Document:

Exhibit 10.4

 

Nektar
Therapeutics

2012
Performance Incentive Plan

 

Performance
Restricted Stock Unit Agreement

 

Pursuant to your Restricted
Stock Unit Grant Notice, which may be in such form (including electronic form) as prescribed by the Administrator from time to
time (“Grant Notice”), and this Performance Restricted Stock Unit Agreement (“Agreement”)
(collectively, the “Award”), Nektar Therapeutics (the “Company”) has awarded
to you, as of the date of grant specified in the Grant Notice (the “Date of Grant”), pursuant to its
2012 Performance Incentive Plan (the “Plan”), the number of “Restricted Stock Units” as indicated
in the Grant Notice. Defined terms not explicitly defined in this Agreement but defined in the Plan shall have the same definitions
as in the Plan.

 

The details of your
Award are as follows.

 

1.           Vesting.
Your Award is subject to both the time-based and performance-based vesting requirements provided below in this Section 1,
provided that vesting will cease upon the termination of your continuous employment or service with the Company or any of its Subsidiaries
(your “Continuous Service”). Notwithstanding the foregoing, in the event your Continuous Service is terminated
as a result of your death, the time-based and performance-based vesting requirements shall be deemed satisfied and your Award shall
become fully vested as of the date of such termination.

 

(a)          Time-Based
Vesting. Subject to Section 1(b) below, your Award will vest in
twelve (12) substantially equal installments (each a “Quarterly Vesting Date”) following the Vesting
Commencement Date specified in the Grant Notice, subject in each case to your Continuous Service through the applicable Quarterly
Vesting Date.

 

(b)          Performance-Based
Vesting. Notwithstanding the vesting schedule set forth in Section
1(a), the vesting of your Award is contingent upon the achievement by the Company of the performance goal set forth below in this
Section 1(b) (the “Performance Goal”) at any time during the period of five (5) years commencing on the
Date of Grant (the “Performance Period”). If the Company achieves the Performance Goal during the Performance
Period and your Continuous Service with the Company continues through the date on which the Performance Goal is achieved,
your Award shall be vested on the next Quarterly Vesting Date following the date that the Performance Goal is achieved to the extent
the time-based vesting requirements set forth in Section 1(a) had been previously met and, as to any portion of your Award that
is outstanding and unvested on such date, shall continue to be eligible to vest in accordance with the vesting schedule set forth
in Section 1(a). In the event that the Company does not achieve the Performance Goal set forth below on or before the last day
of the Performance Period (and the Award has not previously vested in connection with your death as provided above in Section 1(a)
or in connection with a corporate transaction as provided in Section 7.2 of the Plan), your Award, to the extent then outstanding,
will terminate on the last day of the Performance Period.

 

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2.           The
Performance Goal applicable to your Award shall be the filing and acceptance by the Company, or a collaboration partner of the
Company, of either a new drug application (a “NDA”) or biologics license application (a “BLA”)
with the United States Food and Drug Administration or a marketing authorization application with the European Medicines Agency
(an “MAA”) for any Proprietary Company Program (as hereinafter defined), including without limitation,
any one of the following drug candidates: (1) etirinotecan pegol (a topoisomerase I inhibitor); (2) NKTR-061/Amikacin Inhale (a
drug-device combination for an inhaled solution of amikacin); (3) Ciprofloxacin Dry Powder for Inhalation; or (4) NKTR-181 (an
oral opioid analgesic drug candidate). For the purposes of the foregoing, a “Proprietary Company Program”
includes drug candidates for which the Company acts as the sponsor of the NDA, BLA or MAA, as the case may be, or drug candidates
licensed by the Company to a third party (and in such case the third party is the sponsor of the NDA, BLA or MAA, as the case may
be) in which the Company is entitled to an average potential royalty on net sales of the drug candidate equal to or greater than
7.5%. The “average potential royalty on net sales” is determined by the quotient of (x) the sum of the
lowest and highest applicable royalty rate payable to the Company based on net sales of the drug candidate, divided by (y) 2.

 

3.           Dividends.
You shall not receive any payment or other adjustment in the number of Restricted Stock Units subject to this Award for dividends
or other distributions that may be made in respect of the shares of Common Stock to which your Restricted Stock Units relate.

 

4.           Distribution
of Shares of Common Stock. On or as soon as administratively practical following the applicable Quarterly Vesting Date
of the applicable portion of the total Award pursuant to the Grant Notice or the Plan (and in all events not later than two and
one-half months after the applicable Quarterly Vesting Date), the Company will issue to you a number of shares of Common Stock
equal to the number of Restricted Stock Units subject to your Award that vested on such date; provided, however, that in the case
of a termination of your Continuous Service after the achievement of the Performance Goal but prior to the next Quarterly Vesting
Date, the shares of Common Stock subject to the portion of the Award that vested upon the achievement of the Performance Goal and
your Continuous Service through the preceding Quarterly Vesting Date, shall be issued to you no later than two and one-half months
following your termination of Continuous Service. Prior to the issuance to you of the shares of Common Stock subject to the Award,
you shall have no direct or secured claim in any specific assets of the Company or in such shares of Common Stock, and will have
the status of a general unsecured creditor of the Company.

 

5.           Adjustments.
The number of Restricted Stock Units subject to your Award may be adjusted from time to time for capitalization adjustments, as
provided in Section 7.1 of the Plan.

 

6.           Securities
Law Compliance. You may not be issued any shares of Common Stock under your Award unless the shares of Common Stock
are either (i) then registered under the Securities Act or (ii) the Company has determined that such issuance would be exempt from
the registration requirements of the Securities Act. Your Award must also comply with other applicable laws and regulations governing
the Award, and you shall not receive such shares if the Company determines that such receipt would not be in material compliance
with such laws and regulations.

 

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7.           Execution
of Documents. You hereby acknowledge and agree that the manner selected by the Company by which you indicate your consent
to your Grant Notice is also deemed to be your execution of your Grant Notice and of this Agreement. You further agree that such
manner of indicating consent may be relied upon as your signature for establishing your execution of any documents to be executed
in the future in connection with your Award. This Agreement shall be deemed to be signed by the Company and you upon the respective
signing by the Company and you of the Grant Notice to which it is attached.

 

8.           Restrictive
Legends. The shares of Common Stock issued under your Award shall be endorsed with appropriate legends, if any, determined
by the Company.

 

9.           Transferability.
Your Award is not transferable, except by will or by the laws of descent and distribution. Notwithstanding the foregoing, by delivering
written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your
death, shall thereafter be entitled to receive any distribution of shares of Common Stock pursuant to Section 4 of this Agreement.

 

10.         Award
not a Service Contract. Your Award is not an employment or service contract, and nothing in your Award shall be deemed
to create in any way whatsoever any obligation on your part to continue in the service of the Company or a Subsidiary, or on the
part of the Company or a Subsidiary to continue such service. In addition, nothing in your Award shall obligate the Company or
a Subsidiary, their respective stockholders, boards of directors, officers or employees to continue any relationship that you might
have as an employee, director or consultant for the Company or a Subsidiary.

 

11.         Unsecured
Obligation. Your Award is unfunded, and as a holder of vested Restricted Stock Units subject to your Award, you shall
be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares of Common
Stock pursuant to Section 4 of this Agreement. As used herein, the term “Restricted Stock Unit” means a non-voting
unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of Common Stock (subject
to adjustment as provided in Section 5 of this Agreement) solely for purposes of the Award. The Restricted Stock Units shall be
used solely as a device for the determination of the payment, if any, to eventually be made to you if such Restricted Stock Units
vest pursuant to this Agreement. The Restricted Stock Units shall not be treated as property or as a trust fund of any kind.

 

11.         Tax
Obligations.

 

(a)          The Company
shall have no obligation to deliver shares of Common Stock until the tax withholding obligations of the Company and its Subsidiaries
have been satisfied by you.

 

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(b)          Upon each
applicable vesting date, the Company’s designated third party plan administrator (i.e. E*Trade or such successor third party
administrator as the Company may designate from time to time) shall sell a number of shares of Common Stock that are issued under
the Award, which the Company determines is sufficient to generate an amount that meets the tax obligations plus additional shares,
as necessary, to account for rounding and market fluctuations, and shall pay such tax withholding amounts to the Company. The
shares of Common Stock may be sold as part of a block trade with other Participants of the Plan in which all Participants receive
an average price. Any adverse consequences to you resulting from the procedure permitted under this Section 11, including, without
limitation, tax consequences and any loss of prospective stock appreciation, shall be your sole responsibility and there shall
be no liability to the Company for any adverse consequences of any nature whatsoever.

 

(c)          You hereby
acknowledge that you understand that you may suffer adverse tax consequences as a result of your participation in the Plan. You
hereby represent that you have consulted with any tax consultants you deem advisable in connection with the Award or disposition
of the shares of Common Stock received under the Award and that you are not relying on the Company for any tax advice.

 

(d)          Payments contemplated
with respect to the Award are intended to comply with the short-term deferral exemption under Section 409A of the Code, and the
provisions of this Agreement shall be construed and interpreted consistent with that intent. Notwithstanding any contrary provision
in the Plan or in the Agreement, if any provision of the Plan or the Agreement contravenes any regulations or guidance promulgated
under Section 409A of the Code or could cause the Awards to be subject to additional taxes, accelerated taxation, interest or
penalties under Section 409A of the Code, the Company may, in its sole discretion and without your consent, modify the Plan and/or
the Agreement: (i) to comply with, or avoid being subject to, Section 409A of the Code, or to avoid the imposition of any taxes,
accelerated taxation, interest or penalties under Section 409A of the Code, and (ii) to maintain, to the maximum extent practicable,
the original intent of the applicable provision without contravening the provisions of Section 409A of the Code. This Section
11(d) does not create an obligation on the part of the Company to modify the Plan or the Agreement and does not guarantee that
the Award will not be subject to additional taxes, interest or penalties under Section 409A of the Code.

