Document:

EX-10.10

 Exhibit 10.10 

TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	2	 
	 2.
	 	 GRANT OF RIGHTS
	  	 	7	 
	 3.
	 	 COMPANY DILIGENCE OBLIGATIONS
	  	 	12	 
	 4.
	 	 ROYALTIES AND PAYMENT TERMS
	  	 	15	 
	 5.
	 	 REPORTS AND RECORDS
	  	 	19	 
	 6.
	 	 PATENT PROSECUTION
	  	 	21	 
	 7.
	 	 INFRINGEMENT AND PATENT CHALLENGE
	  	 	22	 
	 8.
	 	 INDEMNIFICATION AND INSURANCE
	  	 	23	 
	 9.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	25	 
	 10.
	 	 CHANGE OF CONTROL
	  	 	26	 
	 11.
	 	 GENERAL COMPLIANCE WITH LAWS
	  	 	26	 
	 12.
	 	 TERMINATION
	  	 	27	 
	 13.
	 	 DISPUTE RESOLUTION
	  	 	29	 
	 14.
	 	 CONFIDENTIAL INFORMATION
	  	 	30	 
	 15.
	 	 MISCELLANEOUS
	  	 	31	 
	 APPENDIX A
	  	 	35	 
	 APPENDIX B
	  	 	36	 
	 APPENDIX C
	  	 	37	 
	 EXHIBIT A
	  	 	43	 
	 EXHIBIT B
	  	 	44	 
	 EXHIBIT C
	  	 	45	 
	 EXHIBIT D
	  	 	46	 

  
 i 

 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

EXCLUSIVE PATENT LICENSE AGREEMENT 

This Agreement, effective as of the date set forth above the signatures of the parties below (the “EFFECTIVE DATE”), is between the
Massachusetts Institute of Technology (“M.I.T.”), a Massachusetts corporation, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and Frequency Therapeutics Inc., a Delaware corporation, with a principal place of
business at 300 Technology Square, 8th Floor, Cambridge, MA 02139 (“COMPANY”). 
 RECITALS 

WHEREAS, M.I.T. and Brigham and Women’s Hospital (hereinafter “BWH”) jointly own certain PATENT RIGHTS (as later defined
herein) relating to [***] by Jeffrey M. Karp, Robert S. Langer, [***], and [***] by [***], Jeffrey M. Karp, Robert S. Langer and [***], and have signed a [***], that appoints M.I.T. as the
exclusive agent for licensing such PATENT RIGHTS; 
 WHEREAS, M.I.T. and BWH jointly own certain PATENT RIGHTS relating to [***] by
Jeffrey M. Karp, Robert S. Langer and [***]; and have signed a [***], that appoints M.I.T. as the exclusive agent for licensing such PATENT RIGHTS; 

WHEREAS, Robert S. Langer, an inventor of the PATENT RIGHTS and current employee of M.I.T., has or will shortly acquire equity in
COMPANY, the Conflict Avoidance Statement of Robert S. Langer is attached as Exhibit A hereto; 
 WHEREAS, Robert S. Langer,
an inventor of the PATENT RIGHTS, has or will shortly acquire equity in COMPANY not resulting from this Agreement, the Inventor/Author Acknowledgment of No Financial Interest in M.I.T.’s institutional equity share of Robert S. Langer is
attached as Exhibit B hereto; 
 WHEREAS, [***], an inventor of the PATENT RIGHTS and current employee of M.I.T., has or will
shortly acquire equity in COMPANY, the Conflict Avoidance Statement of [***] is attached as Exhibit C hereto; 
 WHEREAS,
[***], an inventor of the PATENT RIGHTS, has or will shortly acquire equity in COMPANY not resulting from this Agreement, the Inventor/Author Acknowledgment of No Financial Interest in M.I.T.’s institutional equity share of [***]
is attached as Exhibit D hereto; 
 WHEREAS, M.I.T.’s Vice President for Research has approved that Robert S. Langer and
[***], inventors of the PATENT RIGHTS, now hold or shall shortly acquire equity in COMPANY and that M.I.T. is accepting equity as partial consideration for the rights and licenses granted under this Agreement; 

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would
likely cause competitive harm to the registrant if publicly disclosed. 

 WHEREAS, M.I.T. desires to have the PATENT RIGHTS developed and commercialized to benefit
the public and is willing to grant a license thereunder; 
 WHEREAS, COMPANY has represented to M.I.T., to induce M.I.T. to enter into this
Agreement, that COMPANY shall commit itself to a thorough, vigorous and diligent program of exploiting the PATENT RIGHTS so that public utilization shall result therefrom; and 

WHEREAS, COMPANY desires to obtain a license under the PATENT RIGHTS upon the terms and conditions hereinafter set forth. 

NOW, THEREFORE, M.I.T. and COMPANY hereby agree as follows: 

1. DEFINITIONS 
 1.1
“AFFILIATE” shall mean any legal entity (including, but not limited to, a corporation, partnership, or limited liability company) that is controlled by COMPANY. For the purposes of this definition, the term “control” means
(i) beneficial ownership of at least fifty percent (50%) of the voting securities of a corporation or other business organization with voting securities or (ii) a fifty percent (50%) or greater interest in the net assets or profits of a
partnership or other business organization without voting securities. 
 1.2 “COMBINATION PRODUCT” shall mean a product or
process which contains or uses (i) a component that is a LICENSED PRODUCT or LICENSED PROCESS, and (ii) one or more essential functional components (“OTHER COMPONENT”) that are or which could be sold or used separately and which
perform a useful function independent of the LICENSED PRODUCT or LICENSED PROCESS. 
 1.3 “CONFIDENTIAL INFORMATION” shall
mean any confidential or proprietary information furnished by COMPANY (the “Disclosing Party”) to M.I.T. (the “Receiving Party”) in connection with this Agreement, including reports, records, and other information,
provided that such information is specifically designated as confidential as follows: CONFIDENTIAL INFORMATION that is disclosed in writing shall be marked with a legend indicating its confidential status (such as “Confidential” or
“Proprietary”). CONFIDENTIAL INFORMATION that is disclosed orally or visually shall be identified as confidential at the time of disclosure and documented in a written notice prepared by the Disclosing Party and delivered to the Receiving
Party within [***] ([***]) days of the date of disclosure; and such notice shall summarize the CONFIDENTIAL INFORMATION disclosed and reference the time and place of disclosure. 

1.4 “COVERED” shall mean, with respect to a given product, process, method or service, that a claim of the PATENT RIGHTS would
(absent a license thereunder or ownership thereof) be infringed by the making, using, selling, offering for sale, importation or other exploitation of such product, process, method or service. With respect to a claim of a pending patent application,
“infringed” refers to activity that would infringe or be covered by a claim of the PATENT RIGHTS if it were contained in an issued patent. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 2 

 1.5 “DEVELOPMENT CANDIDATE” shall mean a
pre-clinical LICENSED PRODUCT that possesses desirable properties of a therapeutic agent for the treatment of a clinical condition based on in vitro and/or animal proof-of-concept studies. 
 1.6 “EXCLUSIVE PERIOD” shall mean the period of time
set forth in Section 2.2. 
 1.7 “FIELD” shall mean treatment and/or prevention of disease or other conditions in
humans and animals. For the avoidance of doubt, the FIELD shall specifically include the prevention and remediation of hearing loss. 
 1.8
“LICENSED PROCESS” shall mean any process that, in whole or in part: 
 (i) is COVERED by one or more VALID
CLAIMS of the PATENT RIGHTS; or 
 (ii) which uses a LICENSED PRODUCT. 

