by any other country, any competent court having jurisdiction over the subject of
the 

  
 39 

 
Patent Controversy sitting in the capital of such country (or if there is not any such competent court in the capital, a location reasonably proximate to the capital), and each Party irrevocably
submits to the jurisdiction of such court. Each Party agrees not to raise any objection at any time to the laying or maintaining of the venue of any action, suit or proceeding for such purpose in any such court, irrevocably waives any claim that
such action, suit or other proceeding has been brought in an inconvenient forum, including any forum non conveniens argument, and further irrevocably waives the right to object, with respect to such action, suit or other proceeding, that such court
does not have any jurisdiction over such Party. 
 18.8 Interim or Provisional Relief. Nothing in this Agreement shall preclude either
Party from seeking interim or provisional relief in any court of competent jurisdiction, including a temporary restraining order, preliminary injunction or other interim equitable relief concerning a Dispute with the other Party, either prior to or
during the dispute resolution procedures set forth herein, to protect the interests of such Party. 
 18.9 Consent to Jurisdiction.
Each Party, for the purpose of enforcing an award hereunder or for seeking interim or provisional relief as contemplated herein with respect to any Disputed breach of this Agreement, agrees not to raise any objection at any time to the laying or
maintaining of the venue of any action, suit or proceeding for such purpose in any such court, irrevocably waives any claim that such action, suit or other proceeding has been brought in an inconvenient forum, and further irrevocably waives the
right to object, with respect to such action, suit or other proceeding, that such court does not have any jurisdiction over such Party. Each Party further agrees that service of any process, summons, notice or document by registered mail to such
Party’s notice address provided for in this Agreement shall be effective service of process for any action, suit or proceeding in the court with respect to any matters to which it has submitted to jurisdiction in this Section. 

18.10 Assignment. Neither Party may assign its rights or obligations under this Agreement absent the prior written consent of the other
Party, except to any of its Affiliates or in the context of a merger, acquisition, sale or other transaction involving all or substantially all of the assets related to this Agreement of the Party seeking to assign, in which case such Party shall
assign its rights and obligations under this Agreement. Any permitted assignment shall be binding on the successors of the assigning Party. 

18.11 Debarment. Each Party represents and warrants that it has never been debarred under 21 U.S.C. § 335a, disqualified
under 21 C.F.R. § 312.70 or § 12.119, sanctioned by a Federal Health Care Program (as defined in 42 U.S.C § 1320a-7b(f)), including without limitation the federal
Medicare or a state Medicaid program, or debarred, suspended, excluded or otherwise declared ineligible from any other similar Federal or state agency or program. In the event a Party receives notice of debarment, suspension, sanction, exclusion,
ineligibility or disqualification under the above-referenced statutes, such Party shall immediately notify the other Party in writing and the notified Party shall have the right, but not the obligation, to
terminate this Agreement, effective, at such Party’s option, immediately or at a specified future date. 
 18.12 Independent
Contractor. No employee or representative of either Party shall have any authority to bind or obligate the other Party to this Agreement for any sum or in any manner whatsoever or to create or impose any contractual or other liability on the
other Party without said Party’s prior written approval. For all purposes, and not- withstanding any other provision of this Agreement to the contrary, the legal relationship between C4T and Calico under
this Agreement shall be that of independent contractor, and nothing contained in this Agreement shall be deemed or construed to create a partnership, joint venture, employment, franchise, agency or fiduciary relationship between the Parties. 

  
 40 

 18.13 Unenforceable Provisions and Severability. If any of the provisions of this
Agreement are held to be void or unenforceable, then such void or unenforceable provisions shall be replaced by valid and enforceable provisions that will achieve as far as possible the economic business intentions of the Parties. However the
remainder of this Agreement will remain in full force and effect. 
 18.14 Waiver. The failure or delay by either Party to require
strict performance and/or observance of any obligation, term, provision or condition under this Agreement will neither constitute a waiver thereof nor affect in any way the right of the respective Party to require such performance and/or observance.
The waiver by either Party of a breach of any obligation, term, provision or condition hereunder shall not constitute a waiver of any subsequent breach thereof or of any other obligation, term, provision or condition. 

18.15 Appendices. All Appendices to this Agreement shall form an integral part to this Agreement. 

18.16 Entire Understanding. This Agreement contains the entire understanding between the Parties hereto with respect to the within
subject matter and supersedes any and all prior agreements, understandings and arrangements, whether written or oral. 
 18.17
Amendments. No amendments of the terms and conditions of this Agreement shall be binding upon either Party hereto unless in writing and signed by both Parties. 

18.18 Invoices. All invoices that are required or permitted hereunder shall be in writing and sent by C4T to Calico at the following
address or such other address as Calico may later provide: 
 Calico Life Sciences LLC 

Accounts Payable 
 1170 Veterans
Blvd 
 South San Francisco, CA 94080 

18.19 Notice. All notices that are required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by
facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by nationally recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed
as follows: 

  
 41 

					
	                    	 	if to C4T, to:	  	 C4 Therapeutics, Inc.
 675 W. Kendall Street

Cambridge, MA 02142
 U.S.A.

Facsimile No.: [ ]
 Attn: Thomas Needham

Chief Business Officer
 tneedham@c4therapeutics.com

			
		 	and:	  	 Goodwin Procter LLP
 100 Northern Avenue

Boston, Massachusetts 02210
 U.S.A.

Facsimile No.: 617 801-8917
 Attn: Lawrence S. Wittenberg

lwittenberg@goodwinlaw.com

			
		 	if to Calico, to:	  	 Calico Life Sciences LLC
 1170 Veterans Blvd

South San Francisco, CA 94080
 Attn: Hal Barron

President of Research and Development

			
		 	and:	  	 Fenwick & West LLP
 555 California Street,
13th Floor
 San Francisco, CA 94104

Facsimile No.: 415 281-1350
 Attn: Jake Handy

jhandy@fenwick.com

 or to such other address as the Party to whom notice is to be given may have furnished to the other Party in writing in
accordance herewith. 
 [Signature Page Follows] 

  
 42 

 IN WITNESS WHEREOF, the Parties have entered into this Agreement as of the Effective
Date. 
  

			
	C4 Therapeutics, Inc.
		
	By:	 	 /s/ Andrew J. Phillips

		 	Name: Andrew J. Phillips, Ph.D
		 	Title: President and Chief Scientific Officer
	
	Calico Life Sciences LLC
		
	By:	 	 /s/ Hal Barron

		 	Name: Hal Barron
		 	Title: President of R&D

  
 [Signature Page to
License Agreement] 

 Appendix 1.26 

Collaboration Targets 

[Omitted] 

 Appendix 1.57 

Joint Research Plan 

[Omitted] 

 Appendix 1.62 

Licensed Patents 

[Omitted] 

 Appendix 3.1.3 

Target Evaluation Research Plan 

[Omitted] 

 Appendix 15.3 

Press Release 
 [Omitted]EX-10.13

 Exhibit 10.13 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN
EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED. 
  

 
  

CREDIT AGREEMENT AND GUARANTY 

DATED AS OF 

JUNE 5, 2020 

AMONG 
 C4
THERAPEUTICS, INC., 
 AS THE BORROWER, 

THE GUARANTORS FROM TIME TO TIME PARTY
HERETO, 
 AS GUARANTORS 

THE LENDERS FROM TIME TO TIME PARTY
HERETO, 
 AS LENDERS 

AND 

PERCEPTIVE CREDIT HOLDINGS III, LP, 

AND ITS SUCCESSORS AND ASSIGNS PARTY
HERETO, 
 AS ADMINISTRATIVE AGENT AND AS
A LENDER 
 $20,000,000 
  

 
  

 TABLE OF CONTENTS 

 

							
	 SECTION
	  	HEADING	  	 	PAGE	 
	 ARTICLE I
	  	 DEFINITIONS
	  	 	1	 
			
	 Section 1.01.
	  	Certain Defined Terms	  	 	1	 
	 Section 1.02.
	  	Accounting Terms and Principles	  	 	26	 
	 Section 1.03.
	  	Interpretation	  	 	27	 
	 Section 1.04.
	  	Divisions	  	 	27	 
			
	 ARTICLE 2
	  	 THE COMMITMENTS
	  	 	28	 
			
	 Section 2.01.
	  	Term Loans	  	 	28	 
	 Section 2.02.
	  	Proportionate Shares	  	 	29	 
	 Section 2.03.
	  	Fees	  	 	29	 
	 Section 2.04.
	  	Notes	  	 	29	 
	 Section 2.05.
	  	Use of Proceeds	  	 	29	 
			
	 ARTICLE 3
	  	 PAYMENTS OF PRINCIPAL AND
INTEREST
	  	 	29	 
			
	 Section 3.01.
	  	Repayment	  	 	29	 
	 Section 3.02.
	  	Interest	  	 	29	 
	 Section 3.03.
	  	Prepayments	  	 	31	 
			
	 ARTICLE 4
	  	 PAYMENTS, ETC.
	  	 	32	 
			
	 Section 4.01.
	  	Payments	  	 	32	 
	 Section 4.02.
	  	Computations	  	 	33	 
	 Section 4.03.
	  	Notices	  	 	33	 
	 Section 4.04.
	  	Set-Off	  	 	34	 
			
	 ARTICLE 5
	  	 YIELD PROTECTION, ETC.
	  	 	34	 
			
	 Section 5.01.
	  	Additional Costs	  	 	34	 
	 Section 5.02.
	  	Illegality	  	 	35	 
	 Section 5.03.
	  	Taxes	  	 	36	 
	 Section 5.04.
	  	Delay in Requests	  	 	40	 
			
	 ARTICLE 6
	  	 CONDITIONS PRECEDENT
	  	 	40	 
			
	 Section 6.01.
	  	Conditions to Tranche A Term Loan; Closing Date	  	 	40	 
	 Section 6.02.
	  	Conditions to Tranche B Term Loan; Tranche B Term Loan Borrowing Date	  	 	43	 
			
	 ARTICLE 7
	  	 REPRESENTATIONS AND WARRANTIES
	  	 	44	 
			
	 Section 7.01.
	  	Power and Authority	  	 	44	 
	 Section 7.02.
	  	Authorization; Enforceability	  	 	44	 
	 Section 7.03.
	  	Governmental and Other Approvals; No Conflicts	  	 	44	 

  
 -i- 

							
	 Section 7.04.
	  	Financial Statements; Material Adverse Change	  	 	45	 
	 Section 7.05.
	  	Properties	  	 	45	 
	 Section 7.06.
	  	No Actions or Proceedings	  	 	46	 
	 Section 7.07.
	  	Compliance with Laws and Agreements	  	 	47	 
	 Section 7.08.
	  	Taxes	  	 	47	 
	 Section 7.09.
	  	Full Disclosure	  	 	47	 
	 Section 7.10.
	  	Regulation	  	 	47	 
	 Section 7.11.
	  	Solvency	  	 	48	 
	 Section 7.12.
	  	Subsidiaries	  	 	48	 
	 Section 7.13.
	  	Indebtedness and Liens	  	 	48	 
	 Section 7.14.
	  	Material Agreements	  	 	48	 
	 Section 7.15.
	  	Restrictive Agreements	  	 	48	 
	 Section 7.16.
	  	Real Property	  	 	48	 
	 Section 7.17.
	  	Pension and Other Plans	  	 	48	 
	 Section 7.18.
	  	Collateral; Security Interest	  	 	49	 
	 Section 7.19.
	  	Regulatory Approvals	  	 	49	 
	 Section 7.20.
	  	Capitalization	  	 	51	 
	 Section 7.21.
	  	Insurance	  	 	52	 
	 Section 7.22.
	  	Certain Fees	  	 	52	 
	 Section 7.23.
	  	Sanctions Laws	  	 	52	 
	 Section 7.24.
	  	Anti-Corruption Laws	  	 	52	 
	 Section 7.25.
	  	Anti-Terrorism Laws	  	 	52	 
	 Section 7.26.
	  	Royalty and Other Payments	  	 	52	 
			
	 ARTICLE 8
	  	 AFFIRMATIVE COVENANTS AND FINANCIAL
COVENANTS
	  	 	52	 
			
	 Section 8.01.
	  	Financial Statements and Other Information	  	 	52	 
	 Section 8.02.
	  	Notices of Material Events	  	 	55	 
	 Section 8.03.
	  	Existence; Maintenance of Properties, Etc.	  	 	57	 
	 Section 8.04.
	  	Payment of Obligations	  	 	58	 
	 Section 8.05.
	  	Insurance	  	 	58	 
	 Section 8.06.
	  	Books and Records; Inspection Rights	  	 	58	 
	 Section 8.07.
	  	Compliance with Laws	  	 	59	 
	 Section 8.08.
	  	Licenses	  	 	59	 
	 Section 8.09.
	  	Action under Environmental Laws	  	 	59	 
	 Section 8.10.
	  	Use of Proceeds	  	 	59	 
	 Section 8.11.
	  	Certain Obligations Respecting Subsidiaries; Further Assurances; Intellectual Property	  	 	59	 
	 Section 8.12.
	  	Termination of Non-Permitted Liens	  	 	61	 
	 Section 8.13.
	  	Non-Consolidation	  	 	61	 
	 Section 8.14.
	  	Anti-Terrorism and Anti-Corruption Laws	  	 	61	 
	 Section 8.15.
	  	Minimum Liquidity	  	 	61	 
	 Section 8.16.
	  	Maintenance of Regulatory Approvals, Contracts, Intellectual Property, Etc.	  	 	61	 
	 Section 8.17.
	  	Cash Management	  	 	61	 
	 Section 8.18.
	  	Milestone	  	 	62	 

  
 -ii- 

							
	 Section 8.19.
	  	Certain Post-Closing Obligations	  	 	62	 
			
	 ARTICLE 9
	  	 NEGATIVE COVENANTS
	  	 	62	 
			
	 Section 9.01.
	  	Indebtedness	  	 	62	 
	 Section 9.02.
	  	Liens	  	 	63	 
	 Section 9.03.
	  	Fundamental Changes and Acquisitions	  	 	65	 
	 Section 9.04.
	  	Lines of Business	  	 	65	 
	 Section 9.05.
	  	Investments	  	 	65	 
	 Section 9.06.
	  	Restricted Payments	  	 	67	 
	 Section 9.07.
	  	Payments of Indebtedness	  	 	67	 
	 Section 9.08.
	  	Change in Fiscal Year	  	 	67	 
	 Section 9.09.
	  	Sales of Assets, Etc.	  	 	68	 
	 Section 9.10.
	  	Transactions with Affiliates	  	 	68	 
	 Section 9.11.
	  	Restrictive Agreements	  	 	69	 
	 Section 9.12.
	  	Organizational Documents, Material Agreements	  	 	69	 
	 Section 9.13.
	  	Operating Leases	  	 	69	 
	 Section 9.14.
	  	Sales and Leasebacks	  	 	70	 
	 Section 9.15.
	  	Hazardous Material	  	 	70	 
	 Section 9.16.
	  	Accounting Changes	  	 	70	 
	 Section 9.17.
	  	Compliance with ERISA	  	 	70	 
	 Section 9.18.
	  	Deposit Accounts	  	 	70	 
	 Section 9.19.
	  	Outbound Licenses	  	 	70	 
	 Section 9.20.
	  	Inbound Licenses	  	 	70	 
	 Section 9.21.
	  	Activities of Securities Subsidiary	  	 	71	 
			
	 ARTICLE 10
	  	 EVENTS OF DEFAULT
	  	 	71	 
			
	 Section 10.01.
	  	Events of Default	  	 	71	 
	 Section 10.02.
	  	Remedies	  	 	74	 
	 Section 10.03.
	  	Prepayment Fee and Redemption Price	  	 	74	 
			
	 ARTICLE 11
	  	 GUARANTEE
	  	 	75	 
			
	 Section 11.01.
	  	The Guarantee	  	 	75	 
	 Section 11.02.
	  	Obligations Unconditional	  	 	75	 
	 Section 11.03.
	  	Reinstatement	  	 	76	 
	 Section 11.04.
	  	Subrogation	  	 	76	 
	 Section 11.05.
	  	Remedies	  	 	76	 
	 Section 11.06.
	  	Instrument for the Payment of Money	  	 	76	 
	 Section 11.07.
	  	Continuing Guarantee	  	 	77	 
	 Section 11.08.
	  	Rights of Contribution	  	 	77	 
	 Section 11.09.
	  	General Limitation on Guarantee Obligations	  	 	77	 
			
	 ARTICLE 12
	  	 ADMINISTRATIVE AGENT
	  	 	78	 
			
	 Section 12.01.
	  	Appointment	  	 	78	 
	 Section 12.02.
	  	Rights as a Lender	  	 	78	 

  
 -iii- 

							
	 Section 12.03.
	  	Exculpatory Provisions	  	 	78	 
	 Section 12.04.
	  	Reliance by Administrative Agent	  	 	79	 
	 Section 12.05.
	  	Delegation of Duties	  	 	80	 
	 Section 12.06.
	  	Resignation of Agent	  	 	80	 
	 Section 12.07.
	  	Non-Reliance on Administrative Agent and Other Lenders	  	 	81	 
	 Section 12.08.
	  	Administrative Agent May File Proofs of Claim	  	 	81	 
	 Section 12.09.
	  	Collateral and Guaranty Matters; Appointment of Collateral Agent	  	 	81	 
			
	 ARTICLE 13
	  	 MISCELLANEOUS
	  	 	82	 
			
	 Section 13.01.
	  	No Waiver	  	 	82	 
	 Section 13.02.
	  	Notices	  	 	83	 
	 Section 13.03.
	  	Expenses, Indemnification, Etc.	  	 	83	 
	 Section 13.04.
	  	Amendments, Etc.	  	 	84	 
	 Section 13.05.
	  	Successors and Assigns	  	 	85	 
	 Section 13.06.
	  	Survival	  	 	88	 
	 Section 13.07.
	  	Captions	  	 	88	 
	 Section 13.08.
	  	Counterparts	  	 	88	 
	 Section 13.09.
	  	Governing Law	  	 	88	 
	 Section 13.10.
	  	Jurisdiction, Service of Process and Venue	  	 	89	 
	 Section 13.11.
	  	Waiver of Jury Trial	  	 	89	 
	 Section 13.12.
	  	Waiver of Immunity	  	 	89	 
	 Section 13.13.
	  	Entire Agreement	  	 	89	 
	 Section 13.14.
	  	Severability	  	 	90	 
	 Section 13.15.
	  	No Fiduciary Relationship	  	 	90	 
	 Section 13.16.
	  	USA Patriot Act	  	 	90	 
	 Section 13.17.
	  	Treatment of Certain Information; Confidentiality	  	 	90	 
	 Section 13.18.
	  	Releases of Guarantees and Liens	  	 	91	 
	 Section 13.19.
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	91	 

 SCHEDULES: 
  

					
	 SCHEDULE 1.01A
	 	—	  	 Commitments and Warrant Shares

	 SCHEDULE 1.01B
	 	—	  	 Permitted Investors

	 SCHEDULE 7.05(b)
	 	—	  	 Obligor Intellectual Property

	 SCHEDULE 7.13A
	 	—	  	 Existing Indebtedness

	 SCHEDULE 7.13B
	 	—	  	 Existing Liens

	 SCHEDULE 7.14
	 	—  	  	 Material Agreements

	 SCHEDULE 7.15
	 	—	  	 Restrictive Agreements

	 SCHEDULE 7.16
	 	—	  	 Real Property

	 SCHEDULE 7.17
	 	—	  	 Pension Matters

	 SCHEDULE 7.19(b)
	 	—	  	 Regulatory Approvals

  
 -iv- 

					
	 SCHEDULE 7.20
	 	—	  	 Capitalization

	 SCHEDULE 7.22
	 	—  	  	 Broker’s Fee

	 SCHEDULE 7.26
	 	—	  	 Royalty and Other Payments

	 SCHEDULE 8.19
	 	—	  	 Post-Closing Obligations

	 SCHEDULE 9.05
	 	—	  	 Existing Investments

	 SCHEDULE 9.10
	 	—	  	 Transactions with Affiliates

			
	 EXHIBITS:
	 		  	
			
	 EXHIBIT A
	 	—	  	 Form of Guarantee Assumption Agreement

	 EXHIBIT B
	 	—	  	 Form of Note

	 EXHIBIT C
	 	—	  	 Form of U.S. Tax Compliance Certificate

	 EXHIBIT D
	 	—	  	 Form of Compliance Certificate

	 EXHIBIT E
	 	—	  	 Form of Assignment Agreement

	 EXHIBIT F
	 	—	  	 Form of Sources and Uses Certificate

	 EXHIBIT G
	 	—	  	 Form of Security Agreement

	 EXHIBIT H
	 	—	  	 Form of Collateral Questionnaire

	 EXHIBIT I
	 	—	  	 Form of Borrowing Notice

  

  
 -v- 

 CREDIT AGREEMENT AND GUARANTY,
dated as of June 5, 2020 (this “Agreement”), among C4 THERAPEUTICS, INC., a Delaware corporation (the “Borrower”), certain Guarantors from time to time parties hereto,
PERCEPTIVE CREDIT HOLDINGS III, LP, a Delaware limited partnership (“Perceptive”), as a lender (together with its successors and assigns party hereto pursuant to Section 13.05, the
“Lenders” and each a “Lender”) and as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the “Administrative Agent”). 

WITNESSETH: 

The Borrower has requested the Lenders to make term loans to the Borrower, and the Lenders are prepared to make such loans on and subject to
the terms and conditions hereof. Accordingly, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01. Certain Defined Terms. As used herein, the
following terms have the following respective meanings: 
 “Accounting Change” has the meaning set forth
in Section 1.02. 
 “Accounting Change Notice” has the meaning set forth in Section 1.02. 

“Acquisition” means any transaction, or any series of related transactions, by which any Person directly or indirectly, by
means of a take-over bid, tender offer, amalgamation, merger, purchase of assets, or similar transaction having the same effect as any of the foregoing, (a) acquires all or substantially all of the assets
of any Person engaged in any business, (b) acquires all or substantially all of a business line or unit or division of any other Person, (c) acquires control of securities of a Person engaged in a business representing more than 50% of the
ordinary voting power (determined on a fully-diluted basis) for the election of directors or other governing body if the business affairs of such Person are managed by a board of directors or other governing body, or (d) acquires control of
more than 50% of the ownership interest (determined on a fully-diluted basis) in any Person engaged in any business that is not managed by a board of directors or other governing body. 

“Act” has the meaning set forth in Section 13.16. 

“Administrative Agent” has the meaning set forth in the introduction hereto. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

 “Agreement” has the meaning set forth in the introduction hereto. 

“Anti-Corruption Laws” means all laws, rules and regulations of any
jurisdiction applicable to the Obligors and their Affiliates concerning or relating to bribery or corruption, including, without limitation, the Foreign Corrupt Practices Act of 1977, as amended. 

“Anti-Terrorism Laws” means any laws or regulations relating to terrorism or
money laundering, including, without limitation the Bank Secrecy Act (31 U.S.C. §§ 5311 et seq.), the Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956 et seq.), the USA Patriot Act and
any similar law enacted in the United States after the date of this Agreement. 
 “Applicable Margin” means 9.50% per
annum, as such percentage may be increased by Section 3.02(d). 
 “Approved Fund” has the meaning set forth in
Section 13.05(c). 
 “Asset Sale” has the meaning set forth in Section 9.09. 

“Assignment Agreement” means an assignment and assumption entered into by a Lender and an assignee of such Lender in
substantially the form of Exhibit E. 
 “Bail-In Action” means the
exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member
Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 
 “Bankruptcy Code” means Title 11 of the United
States Code entitled “Bankruptcy”. 
 “Benefit Plan” means any employee benefit plan as defined in
Section 3(3) of ERISA to which any Obligor or Subsidiary thereof incurs or otherwise has any obligation or liability, contingent or otherwise. 

“Borrower” has the meaning set forth in the introduction hereto. 

“Borrowing” means a borrowing consisting of the Tranche A Term Loan made by the Lenders on the Closing Date or the Tranche B
Term Loan made by the Lenders on the Tranche B Term Loan Borrowing Date. 
 “Borrowing Notice” means a notice substantially
in the form attached hereto as Exhibit I. 
 “Business Day” means a day (other than a Saturday or Sunday) on which
commercial banks are not authorized or not required to close in New York City and, when determined in connection with notices and determinations in respect of LIBOR or any Term Loan or any funding, Interest Period or any payments in respect of
the Term Loans, that is also a day on which dealings in dollar deposits are carried on in the London interbank market. 

  
 -2- 

 “Capital Lease Obligations” means, as to any Person, the obligations of
such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or personal Property which obligations are required to be classified and accounted for as a capital lease on a balance sheet of such
Person under GAAP and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined substantially in accordance with GAAP; provided that any obligations that were not required to be
included on the balance sheet of such Person as capital lease obligations when incurred (whether now outstanding or at any time incurred or entered into) but are subsequently re-characterized as capital lease
obligations due to a change in accounting rules under GAAP after the Closing Date shall for all purposes hereunder not be treated as a Capital Lease Obligation. 

“Casualty Event” means any actual or constructive loss, condemnation, destruction, confiscation, requisition, seizure or
forfeiture of all or any material portion of the assets of the Borrower or any other Obligor, excluding only those assets, individually or in the aggregate, subject to any such event during any calendar year with a fair market value as of the date
thereof equal to or less than $500,000. 
 “Change of Control” means (a) prior to a Qualified Public Offering, any
“person” or “group” (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the date hereof), other than the Permitted Investors, shall own, directly or indirectly,
beneficially or of record, shares representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Borrower, (b) after a Qualified Public Offering, any “person” or
“group” (within the meaning of Rule 13d-5 of the Exchange Act as in effect on the date hereof) shall own, directly or indirectly, beneficially or of record, shares representing more than 45% of the
aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Borrower, (c) during any period of twelve (12) consecutive calendar months, the occupation of a majority of the seats (other than vacant seats)
on the board of directors of Borrower by Persons who were neither (i) nominated by the board of directors of Borrower, nor (ii) appointed by directors on the board of directors on the Closing Date, or (d) Borrower shall cease to
directly own, beneficially and of record, 100% of the issued and outstanding Equity Interests of each Subsidiary (determined on a fully diluted basis). 

“Claims” includes claims, litigation, demands, complaints, grievances, actions, applications, suits, causes of action,
orders, charges, indictments, prosecutions, information (brought by a public prosecutor without grand jury indictment) or other similar processes, assessments or reassessments. 

“Closing Date” means the date hereof. 

“Closing Fee” has the meaning set forth in Section 2.03. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  
 -3- 

 “Collateral” means any Property in which a Lien is purported to be granted
under any of the Security Documents (or all such Property, as the context may require). 
 “Collateral Questionnaire” means
that certain Collateral Questionnaire and certification by a Responsible Officer of the Borrower substantially in the form of attached hereto as Exhibit H. 

“Commitment” means, with respect to each Lender, such Lender’s Tranche A Term Loan Commitment and Tranche B Term Loan
Commitment, and “Commitments” means all such commitments of all Lenders. The aggregate amount of the Commitments as of the Closing Date is $20,000,000. 

“Commodity Account” has the meaning set forth in the Security Agreement. 