 

12.         Employment
Conditions. In accepting the Award, you acknowledge that:

 

(a)          Any notice
period mandated under the laws of the local jurisdiction shall not be treated as service for the purpose of determining the vesting
of the Award; and your right to receive shares of Common Stock in settlement of the Award after termination of service, if any,
will be measured by the date of termination of your status as an employee and will not be extended by any notice period mandated
under the local law. Subject to the foregoing and the provisions of the Plan, the Company, in its sole discretion, shall determine
whether your status as an employee has terminated and the effective date of such termination.

 

(b)          The vesting
of the Award shall cease upon, and no portion of the Award shall become vested following, your termination as an employee for
any reason except as may be explicitly provided by the Plan or this Agreement. Unless otherwise provided by the Plan or this Agreement,
the unvested portion of the Award at the time of your termination as an employee will be forfeited.

 

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(c)          The Plan is
established voluntarily by the Company. It is discretionary in nature and it may be modified, amended, suspended or terminated
by the Company at any time, subject to Section 8.6.5 of the Plan.

 

(d)          The grant
of the Award is voluntary and occasional and does not create any contractual or other right to receive future grants of Awards,
or benefits in lieu of Awards, even if Awards have been granted repeatedly in the past.

 

(e)          All decisions
with respect to future Award grants, if any, will be at the sole discretion of the Company.

 

(f)          You are voluntarily
participating in the Plan.

 

(g)         The Award
is an extraordinary item that does not constitute compensation of any kind for service of any kind rendered to the Company (or
any Subsidiary), and which is outside the scope of your employment contract, if any. In addition, the Award is not part of normal
or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination,
redundancy, end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

 

(h)         The future
value of the underlying shares of Common Stock is unknown and cannot be predicted with certainty. If you obtain shares upon settlement
of the Award, the value of those shares may increase or decrease.

 

(i)          No claim or
entitlement to compensation or damages arises from termination of the Award or diminution in value of the Award or shares of Common
Stock acquired upon settlement of the Award resulting from termination of your status as an employee (for any reason whether or
not in breach of the local law) and you irrevocably release the Company and each Subsidiary from any such claim that may arise.
If, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen then, by signing
this Agreement, you shall be deemed irrevocably to have waived your entitlement to pursue such a claim.

 

13.         Headings.
The headings of the Sections in this Agreement are inserted for convenience only and shall not be deemed to constitute a part of
this Agreement or to affect the meaning of this Agreement.

 

14.         Severability.
If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid,
such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid.
Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed
in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining
lawful and valid.

 

15.         Amendment.
Nothing in this Agreement shall restrict the Company’s ability to exercise its discretionary authority pursuant to Section
3 of the Plan; provided, however, that no such action may, without your consent, adversely affect your rights under your
Award and this Agreement.

 

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16.         Delivery
of Documents and Notices. Any document relating to participation in the Plan, or any notice required or
permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides
for effectiveness only upon actual receipt of such notice) upon personal delivery electronic delivery at the e-mail address, if
any, provided for you by the Company, or, upon deposit in the local postal service, by registered or certified mail, or with a
nationally recognized overnight courier service with postage and fees prepaid, addressed to the other party at the address of such
party set forth in the Grant Notice or at such other address as such party may designate in writing from time to time to the other
party.

 

(a)          The Plan documents,
which may include but do not necessarily include: the Plan, this Agreement, and any reports of the Company provided generally
to the Company’s shareholders, may be delivered to you electronically. In addition, if permitted by the Company, you may
deliver electronically the notices called for under the Agreement or the Plan to the Company or to such third party involved in
administering the Plan as the Company may designate from time to time. Such means of electronic delivery may include but do not
necessarily include the delivery of a link to a Company intranet or the internet site of a third party involved in administering
the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company.

 

(b)          You acknowledge
that you have read this Section 16 of this Agreement and consent to the electronic delivery of the Plan documents and, if
permitted by the Company, the delivery of the notices, as described in the Agreement or the Plan. You acknowledge that you may
receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by
telephone or in writing. You further acknowledge that you will be provided with a paper copy of any documents if the attempted
electronic delivery of such documents fails. Similarly, you understand that you must provide the Company or any designated third
party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails. You may revoke
your consent to the electronic delivery of documents described in this Section 16 or may change the electronic mail address
to which such documents are to be delivered (if you have provided an electronic mail address) at any time by contacting SOProcessing@nektar.com
to notify the Company of such revoked consent or revised e-mail address by telephone, postal service or electronic mail. Finally,
you understand that you are not required to consent to electronic delivery of documents described in this Section 16.

 

17.         Miscellaneous.

 

(a)          The
rights and obligations of the Company under your Award shall be transferable to any one or more persons or entities, and all covenants
and agreements hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns.

 

(b)          You
agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company
to carry out the purposes or intent of your Award.

 

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(c)          You
acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel
prior to executing and accepting your Award and fully understand all provisions of your Award.

 

18.         Governing
Plan Document. Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part
of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be
promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your Award and those of the
Plan, the provisions of the Plan shall control.

 

19.         Choice
of Law. The interpretation, performance and enforcement of this Agreement shall be governed by the law of the
state of Delaware without regard to such state’s conflicts of laws rules.

 

20.         Clawback
Policy. The Award is subject to the terms of the Company’s recoupment, clawback or similar policy as it
may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances
require repayment or forfeiture of the Restricted Stock Units or any shares of Common Stock or other cash or property received
with respect to the Restricted Stock Units (including any value received from a disposition of the shares acquired upon payment
of the Restricted Stock Units).

 

    	 	7EX-10.1

 Exhibit 10.1 

WAVE LIFE SCIENCES PTE. LTD. 

2014 EQUITY INCENTIVE PLAN 
 1. Purpose;
Eligibility. 
 1.1 General Purpose. The name of this plan is the Wave Life Sciences Pte. Ltd. 2014 Equity Incentive Plan (the
“Plan”). The purposes of the Plan are to (i) provide eligible Employees, Consultants, and Directors with the opportunity to acquire a proprietary interest, or otherwise increase their proprietary interest, in the Company as an
incentive for them to remain in the service of Wave Life Sciences Pte. Ltd., a corporation formed in Singapore (the “Company”), and any Affiliate; and (ii) promote the success of the Company’s business. 

1.2 Eligible Award Recipients. The persons eligible to receive Awards are the Employees, Consultants, and Directors of the Company and
its Affiliates. 
 1.3 Available Awards. Awards that may be granted under the Plan include: (a) Incentive Share Options;
(b) Non-qualified Share Options; (c) Share Appreciation Rights; and (d) Restricted Awards. 
 2. Definitions. 

“Affiliate” means a corporation or other entity that, directly or through one or more intermediaries, controls, is
controlled by or is under common control with, the Company. 
 “Applicable Laws” means the requirements related to or
implicated by the administration of the Plan under (i) applicable laws of the Republic of Singapore, including but not limited to, the Singaporean Equity Remuneration Incentive Scheme and the Income Tax Act of Singapore; (ii) applicable
laws of the United States, including but not limited to, United States federal and state securities laws and the Code; (iii) applicable laws of Japan, including but not limited to, the Financial Instruments and Exchange Act of Japan;
(iv) any stock exchange or quotation system on which the Ordinary Shares are listed or quoted; and (v) the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan. 

“Award” means any right granted under the Plan, including an Incentive Share Option, a Non-qualified Share Option, a
Share Appreciation Right, or a Restricted Award. 
 “Award Agreement” means a written agreement, contract, certificate
or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement shall be subject to
the terms and conditions of the Plan. 
 “Board” means the Board of Directors of the Company, as constituted at any
time. 
 “Cause” means: 

With respect to any Employee or Consultant: (a) if the Employee or Consultant is a party to an employment or service agreement with the
Company or its Affiliates and such agreement provides for a definition of Cause, the definition contained therein; or (b) if no such agreement exists, or if such agreement does not define Cause: (i) the commission of, or plea of guilty or
no contest to, a felony or a 

 
crime involving fraud, embezzlement or any other act of moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company
or an Affiliate; (ii) conduct that results in or is reasonably likely to result in harm to the reputation or business of the Company or any of its Affiliates; (iii) gross negligence or willful misconduct with respect to the Company or an
Affiliate; (iv) material breach of any employment, consulting, advisory, nondisclosure, non-solicitation, non-competition or similar agreement with the Company or its Affiliates; or (v) material violation of state or federal securities
laws. 
 With respect to any Director, a determination by a majority of the disinterested Board members that the Director has engaged in any
of the following: (a) gross misconduct or neglect; (b) false or fraudulent misrepresentation inducing the Director’s appointment; or (c) willful conversion of corporate funds. 

The Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has been
discharged for Cause. 
 “Code” means the U.S. Internal Revenue Code of 1986, as it may be amended from time to time.
Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder. 

“Committee” means a committee of one or more members of the Board appointed by the Board to administer the Plan in
accordance with Section 3.3. 
 “Company” means Wave Life Sciences Pte. Ltd., a corporation
formed in Singapore, and any successor thereto. 
 “Consultant” means any individual who is engaged by the Company or
any Affiliate to render consulting or advisory services. 
 “Continuous Service” means that the Participant’s
service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have terminated merely because of a change in the capacity
in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service, provided that there is no interruption or termination of
the Participant’s Continuous Service; provided further that if any Award is subject to Section 409A of the Code, this sentence shall only be given effect to the extent consistent with Section 409A of the Code. 