1.9 “LICENSED PRODUCT” shall mean any product that, in whole or in part: 

(i) is COVERED by one or more VALID CLAIMS of the PATENT RIGHTS; or 

(ii) is manufactured by using a LICENSED PROCESS or that, when used, practices a LICENSED PROCESS. 

1.10 “NET SALES” shall mean the gross amount billed by COMPANY and its AFFILIATES and SUBLICENSEES for LICENSED PRODUCTS and LICENSED
PROCESSES, less the following: 
 (i) customary trade, quantity, or cash discounts to the extent actually allowed and taken;

 (ii) amounts repaid or credited by reason of rejection or return; 

(iii) to the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental
charges levied on the production, sale, transportation, delivery, or use of a LICENSED PRODUCT or LICENSED PROCESS which is paid by or on behalf of COMPANY; 

(iv) outbound transportation costs if separately stated on the invoice; and 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 3 

 (v) amounts written off by reason of uncollectible bad debt, but not to
exceed [***] percent ([***]%) of the gross amount billed by COMPANY and its AFFILIATES and SUBLICENSEES for LICENSED PRODUCTS and LICENSED PROCESSES in a given REPORTING PERIOD. 

For the avoidance of doubt, transfers of a LICENSED PRODUCT or LICENSED PROCESS between any of COMPANY, an AFFILIATE or a SUBLICENSEE (e.g.,
in a manufacturing or supply arrangement) shall not be included in NET SALES hereunder unless such transfer or sale is a final purchase by COMPANY, AFFILIATE or SUBLICENSEE, without the intent to further sell, transfer or distribute to a third party
and provided that COMPANY shall pay M.I.T. running royalties on NET SALES of the transfer or sale of such LICENSED PRODUCT or LICENSED PROCESS to the end user. 

No deductions shall be made for commissions paid to individuals whether they be with independent sales agencies or regularly employed by COMPANY and on its
payroll, or for cost of collections. NET SALES shall occur on the date of billing for a LICENSED PRODUCT or LICENSED PROCESS. If a LICENSED PRODUCT or LICENSED PROCESS is distributed in a country at a discounted price that is substantially
lower than the customary price charged by COMPANY (taking into account customary pricing charged by COMPANY for sales to a governmental entity), or distributed for non-monetary consideration (whether or not at
a discount), NET SALES shall be calculated based on the non-discounted price of the LICENSED PRODUCT or LICENSED PROCESS, as applicable, charged to an independent third party during the same REPORTING PERIOD
in such country or, in the absence of such sales, on the fair market value of the LICENSED PRODUCT or LICENSED PROCESS, as applicable, as determined in good faith based on pricing in comparable markets. NET SALES shall not include sales or transfers
of reasonable amounts of LICENSED PRODUCTS without consideration for use in clinical trials or compassionate, named patient, indigent patient or similar uses. Non-monetary consideration shall not be
accepted by COMPANY, any AFFILIATE, or any SUBLICENSEE for any LICENSED PRODUCTS or LICENSED PROCESSES without the prior written consent of M.I.T. 

In the event that a LICENSED PRODUCT or LICENSED PROCESS is sold as a COMBINATION PRODUCT, NET SALES, for the purposes of determining royalty
payments on the COMBINATION PRODUCT, shall mean the gross amount billed for the COMBINATION PRODUCT less the deductions set forth in clauses (i) - (v) above, multiplied by a proration factor that is determined as follows: 

 

	 	(a)	 If all components of the COMBINATION PRODUCT were sold separately during the same or immediately preceding
REPORTING PERIOD, the proration factor shall be determined by the formula [A / (A+B)], where A is the average gross sales price of all LICENSED PRODUCT or LICENSED PROCESS components (as applicable) during such period when sold separately from the
OTHER COMPONENT(S), and B is the average gross sales price of the OTHER COMPONENT(S) during such period when sold separately from the LICENSED PRODUCT or LICENSED PROCESS components (as applicable); or 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 4 

	 	(b)	 If all components of the COMBINATION PRODUCT were not sold or provided separately during the same or
immediately preceding REPORTING PERIOD, the proration factor shall be determined by M.I.T. and COMPANY in good faith negotiations, taking into account, without limitation, the relative value contributed by each component. 

1.11 “PATENT CHALLENGE” shall mean a challenge to the validity, patentability, enforceability and/or non-infringement of any of the PATENT RIGHTS (as defined below) or otherwise opposing any of the PATENT RIGHTS. 

1.12 “PATENT RIGHTS” shall mean: 

(a) the United States and international patents listed on Appendix A: 

(b) the United States and international patent applications and/or provisional applications listed on Appendix A and
the resulting patents; 
 (c) any patent applications resulting from the provisional applications listed on
Appendix A, and any divisional, continuations, continuation-in-part applications, and continued prosecution applications (and their relevant
international equivalents) of the patent applications listed on Appendix A and of such patent applications that result from the provisional applications listed on Appendix A, to the extent the
claims are directed to subject matter specifically described in the patent applications listed on Appendix A, and the resulting patents; 

(d) any patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the patents described
in (a), (b), and (c) above; and 
 (e) international (non-United States) patent applications and
provisional applications filed after the EFFECTIVE DATE and the relevant international equivalents to divisional, continuations, continuation-in-part applications and
continued prosecution applications of the patent applications to the extent the claims are directed to subject matter specifically described in the patents or patent applications referred to in (a), (b), (c), and (d) above, and the resulting
patents. 
 1.13 “PHASE 2 CLINICAL TRIAL” shall mean a human clinical trial of a LICENSED PRODUCT, the principal purpose of
which is the preliminary determination of efficacy and/or preliminary establishment of appropriate dose ranges for efficacy and safety in the target patient population and that would satisfy the requirements under 21 C.F.R. § 312.21(b) for
the United States, as amended from time to time, or the corresponding regulations for a comparable filing with a comparable regulatory authority in a country other than the United States. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 5 

 1.14 “PHASE 3 CLINICAL TRIAL” shall mean a human clinical trial of a
LICENSED PRODUCT that is prospectively designed to be a pivotal trial for obtaining regulatory approval or to otherwise establish safety and efficacy in patients with the disease or condition being studied for purposes of filing an application for
marketing authorization with the FDA that would satisfy the requirements under 21 C.F.R. § 312.21(c), as amended from time to time, or the corresponding regulations for a comparable filing with a comparable regulatory authority in a
country other than the United States. 
 1.15 “REPORTING PERIOD” shall begin on the first day of each calendar quarter and
end on the last day of such calendar quarter. 
 1.16 “RESEARCH SUPPORT PAYMENTS” shall mean payments to COMPANY or an
AFFILIATE from a SUBLICENSEE for the purpose of funding the costs of bona fide research and development of LICENSED PRODUCTS and LICENSED PROCESSES by COMPANY under a written research and development plan, and only to the extent COMPANY can
reasonably demonstrate that such payments are or were spent on such research and development activities for the LICENSED PRODUCTS and LICENSED PROCESSES covered by the agreement to such SUBLICENSEE, and that are expressly intended only to fund or
pay for (i) the purchase or use of equipment, supplies, products or services, or (ii) the use of employees and/or consultants, to achieve a bona fide research and/or development goal for the commercialization of LICENSED PRODUCTS or
LICENSED PROCESSES, as indicated in a written agreement between COMPANY and SUBLICENSEE, and shall exclude any funding in excess of COMPANY’S cost of performing such research and development activities. 