“Competitor” means any Person that is a bona fide direct competitor of any Obligor in the same industry or a substantially
similar industry which offers a substantially similar product or service as any Obligor; provided that no Lender or Affiliate of a Lender shall be deemed to be a direct competitor of any Obligor as a result of such Lender or Affiliate of
such Lender being an investor in, owning or managing a business that may be a competitor of any Obligor. 
 “Compliance
Certificate” has the meaning set forth in Section 8.01(d). 
 “Connection Income Taxes” means Other
Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 

“Contract Manufacturer” means each third party contract manufacturer or development partner involved in the development,
manufacture or distribution of a Product. 
 “Contracts” means any contract, license, instrument, lease, agreement,
obligation, promise, undertaking, understanding, arrangement, document, commitment, entitlement or engagement under which a Person has, or will have, any liability or contingent liability (in each case, whether written or oral, expressed or implied,
and whether in respect of monetary or payment obligations, performance obligations or otherwise), excluding the Loan Documents. 

“Control” means, with respect to any particular Person, the possession by one or more other Persons, directly or indirectly,
of the power to direct or cause the direction of the management or policies of such particular Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto. 
 “Controlled Account” has the meaning set forth in Section 8.17(a). 

“Copyrights” has the meaning set forth in the Security Agreement. 

“Default” means any Event of Default and any event that, upon the giving of notice, the lapse of time or both, would
constitute an Event of Default. 

  
 -4- 

 “Default Rate” has the meaning set forth in Section 3.02(d). 

“Deposit Account” has the meaning set forth in the Security Agreement and relates to such accounts located and/or maintained
in the United States of America. 
 “Designated Person” means a person or entity: 

(a) listed in the annex to, or otherwise targeted by the provisions of, the Executive Order (as disclosed by World-Check or another reputable commercially available database); 
 (b) named as a
“Specially Designated National and Blocked Person” on the most current list published by OFAC at its official website or any replacement website or other replacement official publication of such list (as disclosed by World-Check or another reputable commercially available database); or 
 (c) with which the
Lenders are prohibited from dealing or otherwise engaging in any transaction by any Economic Sanctions Laws. 
 “Disqualified Equity
Interests” means, with respect to any Person, any Equity Interest of such Person that, by its terms (or by the terms of any security or other Equity Interest into which it is convertible or for which it is exchangeable upon exercise or
otherwise), or upon the happening of any event or condition (i) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), including pursuant to a sinking fund obligation or otherwise, (ii) is redeemable at
the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (iii) provides for the scheduled payments of dividends or other distributions in cash or other securities that would constitute
Disqualified Equity Interests, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is one hundred and
eighty (180) days after the Stated Maturity Date; provided that, if such Equity Interests are issued pursuant to any plan for the benefit of directors, officers, employees or consultants of such Person or by any such plan to such
directors, officers, employees or consultants, such Equity Interests shall not constitute Disqualified Equity Interests solely because they may be required to be repurchased by such Person upon the death, disability, retirement or termination of
employment or service of such director, officer, employee or consultant. 
 “Domestic Subsidiary” means any Subsidiary that
is organized under the laws of the United States, any state thereof or the District of Columbia. 
 “EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an
institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is
subject to consolidated supervision with its parent. 

  
 -5- 

 “EEA Member Country” means any of the member states of the European Union,
Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Economic Sanctions Laws” means: 

(a) the Executive Order, the International Emergency Economic Powers Act (50 U.S.C. §§ 1701
et seq.), the Trading with the Enemy Act (50 U.S.C. App. §§ 1 et seq.), any other law or regulation promulgated thereunder from time to time and administered by OFAC and any
similar law enacted in the United States after the date of this Agreement; and 
 (b) any other similar applicable law now or
hereafter enacted in any other applicable jurisdiction. 
 “Environmental Law” means any federal, state, provincial or
local governmental law, rule, regulation, order, writ, judgment, injunction or decree relating to pollution or protection of the environment or the treatment, storage, disposal, release, threatened release or handling of hazardous materials, and all
local laws and regulations related to environmental matters and any specific agreements entered into with any competent authorities which include commitments related to environmental matters. 

“Equity Interest” means, with respect to any Person, any and all shares, interests, participations or other equivalents,
including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, but excluding debt securities convertible or exchangeable into such equity. 

“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended. 

“ERISA Affiliate” means, collectively, any Obligor, Subsidiary thereof, and any Person under common control, or treated as a
single employer, with any Obligor or Subsidiary thereof, within the meaning of Section 414(b), (c), (m) or (o) of the Code. 

“ERISA Event” means (i) a reportable event as defined in Section 4043 of ERISA with respect to a Title IV
Plan, excluding, however, such events as to which the PBGC by regulation has waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event; (ii) the applicability of the
requirements of Section 4043(b) of ERISA with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, to any Title IV Plan where an event described in paragraph (9), (10), (11), (12) or (13) of
Section 4043(c) of ERISA is reasonably expected to occur with respect to such plan within the following thirty 

  
 -6- 

 
(30) days; (iii) a withdrawal by any Obligor or any ERISA Affiliate thereof from a Title IV Plan or the termination of any Title IV Plan resulting in liability under
Sections 4063 or 4064 of ERISA; (iv) the withdrawal of any Obligor or any ERISA Affiliate thereof in a complete or partial withdrawal (within the meaning of Section 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any
potential liability therefore, or the receipt by any Obligor or any ERISA Affiliate thereof of notice from any Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA; (v) the filing of a
notice of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Title IV Plan or Multiemployer Plan; (vi) the
imposition of liability on any Obligor or any ERISA Affiliate thereof pursuant to Sections 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (vii) the failure by any Obligor or any ERISA Affiliate
thereof to make any required contribution to a Plan, or the failure to meet the minimum funding standard of Section 412 of the Code with respect to any Title IV Plan (whether or not waived in accordance with Section 412(c) of the
Code) or the failure to make by its due date a required installment under Section 430 of the Code with respect to any Title IV Plan or the failure to make any required contribution to a Multiemployer Plan; (viii) the determination
that any Title IV Plan is considered an at-risk plan or a plan in endangered to critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA;
(ix) an event or condition which might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan;
(x) the imposition of any liability under Title I or Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Obligor or any ERISA Affiliate thereof; (xi) an application for a
funding waiver under Section 303 of ERISA or an extension of any amortization period pursuant to Section 412 of the Code with respect to any Title IV Plan; (xii) the occurrence of a
non-exempt prohibited transaction under Sections 406 or 407 of ERISA for which any Obligor or any Subsidiary thereof may be directly or indirectly liable; (xiii) a violation of the applicable
requirements of Section 404 or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the Code by any fiduciary or disqualified person for which any Obligor or any ERISA Affiliate thereof may be directly or indirectly liable;
(xiv) the occurrence of an act or omission which could give rise to the imposition on any Obligor or any ERISA Affiliate thereof of fines, penalties, Taxes or related charges under Chapter 43 of the Code or under Sections 409, 502(c),
(i) or (1) or 4071 of ERISA; (xv) the assertion of a material claim (other than routine claims for benefits) against any Plan or the assets thereof, or against any Obligor or any Subsidiary thereof in connection with any such plan;
(xvi) receipt from the IRS of notice of the failure of any Qualified Plan to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Qualified Plan to fail to qualify for exemption from taxation under
Section 501(a) of the Code; (xvii) the imposition of any lien (or the fulfillment of the conditions for the imposition of any lien) on any of the rights, properties or assets of any Obligor or any ERISA Affiliate thereof, in either case
pursuant to Title I or IV, including Section 302(f) or 303(k) of ERISA or to Section 401(a)(29) or 430(k) of the Code; or (xviii) the establishment or amendment by any Obligor or any Subsidiary thereof of any “welfare
plan,” as such term is defined in Section 3(1) of ERISA, that provides post-employment welfare benefits in a manner that would increase the liability of any Obligor, other than those benefits
required under the Consolidated Omnibus Budget Reconciliation Act. 

  
 -7- 

 “ERISA Funding Rules” means the rules regarding minimum required
contributions (including any installment payment thereof) to Title IV Plans, as set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 

“EU Bail-In Legislation Schedule” means the EU
Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 

“Event of Default” has the meaning set forth in Section 10.01. 

“Excess Funding Guarantor” has the meaning set forth in Section 11.08. 

“Excess Payment” has the meaning set forth in Section 11.08. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Excluded Accounts” means deposit accounts exclusively used for payroll, payroll taxes and other employee wage and
benefit payments to or for the benefit of the employees of the Borrower and its Subsidiaries and deposit accounts holding in trust funds not owned by Borrower or its Subsidiaries. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes in each case (i) imposed as a result of such Recipient being organized under the laws
of, or having its principal office or, in the case of a Lender, its applicable lending office located in, the jurisdiction imposing such Tax or (ii) that are Other Connection Taxes, (b) any U.S. federal withholding Taxes that are
imposed on amounts payable to Lender to the extent that the obligation to withhold amounts existed on the date that (i) Lender became a “Lender” under this Agreement or (ii) Lender changes its lending office, except in each case
to the extent Lender is a direct or indirect assignee of any other Lender that was entitled, at the time the assignment of such other Lender became effective, to receive additional amounts under Section 5.03 or Lender was entitled to receive
additional amounts under Section 5.03 immediately before it changed its lending office, (c) any Taxes imposed in connection with FATCA, and (d) Taxes attributable to such Recipient’s failure to comply with Section 5.03(e).

 “Executive Order” means the US Executive Order No. 13224 on Blocking Property and Prohibiting Transactions with
Persons who commit, Threaten to Commit, or Support Terrorism. 
 “Expense Deposit” means a cash deposit in the amount of
$50,000 made by the Borrower to an Affiliate of Perceptive Advisors LLC pursuant to the Proposal Letter for the prepayment of the Lenders’ reasonable and documented
out-of-pocket costs and expenses (payable pursuant to Section 13.03(a) and/or the Proposal Letter) incurred prior to the Closing Date. 

  
 -8- 

 “FATCA” means Sections 1471 through 1474 of the Code, as of the date of
this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to
Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the
implementation of the foregoing. 
 “FD&C Act” means the U.S. Food, Drug and Cosmetic Act of 1938 (or any successor
thereto), as amended from time to time, and the rules, regulations, guidelines, guidance documents and compliance policy guides issued or promulgated thereunder. 

“FDA” means the U.S. Food and Drug Administration and any successor entity. 

“FDA Laws” means (i) the FD&C Act and its implementing regulations; (ii) the Federal Controlled Substances Act
and its implementing regulations; (iii) the Controlled Substances Import and Export Act and its implementing regulations; (iv) all terms and conditions of any pending or approved Product Authorization; (v) any state board of pharmacy
Laws; (vi) any state Laws pertaining the possession, distribution, or use of controlled substances; (vii) any other applicable Laws of any jurisdiction governing the research, development and approval, testing, manufacturing, processing,
handling, packaging, labeling, storage, advertising, promotion, marketing, sale and distribution of drugs, medical devices or “combination products” (as defined at 21 CFR 3.2); and (viii) all other applicable Laws administered or
issued by the FDA. 
 “Federal Health Care Program” has the meaning specified in Section 1128B(f) of the Social
Security Act and includes the programs commonly known as Medicare, Medicaid, TRICARE and CHAMPVA. 
 “Financial Forecast”
has the meaning set forth in Section 8.01(i) 
 “Foreign Lender” means a Lender that is not a U.S. Person. 

“Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time, set
forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, in the statements and pronouncements of the Financial Accounting Standards Board and in such other statements by
such other entity as may be in general use by significant segments of the accounting profession that are applicable to the circumstances as of the date of determination. Subject to Section 1.02, all references to “GAAP” shall be to
GAAP applied consistently with the principles used in the preparation of the financial statements described in Section 7.04(a). 

“Governmental Approval” means any consent, authorization, approval, order, license, franchise, permit, certification,
accreditation, registration, clearance, exemption, filing or notice that is issued or granted by or from (or pursuant to any act of) any Governmental Authority, including any application or submission related to any of the foregoing. 

  
 -9- 

 “Governmental Authority” means any nation, government, branch of power
(whether executive, legislative or judicial), state, municipality or other political subdivision thereof and any entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining to government,
including without limitation Regulatory Authorities, governmental departments, agencies, commissions, bureaus, officials, ministers, courts, bodies, boards, tribunals and dispute settlement panels, and other
law-, rule- or regulation-making organizations or entities of any State, territory, county, city or other political subdivision
of the United States or any foreign country. 
 “Guarantee” of or by any Person (the “guarantor”) means
any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply
funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of
any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the Ordinary Course of Business. 

“Guarantee Assumption Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit A by an
entity that, pursuant to Section 8.11(a), is required to become a “Guarantor”. 
 “Guaranteed Obligations”
has the meaning set forth in Section 11.01. 
 “Guarantor” means, (i) initially, each of the Subsidiaries of the
Borrower listed as a Guarantor on the signature pages hereto and (ii) any other Subsidiary of the Borrower joined as a Guarantor from time to time pursuant to Section 8.11. For the avoidance of doubt, there are no Guarantors as of the
Closing Date. 
 “Hazardous Material” means any substance, element, chemical, compound, product, solid, gas, liquid, waste,
by-product, pollutant, contaminant or material which is hazardous or toxic, and includes, without limitation, (a) asbestos, polychlorinated biphenyls and petroleum (including crude oil or any fraction
thereof) and (b) any material classified or regulated as “hazardous” or “toxic” or words of like import pursuant to an Environmental Law. 

“Healthcare Laws” means, collectively, all Laws applicable to the business of the Borrower or any other Obligor regulating
the manufacturing, sale, distribution, labeling, marketing, promotion, export, or the provision of and payment for, health care products (including the Products), items and services, including but not limited to (i) all applicable Laws relating
to the privacy or security of consumer information, including but not limited to the Health Insurance Portability and Accountability Act of 1996 (Pub. L. No. 104-191) (“HIPAA”) and any
similar state 

  
 -10- 

 
laws; (ii) all applicable federal and state fraud and abuse Laws, including but not limited to the federal Anti-Kickback Statute (42 U.S.C. §1320a-7b(b) and any similar state laws), the federal Physician Self-Referral Prohibition (commonly referred to as the “Stark Law”) (42 U.S.C.
§ 1395nn and any similar state laws), the Civil Monetary Penalties Act (42 U.S.C. §1320a-7a), and the civil False Claims Act (31 U.S.C. §3729 et seq. and any
similar state laws); (iii) all applicable FDA Laws; (iv) the licensure and registration of drug or device manufacturers; and (v) all applicable rules and regulations promulgated under or pursuant to any of the foregoing. 

“Hedging Agreement” means any interest rate exchange agreement, foreign currency exchange agreement, commodity price
protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
 “IND” means
(x) an Investigational New Drug Application (as defined in the FD&C Act) that is required to be submitted to the FDA before beginning a clinical trial in human subjects, and (y) any similar application relating to any investigational
new drug or clinical trial required by any country, jurisdiction or Governmental Authority other than the FDA. 

“Indebtedness” of any Person means, without duplication, (i) all obligations of such Person for borrowed money,
(ii) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or similar instruments, (iii) all obligations of such Person upon which interest charges are customarily paid, (iv) all obligations of such
Person under conditional sale or other title retention agreements relating to Property acquired by such Person, (v) all obligations of such Person in respect of the deferred purchase price of Property or services (excluding accounts payable
incurred in the Ordinary Course of Business not overdue by more than one hundred twenty (120) days), (vi) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be
secured by) any Lien on Property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (vii) all Guarantees by such Person of Indebtedness of others, (viii) all Capital Lease Obligations of
such Person, (ix) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (x) obligations under any Hedging Agreement, currency swaps, forwards, futures or
derivatives transactions, (xi) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, and (xii) any Disqualified Equity Interests of such Person, and (xiii) all other obligations required to
be classified as indebtedness of such Person under GAAP. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable
therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Party” has the meaning set forth in Section 13.03(b). 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any Obligation and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“Information” has the meaning set forth in Section 13.17. 

  
 -11- 

 “Insolvency Proceeding” means (a) any case, action or proceeding
before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment
for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of any Person’s creditors generally or any substantial portion of such Person’s creditors, in each case undertaken
under U.S. Federal, state or foreign law, including the Bankruptcy Code. 
 “Intellectual Property” means, with respect to
any Person, all of such Person’s rights, title and interest in and to all Patents, Trademarks, Copyrights, industrial designs, Technical Information, whether registered or not and whether existing under U.S. or
non-U.S. Law or jurisdiction, including, without limitation, all: 
 (a)
applications, registrations, amendments and extensions relating to such Intellectual Property; 
 (b) rights and privileges
arising under any applicable Laws with respect to any Intellectual Property; 
 (c) rights to sue for or collect any damages
for any past, present or future infringements of any Intellectual Property; and 
 (d) rights of the same or similar effect
or nature as described above in any jurisdiction corresponding to any Intellectual Property throughout the world. 
 “Interest
Period” means, (a) initially, the period beginning on (and including) the Closing Date and ending on (and including) the last day of the calendar month in which the Closing Date occurs, and (b) thereafter, the period beginning on
(and including) the first day of each succeeding calendar month and ending on the earlier of (and including) (x) the last day of such calendar month and (y) the Maturity Date. 

“Invention” means any novel, inventive or useful art, apparatus, method, process, machine (including any article or device),
manufacture or composition of matter, or any novel, inventive and useful improvement in any art, method, process, machine (including any article or device), manufacture or composition of matter. 

“Investment” means, for any Person: (a) the acquisition (whether for cash, Property, services or securities or
otherwise) of Equity Interests, bonds, notes, debentures, partnership or other ownership interests or other securities of any other Person or any agreement to make any such acquisition (including any “short sale” or any sale of any
securities at a time when such securities are not owned by the Person entering into such sale); (b) the making of any deposit with, or advance, loan, assumption of debt or other extension of credit to, any other Person (including the purchase
of Property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such Property to such Person), but excluding any such advance, loan or extension of credit in the nature of an ordinary course trade
receivable having a term not exceeding one hundred twenty (120) days arising in connection with the sale of services, inventory or supplies by such Person in the Ordinary Course of Business; (c) the entering into of any Guarantee of, or

  
 -12- 

 
other contingent obligation with respect to, Indebtedness or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or extended to such Person;
(d) entering into any joint venture or (e) the entering into of any Hedging Agreement. The amount of an Investment will be determined at the time the Investment is made without giving effect to any subsequent changes in value. 

“IRS” means the U.S. Internal Revenue Service or any successor agency, and to the extent relevant, the U.S. Department of the
Treasury. 
 “Laws” means, collectively, all international, foreign, federal, state, provincial, territorial, municipal and
local statutes, treaties, rules, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of
law. 
 “Lenders” has the meaning set forth in the introduction hereto. 

“LIBOR” means, for any Interest Period, the rate per annum (rounded upwards if necessary, to the next 1/100%) equal to the
London interbank offered for one-month deposits in Dollars appearing on the appropriate Bloomberg screen or the Dow Jones Markets Telerate Page 3750 as of 11:00 a.m. (London time) two (2)
Business Days prior to the commencement of any Interest Period; provided, that in the event that such rate does not appear on the appropriate Bloomberg screen or the Dow Jones Markets Telerate Page 3750 (or otherwise on the Dow Jones Markets
screen) at such time, “LIBOR” shall be determined by reference to such other comparable publicly available service for displaying the offered rate for deposit in Dollars in the London interbank market as may be selected by the Majority
Lenders; provided, further, that in no event shall LIBOR be less than 1.75%. 
 “Lien” means any mortgage,
lien, pledge, charge or other security interest, or any lease, title retention agreement, mortgage, restriction, easement, right-of-way, option or adverse claim (of
ownership or possession) or other encumbrance of any kind or character whatsoever or any preferential arrangement that has the practical effect of creating a security interest. 

“Loan Documents” means, collectively, this Agreement, the Notes, the Security Documents, any Guarantee Assumption Agreement,
each Warrant and any subordination agreement, intercreditor agreement or other present or future document, instrument, agreement or certificate delivered to any Lender in connection with this Agreement or any of the other Loan Documents, in each
case, as amended, restated, supplemented or otherwise modified. 
 “Loan Exposure” means, with respect to any Lender, as of
any date of determination, the outstanding principal amount of such Lender’s portion of the Term Loans; provided, at any time prior to the making of the Term Loans, the Loan Exposure of any Lender shall be equal to such Lender’s
Commitment. 

  
 -13- 

 “Loss” means judgments, debts, liabilities, expenses, costs, damages or
losses, contingent or otherwise, whether liquidated or unliquidated, matured or unmatured, disputed or undisputed, contractual, legal or equitable, including loss of value, professional fees, including fees and disbursements of legal counsel on a
full indemnity basis, and all costs incurred in investigating or pursuing any Claim or any proceeding relating to any Claim. 

“M&A Event” means, (a) a merger, consolidation or exchange in which (i) the Borrower is a
constituent party or (ii) a Subsidiary of the Borrower is a constituent party and the Borrower issues shares of its Equity Interests pursuant to such merger, consolidation or exchange, except for any such merger, consolidation
or exchange involving the Borrower or a Subsidiary in which the shares of Equity Interests of the Borrower outstanding immediately prior to such merger, consolidation or exchange continue to represent, or are converted into or exchanged for shares
of Equity Interests that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the Equity Interests of (x) the surviving or resulting company; or (y) if the surviving or resulting company
is a wholly owned Subsidiary of another entity immediately following such merger, consolidation or exchange, the parent entity of such surviving or resulting company; or (b) the sale, lease, transfer, exclusive license or other disposition, in
a single transaction or series of related transactions, by the Borrower of all or substantially all the assets of the Borrower and its Subsidiaries, taken as a whole, or the sale or disposition (whether by merger, consolidation or otherwise) of
one or more Subsidiaries of the Borrower if substantially all of the assets of the Borrower and its Subsidiaries, taken as a whole, are held by such Subsidiary or Subsidiaries, except where such sale, lease, transfer, exclusive license or other
disposition is to a wholly owned Subsidiary of the Borrower.
 “Majority Lenders” means, at any time, one or more Lenders
having or holding Loan Exposure and representing more than 50% of the aggregate Loan Exposure of all Lenders. 
 “Margin
Stock” means “margin stock” within the meaning of Regulations U and X. 
 “Material Adverse Change” and
“Material Adverse Effect” mean a material adverse change in or effect on (a) the business, financial condition, operations, or Property of the Obligors taken as a whole, (b) the ability of any Obligor to perform its
obligations under any Loan Document, (c) the value of the Property comprising Collateral (taken as a whole), or (d) the legality, validity, binding effect or enforceability of the Loan Documents or the rights and remedies of any Lender
under any of the Loan Documents. 
 “Material Agreement” means (a) any Contract which is listed in Schedule 7.14,
(b) any other Contract to which the Borrower or any of its Subsidiaries is a party or a beneficiary from time to time, or to which any assets or properties of the Borrower or any of its Subsidiaries is bound, the absence or termination of which
would reasonably be expected to result in a Material Adverse Effect, and (c) any other Contract to which the Borrower or any of its Subsidiaries is a party or a guarantor (or equivalent) whether existing as of the date hereof or in the future
that during any period of twelve (12) consecutive months is reasonably expected to (1) result in payments or receipts (including royalty, licensing or similar payments) made to the Borrower or any of its Subsidiaries in an aggregate amount
in excess of $1,000,000 or (2) require payments or expenditures (including royalty, licensing or similar payments) made by the Borrower or any of its Subsidiaries in an aggregate amount in excess of $1,000,000. 

  
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 “Material Indebtedness” means, at any time, any Indebtedness of any
Obligor, the outstanding principal amount of which, individually or in the aggregate, exceeds $750,000. 
 “Material Intellectual
Property” means all Obligor Intellectual Property, whether currently owned or licensed, or acquired, developed or otherwise licensed or obtained after the date hereof (a) necessary for the operation of the business of the Borrower and
its Subsidiaries as currently conducted or as currently contemplated to be conducted, including all current and contemplated Product Development and Commercialization Activities relating to the Products, (b) the loss of which would reasonably
be expected to have or result in a Material Adverse Effect or (c) that has a fair market value in excess of $1,000,000. 

“Maturity Date” means the earlier to occur of (i) the Stated Maturity Date, and (ii) the date on which the Term
Loans are accelerated pursuant to Section 10.02. 
 “Minimum Liquidity” has the meaning set forth in
Section 8.15. 
 “Multiple on Invested Capital” means, as of any date of determination a positive amount equal to
[(TAP × .4) – (TR)] × (TLR ÷ TAP), where: 
 TAP = the total
aggregate principal amount of the Term Loans borrowed as of such date of determination. 
 TR = the “Total
Return”, which is the aggregate amount of interest payments (excluding any interest payments payable at the Default Rate pursuant to Section 3.02(c)) and fees received by the Lenders on or before such date of determination (including the
Closing Fee and any Prepayment Fees, but excluding any return on or in respect of the Warrants). 
 TLR = the total
aggregate principal amount of the Term Loans repaid as of such date of determination. 
 “Multiemployer Plan” means any
multiemployer plan, as defined in Section 400l(a)(3) of ERISA, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 

“NDA” means (i) (x) a New Drug Application or Abbreviated New Drug Application (each as defined in the FD&C Act)
that must be submitted to the FDA and (y) any similar application required by any country, jurisdiction or Governmental Authority other than the FDA that must be approved before a drug can be marketed, and (ii) all supplements and
amendments that may be submitted to permit any changes to an approved NDA. 

  
 -15- 

 “Net Cash Proceeds” means, (a) with respect to any Casualty Event
experienced or suffered by an Obligor, the amount of cash proceeds actually received from time to time by or on behalf of such Obligor after deducting therefrom only (i) actual costs and expenses related thereto incurred by such Obligor in
connection therewith and (ii) Taxes paid or payable in connection therewith and (b) with respect to a Qualified Public Offering, the excess, if any, of (i) the sum of the cash received in connection with such offering over
(ii) underwriting discounts, commissions, costs and other reasonable and customary expenses (including reasonable attorney’s, accountant’s and other similar professional advisor’s fees), incurred by an Obligor in connection with
such offering. 
 “Note” means a promissory note executed and delivered by the Borrower to any Lender in accordance with
Section 2.04. 
 “Obligations” means, with respect to any Obligor, all amounts, obligations (including, without
limitation, all Warrant Obligations), liabilities, covenants and duties of every type and description owing by such Obligor to any Lender or any other Indemnified Party hereunder, arising out of, under, or in connection with, any Loan Document,
whether direct or indirect (regardless of whether acquired by assignment), absolute or contingent, due or to become due, whether liquidated or not, now existing or hereafter arising and however acquired, and whether or not evidenced by any
instrument for the payment of money, including, without duplication, (a) the principal amount of the Term Loans, (b) all interest, whether or not accruing after the filing of any petition in bankruptcy or after the commencement of any
insolvency, reorganization or similar proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such proceeding, (c) the
Prepayment Fee, and (d) all other fees, expenses (including fees, charges and disbursement of counsel), interest, commissions, charges, costs, disbursements, indemnities and reimbursement of amounts paid and other sums chargeable to such
Obligor under any Loan Document. 
 “Obligor Intellectual Property” means, at any time of determination, Intellectual
Property owned by, licensed to or otherwise held by any Obligor at such time including, without limitation, the Intellectual Property listed on Schedule 7.05(b). 

“Obligors” means, collectively, the Borrower, each Guarantor and each of their respective successors and permitted assigns.

