Document:

EX-10.22

 Exhibit 10.22 

SECOND LOAN MODIFICATION AGREEMENT 

This Second Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of November 25,
2014, by and between SILICON VALLEY BANK, a California corporation with its principal place of business at 3003 Tasman Drive, Santa Clara, California 95054 and with a loan production office located at 275 Grove Street, Suite 2-200,
Newton, Massachusetts 02466 (“Bank”), and ELEVEN BIOTHERAPEUTICS, INC., a Delaware corporation with its chief executive office located at 215 First Street, Cambridge, Massachusetts 02142 (“Borrower”).

 1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS. Among other indebtedness and obligations which may be owing by Borrower to Bank,
Borrower is indebted to Bank pursuant to a loan arrangement dated as of May 27, 2010, evidenced by, among other documents, a certain Loan and Security Agreement dated as of May 27, 2010, between Borrower and Bank, as amended by a certain
First Loan Modification Agreement dated as of September 4, 2012, between Borrower and Bank (as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). Capitalized terms used
but not otherwise defined herein shall have the same meaning as in the Loan Agreement. 
 2. DESCRIPTION OF COLLATERAL. Repayment of the Obligations
is secured by the Collateral as described in the Loan Agreement (together with any other collateral security granted to Bank, the “Security Documents”). Hereinafter, the Security Documents, together with all other documents
evidencing or securing the Obligations shall be referred to as the “Existing Loan Documents”. 
 3. DESCRIPTION OF CHANGE IN TERMS. 

 

	 	A.	Modifications to Loan Agreement. 

  

	 	1.	Bank hereby acknowledges and agrees that no Prepayment Premium shall be due or payable with respect to the 2012 Growth Capital Advances. 

 

	 	2.	The Loan Agreement shall be amended by inserting the following new provision to appear as Section 2.1.3 (entitled “2014 Growth Capital Loan”) thereof: 

“2.1.3 2014 Growth Capital Loan. 

(a) Availability. Subject to the terms and conditions of this Agreement, Bank agrees to make one (1) advance (the
“First 2014 Growth Capital Advance”) available to Borrower in the amount of Ten Million Dollars ($10,000,000.00) on the 2014 Effective Date, provided that a portion of the proceeds of the First 2014 Growth Capital Advance shall be
used to pay in full all outstanding obligations of Borrower to Bank in connection with the 2012 Growth Capital Advances pursuant to Section 2.1.2 hereof. Subject to the terms and conditions of this Agreement, during the 2014 Draw Period, Bank
agrees to make one (1) advance (the “Second 2014 Growth Capital Advance”) available to Borrower in aggregate amount of up to Five Million Dollars ($5,000,000.00). The First 2014 Growth Capital Advance and the Second 2014 Growth
Capital Advance are hereinafter referred to singly as a “2014 Growth Capital Advance” and collectively as the “2014 Growth Capital Advances”. The aggregate amount of all 2014 Growth Capital Advances shall not exceed Fifteen
Million Dollar ($15,000,000.00). After repayment, no 2014 Growth Capital Advance may be re-borrowed. 
 (b) Interest
Payments. Commencing on the first Payment Date of the month following the month in which the Funding Date of the applicable 2014 Growth Capital Advance occurs, and continuing on each Payment Date thereafter, Borrower shall make monthly payments
of interest at the rate set forth in Section 2.2(a)(iii). 

  
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 (c) Repayment. Commencing on December 1, 2015 and continuing on each Payment Date
thereafter, Borrower shall repay each 2014 Growth Capital Advance in thirty-six (36) consecutive equal monthly installments of principal and interest, as calculated by Bank, based upon: (i) the amount of such 2014 Growth Capital Advance,
(ii) the interest rate set forth in Section 2.2(a)(iii), and (iii) an amortization schedule equal to thirty-six (36) consecutive months. All outstanding and accrued and unpaid interest under each 2014 Growth Capital Advance and
all other outstanding Obligations with respect to the 2014 Growth Capital Advances are due and payable in full on the 2014 Growth Capital Maturity Date. 

(d) Mandatory Prepayment Upon an Acceleration. If a 2014 Growth Capital Advance is accelerated following the occurrence of an
Event of Default or otherwise, Borrower shall immediately pay to Bank an amount equal to the sum of: (i) all outstanding principal plus accrued interest under the 2014 Growth Capital Advances, (ii) the Prepayment Premium, (iii) the
Final Payment, plus (iv) all other sums, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. 