1.17 “SUBLICENSE INCOME” shall mean any payments that COMPANY or an AFFILIATE receives from a SUBLICENSEE in consideration of
the sublicense of the rights granted COMPANY and AFFILIATES under Section 2.1, including without limitation license fees, milestone and bonus payments (net of any amount due to M.I.T. under Section 4. l(c) for the identical milestone
event), option payments, license maintenance fees, and other payments, but specifically excluding (i) royalties on NET SALES of LICENSED PRODUCTS and LICENSED PROCESSES by SUBLICENSEES payable under Section 4.1(d), (ii) RESEARCH SUPPORT
PAYMENTS, and (iii) payments for equity or debt securities of COMPANY or its AFFILIATE at fair market value (excluding amounts in excess of the fair market value of such securities). 

1.18 “SUBLICENSEE” shall mean any person or entity that has been granted a sublicense of the rights granted COMPANY under
Section 2.1. For clarity, a sublicense shall include, without limitation (i) any right granted, license given or agreement entered into by COMPANY to or with another person or entity, under or with respect to or permitting any use of the
PATENT RIGHTS or otherwise granting rights to such person or entity under the rights 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 6 

 
granted COMPANY under Section 2.1, (ii) any option or other right granted by COMPANY to any other person or entity to negotiate for or receive any of the rights described under clause (i),
or (iii) any standstill or similar obligation undertaken by COMPANY toward another person or entity not to grant any of the rights described in clause (i) or (ii) to any third party, in each case regardless of whether such grant of rights,
license given or agreement entered into is referred to or is described as a sublicense. 
 1.19 “TERM” shall mean the term
of this Agreement, which shall commence on the EFFECTIVE DATE and shall remain in effect until the expiration or abandonment of all issued patents and filed patent applications within the PATENT RIGHTS, unless earlier terminated in accordance with
the provisions of this Agreement, 
 1.20 “TERRITORY” shall mean worldwide. 

1.21 “VALID CLAIM” shall mean (a) a claim of an issued and unexpired patent within the PATENT RIGHTS, which claim has not
been revoked or found to be unpatentable, invalid or unenforceable by an unreversed and unappealable decision of a court or other government agency of competent jurisdiction; or (b) a claim set forth in an application within the PATENT RIGHTS
that has been filed in good faith and that has not been abandoned or finally rejected in a decision that is unappealable or unappealed within the time allowed for appeal nor which has been pending for more than [***] ([***]) years
after the date of first substantive examination of such patent application, as evidenced by the receipt of an office action on the merits from the United States Patent and Trademark Office (or an equivalent examination report form a foreign patent
office); provided, however, that in the event such claim subsequently issues in an issued patent, then such claim shall be a VALID CLAIM hereunder, and COMPANY shall pay to M.I.T. any amounts that would otherwise have been due under
such VALID CLAIM. Notwithstanding the foregoing, (i) the [***] ([***]) year pendency period set forth in clause (b) above shall only apply if, after [***] ([***]) years of prosecution on the merits of a given
application, COMPANY notifies M.I.T. in writing that it does not believe that M.I.T. should continue to prosecute such application and M.I.T. continues to do so at its discretion, and (ii) if the prosecution of a given application is
interrupted and/or delayed by a patent office and/or due to a PATENT CHALLENGE and/or a patent office proceeding such as an interference, appeal or opposition, then the pendency of such PATENT CHALLENGE and/or proceeding(s) shall not be included in
the [***] ([***]) year time period set forth above. The invalidity of a particular claim in one or more countries shall not invalidate such claim in the remaining countries of the TERRITORY. 

2. GRANT OF RIGHTS 
 2.1
License Grants. Subject to the terms of this Agreement, including without limitation Section 2.5, M.I.T. hereby grants to COMPANY and its AFFILIATES for the TERM a royalty-bearing exclusive license, with the right to sublicense as set
forth in Section 2.3 below, under the PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY and to develop and perform LICENSED PROCESSES in the FIELD in the
TERRITORY. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 7 

 2.2 Exclusivity. In order to establish an exclusive period for COMPANY, M.I.T. agrees
that, subject to the terms of this Agreement, including without limitation Sections 2.3(b) and 2.5, it shall not grant any other license under the PATENT RIGHTS (i) to make, have made, use, sell, offer to sell, lease and/or import LICENSED
PRODUCTS in the FIELD in the TERRITORY or (ii) to perform LICENSED PROCESSES in the FIELD in the TERRITORY, during the TERM (“EXCLUSIVE PERIOD”), unless sooner terminated as provided in this Agreement. 

2.3 Sublicenses. 
 (a)
COMPANY shall have the right to grant sublicenses of its rights under Section 2.1 only during the EXCLUSIVE PERIOD; SUBLICENSEES shall not have the right to grant further sublicenses except as expressly provided below. Such sublicenses may
extend past the expiration date of the EXCLUSIVE PERIOD, but any exclusivity of such sublicense shall expire upon the expiration of the EXCLUSIVE PERIOD. COMPANY will incorporate terms and conditions into its sublicense agreements sufficient to
enable COMPANY to comply with this Agreement. COMPANY and SUBLICENSEES will also include provisions in all sublicenses to provide that in the event that SUBLICENSEE brings a PATENT CHALLENGE against M.I.T. or assists another party in bringing a
PATENT CHALLENGE against M.I.T. (except as required under a court order or subpoena) then COMPANY may terminate the sublicense. COMPANY will promptly furnish M.I.T. with a fully signed copy of each sublicense agreement and any amendments thereto,
which may be reasonably redacted to preserve any confidential information of the parties thereto, except that terms directly relevant to COMPANY’S and AFFILIATE’S obligations under this Agreement (including financial provisions) may not be
redacted. Notwithstanding the foregoing, COMPANY shall not be required to provide M.I.T. will copies of sublicenses granted by COMPANY to third party service providers performing contract research services on behalf of and at the direction of
COMPANY, but will do so upon request by M.I.T. 
 Non-monetary consideration shall not be accepted
by COMPANY for any sublicense of the PATENT RIGHTS hereunder without the prior written consent of M.I.T. COMPANY shall not structure sublicensing arrangements for the PATENT RIGHTS, either alone or in connection with other assets (e.g., technology
and/or intellectual property rights) owned or controlled by COMPANY and/or an AFFILIATE in a single transaction or series of related transactions, in order to minimize or avoid payments to MIT for SUBLICENSE INCOME sharing under this Agreement. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 8 