 “OFAC” means the Office of Foreign Assets Control of the U.S. Department of the Treasury (or any successor
thereto). 
 “Ordinary Course of Business” means, with respect to the Obligors, the ordinary course of business generally
consistent with past custom and practice (including with respect to nature, scope, magnitude, quantity and frequency). 

“Organizational Documents” means (a) with respect to any corporation, its certificate or articles of incorporation or
organization, as amended, and its by-laws, as amended, (b) with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended,
(c) with respect to any general partnership, its partnership agreement, as amended, and (d) with respect to any limited liability company, its articles of organization, as amended, and its operating agreement, as amended. In the event any
term or condition of this Agreement or any other Loan Document requires any Organizational Document to be certified by a secretary of state or similar government official, the reference to any such “Organizational Document” shall only be
to a document of a type customarily certified by such government official. 

  
 -16- 

 “Other Connection Taxes” means, with respect to any Recipient, Taxes
imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising solely from such Recipient having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Term Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.03(h)). 

“Participant” has the meaning set forth in Section 13.05(e). 

“Participant Register” has the meaning set forth in Section 13.05(f). 

“Patents” has the meaning set forth in the Security Agreement. 

“Payment Date” means the last day of each Interest Period; provided that if such last day of such Interest Period is
not a Business Day, then the Payment Date for such Interest Period will be the next succeeding Business Day. 
 “PBGC”
means the United States Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 

“Permits” means all permits, licenses, registrations, certificates, orders, approvals, authorizations, consents, waivers,
franchises, variances and similar rights issued by or obtained from any Governmental Authority or any other Person, including, without limitation, those relating to Environmental Laws. 

“Permitted Acquisition” means any Acquisition by the Borrower or any of its
wholly-owned Subsidiaries, by (i) purchase, merger, license or otherwise, of all or substantially all of the assets of, all of the Equity Interests of, or a business line or unit or a division of, any
Person or (ii) license arrangement for the rights to use, develop, market or otherwise commercialize any Patents, Trademarks, Copyrights or other Intellectual Property (other than ordinary course, over the counter software license
arrangements); provided that: 
 (a) immediately prior to, and immediately after giving effect thereto, no Default or
Event of Default shall have occurred and be continuing or would result therefrom; 

  
 -17- 

 (b) all transactions in connection therewith shall be consummated, in all
material respects, in accordance with all applicable Laws and in conformity in all material respects with all applicable Governmental Approvals; 

(c) in the case of the Acquisition of all of the Equity Interests of such Person, all of the Equity Interests (except for any
such securities in the nature of directors’ qualifying shares required pursuant to applicable Law) acquired, or otherwise issued by such Person or any newly formed Subsidiary of the Borrower in connection with such Acquisition, shall be owned
100% by an Obligor or any other Subsidiary, and the Borrower shall have taken, or caused to be taken, as of the date such Person becomes a Subsidiary of the Borrower, each of the actions set forth in Section 8.11, if applicable; 

(d) such Person (in the case of an Acquisition of Equity Interests) or assets (in the case of an Acquisition of assets or a
division) (i) shall be engaged or used, as the case may be, in the same business or lines of business in which the Borrower and/or its Subsidiaries are engaged or a business reasonably and substantially related or incidental thereto or
(ii) shall have a similar customer base as the Borrower and/or its Subsidiaries; 
 (e) the Borrower shall have provided
the Administrative Agent with at least ten (10) Business Days’ prior written notice of any such Acquisition, together with summaries, prepared in reasonable detail, of all due diligence conducted by or on behalf of the Borrower or the
applicable Subsidiary prior to such Acquisition; 
 (f) all of the assets or Equity Interests acquired in connection with
such Acquisition shall be of a U.S. Person; 
 (g) on a pro forma basis after giving effect to such Acquisition, the
Borrower shall be in compliance with the Minimum Liquidity covenant set forth in Section 8.15; and 
 (h) the
Acquisition shall have been approved by the board of directors or other governing body or controlling Person of the Person acquired or the Person from whom such assets or division is acquired. 

“Permitted Cash Equivalent Investments” means (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 two (2) years from the date of acquisition, (b) commercial paper with an average maturity of no more than one (1) year and having
the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc. and (c) any money market funds or other investment vehicles whose principal investments are in investments described in
clauses (i) or (ii) above, and (d) investments permitted by the investment policy approved by the board of directors of Borrower, so long as Borrower provides written notice to the Lenders of any changes to the investment policy
delivered to the Lenders on the Closing Date and such changes will not adversely affect the Lenders in any material respect in the determination of the Lenders in their reasonable discretion. 

“Permitted Indebtedness” means any Indebtedness permitted under Section 9.01. 

  
 -18- 

 “Permitted Investors” means those persons identified on Schedule 1.01B.

 “Permitted Licenses” are (a) licenses of
over-the-counter software that is commercially available to the public and (b) licenses for the use of Obligor Intellectual Property, in each case, entered into in
the Ordinary Course of Business or as otherwise may be approved by the applicable Obligors’ board of directors and so long as (i) no Event of Default has occurred and is continuing at the time of such license and (ii) such license
does not materially impair the Lenders from exercising their rights under any of the Loan Documents. 
 “Permitted Liens”
means any Liens permitted under Section 9.02. 
 “Permitted Priority Liens” means (a) Liens permitted under
Section 9.02(d), (e), (f) or (g); and (b) Liens permitted under Section 9.02(b); provided that such Liens are also of the type described in Section 9.02(d), (e), (f) or (g). 

“Permitted Refinancing” means, with respect to any Indebtedness permitted to be refinanced, extended, renewed or replaced
hereunder, any refinancings, extensions, renewals and replacements of such Indebtedness; provided that such refinancing, extension, renewal or replacement shall not (a) increase the outstanding principal amount of the Indebtedness being
refinanced, extended, renewed or replaced, (b) contain terms relating to outstanding principal amount, amortization, maturity, collateral security (if any) or subordination (if any), or other material terms that, taken as a whole, are less
favorable in any material respect to the Borrower and its Subsidiaries or the Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, (c) have an applicable interest rate or equivalent yield that
exceeds the interest rate or equivalent yield of the Indebtedness being refinanced, (d) contain any new requirement to grant any Lien or to give any Guarantee that was not an existing requirement of the Indebtedness being refinanced and
(e) after giving effect to such refinancing, extension, renewal or replacement, no Default or Event of Default shall have occurred (or would reasonably be expected to occur) as a result thereof. 

“Person” means any individual, corporation, company, voluntary association, partnership, limited liability company, joint
venture, trust, unincorporated organization or Governmental Authority or other entity of whatever nature. 
 “PFIC” has the
meaning set forth in Section 8.01(j). 
 “Plan” means any employee pension benefit plan (other than a Multiemployer
Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069
of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Premium Event” has the
meaning set forth in Section 10.03. 
 “Prepayment Fee” has the meaning set forth in Section 3.03(a). 

  
 -19- 

 “Pro Rata Share” has the meaning set forth in Section 11.08. 

“Product” means any current or future product subject to any Product Development and Commercialization Activities by any
Obligor, including any such product currently in development or which may be developed, in each case related to Material Intellectual Property. 

“Product Agreement” means, with respect to any Product, any Contract, license, document, instrument, interest (equity or
otherwise) or the like under which one or more Persons grants or receives (a) any right, title or interest with respect to any Product Development and Commercialization Activities of such Product, or (b) any right to exclude any other
Person from engaging in, or otherwise restricting any right, title or interest as to, any Product Development and Commercialization Activities with respect to such Product, including any Contract with suppliers, manufacturers, distributors, clinical
research organizations, hospitals, group purchasing organizations, wholesalers, pharmacies or any other Person related to such entity. 

“Product Assets” means, with respect to any Product, (a) any and all rights, title and interest of the Obligors or any
of its Subsidiaries in any assets relating to such Product or any Product Development and Commercialization Activities with respect to such Product, (b) all Product Related Information with respect to such Product or any related Product
Development and Commercialization Activities, (c) any Product Agreement related to such Product or any such Product Development and Commercialization Activities, (d) any Intellectual Property, Regulatory Approvals and similar assets with
respect to such Product or any such Product Development and Commercialization Activities, and (e) all rights, title and interests in any other property, tangible or intangible, manifesting or otherwise in respect of such Product or any such
Product Development and Commercialization Activities, including, without limitation, inventory, accounts receivable or similar rights to receive money or payment pertaining thereto and all proceeds of the foregoing. 

“Product Authorizations” means any and all Regulatory Approvals (including all applicable supplements, amendments,
governmental price and reimbursement approvals and approvals of applications for regulatory exclusivity), clearances, licenses, notifications, registrations, safety or quality specifications and standards, or any other authorizations of any
applicable Regulatory Authority in each case necessary for the manufacturing, development, distribution, ownership, use, storage, import, export, transport, promotion, marketing, sale or other commercialization of any Product or for any Product
Development and Commercialization Activities with respect thereto in any country or jurisdiction, whether U.S. or non-U.S, including without limitation INDs, NDAs or similar applications. 

“Product Development and Commercialization Activities” means, with respect to any Product, any combination of research,
development, manufacture, import, use, sale, licensing, importation, storage, design, labeling, marketing, promotion, supply, distribution, testing, packaging, purchasing or other commercialization activities, receipt of payment in respect of any of
the foregoing (including, without limitation, in respect of licensing, royalty or similar payments), or any similar or other activities the purpose of which is to commercially exploit such Product. 

  
 -20- 

 “Product Related Information” means, with respect to any Product, all
books, records, lists, ledgers, files, manuals, correspondence, reports, plans, drawings and data (in any form or medium), and all techniques and other know-how, owned or possessed by the Borrower or any of
its Subsidiaries that are necessary or required for any Product Development and Commercialization Activities relating to such Product, including (a) brand materials, packaging and other trade dress, customer targeting and other marketing,
promotion and sales materials and information, referral, customer, supplier and other contact lists and information, product, business, marketing and sales plans, research, studies and reports, sales, maintenance and production records, training
materials and other marketing, sales and promotional information, (b) clinical data, information included or supporting any Product Authorization or other Regulatory Approval, any regulatory filings, updates, notices and correspondence
(including adverse event and other pharmacovigilance and other post-marketing reports and information, etc.), technical information, product development and operational data and records, and all other
documents, records, files, data and other information relating to product development, manufacture and use, (c) litigation and dispute records, and accounting records, (d) all documents, records and files relating to Intellectual Property,
including all correspondence from and to third parties (including Intellectual Property counsel and patent, trademark and other intellectual property registries, including the United States Patent and Trademark Office) not subject to attorney-client
privilege, and (e) all other information, techniques and know-how necessary or required in connection with the Product Development and Commercialization Activities for any Product. 

“Prohibited Payment” means any bribe, rebate, payoff, influence payment, kickback or other payment or gift of money or
anything of value (including meals or entertainment) to any officer, employee or ceremonial office holder of any government or instrumentality thereof, political party or supra-national organization (such as
the United Nations), any political candidate, any royal family member or any other person who is connected or associated personally with any of the foregoing that is prohibited under any Requirement of Law. 

“Property” of any Person means any property or assets, or interest therein, of such Person. 

“Proportionate Share” means, with respect to any Lender, the percentage obtained by dividing (i) the Loan Exposure of
such Lender then in effect by (ii) the aggregate Loan Exposure of all Lenders then in effect. 
 “Proposal Letter”
means the letter agreement, dated March 26, 2020, among the Borrower and Perceptive Advisors LLC, regarding the transactions contemplated hereby and the outline of proposed terms and conditions attached thereto. 

“Publicly Reporting Company” means an issuer generally subject to the public reporting requirements of the Exchange Act. 

“Qualified Equity Interest” means, with respect to any Person, any Equity Interest of such Person that is not a Disqualified
Equity Interest. 

  
 -21- 

 “Qualified Plan” means an employee benefit plan (as defined in
Section 3(3) of ERISA) other than a Multiemployer Plan (i) that is or was at any time maintained or sponsored by any Obligor or any ERISA Affiliate thereof or to which any Obligor or any ERISA Affiliate thereof has ever made, or was ever
obligated to make, contributions, and (ii) that is intended to be tax qualified under Section 401(a) of the Code. 

“Qualified Public Offering” shall mean the initial underwritten public offering of common Equity Interests of Borrower
pursuant to an effective registration statement filed with the United States Securities and Exchange Commission in accordance with the Securities Act of 1933, raising Net Cash Proceeds of at least $60,000,000. 

“Recipient” means any Lender or the Administrative Agent. 

“Redemption Date” has the meaning set forth in Section 3.03(a). 

“Redemption Price” has the meaning set forth in Section 3.03(a). 

“Register” has the meaning set forth in Section 13.05(d). 

“Regulation T” means Regulation T of the Board of Governors of the Federal Reserve System, as
amended. 
 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve
System, as amended. 
 “Regulation X” means Regulation X of the Board of Governors of the Federal
Reserve System, as amended. 
 “Regulatory Approvals” means any Governmental Approval relating to any Product or any
Product Development and Commercialization Activities related to such Product, including any Product Authorizations with respect thereto. 

“Regulatory Authority” means any Governmental Authority that is concerned with or has regulatory or supervisory oversight
with respect to any Product or any Product Development and Commercialization Activities relating to any Product, including the FDA and all equivalent Governmental Authorities, whether U.S. or non-U.S. 

“Representatives” has the meaning set forth in Section 13.17. 

“Requirement of Law” means, as to any Person, any Law applicable to or binding upon such Person or any of its Properties or
revenues. 
 “Resignation Effective Date” has the meaning set forth in Section 12.06(a). 

“Responsible Officer” of any Person means each of the president, chief executive officer and chief financial officer of such
Person. 

  
 -22- 

 “Restricted Payment” means any dividend or other distribution (whether in
cash, securities or other Property) with respect to any Equity Interest of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other Property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of capital stock of the Borrower or any of its Subsidiaries or any option, warrant or other right to acquire any such shares of capital stock of the
Borrower or any of its Subsidiaries. 
 “Restrictive Agreement” means any indenture, agreement, instrument or other binding
arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its Property (other than (i) customary provisions in contracts
(including without limitation leases and in-bound licenses of Intellectual Property) restricting the assignment thereof, (ii) restrictions or conditions imposed by any agreement governing secured
Permitted Indebtedness permitted under Section 9.01(g), to the extent that such restrictions or conditions apply only to the Property securing such Indebtedness and (iii) software and other Intellectual Property licenses pursuant to which
the Borrower or a Subsidiary thereof is the licensee of the relevant software or Intellectual Property, as the case may be (in which case, any prohibition or limitation shall relate only to the assets or rights subject to the applicable license
and/or the license itself)), or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its Equity Interests or to make or repay loans or advances to the Borrower or any other Subsidiary or to
Guarantee Indebtedness of the Borrower or any other Subsidiary. 
 “Sanctions” means economic or financial sanctions,
requirements or trade embargoes imposed, administered or enforced from time to time by U.S. Governmental Authorities (including, but not limited to, OFAC, the U.S. Department of State and the U.S. Department of Commerce). 

“Sanctions Laws” means all laws, rules, regulations and requirements of any jurisdiction applicable to the Obligors or any
party to the Loan Documents concerning or relating to Sanctions, terrorism or money laundering. 
 “SEC” means United
States Securities and Exchange Commission. 
 “Securities Account” has the meaning set forth in the Security Agreement.

 “Securities Subsidiary” means C4T Securities Corp., a Massachusetts corporation. 

“Security Agreement” means the Security Agreement, dated as of the date hereof, in substantially the form of Exhibit G,
among the Obligors, the Lenders and the Administrative Agent, granting a security interest in the personal Property constituting Collateral thereunder in favor of the Administrative Agent for the benefit of the Lenders. 

“Security Documents” means, collectively, the Security Agreement, each Short-Form IP
Security Agreement, and each other security document, control agreement or financing statement executed to perfect Liens in favor of the Administrative Agent for the benefit of the Lenders. 

  
 -23- 

 “Short-Form IP Security
Agreements” means any short-form copyright, patent or trademark (as the case may be) security agreements, dated as of the date hereof entered into by one or more Obligors in favor of the
Administrative Agent for the benefit of the Lenders, each in form and substance satisfactory to the Administrative Agent. 

“Solvent” means, with respect to any Person at any time, that (a) the present fair saleable value of the Property of
such Person is greater than the total amount of liabilities (including contingent liabilities) of such Person, (b) the present fair saleable value of the Property of such Person is not less than the amount that will be required to pay the
probable liability of such Person on its debts as they become absolute and matured, and (c) such Person has not incurred and does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to
pay as such debts and liabilities mature. 
 “Sources and Uses Certificate” means a certificate, required to be delivered
pursuant to Section 6.01(e)(x), duly executed and completed by a Responsible Officer of the Borrower setting forth the sources and uses of the cash and equity proceeds to be used in connection with the Transactions. 

“Specified Pipeline Targets” means those pipelines identified as Ikaros, BRAF, BRD9 and RET. 

“Stated Maturity Date” means the fourth (4th) anniversary of the Closing
Date; provided that if any such date shall occur on a day that is not a Business Day, then the Stated Maturity Date shall be the next succeeding Business Day. 

“Subsidiary” means, with respect to any Person (the “parent”) at any time of determination, any other Person
of which more than 50% of the outstanding capital stock of such other Person having ordinary voting powers, determined on a fully diluted basis, is at the time directly or indirectly owned or controlled by the parent. Unless the context otherwise
specifically requires, the term “Subsidiary” shall be a reference to a Subsidiary of Borrower. 
 “Taxes” means
all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable
thereto. 
 “Technical Information” means all trade secrets and other proprietary or confidential information, which may
include any proprietary information of a scientific, technical, or business nature in any form or medium, standards and specifications, conceptions, ideas, innovations, discoveries, Invention disclosures, all documented research, developmental,
demonstration or engineering work, data, plans, specifications, reports, summaries, experimental data, manuals, models, samples, know-how, technical information, systems, methodologies, computer programs or
information technology. 
 “Term Loans” means the Tranche A Term Loan and the Tranche B Term Loan. 

  
 -24- 

 “Title IV Plan” means an employee benefit plan (as
defined in Section 3(3) of ERISA) other than a Multiemployer Plan (i) that is or was at any time maintained or sponsored by any Obligor or any ERISA Affiliate thereof or to which any Obligor or any ERISA Affiliate thereof has ever made, or
was obligated to make, contributions, and (ii) that is or was subject to Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA. 

“Trademarks” has the meaning set forth in the Security Agreement. 

“Tranche A Term Loan” means each loan advanced by a Lender pursuant to Section 2.01(a). For purposes of clarification,
any calculation of the aggregate outstanding principal amount of the Tranche A Term Loan on any date of determination shall mean the aggregate principal amount of the Tranche A Term Loan made pursuant to Section 2.01(a) that has not yet been
repaid as of such date. 
 “Tranche A Term Loan Commitment” means the commitment of a Lender to make or otherwise fund a
Tranche A Term Loan and “Tranche A Term Loan Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Tranche A Term Loan Commitment, if any, is set forth on Schedule 1.01A. The
aggregate amount of the Tranche A Term Loan Commitments as of the Closing Date is $12,500,000. 
 “Tranche B Term Loan”
means each loan advanced by a Lender pursuant to Section 2.01(b). For purposes of clarification, any calculation of the aggregate outstanding principal amount of the Tranche B Term Loan on any date of determination shall mean the aggregate
principal amount of the Tranche B Term Loan made pursuant to Section 2.01(b) that has not yet been repaid as of such date. 

“Tranche B Term Loan Borrowing Date” means with respect to the Tranche B Term Loan, the Business Day on which all conditions
set forth in Section 6.02 have been satisfied or waived by the Lenders and the Tranche B Term Loan is made hereunder. 

“Tranche B Term Loan Commitment” means the commitment of a Lender to make or otherwise fund a Tranche B Term Loan and
“Tranche B Term Loan Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s Tranche B Term Loan Commitment, if any, is set forth on Schedule 1.01A. The aggregate amount of the
Tranche B Term Loan Commitments as of the Closing Date is $7,500,000. 
 “Tranche B Term Loan Commitment Termination Date”
means June 30, 2021. 
 “Transactions” means the execution, delivery and performance by each Obligor of this Agreement
and the other Loan Documents to which such Obligor is a party and the other transactions contemplated hereby and thereby, including disbursement and application of the proceeds of the Term Loans. 

“Unrestricted Cash” means the balance of unencumbered cash (other than cash encumbered by the Liens granted to the Lenders
pursuant to the Loan Documents) and Permitted Cash Equivalent Investments (which for greater certainty shall not include any undrawn credit lines), in each case, to the extent held in a Deposit Account subject to an account control agreement
reasonably satisfactory to the Administrative Agent. 

  
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 “U.S. Person” means a “United States person” within the meaning
of Section 7701(a)(30) of the Code. 
 “U.S. Tax Compliance Certificate” has the meaning set forth in
Section 5.03(f)(ii)(B)(3). 
 “Warrants” means the warrants to be delivered to the Administrative Agent pursuant to
Section 6.01(i) that, among other things, grants the holder thereof the right to purchase the number of shares of Series B Preferred Stock of the Borrower as indicated on the Warrant Shares table on Schedule 1.01A, as the Warrants may be
amended, replaced or otherwise modified pursuant to the terms thereof. 
 “Warrant Obligations” means, with respect to the
Borrower, all of its Obligations arising out of, under or in connection with, any Warrant. 
 “Withdrawal Liability” means,
at any time, any liability incurred (whether or not assessed) by any ERISA Affiliate and not yet satisfied or paid in full at such time with respect to any Multiemployer Plan pursuant to Section 4201 of ERISA. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country,
which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

Section 1.02. Accounting Terms and Principles. All accounting determinations required to be made pursuant hereto
shall, unless expressly otherwise provided herein, be made substantially in accordance with GAAP. If, after the date hereof, any change occurs in GAAP or in the application thereof (an “Accounting Change”) and
such change would cause any amount required to be determined for the purposes of the covenants to be maintained or calculated pursuant to Article 8 or 9 to be materially different than the amount that would be determined prior to such change,
then the Borrower will provide a detailed notice of such change (an “Accounting Change Notice”) to the Administrative Agent in conjunction with the next required delivery of financial statements pursuant to
Section 8.01. If the Borrower requests an amendment to any provision hereof to eliminate the effect of any Accounting Change occurring after the Closing Date or in the application thereof on the operation of such provision, regardless of
whether any Accounting Change Notice is given before or after such Accounting Change or in the application thereof, then the Administrative Agent and the Borrower agree that they will negotiate in good faith amendments to the provisions of this
Agreement that are directly affected by such Accounting Change with the intent of having the respective positions of the Administrative Agent and the Borrower after such Accounting Change conform as nearly as possible to their respective positions
as of the date of this Agreement and, until any such amendments have been agreed upon, (i) the provisions in this Agreement shall be calculated as if no such Accounting Change had occurred and (ii) the Borrower shall provide to the
Administrative Agent a written reconciliation in form and substance reasonably satisfactory to the Administrative Agent, between calculations of any baskets and other requirements hereunder before and after giving effect to such Accounting Change.

  
 -26- 

 All components of financial calculations made to determine compliance with this Agreement
shall be adjusted to include or exclude, as the case may be, without duplication, such components of such calculations attributable to any Acquisition or disposition of assets consummated after the first day of the applicable period of determination
and prior to the end of such period, as determined in good faith by the Borrower based on assumptions expressed therein and that were reasonable based on the information available to the Borrower at the time of preparation of the Compliance
Certificate setting forth such calculations. 
 Section 1.03. Interpretation. For all purposes of this Agreement,
except as otherwise expressly provided herein or unless the context otherwise requires, (a) the terms defined in this Agreement include the plural as well as the singular and vice versa; (b) words importing gender include all genders;
(c) any reference to a Section, Article, Annex, Schedule or Exhibit refers to a Section or Article of, or Annex, Schedule or Exhibit to, this Agreement; (d) any reference to “this Agreement” refers to this Agreement, including
all Annexes, Schedules and Exhibits hereto, and the words herein, hereof, hereto and hereunder and words of similar import refer to this Agreement and its Annexes, Schedules and Exhibits as a whole and not to any particular Section, Article, Annex,
Schedule, Exhibit or any other subdivision; (e) references to days, months and years refer to calendar days, months and years, respectively; (f) all references herein to “include” or “including” shall be deemed to be
followed by the words “without limitation”; (g) the word “from” when used in connection with a period of time means “from and including” and the word “until” means “to but not including”; and
(h) accounting terms not specifically defined herein shall be construed substantially in accordance with GAAP (except for the term “property,” which shall be interpreted as broadly as possible, including, in any case, cash,
securities, other assets, rights under contractual obligations and permits and any right or interest in any property, except where otherwise noted). Unless otherwise expressly provided herein, references to organizational documents, agreements
(including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto permitted by the Loan Documents. 

Section 1.04. Divisions. For all purposes under the Loan Documents, in connection with any division or plan of
division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it
shall be deemed to have been transferred from the original Person to the subsequent Person and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders
of its Equity Interests at such time. 

  
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 ARTICLE 2 

THE COMMITMENTS 

Section 2.01. Term Loans. 

(a) Tranche A Term Loan. 

(i) Subject to the terms and conditions of this Agreement and relying on the representations and warranties set forth herein,
each Lender, severally and not jointly, agrees to provide its share of the Tranche A Term Loan to the Borrower on the Closing Date in Dollars in a principal amount equal to such Lender’s Tranche A Term Loan Commitment. No Lender shall have an
obligation to make a Tranche A Term Loan in excess of such Lender’s Tranche A Term Loan Commitment. 
 (ii) The Borrower
may make one borrowing under the Tranche A Term Loan Commitment which shall be on the Closing Date. Subject to Sections 3.01 and 3.03, all amounts owed hereunder with respect to the Tranche A Term Loan shall be paid in full no later than the
Maturity Date. Each Lender’s Tranche A Term Loan Commitment shall terminate immediately and without further action on the Closing Date after giving effect to the funding of such Lender’s Tranche A Term Loan Commitment on such date. 

(b) Tranche B Term Loan. 

(i) Prior to the Tranche B Term Loan Commitment Termination Date, subject to the terms and conditions of this Agreement and
relying on the representations and warranties set forth herein, each Lender, severally and not jointly, agrees, at the request of the Borrower, to provide its share of the Tranche B Term Loan to the Borrower on the Tranche B Term Loan Borrowing Date
in Dollars in a principal amount equal to such Lender’s Tranche B Term Loan Commitment. No Lender shall have an obligation to make a Tranche B Term Loan in excess of such Lender’s Tranche B Term Loan Commitment. 

(ii) Subject to the terms and conditions of this Agreement (including Section 6.02), the Borrower shall deliver to the
Administrative Agent a fully executed Borrowing Notice no later than 5 p.m. (Eastern time) at least three (3) Business Days in advance of the proposed Tranche B Term Loan Borrowing Date. 

(iii) The Borrower may make one (1) borrowing under the Tranche B Term Loan Commitment which shall be on the Tranche B
Term Loan Borrowing Date. Subject to Sections 3.01 and 3.03, all amounts owed hereunder with respect to the Tranche B Term Loan shall be paid in full no later than the Maturity Date. Each Lender’s Tranche B Term Loan Commitment shall
terminate immediately and without further action on the Tranche B Term Loan Borrowing Date after giving effect to the funding of such Lender’s Tranche B Term Loan Commitment on such date. 