(e) Permitted Prepayment of Growth Capital Advances. Borrower shall have the option, so long as an Event of Default has not
occurred and is not continuing, to prepay all (but not less than all) of each 2014 Growth Capital Advance advanced by Bank under this Agreement, provided Borrower (i) provides written notice to Bank of its election to prepay such 2014 Growth
Capital Advance at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) all outstanding principal plus accrued interest with respect to such 2014 Growth Capital Advance, (B) the
applicable Prepayment Premium, (C) the applicable Final Payment, plus (D) all other sums, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts.” 

 

	 	3.	The Loan Agreement shall be amended by inserting the following new provision to appear as Section 2.2(a)(iii) (entitled “2014 Growth Capital Advances”) thereof: 

“(iii) 2014 Growth Capital Advances. Subject to Section 2.2(b), the principal amount of each 2014 Growth Capital Advance
shall accrue interest at a fixed per annum rate equal to three and three quarters of one percent (3.75%) above the WSJ Prime Rate determined by Bank as of the applicable Funding Date of such 2014 Growth Capital Advance, which interest shall be
payable monthly in accordance with Section 2.2(e) below.” 
  

	 	4.	The Loan Agreement shall be amended by inserting the following new provision to appear as Section 2.5 (entitled “Waiver”) thereof: 

“2.5 Waiver. Bank hereby agrees to waive the unaccrued remaining portion of the Final Payment with respect to the 2012 Growth
Capital Advances, effective as of the 2014 Effective Date.” 

  
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	 	5.	The Loan Agreement shall be amended by adding the words “in an amount in excess of Twenty-Five Thousand Dollars ($25,000.00)” after the word “contributions” in Section 5.8 (entitled “Tax
Returns and Payments; Pension Contributions”) thereof. 

  

	 	6.	The Loan Agreement shall be amended by replacing the words “hereof” with “of this Agreement” in subsection (f) set forth in Section 6.2 (entitled “Financial Statements, Reports,
Certificates”) thereof. 

  

	 	7.	The Loan Agreement shall be amended by adding the words “or other reports” after the word “summary” in Section 6.10 (entitled “Further Assurances”) thereof. 

 

	 	8.	The Loan Agreement shall be amended by adding the words “in an amount in excess of Twenty-Five Thousand Dollars ($25,000.00)” after the word “contributions” in the first sentence of Section 6.4
(entitled “Taxes; Pensions”). 

  

	 	9.	The Loan Agreement shall be amended by inserting the following new provision to appear as Section 6.11 (entitled “Study Discontinuation Event”) thereof: 

“6.11 Study Discontinuation Event. Upon the occurrence of a Study Discontinuation Event, Borrower shall immediately
provide to Bank, and maintain at all times thereafter, cash collateral to be maintained in a blocked money market account with Bank, in an amount equal to the aggregate outstanding amount of the Obligations of Borrower to Bank outstanding from time
to time (for clarity, such amount shall increase on a dollar-for-dollar basis as such aggregate outstanding amount of the Obligations of Borrower to Bank may be increased from time to time).” 

 

	 	10.	Subsection (a) set forth in Section 7.2 (entitled “Changes in Business, Management, Ownership, or Business Locations”) shall be deleted in its entirety and replaced with the following “(a)
Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in or reasonably related thereto;” 

  

	 	11.	Subsection (c)(i) set forth in Section 7.2 (entitled “Changes in Business, Management, Ownership, or Business Locations”) shall be deleted in its entirety and replaced with the following “(c)(i) fail
to provide notice to Bank of any Key Person departing from or ceasing to be employed by Borrower within five (5) Business Days after such Key Person’s departure from Borrower;” 

 

	 	12.	The Loan Agreement shall be amended by adding the words “on account of” after the word “payment” in subsection (a) set forth in Section 7.7 (entitled “Distributions; Investments”)
thereof. 

  

	 	13.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 8.1 (entitled “Payment Default”) thereof: 

“8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its
due date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the applicable Growth Capital Maturity
Date or the 2012 Growth Capital Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure
period);” 

  
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 and inserting in lieu thereof the following: 

“8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due
date, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the applicable Growth Capital Maturity Date,
the 2012 Growth Capital Maturity Date, or the 2014 Growth Capital Maturity Date). During the cure period, the failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit
Extension will be made during the cure period);” 
  

	 	14.	The Loan Agreement shall be amended by deleting the following provision appearing as Section 8.2(a) (entitled “Covenant Default”) thereof: 

“(a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.5, 6.6, or 6.7(b) or violates any covenant in
Section 7; or” 
 and inserting in lieu thereof the following: 

“(a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.5, 6.6, 6.7(b), or 6.11, or violates any covenant in
Section 7; or” 
  

	 	15.	Section 10 of the Loan Agreement (entitled “Notices”) shall be amended by replacing the Borrower’s notice address with the following 

“Eleven Biotherapeutics, Inc. 