“Corporate Transaction” has the meaning set forth in Section 14.8. 

“Director” means a member of the Board. 

“Disability” means that the Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment; provided, however, for purposes of determining the term of an Incentive Share Option pursuant to Section 6.10 hereof, the term Disability shall have the meaning
ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined under procedures established by the Committee. Except in situations where the Committee is determining Disability
for purposes of the term 

  
 2 

 
of an Incentive Share Option pursuant to Section 6.10 hereof within the meaning of Section 22(e)(3) of the Code, the Committee may rely on any determination that a
Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company or any Affiliate in which a Participant participates. 

“Disqualifying Disposition” has the meaning set forth in Section 14.8. 

“Effective Date” shall mean the date as of which this Plan is adopted by the Board. 

“Employee” means any person, including an Officer or Director, employed by the Company or an Affiliate; provided,
that, for purposes of determining eligibility to receive Incentive Share Options, an Employee shall mean an employee of the Company or a parent or subsidiary corporation within the meaning of Section 424 of the Code. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, as of any date, the value of an Ordinary Share as determined below. If an Ordinary Share is
listed on any established stock exchange or a national market system, including without limitation, the New York Stock Exchange or the NASDAQ Stock Market, the Fair Market Value shall be the closing price of an Ordinary Share (or if no sales were
reported the closing price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination, as reported in the Wall Street Journal. In the absence of an established market for an Ordinary Share,
the Fair Market Value shall be determined in good faith by the Committee and such determination shall be conclusive and binding on all persons. 

“Grant Date” means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly
granting an Award to a Participant that specifies the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set forth in such resolution. 

“Incentive Share Option” means an Option intended to qualify as an incentive stock option within the meaning of
Section 422 of the Code. 
 “Non-Employee Director” means a Director who is a “non-employee director”
within the meaning of Rule 16b-3. 
 “Non-qualified Share Option” means an Option that by its terms does not qualify
or is not intended to qualify as an Incentive Share Option. 
 “Officer” means a person who is an officer of the
Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 

“Option” means an Incentive Share Option or a Non-qualified Share Option granted pursuant to the Plan. 

“Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who
holds an outstanding Option. 

  
 3 

 “Option Exercise Price” means the price at which an Ordinary Share may be
purchased upon the exercise of an Option. 
 “Ordinary Shares” means ordinary shares in the capital of the Company, or
such other securities of the Company as may be designated by the Committee from time to time in substitution thereof. 

“Participant” means an eligible person to whom an Award is granted pursuant to the Plan or, if applicable, such other
person who holds an outstanding Award. 
 “Permitted Transferee” means the following if prior approval is obtained
from the Committee in its sole and absolute discretion: (a) a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships), any person sharing the Optionholder’s household (other than a tenant or employee), a trust in which these persons have more than
50% of the beneficial interest, a foundation in which these persons (or the Optionholder) control the management of assets; and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests; and
(b) such other transferees as may be permitted by the Committee in its sole discretion. 
 “Plan” means Wave Life
Sciences Pte. Ltd. 2014 Equity Incentive Plan, as amended and/or amended and restated from time to time. 
 “Restricted
Award” means any Award granted pursuant to Section 7.2(a). 
 “Restricted
Period” has the meaning set forth in Section 7.2(a). 
 “Rule 16b-3” means
Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time. 
 “Securities
Act” means the U.S. Securities Act of 1933, as amended. 
 “Share Appreciation Right” means the right
pursuant to an Award granted under Section 7.1 to receive, upon exercise, an amount payable in cash or shares equal to the number of shares subject to the Share Appreciation Right that is being exercised multiplied by the
excess of (a) the Fair Market Value of an Ordinary Share on the date the Award is exercised, over (b) the exercise price specified in the Share Appreciation Right Award Agreement. 

“Ten Percent Shareholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) more
than 10% of the total combined voting power of all classes of shares of the Company or of any of its Affiliates. 
 3. Administration. 

3.1 Authority of Committee. The Plan shall be administered by the Committee or, in the Board’s sole discretion, by the Board.
Subject to the terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and authorization conferred by the Plan, the Committee shall have the authority: 

  
 4 

 (a) to construe and interpret the Plan and apply its provisions; 

(b) to promulgate, amend, and rescind rules and regulations relating to the administration of the Plan; 

(c) to authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan; 

(d) to determine when Awards are to be granted under the Plan and the applicable Grant Date; 

(e) from time to time to select, subject to the limitations set forth in this Plan, those Participants to whom Awards shall be granted; 

(f) to determine the number of Ordinary Shares to be made subject to each Award; 

(g) to determine whether each Option is to be an Incentive Share Option or a Non-qualified Share Option; 

(h) to prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting
provisions, and to specify the provisions of the Award Agreement relating to such grant; 
 (i) to amend any outstanding Awards, including
for the purpose of modifying the time or manner of vesting, or the term of any outstanding Award; provided, however, that any such amendment shall be subject to the Participant’s consent if required pursuant to
Section 13.5 
 (j) to make decisions with respect to outstanding Awards that may become necessary upon a change in
corporate control or an event that triggers anti-dilution adjustments; 
 (k) to interpret, administer, reconcile any inconsistency in,
correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; 

(l) to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the administration
of the Plan; and 
 (m) to adopt sub-plans that, when taken together with the Plan, shall constitute the Plan for those certain tax
residents identified in the applicable sub-plan. 
 The Committee also may modify the purchase price or the exercise price of any
outstanding Award, provided that if the modification affects a repricing, shareholder approval shall be required before the repricing is effective. 

3.2 Committee Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan shall be final and binding on
the Company and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious. 
 3.3
Delegation. The Committee, or if no Committee has been appointed, the Board, may delegate administration of the Plan to a committee or committees of one or more members of the Board, and the 

  
 5 

 
term “Committee” shall apply to any person or persons to whom such authority has been delegated. The Committee shall have the power to delegate to a subcommittee any of the
administrative powers the Committee is authorized to exercise (and references in this Plan to the Board or the Committee shall thereafter be to the committee or subcommittee), subject, however, to Applicable Laws and such resolutions, not
inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. 

3.4 Indemnification. In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and
to the extent allowed by Applicable Laws, the Committee shall be indemnified by the Company against the reasonable expenses, including attorney’s fees, actually incurred in connection with any action, suit or proceeding or in connection with
any appeal therein, to which the Committee may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee in settlement thereof
(provided, however, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action, suit or proceeding, except in relation to
matters as to which it shall be adjudged in such action, suit or proceeding that such Committee did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of a criminal
proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within 60 days after institution of any such action, suit or proceeding, such Committee shall, in writing, offer the Company the
opportunity at its own expense to handle and defend such action, suit or proceeding. 
 4. Shares Subject to the Plan. 

4.1 Subject to adjustment in accordance with Section 11, a total of 5,064,544 Ordinary Shares shall be available for
the grant of Awards under the Plan. During the terms of the Awards, the Company shall keep available at all times the number of Ordinary Shares required to satisfy such Awards. 

4.2 Ordinary Shares available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury
shares or shares reacquired by the Company in any manner. 
 4.3 Any Ordinary Shares subject to an Award that is canceled, forfeited or
expires prior to exercise or realization, either in full or in part, shall again become available for issuance under the Plan. Notwithstanding anything to the contrary contained herein, shares subject to an Award under the Plan shall not again be
made available for issuance or delivery under the Plan if such shares are (a) shares tendered in payment of an Option; (b) shares delivered or withheld by the Company to satisfy any tax withholding obligation; or (c) shares covered by
a share-settled Share Appreciation Right or other Awards that were not issued upon the settlement of the Award. 
 5. Eligibility. 

5.1 Eligibility for Specific Awards. Incentive Share Options may be granted only to Employees who are tax residents of the United States
and shall not include Employees who are solely Officers and Directors. Awards other than Incentive Share Options may be granted to Employees, Consultants and Directors. 

  
 6 

 5.2 Ten Percent Shareholders. A Ten Percent Shareholder shall not be granted an Incentive
Share Option unless the Option Exercise Price is at least 110% of the Fair Market Value of an Ordinary Share at the Grant Date and the Option is not exercisable after the expiration of five years from the Grant Date. 

5.3 Section 162(m) Limitations. In no event shall Awards with respect to more than 450,000 Ordinary Shares be granted to any
Participant in any fiscal year. 
 6. Option Provisions. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so
granted shall be subject to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options shall be separately
designated Incentive Share Options or Non-qualified Share Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for Ordinary Shares purchased on exercise of each type of Option.
Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated as an Incentive Share Option fails to qualify as such at any time or if an Option is determined to constitute
“nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be
identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions: 

6.1 Term. Subject to the provisions of Section 5.2 regarding Ten Percent Shareholders, no Incentive Share
Option shall be exercisable after the expiration of 10 years from the Grant Date. The term of a Non-qualified Share Option granted under the Plan shall be determined by the Committee; provided, however, no Non-qualified Share Option shall be
exercisable after the expiration of 10 years from the Grant Date. 
 6.2 Exercise Price of An Incentive Share Option. Subject to the
provisions of Section 5.2 regarding Ten Percent Shareholders, the Option Exercise Price of each Incentive Share Option shall be not less than 100% of the Fair Market Value of an Ordinary Share subject to the Option on the
Grant Date. Notwithstanding the foregoing, an Incentive Share Option may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another
option in a manner satisfying the provisions of Section 424(a) of the Code. 
 6.3 Exercise Price of a Non-qualified Share
Option. The Option Exercise Price of each Non-qualified Share Option shall be not less than 100% of the Fair Market Value of an Ordinary Share subject to the Option on the Grant Date. Notwithstanding the foregoing, a Non-qualified Share Option
may be granted with an Option Exercise Price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 409A of the
Code. 
 6.4 Consideration. The Option Exercise Price of an Ordinary Share acquired pursuant to an Option shall be paid, to the
extent permitted by Applicable Laws, either (a) in cash or by certified or bank check at the time the Option is exercised; or (b) in the discretion of the Committee, upon such terms as the Committee shall approve, the Option Exercise Price
may be paid: (i) by reduction in the number of Ordinary Shares otherwise deliverable upon exercise of such Option with a Fair Market Value equal to the aggregate Option Exercise Price at the time of exercise; (ii) in accordance with a
cashless exercise program established with a securities brokerage firm, or (iii) in any other form of legal consideration that may be acceptable to the Committee. 