  
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 (c) Any principal amount of the Term Loan borrowed under Section 2.01(a) or 2.01(b)
hereof and subsequently repaid or prepaid may not be reborrowed. 
 Section 2.02. Proportionate Shares. Each Term
Loan shall be made, and all participations purchased, by the Lenders simultaneously and proportionately to their respective Proportionate Shares, it being understood that no Lender shall be responsible for any default by any other Lender in such
other Lender’s obligation to make a Term Loan hereunder or purchase a participation required hereby nor shall the Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender’s
obligation to make a Term Loan requested hereunder or purchase a participation required hereby. 
 Section 2.03.
Fees. On the Closing Date, the Borrower shall pay out of the proceeds of the Tranche A Term Loan advanced by the Lenders on the Closing Date a non-refundable fee in the amount of $300,000 (the
“Closing Fee”). Such payment shall be in addition to such fees, costs and expenses due and payable pursuant to Section 13.03. 

Section 2.04. Notes. Upon the request of any Lender, the Borrower shall prepare, execute and deliver to such Lender
one or more promissory note(s) evidencing the portion of the Term Loans payable to such Lender (or if requested by it, to it and its registered assigns) in the form attached hereto as Exhibit B (each, a “Note”).

 Section 2.05. Use of Proceeds. The Borrower shall use the proceeds of the Term Loans (a) for general
working capital purposes and corporate purposes not expressly prohibited hereunder, (b) to refinance certain existing Indebtedness on the Closing Date and (c) to pay, in accordance with the Sources and Uses Certificate, fees, costs and
expenses incurred in connection with the Transactions. 
 ARTICLE 3 

PAYMENTS OF PRINCIPAL AND INTEREST 

Section 3.01. Repayment. There will be no scheduled repayments of principal on the Term Loans prior to the thirtieth
(30th) month anniversary of the Closing Date. Commencing with the Payment Date occurring immediately after the thirtieth (30th) month
anniversary of the Closing Date, the Borrower shall on each Payment Date make a repayment of the Term Loans in an amount equal to 2.00% of the initial principal amount of the Term Loans drawn under Section 2.01. The entire outstanding principal
amount of the Term Loans will be due and payable on the Maturity Date. 
 Section 3.02. Interest. 

(a) Interest Generally. The Borrower agrees to pay to the Lenders interest in cash on the outstanding principal amount of the Term Loans
for each Interest Period at a rate per annum equal to the sum of (i) LIBOR plus (ii) the Applicable Margin. 

  
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 (b) LIBOR Not Determinable. If on or before the day on which LIBOR is to be
determined, the Majority Lenders determine that (i) LIBOR cannot be determined for any reason, (ii) LIBOR will not adequately and fairly reflect the cost of maintaining the Term Loans or (iii) Dollar deposits in the principal amount
of the Term Loans are not available in the London interbank market, the Majority Lenders shall, as soon as practicable thereafter, give written notice of such determination to the Borrower and the Administrative Agent. Upon any such determination,
LIBOR shall be LIBOR as of the end of the immediately preceding Interest Period and shall at all times thereafter bear interest at LIBOR as of the end of the immediately preceding Interest Period. Each determination by the Majority Lenders hereunder
shall be conclusive and binding absent manifest error. 
 (c) Replacement to LIBOR. If at any time the Administrative Agent determines
(which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (b)(i) of this Section have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set
forth in clause (b)(i) of this Section have not arisen but the supervisor for the administrator of LIBOR has made a public statement identifying a specific date after which LIBOR shall no longer be used for determining interest rates for
loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to LIBOR that gives due consideration to the then-prevailing market convention for determining a rate of interest for syndicated loans in
the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable; provided that, if such alternate rate of
interest shall be less than 1.75%, such rate shall be deemed to be 1.75% for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 13.04, such amendment shall become effective without any further action or consent
of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Majority
Lenders stating that such Lenders object to such amendment. 
 (d) Default Interest. Notwithstanding the foregoing, upon the
occurrence and during the continuance of any Event of Default, the Applicable Margin on the principal amount of the Term Loans outstanding hereunder shall automatically increase by four percent (4.00%) per annum (the interest rate, as increased
pursuant to this Section 3.02(d), being the “Default Rate”). If any Obligation is not paid when due under any applicable Loan Document, the amount thereof shall accrue interest at the Default Rate. Payment or acceptance of the
increased rates of interest provided for in this Section 3.02(d) 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 the
Administrative Agent or any Lender. 
 (e) Payment Dates. Accrued interest on the Term Loans shall be payable in arrears on each
Payment Date with respect to the most recently completed Interest Period in cash, and upon the payment or prepayment of the Term Loans (on the principal amount being so paid or prepaid); provided that interest payable at the Default Rate
shall be payable from time to time on demand by the Majority Lenders. 

  
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 (f) Maximum Rate. Notwithstanding any other provision of this Agreement, in no event
will any interest or rates referred to herein exceed the maximum interest rate permitted by applicable Law. If such maximum interest rate would be exceeded by the terms hereof, the rates of interest payable hereunder will be reduced to the extent
necessary so that such rates (together with any fees or other amounts which are construed by a court of competent jurisdiction to be interest or in the nature of interest) equal the maximum interest rate permitted by applicable Law and any
overpayment of interest received by the Lenders before such rates are so construed will be applied, forthwith after determination of such overpayment, to pay all then outstanding interest, and thereafter to pay outstanding principal. 

Section 3.03. Prepayments. 

(a) Optional Prepayments. The Borrower shall have the right to optionally prepay in whole or in part (in a minimum amount of $500,000
and integral multiples of $100,000 in excess of that amount for each partial prepayment) the outstanding principal amount of the Term Loans on any Business Day (a “Redemption Date”) for an amount equal to the sum of
(i) the aggregate principal amount of the Term Loans being prepaid, (ii) any accrued but unpaid interest in respect of the aggregate principal amount of the Term Loans being prepaid and (iii) a prepayment fee equal to the Multiple on
Invested Capital on the aggregate principal amount of the Term Loans being prepaid on such date (the “Prepayment Fee” and such aggregate amount, the “Redemption Price”). 

(b) Mandatory Prepayment. In the event of any Casualty Event, the Borrower shall prepay the Term Loans plus a Prepayment Fee on the
principal amount of the Term Loans being prepaid (calculated in accordance with the definition of “Multiple on Invested Capital”, it being agreed that the relevant payment date shall be deemed to be the “Redemption Date” for
purposes of such calculation), plus any accrued but unpaid interest and fees then due and owing, in an amount equal to 100% of the Net Cash Proceeds received by the Obligors with respect thereto; provided, however, so long as no Default or
Event of Default has occurred and is continuing, within one hundred eighty (180) days after receipt of such Net Cash Proceeds, the Borrower may apply the Net Cash Proceeds of any casualty policy up to $500,000 with respect to any loss, but not
exceeding $1,000,000 in the aggregate for all losses under all casualty policies during the term of this Agreement, toward the replacement or repair of destroyed or damaged property; provided, further, that any such replaced or repaired
property shall be Collateral in which the Administrative Agent for the benefit of the Lenders has been granted a security interest under the Security Documents. 

(c) Prepayment Fee. Payment of any Prepayment Fee under this Section 3.03 constitutes liquidated damages, not unmatured interest or
a penalty, as the actual amount of damages to the Lenders as a result of the relevant triggering event, prepayment or repayment would be impracticable and extremely difficult to ascertain. Accordingly, the Prepayment Fee hereunder is provided by
mutual agreement of the Borrower and the Lenders as a reasonable estimation and calculation of such actual lost profits and other actual damages of the Lenders. Without limiting the generality of the foregoing, it is understood and agreed that upon
the occurrence of any Premium Event, the Prepayment Fee shall be automatically and immediately due and payable as though any prepaid or repaid portion of the Term Loans were voluntarily prepaid as of such date 

  
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 and shall constitute part of the Obligations secured by the Collateral. The Prepayment Fee shall also be
automatically and immediately due and payable if the Term Loans are satisfied or released by foreclosure (whether by power of judicial proceeding or otherwise), deed in lieu of foreclosure or by any other means. THE BORROWER HEREBY EXPRESSLY WAIVES
(TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR OTHER LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING APPLICABLE PREMIUM IN CONNECTION WITH ANY SUCH EVENTS. The Borrower and the
other Obligors expressly agree (to the fullest extent it and they may lawfully do so) that with respect to the Prepayment Fee payable under the terms of this Agreement: (i) the Prepayment Fee is reasonable and is the product of an arm’s
length transaction between sophisticated business parties, ably represented by counsel; (ii) the Prepayment Fee shall be payable notwithstanding the then-prevailing market rates at the time payment is made; (iii) there has been a course of
conduct between the Lenders and the Obligors giving specific consideration in this transaction for such agreement to pay the Prepayment Fee; and (iv) the Obligors shall be estopped hereafter from claiming differently than as agreed to in this
paragraph. The Obligors expressly acknowledge that their agreement to pay the Prepayment Fee as herein described is a material inducement to the Lenders to provide the Commitments and to make the Term Loans. 

ARTICLE 4 

PAYMENTS, ETC. 

Section 4.01. Payments. 

(a) Payments Generally. Each payment of principal, interest and other amounts to be made by the Obligors under this Agreement or any
other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set off or counterclaim, to the deposit account of the Administrative Agent, for the account of the respective Lenders to which such payment is owed,
not later than 2:00 p.m. (Eastern time) on the date on which such payment is due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). 

(b) Application of Payments Following an Event of Default. Proceeds of all payments received following the occurrence and continuance
of an Event of Default shall be applied in the following order of priority, with proceeds being applied to a succeeding level of priority only if amounts owing pursuant to the immediately preceding level of priority have been paid in full in cash:

 (i) first, to the payment of any unpaid costs or expenses referred to in Section 13.03(a) then due and owing;

 (ii) second, to the payment of any accrued and unpaid interest and any fees (other than the Prepayment Fee) then
due and owing; 

  
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 (iii) third, to the payment of unpaid principal of the Term Loans on
a pro rata basis; 
 (iv) fourth, to the payment of any Prepayment Fee then due and payable; 

(v) fifth, in reduction of the Borrower’s obligation to pay any Claims or Losses referred to in
Section 13.03(b) then due and owing; and 
 (vi) sixth, to the Borrower or such other Persons as may lawfully be
entitled to or directed by the Borrower to receive the remainder. 
 (c) Application of Prepayments. Proceeds of any prepayment made
pursuant to clauses 3.03(a) or 3.03(b) above shall be applied in the following order of priority, with proceeds being applied to a succeeding level of priority only if amounts owing pursuant to the immediately preceding level of priority have
been paid in full in cash: 
 (i) first, to the payment of any unpaid costs or expenses referred to in
Section 13.03(a) then due and owing; 
 (ii) second, to the payment of any accrued and unpaid interest and any
fees (other than the Prepayment Fee) then due and owing; 
 (iii) third, to the payment of any Prepayment Fee then due
and payable; and 
 (iv) fourth, to the payment of unpaid principal of the Term Loans on a pro rata basis. 

Unless otherwise directed by the Majority Lenders, all payments of principal, interest and fees under this Agreement and the other Loan Documents shall be
made by the Obligors to the Lenders pro rata in accordance with the Lenders’ respective Proportionate Shares of such payments. 
 (d)
Non-Business Days. Except in the case of any payment to be made on any Payment Date, if the due date of any payment under this Agreement (whether in respect of principal, interest, fees, costs or
otherwise, but excluding the Stated Maturity Date) would otherwise fall on a day that is not a Business Day, such date shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall
be payable for the period of such extension. 
 Section 4.02. Computations. All computations of interest
and fees hereunder shall be computed on the basis of a year of 360 days and actual days elapsed during the period for which payable. 

Section 4.03. Notices. Each notice of optional prepayment shall be effective only if received by the Lenders
not later than 2:00 p.m. (Eastern time) on the date three (3) Business Days prior to the date of prepayment. Each notice of optional prepayment shall specify the amount to be prepaid and the date of prepayment. 

  
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 Section 4.04.
Set-Off. 
 (a) Set-Off Generally.
Upon the occurrence and during the continuance of any Event of Default, the Administrative Agent, the Lenders and each of their respective Affiliates are hereby authorized at any time and from time to time, to the fullest extent permitted by Law, to
set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Lenders or such Affiliates to or for the credit or the account of any Obligor against
any and all of the Obligations, whether or not the Lenders shall have made any demand and although such Obligations may be unmatured. The Lenders agree promptly to notify the Borrower after any such set-off
and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of the Lenders and their respective Affiliates under this
Section 4.04 are in addition to other rights and remedies (including other rights of set-off) that the Lenders and their respective Affiliates may have. 

(b) Exercise of Rights Not Required. Nothing contained herein shall require the Administrative Agent, the Lenders or any of their
respective Affiliates to exercise any such right or shall affect the right of such Persons to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of any Obligor. 

ARTICLE 5 

YIELD PROTECTION, ETC. 

Section 5.01. Additional Costs. 

(a) Change in Requirements of Law Generally. If, on or after the date hereof, the adoption of any Requirement of Law, or any change in
any Requirement of Law, or any change in the interpretation or administration thereof by any court or other Governmental Authority charged with the interpretation or administration thereof, or compliance by any Lender (or its lending office) with
any request or directive (whether or not having the force of law) of any such Governmental Authority, shall impose, modify or deem applicable any reserve (including any such requirement imposed by the Board of Governors of the Federal Reserve
System), special deposit, contribution, insurance assessment or similar requirement, in each case that becomes effective after the date hereof, against assets of, deposits with or for the account of, or credit extended by, a Lender (or its lending
office) or shall impose on a Lender (or its lending office) any other condition affecting the Term Loans or the Commitment, not as a result of any action or inaction on the part of such Lender, and the result of any of the foregoing is to increase
the cost to any Lender of making or maintaining its portion of the Term Loans, or to reduce the amount of any sum received or receivable by any Lender under this Agreement or any other Loan Document, by an amount reasonably deemed by such Lender in
good faith to be material (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the definition of “Excluded Taxes” and (iii) Connection Income Taxes), then the Borrower shall
promptly pay to such Lender on demand such additional amount or amounts as will compensate such Lender for such increased cost or reduction. Notwithstanding anything herein to the contrary, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder 

  
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 or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed
to constitute a change in Requirements of Law for all purposes of this Section 5.01, regardless of the date enacted, adopted or issued. 

(b) Change in Capital Requirements. If a Lender shall have determined that, on or after the date hereof, the adoption of any Requirement
of Law regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or any request or directive regarding
capital adequacy (whether or not having the force of law) of any such Governmental Authority, in each case that becomes effective after the date hereof, has or would have the effect of reducing the rate of return on capital of a Lender (or its
parent) as a consequence of a Lender’s obligations hereunder or the Term Loans to a level below that which a Lender (or its parent) could have achieved but for such adoption, change, request or directive by an amount reasonably deemed by it to
be material, then the Borrower shall pay to such Lender on demand such additional amount or amounts as will compensate such Lender (or its parent) for such reduction. 

(c) Notification by Lender. The Lenders will promptly notify the Borrower of any event of which it has knowledge, occurring after the
date hereof, which will entitle a Lender to compensation pursuant to this Section 5.01, including a calculation in reasonable detail of such compensation. Before giving any such notice pursuant to this Section 5.01(c) such Lender shall
designate a different lending office if such designation (x) will, in the reasonable judgment of such Lender, avoid the need for, or reduce the amount of, such compensation and (y) will not, in the reasonable judgment of such Lender, be
materially disadvantageous to such Lender. A certificate of the Lender claiming compensation under this Section 5.01, setting forth the amount or amounts to be paid to it hereunder, shall be conclusive and binding on the Borrower in the absence
of manifest error. 
 Section 5.02. Illegality. Notwithstanding any other provision of this Agreement, in
the event that on or after the date hereof the adoption of or any change in any Requirement of Law or in the interpretation or application thereof by any competent Governmental Authority shall make it unlawful for a Lender or its lending office to
make or maintain the Term Loans (and, in the opinion of such Lender, the designation of a different lending office would either not avoid such unlawfulness or would be disadvantageous to such Lender), then such Lender shall promptly notify the
Borrower thereof following which (a) the Lender’s Commitment shall be suspended until such time as such Lender may again make and maintain the Term Loans hereunder and (b) if such Requirement of Law shall so mandate, the Term Loans
shall be prepaid by the Borrower on or before such date as shall be mandated by such Requirement of Law in an amount equal to the Redemption Price applicable on the date of such prepayment in accordance with Section 3.03(a). 

  
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 Section 5.03. Taxes. 

(a) Payments Free of Taxes. Any and all payments on account of any Obligation shall be made without deduction or withholding for any
Taxes, except as required by applicable Law. If any applicable Law requires the deduction or withholding of any Tax from any such payment by an Obligor, then such Obligor shall be entitled to make such deduction or withholding and shall timely pay
the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by such Obligor shall be increased as necessary so that after such deduction
or withholding for Indemnified Taxes has been made (including such deductions and withholdings for Indemnified Taxes applicable to additional sums payable under this Section 5.03) the applicable Recipient receives an amount equal to the sum it
would have received had no such deduction or withholding for Indemnified Taxes been made. For purposes of this Section, the term “applicable Law” includes FATCA. 

(b) Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority in accordance with
applicable Law, or at the option of the Administrative Agent, timely reimburse it for, Other Taxes. 
 (c) Evidence of Payments. As
soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority, as a withholding Tax pursuant to this Section 5.03, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, or a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(d) Indemnification. The Borrower shall reimburse and indemnify each Recipient, within ten (10) days after demand therefor, for the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5.03) payable or paid by such Recipient or required to be withheld or deducted from a payment to such
Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(e) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten (10) days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of any
Borrower to do so), and (ii) any Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to such Lender from any
other source against any amount due to the Administrative Agent under this paragraph (e). 

  
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 (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from, or
reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested
by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or as reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Section 5.03(f)(ii)(A), (B) or (D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting the generality of the
foregoing: 
 (A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to
the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), duly completed, valid, executed copies of IRS Form W-9 (or successor form) certifying that such Lender is exempt from U.S. Federal backup withholding Tax; 

(B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the Recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower and the
Administrative Agent), whichever of the following is applicable: 
 (1) in the case of a Foreign Lender claiming the benefits
of an income Tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, duly completed, valid executed copies of IRS Form W-8BEN (or successor form)
or IRS Form W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of
such Tax treaty and (y) with respect to any other applicable payments under any Loan Document, duly completed, valid, executed originals of IRS Form W-8BEN (or successor form) or IRS Form W-8BEN-E (or successor form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other
income” article of such Tax treaty; 
 (2) duly completed, valid, executed copies of IRS Form W-8ECI (or successor form); 

  
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 (3) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the
Code, a “10 percent shareholder” of the applicable Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a
“U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN (or successor form) or IRS Form
W-8BEN-E (or successor form); or 
 (4) to
the extent a Foreign Lender is not the beneficial owner, duly completed, valid, executed copies of IRS Form W-8IMY (or successor form), accompanied by IRS Form W-8ECI
(or successor form), IRS Form W-8BEN (or successor form), IRS Form W-8BEN-E (or successor form), a U.S. Tax Compliance
Certificate, IRS Form W-9 (or successor form), and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more
direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; 

(C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the Recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed copies of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent
at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code)
and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with its obligations under FATCA and to determine that such Lender has
complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after
the date of this Agreement. 

  
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 Each Recipient agrees that if any form or certification it previously delivered expires or becomes obsolete
or inaccurate in any respect, it shall promptly update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(g) Treatment of Certain Refunds. If any party to this Agreement determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.03 (including by the payment of additional amounts pursuant to this Section 5.03), it shall pay to the indemnifying party an amount equal to such
refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the written request of such indemnified party, shall
repay to such indemnified party the amount paid over pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund
to such Governmental Authority. Notwithstanding anything to the contrary in this Section 5.03(g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 5.03(g) the payment of
which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not
been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 5.03(g) shall not be construed to require any indemnified party to make available
its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(h) Mitigation Obligations. If the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or to any
Governmental Authority for the account of any Lender pursuant to Section 5.01 or this Section 5.03, then such Lender shall (at the request of the Borrower) use commercially reasonable efforts to designate a different lending office for
funding or booking its Term Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the sole reasonable judgment of such Lender, such designation or assignment and
delegation would (i) eliminate or reduce amounts payable pursuant to Section 5.01 or this Section 5.03, as the case may be, in the future, (ii) not subject such Lender to any unreimbursed cost or expense and (iii) not
otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment and delegation. 

(i) Survival. Each party’s obligations under this Article 5 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all Obligations under any Loan Document. 

  
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 Section 5.04. Delay in Requests. Failure or delay on the part of
any Lender to demand compensation pursuant to this Article 5 shall not constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this
Section for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender notifies the Borrower of the change in Law giving rise to such increased costs or reductions, and of such Lender’s
intention to claim compensation therefor (except that, if the change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to
include the period of retroactive effect thereof). 
 ARTICLE 6 

CONDITIONS PRECEDENT 

Section 6.01. Conditions to Tranche A Term Loan; Closing Date. The obligation of each Lender to make the
Tranche A Term Loan on the Closing Date shall not become effective until the following conditions precedent shall have been reasonably satisfied or waived in writing by the Lenders (which satisfaction or waiver may be made simultaneously with the
making of the Tranche A Term Loan hereunder): 
 (a) Organization and Capitalization. The organizational structure and
capitalization of the Obligors, after giving effect to the Transactions, as set forth on Schedule 7.20 shall be satisfactory to the Lenders. 

(b) Terms of Material Agreements. The Lenders shall be satisfied in their sole discretion with the terms and conditions
of all of the Obligors’ Material Agreements, including without limitation, the Material Agreements that are directly or indirectly associated with Product manufacturing, distribution and payment of royalties by any Obligor. 

(c) No Law Restraining Transactions. No applicable Law or regulation shall restrain, prevent or, in the reasonable
judgment of the Lenders, impose materially adverse conditions upon the Transactions. 
 (d) Lien Searches. The Lenders
shall be satisfied with Lien searches regarding the Obligors made prior to the Closing Date. 
 (e) Documentary
Deliveries. The Lenders shall have received the following documents, each of which shall be in form and substance satisfactory to the Lenders: 

(i) Agreement. This Agreement duly executed and delivered by the Borrower and each of the other parties hereto. 

(ii) Security Documents. (A) The Security Documents, including, without limitation, the Security Agreement, each Short-Form IP Security Agreement, account control agreements and financing statements, each in form and substance satisfactory to the Lenders and duly executed and delivered by each of the Obligors. 

  
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 (B) The Collateral Questionnaire, duly executed and delivered by a
Responsible Officer of the Borrower, substantially in the form of Exhibit H hereto and otherwise in form and substance satisfactory to the Lenders. 

(C) Without limitation, all other documents and instruments reasonably required to perfect the Lenders’ Lien on, and
security interest in, the Collateral required to be delivered on or prior to the Closing Date shall have been duly executed and delivered and be in proper form for filing, and shall create in favor of the Lenders, a perfected Lien on, and security
interest in, the Collateral, subject to no Liens other than Permitted Liens. 
 (D) The Borrower shall have executed and
delivered a landlord personal property collateral access agreement executed by the landlord of the leasehold property located at 490 Arsenal Way, Suite 200, Watertown, MA 02472 and by the Borrower. 

(iii) Note. Any Notes requested in accordance with Section 2.04. 

(iv) Approvals. The Borrower shall certify that all Regulatory Approvals have been made or obtained, and all material
licenses, consents, authorizations and approvals of, and notices to and filings and registrations with, any Governmental Authority (including all foreign exchange approvals) in connection with the Transactions have been made or obtained, and all
material third-party consents and approvals, necessary in connection with the execution, delivery and performance by the Obligors of the Loan Documents and the Transactions have been obtained. 

(v) Organizational Documents. (A) Certified copies of the Organizational Documents of each Obligor and of
resolutions of the board of directors (or similar governing body) of each Obligor approving and authorizing the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party, certified as of the
Closing Date by its secretary or assistant secretary as being in full force and effect without modification or amendment; (B) a good standing certificate and/or compliance certificate from the applicable Governmental Authority of each
Obligor’s jurisdiction of incorporation and in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the Closing Date; and (C) such other documents as the
Lenders may have reasonably requested. 
 (vi) Incumbency Certificate. A certificate of each Obligor as to the
authority, incumbency and specimen signatures of the persons who have executed the Loan Documents and any other documents in connection herewith on behalf of the Obligors. 

  
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 (vii) Officer’s Certificate. A certificate, dated as of the
Closing Date and signed by a Responsible Officer of the Borrower, confirming compliance with the conditions set forth in this Section 6.01. 

(viii) Opinion of Counsel. A favorable opinion, dated as of the Closing Date, of Goodwin Procter LLP, counsel to each
Obligor in form reasonably acceptable to the Lenders and their counsel. 
 (ix) Evidence of Insurance. Certificates
from each Obligor’s insurance broker or other evidence satisfactory to the Lenders that all insurance required to be maintained pursuant to Section 8.05 is in full force and effect. 

(x) Sources and Uses Certificate. The Lenders shall have received the Sources and Uses Certificate duly executed and
delivered by a Responsible Officer of the Borrower, substantially in the form of Exhibit F hereto and otherwise in form and substance satisfactory to the Lenders. 

(f) Due Diligence. The Lenders shall have received and be satisfied with all due diligence regarding the Obligors
(including without limitation historical financial statements, technical, operational, legal, intellectual property, commercial market forecasts, clinical and regulatory assessments, supply chain, securities, labor, Tax, litigation, environmental,
reimbursement and regulatory authority matters) in their sole discretion. 
 (g) Indebtedness. As of the Closing Date,
after giving effect to the Transactions, no Obligor shall have any Indebtedness other than the Obligations and any Indebtedness specified on Schedule 7.13A. All amounts due or outstanding in respect of any Indebtedness other than the
Obligations and any Indebtedness specified on Schedule 7.13A shall have been repaid in full, all commitments (if any) in respect thereof terminated, all guarantees (if any) thereof discharged and released and all security therefor (if any)
released, together with all fees and other amounts owing thereon, or documentation in form and substance reasonably satisfactory to the Lenders to effect such release upon such repayment and termination shall have been delivered to the Lenders. 

(h) Closing Fees, Expenses, Etc. The Lenders and their Affiliates shall have received for their own account, the Closing
Fee and all reasonable and documented out-of-pocket fees, costs and expenses due (including reasonable and documented out-of-pocket attorney costs and the reasonable and documented out-of-pocket fees and expenses of any other advisors to the
Lenders) and payable pursuant to Section 13.03, after deducting therefrom the Expense Deposit. 
 (i) Warrants.
The Administrative Agent shall have received the executed Warrants, dated as of the Closing Date. 

  
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 (j) Representations and Warranties. The representations and warranties of the
Obligors contained in Article 7 or any other Loan Document shall be true and correct in all material respects on and as of the Closing Date; provided that to the extent that such representations and warranties specifically refer to an
earlier date, they shall be true and correct in all material respects as of such earlier date; provided further that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or
similar language shall be true and correct (after giving effect to any qualification therein) in all respects. 
 (k)
Required Equity Financing. Borrower shall have raised at least $60,000,000 of new cash equity in the form of Series B Preferred Stock, on terms reasonably satisfactory to the Administrative Agent. 