215 First Street 
 Cambridge,
Massachusetts 02140 
 Attn: Gregory D. Perry 

Fax: (617) 858-0911 

Email: Greg.Perry@elevenbio.com 

With a copy (which shall not constitute notice) to: 

WilmerHale 
 60 State Street

 Boston, Massachusetts 02109 

Attn: Richard A. Hoffman, Esq. 

Fax: (617) 526-5000 

Email: richard.hoffman@wilmerhale.com” 
  

	 	16.	The Loan Agreement shall be amended by deleting the following definitions appearing in Section 13.1 thereof: 

“ “Credit Extension” is any Growth Capital Advance, 2012 Growth Capital Advance, or any other extension of
credit by Bank for Borrower’s benefit.”  
 “ “Final Payment” is (a) a payment (in
addition to and not a substitution for the regular monthly payments of interest, or principal plus accrued interest, as applicable) with respect to each Growth Capital Advance due on the earlier of (i) the final Payment Date for each Growth
Capital Advance or (ii) the acceleration of each Growth Capital Advance, equal to the amount of such  

  
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Growth Capital Advance multiplied by the Final Payment Percentage, and (b) a payment (in addition to and not a substitution for the regular monthly payments of interest, or principal plus
accrued interest, as applicable) with respect to each 2012 Growth Capital Advance due on the earlier of (i) the 2012 Growth Capital Maturity Date, (ii) the acceleration of any 2012 Growth Capital Advance, or (iii) the prepayment of
any 2012 Growth Capital Advances pursuant to Section 2.1.2(d) or 2.1.2(e), equal to the original principal amount of such 2012 Growth Capital Advance extended by Bank multiplied by the Final Payment Percentage.” 

“ “Final Payment Percentage” is, (a) for each Growth Capital Advance, three percent (3.0%), and (b) for each
2012 Growth Capital Advance, four percent (4.0%).” 
 “ “Prepayment Premium” shall be an additional fee
payable to Bank in an amount equal to: 
 (i) for a prepayment of a Growth Capital Advance made (a) on or prior to the date
which is twelve (12) months following the Effective Date, two percent (2.0%) of the principal amount of the Growth Capital Advance prepaid, and (b) after the date which is twelve (12) months following the Effective Date, one
percent (1.0%) of the principal amount of the Growth Capital Advance prepaid. Notwithstanding the foregoing, Bank shall waive the Prepayment Premium in connection with the Growth Capital Advances if Bank agrees to refinance (in its sole and
absolute discretion) the Growth Capital Advances; and 
 (ii) for a prepayment of a 2012 Growth Capital Advance made (a) on or prior
to the date which is twelve (12) months following the Funding Date of such 2012 Growth Capital Advance, two percent (2.0%) of the outstanding principal amount of such 2012 Growth Capital Advance as of the date immediately and prior to such
prepayment, (b) after the date which is twelve (12) months following the Funding Date of such 2012 Growth Capital Advance, but on or prior to the date which is twenty-four (24) months following the Funding Date of such 2012 Growth
Capital Advance, one percent (1.0%) of the outstanding principal amount of such 2012 Growth Capital Advance as of the date immediately and prior to such prepayment, and (c) after the date which is twenty-four (24) months following the
Funding Date of such 2012 Growth Capital Advance, zero percent (0.0%) of the outstanding principal amount of such 2012 Growth Capital Advance as of the date immediately and prior to such prepayment. Notwithstanding the foregoing, Bank shall waive
the Prepayment Premium in connection with the 2012 Growth Capital Advances if Bank agrees to refinance (in its sole and absolute discretion) the 2012 Growth Capital Advances.” 