  
 7 

 6.5 Transferability of An Incentive Share Option. An Incentive Share Option shall not be
transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to
the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option. 

6.6 Transferability of a Non-qualified Share Option. A Non-qualified Share Option may, in the sole discretion of the Committee, be
transferable to a Permitted Transferee, upon written approval by the Committee to the extent provided in the Award Agreement. If the Non-qualified Share Option does not provide for transferability, then the Non-qualified Share Option shall not be
transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to
the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option. 

6.7 Vesting of Options. Each Option may, but need not, vest and therefore become exercisable in periodic installments that may, but
need not, be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of
individual Options may vary. No Option may be exercised for a fraction of an Ordinary Share. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms of any Award Agreement upon the
occurrence of a specified event. 
 6.8 Termination of Continuous Service. Unless otherwise provided in an Award Agreement or in an
employment agreement the terms of which have been approved by the Committee, in the event an Optionholder’s Continuous Service terminates (other than upon the Optionholder’s death or Disability), the Optionholder may exercise his or her
Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination) but only within such period of time ending on the earlier of (a) the date three months following the termination of the
Optionholder’s Continuous Service; or (b) the expiration of the term of the Option as set forth in the Award Agreement; provided that, if the termination of Continuous Service is by the Company for Cause, all outstanding Options
(whether or not vested) shall immediately terminate and cease to be exercisable. 
 6.9 Extension of Termination Date. An
Optionholder’s Award Agreement may also provide that if the exercise of the Option following the termination of the Optionholder’s Continuous Service for any reason would be prohibited at any time because the issuance of Ordinary Shares
would violate the registration requirements under the Securities Act or any other Applicable Laws, then the Option shall terminate on the earlier of (a) the expiration of the term of the Option in accordance with
Section 6.1; or (b) the expiration of a period after termination of the Participant’s Continuous Service that is three months after the end of the period during which the exercise of the Option would be in
violation of such registration or other securities law requirements. 
 6.10 Disability of Optionholder. Unless otherwise provided in
an Award Agreement, in the event that an Optionholder’s Continuous Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to
exercise 

  
 8 

 
such Option as of the date of termination), but only within such period of time ending on the earlier of (a) the date 12 months following such termination; or (b) the expiration of the
term of the Option as set forth in the Award Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein or in the Award Agreement, the Option shall terminate. 

6.11 Death of Optionholder. Unless otherwise provided in an Award Agreement, in the event an Optionholder’s Continuous Service
terminates as a result of the Optionholder’s death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder’s estate, by a person who acquired the
right to exercise the Option by bequest or inheritance or by a person designated to exercise the Option upon the Optionholder’s death, but only within the period ending on the earlier of (a) the date 12 months following the date of death;
or (b) the expiration of the term of such Option as set forth in the Award Agreement. If, after the Optionholder’s death, the Option is not exercised within the time specified herein or in the Award Agreement, the Option shall terminate.

 6.12 Incentive Share Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of
grant) of an Ordinary Share with respect to which Incentive Share Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and its Affiliates) exceeds U.S. $100,000, the Options or
portions thereof which exceed such limit (according to the order in which they were granted in accordance with Section 422(d) of the Code) shall be treated as Non-qualified Share Options. 

7. Provisions of Awards Other Than Options. 

7.1 Share Appreciation Rights. 

(a) General. Each Share Appreciation Right granted under the Plan shall be evidenced by an Award Agreement. Each Share Appreciation
Right so granted shall be subject to the conditions set forth in this Section 7.1, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Share Appreciation Rights
may be granted alone or in tandem with an Option granted under the Plan. 
 (b) Grant Requirements. Any Share Appreciation Right
that relates to a Non-qualified Share Option may be granted at the same time the Option is granted or at any time thereafter but before the exercise or expiration of the Option. Any Share Appreciation Right that relates to an Incentive Share Option
must be granted at the same time the Incentive Share Option is granted. 
 (c) Term of Share Appreciation Rights. The term of a
Share Appreciation Right granted under the Plan shall be determined by the Committee; provided, however, no Share Appreciation Right shall be exercisable later than the tenth anniversary of the Grant Date. 

(d) Vesting of Share Appreciation Rights. Each Share Appreciation Right may, but need not, vest and therefore become exercisable in
periodic installments that may, but need not, be equal. The Share Appreciation Right may be subject to such other terms and conditions on the time or times when it may be exercised as the Committee may deem appropriate. The vesting provisions of
individual Share Appreciation Rights may vary. No Share Appreciation Right may be exercised for a fraction of an Ordinary Share. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability in the terms
of any Share Appreciation Right upon the occurrence of a specified event. 

  
 9 

 (e) Exercise. Upon exercise of a Share Appreciation Right, the holder shall be entitled
to receive from the Company an amount equal to the number of Ordinary Shares subject to the Share Appreciation Right that is being exercised multiplied by the excess of (i) the Fair Market Value of an Ordinary Share on the date the Award is
exercised, over (ii) the exercise price specified in the Share Appreciation Right or related Option. 
 (f) Exercise Price. The
exercise price of a Share Appreciation Right shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value of one Ordinary Share on the Grant Date of such Share Appreciation Right. A Share Appreciation Right granted
simultaneously with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise price as the related Option, shall be transferable only upon the same terms and conditions as the
related Option, and shall be exercisable only to the same extent as the related Option; provided, however, that a Share Appreciation Right, by its terms, shall be exercisable only when the Fair Market Value per Ordinary Share subject to the
Share Appreciation Right and related Option exceeds the exercise price per share thereof and no Share Appreciation Rights may be granted in tandem with an Option unless the Committee determines that the requirements of
Section 7.1(b) are satisfied. 
 7.2 Restricted Awards. 

(a) General. A Restricted Award is an Award of actual Ordinary Shares (“Restricted Share”) or hypothetical Ordinary
Share units (“Restricted Share Units”) having a value equal to the Fair Market Value of an identical number of Ordinary Shares, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or
otherwise disposed of, pledged or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose for such period (the “Restricted Period”) as the Committee shall determine. Each
Restricted Award granted under the Plan shall be evidenced by an Award Agreement. Each Restricted Award so granted shall be subject to the conditions set forth in this Section 7.2, and to such other conditions not
inconsistent with the Plan as may be reflected in the applicable Award Agreement. 
 (b) Restricted Share and Restricted Share
Units. 
  

	 	(i)	Each Participant granted Restricted Share shall execute and deliver to the Company an Award Agreement with respect to the Restricted Share setting forth the restrictions and other terms and conditions applicable to such
Restricted Share. If the Committee determines that the Restricted Share shall be held by the Company or in escrow rather than delivered to the Participant pending the release of the applicable restrictions, the Committee may require the Participant
to additionally execute and deliver to the Company (A) an escrow agreement satisfactory to the Committee, if applicable; and (B) the appropriate blank share power with respect to the Restricted Share covered by such agreement. If a
Participant fails to execute an agreement evidencing an Award of Restricted Share and, if applicable, an escrow agreement and Share power, the Award shall be null and void. Subject to the restrictions set forth in the Award, the Participant
generally shall have the rights and privileges of a shareholder as to such Restricted Share, including the right to vote such Restricted Share and the right to receive dividends. 

  
 10 

	 	(ii)	The terms and conditions of a grant of Restricted Share Units shall be reflected in an Award Agreement. No Ordinary Shares shall be issued at the time a Restricted Share Unit is granted, and the Company will not be
required to set aside a fund for the payment of any such Award. A Participant shall have no voting rights with respect to any Restricted Share Units granted hereunder. At the discretion of the Committee, each Restricted Share Unit (representing one
Ordinary Share) may be credited with cash paid by the Company in respect of one Ordinary Share (“Dividend Equivalents”). Dividend Equivalents shall be paid only upon the vesting of a Restricted Share Unit and in accordance with
Section 409A of the Code if paid to a tax resident of the United States. 

 (c) Restrictions. 

 

	 	(i)	Restricted Share awarded to a Participant shall be subject to the following restrictions until the expiration of the Restricted Period, and to such other terms and conditions as may be set forth in the applicable Award
Agreement: (A) if an escrow arrangement is used, the Participant shall not be entitled to delivery of the share certificate; (B) the shares shall be subject to the restrictions on transferability set forth in the Award Agreement;
(C) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement; and (D) to the extent such shares are forfeited, the share certificates shall be returned to the Company, and all rights of the
Participant to such shares and as a shareholder with respect to such shares shall terminate without further obligation on the part of the Company. 