(l) No Default. No Default shall exist, or would result from such proposed borrowing of the Tranche A Term Loan or from
the application of the proceeds therefrom. 
 Section 6.02. Conditions to Tranche B Term Loan; Tranche B Term Loan
Borrowing Date. The obligation of each Lender to make the Tranche B Term Loan on the Tranche B Term Loan Borrowing Date shall not become effective until the following conditions precedent shall have been reasonably satisfied or waived in writing
by the Lenders (which satisfaction or waiver may be made simultaneously with the making of the Tranche B Term Loan hereunder): 

(a) Closing Conditions. All closing conditions as set forth in Section 6.01 shall have been satisfied or waived in
accordance with Section 13.04 on or before the Closing Date. 
 (b) Borrowing Notice. The Administrative Agent
shall have received a Borrowing Notice duly executed by a Responsible Officer of the Borrower. 
 (c) Representations and
Warranties. The representations and warranties of the Obligors contained in Article 7 or any other Loan Document shall be true and correct in all material respects on and as of the Tranche B Term Loan Borrowing Date; provided that to
the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date; provided further that any representation and warranty that is
qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects. 

(d) No Default. No Default shall exist, or would result from such proposed Borrowing or from the application of the
proceeds therefrom. 
 (e) Milestone. The Borrower shall have, on or prior to [***], filed an IND with respect to a
Specified Pipeline Target. 
 The borrowing of the Term Loans shall constitute a certification by the Borrower to the effect that the conditions set forth
in Section 6.01 and 6.02, as applicable, have been fulfilled as of the Closing Date or the Tranche B Term Loan Borrowing Date, as applicable. 

  
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 ARTICLE 7 

REPRESENTATIONS AND WARRANTIES 

In order to induce the Lenders to enter into this Agreement and to extend the Term Loans hereunder, each Obligor represents and warrants to
the Lenders and the Administrative Agent, on the Closing Date and on the Tranche B Term Loan Borrowing Date, that the following statements are true and correct: 

Section 7.01. Power and Authority. Each Obligor and each of its Subsidiaries (a) is duly organized,
validly existing and in good standing under the applicable laws of its jurisdiction of organization, (b) has all requisite corporate (or equivalent) power, and has all material governmental licenses, authorizations, consents and approvals
necessary to own its assets and carry on its business as now being or as proposed to be conducted except to the extent that failure to have the same would not reasonably be expected to have a Material Adverse Effect, (c) is qualified to do
business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary except where failure to so qualify would not (either individually or in the aggregate) reasonably be
expected to have a Material Adverse Effect, and (d) has full power, authority and legal right to make and perform each of the Loan Documents and, in the case of the Borrower, to borrow the Term Loans hereunder. 

Section 7.02. Authorization; Enforceability. The Transactions are within each Obligor’s corporate (or
equivalent) powers and have been duly authorized by all necessary corporate (or equivalent) action and, if required, by all necessary shareholder or other equity holder action. The Loan Documents have been duly executed and delivered by each Obligor
party thereto and constitutes, and each of the other Loan Documents to which it is a party when executed and delivered by such Obligor will constitute, a legal, valid and binding obligation of such Obligor, enforceable against each Obligor in
accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar Laws of general applicability affecting the enforcement of creditors’ rights and (b) the
application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 7.03. Governmental and Other Approvals; No Conflicts. The Transactions (a) do not require any
consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any other Person, except for (i) such as have been obtained or made and are in full force and effect and (ii) filings and recordings
in respect of perfecting or recording the Liens created pursuant to the Security Documents, (b) will not violate any applicable Requirement of Law or the Organizational Documents of any Obligor or any applicable order of any Governmental
Authority, in each case, other than any such violations that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (c) will not violate or result in a default under any Material Agreement, or
give rise to a right thereunder to require any payment to be made by any such Person, and (d) will not result in the creation or imposition of any Lien (other than Permitted Liens) on any asset of any Obligor or any of its Subsidiaries. 

  
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 Section 7.04. Financial Statements; Material Adverse Change. 

(a) Financial Statements. The Borrower has heretofore furnished to the Administrative Agent certain financial statements as provided for
in Section 8.01. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the Obligors as of such dates and for such periods substantially in accordance with GAAP,
subject to quarterly or year-end adjustments and the absence of footnotes. No Obligor has any material contingent liabilities or liabilities for taxes, long-term lease
or unusual forward or long-term commitments not disclosed in the aforementioned financial statements. 

(b) No Material Adverse Change. Since December 31, 2018 no event, circumstance or change has occurred that has caused or evidences,
either in individually or in the aggregate, a Material Adverse Change. 
 Section 7.05. Properties. 

(a) Property Generally. Each Obligor and each of its Subsidiaries has good and marketable fee simple title to, or valid leasehold
interests in, all its real and personal Property material to its business, subject only to Permitted Liens and except as would not reasonably be expected to interfere with its ability to conduct its business as currently conducted or to utilize such
properties for their intended purposes. 
 (b) Intellectual Property. (i) Schedule 7.05(b) lists, with respect to each
Obligor, all United States and foreign registrations of and applications for Patents, Trademarks, and Copyrights that are Obligor Intellectual Property, including the applicable jurisdiction, registration or application number and date, as
applicable thereto, a designation as to whether it is Material Intellectual Property, and a designation as to whether it is licensed or owned by an Obligor. 

(ii) Each Obligor (A) owns or possesses all legal and beneficial rights, title and interest in and to the Material Intellectual Property
designated on Schedule 7.05(b) as being owned by such Obligor and (B) has the right to use the Material Intellectual Property licensed to such Obligor, in each case with good and marketable title, free and clear of any Liens or Claims of
any kind other than Permitted Liens. 
 (iii) To each Obligor’s knowledge, the Material Intellectual Property does not violate any
license or infringe any valid and enforceable Intellectual Property right of another. 
 (iv) Other than with respect to the Material
Agreements, or as permitted by this Agreement, the Obligors have not assigned or otherwise transferred ownership of, or agreed to assign or otherwise transfer ownership of, any Material Intellectual Property, in whole or in part, to any Person who
is not an Obligor. 
 (v) Other than as set forth on Schedule 7.05(b), the Obligors have not received any written communications, nor is
there any pending or, to each Obligor’s knowledge, threatened action in writing, suit, proceeding or claim in writing by another, alleging that any of the Obligors has violated, infringed, diluted or misappropriated any Intellectual Property of
another. 

  
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 (vi) There is no pending or, to any Obligor’s knowledge, threatened action in writing,
suit, proceeding or claim in writing by another: (a) challenging an Obligor’s rights in or to any Material Intellectual Property owned by such Obligor; or (b) challenging the validity, enforceability or scope of any Material
Intellectual Property owned by an Obligor. 
 (vii) Each Obligor has taken commercially reasonable precautions to protect the secrecy,
confidentiality and value of the Material Intellectual Property. 
 (viii) Each Obligor has complied with the terms of each Material
Agreement pursuant to which Intellectual Property has been licensed to the Obligors (which material terms shall include, but not be limited to, pricing and duration of the agreement), unless such
non-compliance would not reasonably be expected to result in a Material Adverse Change. 
 (ix) All
maintenance fees, annuities, and the like due or payable on the Patents within the Material Intellectual Property owned by or exclusively licensed to an Obligor have been timely paid or the failure to so pay was the result of an intentional decision
by the applicable Obligor, which would not reasonably be expected to result in a Material Adverse Change. All documents and instruments necessary to register or apply for or renew registration of all Patents, Trademarks and Copyrights within the
Material Intellectual Property owned by an Obligor have been validly executed, delivered and filed in a timely manner with the United States Patent and Trademark Office or the United States Copyright Office, as applicable. 

(x) To each Obligor’s knowledge, (A) there are no material defects in any of the Patents within the Material Intellectual Property
and (B) no such Patents within the Material Intellectual Property have ever been finally adjudicated to be invalid, unpatentable or unenforceable for any reason in any administrative, arbitration, judicial or other proceeding. 

(xi) To each Obligor’s knowledge, no Obligor has received any written notice asserting that the Patents within the Material Intellectual
Property are invalid, unpatentable or unenforceable and, to each Obligor’s knowledge, no Obligor has engaged in any conduct, or omitted to perform any necessary act, the result of which would invalidate or render unpatentable or unenforceable
any such Patent within the Material Intellectual Property. 
 (xii) To the knowledge of each Obligor, no third party is infringing upon or
misappropriating, or violating any material license or agreement with such Obligor relating to any Material Intellectual Property. 
 (xiii)
The representations and warranties in this Section 7.05(b) are the exclusive representations and warranties with respect to Intellectual Property matters. 

Section 7.06. No Actions or Proceedings. 

(a) Litigation. There is no litigation, investigation or enforcement proceeding pending or threatened in writing with respect to any
Obligor by or before any Governmental Authority or arbitrator (i) that either individually or in the aggregate would reasonably be expected to have a Material Adverse Effect or (ii) that involves this Agreement or the Transactions. 

  
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 (b) Environmental Matters. The operations and the real Property of the Obligors
comply with all applicable Environmental Laws, except to the extent the failure to so comply, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. To each Obligor’s knowledge, there have
been no conditions, occurrences or release of Hazardous Materials which would reasonably be expected to have a Material Adverse Effect. 

(c) Labor Matters. No Obligor has engaged in unfair labor practices and there are no pending or, to any Obligor’s knowledge,
threatened in writing labor actions, disputes, grievance or arbitration proceedings involving the employees of any Obligor, in each case that would reasonably be expected to have a Material Adverse Effect. There is no material strike or work
stoppage in existence or threatened in writing against any Obligor and to the knowledge of such Obligor, no union organization activity is taking place. 

Section 7.07. Compliance with Laws and Agreements. Each Obligor is in compliance with all Requirements of Law
(including Healthcare Laws and Environmental Laws) and all Contracts binding upon it or its Property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

Section 7.08. Taxes. Each Obligor has timely filed or caused to be filed all federal income and other
material Tax returns and reports required to have been filed and has paid or caused to be paid all federal income and other material Taxes required to have been paid by it, except Taxes that are being contested in good faith by appropriate
proceedings and for which such Obligor has set aside on its books adequate reserves with respect thereto substantially in accordance with GAAP. 

Section 7.09. Full Disclosure. The Borrower has disclosed to the Lenders all Material Agreements to which any
Obligor is party, and all other matters to its knowledge, that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other information
furnished by or on behalf of the Obligors to the Lenders in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains
any material misstatement of material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect to projected
financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood by the Administrative Agent and the Lenders that such projected
financial information is not to be viewed as facts, and that no assurances can be given that any particular projections will be realized and that actual results during the period or periods covered by any such projections may differ from the
projected results and such differences may be material). 
 Section 7.10. Regulation. 

(a) Investment Company Act. No Obligor is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940. 

  
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 (b) Margin Stock. No Obligor is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock and no part of the proceeds of the Term Loans will be used to buy or carry any Margin Stock in violation
of Regulation T, U or X. 
 Section 7.11. Solvency. The Obligors, on a consolidated basis, are and,
immediately after giving effect to the Borrowings, the use of proceeds thereof, and the consummation of the Transactions, will be, Solvent. 

Section 7.12. Subsidiaries. Except for the Securities Subsidiary, the Borrower has no direct or indirect
Subsidiaries. 
 Section 7.13. Indebtedness and Liens. Set forth on Schedule 7.13A is a complete and
correct list of all Permitted Indebtedness described in Section 9.01(b) of each Obligor on the date hereof. Set forth on Schedule 7.13B is a complete and correct list of all Permitted Liens described in Section 9.02(b) granted by the
Borrower and other Obligors with respect to their respective Property and outstanding as of the date hereof. 

Section 7.14. Material Agreements. Set forth on Schedule 7.14 (as such Schedule may be updated by the
Borrower from time to time) is a complete and correct list of (i) each Material Agreement and (ii) each Contract creating or evidencing any Material Indebtedness, together with a summary reference to the Product or purpose of each such
Material Agreement and such Contract, to which an Obligor is a party. Accurate and complete copies of each such Contract listed on such schedule have been made available to the Lenders. No Obligor is in material default under any such Material
Agreement or such Contract creating or evidencing any Material Indebtedness listed on such schedule, and the Obligors have no knowledge of any material default by any counterparty to such Material Agreement or such Contract. Except as otherwise
disclosed on Schedule 7.14 (as such Schedule may be updated by the Borrower from time to time), all material vendor purchase agreements and provider Contracts of the Obligors, and all Material Agreements including a grant of rights under any
Intellectual Property to an Obligor, are in full force and effect without material modification from the form in which the same were disclosed to the Lenders. 

Section 7.15. Restrictive Agreements. None of the Obligors is party to any Restrictive Agreement, except
(i) those listed on Schedule 7.15 or otherwise permitted under Section 9.11, (ii) restrictions and conditions imposed by Law or by the Loan Documents, (iii) any stockholder agreement, charter, by laws or other organizational
documents of an Obligor and (iv) limitations associated with Permitted Liens. 
 Section 7.16. Real
Property. No Obligor or any of its Subsidiaries owns or leases (as tenant thereof) any real Property on the date hereof, except as described on Schedule 7.16. 

Section 7.17. Pension and Other Plans. Schedule 7.17 sets forth, as of the date hereof, a complete and correct
list of, and that separately identifies, (a) all Title IV Plans, (b) all Multiemployer Plans and (c) all material Benefit Plans. Each Benefit Plan, and each trust thereunder, intended to qualify for Tax exempt status under
Section 401 or 501 of the Code or 

  
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other Requirements of Law so qualifies. Except for those that would not, in the aggregate, have a Material Adverse Effect, (i) each Benefit Plan is in compliance with applicable provisions
of ERISA, the Code and other Requirements of Law, (ii) there are no existing or pending (or to the knowledge of any Obligor or Subsidiary thereof, threatened) claims (other than routine claims for benefits in the normal course), sanctions,
actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which any Obligor or Subsidiary thereof incurs or otherwise has or would have an obligation or any liability or Claim and (iii) no ERISA Event is reasonably
expected to occur. The Borrower and each of its ERISA Affiliates has met all applicable requirements under the ERISA Funding Rules with respect to each Title IV Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules
has been applied for or obtained. As of the most recent valuation date for any Title IV Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least 60%, and neither the Borrower nor any of its
ERISA Affiliates knows of any facts or circumstances that would reasonably be expected to cause the funding target attainment percentage to fall below 60% as of the most recent valuation date. As of the date hereof, no ERISA Event has occurred in
connection with which obligations and liabilities (contingent or otherwise) remain outstanding. No ERISA Affiliate would have any Withdrawal Liability as a result of a complete withdrawal from any Multiemployer Plan on the date this representation
is made. 
 Section 7.18. Collateral; Security Interest. Each Security Document is effective to create in
favor of the Administrative Agent for the benefit of the Lenders a legal, valid and enforceable security interest in the Collateral subject thereto and each such security interest is perfected to the extent required by (and has the priority required
by) the applicable Security Document, subject to Permitted Liens. The Security Documents collectively are effective to create in favor of the Administrative Agent for the benefit of the Lenders a legal, valid and enforceable security interest in the
Collateral, which upon the filing of financing statements and other similar statements filed in the appropriate offices, such security interests are perfected security interests to the extent that such perfection may be obtained by such filing,
subject only to Permitted Liens. 
 Section 7.19. Regulatory Approvals. (a) With respect to the Products,
each Obligor and each of its Subsidiaries holds either directly or through licensees and agents, all Regulatory Approvals and Permits necessary or required for each Obligor and its Subsidiaries to conduct all Product Development and
Commercialization Activities with respect to the Products. 
 (b) Set forth on Schedule 7.19(b) is a complete and accurate list as of
the date hereof of all Regulatory Approvals referred to in clause (a) above, setting forth (on a per Product basis) the Obligor that holds such Regulatory Approval and identifying the Product related to such Regulatory Approval. All such
Regulatory Approvals are (i) legally and beneficially owned exclusively by the Obligor identified on the Schedule, free and clear of all Liens other than Permitted Liens, (ii) validly registered and on file with the applicable Regulatory
Authority, in material compliance with all registration, filing and maintenance requirements (including any fee requirements) thereof, and (iii) in good standing, valid and enforceable with the applicable Regulatory Authority. All required and
material notices, registrations and listings, supplemental applications or notifications, reports (including annual reports, field alerts or other reports of adverse experiences) and all other required and material filings with respect to the
Products or any related Product Development and Commercialization Activities have been filed with the FDA and all other applicable Governmental Authorities. 

  
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 (c) (i) All material regulatory filings required by any Regulatory Authority or in
respect of any Regulatory Approval or Product Authorization with respect to any Product or any Product Development and Commercialization Activities have been made, and all such filings are complete and correct in all material respects and have
complied in all material respects with all applicable Requirements of Law, (ii) all clinical and pre-clinical trials, if any, of investigational Products have been and are being conducted by each Obligor
according to all applicable Requirements of Law in all material respects along with required monitoring of clinical investigator trial sites for their compliance, and (iii) each Obligor has disclosed to the Lenders all such material regulatory
filings and all material communications between representatives of each Obligor and any Regulatory Authority. 
 (d) Each Obligor and, to
each Obligor’s knowledge, each of its agents and Contract Manufacturers are in compliance in all material respects with all applicable statutes, rules and regulations (including all Regulatory Approvals and Product Authorizations) of all
applicable Governmental Authorities, including the FDA and all other Regulatory Authorities, with respect to each Product and all Product Development and Commercialization Activities related thereto. Each Obligor and, to each Obligor’s
knowledge, each Contract Manufacturer has and maintains in full force and effect all the necessary and requisite Regulatory Approvals and Product Authorizations. Each Obligor is in compliance in all material respects with all applicable registration
and listing requirements set forth in all applicable FDA Laws or equivalent regulation of each other Governmental Authority having jurisdiction over such Person. Each Obligor, and, to each Obligor’s knowledge, each Contract Manufacturer adheres
in all material respects to all applicable regulations of all Regulatory Authorities with respect to the Products and all Product Development and Commercialization Activities related thereto. 

(e) (i) No Obligor and, to each Obligor’s knowledge, no Contract Manufacturer has received from any Regulatory Authority any notice
of adverse findings with respect to any Product or any Product Development and Commercialization Activities related thereto, including any FDA Form 483 inspectional observations, notices of violations, Warning Letters, criminal proceeding
notices under Section 305 of the FD&C Act, or any other similar communication from any Regulatory Authority, (ii) there have been no seizures conducted or, to each Obligor’s knowledge, threatened by any Regulatory Authority with
respect to any Product, and no recalls, market withdrawals, field notifications, notifications of misbranding or adulteration or safety alerts conducted, requested or, to any Obligor’s knowledge, threatened by any Regulatory Authority with
respect to any Product, and no recalls, market withdrawals, field notifications, notifications of misbranding or adulteration or safety alerts have been conducted, requested or, to each Obligor’s knowledge, threatened by any Regulatory
Authority relating to any Products, and (iii) no Obligor and, to each Obligor’s knowledge, no Contract Manufacturer has received any written notification that remains unresolved from the FDA or any other Regulatory Authority indicating any
breach or violation of any applicable Product Authorization or Regulatory Approval, including that any of the Products is misbranded or adulterated as defined in the FD&C Act or the rules and regulations promulgated thereunder. 

  
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 (f) Neither any Obligor nor, to any Obligor’s knowledge, any officer, employee or agent
thereof or Contract Manufacturer, has made an untrue statement of a material fact or fraudulent statements to the FDA or any other Regulatory Authority, failed to disclose a material fact required to be disclosed to the FDA or any other Regulatory
Authority, or committed an act, made a statement, or failed to make a statement that, at the time such disclosure was made (or was not made), would reasonably be expected to provide a basis for the FDA or any other Regulatory Authority to invoke its
policy respecting Fraud, Untrue Statements of Material Facts, Bribery and Illegal Gratuities, set forth in 56 Fed. Reg. 46191 (September 10, 1991) or any similar policy. 

(g) No Obligor has received any written notice that the FDA or any other applicable Regulatory Authority has commenced or initiated, or, to the
knowledge of any such Obligor, threatened to commence or initiate, any action to withdraw any Regulatory Approval or Product Authorization or requested the recall of any Products or commenced or initiated or, to the knowledge of such Obligor,
threatened to commence or initiate, any action to enjoin any Product Development and Commercialization Activities of such Obligor or any Contract Manufacturer. 

(h) The clinical, preclinical, safety and other studies and tests conducted by or on behalf of or sponsored by each Obligor, or in respect of
which any Products or Product candidates under development have participated, were (and if still pending, are) being conducted materially in accordance with standard medical and scientific research procedures and all applicable Product
Authorizations. Each Obligor has operated within, and currently is in compliance in all material respects with, all applicable Laws, Product Authorizations and Regulatory Approvals, as well as the rules and regulations of the FDA and each other
Regulatory Authority. No Obligor has received any notices or other correspondence from the FDA or any other Regulatory Authority requiring the termination or suspension of any clinical, preclinical, safety or other studies or tests used to support
regulatory clearance of, or any Product Authorization or Regulatory Approval for, any Product. 
 (i) No material debarment or exclusionary
claims, actions, proceedings or investigations in respect of any Obligor’s business is pending, or to such Obligor’s knowledge, threatened in writing against such Obligor or its officers, employees or agents. No Obligor or, to such
Obligor’s knowledge, any officer, employee or agent of such Obligor, has been convicted of any crime or engaged in any conduct that would reasonably be expected to result in a debarment or exclusion under (i) Section 335a of the
FD&C Act or (ii) any similar applicable Law. 
 Section 7.20. Capitalization. All of the issued
and outstanding securities of each Obligor have been duly authorized, are validly issued, fully paid, and non-assessable. As of the Closing Date, except for the Warrants and except as set forth on
Schedule 7.20, there are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require the Obligors to issue, sell, or otherwise
cause to become outstanding any of their ownership interests. There are no outstanding or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to the Obligors. There are no voting trusts, proxies, or
other agreements or understandings with respect to the voting of the ownership interests of the Obligors. None of the Equity Interests in the Obligors have been mortgaged, assigned or pledged in favor of any Person, other than pursuant to the
Security Agreement. 

  
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 Section 7.21. Insurance. Each Obligor has obtained (and is
maintaining), insurance for its assets (including the Collateral) and business as required under the Loan Documents. 

Section 7.22. Certain Fees. Except as described on Schedule 7.22, no broker’s or finder’s fee
will be payable in connection with the execution and delivery of this Agreement. 
 Section 7.23. Sanctions
Laws. Obligors and, to the knowledge of the Obligors, any director, officer or employee of an Obligor acting on behalf of the Obligors, are in compliance with the Sanctions Laws. 

Section 7.24. Anti-Corruption Laws. No Obligor nor any of its
Subsidiaries has, nor, to the knowledge of any Responsible Officer of any Obligor, has any director, officer, agent or employee of any Obligor acting on behalf of such Obligor (i) taken any action, directly or indirectly, that would result in a
violation by such Persons of the Anti-Corruption Laws, (ii) made, offered to make, promised to make or authorized the payment or giving of, directly or indirectly, any Prohibited Payment or
(iii) been subject to any investigation by any Governmental Authority with regard to any actual or alleged Prohibited Payment. 

Section 7.25. Anti-Terrorism Laws. The Obligors (i) have
taken reasonable measures to ensure compliance with applicable Economic Sanctions Laws and Anti-Terrorism Laws, (ii) are not Designated Persons and (iii) have not used any part of the proceeds from
any advance on behalf of any Designated Person or has not used, directly by it or indirectly through any Subsidiary, such proceeds in connection with any investment in, or any transactions or dealings with, any Designated Person. 

Section 7.26. Royalty and Other Payments. Except as set forth on Schedule 7.26, no Obligor, nor any of its
Subsidiaries, is obligated to pay any royalty, milestone payment, deferred payment or any other contingent payment in respect of any Product. 