“ “Warrant” is (a) that certain Warrant to Purchase Stock dated as of the Effective Date executed by
Borrower in favor of Bank, and (b) that certain Warrant to Purchase Stock dated as of the 2012 Effective Date executed by Borrower in favor of Bank.” 

and inserting in lieu thereof the following: 

  
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 “ “Credit Extension” is any Growth Capital Advance, 2012 Growth
Capital Advance, 2014 Growth Capital Advance, or any other extension of credit by Bank for Borrower’s benefit.” 
 “
“Final Payment” is (a) a payment (in addition to and not a substitution for the regular monthly payments of interest, or principal plus accrued interest, as applicable) with respect to each Growth Capital Advance due on the
earlier of (i) the final Payment Date for each Growth Capital Advance or (ii) the acceleration of each Growth Capital Advance, equal to the amount of such Growth Capital Advance multiplied by the Final Payment Percentage, (b) a
payment (in addition to and not a substitution for the regular monthly payments of interest, or principal plus accrued interest, as applicable) equal to $154,100.41 with respect to the 2012 Growth Capital Advances is due and payable on the 2014
Effective Date, or (iii) the prepayment of any 2012 Growth Capital Advances pursuant to Section 2.1.2(d) or 2.1.2(e), and (c) a payment (in addition to and not a substitution for the regular monthly payments of interest, or principal
plus accrued interest, as applicable) with respect to each 2014 Growth Capital Advance due on the earlier of (i) the 2014 Growth Capital Maturity Date, (ii) the acceleration of any 2014 Growth Capital Advance, or (iii) the prepayment
of any 2014 Growth Capital Advances pursuant to Section 2.1.3(d) or 2.1.3(e), equal to the original principal amount of such 2014 Growth Capital Advance extended by Bank multiplied by the Final Payment Percentage.” 

“ “Final Payment Percentage” is, (a) for each Growth Capital Advance, three percent (3.0%), and (b) for each
2014 Growth Capital Advance, six percent (6.0%).” 
 “ “Prepayment Premium” shall be an additional fee
payable to Bank in an amount equal to: 
 (i) for a prepayment of a Growth Capital Advance made (a) on or prior to the date
which is twelve (12) months following the Effective Date, two percent (2.0%) of the principal amount of the Growth Capital Advance prepaid, and (b) after the date which is twelve (12) months following the Effective Date, one
percent (1.0%) of the principal amount of the Growth Capital Advance prepaid. Notwithstanding the foregoing, Bank shall waive the Prepayment Premium in connection with the Growth Capital Advances if Bank agrees to refinance (in its sole and
absolute discretion) the Growth Capital Advances; 
 (ii) for a prepayment of a 2012 Growth Capital Advance made (a) on or prior to
the date which is twelve (12) months following the Funding Date of such 2012 Growth Capital Advance, two percent (2.0%) of the outstanding principal amount of such 2012 Growth Capital Advance as of the date immediately and prior to such
prepayment, (b) after the date which is twelve (12) months following the Funding Date of such 2012 Growth Capital Advance, but on or prior to the date which is twenty-four (24) months following the Funding Date of such 2012 Growth
Capital Advance, one percent (1.0%) of the outstanding principal amount of such 2012 Growth Capital Advance as of the date immediately and prior to such prepayment, and (c) after the date which is twenty-four (24) months following the
Funding Date of such 2012 Growth Capital Advance, zero percent (0.0%) of the outstanding principal amount of such 2012 Growth Capital Advance as of the date 

  
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immediately and prior to such prepayment. Notwithstanding the foregoing, Bank shall waive the Prepayment Premium in connection with the 2012 Growth Capital Advances if Bank agrees to refinance
(in its sole and absolute discretion) the 2012 Growth Capital Advances; and 
 (iii) for a prepayment of a 2014 Growth Capital Advance made
(a) on or prior to the date which is twenty-four (24) months following the Funding Date of such 2014 Growth Capital Advance, three percent (3.0%) of the outstanding principal amount of such 2014 Growth Capital Advance as of the date
immediately and prior to such prepayment, (b) after the date which is twenty-four (24) months following the Funding Date of such 2014 Growth Capital Advance, but on or prior to the date which is thirty-six (36) months following the
Funding Date of such 2014 Growth Capital Advance, one percent (1.0%) of the outstanding principal amount of such 2014 Growth Capital Advance as of the date immediately and prior to such prepayment, and (c) after the date which is
thirty-six (36) months following the Funding Date of such 2014 Growth Capital Advance, zero percent (0.0%) of the outstanding principal amount of such 2014 Growth Capital Advance as of the date immediately and prior to such prepayment.”

 “ “Warrant” is (a) that certain Warrant to Purchase Stock dated as of the Effective Date executed by
Borrower in favor of Bank, (b) that certain Warrant to Purchase Stock dated as of the 2012 Effective Date executed by Borrower in favor of Bank, (c) that certain Warrant to Purchase Stock dated as of the 2014 Effective Date executed by
Borrower in favor of Bank, and (d) that certain Warrant to Purchase Stock dated as of the 2014 Effective Date executed by Borrower in favor of Life Science Loans, LLC in each case as may be amended, restated, modified, or supplemented from time
to time.”  
  