  

	 	(ii)	Restricted Share Units awarded to any Participant shall be subject to (A) forfeiture until the expiration of the Restricted Period, to the extent provided in the applicable Award Agreement, and to the extent such
Restricted Share Units are forfeited, all rights of the Participant to such Restricted Share Units, including Dividend Equivalents, shall terminate without further obligation on the part of the Company; and (B) such other terms and conditions
as may be set forth in the applicable Award Agreement. 

  

	 	(iii)	The Committee shall have the authority to remove any or all of the restrictions on the Restricted Share, Restricted Share Units whenever it may determine that, by reason of changes in Applicable Laws or other changes in
circumstances arising after the date the Restricted Share or Restricted Share Units are granted, such action is appropriate. 

(d) Restricted Period. With respect to Restricted Awards, the Restricted Period shall commence on the Grant Date and end at the time
or times set forth on a schedule established by the Committee in the applicable Award Agreement. No Restricted Award may be granted or settled for a fraction of an Ordinary Share. The Committee may, but shall not be required to, provide for an
acceleration of vesting in the terms of any Award Agreement upon the occurrence of a specified event. 

  
 11 

 (e) Delivery of Restricted Shares; Settlement of Restricted Share Units. Upon the
expiration of the Restricted Period with respect to any Restricted Shares, the restrictions set forth in Section 7.2(c) and the applicable Award Agreement shall be of no further force or effect with respect to such shares,
except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his or her beneficiary, without charge, the share certificate evidencing the Restricted
Shares which have not then been forfeited and with respect to which the Restricted Period has expired (to the nearest full share) and any cash dividends or share dividends credited to the Participant’s account with respect to such Restricted
Shares and the interest thereon, if any. Upon the expiration of the Restricted Period with respect to any outstanding Restricted Share Units unless payment is further deferred in compliance with Applicable Laws including, but not limited to
Section 409A of the Code, the Company shall deliver to the Participant, or his or her beneficiary, without charge, one Ordinary Share for each outstanding vested Restricted Share Unit and cash equal to any Dividend Equivalents credited with
respect to each such vested Restricted Share Unit in accordance with Section 7.2(b)(ii) hereof and the interest thereon or, at the discretion of the Committee, in Ordinary Shares having a Fair Market Value equal to such
Dividend Equivalents and the interest thereon, if any; provided, however, that, if explicitly provided in the applicable Award Agreement, the Committee may, in its sole discretion, elect to pay cash or part cash and part Ordinary Shares in
lieu of delivering only Ordinary Shares for vested Restricted Share Units. If a cash payment is made in lieu of delivering Ordinary Shares, the amount of such payment shall be equal to the Fair Market Value of an Ordinary Share as of the date on
which the Restricted Period lapsed in the case of Restricted Share Units. 
 (f) Share Restrictions. Each certificate representing
Restricted Share awarded under the Plan shall bear a legend in such form as the Company deems appropriate. 
 8. Securities Law Compliance. Each
Award Agreement shall provide that no Ordinary Shares shall be purchased or sold thereunder unless and until (a) any then Applicable Laws have been fully complied with to the satisfaction of the Company and its counsel; and (b) if required
to do so by the Company, the Participant has executed and delivered to the Company a letter of investment intent in such form and containing such provisions as the Committee may require. The Company shall use reasonable efforts to seek to obtain
from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell Ordinary Shares upon exercise of the Awards; provided, however, that this undertaking shall
not require the Company to register the Ordinary Shares, the Plan or any Award under the Securities Act with the U.S Securities and Exchange Commission or with any state securities commission or stock exchange or under any other Applicable Laws. If,
after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Ordinary Shares under the Plan, the Company shall
be relieved from any liability for failure to issue and sell Ordinary Shares upon exercise of such Awards unless and until such authority is obtained. 
 9.
Use of Proceeds from Shares. Proceeds from the sale of Ordinary Shares pursuant to Awards, or upon exercise thereof, shall constitute general funds of the Company. 

10. Miscellaneous. 

  
 12 

 10.1 Acceleration of Exercisability and Vesting. The Committee shall have the power to
accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award stating the time at which it may first be exercised
or the time during which it will vest. 
 10.2 Shareholder Rights. Except as provided in the Plan or an Award Agreement, no
Participant shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any Ordinary Shares subject to such Award unless and until such Participant has satisfied all requirements for exercise of the Award pursuant
to its terms and no adjustment shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such Ordinary Shares are issued,
except as provided in Section 11 hereof. 
 10.3 No Employment or Other Service Rights. Nothing in the Plan
or any instrument executed or Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or shall affect the right of the
Company or an Affiliate to terminate (a) the employment of an Employee with or without notice and with or without Cause; or (b) the service of a Director pursuant to the Articles of Association of the Company or an Affiliate, and any
applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as the case may be. 
 10.4
Transfer; Approved Leave of Absence. For purposes of the Plan, no termination of employment by an Employee shall be deemed to result from either (a) a transfer of employment to the Company from an Affiliate or from the Company to an
Affiliate, or from one Affiliate to another; or (b) an approved leave of absence for military service or sickness, or for any other purpose approved by the Company, if the Employee’s right to reemployment is guaranteed either by a statute
or by contract or under the policy pursuant to which the leave of absence was granted or if the Committee otherwise so provides in writing, in either case, except to the extent inconsistent with Applicable Laws, including but not limited to
Section 409A of the Code if the applicable Award is subject thereto. 
 10.5 Withholding Obligations. To the extent provided by
the terms of an Award Agreement and subject to the discretion of the Committee, the Participant may satisfy any foreign, federal, state or local tax withholding obligation relating to the exercise or acquisition of Ordinary Shares under an Award by
any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to
withhold Ordinary Shares from the Ordinary Shares otherwise issuable to the Participant as a result of the exercise or acquisition of Ordinary Shares under the Award, provided, however, that no Ordinary Shares are withheld with a value
exceeding the minimum amount of tax required to be withheld by Applicable Laws; or (c) delivering to the Company previously owned and unencumbered Ordinary Shares of the Company. 

11. Adjustments Upon Changes in Shares. In the event of changes in the outstanding Ordinary Shares or in the capital structure of the Company by reason
of any share or extraordinary cash dividend, share split, reverse share split, an extraordinary corporate transaction such as any recapitalization, reorganization, merger, consolidation, combination, exchange, or other relevant change in
capitalization occurring after the Grant Date of any Award, Awards granted under the Plan and any Award Agreements, the exercise price of Options and Share Appreciation Rights, the maximum number of 

  
 13 

 
Ordinary Shares subject to all Awards stated in Section 4 will be equitably adjusted or substituted, as to the number, price or kind of an Ordinary Share
or other consideration subject to such Awards to the extent necessary to preserve the economic intent of such Award. In the case of adjustments made pursuant to this Section 11, unless the Committee specifically
determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall, in the case of Incentive Share Options, ensure that any adjustments under this Section 11 will
not constitute a modification, extension or renewal of the Incentive Share Options within the meaning of Section 424(h)(3) of the Code and in the case of Non-qualified Share Options, ensure that any adjustments under this
Section 11 will not constitute a modification of such Non-qualified Share Options within the meaning of Section 409A of the Code. The Company shall give each Participant notice of an adjustment hereunder
and, upon notice, such adjustment shall be conclusive and binding for all purposes. All references to amounts of Ordinary Shares herein give effect to the 4.0415917-for-1 share split of the Company’s capital shares effected on or about October
31, 2015. 
 12. Effect of Corporate Transaction. 

12.1 The obligations of the Company under the Plan and the Award Agreements shall be binding upon any successor corporation or organization
resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates, taken as a whole
(a “Corporate Transaction”). 
 12.2 In the event of a Corporate Transaction, the Board may take one or more of the following
actions with respect to Options and Share Appreciation Rights: (i) make appropriate provision for the continuation of the Option or Share Appreciation Right by substituting on an equitable basis for the Ordinary Shares then subject to such
Option or Share Appreciation Right either the consideration payable with respect to the outstanding Ordinary Shares in connection with the Corporate Transaction or securities of any successor or acquiring entity; (ii) require that Participants
surrender their outstanding Options or Share Appreciation Rights in exchange for a payment by the Company, in cash or Ordinary Shares as determined by the Board, in an amount equal to the amount by which the then Fair Market Value of the Ordinary
Shares subject to such vested Option or Share Appreciation Right exceeds the Exercise Price; or (iii) after giving Participants an opportunity to exercise to the extent vested their outstanding Options or Share Appreciation Rights, terminate
any or all unexercised Options and Share Appreciation Rights at such time as the Board deems appropriate. Such surrender or termination shall take place as of the date of the Corporate Transaction or such other date as the Board may specify. 

12.3 In the event of a Corporate Transaction with respect to outstanding Restricted Awards, the Board, shall make appropriate provision for
the continuation of such Restricted Awards on the same terms and conditions by substituting on an equitable basis for the Ordinary Shares then subject to such Restricted Awards either the consideration payable with respect to the outstanding
Ordinary Shares in connection with the Corporate Transaction or securities of any successor or acquiring entity. In lieu of the foregoing, in connection with any Corporate Transaction, the Board may provide that, upon consummation of the Corporate
Transaction, each outstanding Restricted Award shall be terminated in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder of the number of Ordinary Shares comprising such
Restricted Award to then extent then vested. 
 13. Amendment of the Plan and Awards. 