ARTICLE 8 

AFFIRMATIVE COVENANTS AND FINANCIAL COVENANTS 

Each Obligor covenants and agrees with the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than
the Warrant Obligations and inchoate indemnity obligations) have been paid in full in cash: 
 Section 8.01. Financial
Statements and Other Information. The Borrower will furnish to the Administrative Agent for distribution to the Lenders: 

(a) as soon as available and in any event within thirty (30) days after the end of each month, the consolidated balance
sheets of Borrower and its Subsidiaries as of the end of each such month, and the related consolidated statements of income and cash flows of Borrower and its Subsidiaries for such month, all in reasonable detail, together with a certificate of a
Responsible Officer of Borrower stating that such financial statements fairly present in all material respects the financial condition of Borrower and its Subsidiaries as at such date and the results of operations of Borrower and its Subsidiaries
for the period ended on such date and have been prepared substantially in accordance with GAAP consistently applied, subject to changes resulting from normal, quarterly or year-end adjustments and except for
the absence of notes; 

  
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 (b) commencing with the fiscal quarter ended June 30, 2020, as soon as
available and in any event within forty-five (45) days after the end of the first three quarters of each fiscal year and sixty (60) days, in the case of the fourth fiscal quarter of each fiscal year, the consolidated balance sheets of the
Borrower and its Subsidiaries as of the end of such quarter, and the related consolidated statements of income and cash flows of the Borrower and its Subsidiaries for such quarter and the portion of the fiscal year through the end of such quarter,
all in reasonable detail and setting forth in comparative form the figures for the corresponding period in the preceding fiscal year, together with a certificate of a Responsible Officer of the Borrower stating that such financial statements fairly
present in all material respects the financial condition of the Borrower and its Subsidiaries as at such date and the results of operations of the Borrower and its Subsidiaries for the period ended on such date and have been prepared substantially
in accordance with GAAP consistently applied, subject to changes resulting from normal quarterly or year-end adjustments and except for the absence of footnotes; provided that, if the Borrower is a
Publicly Reporting Company, the Borrower’s filing of a Quarterly Report on Form 10-Q with the SEC shall be deemed to satisfy the requirements of this Section 8.01(b) on the date on which such report
is first available via the SEC’s EDGAR system or a successor system related thereto; 
 (c) as soon as available and in
any event within one hundred eighty (180) days after the end of each fiscal year, the consolidated balance sheets of the Borrower and its Subsidiaries as of the end of such fiscal year, and the related consolidated statements of income,
shareholders’ equity and cash flows of the Borrower and its Subsidiaries for such fiscal year, prepared substantially in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for
the previous fiscal year, accompanied by (i) a report and opinion thereon of KPMG or another firm of independent certified public accountants of recognized national standing, which report and opinion shall be prepared in accordance with
generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit and (ii) a management’s discussion and
analysis of the financial condition and results of operations, including the Obligors’ liquidity and capital resources; provided that, if the Borrower is a Publicly Reporting Company, the Borrower’s filing of a Yearly Report on Form
10-K with the SEC shall be deemed to satisfy the requirements of this Section 8.01(c) on the date on which such report is first available via the SEC’s EDGAR system or a successor system related
thereto; 
 (d) within thirty (30) days after the end of each month, a compliance certificate of a Responsible Officer
of the Borrower as of the end of the applicable accounting period (which delivery may, unless a Lender requests executed originals, be by electronic communication including email and shall be deemed to be an original authentic counterpart thereof
for all purposes) in the form of Exhibit D (a “Compliance Certificate”) which, for 

  
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purposes of clarification, shall (i) demonstrate the Borrower’s compliance with Section 8.15 in respect of such month, (ii) state that the representations and warranties made
by the Obligors in Article 7 are true in all material respects on and as of the date thereof; provided that to the extent that such representations and warranties specifically refer to an earlier date, they shall be true and correct in
all material respects as of such earlier date; provided further that any representation and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct (after
giving effect to any qualification therein) in all respects, (iii) include details of any issues that are material that are raised by auditors and (iv) for each month end that coincides with the end of a fiscal year of the Borrower,
provide updated Schedules to this Agreement (if any); 
 (e) promptly, and in any event within five (5) Business Days
after receipt thereof by an Obligor thereof, copies of each notice or other correspondence received from any securities regulator or exchange to the authority of which an Obligor is subject concerning any investigation or possible investigation or
other inquiry by such agency regarding financial or other operational results of such Obligor; 
 (f) upon any renewal or
replacement, the information regarding insurance maintained by Obligors as required under Section 8.05; 
 (g) promptly
following the Lenders’ written request at any time, proof of the Borrower’s compliance with Section 8.15; 

(h) within ten (10) days of delivery, copies of all periodic reports distributed by the Borrower to its shareholders
generally; provided that (i) any such material may be redacted by the Borrower to exclude information relating to the Loan Documents or the Lenders and (ii) the Lenders shall not be entitled to receive statements, reports and
notices relating to topics that (A) are subject to attorney-client privilege or (B) present a conflict of interest for the Lenders; 

(i) a financial forecast for the Borrower and its Subsidiaries for each fiscal year, including forecasted balance sheets,
statements of income and cash flows of the Borrower and its Subsidiaries, all of which shall be prepared on a consolidated basis and delivered not later than February 28 of such fiscal year (the “Financial Forecast”); 

(j) promptly following any Lender’s written request, certification that such Obligor is not a passive foreign investment
company (“PFIC”) within the meaning of Sections 1291 through 1297 of the Code, or, if such Obligor determines that it is a PFIC, such information as would allow the Lender to make a qualified electing fund election with respect
to the stock of the Obligor; 
 (k) such other information respecting the operations, properties, business or condition
(financial or otherwise) of the Obligors (including with respect to the Collateral) as the Lenders may from time to time reasonably request; and 

  
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 (l) promptly after the receipt thereof, a copy of any “management
letter” received from its certified public accounts and the management’s response thereto. 
 Section 8.02.
Notices of Material Events. The Borrower will furnish to the Administrative Agent for distribution to the Lenders written notice of the following promptly after a Responsible Officer first learns of the existence of: 

(a) the occurrence of any Default or Event of Default; 

(b) the occurrence of any Casualty Event with respect to any Obligor’s Property resulting in a Loss, to the extent not
covered by insurance, aggregating $500,000 or more; 
 (c) (i) any proposed Acquisition by any Obligor that would
reasonably be expected to result in environmental liability under Environmental Laws in excess of $750,000, and (ii) in each case, to the extent that any of the following would reasonably be expected to result in liability in excess of
$750,000: (A) spillage, leakage, discharge, disposal, leaching, migration or release of any Hazardous Material required to be reported to any Governmental Authority under applicable Environmental Laws, and (B) all actions, suits, claims,
notices of violation, hearings, investigations or proceedings pending, or threatened in writing against or affecting any Obligor or any of its Subsidiaries or with respect to the ownership, use, maintenance and operation of their respective
businesses, operations or properties, relating to Environmental Laws or Hazardous Material; 
 (d) the assertion of any
environmental matter by any Person in writing against, or with respect to the activities of, any Obligor or any of its Subsidiaries and any alleged violation of or non-compliance with any Environmental Laws or
any permits, licenses or authorizations, in each case, which would reasonably be expected to involve damages in excess of $750,000 other than any environmental matter or alleged violation that, if adversely determined, would not (either individually
or in the aggregate) have a Material Adverse Effect; 
 (e) the filing or commencement of any action, suit or proceeding by
or before any arbitrator or Governmental Authority against or directly affecting any Obligor or any of its Subsidiaries, in each case, that would reasonably be expected to result in a Material Adverse Effect; 

(f) (i) on or prior to any filing by any ERISA Affiliate of any notice of intent to terminate any Title IV Plan, a
copy of such notice and (ii) promptly, and in any event within ten (10) days, after any Responsible Officer of any ERISA Affiliate knows or has reason to know that a request for a minimum funding waiver under Section 412 of the Code
has been filed with respect to any Title IV Plan or Multiemployer Plan, a notice (which may be made by telephone if promptly confirmed in writing) describing such waiver request and any action that any ERISA Affiliate proposes to take with
respect thereto, together with a copy of any notice filed with the PBGC or the IRS pertaining thereto; 

  
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 (g) within five (5) Business Days of obtaining written notice or
knowledge thereof: (i) the termination of any Material Agreement; (ii) the receipt by any Obligor or any of its Subsidiaries of a written notice under any Material Agreement (and a copy thereof) asserting a default by such Obligor or any
of its Subsidiaries where such alleged default would permit such counterparty to terminate such Material Agreement; (iii) the entering into any new Material Agreement by an Obligor (and a copy thereof); or (iv) any amendment to a Material
Agreement that would be materially adverse to the Lenders (and a copy thereof) (which includes, but is not limited to, any amendments to provisions relating to pricing and term); provided that notices required under this subsection
(g) may be delivered with monthly Compliance Certificate unless any of the foregoing events would reasonably be expected to have a Material Adverse Effect; 

(h) any product recalls, safety alerts, corrections, withdrawals, marketing suspensions, removals or the like conducted, to be
undertaken or issued by any Obligor or any of its Subsidiaries, whether or not at the request, demand or order of any Governmental Authority or otherwise with respect to any Product; 

(i) within ten (10) Business Days of obtaining written notice or knowledge thereof, any infringement or other violation by
any Person of any Obligor Intellectual Property that would reasonably be expected to result in a Material Adverse Effect; 

(j) within five (5) Business Days of obtaining written notice or knowledge thereof, a material licensing agreement or
arrangement entered into by any Obligor or any of its Subsidiaries in connection with any material infringement or alleged infringement of the Intellectual Property of another Person; 

(k) within ten (10) Business Days of obtaining written notice or knowledge thereof, any written claim by any Person that
the conduct of any Obligor’s (or any Subsidiary thereof) business, including the development, manufacture, use, sale or other commercialization of any Product, infringes any Intellectual Property of such Person, except to the extent any such
claim would not reasonably be expected to result in a Material Adverse Effect; 
 (l) the reports and notices as required by
the Security Documents; 
 (m) within thirty (30) days of the date thereof, or, if earlier, on the date of delivery of
any financial statements pursuant to Section 8.01, notice of any material change in accounting policies or financial reporting practices by the Obligors; 

(n) promptly after the occurrence thereof, notice of any labor controversy resulting in or threatening to result in any strike,
work stoppage, boycott, shutdown or other material labor disruption against or involving an Obligor (or any Subsidiary thereof); 

(o) any other development that results in a Material Adverse Effect; 

  
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 (p) concurrently with the delivery with Compliance Certificates pursuant to
Section 8.01(d), the creation or other acquisition of any Intellectual Property by any Obligor or any Subsidiary after the date hereof and during such prior fiscal year which is registered or becomes registered or the subject of an application
for registration with the United States Copyright Office or the United States Patent and Trademark Office, as applicable, or with any other equivalent foreign Governmental Authority; and 

(q) any change to any Obligor’s ownership of Deposit Accounts, Securities Accounts and Commodity Accounts, by delivering
to the Lenders an updated Schedule 7 to the Security Agreement setting forth a complete and correct list of all such accounts as of the date of such change. 

Each notice delivered under this Section 8.02 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth
in reasonable detail the event or development requiring such notice and any action taken or proposed to be taken with respect thereto; provided that, if the Borrower is a Publicly Reporting Company, the Borrower’s filing of notice of any
such event with the SEC shall be deemed to satisfy the requirements of this Section 8.02 on the date on which such report is first available via the SEC’s EDGAR system or a successor system related thereto. 

Notwithstanding any contrary provision of the Agreement or any other Loan Document (including, without limitation, Sections 8.01 and 8.02),
until such time as the Administrative Agent provides written notice to the Borrower that it no longer desires to receive information that constitutes material non-public information, the Borrower shall provide
any information required pursuant to the terms hereof, including any information that may be material non-public information, to the Administrative Agent; provided, that notwithstanding the forgoing,
the Borrower shall at all times comply with Section 8.01(d)(i)-(iv) and 8.02(a). 
 Section 8.03. Existence;
Maintenance of Properties, Etc. (a) It will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence; provided that the
foregoing shall not prohibit any merger, amalgamation, consolidation, liquidation or dissolution permitted under Section 9.03. 
 (b) It
shall, and shall cause each of its Subsidiaries to, maintain and preserve all rights, licenses, permits, privileges and franchises material to the conduct of its business, and maintain and preserve all of its assets and properties, necessary to the
conduct of its business in good working order and condition, ordinary wear and tear and damage from casualty or condemnation excepted. 
 (c)
It shall, and shall cause each of its Subsidiaries to, use commercially reasonable efforts to cause each new employee and contractor to execute and deliver a customary confidentiality, non-disclosure and
Intellectual Property assignment agreement that includes a waiver of moral rights. 

  
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 Section 8.04. Payment of Obligations. It will, and will
cause each of its Subsidiaries to, pay and discharge (i) all federal income and other material Taxes, fees, assessments and governmental charges or levies imposed upon it or upon its properties or assets prior to the date on which penalties
attach thereto, and all lawful claims for labor, materials and supplies which, if unpaid, might become a Lien (other than a Permitted Lien) upon any properties or assets of any Obligor, except to the extent such Taxes, fees, assessments or
governmental charges or levies, or such claims, are being contested in good faith by appropriate proceedings and are adequately reserved against substantially in accordance with GAAP, (ii) all lawful claims which, if unpaid, would by Law become
a Lien upon its Property not constituting a Permitted Lien and (iii) all other obligations if the failure to discharge such obligation would reasonably be expected to result in a Material Adverse Effect. 

Section 8.05. Insurance. At its own cost and expense, it will, and will cause each of its Subsidiaries, to
obtain and maintain, with financially sound and reputable insurers, insurance of the kinds, and in the amounts, as are consistent with customary practices and standards of its industry in the same or similar locations, it being understood and agreed
that the insurance held by the Obligors on the Closing Date is deemed to fulfill this requirement on the date hereof. All of the insurance policies required pursuant to this Section 8.05 will name the Administrative Agent as a “loss
payee,” “additional insured” or “mortgagee,” as applicable and as its interests may appear. The Borrower will use its commercially reasonable efforts to ensure, or to cause others to ensure, that all insurance policies
required pursuant to this Section 8.05 shall provide that they shall not be terminated or cancelled nor shall any policy be materially changed in a manner adverse to the insured Person without at least thirty (30) days’ written notice
to the Borrower and the Administrative Agent. Receipt of notice of termination or cancellation of any such insurance policies shall entitle the Administrative Agent to renew any such policies, all in accordance with the first sentence of this
Section 8.05 or otherwise to obtain similar insurance in place of such policies, in each case at the expense of the Borrower (payable within three (3) Business Days of any Borrower’s receipt of written demand therefor) and, unless an
Event of Default has occurred and is continuing, with the prior written consent of the Borrower (such consent not to be unreasonably withheld). The amount of any such expenses shall accrue interest at the Default Rate if not paid when due and shall
constitute “Obligations.” All of the insurance policies required hereby will be evidenced by one or more certificates of insurance, together with appropriate loss payee or additional insured clauses or endorsements in favor of the
Administrative Agent as required by this Section, delivered to the Administrative Agent on or before the Closing Date and at such other times as the Administrative Agent may request from time to time. 

Section 8.06. Books and Records; Inspection Rights. It will, and will cause each of its Subsidiaries to, keep
proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. It will, and will cause each of its Subsidiaries to, permit any representatives
designated by the Administrative Agent, upon reasonable prior notice and at reasonable times, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its
officers and independent accountants, all at such reasonable times during normal business hours and with reasonable advance notice as the Administrative Agent may request. It will, and will cause each of its Subsidiaries to, pay all reasonable and
documented out-of-pocket expenses incurred by the Administrative Agent of (a) so long as no Default has occurred and is continuing, one (1) such inspection
each calendar year and (b) during a continuing Default, all such inspections. 

  
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 Section 8.07. Compliance with Laws. (a) It will, and
will cause each of its Subsidiaries to, (i) comply in all material respects with all Requirements of Law (including Healthcare Laws and Environmental Laws) and (ii) comply in all material respects with all terms of outstanding Indebtedness
and all Material Agreements, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 

(b) Each Obligor will maintain, and will cause each of its Subsidiaries to maintain, all records required to be maintained by a Governmental
Authority or otherwise under any applicable Healthcare Law, except where failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

Section 8.08. Licenses. It will, and will cause each of its Subsidiaries to, obtain and maintain all
licenses, authorizations, consents, filings, exemptions, registrations and other Governmental Approvals necessary in connection with the execution, delivery and performance of the Loan Documents, the consummation of the Transactions or the operation
and conduct of its business and ownership of its properties, except where failure to do so would not reasonably be expected to have a Material Adverse Effect. 

Section 8.09. Action under Environmental Laws. It will, and will cause each of its Subsidiaries to, upon a
Responsible Officer becoming aware of the release of any Hazardous Materials or the existence of any environmental liability under applicable Environmental Laws with respect to their respective businesses, operations or properties, take all actions,
at their cost and expense, as shall be required by applicable Law to investigate and clean up the condition of their respective businesses, operations or properties, including all required removal, containment and remedial actions, and restore their
respective businesses, operations or properties to a condition, in each case in material compliance with applicable Environmental Laws. 

Section 8.10. Use of Proceeds. The proceeds of the Term Loans will be used only as provided in
Section 2.05. No part of the proceeds of the Term Loans will be used, whether directly or indirectly, for any purpose that violates any of the Regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U
and X. 
 Section 8.11. Certain Obligations Respecting Subsidiaries; Further Assurances; Intellectual Property.

 (a) Subsidiaries. It will take such action, and will cause each of its Subsidiaries (other than the Securities Subsidiary) to take
such action, from time to time as shall be necessary to ensure that all Subsidiaries (other than the Securities Subsidiary) are “Guarantors” hereunder. Without limiting the generality of the foregoing, in the event that the Borrower or any
of its Subsidiaries shall form or acquire any new Subsidiary, it and its Subsidiaries will promptly and in any event within thirty (30) days (or such longer time as consented to by the Administrative Agent in writing) of the formation or
Acquisition of such Subsidiary: 
 (i) cause such new Subsidiary to become a “Guarantor” hereunder, and a
“Grantor” under the Security Documents, pursuant to a Guarantee Assumption Agreement; 

  
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 (ii) take such action or cause such Subsidiary to take such action
(including delivering such Equity Interests, together with undated transfer powers executed in blank and any intercompany notes with undated endorsements executed in blank) as shall be necessary to create and perfect valid and enforceable first
priority (subject to Permitted Priority Liens) Liens on substantially all of the personal Property of such new Subsidiary as collateral security for the obligations of such new Subsidiary hereunder; 

(iii) to the extent that the parent of such Subsidiary is not a party to the Security Documents or has not otherwise pledged
Equity Interests in its Subsidiaries in accordance with the terms of the Security Documents and this Agreement, cause the parent of such Subsidiary to execute and deliver a pledge agreement in favor of the Lenders, in respect of all outstanding
issued shares of such Subsidiary; and 
 (iv) deliver such proof of corporate action, incumbency of officers, opinions of
counsel and other documents as is consistent with those delivered by each Obligor pursuant to Section 6.01 or as the Majority Lenders shall have requested. 

(b) Further Assurances. It will, and will cause each of its Subsidiaries to, take such action from time to time as shall reasonably be
requested in writing by the Majority Lenders to effectuate the purposes and objectives of this Agreement. Without limiting the generality of the foregoing, it will, and will cause each Person that is required to be a Guarantor to, take such action
from time to time (including executing and delivering such assignments, security agreements, control agreements and other instruments) as shall be reasonably requested in writing by the Majority Lenders to create, in favor of the Lenders, perfected
security interests and Liens (subject to Permitted Liens) in substantially all of the personal Property of such Obligor as collateral security for the Obligations; provided that any such security interest or Lien shall be subject to the
relevant requirements of the Security Documents. 
 (c) Intellectual Property. In the event that the Borrower or any of its
Subsidiaries creates, develops or acquires Obligor Intellectual Property during the term of this Agreement, then the provisions of this Agreement shall automatically apply thereto and any such Obligor Intellectual Property shall automatically
constitute part of the Collateral under the Security Documents, without further action by any party, in each case from and after the date of such creation, development or acquisition (except that any representations or warranties of any Obligor
shall apply to any such Obligor Intellectual Property only from and after the date, if any, subsequent to such acquisition that such representations and warranties are brought down or made anew as provided herein). In the event that the Borrower or
any of its Subsidiaries holds or acquires Obligor Intellectual Property during the term of this Agreement, then, upon the request of the Administrative Agent, the Borrower or any such Subsidiary shall take any action as shall be reasonably necessary
and reasonably requested by the Administrative Agent to ensure that the provisions of this Agreement and the Security Agreement shall apply thereto and any such Obligor Intellectual Property shall constitute part of the Collateral under the Security
Documents. 

  
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 Section 8.12. Termination of
Non-Permitted Liens. In the event that any Responsible Officer of the Borrower shall become aware or be notified by the Lenders of the existence of any outstanding Lien against any Property
of any Obligor, which Lien is not a Permitted Lien, such Obligor shall use its best efforts to promptly terminate or cause the termination of such Lien. 

Section 8.13. Non-Consolidation. The Borrower will, and will cause
each of its Subsidiaries to, (i) maintain entity records and books of account separate from those of any other entity (other than the Obligors) which is an Affiliate of such entity; and (ii) not commingle its funds or assets with those of
any other entity (other than the Obligors) which is an Affiliate of such entity. 
 Section 8.14. Anti-Terrorism and Anti-Corruption Laws. No Obligor shall engage in any transaction that violates any of the applicable prohibitions set forth in any Economic Sanctions
Law, Anti-Terrorism Law, or the US Foreign Corrupt Practices Act of 1977 (15 USC. §§ 78dd-1 et seq.). None of the funds
or assets of such Obligor or any Subsidiary that are used to repay the Term Loans shall constitute property of, or shall be beneficially owned by, any Designated Person or, to each Obligor’s knowledge, be the direct proceeds derived from any
transactions that violate the prohibitions set forth in any applicable Economic Sanctions Law, and no Designated Person shall have any direct or indirect interest in such Obligor insofar as such interest would violate any Economic Sanctions Laws
applicable to such Obligor. 
 Section 8.15. Minimum Liquidity. The Borrower shall ensure that the Borrower shall
have aggregate Unrestricted Cash of not less than $3,000,000 at all times (“Minimum Liquidity”). 

Section 8.16. Maintenance of Regulatory Approvals, Contracts, Intellectual Property, Etc. With respect to
each Product, such Obligor will, and will cause each of its Subsidiaries (to the extent applicable) to: (i) maintain in full force and effect all material Regulatory Approvals (including the Product Authorizations), Material Agreements, or
other rights necessary for the current operations of such Obligor’s or such Subsidiary’s business, as the case may be, including in respect of all related Product Development and Commercialization Activities, (ii) maintain in full
force and effect all material Intellectual Property owned or controlled by such Obligor or any such Subsidiary that is used in and necessary for related Product Development and Commercialization Activities and (iii) use commercially reasonable
efforts to pursue and maintain in full force and effect legal protection for all new, material Intellectual Property developed or controlled by such Obligor or any of its Subsidiaries, as the case may be, that is used in and necessary in connection
with any Product Development and Commercialization Activities relating to any such Product. 
 Section 8.17. Cash
Management. The Obligors will, and will cause each of their Subsidiaries to: 
 (a) maintain all Deposit Accounts,
Securities Accounts, Commodity Accounts and lockboxes (other than Excluded Accounts) with a bank or financial institution that has executed and delivered to the Administrative Agent an account control agreement, in form and substance reasonably
acceptable to the Administrative Agent (each such Deposit Account, Securities Account, Commodity Account and lockbox, a “Controlled Account”); and 

  
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 (b) deposit promptly, and in any event no later than five (5) Business
Days after the date of receipt thereof, all cash, checks, drafts or other similar items of payment relating to or constituting payments made in respect of any and all accounts and other rights and interests into Controlled Accounts. 

Section 8.18. Milestone. The Borrower shall: 

(a) (i) file an IND with respect to a Specified Pipeline Target on or prior to [***] and (ii) dose the first patient
in Phase I trial with respect to a Specified Pipeline Target on or prior to [***]; provided that the Borrower has the option to extend such date by up to an additional ninety (90) days by providing written notice of its intention to do
so to the Administrative Agent at least five (5) Business Days prior to [***]; provided, further that the Borrower may extend such additional period by another ninety (90) days subject to the Administrative Agent’s consent,
such consent not to be unreasonably withheld or delayed. 
 (b) on or before [***], either (i) complete a Qualified
Public Offering, (ii) issue at least $ [***] of new cash equity in the form of Series C Preferred Stock on terms reasonably satisfactory to the Administrative Agent or (iii) consummate an M&A Event; provided that the Borrower
has the option to extend such date by up to an additional ninety (90) days by providing written notice of its intention to do so to the Administrative Agent at least five (5) Business Days prior to [***]. 

Section 8.19. Certain Post-Closing Obligations. The Obligors will, and will cause each of their Subsidiaries to
provide the items set forth in Schedule 8.19 within the time periods set forth therein. 
 ARTICLE 9 

NEGATIVE COVENANTS 

Each Obligor covenants and agrees with the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than
the Warrant Obligations and inchoate indemnity obligations) have been paid in full in cash: 
 Section 9.01.
Indebtedness. It will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, whether directly or indirectly, except: 

(a) the Obligations; 

(b) Indebtedness existing on the date hereof and set forth in Schedule 7.13A and Permitted Refinancings thereof; 

(c) accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the
borrowing of money) incurred in the Ordinary Course of Business; 

  
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 (d) Indebtedness consisting of guarantees resulting from endorsement of
negotiable instruments for collection by it or any of its Subsidiaries in the Ordinary Course of Business; 
 (e)
Indebtedness of any Obligor to any other Obligor; 
 (f) Guarantees by any Obligor of the Indebtedness of any other Obligor;

 (g) Purchase money and capital lease financing; provided that (i) if secured, the collateral therefor consists
solely of the assets being financed, the products and proceeds thereof and books and records related thereto, (ii) in the case of purchase money Indebtedness, such Indebtedness shall constitute not less than 75% of the aggregate consideration
paid with respect to such asset and (iii) the aggregate outstanding principal amount of such Indebtedness does not exceed $750,000 at any time; 

(h) unsecured workers’ compensation claims, payment obligations in connection with health, disability or other types of
social security benefits, unemployment or other insurance obligations, reclamation and statutory obligations, in each case incurred in the Ordinary Course of Business; 

(i) Indebtedness under Hedging Agreements permitted pursuant to Section 9.05(f); 

(j) Indebtedness approved in advance in writing by the Majority Lenders; 

(k) Indebtedness of the Borrower and its Subsidiaries with respect to corporate credit cards not to exceed $500,000 at any time
outstanding; and 
 (l) other unsecured Indebtedness in an aggregate principal amount not to exceed $500,000 at any time
outstanding. 
 Section 9.02. Liens. It will not, and will not permit any of its Subsidiaries to, create, incur,
assume or permit to exist any Lien on any Property now owned by it, except: 
 (a) Liens securing the Obligations; 

(b) any Lien on any Property of any Obligor existing on the date hereof and set forth in Schedule 7.13B; provided
that (i) no such Lien shall extend to any other Property of such Obligor and (ii) any such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase
the outstanding principal amount thereof; 

  
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 (c) Liens securing Indebtedness permitted under Section 9.01(g);
provided that such Liens are restricted solely to the collateral described in Section 9.01(g); 
 (d) Liens
imposed by Law which were incurred in the Ordinary Course of Business, including (but not limited to) carriers’, warehousemen’s, landlords’ and mechanics’ liens, liens relating to leasehold improvements and other similar liens
arising in the Ordinary Course of Business and which (i) do not in the aggregate materially detract from the value of the Property subject thereto or materially impair the use thereof in the operations of the business of such Person or
(ii) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the Property subject to such liens and for which adequate reserves have been made if required
substantially in accordance with GAAP; 
 (e) Liens, pledges or deposits made in the Ordinary Course of Business in
connection with bids, contracts, leases, appeal bonds, workers’ compensation, unemployment insurance or other similar social security legislation; 

(f) Liens securing Taxes, assessments and other governmental charges, the payment of which is not yet due or is being contested
in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made; 

(g) servitudes, easements, rights of way, restrictions and other similar encumbrances on real Property imposed by applicable
Laws and encumbrances consisting of zoning or building restrictions, easements, licenses, restrictions on the use of Property or minor imperfections in title thereto which, in the aggregate, are not material, and which do not in any case materially
detract from the value of the Property subject thereto or interfere with the ordinary conduct of the business of any of the Obligors; 

(h) banker’s liens, rights of setoff and similar Liens incurred in the Ordinary Course of Business and arising in
connection with the Obligors’ deposit accounts or securities accounts held at financial institutions solely to secure payment of fees and similar costs and expenses of such financial institutions with respect to such accounts; 

(i) Liens in connection with transfers permitted under Section 9.09; 

(j) any judgment lien or lien arising from decrees or attachments not constituting an Event of Default; 

(k) leases or subleases of real property granted in the Ordinary Course of Business, and leases, subleases, nonexclusive
licenses or sublicenses of personal property (other than Intellectual Property) granted in the Ordinary Course of Business; 

(l) Liens in favor of customs and revenue authorities arising as a matter of law to secure the payment of custom duties in
connection with the importation of goods, not securing an amount in the aggregate in excess of $750,000 at any given time; 

(m) Liens on a deposit account of the Obligors and the cash and cash equivalents therein, in each case, securing Indebtedness
described in Section 9.01(k); and 

  
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 (n) Permitted Licenses solely to the extent that such Permitted License
would constitute a Lien; 
 provided that no Lien otherwise permitted under any of the foregoing Section 9.02 (excluding
Section 9.02(a)) shall apply to any Material Intellectual Property. 
 Section 9.03. Fundamental Changes and
Acquisitions. It will not, and will not permit any of its Subsidiaries to, (i) enter into or consummate any transaction of merger, amalgamation or consolidation, including without limitation, a
reverse-triangular merger, or other similar transaction or series of related transactions, (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution) (including in connection
with any division or plan of division under Delaware law or any comparable event under a different jurisdiction’s laws), (iii) make or consummate any Acquisition, and (iv) make any public offering other than a Qualified Public
Offering, except: 
 (a) Investments permitted under Section 9.05(e); 

(b) Permitted Acquisitions for an aggregate consideration not to exceed $5,000,000 for the duration of this Agreement; and 

(c) the merger, amalgamation or consolidation of any Obligor with or into any other Obligor, provided that (i) if
the Borrower is a party to such merger, amalgamation or consolidation, the Borrower shall be the surviving entity and (ii) if a Domestic Subsidiary is a party to such merger, amalgamation or consolidation, a Domestic Subsidiary shall be the
surviving entity. 
 Section 9.04. Lines of Business. It will not, and will not permit any of its
Subsidiaries to, engage to any material extent in any business other than the business engaged in on the date hereof by such Obligor, or a business reasonably related, incidental or complementary thereto or reasonable extensions thereof. 