 Notwithstanding the foregoing, in any sublicense agreement with a SUBLICENSEE, COMPANY may
grant to such SUBLICENSEE the right to grant further sublicenses of the PATENT RIGHTS sublicensed by COMPANY to SUBLICENSEE (“SUBLICENSEE SUBLICENSED RIGHTS”) through a single tier solely to bona fide third party collaborators and third
party contractors performing research services on behalf of and at the direction of SUBLICENSEE for SUBLICENSEE’S subsequent use (and with no right to grant further sublicenses) (each, a “Service Provider”) or (ii) in connection
with a license to a third party commercialization partner for the right to develop and/or commercialize a product owned and/or controlled by SUBLICENSEE (each, a “Commercialization Partner”), but not otherwise for use, sale or any other
commercial activity by such Service Providers or Commercialization Partners directly, on the following terms and conditions: 

(i) Each Service Provider and Commercialization Partner that has been granted a sublicense of the SUBLICENSEE SUBLICENSED
RIGHTS, a “SUBLICENSEE SUBLICENSED PARTY,” shall be considered a “SUBLICENSEE” for the purposes of this Agreement; 

(ii) Any consideration that COMPANY or an AFFILIATE receives from a SUBLICENSEE in consideration of the sublicense of the
licenses and rights granted COMPANY and AFFILIATES under Section 2.1, including without limitation in connection with the sublicense of such rights to a SUBLICENSEE SUBLICENSED PARTY, shall be considered SUBLICENSE INCOME hereunder; 

(iii) Any agreement pursuant to which a SUBLICENSEE grants a sublicense of the SUBLICENSEE SUBLICENSED RIGHTS (a
“SUBLICENSEE SUBLICENSE AGREEMENT”) shall satisfy the requirements of this Section 2.3(a); notwithstanding and without limiting the foregoing, any SUBLICENSEE SUBLICENSE AGREEMENT shall include terms that are sufficient to enable
COMPANY to comply with this Agreement; and 
 (iv) COMPANY shall, and ensures that SUBLICENSEE shall (I) furnish M.I.T.
with a fully signed copy of any SUBLICENSEE SUBLICENSE AGREEMENT, and any amendments thereto, promptly after it is executed, which may be redacted as set forth in this Section 2.3, and (II) deliver to M.I.T. reports containing the
information described in Article 5 with respect to any SUBLICENSEE SUBLICENSED PARTY. 
 (b) Sublicense Survival. In the event of
termination of this Agreement by M.I.T., except pursuant to Section 12.4(b), M.I.T. agrees that, after the effective date of termination of this Agreement, and as soon as practicable after receiving a written request from a SUBLICENSEE, M.I.T.
will negotiate in good faith a license with such SUBLICENSEE (the “NEW LICENSE AGREEMENT”), provided that: 
 (1)
SUBLICENSEE shall notify M.I.T. in writing of its request for a license agreement under the PATENT RIGHTS in accordance with this Section 2.3(b) within [***] ([***]) days of the effective date of termination of this Agreement;

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 9 

 (2) M.I.T. shall not be obligated to grant to any such SUBLICENSEE any rights under the
PATENT RIGHTS that are broader than the rights previously granted by COMPANY to SUBLICENSEE, or inconsistent with the rights granted to COMPANY under this Agreement; 

(3) SUBLICENSEE is not in material breach under the sublicense agreement with COMPANY, or in default of any relevant provisions of this
Agreement, at the date of termination of this Agreement; 
 (4) Unless otherwise agreed to in writing by M.I.T. and the SUBLICENSEE, under
the NEW LICENSE AGREEMENT SUBLICENSEE shall be obligated to pay M.I.T. (i) a commercially reasonable license issue fee, and (ii) all of the payments M.I.T. would have been entitled to receive from COMPANY under Article 4 of this
Agreement, including without limitation license maintenance fees (Section 4.1(b)), running royalties (Section 4.1(d)) and milestone payments (Section 4.1(c)) specified in this Agreement, as well as sharing of SUBLICENSE INCOME
(Section 4.1(e)) and reimbursement of future PATENT EXPENSES (Sections 4.1(a) and 6.3), in each case as if the sublicense agreement between COMPANY and SUBLICENSEE and this Agreement were both still in full effect. For example, for a given
milestone event achieved under Section 4.1(c) of this Agreement, the NEW LICENSE AGREEMENT shall require payment of the applicable amounts due under both Sections 4.1(c) and 4.1(e), with respect to consideration that would otherwise have
been SUBLICENSE INCOME, of this Agreement, as if the sublicense agreement between COMPANY and SUBLICENSEE was still in full effect. Notwithstanding the foregoing, in the event that the provisions of the sublicense agreement between COMPANY and
SUBLICENSEE are amended at any time after the effective date of such agreement such that any consideration that would have otherwise been due to M.I.T. under this Agreement is impacted, this Section 2.3(b)(4) shall not apply and M.I.T. and
SUBLICENSEE shall negotiate in good faith consideration for the grant of rights under the NEW LICENSE AGREEMENT; and 
 (5) The NEW LICENSE
AGREEMENT shall include substantially similar terms and conditions of the following provisions of this Agreement: 
 Subject to
Sections 2.3(b)(2) above, Section 2.1 (License Grants); 
 Section 2.3(a) (Sublicenses); 

Section 2.4 (U.S. Manufacturing); 

Section 2.5 (Retained Rights); 

Section 3.1 (Diligence Requirements); 

Section 4.1(f) (Consequences of a PATENT CHALLENGE); 

Article 5 (Reports and Records); 

Section 6.1 (Responsibility for PATENT RIGHTS); 

Section 6.3 (Payment of Expenses), provided that responsibility for payment of PATENT EXPENSES shall be equitably apportioned among
all SUBLICENSEES of the PATENT RIGHTS that enter into a NEW LICENSE AGREEMENT with M.I.T.; 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 10 

 Article 7 (Infringement); 

Article 8 (Indemnification and Insurance); 

Article 9 (Representations or Warranties); 

Article 11 (General Compliance with Laws); 

Section 12.2 (Cessation of Business; Insolvency); 

Section 12.3 (Termination for Default); 

Section 12.4 (Termination as a Consequence of a PATENT CHALLENGE); 

Article 13 (Dispute Resolution); 

Section 15.1 (Notice); and 

Section 15.2 (Governing Law and Jurisdiction). 

2.4 U.S. Manufacturing. During the EXCLUSIVE PERIOD, COMPANY agrees to comply with the requirements of 35 U.S.C. §204
“Preference for United States Industry,” as amended, or any successor statutes or regulations. 
 2.5 Retained Rights. 

(a) Research and Educational Use. M.I.T. and BWH retain the right on behalf of themselves and all other
non-profit research institutions to practice under the PATENT RIGHTS for non-clinical research, teaching and educational purposes, provided, however, that
in no event shall any PATENT RIGHTS that are exclusively licensed hereunder be used by M.I.T. or BWH for the production or manufacture of products for sale in the FIELD. 

(b) Federal Government. COMPANY acknowledges that the U.S. federal government retains a royalty-free,
non-exclusive, non-transferable license to practice any government-funded invention claimed in any PATENT RIGHTS as set forth in 35 U.S.C.
§§ 201-211, and the regulations promulgated thereunder, as amended, or any successor statutes or regulations. 