  
 14 

 13.1 Amendment of Plan. The Board at any time, and from time to time, may amend or
terminate the Plan. However, except as provided in Section 11 relating to adjustments upon changes in Ordinary Shares and Section 13.3, no amendment shall be effective unless approved by the
shareholders of the Company to the extent shareholder approval is necessary to satisfy any Applicable Laws. At the time of such amendment, the Board shall determine, upon advice from counsel, whether such amendment will be contingent on shareholder
approval. 
 13.2 Shareholder Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder
approval, including, but not limited to, amendments to the Plan intended to satisfy the requirements of Section 162(m) of the Code regarding the exclusion of performance-based compensation from the limit on corporate deductibility of
compensation paid to certain executive officers. 
 13.3 Contemplated Amendments. It is expressly contemplated that the Board may
amend the Plan in any respect the Board deems necessary or advisable to provide eligible Employees, Consultants and Directors with the maximum benefits provided or to be provided under the provisions of the Code relating to Incentive Share Options
or to the nonqualified deferred compensation provisions of Section 409A of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith. 

13.4 No Impairment of Rights. Rights under any Award granted before amendment of the Plan shall not adversely affect the
Participant’s material rights by any amendment of the Plan unless (a) the Company requests the consent of the Participant; and (b) the Participant consents in writing. 

13.5 Amendment of Awards. The Committee at any time, and from time to time, may amend the terms of any one or more Awards; provided,
however, that the Committee may not affect any amendment which would adversely affect the Participant’s material rights under any Award unless (a) the Company requests the consent of the Participant; and (b) the Participant
consents in writing. 
 14. General Provisions. 

14.1 Other Compensation Arrangements. Nothing contained in this Plan shall prevent the Board from adopting other or additional
compensation arrangements, subject to shareholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 

14.2 Unfunded Plan. The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any
special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan. 
 14.3
Recapitalizations and Reorganizations. Each Award Agreement shall contain provisions required to reflect the provisions of Sections 11 and 12. 

14.4 Delivery. Upon exercise of a right granted under this Plan, the Company shall issue Ordinary Shares or pay any amounts due within
a reasonable period of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan, 30 days shall be considered a reasonable period of time. 

  
 15 

 14.5 No Fractional Shares. No fractional Ordinary Shares shall be issued or delivered
pursuant to the Plan. The Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional Ordinary Shares or whether any fractional shares should be rounded, forfeited or
otherwise eliminated. 
 14.6 Other Provisions. The Award Agreements authorized under the Plan may contain such other provisions not
inconsistent with this Plan, including, without limitation, restrictions upon the exercise of the Awards, as the Committee may deem advisable. 

14.7 Section 409A. The Plan is intended to comply with Section 409A of the Code to the extent subject thereto, and,
accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period” as defined in
Section 409A of the Code shall not be treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under
Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the 6 month period immediately following the Participant’s termination of Continuous Service shall
instead be paid on the first payroll date after the 6 month anniversary of the Participant’s separation from service (or the Participant’s death, if earlier). Notwithstanding the foregoing, neither the Company nor the Committee shall have
any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant under Section 409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or
penalty. 
 14.8 Disqualifying Dispositions. Any Participant who shall make a “disposition” (as defined in Section 424
of the Code) of all or any portion of Ordinary Shares acquired upon exercise of an Incentive Share Option within two years from the Grant Date of such Incentive Share Option or within one year after the issuance of the Ordinary Shares acquired upon
exercise of such Incentive Share Option (a “Disqualifying Disposition”) shall be required to immediately advise the Company in writing as to the occurrence of the sale and the price realized upon the sale of such Ordinary Shares.

 14.9 Section 16. It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the
applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not
be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of the Plan would conflict with the intent expressed in this Section 14.9 such provision to the
extent possible shall be interpreted and/or deemed amended so as to avoid such conflict. 
 14.10 Beneficiary Designation. Each
Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under the Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations by the same
Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. 

14.11 Expenses. The costs of administering the Plan shall be paid by the Company. 

  
 16 

 14.12 Severability. If any of the provisions of the Plan or any Award Agreement is held to
be invalid, illegal or unenforceable, whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected
thereby. 
 14.13 Plan Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or
limit the construction of the provisions hereof. 
 14.14 Non-Uniform Treatment. The Committee’s determinations under the Plan
need not be uniform and may be made by it selectively among persons who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee shall be entitled to make non-uniform and selective
determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements. 
 15. Effective Date of Plan. The Plan
shall become effective as of the Effective Date, but no Award shall be exercised (or, in the case of a Restricted Share Award, shall be granted) unless and until the Plan has been approved by the shareholders of the Company, which approval shall be
within 12 months before or after the date the Plan is adopted by the Board. 
 16. Termination or Suspension of the Plan. The Plan shall terminate
automatically on the tenth (10th) anniversary of the Effective Date. No Award shall be granted pursuant to the Plan after such date, but Awards theretofore granted may extend beyond that
date. The Board may suspend or terminate the Plan at any earlier date pursuant to Section 13.1 hereof. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated 

17. Choice of Law. The applicable laws of the Republic of Singapore, including but not limited to, the Singaporean Equity Remuneration Incentive Scheme
and the Income Tax Act of Singapore, shall govern all questions concerning the construction, validity and interpretation of this Plan unless this Plan so specifies the interpretation of other Applicable Laws then, in such case, those Applicable Laws
shall govern. 

  
 17 

 Grant No.      

WAVE LIFE SCIENCES LTD. 

2014 EQUITY INCENTIVE PLAN 

Incentive Share Option Agreement 

This Incentive Share Option Agreement (this “Agreement”) is made and entered into as of the Grant Date by and between WAVE
Life Sciences Ltd., a corporation formed in Singapore (the “Company”), and the “Participant” (as set forth below). 
  

							
	A.	  	Name of Participant:	  	  
	  	
				
	B.	  	Grant Date:	  	  
	  	
				
	C.	  	Option Expiration Date:	  	  
	  	
				
	D.	  	 Maximum Number of Shares for
 which this Option
is exercisable:
	  	  
	  	
				
	E.	  	Exercise (purchase) Price per Share:	  	  
	  	
				
	F.	  	Vesting Start Date:	  	  
	  	

 1. Grant of Option. 

1.1 Grant; Type of Option. The Company hereby grants to the Participant an option (the “Option”) to purchase the total
number of Ordinary Shares of the Company equal to the number of Option Shares set forth above, at the Exercise Price per Share set forth above. The Option is being granted pursuant to the terms of the WAVE Life Sciences Ltd. 2014 Equity Incentive
Plan (the “Plan”). The Option is intended to be an Incentive Share Option, although the Company makes no representation or guarantee that the Option will qualify as an Incentive Share Option. To the extent that the aggregate Fair
Market Value (determined on the Grant Date) of the Ordinary Shares with respect to which Incentive Share Options are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and its Affiliates)
exceeds U.S. $100,000, the Options or portions thereof which exceed such limit (according to the order in which they were granted in accordance with Section 422(d) of the Code) shall be treated as Non-qualified Share Options. 

1.2 Consideration; Subject to Plan. The grant of the Option is made in consideration of the services to be rendered by the Participant
to the Company and is subject to the terms and conditions of the Plan. Capitalized terms used but not defined herein will have the meaning ascribed to them in the Plan. 

2. Exercise Period; Vesting. 
 2.1
Vesting Schedule. The Option will become vested and exercisable with respect to (i) [25% of the Ordinary Shares subject to this Option upon the first anniversary of the Vesting Start Date; and (ii) in equal parts of 2.0833% on a
monthly basis thereafter, until the fourth anniversary of the Vesting Start 

 
Date] provided that at all times the Participant is providing Continuous Service, at which time the Ordinary Shares subject to this Option shall be fully vested. [Notwithstanding the foregoing,
in the event the Company consummates a Change of Control, the Option shall become immediately vested and exercisable with respect to 100% of the Option Shares subject to the Option. To the extent practicable, such acceleration of vesting and
exercisability shall occur in a manner and at a time which allows the Participant the ability to participate in the Change of Control with respect to the Ordinary Shares received.] 

Change of Control shall mean (A) a merger or consolidation of the Company whether or not approved by the Board of Directors, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or the
parent of such corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or
consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring shareholder approval. 

2.2 Unvested Option. The unvested portion of the Option will not be exercisable on or after the Participant’s termination of
Continuous Service. 
 2.3 Expiration. The Option will expire on the Expiration Date set forth above, or earlier as provided in this
Agreement or the Plan. 
 3. Termination of Continuous Service. 

3.1 Termination for Reasons Other Than Cause, Death, Disability. If the Participant’s Continuous Service is terminated for any
reason other than Cause, death or Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of: (a) the date 12 months following the Participant’s termination of
Continuous Service; or (b) the Expiration Date. If the Participant ceases to be an Employee but provides Continuous Service after termination of employment as a Director or Consultant, the Option shall automatically convert and be deemed a
Non-qualified Share Option as of the date that is three months from termination of the Participant’s employment and this Option shall continue on the same terms and conditions set forth herein until termination of Participant’s Continuous
Service. 
 3.2 Termination for Cause. If the Participant’s Continuous Service is terminated for Cause, the Option (whether
vested or unvested) shall immediately terminate and cease to be exercisable. 
 3.3 Termination Due to Disability. If the
Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of: (a) the date 12
months following the Participant’s termination of Continuous Service; or (b) the Expiration Date. 
 3.4 Termination Due to
Death. If the Participant’s Continuous Service terminates as a result of the Participant’s death, the vested portion of the Option may be exercised by the Participant’s estate, by a person who acquired the right to exercise the
Option by bequest or inheritance or by the person designated to exercise the Option upon the Participant’s death, but only within the time period ending on the earlier of: (a) the date 12 months following the Participant’s termination
of Continuous Service; or (b) the Expiration Date. 