Section 9.05. Investments. It will not, and will not permit any of its Subsidiaries to, make, directly or
indirectly, or permit to remain outstanding any Investments except: 
 (a) Investments outstanding on the date hereof and
identified in Schedule 9.05 and any modification, replacement, renewal or extension thereof to the extent not involving new or additional Investments; 

(b) operating deposit accounts with banks; 

(c) extensions of credit in the nature of accounts receivable or notes receivable arising from the sales of goods or services
in the Ordinary Course of Business; 
 (d) Permitted Cash Equivalent Investments; 

  
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 (e) (i) Investments consisting of 100% of the ownership of the Equity
Interests of its Subsidiaries, (ii) Investments by the Borrower or any Subsidiary consisting of 100% of the ownership of the Equity Interests of the Person acquired in connection with a Permitted Acquisition and (iii) intercompany
Investments by the Borrower or its Subsidiaries in a Subsidiary that is a Guarantor or by any Subsidiary of Borrower in Borrower; 

(f) Hedging Agreements entered into in the ordinary course of any Obligor’s financial planning solely to hedge interest
rate risks (and not for speculative purposes) in respect of Permitted Indebtedness and in an aggregate amount for all such Hedging Agreements not in excess of $750,000; 

(g) Investments consisting of prepaid expenses, negotiable instruments held for collection or deposit, security deposits with
utilities, landlords and other like Persons, and deposits in connection with workers’ compensation and similar deposits, in each case made in the Ordinary Course of Business; 

(h) Investments received in connection with any Insolvency Proceedings in respect of any customers, suppliers or clients and in
settlement of delinquent obligations of, and other disputes with, customers, suppliers or clients; 
 (i) Investments
permitted pursuant to Section 9.03; 
 (j) 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 shall not apply to Investments of the Borrower in any Subsidiary; 

(k) 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 the Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by the
Borrower’s board of directors in an aggregate amount not to exceed $500,000 for subclauses (i) and (ii) in any fiscal year; 

(l) so long as no Event of Default has occurred and is continuing, Investments by any Obligor in another Obligor; 

(m) so long as no Default Event of Default shall have occurred and is continuing at the time of such Investment, Investments by
Borrower in the Securities Subsidiary, so long as the aggregate amount of cash and Permitted Cash Equivalent Investments held by Borrower is not less than (i) prior to the Tranche B Term Loan Borrowing Date, $12,500,000 and (ii) on and
after the Tranche B Term Loan Borrowing Date, $20,000,000; and 

  
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 (n) so long as no Default or Event of Default shall have occurred and is
continuing at the time of such Investment, or after giving effect thereto, other Investments in an amount not to exceed $500,000 in any fiscal year. 

Section 9.06. Restricted Payments. It will not, and will not permit any of its Subsidiaries to, declare or
make, or agree to pay or make, directly or indirectly, any Restricted Payment, other than: 
 (a) dividends with respect to
any Equity Interests of the Borrower or any of its Subsidiaries payable solely in additional shares of its Qualified Equity Interests; 

(b) any Restricted Payment by a Subsidiary to the Borrower; 

(c) any purchase, redemption, retirement, or other Acquisition by the Borrower or any of its Subsidiaries of shares of its
capital stock or other Equity Interests with the proceeds received from a substantially concurrent issue of new shares of its capital stock or other Equity Interests; 

(d) any non-cash (other than cash in lieu of fractional shares) conversion or exercise
requests in respect of any convertible securities, options or warrants of the Borrower into Qualified Equity Interests of the Borrower pursuant to the terms of such convertible securities, options or warrants or otherwise in exchange therefor; 

(e) 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 in an aggregate amount not to exceed $250,000 in any fiscal year; 

(f) the making of cash payments in lieu of the issuance of fractional shares upon the conversion of convertible securities (or
in connection with the exercise of warrants or similar securities) not to exceed $25,000 in any fiscal year; 
 (g) cash
payments made to redeem, purchase, repurchase or retire the Warrant Obligations in accordance with the terms of the Warrants; and 

(h) dividends paid by any Guarantor to any other Obligor. 

Section 9.07. Payments of Indebtedness. It will not, and will not permit any of its Subsidiaries to, make any
payments in respect of any Material Indebtedness other than (i) payments of the Obligations, (ii) scheduled payments of other Permitted Indebtedness, and (iii) repayment of intercompany Indebtedness permitted in reliance upon
Section 9.01(e). 
 Section 9.08. Change in Fiscal Year. It will not, and will not permit any of its
Subsidiaries to, change the last day of its fiscal year from that in effect on the date hereof, without prior written notice to the Administrative Agent, except to change the fiscal year of a Subsidiary acquired in connection with an Acquisition to
conform its fiscal year to that of the Borrower. 

  
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 Section 9.09. Sales of Assets, Etc. It will not, and will
not permit any of its Subsidiaries to, sell, lease, exclusively license (in terms of geography or field of use), as a licensor, transfer (including in connection with any division or plan of division under Delaware law or any comparable event under
a different jurisdiction’s laws) or otherwise dispose of any of its Property (including accounts receivable and Equity Interests of Subsidiaries), or forgive, release or compromise any amount owed to the Borrower or any of its Subsidiaries, in
each case, in one transaction or series of transactions (any thereof, an “Asset Sale”), except: 

(a) transfers of cash or Permitted Cash Equivalent Investments in the Ordinary Course of Business for equivalent value; 

(b) sales or leases of inventory in the Ordinary Course of Business on ordinary business terms; 

(c) the forgiveness, release or compromise of any amount owed to the Borrower or any of its Subsidiaries in the Ordinary Course
of Business; 
 (d) entering into, or becoming bound, by a Permitted License to the extent not otherwise prohibited by this
Agreement; 
 (e) development and other collaborative arrangements where such arrangements provide for the license or
disclosure of Patents, Trademarks, Copyrights or other Intellectual Property rights of any Obligor in the Ordinary Course of Business and consistent with general market practices; provided that (i) such licenses must be true licenses
that do not result in a legal transfer of title of the licensed Property or otherwise constitute sales transactions in substance, and (ii) the aggregate amount of such periodic payments to the Obligors in any fiscal year shall not exceed
$500,000; 
 (f) a sale, lease, exclusive license, transfer or other disposition (including by way of abandonment or
cancellation) of any Property that is obsolete, worn out, surplus or no longer used or useful in connection with the business of the Obligors; 

(g) dispositions resulting from Casualty Events; 

(i) any transaction permitted under Section 9.02, 9.03, 9.05 and 9.20; 

(j) so long as no Default or Event of Default shall have occurred and is continuing at the time of such Asset Sale, or after
giving effect thereto, Asset Sales of other Property not to exceed $500,000 in the aggregate per fiscal year; and 
 (k)
transfers of Property between Obligors. 
 Section 9.10. Transactions with Affiliates. It will not, and will not
permit any of its Subsidiaries to, sell, lease, license or otherwise transfer any assets to, or purchase, lease, license or otherwise acquire any assets from, or otherwise engage in any other transactions with, any of its Affiliates, except: 

  
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 (a) transactions between or among the Obligors; 

(b) customary compensation and indemnification of, and other employment arrangements with, directors, officers and employees of
any Obligor in the Ordinary Course of Business; 
 (c) transactions upon fair and reasonable terms that are no less favorable
to any Obligor than would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate; 

(d) the transactions set forth on Schedule 9.10; 

(e) any transaction permitted under Section 9.01, 9.05, 9.06 or 9.09; and 

(f) equity investments by Borrower’s investors in Borrower. 

Section 9.11. Restrictive Agreements. It will not, and will not permit any of its Subsidiaries to, directly
or indirectly, enter into, incur or permit to exist any Restrictive Agreement other than (i) restrictions and conditions imposed by Law or by the Loan Documents, (ii) Restrictive Agreements listed on Schedule 7.15, (iii) any stockholder
agreement, charter, by laws or other organizational documents of an Obligor as in effect on the date hereof or (iv) limitations associated with Permitted Liens or with any transaction permitted under Section 9.01, 9.03, 9.05, 9.06 or 9.09.

 Section 9.12. Organizational Documents, Material Agreements. (a) It will not, and will not permit any of
its Subsidiaries to, enter into any amendment to or modification of any Organizational Document without the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, conditioned or delayed. 

(b) It will not, and will not permit any of its Subsidiaries to (i) enter into any material waiver, amendment or
modification of any Material Agreement (including, but not limited to, any amendments to provisions relating to pricing and term) that would be reasonably expected to adversely affect the Lenders in any material respect and (ii) take or omit to
take any action that results in the termination of, or permits any other Person to terminate, any Material Agreement or Material Intellectual Property that would be reasonably expected to adversely affect the Lenders in any material respect,
without, in each case, the prior written consent of the Administrative Agent, such consent not to be unreasonably withheld or delayed. 

Section 9.13. Operating Leases. It will not, and will not permit any of its Subsidiaries to, make any expenditures
in respect of operating leases, except for: 
 (a) real estate operating leases entered into in the Ordinary Course of
Business; 

  
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 (b) operating leases between Obligors; and 

(c) operating leases that would not cause the Borrower and its Subsidiaries, on a consolidated basis, to make payments
exceeding $750,000 in any fiscal year. 
 Section 9.14. Sales and Leasebacks. Except as permitted by
Section 9.01(g), it will not, and will not permit any of its Subsidiaries to, become liable, directly or indirectly, with respect to any lease, whether an operating lease or a Capital Lease Obligation, of any Property (whether real, personal,
or mixed), whether now owned or hereafter acquired, (i) which the Borrower or such Subsidiary has sold or transferred or is to sell or transfer to any other Person and (ii) which the Borrower or such Subsidiary intends to use for
substantially the same purposes as Property which has been or is to be sold or transferred. 
 Section 9.15. Hazardous
Material. It will not, and will not permit any of its Subsidiaries to, use, generate, manufacture, install, treat, release, store or dispose of any Hazardous Material, except in compliance with all applicable Environmental Laws or where
the failure to comply would not reasonably be expected to result in a Material Adverse Change. 
 Section 9.16.
Accounting Changes. It will not, and will not permit any of its Subsidiaries to, make any significant change in accounting treatment, except as required or permitted by GAAP. 

Section 9.17. Compliance with ERISA. No ERISA Affiliate shall cause or suffer to exist (a) any event
that would result in the imposition of a Lien with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event that would, in the aggregate, have a Material Adverse Effect. No Obligor or any Subsidiary thereof shall
cause or suffer to exist any event that could result in the imposition of a Lien with respect to any Benefit Plan that would have a Material Adverse Effect. 

Section 9.18. Deposit Accounts. It will not, and will not permit any of its Subsidiaries to, establish or
maintain any bank account (other than an Excluded Account) that is not a Controlled Account and will not, and will not permit any of its Subsidiaries to, deposit proceeds in a bank account that is not a Controlled Account; provided, up to two
months of payroll expenses may be on deposit in Excluded Accounts in the aggregate at any time. 
 Section 9.19.
Outbound Licenses. It will not, and will not permit any of its Subsidiaries to, enter into or become bound by any outbound license or agreement unless such outbound license or agreement is a Permitted License. 

Section 9.20. Inbound Licenses. It will not, and will not permit any of its Subsidiaries to, enter into or
become bound by any inbound license or agreement (other than Permitted Licenses) unless (i) no Default has occurred and is continuing and (ii) such Obligor has taken such commercially reasonable actions as the Lenders may reasonably
request to obtain the consent of, or waiver by, any Person whose consent or waiver is necessary for the Lenders to be granted a valid and perfected security interest in such license or agreement allowing the Lenders to fully exercise their rights
under any of the Loan Documents in the event of a disposition or liquidation of the rights, assets or property that is the subject of such license or agreement; provided that the aggregate consideration paid for all such inbound licenses
pursuant to this Section 9.20 shall not exceed an amount equal to $5,000,000 per fiscal year. 

  
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 Section 9.21. Activities of Securities Subsidiary. Securities
Subsidiary shall not incur any Indebtedness or Liens, not make any Investments and shall not engage in any business activities and shall not own any property other than (a) activities permitted by, and Investments made in accordance with,
Massachusetts General Law, Chapter 63, Section 38B, (b) activities and contractual rights incidental to maintenance of its corporate existence, and (c) the performance of its obligations in its Organizational Documents. 

ARTICLE 10 

EVENTS OF DEFAULT 

Section 10.01. Events of Default. Each of the following events shall constitute an “Event of
Default”: 
 (a) the Borrower shall fail to pay any principal on the Term Loans when and as the same shall
become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; or 
 (b) any
Obligor shall fail to pay any Obligation (other than an amount referred to in Section 10.01(a)) when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days; or 

(c) any representation or warranty made by or on behalf of an Obligor or any of its Subsidiaries in or in connection with this
Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or
any amendment or modification hereof or thereof, shall: (i) prove to have been incorrect when made or deemed made to the extent that such representation or warranty contains any materiality or Material Adverse Effect qualifier; or
(ii) prove to have been incorrect in any material respect when made or deemed made to the extent that such representation or warranty does not otherwise contain any materiality or Material Adverse Effect qualifier; or 

(d) any Obligor shall fail to observe or perform any covenant, condition or agreement contained in Section 8.01, 8.02,
8.03(a) (with respect to such Obligor’s existence), 8.10, 8.11, 8.13, 8.15, 8.16, 8.17, 8.18, 8.19 or Article 9; or 

(e) any Obligor shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than
those specified in Section 10.01(a), (b) or (d)) or any other Loan Document, and, in the case of any failure that is capable of cure, such failure shall continue unremedied for a period of thirty (30) or more days; or 

  
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 (f) any Obligor shall fail to make any payment in respect of any Material Indebtedness, when
and as the same shall become due and payable after giving effect to any applicable grace or cure period as originally provided by the terms of such Indebtedness; or 

(g) (i) any material breach of, or “event of default” or similar event under, the Contract governing any Material Indebtedness
shall occur and such breach or “event of default” or similar event shall continue unremedied, uncured or unwaived after a period of ten (10) Business Days after the expiration of any cure period thereunder, or (ii) any event or
condition occurs (A) that results in any Material Indebtedness becoming due prior to its scheduled maturity or (B) that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of such
Material Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that
this Section 10.01(g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the Property securing such Material Indebtedness; or 

(h) any Obligor or any of its Subsidiaries: 

(i) ceases to be Solvent, or generally does not or becomes unable to pay its debts or meet its liabilities as the same become
due, or admits in writing its inability to pay its debts generally, or declares any general moratorium on its indebtedness, or proposes a compromise or arrangement or deed of company arrangement between it and any class of its creditors; or 

(ii) shall (A) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other
relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar Law now or hereafter in effect, (B) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
described in Section 10.01(i), (C) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for an Obligor or any Subsidiary or for a substantial part of its assets,
(D) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (E) make a general assignment for the benefit of creditors or (F) take any action for the purpose of effecting any of the
foregoing; or 
 (i) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of an Obligor or any Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or
(ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for an Obligor or any Subsidiary or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue
undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered; or 

  
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 (j) one or more judgments for the payment of money in an aggregate amount in excess of
$750,000 (excluding any amounts covered by insurance as to which the applicable carrier has accepted coverage) shall be rendered against any Obligor or any combination thereof and the same shall remain undischarged for a period of forty-five
(45) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Obligor to enforce any such judgment; or 

(k) an ERISA Event shall have occurred that, in the opinion of the Lenders, when taken together with all other ERISA Events that have occurred,
would reasonably be expected to result in liability of the Obligors and their Subsidiaries in an aggregate amount exceeding (i) $250,000 in any year or (ii) $750,000 for all periods until repayment of all Obligations (other than the
Warrant Obligations); or 
 (l) a Change of Control shall have occurred; or 

(m) a Material Adverse Change shall have occurred; or 

(n) (i) any Lien created by any of the Security Documents shall at any time not constitute a valid and perfected Lien in favor of the
Administrative Agent on Collateral with an aggregate value in excess of $250,000, free and clear of all other Liens (other than Permitted Liens) except due to the action or inaction of the Administrative Agent or any Lender(s), (ii) except for
expiration in accordance with its terms and except due to the action or inaction of the Administrative Agent or any Lender(s), the Security Documents or any Guarantee of any of the Obligations shall for whatever reason cease to be in full force and
effect, or (iii) any of the Security Documents or any Guarantee of any of the Obligations, or the enforceability thereof, shall be repudiated or contested by any Obligor; or 

(o) any injunction, whether temporary or permanent, shall be rendered against any Obligor that prevents the Obligors from selling or
manufacturing the Product in the United States for more than one hundred twenty (120) consecutive calendar days; or 
 (p) (i) the
FDA or any other Governmental Authority (A) issues a letter or other communication asserting that any Product lacks a required Product Authorization, or (B) initiates enforcement action against, or issues a warning letter with respect to,
any Obligor, or any of their Products or the Contract Manufacturer therefor, that causes any Obligor or Subsidiary thereof to discontinue marketing or withdraw any of its material Products, or causes a delay in the manufacture of any of its material
Products, which discontinuance, withdrawal or delay would reasonably be expected to last for more than ninety (90) days, (ii) there is a recall of any Product that has generated or is expected to generate an aggregate amount of revenue
equal to at least $750,000 over any consecutive twelve (12) month period, or (iii) any Obligor or Subsidiary thereof enters into a settlement agreement with the FDA or any other Governmental Authority that results in aggregate
liability as to any single or related series of transactions, incidents or conditions, in excess of $750,000; or 

  
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 (q) any material Permit relating to any Product (including all Product
Authorizations), or any of the Obligors’ or their Subsidiaries’ material rights or interests thereunder, is terminated, adversely amended or otherwise determined to be ineffective in any manner adverse to any of the Products or Obligors or
Subsidiaries, in each case, for more than ninety (90) days; or 
 (r) a M&A Event shall have occurred. 

Section 10.02. Remedies. (a) Upon the occurrence of any Event of Default, then, and in every such event (other
than an Event of Default described in Section 10.01(h) or (i)), and at any time thereafter during the continuance of such event, the Majority Lenders may, by notice to the Borrower, take either or both of the following actions, at the same time
or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Term Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so
declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Term Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations, shall
become due and payable immediately (in the case of the Term Loans, at the Redemption Price therefor), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor. 

(b) Upon the occurrence of any Event of Default described in Section 10.01(h) or (i), the Commitments shall automatically terminate and
the principal amount of the Term Loans then outstanding, together with accrued interest thereon and all fees and other Obligations, shall automatically become due and payable immediately (in the case of the Term Loans, at the Redemption Price
therefor), without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor. 
 (c) If any
Lender collects any money or property pursuant to this Article 10, they shall pay out the money or property in the order set forth in Section 4.01(b). 

Section 10.03. Prepayment Fee and Redemption Price. For the avoidance of doubt, the Prepayment Fee (as a
component of the Redemption Price) shall be due and payable at any time the Term Loans become due and payable prior to the Stated Maturity Date for any reason (a “Premium Event”), whether due to acceleration pursuant
to the terms of this Agreement (in which case it shall be due immediately, upon the giving of notice to Borrower in accordance with Section 10.02(a), or automatically, in accordance with Section 10.02(b)), by operation of law or otherwise
(including, without limitation, on account of any bankruptcy filing). In view of the impracticability and extreme difficulty of ascertaining the actual amount of damages to the Lenders or profits lost by the Lenders as a result of such acceleration,
and by mutual agreement of the parties as to a reasonable estimation and calculation of the lost profits or damages of the Lenders, the Prepayment Fee shall be due and payable upon such date. Each Obligor hereby waives any defense to payment,
whether such defense may be based in public policy, ambiguity, or otherwise. The Obligors and the Lenders acknowledge and agree that any Prepayment Fee due and payable in accordance with this Agreement shall not constitute unmatured interest,
whether under Section 5.02(b)(3) of the Bankruptcy Code or otherwise. Each Obligor further acknowledges and agrees, and waives any argument to the contrary, that payment of such amount does not constitute a penalty or an otherwise unenforceable
or invalid obligation. 

  
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 ARTICLE 11 

GUARANTEE 

Section 11.01. The Guarantee. The Guarantors hereby jointly and severally guarantee to the Administrative
Agent and each Lender, and their respective successors and assigns, the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the principal of and interest on the Term Loans, all fees and other amounts and
Obligations from time to time owing to the Administrative Agent and the Lenders by the Borrower under this Agreement or under any other Loan Document and by any other Obligor under any of the Loan Documents, in each case strictly in accordance with
the terms thereof (such obligations being herein collectively called the “Guaranteed Obligations”). The Guarantors hereby further jointly and severally agree that if the Borrower shall fail to pay in full when due
(whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Guarantors will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of
any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. 

Section 11.02. Obligations Unconditional. The obligations of the Guarantors under Section 11.01 are
absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of the Borrower under this Agreement or any other agreement or instrument referred to herein, or any
substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever that might otherwise constitute
a legal or equitable discharge or defense of a surety or Guarantor, it being the intent of this Section 11.02 that the obligations of the Guarantors hereunder shall be absolute and unconditional, joint and several, under any and all
circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Guarantors hereunder, which shall remain absolute and unconditional
as described above: 
 (a) at any time or from time to time, without notice to the Guarantors, the time for any performance
of or compliance with any of the Guaranteed Obligations shall be extended, or such performance or compliance shall be waived; 

(b) any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to
herein shall be done or omitted; 
 (c) the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the
Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein shall be waived or any other guarantee of any of the Guaranteed Obligations
or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with; or 

  
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 (d) any lien or security interest granted to, or in favor of, any Lender as
security for any of the Guaranteed Obligations shall fail to be perfected. 
 The Guarantors hereby expressly waive diligence, presentment,
demand of payment, protest and all notices whatsoever, and any requirement that the Administrative Agent or any Lender exhaust any right, power or remedy or proceed against the Borrower under this Agreement or any other agreement or instrument
referred to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations. 

Section 11.03. Reinstatement. The obligations of the Guarantors under this Article 11 shall be
automatically reinstated if and to the extent that for any reason any payment by or on behalf of the Borrower in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations,
whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and the Guarantors jointly and severally agree that they will indemnify the Administrative Agent and each Lender on demand for all reasonable costs and expenses
(including reasonable fees of counsel) incurred by such Persons in connection with such rescission or restoration, including any such reasonable costs and expenses incurred in defending against any claim alleging that such payment constituted a
preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar Law. 
 Section 11.04.
Subrogation. The Guarantors hereby jointly and severally agree that, until the payment and satisfaction in full of all Guaranteed Obligations (other than the Warrant Obligations) they shall not exercise any right or remedy arising by
reason of any performance by them of their guarantee in Section 11.01, whether by subrogation or otherwise, against the Borrower or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.

 Section 11.05. Remedies. The Guarantors jointly and severally agree that, as between the Guarantors, on
one hand, and the Lenders, on the other hand, the obligations of the Borrower under this Agreement and under the other Loan Documents may be declared to be forthwith due and payable as provided in Article 10 (and shall be deemed to have become
automatically due and payable in the circumstances provided in Article 10) for purposes of Section 11.01 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically
due and payable) as against the Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by the Borrower) shall forthwith
become due and payable by the Guarantors for purposes of Section 11.01. 
 Section 11.06. Instrument for the
Payment of Money. Each Guarantor hereby acknowledges that the guarantee in this Article 11 constitutes an instrument for the payment of money, and consents and agrees that each Lender, at its sole option, in the event of a dispute by
such Guarantor in the payment of any moneys due hereunder, shall have the right to proceed by motion for summary judgment in lieu of complaint pursuant to N.Y. Civ. Prac. L&R § 3213. 

  
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 Section 11.07. Continuing Guarantee. The guarantee in this
Article 11 is a continuing guarantee, and shall apply to all Guaranteed Obligations (other than the Warrant Obligations) whenever arising. 

Section 11.08. Rights of Contribution. The Guarantors hereby agree, as between themselves, that if any
Guarantor shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Guarantor of any Guaranteed Obligations, each other Guarantor shall, on demand of such Excess Funding Guarantor (but subject to the next
sentence), pay to such Excess Funding Guarantor an amount equal to such Guarantor’s Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor)
of the Excess Payment (as defined below) in respect of such Guaranteed Obligations. The payment obligation of a Guarantor to any Excess Funding Guarantor under this Section 11.08 shall be subordinate and subject in right of payment to the prior
payment in full of the obligations of such Guarantor under the other provisions of this Article 11 and such Excess Funding Guarantor shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of
all of such obligations. 
 For purposes of this Section 11.08, (i) “Excess Funding Guarantor” means, in respect of
any Guaranteed Obligations, a Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (ii) “Excess Payment” means, in respect of any Guaranteed Obligations, the amount paid by an Excess
Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and (iii) “Pro Rata Share” means, as of the date of determination, for any Guarantor, the ratio (expressed as a percentage) of (x) the amount by
which the aggregate present fair saleable value of all properties of such Guarantor (excluding any shares of stock of any other Guarantor) exceeds the amount of all the debts and liabilities of such Guarantor (including contingent, subordinated,
unmatured and unliquidated liabilities, but excluding the obligations of such Guarantor hereunder and any obligations of any other Guarantor that have been Guaranteed by such Guarantor) to (y) the amount by which the aggregate fair saleable
value of all properties of all of the Guarantors exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of the Borrower and the Guarantors
hereunder and under the other Loan Documents) of all of the Guarantors, determined (A) with respect to any Guarantor that is a party hereto on the Closing Date, as of such date, and (B) with respect to any other Guarantor, as of the date
such Guarantor becomes a Guarantor hereunder. 
 Section 11.09. General Limitation on Guarantee
Obligations. In any action or proceeding involving any provincial, territorial or state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the
obligations of any Guarantor under Section 11.01 would otherwise, taking into account the provisions of Section 11.08, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on
account of the amount of its liability under Section 11.01, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, the Administrative Agent, the
Lenders or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 

  
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 ARTICLE 12 

ADMINISTRATIVE AGENT 

Section 12.01. Appointment. Each of the Lenders hereby irrevocably appoints Perceptive Credit Holdings III, LP, a
Delaware limited partnership, to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to
the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article 12 are solely for the benefit of the Administrative Agent and the Lenders, and
neither the Borrower nor any other Obligor will have rights as a third-party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other
Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used
as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

Section 12.02. Rights as a Lender. The Person serving as the Administrative Agent hereunder will have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” will, unless otherwise expressly indicated or unless
the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity to the extent such Person is a Lender. The Lenders acknowledge and agree that such Person and its Affiliates may accept
deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory capacity for, and generally engage in any kind of business with, the Borrower, the other Obligors or any other Subsidiaries or Affiliates of the
Obligors as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

Section 12.03. Exculpatory Provisions. (a) The Administrative Agent will not have any duties or obligations
except those expressly set forth herein and in the other Loan Documents, and its duties hereunder are administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(i) will not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is
continuing; 
 (ii) will not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as
will be expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent will not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable Law, including any action that may be in violation of the automatic stay under any Insolvency Proceeding; and 

  
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 (iii) will not, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, and will not be liable for the failure to disclose, any information relating to the Obligors or any of its Subsidiaries or Affiliates that is communicated to or obtained by the Person serving as the
Administrative Agent or any of its Affiliates in any capacity. 
 (b) The Administrative Agent will not be liable for any action taken or not
taken by it (i) with the consent or at the request of the Majority Lenders (or such other number or percentage of the Lenders as will be necessary, or as the Administrative Agent believes in good faith will be necessary, under the
circumstances), or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable judgment. The Administrative Agent
will be deemed not to have knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent in writing by the Borrower or a Lender. 