	 	17.	The Loan Agreement shall be amended by inserting the following new definitions to appear alphabetically in Section 13.1 thereof: 

“ “2014 Draw Period” is the period of time commencing upon the occurrence of the Milestone Event and continuing
through the earliest to occur of (a) August 31, 2015, and (b) an Event of Default.” 
 “
“2014 Effective Date” is November 25, 2014.”  
 “ “2014 Growth Capital
Advance” and “2014 Growth Capital Advances” are each defined in Section 2.1.3(a).” 
 “
“2014 Growth Capital Maturity Date” is November 1, 2018.” 
 “ “Allergic Conjunctivitis
Study” is defined in the definition of Milestone Event.” 
 “ “Dry Eye Study” is defined in the
definition of Milestone Event.” 
 “ “EBI-005” is defined in the definition of Milestone Event.” 

“ “First 2014 Growth Capital Advance” is defined in Section 2.1.3(a).” 

  
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 “ “Milestone Event” means confirmation by Bank, in Bank’s sole
but reasonable discretion, that on or prior to August 31, 2015, one (1) of the following milestones has been achieved: (a) with respect to Borrower’s phase 3 clinical trial of Borrower’s “EBI-005” product
(“EBI-005”) for the treatment of dry eye disease that is ongoing as of the 2014 Effective Date (“Dry Eye Study”), Borrower has provided evidence satisfactory to Bank in Bank’s sole but reasonable discretion that
Borrower has received (i) top-line results evidencing the achievement of at least one of the two co-primary clinical endpoints, and (ii) approval by the United States Food and Drug Administration to advance EBI-005 into a second phase 3
clinical trial for the treatment of dry eye disease, or (b) with respect to Borrower’s completed phase 2 clinical study of EBI-005 for the treatment of allergic conjunctivitis (“Allergic Conjunctivitis Study”), Borrower
has provided evidence satisfactory to Bank in Bank’s sole but reasonable discretion that Borrower has completed a successful meeting with the United States Food and Drug Administration with respect to such Allergic Conjunctivitis Study and has
received approval by the United States Food and Drug Administration to advance EBI-005 into a phase 3 clinical trial for the treatment of allergic conjunctivitis.”  

“ “Next Clinical Phase” means, (a) with respect to EBI-005 for the treatment of dry eye disease, a second
phase 3 clinical trial, or (b) with respect to EBI-005 for the treatment of allergic conjunctivitis, a phase 3 clinical trial.” 

“ “Second 2014 Growth Capital Advance” is defined in Section 2.1.3(a).” 

“ “Study Discontinuation Event” means the determination by Bank in Bank’s sole but reasonable discretion
that either one (1) of the following has occurred: (a) the Dry Eye Study and/or the Allergic Conjunctivitis Study have been terminated as a result of any safety issue, or (b) the failure of Borrower, as a result of any safety issue,
to obtain approval from the United States Food and Drug Administration to advance either EBI-005 with respect to the treatment of dry eye disease or with respect to the treatment of allergic conjunctivitis, respectively.” 

 

	 	18.	The Compliance Certificate appearing as Exhibit C to the Loan Agreement is hereby replaced with the Compliance Certificate attached as Schedule 1 hereto. 

4. FEES. Borrower shall pay to Bank a commitment fee equal to Seventy-Five Thousand Dollars ($75,000.00), which fee shall be due on the date hereof and
shall be deemed fully earned as of the date hereof. Borrower shall also reimburse Bank for all legal fees and expenses incurred in connection with this amendment to the Existing Loan Documents. 

5. UPDATED PERFECTION CERTIFICATE. Borrower has delivered an updated Perfection Certificate in connection with this Loan Modification Agreement dated
as of November 25, 2014 (the “Updated Perfection Certificate”), which Updated Perfection Certificate shall supersede in all respects that certain Perfection Certificate dated as of September 4, 2012. Borrower agrees that
all references in the Loan Agreement to “Perfection Certificate” shall hereinafter be deemed to be a reference to the Updated Perfection Certificate. 

6. CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above. 

  
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 7. RATIFICATION OF LOAN DOCUMENTS. Borrower hereby ratifies, confirms, and reaffirms all terms and
conditions of all security or other collateral granted to Bank and confirms that the indebtedness secured thereby includes, without limitation, the Obligations. 