(c) Sponsor Rights. The invention underlying the PATENT RIGHTS for [***] (the “Invention”) was based on research
supported by The Leona M. and Harry B. Helmsley Charitable Trust. COMPANY acknowledges that The Leona M. and Harry B. Helmsley Charitable Trust and Harvard Medical School have been granted an irrevocable, royalty-free,
non-transferrable, non-exclusive, non-commercial license to use the Invention for
non-commercial, academic and/or research purposes. 
 2.6 No Additional Rights. Nothing in
this Agreement shall be construed to confer any rights upon COMPANY by implication, estoppel, or otherwise as to any technology or patent rights of M.I.T. or any other entity other than the PATENT RIGHTS, regardless of whether such technology or
patent rights shall be dominant or subordinate to any PATENT RIGHTS. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 11 

 3. COMPANY DILIGENCE OBLIGATIONS 

3.1 Diligence Requirements. COMPANY will use diligent efforts, or will cause its AFFILIATES or SUBLICENSEES to use diligent efforts, to
develop LICENSED PRODUCTS or LICENSED PROCESSES and to introduce LICENSED PRODUCTS or LICENSED PROCESSES into the commercial market; thereafter, COMPANY or its AFFILIATES or SUBLICENSEES will make LICENSED PRODUCTS or LICENSED PROCESSES reasonably
available to the public. Specifically, COMPANY or AFFILIATE will fulfill the following obligations: 
 (a) Within [***] ([***])
months after the EFFECTIVE DATE, COMPANY will furnish M.I.T. with a written research and development plan describing the major tasks to be achieved in order to bring to market a LICENSED PRODUCT or a LICENSED PROCESS, specifying the number of staff
and other resources, to be devoted to such commercialization effort. 
 (b) Within [***] ([***]) days after the end of each
calendar year, COMPANY will furnish M.I.T. with a written report (consistent with Section 5.1(a)) on the progress of its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS or LICENSED
PROCESSES. Such report will include a description, but not the sequence, of the DEVELOPMENT CANDIDATE(S) being developed by COMPANY, and its AFFILIATES and SUBLICENSEES. The report will also contain a discussion of intended efforts and
sales projections for the year in which the report is submitted. 
 (c) COMPANY (and/or an AFFILIATE OR SUBLICENSEE) shall expend at least
the amounts set forth below on research and development of LICENSED PRODUCTS and/or LICENSED PROCESSES in each calendar year (pro-rated for partial years) beginning in 2016 and ending with the first commercial
sale of a LICENSED PRODUCT and/or a first commercial performance of a LICENSED PROCESS, 
  

					
	 2016
	  	$	[	***] 
	 2017
	  	$	[	***] 
	 2018
	  	$	[	***] 
	 2019 and every year thereafter
	  	$	[	***] 

 (d) Fundraising. 

(i) COMPANY shall have received at least [***] Dollars ($[***]) by January 31, 2017 from the sale of equity
securities or securities convertible into equity for its own account; and 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 12 

 (ii) In the aggregate, COMPANY shall receive at least [***] dollars
($[***]) by the one (1) year anniversary of the EFFECTIVE DATE from the sale of equity securities for its own account. 
 (e)
First LICENSED PRODUCT. 
 (1) Within one (1) year of the EFFECTIVE DATE, COMPANY shall advance a DEVELOPMENT CANDIDATE for a
first LICENSED PRODUCT to Absorption, Distribution, Metabolism and Excretion (“ADME”) and toxicology studies in support of an Investigational New Drug application (“IND”) (or equivalent) for human studies. 

(2) Within two (2) years of the EFFECTIVE DATE, COMPANY shall file an IND for a first LICENSED PRODUCT. 

(3) COMPANY shall commence dosing of individuals in a PHASE 2 CLINICAL TRIAL for a first LICENSED PRODUCT within two (2) years of IND
filing for such LICENSED PRODUCT in accordance with subsection (e)(2) above. 
 (4) COMPANY shall commence dosing of individuals in a
PHASE 3 CLINICAL TRIAL for a first LICENSED PRODUCT within five (5) years of IND filing for such LICENSED PRODUCT in accordance with subsection (e)(2) above. 

(5) COMPANY shall file a New Drug Application (or equivalent) with the U.S. Food and Drug Administration (“FDA”) or comparable
European regulatory agency for a first LICENSED PRODUCT within nine (9) years of IND filing for such LICENSED PRODUCT in accordance with subsection (e)(2) above. 

(6) COMPANY shall make a FIRST COMMERCIAL SALE of a first LICENSED PRODUCT within eleven (11) years of IND filing for such LICENSED
PRODUCT in accordance with subsection (e)(2) above. 
 (f) Second LICENSED PRODUCT. Prior to [***], COMPANY shall provide
M.I.T. with a development plan with mutually acceptable diligence milestones, such diligence milestones to be added by amendment to this Agreement, for a second LICENSED PRODUCT as set forth below: 

(1) On or before a reasonable deadline to be determined by the parties by [***], COMPANY shall advance a DEVELOPMENT CANDIDATE for a
second LICENSED PRODUCT to ADME and toxicology studies in support of an IND (or equivalent) for human studies. 
 (2) On or before a
reasonable deadline to be determined by the parties by [***], COMPANY shall file an IND for a second LICENSED PRODUCT. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 13 

 (3) On or before a reasonable deadline to be determined by the parties by [***],
COMPANY shall commence dosing of individuals in a PHASE 2 CLINICAL TRIAL for a second LICENSED PRODUCT. 
 (4) On or before a reasonable
deadline to be determined by the parties by [***], COMPANY shall commence dosing of individuals in a PHASE 3 CLINICAL TRIAL for a second LICENSED PRODUCT. 

(5) On or before a reasonable deadline to be determined by the parties by [***], COMPANY shall file a New Drug Application (or
equivalent) with the U.S. Food and Drug Administration (“FDA”) or comparable European regulatory agency for a second LICENSED PRODUCT. 

(6) On or before a reasonable deadline to be determined by the parties by [***]. COMPANY shall make a FIRST COMMERCIAL SALE of a second
LICENSED PRODUCT. 
 In the event that M.I.T. determines that COMPANY (or an AFFILIATE) has failed to fulfill any of its obligations under
Section 3.1, other than under Section 3.1(f), then M.I.T. may treat such failure as a material breach of the Agreement in accordance with Section 12.3(b), and M.I.T. shall have the ability to terminate this Agreement. In the event of
any breach under Section 3.1(f) that has not been cured within ninety (90) days of written notice of such failure, M.I.T. may, by written notice to COMPANY, restrict the definition of FIELD hereunder to the prevention and remediation of
hearing loss in humans and animals, and this Agreement shall be deemed amended to such effect. For clarity, M.I.T. may not terminate the Agreement for failure by COMPANY (or an AFFILIATE) to fulfill any of its obligations under Section 3.1(f).