(c) The Administrative Agent will not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any
other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Article 6 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent. 
 Section 12.04. Reliance by Administrative Agent. The Administrative Agent will be
entitled to rely upon, and will not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) reasonably believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and reasonably believed
by it to have been made by the proper Person, and will not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of the Term Loans that by its terms must be fulfilled to the satisfaction of a
Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent has received notice to the contrary from such Lender prior to the making of such Term Loan. The Administrative Agent may
consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and will not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts. 

  
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 Section 12.05. Delegation of Duties. The Administrative Agent may
perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The
Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions of this Article
12 will apply to any such sub-agent and to the Affiliates of the Administrative Agent and any such sub-agent, and will apply to their respective activities in
connection with the syndication of the facility as well as activities as Administrative Agent. The Administrative Agent will not be responsible for the negligence or misconduct of any sub-agents except to the
extent that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 
 Section 12.06. Resignation of Agent. (a) The Administrative
Agent may at any time give notice of its resignation to the Lenders and the Borrower, which notice shall set forth the effective date of such resignation (the “Resignation Effective Date”), such date not to be earlier
than the thirtieth (30th) day following the date of such notice. The Majority Lenders and the Borrower shall mutually agree upon a successor to the Administrative Agent. If the Majority Lenders
and the Borrower are unable to so mutually agree and no successor shall have been appointed within twenty-five (25) days after the retiring Administrative Agent gives notice of its resignation, then the
retiring Administrative Agent may (but will not be obligated to), on behalf of the Lenders, appoint a successor Administrative Agent it shall designate (in its reasonable discretion after consultation with the Borrower and the Majority Lenders).
Whether or not a successor has been appointed, such resignation will become effective in accordance with such notice on the Resignation Effective Date. 

(b) With effect from the Resignation Effective Date (i) the retiring Administrative Agent will be discharged from its duties and
obligations hereunder and under the other Loan Documents (except that in the case of any Collateral held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent will continue to hold
such Collateral until such time as a successor Administrative Agent is appointed) and (ii) except for any indemnity payments owed to the retiring Administrative Agent, all payments, communications and determinations provided to be made by, to
or through the Administrative Agent will instead be made by or to each Lender directly, until such time, if any, as the Majority Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, such successor will succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Administrative Agent (other than any rights to indemnity payments owed to the
retiring Administrative Agent), and the retiring Administrative Agent will be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by the Borrower to a successor Administrative Agent will be
the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other Loan Documents, the provisions of this
Article 12 and Sections 13.03 and 13.06 will continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Affiliates in respect of any actions taken
or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent. 

  
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 Section 12.07.
Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their
Affiliates and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Affiliates and based on such documents and information as it will from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this
Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 

Section 12.08. Administrative Agent May File Proofs of Claim. In case of the pendency of any Insolvency Proceeding
or any other judicial proceeding relative to the Borrower, the Administrative Agent (irrespective of whether the principal of the Term Loans will then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether
the Administrative Agent has made any demand on the Borrower) will be entitled and empowered (but not obligated), by intervention in such proceeding or otherwise: 

(a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Term Loans
and all other Obligations that are owing and unpaid hereunder or under any other Loan Document and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under this Agreement
or any other Loan Document) allowed in such judicial proceeding; and 
 (b) to collect and receive any monies or other
property payable or deliverable on any such claims and to distribute the same. 
 Any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make any payments of the type described above in this Section 12.08 to the Administrative Agent and, in the event that the
Administrative Agent consents to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents
and counsel, and any other amounts due the Administrative Agent under this Agreement or any other Loan Document. 

Section 12.09. Collateral and Guaranty Matters; Appointment of Collateral Agent. (a) Without limiting the
provisions of Section 12.08, the Lenders irrevocably agree as follows: 
 (i) the Administrative Agent is authorized, at
its option and in its discretion, to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (A) on the date when all Obligations have been satisfied in full in cash (other than Warrant
Obligations and contingent obligations as to which no claims have been asserted), (B) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection with any sale or other disposition permitted under
the Loan Documents, or (C) subject to Sections 13.01 and 13.04, if approved, authorized or ratified in writing by the Majority Lenders; and 

  
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 (ii) the Administrative Agent is authorized, at its option and discretion,
to release any Subsidiary Guarantor from its obligations hereunder if such Person ceases to be a Subsidiary as a result of a transaction permitted under the Loan Documents. 

Upon request by the Administrative Agent at any time, each Lender will confirm in writing the Administrative Agent’s authority to release
or subordinate its interest in particular types or items of Collateral, or to release any Guarantor from its obligations under its guaranty pursuant to this Section 12.09. 

(b) The Administrative Agent will not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding
the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative Agent’s Lien thereon, or any certificate prepared by any Obligor in connection therewith, nor will the Administrative Agent be
responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 
 (c) Each Lender hereby appoints
the Administrative Agent as its collateral agent under each of the Security Documents and agrees that, in so acting, the Administrative Agent will have all of the rights, protections, exculpations, indemnities and other benefits provided to the
Administrative Agent under this Agreement, and hereby authorizes and directs the Administrative Agent, on behalf of such Lender and all Lenders, without the necessity of any notice to or further consent from any of the Lenders, from time to time to
(i) take any action with respect to any Collateral or any Security Document which may be necessary to perfect and maintain perfected the Liens on the Collateral granted pursuant to any such Security Document or protect and preserve the
Administrative Agent’s ability to enforce the Liens or realize upon the Collateral, (ii) act as collateral agent for each Lender for purposes of acquiring, holding, enforcing and perfecting all Liens created by the Loan Documents and all
other purposes stated therein, (iii) enter into intercreditor or subordination agreements, as the case may be, in connection with Indebtedness permitted pursuant to Section 9.01(e), (iv) enter into
non-disturbance or similar agreements in connection with licensing agreements and arrangements permitted by this Agreement and the other Loan Documents and (v) otherwise to take or refrain from taking any
and all action that the Administrative Agent shall deem necessary or advisable in fulfilling its role as collateral agent under any of the Security Documents. 

ARTICLE 13 

MISCELLANEOUS 

Section 13.01. No Waiver. No failure on the part of the Administrative Agent or the Lenders to exercise and
no delay in exercising, and no course of dealing with respect to, any right, power or privilege under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under any Loan
Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by Law. 

  
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 Section 13.02. Notices. All notices, requests,
instructions, directions and other communications provided for herein (including any modifications of, or waivers, requests or consents under, the Loan Documents) shall be given or made in writing (including by telecopy or electronic mail)
delivered, if to the Borrower, another Obligor, the Administrative Agent or the Lenders, to its address specified on the signature pages hereto or its Guarantee Assumption Agreement, as the case may be, or at such other address as shall be
designated by such party in a notice to the other parties. Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given upon receipt of a legible copy thereof, in each case given or addressed as
aforesaid. All such communications provided for herein by telecopy or electronic mail shall be confirmed in writing promptly after the delivery of such communication (it being understood that non-receipt of
written confirmation of such communication shall not invalidate such communication). 
 Section 13.03. Expenses,
Indemnification, Etc. 
 (a) Expenses. Each Obligor agrees to pay or reimburse (i) the Administrative Agent and the Lenders
for all of their reasonable and documented out of pocket costs and expenses (including the reasonable documented out of pocket fees and expenses of Chapman and Cutler LLP, counsel to the Administrative Agent) in connection with (x) the
negotiation, preparation, execution and delivery of this Agreement and the other Loan Documents and the making of the Tranche A Term Loan (exclusive of post-closing costs)
(y) post-closing costs and (z) the negotiation or preparation of any amendment, modification, supplement or waiver of any of the terms of this Agreement or any of the other Loan Documents (whether or
not consummated) and (ii) the Administrative Agent and the Lenders for all of their reasonable and documented out of pocket costs and expenses (including the reasonable and documented out of pocket fees and expenses of legal counsel) in
connection with any enforcement or collection proceedings resulting from the occurrence of an Event of Default. 
 (b) Indemnification.
Each Obligor hereby indemnifies the Administrative Agent, the Lenders, their respective Affiliates, and their respective directors, officers, employees, attorneys, agents and advisors (each, an “Indemnified Party”) from and
against, and agrees to hold them harmless against, any and all Claims and Losses of any kind (including reasonable fees and disbursements of counsel), joint or several, that is incurred by or asserted or awarded against any Indemnified Party, in
each case arising out of or in connection with or relating to any investigation, litigation or proceeding or the preparation of any defense with respect thereto arising out of or in connection with or relating to this Agreement or any of the other
Loan Documents or the Transactions or any use made or proposed to be made with the proceeds of the Term Loans, whether or not such investigation, litigation or proceeding is brought by an Obligor, any of its shareholders or creditors, an Indemnified
Party or any other Person, or an Indemnified Party is otherwise a party thereto, and whether or not any of the conditions precedent set forth in Article 6 are satisfied or the other transactions contemplated by this Agreement are consummated,
except to the extent such Claim or Loss is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from any Indemnified Party’s gross negligence or willful

  
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misconduct. No Obligor shall assert any claim against any Indemnified Party, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise
relating to this Agreement or any of the other Loan Documents or any of the Transactions or the actual or proposed use of the proceeds of the Term Loans. No Lender shall assert any claim against any Obligor, any Obligor’s Subsidiaries, or the
directors, officers, employees, attorneys, agents and advisers of any Obligor or Obligor’s Subsidiary, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement
or any of the other Loan Documents or any of the transactions contemplated hereby or thereby or the actual or proposed use of the proceeds of the Term Loans. This Section shall not apply to Taxes other than Taxes relating to a non-Tax Claim or Loss governed by this Section 13.03(b). 
 Section 13.04.
Amendments, Etc. Except as otherwise expressly provided in this Agreement, any provision of this Agreement or any other Loan Document (except for the Warrant, which may be amended, modified, waived or supplemented in accordance with the terms
thereof) may be amended, modified, waived or supplemented only by an instrument in writing signed by the Borrower, the Administrative Agent and the Majority Lenders; provided that: 

(a) no amendment, waiver or consent shall, unless in writing and signed by all of the Lenders, do any of the following at any
time: 
 (i) change the number of Lenders or the percentage of (x) the Commitments or (y) the aggregate unpaid
principal amount of the Term Loans that, in each case, shall be required for the Lenders or any of them to take any action hereunder (including pursuant to any change to the definition of “Majority Lenders”); 

(ii) release one or more Guarantors (or otherwise limit such Guarantors’ liability with respect to the Obligations owing
to the Lenders under the Guarantees) if such release or limitation is in respect of all or substantially all of the value represented by the Guarantees to the Lenders; 

(iii) release, or subordinate the Lenders’ Liens in, all or substantially all of the Collateral in any transaction or
series of related transactions (other than in connection with any sale of Collateral permitted herein); or 
 (iv) amend any
provision of this Section 13.04; 
 (b) no amendment, waiver or consent shall, unless in writing and signed by each
Lender specified below for such amendment, waiver or consent: 
 (i) increase the Commitments of a Lender without the consent
of such Lender; 
 (ii) reduce the principal of, or stated rate of interest on, or Prepayment Fee payable on, the Term Loans
owed to a Lender or any fees or other amounts stated to be payable hereunder or under the other Loan Documents to such Lender without the consent of such Lender; 

  
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 (iii) postpone any date scheduled for any payment of principal of, or
interest on, the Term Loans, any date scheduled for payment or for any date fixed for any payment of fees hereunder (excluding the due date of any mandatory prepayment of a Term Loan), in each case payable to a Lender without the consent of such
Lender; 
 (iv) change the order of application of prepayment of the Term Loans from the application thereof set forth in the
applicable provisions of Section 4.01(b) or Section 4.01(c) in any manner that adversely affects the Lenders without the consent of holders of a majority of the Commitments or Term Loans outstanding or otherwise change any provision
requiring the pro rata distributions hereunder among the Lenders without all Lenders’ consent; or 
 (v) modify
Section 2.02 without the consent of each Lender directly and adversely affected thereby. 
 Section 13.05.
Successors and Assigns. 
 (a) General. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that (i) no Obligor may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent
and each Lender (and any attempted assignment or transfer by such Obligor without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in
paragraph (e) of this Section) and, to the extent expressly contemplated hereby, the Indemnified Parties of the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Amendments to Loan Documents; Majority Lender Vote. Each of the Lenders and the Obligors agrees to enter into such amendments to the
Loan Documents, and such additional Security Documents and other instruments and agreements, in each case in form and substance reasonably acceptable to the Lenders and the Obligors, as shall reasonably be necessary to implement and give effect to
any assignment made by any Lender (or any direct or indirect assignee thereof) from time to time under this Section 13.05. 
 (c)
Assignments by Lenders. (i) Subject to the conditions set forth in paragraph (c)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible Assignee) all or a portion of its rights and obligations under the
Loan Documents (including all or a portion of its Commitment and the Term Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of the Administrative Agent, provided that no consent of the
Administrative Agent shall be required for an assignment of any Commitment or of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund. 

  
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 (ii) Assignments shall be subject to the following additional conditions:

 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Term Loans, the amount of the Commitment or Term Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment Agreement with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $1,000,000, unless the Administrative Agent otherwise consents; 

(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement and the other Loan Documents; and 
 (C) the parties to each assignment shall execute
and deliver to the Administrative Agent an Assignment Agreement in form and substance reasonably satisfactory to Administrative Agent. 

For the purposes of this Section 13.05(c), the term “Approved Fund” and “Ineligible Assignee” have the
following meanings: 
 “Approved Fund” means any Person (other than a natural person) that is engaged in
making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender. 
 “Ineligible Assignee” means (a) a
natural person, (b) the Obligors or any of their respective Affiliates or (c) so long as no Event of Default has occurred and is continuing, a Competitor of any Obligor. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (d) of this Section, from and after the effective
date specified in each Assignment Agreement, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment Agreement, have the rights and obligations of a Lender under the Loan Documents, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment Agreement, be released from its obligations under the Loan Documents (and, in the case of an Assignment Agreement covering all of the assigning
Lender’s rights and obligations under the Loan Documents, such Lender shall cease to be a party hereto). Any assignment or transfer by a Lender of rights or obligations under the Loan Documents that does not comply with this Section 13.05
shall be treated for purposes of the Loan Documents as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this Section. 

  
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 (d) Register. The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitment of, and principal amount (and stated interest) of the Term Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Borrower, the Administrative Agent, and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Agreement unless (i) it
has been recorded in the Register as provided in this paragraph and (ii) any written consent to such assignment required by paragraph (b) of this Section has been obtained. 

(e) Participations. Any Lender may at any time, without the consent of, or notice to, the Borrower, sell participations to any Person
(a “Participant”), other than a natural person, in all or a portion of such Lender’s rights and obligations under the Loan Documents (including all or a portion of its Commitment and the Term Loans owing to it); provided
that (i) such Lender’s obligations under the Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower shall
continue to deal solely and directly with such Lender in connection therewith. 
 (f) Any agreement or instrument pursuant to which a Lender
sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that would (i) increase or extend the term of such Lender’s Commitment, (ii) extend the date
fixed for the payment of principal of or interest on the Term Loans or any portion of any fee hereunder payable to the Participant, (iii) reduce the amount of any such payment of principal, or (iv) reduce the rate at which interest is
payable thereon to a level below the rate at which the Participant is entitled to receive such interest. The Borrower agrees that each Participant shall be entitled to the benefits of Section 5.03 (subject to the requirements and limitations
therein, including the requirements under Section 5.03(e) (it being understood that the documentation required under Section 5.03(e) shall be delivered to the Borrower and the participating Lender)) to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to Section 13.05(c), provided that such Participant (A) agrees to be subject to the provisions of Section 5.03(g) as if it were an assignee under
Section 13.05(c); and (B) shall not be entitled to receive any greater payment under Section 5.03, with respect to any participation, than its participating Lender would have been entitled to receive, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent. To the extent permitted by Law, each Participant also shall be entitled to the benefits of Section 4.04(a) as though it were a Lender. Each Lender that
sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the

  
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principal amounts (and stated interest) of each Participant’s interest in the Term Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans,
letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 

(g) Certain Pledges. Subject to Section 13.05(d), the Lenders may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement and any other Loan Document to secure obligations of the Lenders, including any pledge or assignment to secure obligations to a Federal Reserve Bank or another central bank; provided that no such
pledge or assignment shall release the Lenders from any of their obligations hereunder or substitute any such pledgee or assignee for the Lenders as a party hereto. 

Section 13.06. Survival. The obligations of the Borrower under Sections 5.01, 5.02, 5.03, 13.03, 13.05,
13.09, 13.10, 13.11, 13.12, 13.14, 13.15 and Article 11 (solely to the extent guaranteeing any of the obligations under the foregoing Sections) shall survive the repayment of the Obligations and the termination of the Commitments and, in the
case of any Lender’s assignment of any interest in the Commitments or the Term Loans hereunder, shall survive, in the case of any event or circumstance that occurred prior to the effective date of such assignment, the making of such assignment,
notwithstanding that such Lenders may cease to be a “Lender” hereunder. In addition, each representation and warranty made, or deemed to be made by a notice of the Term Loans, herein or pursuant hereto shall survive the making of such
representation and warranty. 
 Section 13.07. Captions. The table of contents and captions and section
headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement. 

Section 13.08. Counterparts. This Agreement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission, electronic
transmission (in PDF format) or DocuSign shall be effective as delivery of a manually executed counterpart hereof. 

Section 13.09. Governing Law. THIS AGREEMENT AND
THE OTHER LOAN DOCUMENTS, THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER AND THEREUNDER, AND ALL CLAIMS, DISPUTES AND MATTERS ARISING HEREUNDER
OR THEREUNDER OR RELATED HERETO OR THERETO, SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS EXECUTED IN AND TO BE PERFORMED ENTIRELY WITHIN
THAT STATE, WITHOUT REFERENCE TO CONFLICTS OF LAWS PROVISIONS (OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 

  
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 Section 13.10. Jurisdiction, Service of Process and Venue. 

(a) Submission to Jurisdiction. Each Obligor agrees that any suit, action or proceeding with respect to this Agreement or any other Loan
Document to which it is a party or any judgment entered by any court in respect thereof shall be brought in the Supreme Court of the State of New York sitting in New York County or in the United States District Court for the Southern
District of New York and irrevocably submits to the exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment. 

(b) Alternative Process. Nothing herein shall in any way be deemed to limit the ability of the Lenders to serve any such process or
summonses in any other manner permitted by applicable Law. 
 (c) WAIVER OF VENUE,
ETC. EACH OBLIGOR IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY
LAW ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF THE VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND
HEREBY FURTHER IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW
ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. A FINAL JUDGMENT
(IN RESPECT OF WHICH TIME FOR ALL APPEALS HAS ELAPSED) IN ANY
SUCH SUIT, ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN ANY COURT TO THE JURISDICTION OF WHICH SUCH OBLIGOR IS
OR MAY BE SUBJECT, BY SUIT UPON JUDGMENT. 

Section 13.11. WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 13.12. WAIVER OF IMMUNITY.
TO THE EXTENT THAT ANY OBLIGOR MAY BE OR BECOME ENTITLED TO
CLAIM FOR ITSELF OR ITS PROPERTY OR REVENUES ANY IMMUNITY ON THE
GROUND OF SOVEREIGNTY OR THE LIKE FROM SUIT, COURT JURISDICTION, ATTACHMENT
PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT OR
EXECUTION OF A JUDGMENT, AND TO THE EXTENT THAT IN ANY SUCH
JURISDICTION THERE MAY BE ATTRIBUTED SUCH AN IMMUNITY (WHETHER OR NOT
CLAIMED), SUCH OBLIGOR HEREBY IRREVOCABLY AGREES NOT TO CLAIM AND HEREBY
IRREVOCABLY WAIVES SUCH IMMUNITY WITH RESPECT TO ITS OBLIGATIONS UNDER THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS. 

Section 13.13. Entire Agreement. This Agreement and the other Loan Documents constitute the entire agreement
among the parties with respect to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Each Obligor acknowledges, represents and warrants that
in deciding to enter into this Agreement and the other Loan Documents or in taking or not taking any action hereunder or thereunder, it has not relied, and will not rely, on any statement, representation, warranty, covenant, agreement or
understanding, whether written or oral, of or with the Lenders other than those expressly set forth in this Agreement and the other Loan Documents. 

  
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 Section 13.14. Severability. If any provision hereof is
found by a court to be invalid or unenforceable, to the fullest extent permitted by applicable Law the parties agree that such invalidity or unenforceability shall not impair the validity or enforceability of any other provision hereof. 

Section 13.15. No Fiduciary Relationship. The Borrower acknowledges that the Lenders have no fiduciary
relationship with, or fiduciary duty to, the Borrower arising out of or in connection with this Agreement or the other Loan Documents, and the relationship between the Lenders and the Borrower are solely that of creditors and debtor. This Agreement
and the other Loan Documents do not create a joint venture among the parties. 
 Section 13.16. USA Patriot Act.
The Lenders hereby notify the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), they are required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to
identify the Borrower in accordance with the Act. 
 Section 13.17. Treatment of Certain Information;
Confidentiality. The Lenders agree to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed to (a) its Affiliates and to its and its Affiliates’ respective partners,
directors, officers, employees, agents, trustees, advisors and representatives (collectively, “Representatives”) (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any
self-regulatory authority, such as FINRA or the National Association of Insurance Commissioners) or any exchange, (c) to the extent required by the applicable Laws or by any subpoena or similar legal
process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those in this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower or any Guarantor and its obligation, (g) with the consent of the
Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section 13.17 or (y) becomes available to the Lender, or any of its respective Representatives on a
nonconfidential basis from a source other than the Borrower or any other Obligor. For purposes of this Section, “Information” means all information received from an Obligor relating to an Obligor or its Subsidiary or any of their
respective businesses, except that the term “Information” shall not include, and the Lenders shall not be subject to any confidentiality obligation with respect to any information that (i) is or becomes available to the Lender or any
of its Representatives on a nonconfidential basis prior to disclosure by an Obligor or its Subsidiary, (ii) becomes available to a Lender or any of its Representatives after disclosure by the Borrower or any other Obligor from a source that, to
the knowledge of such Lender, is not subject to a confidentiality obligation to the Borrower or such other Obligor, (iii) is or becomes publicly available other than as a result of a breach by such Lender, or (iv) is developed by a Lender
or any of its Representatives. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

  
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 In the case of any Lender that has elected to receive material non-public information pursuant to Section 8.02, such Lender acknowledges that (a) the Information may include material non-public information concerning an Obligor
or its Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States federal and state securities Laws. 

Section 13.18. Releases of Guarantees and Liens. (a) Notwithstanding anything to the contrary contained
herein or in any other Loan Document, each Lender agrees, and the Administrative Agent is hereby irrevocably authorized by each Lender and given a limited power of attorney by each Lender to perform the actions described hereafter in this
Section 13.18 (without requirement of notice to or consent of any Lender except as expressly required by Section 13.04) to take any action reasonably requested by the Borrower having the effect of releasing any Collateral or Obligations
(i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to by the Lenders or (ii) under the circumstances described in paragraph (b) below. 

(b) At such time as the Term Loans and the other Obligations (other than the inchoate indemnity obligations and the Warrant Obligations) under
the Loan Documents shall have been paid in full in cash and the Commitments have been terminated, the Collateral shall be released from the Liens created by the Security Documents, and the Security Documents and all obligations (other than those
expressly stated to survive such termination) of the Administrative Agent and each Obligor under the Security Documents shall terminate, all without delivery of any instrument or performance of any act by any Person. 

Section 13.19. Acknowledgement and Consent to Bail-In of EEA
Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial
Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and
Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-In Action on any such liability, including, if applicable:

 (i) a reduction in full or in part or cancellation of any such liability; 

  
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 (ii) a conversion of all, or a portion of, such liability into shares or
other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in
lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 
 (iii) the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

[Remainder of the Page Intentionally Left Blank; Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed and delivered as of the day and year first above written. 
  

			
	BORROWER:
	
	C4 THERAPEUTICS, INC.
		
	By:	 	 /s/ Marc Cohen

		 	Name: Marc Cohen
		 	Title: Chief Executive Officer
	
	Address for Notices:
	
	490 Arsenal Way, Suite 200
	Watertown, MA 02472
	
	with a copy to (which shall not constitute notice):
	
	Goodman Procter LLP
	100 Northern Avenue
	Boston, MA 02210
	Attention: Mark D. Smith
	E-mail: marksmith@goodwinlaw.com

 [Signature Page to Credit Agreement and Guaranty] 

 LENDERS: 

PERCEPTIVE CREDIT HOLDINGS III, LP 

By: Perceptive Credit Opportunities GP, LLC, its general partner 
  

			
	By:	 	 /s/ Sandeep Dixit

	Name:	 	Sandeep Dixit
	Title:	 	Chief Credit Officer
		
	By:	 	 /s/ Sam Chawla

	Name:	 	Sam Chawla
	Title:	 	Portfolio Manager

 Address for Notices: 

Perceptive Credit Holdings III, LP 
 c/o Perceptive Advisors LLC

 51 Astor Place 
 10th Floor 

New York, New York 10003 
 Attention: Sandeep Dixit 

E-mail: Sandeep@perceptivelife.com; PCOFReporting@perceptivelife.com 

with a copy to: 
 Chapman and Cutler LLP 

1270 Avenue of the Americas 
 30th Floor 

New York, New York 10020-1708 

Attention: Nicholas Whitney 

E-mail: Whitney@chapman.com 

[Signature Page to Credit Agreement and Guaranty] 

 ADMINISTRATIVE AGENT: 

PERCEPTIVE CREDIT HOLDINGS III, LP 

By: Perceptive Credit Opportunities GP, LLC, its general partner 
  

			
	By:	 	 /s/ Sandeep Dixit

	Name:	 	Sandeep Dixit
	Title:	 	Chief Credit Officer
		
	By:	 	 /s/ Sam Chawla

	Name:	 	Sam Chawla
	Title:	 	Portfolio Manager

 Address for Notices: 

Perceptive Credit Holdings III, LP 
 c/o Perceptive Advisors LLC

 51 Astor Place 
 10th Floor 

New York, New York 10003 
 Attention: Sandeep Dixit 

E-mail: Sandeep@perceptivelife.com; PCOFReporting@perceptivelife.com 

with a copy to: 
 Chapman and Cutler LLP 

1270 Avenue of the Americas 
 30th Floor 

New York, New York 10020-1708 

Attention: Nicholas Whitney 

E-mail: Whitney@chapman.com 

[Signature Page to Credit Agreement and Guaranty] 

[Exhibits are Omitted.]

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