8. NO DEFENSES OF BORROWER. Borrower hereby acknowledges and agrees that Borrower has no offsets, defenses, claims, or counterclaims against Bank with
respect to the Obligations, or otherwise, and that if Borrower now has, or ever did have, any offsets, defenses, claims, or counterclaims against Bank, whether known or unknown, at law or in equity, all of them are hereby expressly WAIVED and
Borrower hereby RELEASES Bank from any liability thereunder. 
 9. CONTINUING VALIDITY. Borrower understands and agrees that in modifying the
existing Obligations, Bank is relying upon Borrower’s representations, warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Loan Modification Agreement, the terms of the Existing
Loan Documents remain unchanged and in full force and effect. Bank’s agreement to modifications to the existing Obligations pursuant to this Loan Modification Agreement in no way shall obligate Bank to make any future modifications to the
Obligations. Nothing in this Loan Modification Agreement shall constitute a satisfaction of the Obligations. It is the intention of Bank and Borrower to retain as liable parties all makers of Existing Loan Documents, unless the party is expressly
released by Bank in writing. No maker will be released by virtue of this Loan Modification Agreement. 
 10. COUNTERSIGNATURE. This Loan Modification
Agreement shall become effective only when it shall have been executed by Borrower and Bank. 
 [The remainder of this page is
intentionally left blank] 

  
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 This Loan Modification Agreement is executed as a sealed instrument under the laws of the
Commonwealth of Massachusetts as of the date first written above. 
  

									
	 BORROWER:
  

ELEVEN BIOTHERAPEUTICS, INC.
	 		 	 BANK:
  

SILICON VALLEY BANK

					
	By:	 	/s/ Gregory D. Perry	 		 	By:	 	/s/ Christina M. Zorzi
					
	Name:	 	Gregory D. Perry	 		 	Name:	 	Christina M. Zorzi
					
	Title:	 	Chief Financial and Business Officer	 		 	Title:	 	Vice President

  
  

[Signature page to Second Loan Modification Agreement] 

 Schedule 1 

EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

									
	TO:	  	SILICON VALLEY BANK	 		 	Date:	 	 
	FROM:	  	ELEVEN BIOTHERAPEUTICS, INC.	 		 		 	

 The undersigned authorized officer of ELEVEN BIOTHERAPEUTICS, INC. (“Borrower”) certifies that under the terms and
conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is in complete compliance for the
period ending _______________ with all required covenants except as noted below; (2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except
as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those
representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and
reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions in an amount in excess of Twenty-Five Thousand Dollars ($25,000.00) owed by Borrower except as otherwise permitted pursuant to
the terms of Section 5.8 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written
notification to Bank. 
 Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance
with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.

 Please indicate compliance status by circling Yes/No under “Complies” column. 

 

							
	 	 	 
	 Reporting
Covenant
  
	  	 Required

 
	  	 Complies

 
	 
	 Financial Statements and Compliance
Certificate
	  	 Monthly within 30 days
	  	 	Yes    No	  
	 Annual Financial Statements (CPA
Audited)
	  	 FYE within 180 days
	  	 	Yes    No	  
	 Board Projections
	  	 FYE within 60 days
	  	 	Yes    No	  

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 
  
  

 
  
  

 

  
 11 

													
	  

ELEVEN BIOTHERAPEUTICS, INC.
	 	 	 	 	 	BANK USE ONLY	 	 
	 			 			 
	 	 		 		 		 	Received by:	 	 	 	 
	By:	 	 	 		 		 		 	AUTHORIZED SIGNER	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 			 			 
	Name:	 	 	 		 		 	Date:	 	 	 	 
	 			 			 
	Title:	 	 	 		 		 		 		 	 
	 	 		 		 		 	Verified:	 	 	 	 
	 	 		 		 		 		 	AUTHORIZED SIGNER	 	 
	 			 			 
	 	 		 		 		 	Date:	 	 	 	 
	 			 		 
	 	 	 	 	 	 	 	 	 Compliance
Status:            Yes    No
  
	 	 

  
 12EX-10.23

 Exhibit 10.23 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE
STOCK 
 Company: Eleven Biotherapeutics, Inc., a Delaware corporation 

Number of Shares: As set forth in Paragraph A below 

Type/Series of Stock: Common Stock, $0.001 par value per share 

Warrant Price: As set forth in Paragraph A below 
 Issue
Date: November 25, 2014 
 Expiration Date: November 24, 2024 See also Section 5.1(b). 