  
 2 

 4. Manner of Exercise. 

4.1 Election to Exercise. To exercise the Option, the Participant (or in the case of exercise after the Participant’s death or
incapacity, the Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company a notice of intent to exercise in the manner designated by the Board or the Committee. If someone other than the Participant
exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option. In addition, it is a condition to the exercise of the Option that the
Participant or other authorized person who exercises the Option execute a Deed of Adherence to be bound by the sections of the Amended and Restated Shareholders Agreement dated as of January 16, 2015, as may be amended from time to time (the
“Shareholders’ Agreement”), as shall be set forth therein if not already a party to the Shareholders’ Agreement. 
 4.2
Payment of Exercise Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise in any form of legal consideration allowed pursuant to Section 6.4 of the Plan. 

4.3 Withholding. If the Company, in its discretion, determines that it is obligated to withhold any tax in connection with the exercise
of the Option, the Participant must make arrangements satisfactory to the Company to pay or provide for any applicable foreign, federal, state and local withholding obligations of the Company. The Participant may satisfy any foreign, federal, state
or local tax withholding obligation relating to the exercise of the Option by any of the following means: 
 (a) tendering a cash payment;

 (b) authorizing the Company to withhold Ordinary Shares from the Ordinary Shares otherwise issuable to the Participant as a result of the
exercise of the Option; provided, however, that no Ordinary Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by Applicable Laws; or 

(c) delivering to the Company previously owned and unencumbered Ordinary Shares. 

The Company has the right to withhold from any compensation paid to a Participant. 

4.4 Issuance of Shares. Provided that the exercise notice and payment are in compliance with the Plan and in form and substance
satisfactory to the Company, the Company shall issue the Ordinary Shares registered in the name of the Participant, the Participant’s authorized assignee, or the Participant’s legal representative which shall be evidenced by share
certificates representing the shares with the appropriate legends affixed thereto, appropriate entry on the books of the Company or of a duly authorized transfer agent, or other appropriate means as determined by the Company. 

5. No Right to Continued Employment; No Rights as Shareholder. Neither the Plan nor this Agreement shall confer upon the Participant any right to be
retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the Participant’s Continuous Service at any
time, with or without Cause. The Participant shall not have any rights as a shareholder with respect to any Ordinary Shares subject to the Option prior to the date of exercise of the Option. 

  
 3 

 6. Transferability. The Option is not transferable by the Participant other than to a designated
beneficiary upon the Participant’s death or by will or the laws of descent and distribution and is exercisable during the Participant’s lifetime only by him or her. No assignment or transfer of the Option, or the rights represented
thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws of descent or distribution) will vest in the assignee or transferee any interest or right herein
whatsoever, but immediately upon such assignment or transfer the Option will terminate and become of no further effect. 
 In addition, the Ordinary Shares
acquired by the Participant pursuant to the exercise of the Option granted hereby shall not be transferred by the Participant except as permitted by the Shareholders Agreement. 

7. Corporate Transactions and Adjustments. The Ordinary Shares subject to the Option may be adjusted or terminated in any manner as contemplated by
Sections 11and 12 of the Plan. 
 8. Tax Liability and Withholding. Notwithstanding any action the Company takes with respect to any or all income
tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and the Company (a) makes no
representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent sale of any shares acquired on exercise; and (b) does not commit to structure the
Option to reduce or eliminate the Participant’s liability for Tax-Related Items. 
 9. Qualification as an Incentive Share Option. It is
understood that this Option is intended to qualify as an incentive stock option as defined in Section 422 of the Code. Accordingly, the Participant understands that in order to obtain the benefits of an Incentive Share Option, no sale or other
disposition may be made of shares for which Incentive Share Option treatment is desired within 1 year following the date of exercise of the Option or within 2 years from the Grant Date. The Participant understands and agrees that the Company shall
not be liable or responsible for any additional tax liability the Participant incurs in the event that the Internal Revenue Service for any reason determines that this Option does not qualify as an Incentive Share Option. 

10. Disqualifying Disposition. If the Participant disposes of the Ordinary Shares prior to the expiration of either 2 years from the Grant Date or 1
year from the date the shares are transferred to the Participant pursuant to the exercise of the Option (a “Disqualifying Disposition”), the Participant shall notify the Company in writing within 30 days after such disposition of
the date and terms of such disposition. The Participant also agrees to provide the Company with any information concerning any such dispositions as the Company requires for tax purposes. 

11. Compliance with Law. The exercise of the Option and the issuance and transfer of Ordinary Shares shall be subject to compliance by the Company and
the Participant with all Applicable Laws. No Ordinary Shares shall be issued pursuant to this Option unless and until any then Applicable Laws have been fully complied with to the satisfaction of the Company and its counsel. The Participant
understands that the Company is under no obligation to register the Ordinary Shares with the U.S. Securities and Exchange Commission, any state securities commission or any stock exchange or under any other Applicable Laws to effect such compliance.

  
 4 

 12. Governing Law. This Agreement will be construed and interpreted in accordance with the applicable laws
of the Republic of Singapore and any other Applicable Laws, without giving effect to the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this Agreement, if the Participant is a tax resident of the
United States the parties hereby consent to exclusive jurisdiction in the Commonwealth of Massachusetts and agree that such litigation shall be conducted in the state courts of Middlesex County, Massachusetts or the federal courts of the United
States for the District of Massachusetts and if the Participant is a resident of any other country the parties consent to the exclusive jurisdiction in the country in which such Participant resides. 

13. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee
for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company. 
 14. Options Subject to
Plan. This Agreement is subject to the Plan as approved by the Company’s shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict
between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

15. Lock-Up Agreement. The Participant agrees that in the event the Company proposes to offer for sale to the public any of its equity securities and
such Participant is requested by the Company and any underwriter engaged by the Company in connection with such offering to sign an agreement restricting the sale or other transfer of shares, then it will promptly sign such agreement and will not
transfer, whether in privately negotiated transactions or to the public in open market transactions or otherwise, any Ordinary Shares or other securities of the Company held by the Participant during such period as is determined by the Company and
the underwriters, not to exceed 180 days following the closing of the offering, plus such additional period of time as may be required to comply with NASD Rule 2711 or similar rules thereto (such period, the “Lock-Up Period”). Such
agreement shall be in writing and in form and substance reasonably satisfactory to the Company and such underwriter and pursuant to customary and prevailing terms and conditions. Notwithstanding whether the Participant has signed such an agreement,
the Company may impose stop-transfer instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions until the end of the Lock-Up Period. 

16. Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit
of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators and the person(s) to whom
this Agreement may be transferred by will or the laws of descent or distribution. 
 17. Severability. The invalidity or unenforceability of any
provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent
permitted by law. 

  
 5 

 18. Discretionary Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by
the Company at any time, in its discretion. The grant of the Option in this Agreement does not create any contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion of
the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Participant’s employment with the Company. 

19. Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the Option, prospectively or retroactively; provided,
that, no such amendment shall adversely affect the Participant’s material rights under this Agreement unless (a) the Company requests the consent of the Participant; and (b) the Participant consents in writing. 

20. No Impact on Other Benefits. The value of the Participant’s Option is not part of his or her normal or expected compensation for purposes of
calculating any severance, retirement, welfare, insurance or similar employee benefit. 
 21. Data Privacy. By entering into this Agreement, the
Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its Affiliates such information and
data as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan; and (ii) authorizes the Company and each Affiliate to store and transmit such information in electronic form
for the purposes set forth in this Agreement. 
 22. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic
means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. 

23. Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the
terms and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Agreement, including the restrictions contained in the Shareholders’ Agreement. The Participant acknowledges that there may be
adverse tax consequences upon exercise of the Option or disposition of the underlying shares and that the Participant should consult a tax advisor prior to such exercise or disposition. 

[SIGNATURE PAGE FOLLOWS] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the Grant
Date. 
  

			
	WAVE Life Sciences Ltd.
		
	By:	 	  

	Name:
	Title:
	
	Participant
		
	By:	 	  

	Name:

  
 7 

 Grant No.      

WAVE LIFE SCIENCES LTD. 

2014 EQUITY INCENTIVE PLAN 

Non-qualified Share Option Agreement 

This Non-qualified Share Option Agreement (this “Agreement”) is made and entered into as of the Grant Date by and between
WAVE Life Sciences Ltd., a corporation formed in Singapore (the “Company”), and the “Participant” (as set forth below). 
  

							
	A.	  	Name of Participant:	  	  
	  	
				
	B.	  	Grant Date:	  	  
	  	
				
	C.	  	Option Expiration Date:	  	  
	  	
				
	D.	  	 Maximum Number of Shares for
 which this Option
is exercisable:
	  	  
	  	
				
	E.	  	Exercise (purchase) Price per Share:	  	  
	  	
				
	F.	  	Vesting Start Date:	  	  
	  	

 1. Grant of Option. 

1.1 Grant; Type of Option. The Company hereby grants to the Participant an option (the “Option”) to purchase the total
number of Ordinary Shares of the Company equal to the number of Option Shares set forth above, at the Exercise Price per Share set forth above. The Option is being granted pursuant to the terms of the WAVE Life Sciences Ltd. 2014 Equity Incentive
Plan (the “Plan”). The Option is intended to be a Non-qualified Share Option and not an Incentive Share Option. 
 1.2
Consideration; Subject to Plan. The grant of the Option is made in consideration of the services to be rendered by the Participant to the Company and is subject to the terms and conditions of the Plan. Capitalized terms used but not defined
herein will have the meaning ascribed to them in the Plan. 
 2. Exercise Period; Vesting. 