 3.2 Changes to Diligence Requirements. In the event that COMPANY anticipates that a failure to meet an obligation set forth in
Section 3.1(e) or 3.1(f) will occur, COMPANY will promptly notify M.I.T. in writing, and representatives of each party will meet to review the reasons for anticipated failure. In addition to the foregoing, if COMPANY provides written notice and
reasonably demonstrates to M.I.T. that the anticipated failure to meet any one of the diligence obligations set forth in Section 3.1(e) or 3.1(f) is due to (i) an action, inaction, delay or ruling by the FDA or any comparable regulatory
agency, or (ii) the existence of material technical difficulties (e.g., negative toxicological or pharmacological test results or an adverse clinical event with respect to LICENSED PRODUCTS and/or LICENSED PROCESSES) that COMPANY could not
reasonably have predicted and/or avoided (each of (i) and (ii), a “DEVELOPMENT ISSUE”), then the parties shall meet to review the cause and nature of the DEVELOPMENT ISSUE as well as COMPANY’S proposed plan and timeline to
address same, and the parties shall reasonably amend the relevant aspects of the diligence schedule to account for such DEVELOPMENT ISSUE. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 14 

 COMPANY and M.I.T. will enter into a written amendment to this Agreement with respect to any
mutually agreed upon change(s) to the relevant obligation(s) in accordance with this Section 3.2. 
 4. ROYALTIES AND PAYMENT
TERMS 
 4.1 Consideration for Grant of Rights. 

(a) License Issue Fee and Patent Cost Reimbursement. COMPANY will pay to M.I.T. [***] a license issue fee of fifty thousand
dollars ($50,000), and, in accordance with Section 6.3, will reimburse M.I.T. for its actual expenses incurred as of the EFFECTIVE DATE in connection with obtaining the PATENT RIGHTS. These payments are nonrefundable. 

(b) License Maintenance Fees. COMPANY will pay to M.I.T. the following license maintenance fees on the dates set forth below: 

 

					
	 January 1,2017
	  	$	30,000	 
	 Each January 1 for 2018 and 2019
	  	$	50,000	 
	 Each January 1 for 2020 and 2021
	  	$	75,000	 
	 January 1, 2022 and each January 1 thereafter until first commercial sale of a LICENSED
PRODUCT
	  	$	100,000	 
	 Each January 1 of every year after first commercial sale of a LICENSED PRODUCT
	  	$	200,000	 

 This annual license maintenance fee is nonrefundable; however, the annual license maintenance fee may be
credited to running royalties subsequently due on NET SALES earned during the same calendar year, if any. License maintenance fees paid in excess of running royalties due in such calendar year will not be creditable to amounts due for future years.

 (c) Milestone Payments. COMPANY will pay to M.IT. the amounts set forth below upon the achievement by COMPANY or any of its
AFFILIATES or SUBLICENSEES of certain milestone events as described below. Payments will be due in respect of the achievement of the milestone events in the tables below for each LICENSED PRODUCT and/or LICENSED PROCESS, and will only be payable
once for each LICENSED PRODUCT and/or LICENSED PROCESS. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 15 

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

 The milestone events set forth in Section 4.1(c) above are intended to be successive. In the event that
[***], the milestone payment for [***] and the milestone payment for [***] both shall be due [***]. In addition and notwithstanding the foregoing, if any milestone is reached without achieving a preceding milestone, then
the amount that would have been payable on achievement of the preceding milestone will be payable upon the achievement of the next successive milestone. 

COMPANY will notify M.I.T. within [***] ([***]) days of the achievement of any of the above milestones by COMPANY or any of its
AFFILIATES or SUBLICENSEES, such notice to specifically identify the payment obligation and request an invoice for same. COMPANY will make such non-creditable, non-refundable milestone payments within [***] ([***]) days after receipt
of an invoice from M.I.T. for same. 
 (d) Running Royalties. 

(i) COMPANY shall pay to M.I.T. a running royalty of [***] percent ([***]%) of NET SALES. Running royalties shall be
payable for each REPORTING PERIOD during the TERM and shall be due to M.I.T. within [***] ([***]) days of the end of each REPORTING PERIOD. 

(ii) Royalty Offset. If COMPANY or an AFFILIATE or SUBLICENSEE is required to pay royalties to one or more third parties in order to
obtain a license or similar right necessary to practice the PATENT RIGHTS or to make, use or sell a LICENSED PRODUCT or LICENSED PROCESS, COMPANY and its AFFILIATES and SUBLICENSEES shall be entitled to deduct up to [***] percent
([***]%) of the royalties actually paid by COMPANY (and its AFFILIATES and SUBLICENSEES, as applicable) to such third party(ies) from the running royalties owed to M.I.T. under this Agreement in the same REPORTING PERIOD; provided,
however, that in no event will the royalties due to M.I.T. under Section 4.1(d)(1), when aggregated with any other offsets and credits allowed under this Agreement, be less than [***] percent ([***]%) of NET SALES in any
REPORTING PERIOD. 
 (e) Sharing of SUBLICENSE INCOME. COMPANY will pay M.I.T. a total of twenty percent (20%) of all SUBLICENSE
INCOME received by COMPANY or AFFILIATES. COMPANY shall notify M.I.T. within [***] ([***]) days of the receipt of SUBLICENSE INCOME from a SUBLICENSEE, such notice to specifically identify the payment obligation and request an invoice
for same. COMPANY shall make such non-creditable, non-refundable SUBLICENSE INCOME payments within [***] ([***]) days after receipt of an invoice from
M.I.T. for same. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 16 

 (f) Consequences of a PATENT CHALLENGE. In the event that (i) COMPANY or any of
its AFFILIATES brings a PATENT CHALLENGE against M.I.T., or (ii) COMPANY or any of its AFFILIATES assists another party in bringing a PATENT CHALLENGE against M.I.T. (except as required under a court order or subpoena), and (iii) M.I.T.
does not choose to exercise its rights to terminate this Agreement pursuant to Section 12.4, then all payments due under Article 4 shall [***] for the remainder of the TERM. In the event that such a PATENT CHALLENGE is successful,
COMPANY will have no right to recoup any payments paid during the period of challenge. In the event that a PATENT CHALLENGE is unsuccessful, COMPANY shall reimburse M.I.T. for all reasonable legal fees and expenses incurred in its defense against
the PATENT CHALLENGE. 
 (g) No Multiple Royalties. If the manufacture, use, lease, or sale of any LICENSED PRODUCT or the performance
of any LICENSED PROCESS is covered by more than one of the PATENT RIGHTS, multiple royalties shall not be due. 
 (h) Equity. 