Credit Facility: This Warrant to Purchase Stock (“Warrant”) is issued in connection with that
certain Second Loan Modification Agreement, of even date herewith, to that certain Loan and Security Agreement dated as of May 27, 2010, between Silicon Valley Bank and the Company, as amended (collectively, and as may be further amended and/or
modified and in effect from time to time, the “Loan Agreement”). 
 THIS WARRANT CERTIFIES THAT, for good and
valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase up to such number of
fully paid and non-assessable shares of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) as determined pursuant to Paragraph A below, at the applicable
Warrant Price (as defined in Paragraph A below), subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to
its parent company, SVB Financial Group. 
 A. Number of Shares; Warrant Price. 

(1) Number of Shares. This Warrant shall be exercisable for the Initial Shares, plus the Additional Shares, if any (collectively, and
as may be adjusted from time to time in accordance with the provisions of this Warrant, the “Shares”). 
 (a)
Initial Shares. As used herein, “Initial Shares” means 13,750 shares of the Class, subject to adjustment from time to time in accordance with the provisions of this Warrant. 

(b) Additional Shares. Upon the making, if any, of the Second 2014 Growth Capital Advance (as defined in the Loan Agreement) to the
Company, this Warrant automatically shall become exercisable for an additional 13,750 shares of the Class, as such number may be adjusted from time to time in accordance with the provisions of this Warrant (the “Additional
Shares”), including, without limitation, adjustments in respect of events occurring prior to the date, if any, on which this Warrant becomes exercisable for the Additional Shares. 

 (2) Warrant Price. The purchase price per Share hereunder shall be determined as follows:

 (a) Initial Shares Warrant Price. The purchase price per Initial Share hereunder (the “Initial Shares Warrant
Price”) shall be $11.04, subject to adjustment from time to time in accordance with the provisions of this Warrant. 
 (b)
Additional Shares Warrant Price. The purchase price per Additional Share hereunder (the “Additional Shares Warrant Price”) shall be the average of the closing prices reported for a share of the Class on the NASDAQ
Global Market for the fifteen (15) consecutive trading days immediately prior to the date on which this Warrant becomes exercisable for the Additional Shares, subject to adjustment thereafter from time to time in accordance with the provisions
of this Warrant. 
 (c) Terminology. As used in this Warrant, “Warrant Price” shall mean the Initial Shares
Warrant Price in respect of the Initial Shares, and the Additional Shares Warrant Price in respect of the Additional Shares. 
 SECTION 1.
EXERCISE. 
 1.1 Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part,
by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set
forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares being purchased. 

1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in
Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the
Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 
 X =
Y(A-B)/A 
 where: 
  

	 	X =	the number of Shares to be issued to the Holder; 

  

	 	Y =	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price); 

 

	 	A =	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and 

  

	 	B =	the Warrant Price. 

  
 2 

 1.3 Fair Market Value. If shares of the Class are then traded or quoted on the NASDAQ
Global Market or other nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share shall be the closing price or last sale price
of a share of the Class reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If shares of the Class are not then traded in a Trading Market, the Board of
Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 
 1.4 Delivery of
Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon
such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired (or surrendered pursuant to Section 1.2, to the extent applicable). 

1.5 Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for
cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6 Treatment of Warrant Upon Acquisition of Company. 

(a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related
transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than
a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or
reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a
majority of the outstanding voting power of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other transfer by
the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. 

(b) Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair market value of one Share as determined in accordance with
Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant
shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise,
Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued
upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public
Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition. 

  
 3 

 (c) Upon the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring,
surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the
unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

(d) As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of
all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this
Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities
that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities
laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. 
 SECTION 2.
ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 
 2.1 Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or
distribution on the outstanding shares of the Class payable in additional shares of the Class or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional
cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the
Class by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class
are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2 Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Class are
reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and
series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this
Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events. 

  
 4 

 2.3 No Fractional Share. No fractional Share shall be issuable upon exercise of this
Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in
cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.4 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Shares, the Company, at the
Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request
from Holder, furnish Holder with a certificate of its Chief Financial Officer, or other officer performing similar duties, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such
adjustment. 
 SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows: 

(a) All Shares which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly issued, fully paid and
non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept
available out of its authorized and unissued capital stock such number of shares of the Class and other securities as will be sufficient to permit the exercise in full of this Warrant. 