2.1 Vesting Schedule. The Option will become vested and exercisable with respect to (i) [25% of the Ordinary Shares subject to this
Option upon the first anniversary of the Vesting Start Date; and (ii) in equal parts of 2.0833% on a monthly basis thereafter, until the fourth anniversary of the Vesting Start Date] provided that at all times the Participant is providing
Continuous Service, at which time the Ordinary Shares subject to this Option shall be fully vested. [Notwithstanding the foregoing, in the event the Company consummates a Change of Control, the Option shall become immediately vested and exercisable
with respect to 100% of the Option Shares subject to the Option. To the extent practicable, such acceleration of vesting and exercisability shall occur in a manner and at a time which allows the Participant the ability to participate in the Change
of Control with respect to the Ordinary Shares received.] 

 Change of Control shall mean (A) a merger or consolidation of the Company whether or not approved by the
Board of Directors, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity or the parent of such corporation) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity or parent of such corporation, as the case may be,
outstanding immediately after such merger or consolidation; or (B) the sale or disposition by the Company of all or substantially all of the Company’s assets in a transaction requiring shareholder approval. 

2.2 Unvested Option. The unvested portion of the Option will not be exercisable on or after the Participant’s termination of
Continuous Service. 
 2.3 Expiration. The Option will expire on the Expiration Date set forth above, or earlier as provided in this
Agreement or the Plan. 
 3. Termination of Continuous Service. 

3.1 Termination for Reasons Other Than Cause, Death, Disability. If the Participant’s Continuous Service is terminated for any
reason other than Cause, death or Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of: (a) the date 12 months following the termination of the
Participant’s Continuous Service; or (b) the Expiration Date. 
 3.2 Termination for Cause. If the Participant’s
Continuous Service is terminated for Cause, the Option (whether vested or unvested) shall immediately terminate and cease to be exercisable. 

3.3 Termination Due to Disability. If the Participant’s Continuous Service terminates as a result of the Participant’s
Disability, the Participant may exercise the vested portion of the Option, but only within such period of time ending on the earlier of: (a) the date 12 months following the Participant’s termination of Continuous Service; or (b) the
Expiration Date. 
 3.4 Termination Due to Death. If the Participant’s Continuous Service terminates as a result of the
Participant’s death, or the Participant dies within a period following termination of the Participant’s Continuous Service during which the vested portion of the Option remains exercisable, the vested portion of the Option may be exercised
by the Participant’s estate, by a person who acquired the right to exercise the Option by bequest or inheritance or by the person designated to exercise the Option upon the Participant’s death, but only within the time period ending on the
earlier of: (a) the date 12 months following the Participant’s termination of Continuous Service; or (b)the Expiration Date. 

  
 2 

 4. Manner of Exercise. 

4.1 Election to Exercise. To exercise the Option, the Participant (or in the case of exercise after the Participant’s death or
incapacity, the Participant’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company a notice of intent to exercise in the manner designated by the Board or the Committee. If someone other than the Participant
exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option. In addition, it is a condition to the exercise of the Option that the
Participant or other authorized person who exercises the Option execute a Deed of Adherence to be bound by the sections of the Amended and Restated Shareholders Agreement dated as of January 16, 2015, as may be amended from time to time (the
“Shareholders’ Agreement”), as shall be set forth therein if not already a party to the Shareholders’ Agreement. 
 4.2
Payment of Exercise Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise in any form of legal consideration allowed pursuant to Section 6.4 of the Plan. 

4.3 Withholding. Prior to the issuance of shares upon the exercise of the Option, the Participant must make arrangements satisfactory to
the Company to pay or provide for any applicable foreign, federal, state and local withholding obligations of the Company. The Participant may satisfy any foreign, federal, state or local tax withholding obligation relating to the exercise of the
Option by any of the following means: 
 (a) tendering a cash payment; 

(b) authorizing the Company to withhold Ordinary Shares from the Ordinary Shares otherwise issuable to the Participant as a result of the
exercise of the Option; provided, however, that no Ordinary Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by Applicable Laws; or 

(c) delivering to the Company previously owned and unencumbered Ordinary Shares. 

The Company has the right to withhold from any compensation paid to a Participant. 

4.4 Issuance of Shares. Provided that the exercise notice and payment are in compliance with the Plan and in form and substance
satisfactory to the Company, the Company shall issue the Ordinary Shares registered in the name of the Participant, the Participant’s authorized assignee, or the Participant’s legal representative, which shall be evidenced by share
certificates representing the shares with the appropriate legends affixed thereto, appropriate entry on the books of the Company or of a duly authorized transfer agent, or other appropriate means as determined by the Company. 

  
 3 

 5. No Right to Continued Employment; No Rights as Shareholder. Neither the Plan nor this Agreement shall
confer upon the Participant any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to terminate the
Participant’s Continuous Service at any time, with or without Cause. The Participant shall not have any rights as a shareholder with respect to any Ordinary Shares subject to the Option prior to the date of exercise of the Option. 

6. Transferability. The Option is not transferable by the Participant other than to a designated beneficiary upon the Participant’s death or by
will or the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by Applicable Laws, and otherwise shall be exercisable during the Participant’s lifetime only by him or her unless the Board allows
transfer to a Permitted Transferee. No assignment or transfer of the Option, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a designated beneficiary, upon death, by will or the laws
of descent or distribution) will vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Option will terminate and become of no further effect. 

In addition, the Ordinary Shares acquired by the Participant pursuant to the exercise of the Option granted hereby shall not be transferred by the Participant
except as permitted by the Shareholders Agreement. 
 7. Corporate Transactions and Adjustments. The Ordinary Shares subject to the Option may be
adjusted or terminated in any manner as contemplated by Sections 11and 12 of the Plan. 
 8. Tax Liability and Withholding. Notwithstanding any
action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), the ultimate liability for all Tax-Related Items is and remains the
Participant’s responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant, vesting, or exercise of the Option or the subsequent sale of any shares
acquired on exercise; and (b) does not commit to structure the Option to reduce or eliminate the Participant’s liability for Tax-Related Items. 

9. Compliance with Law. The exercise of the Option and the issuance and transfer of Ordinary Shares shall be subject to compliance by the Company and
the Participant with all Applicable Laws. No Ordinary Shares shall be issued pursuant to this Option unless and until any then Applicable Laws have been fully complied with to the satisfaction of the Company and its counsel. The Participant
understands that the Company is under no obligation to register the Ordinary Shares with the U.S. Securities and Exchange Commission, any state securities commission or any stock exchange or under any other Applicable Laws to effect such compliance.

 10. Governing Law. This Agreement will be construed and interpreted in accordance with the applicable laws of the Republic of Singapore and any
other Applicable Laws, without giving effect to the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this Agreement, if the Participant is a tax resident of the United States the parties hereby consent
to exclusive jurisdiction in the Commonwealth of Massachusetts and agree that such litigation shall be conducted in the state courts of Middlesex County, Massachusetts or the federal courts of the United States for the District of Massachusetts and
if the Participant is a resident of any other country the parties consent to the exclusive jurisdiction in the country in which such Participant resides. 

  
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 11. Lock-Up Agreement. The Participant agrees that in the event the Company proposes to offer for sale to
the public any of its equity securities and such Participant is requested by the Company and any underwriter engaged by the Company in connection with such offering to sign an agreement restricting the sale or other transfer of shares, then it will
promptly sign such agreement and will not transfer, whether in privately negotiated transactions or to the public in open market transactions or otherwise, any Ordinary Shares or other securities of the Company held by the Participant during such
period as is determined by the Company and the underwriters, not to exceed 180 days following the closing of the offering, plus such additional period of time as may be required to comply with NASD Rule 2711 or similar rules thereto (such period,
the “Lock-Up Period”). Such agreement shall be in writing and in form and substance reasonably satisfactory to the Company and such underwriter and pursuant to customary and prevailing terms and conditions. Notwithstanding whether the
Participant has signed such an agreement, the Company may impose stop-transfer instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions until the end of the Lock-Up Period. 

12. Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee
for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company. 
 13. Options Subject to
Plan. This Agreement is subject to the Plan as approved by the Company’s shareholders. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict
between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

14. Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit
of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors, administrators and the person(s) to whom
this Agreement may be transferred by will or the laws of descent or distribution. 
 15. Severability. The invalidity or unenforceability of any
provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent
permitted by law. 
 16. Discretionary Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any
time, in its discretion. The grant of the Option in this Agreement does not create any contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any
amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Participant’s employment with the Company. 

  
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 17. Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the Option,
prospectively or retroactively; provided, that, no such amendment shall adversely affect the Participant’s material rights under this Agreement unless (a) the Company requests the consent of the Participant; and (b) the
Participant consents in writing. 
 18. No Impact on Other Benefits. The value of the Participant’s Option is not part of his or her normal or
expected compensation for purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit. 
 19. Data Privacy. By
entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of
its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan; and (ii) authorizes the Company and each Affiliate to store and transmit
such information in electronic form for the purposes set forth in this Agreement. 
 20. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable
document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. 

21. Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The Participant has read and understands the
terms and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Agreement, including the restrictions contained in the Shareholders’ Agreement. The Participant acknowledges that there may be
adverse tax consequences upon exercise of the Option or disposition of the underlying shares and that the Participant should consult a tax advisor prior to such exercise or disposition. 

[SIGNATURE PAGE FOLLOWS] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of the Grant
Date. 
  

			
	WAVE Life Sciences Ltd.
		
	By:	 	  

	Name:
	Title:
	
	Participant
		
	By:	 	  

	Name:

  
 7

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