(i) Initial Grant. COMPANY shall issue a total of six hundred and nineteen thousand two hundred and ten (619,210) shares of Common
Stock of COMPANY, $.001 par value per share, (the “Shares”). COMPANY shall issue a certain percentage of the Shares in the name of M.I.T., the Brigham and Women’s Hospital and Omega Cambridge SPV L.P. (“Omega”), collectively
the “Shareholders,” in the amounts as M.I.T. shall direct. The aforementioned percentages shall be determined by M.I.T. Such issuances shall be recorded on the Stock Transfer Ledger of COMPANY on the EFFECTIVE DATE and the Shares shall be
delivered to the Shareholders within thirty (30) days of the EFFECTIVE DATE. 
 COMPANY represents to M.I.T. that, as of the EFFECTIVE
DATE, the aggregate number of Shares equals Five Percent (5%) of the COMPANY’S issued and outstanding Common Stock calculated on a “Fully Diluted Basis,” For purposes of this Section 4.1(h), “Fully Diluted Basis” shall
mean the total number of issued and outstanding shares of the COMPANY’S Common Stock calculated to include conversion of all issued and outstanding securities convertible into Common Stock, the exercise of all outstanding options and warrants
to purchase shares of Common Stock, whether or not then exercisable, the conversion or exercise of all rights to purchase or acquire Common Stock, whether or not then convertible or exercisable, and shall assume the issuance or grant of all
securities reserved for issuance pursuant to any COMPANY stock or stock option plan in effect on the date of the calculation. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 17 

 (ii) Anti-Dilution Protection Through Funding Threshold. COMPANY from time to time
shall issue additional shares of Common Stock to the Shareholders, pro rata in accordance with their respective ownership of the Shares, as may be necessary to ensure that the Shares (together with any and all shares issued pursuant to this
Section 4.1 (h)(ii)) continue to represent in the aggregate at least Five Percent (5%) of the COMPANY’S issued and outstanding Common Stock calculated on a Fully Diluted Basis, as calculated after giving effect to the anti-dilutive issuance. Such issuances shall continue until and including the point upon which a total of [***] Dollars ($[***]) in cash in exchange for COMPANY’S capital stock (the “Funding
Threshold”) shall be received by COMPANY. Thereafter, no additional shares shall be due to the Shareholders pursuant to this section. For the avoidance of doubt, it is agreed that if COMPANY raises capital in a single financing of more than
$[***], anti-dilution issuances will be calculated only on the first $[***] of the financing, even if COMPANY simultaneously raises additional financing. 

(iii) Participation in Private Equity Offerings After Funding Threshold. After the date of the Funding Threshold, each of the
Shareholders shall have the right to purchase additional shares of COMPANY’S capital stock in any private offering by the COMPANY of such capital stock in exchange for cash, to maintain its pro rata ownership as calculated immediately prior to
such offering on a Fully Diluted Basis, pursuant to the terms and conditions at least as favorable as those granted to the other offerees. All rights granted to the Shareholders pursuant to this Section 4. l(h)(iii) shall terminate immediately
prior to a firm commitment underwritten public offering of the COMPANY’S common stock resulting in gross proceeds to the COMPANY of at least $[***]. The Shareholders may together elect to share their Participation Rights between them in
such proportion as they see fit so that if they both so direct either may take over all or some of the other’s Participation Rights. 

(iv) Anti-Dilution Protection After Funding Threshold. The provisions of Annex 4.1(h)(iv) (attached hereto as Appendix C) are
incorporated herein by reference. All rights granted to the Shareholders pursuant to this Section 4.1 (h)(iv) shall terminate immediately prior to a firm commitment underwritten public offering of the COMPANY’S common stock resulting in
gross proceeds to the COMPANY of at least $[***]. 
 (v) Miscellaneous. 

(A) The Shares, and all other shares of Common Stock and other securities of the COMPANY that may be issued to the Shareholders pursuant to
this Section 4.1(h), shall be duly authorized, validly issued, fully paid and nonassessable. 
 (B) COMPANY acknowledges that it has
been informed that, pursuant to separate agreement between M.I.T. and Omega, Omega may hereafter become obligated to transfer to M.I.T. any and all of its Shares, COMPANY agrees that M.I.T. shall be deemed to be the sole Shareholder for all purposes
of this Section 4.1(h) upon receipt of written notice from M.I.T, to that effect. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 18 

 4.2 Payments. 

(a) Method of Payment. All payments under this Agreement should be made payable to “Massachusetts Institute of Technology” and
sent to the address identified in Section 15.1. Each payment should reference this Agreement and identify the obligation under this Agreement that the payment satisfies. 

(b) Payments in U.S. Dollars. All payments due under this Agreement shall be payable in United States dollars. Conversion of foreign
currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported by the Federal Reserve Bank of St. Louis) on the last working day of the calendar quarter of the applicable REPORTING PERIOD. Such payments
shall be without deduction of exchange, collection, or other charges, and, specifically, without deduction of withholding or similar taxes or other government imposed fees or taxes, except as permitted in the definition of NET SALES. 

(c) Late Payments. Any payments by COMPANY that are not paid on or before the date such payments are due under this Agreement shall bear
interest, to the extent permitted by law, at [***] percentage points above the Prime Rate of interest as reported by the Federal Reserve Bank of St. Louis on the last business day of the calendar quarterly reporting period to which such
royalty payments relate. 
 5. REPORTS AND RECORDS 

5.1 Reports. 
 (a)
Progress Reports. COMPANY shall deliver progress reports to M.I.T. annually, within [***] ([***]) days of the end of each calendar year, containing information concerning the immediately preceding calendar year, specifically
including the following information: 
 (i) the progress of its efforts to develop and commercialize LICENSED PRODUCTS or LICENSED
PROCESSES, in accordance with Section 3.1; 
 (ii) the number of new sublicenses entered into for the PATENT RIGHTS, LICENSED PRODUCTS
and/or LICENSED PROCESSES for the applicable calendar year and an updated list of all sublicenses and amendments thereto entered into for the PATENT RIGHTS, LICENSED PRODUCTS and/or LICENSED PROCESSES over the lifetime of the Agreement; 

(iii) a summary of the milestones achieved pursuant to Section 4.1(c) and the associated payment amounts due to M.I.T.; and 

(iv) COMPANY’S current Certificates of Insurance, in accordance with Section 8.2. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 19 

 If no amounts are due to M.I.T. for the applicable calendar year, the report shall so state.

 (b) Royalty Reports. In addition to Section 5.1(a) above, COMPANY shall report to M.I.T. the date of first commercial sale of
a LICENSED PRODUCT and the date of first commercial performance of a LICENSED PROCESS in each country within [***] ([***]) days of such occurrence. After the earlier of (i) the execution of a sublicense agreement with a
SUBLICENSEE and (ii) the first commercial sale of a LICENSED PRODUCT or first commercial performance of a LICENSED PROCESS in any country, COMPANY shall deliver running royalty reports to M.I.T. within [***] ([***]) days of the
end of each REPORTING PERIOD, containing information concerning the immediately preceding REPORTING PERIOD. Each report delivered by COMPANY to M.I.T. shall contain at least the following information for the immediately preceding REPORTING PERIOD:

 (i) the number of LICENSED PRODUCTS sold, leased or distributed by COMPANY, its AFFILIATES and SUBLICENSEES to independent third parties
in each country, and, if applicable, the number of LICENSED PRODUCTS used by COMPANY, its AFFILIATES and SUBLICENSEES in the provision of services in each country; 

(ii) a description of LICENSED PROCESSES performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country as may be pertinent to a
royalty accounting hereunder; 
 (iii) the gross price per unit charged by COMPANY, its AFFILIATES and SUBLICENSEES for each LICENSED
PRODUCT and, if applicable, the gross price charged for each LICENSED PRODUCT used to provide services in each country; and the gross price charged for each LICENSED PROCESS performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country; 

(iv) calculation of NET SALES for the applicable REPORTING PERIOD in each country, including a listing of applicable deductions; 

(v) total royalty payable on NET SALES in U.S. dollars, together with the exchange rates used for conversion; COMPANY shall use
reasonable efforts to identify royalties payable hereunder on account of sales of LICENSED PRODUCTS and/or LICENSED PROCESSES to BWH; and 