3.2 Notice of Certain Events. If the Company proposes at any time to: 

(a) declare any dividend or distribution upon the outstanding shares of the Class, whether in cash, property, stock, or other securities and
whether or not a regular cash dividend; 
 (b) offer for subscription or sale pro rata to the holders of the outstanding shares of the
Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the
Class; or 
 (d) effect an Acquisition or to liquidate, dissolve or wind up; 

then, in connection with each such event, the Company shall give Holder: 

(A) if shares of the Class are then traded on the NASDAQ Global Market or other nationally recognized securities exchange,
inter-dealer quotation system or over-the-counter market, notice of such event at the same time and in the same manner as the Company gives notice of such event to its stockholders; and (B) otherwise, (1) in the case of the matters
referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of outstanding shares of the Class will be entitled thereto) or for determining rights to vote, if any; and 

  
 5 

 (2) in the case of the matters referred to in (c) and (d) above at
least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will be entitled to exchange their shares for the securities or other
property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice). 

The Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting or
reporting requirements if such information is not readily publicly available. 
 SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER.

 The Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being acquired for
investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this
Warrant or the Shares. 
 4.2 Disclosure of Information. Holder is aware of the Company’s business affairs and financial
condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has
had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such
information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the
Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act. 

  
 6 

 4.5 The Act. Holder understands that this Warrant and the Shares issuable upon exercise
hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that
this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are
otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 
 4.6 No Voting Rights. Holder, as a
Holder of this Warrant, will not have any voting rights until the exercise of this Warrant. 
 SECTION 5. MISCELLANEOUS. 

5.1 Term; Automatic Cashless Exercise Upon Expiration. 

(a) Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from
time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 
 (b) Automatic Cashless Exercise
upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall
automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate
representing the Shares issued upon such exercise to Holder. 
 5.2 Legends. Each certificate evidencing Shares shall be imprinted
with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED NOVEMBER 25, 2014, MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH
REGISTRATION. 
 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this Warrant
may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and
legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent
company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. 

  
 7 

 5.4 Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant,
Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set forth in
Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, SVB Financial Group
and any subsequent Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant to any transferee, provided, however, in connection with any such transfer, SVB Financial Group or any subsequent Holder will give
the Company notice of the portion of the Warrant and/or Shares being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s)
(and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant. 

5.5 Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered
and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual
receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such
address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as
follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
 SVB Financial Group 

Attn: Treasury Department 
 3003
Tasman Drive, HC 215 
 Santa Clara, CA 95054 

Telephone: 
 Facsimile: 

Email address: 
 Notice to the
Company shall be addressed as follows until Holder receives notice of a change in address: 
 Eleven Biotherapeutics, Inc. 

Attn: Chief Financial and Business Officer 

215 First Street, Suite 400 

Cambridge, MA 02142 
 Telephone:

 Facsimile: 
 Email: 

  
 8 

 With a copy (which shall not constitute notice) to: 

WilmerHale LLP 
 Attn: Richard
A. Hoffman 
 60 State Street 

Boston, MA 02109 
 Telephone:

 Facsimile: 
 Email: 

5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular
instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the
party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute
one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement subject to the terms hereof or any amendment thereto. 

5.9 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without giving
effect to its principles regarding conflicts of law. 
 5.10 Headings. The headings in this Warrant are for purposes of reference
only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 
 5.11 Business Days.
“Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed. 

[Remainder of page left blank intentionally] 

[Signature page follows] 

  
 9 

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Stock to be executed by
their duly authorized representatives effective as of the Issue Date written above. 
  

			
	“COMPANY”
	
	ELEVEN BIOTHERAPEUTICS, INC.
		
	By:	 	 
		
	Name:	 	 
		 	(Print)
	Title:	 	
	
	“HOLDER”
	
	SILICON VALLEY BANK
		
	By:	 	 
		
	Name:	 	 
		 	(Print)
	Title:	 	

  
 10 

 APPENDIX 1 

NOTICE OF EXERCISE 
 1.
The undersigned Holder hereby exercises its right to purchase ___________ shares of the Common/Series ______ Preferred [circle one] Stock of __________________ (the “Company”) in accordance with the attached Warrant To
Purchase Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

	 	[    ]	check in the amount of $________ payable to order of the Company enclosed herewith 

  

	 	[    ]	Wire transfer of immediately available funds to the Company’s account 

  

	 	[    ]	Cashless Exercise pursuant to Section 1.2 of the Warrant 

  

	 	[    ]	Other [Describe] __________________________________________ 

 2. Please issue a certificate or
certificates representing the Shares in the name specified below: 
  

	
	
	   

	 Holder’s Name

	
	   

	
	   

	 (Address)

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	HOLDER:
	
	 
		
	By:	 	 
		
	Name:	 	 
		
	Title:	 	 
		
	(Date):	 	 

  
 Appendix 1 

 SCHEDULE 1 

Company Capitalization Table 

N/A (public company) 

  
 Schedule 1

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