(vi) the total amount of SUBLICENSE INCOME received by COMPANY from each SUBLICENSEE and the amount due to M.I.T. from such SUBLICENSE INCOME,
including an itemized breakdown of the sources of income comprising the SUBLICENSE INCOME. 
 If no amounts are due to M.I.T. for any
REPORTING PERIOD, the report shall so state. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 20 

 5.2 Financial Statements. On or before the [***] day following the close of
COMPANY’S fiscal year, COMPANY shall provide M.I.T. with COMPANY’S financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement, certified by COMPANY’S treasurer or chief
financial officer or by an independent auditor. 
 5.3 Records. COMPANY will maintain, and will cause its AFFILIATES and SUBLICENSEES
to maintain, complete and accurate records relating to the rights and obligations under this Agreement and any amounts payable to M.I.T. in relation to this Agreement, which records will contain sufficient information to permit M.I.T. to confirm the
accuracy of any reports delivered to M.I.T. and compliance in other respects with this Agreement. COMPANY and its AFFILIATES and SUBLICENSEES will retain such records for at least [***] ([***]) years following the end of the REPORTING
PERIOD to which they pertain. An independent auditor appointed by M.I.T. and reasonably acceptable to COMPANY (or, in the case of any audit of a SUBLICENSEE’S records, reasonably acceptable to SUBLICENSEE), will have the right, [***] and
on reasonable prior written notice, to inspect such records during normal business hours to verify any reports and payments made or compliance in other respects under this Agreement. In the event that any audit performed under this
Section reveals an underpayment in excess of the lesser of (i) [***] percent ([***]%) for the audited period or any REPORTING PERIOD or (ii) [***] dollars ($[***]), COMPANY shall bear the full cost of such audit and
shall remit any amounts due to M.I.T. within [***] ([***]) days of receiving notice thereof from M.I.T. 
 6. PATENT
PROSECUTION 
 6.1 Responsibility for PATENT RIGHTS. M.I.T. shall prepare, file, prosecute, and maintain all of the PATENT
RIGHTS. COMPANY shall have reasonable opportunities to advise M.I.T. and shall cooperate with M.I.T. in such filing, prosecution and maintenance. M.I.T. shall instruct its patent counsel to copy COMPANY on all patent prosecution documents
relating to the PATENT RIGHTS. M.I.T. shall provide COMPANY a reasonable opportunity, if time permits, to review and comment on such materials. M.I.T. shall consider in good faith any comments received from COMPANY relating to prosecution and
maintenance of the PATENT RIGHTS. 
 6.2 International (non-United States) Filings.
Appendix B is a list of countries in which patent applications corresponding to the United States patent applications listed in Appendix A shall be filed, prosecuted, and maintained. Appendix B may be amended by
mutual agreement of COMPANY and M.I.T. 
 6.3 Payment of Expenses. Payment of all fees and costs, including attorneys’ fees,
relating to the filing, prosecution and maintenance of the PATENT RIGHTS incurred by M.I.T. and/or BWH (including without limitation interferences, reissues and any type of review or correction of the PATENT RIGHTS initiated by or on behalf of
M.I.T) shall be the responsibility of COMPANY, whether such amounts were incurred before or after the EFFECTIVE DATE. As of December 13, 2016, M.I.T. has incurred approximately $[***] for such patent-related fees and costs. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 21 

 COMPANY will reimburse all amounts due pursuant to this Section within [***]
([***]) days of invoicing; late payments will accrue interest pursuant to Section 4.2(c). In all instances, M.I.T. shall pay the fees prescribed for large entities to the United States Patent and Trademark Office. 

7. INFRINGEMENT AND PATENT CHALLENGE 

7.1 Notification of Infringement. Each party agrees to provide written notice to the other party promptly after becoming aware of any
infringement of the PATENT RIGHTS in the FIELD. 
 7.2 Right to Prosecute Infringements. 

(a) COMPANY Right to Prosecute. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY,
COMPANY, to the extent permitted by law, shall have the right, under its own control and [***], to prosecute any third party infringement of the PATENT RIGHTS in the FIELD in the TERRITORY, subject to Sections 7.4 and 7.5. If required by
law, M.I.T. shall permit any action under this Section to be brought in its name, including being joined as a party-plaintiff, provided that [***]. 

Prior to commencing any such action, COMPANY will consult with M.I.T. and will consider the views of M.I.T. regarding the advisability of the
proposed action and its effect on the public interest. COMPANY will not enter into any settlement, consent judgment, or other voluntary final disposition of any infringement action under this Section without the prior written consent of M.I.T.
(subject to concurrence of BWH, as applicable). 
 (b) M.I.T. Right to Prosecute. In the event that COMPANY is unsuccessful in
persuading the alleged infringer to desist or fails to have initiated an infringement action within a reasonable time after COMPANY first becomes aware of the basis for such action, M.I.T. shall have the right, at its sole discretion, to prosecute
such infringement under its sole control and [***], and [***]. 
 7.3 Third Party Patent Challenges. 

(a) In the event of a PATENT CHALLENGE by a third party, other than as set forth in Section 7.3(b) below, M.I.T. shall notify COMPANY of
the PATENT CHALLENGE, and COMPANY may request that M.I.T. defend the PATENT RIGHTS [***]; in such event [***]. If COMPANY does not so request and agree, M.I.T. shall have the right, but not the obligation, to defend the PATENT
RIGHTS. In the event that M.I.T. defends the PATENT RIGHTS, M.I.T. shall have the right to immediately terminate this Agreement with respect to the PATENT RIGHT(S) that are the subject of the PATENT CHALLENGE. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 22 

 (b) In the event that a PATENT CHALLENGE is brought by a third party defendant in a suit
brought by COMPANY against an alleged infringer, COMPANY shall have the first right to defend the PATENT RIGHTS [***], subject to Sections 7.4 and 7.5, and shall [***]. If COMPANY does not exercise this right, M.I.T. may take over
the sole defense of the action at its sole discretion and [***], and if so, (i) M.I.T. shall have the right to immediately terminate this Agreement with respect to the PATENT RIGHT(S) that are the subject of the PATENT CHALLENGE and (ii)
[***]. 
 7.4 Offsets. COMPANY may offset a total of [***] percent ([***]%) of any expenses incurred under
Sections 7.2 and 7.3 against any payments due to M.I.T. under Article 4, provided that in no event shall such payments under Article 4, when aggregated with any other offsets and credits allowed under this Agreement, be reduced
by more than [***] percent ([***]%) in any REPORTING PERIOD. 
 7.5 Recovery. Any recovery obtained in an action brought
by COMPANY under Sections 7.2 or 7.3 shall be distributed as follows: [***]. 
 7.6 Cooperation. Each party agrees to
cooperate in any action under this Article which is controlled by the other party, provided that [***]. 
 7.7 Right to
Sublicense. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY, COMPANY shall have the sole right to sublicense any alleged infringer in the FIELD in the TERRITORY for future use of the PATENT
RIGHTS in accordance with the terms and conditions of this Agreement relating to sublicenses. Any fees or other revenues to COMPANY pursuant to such sublicense shall be subject to the provisions of Section 4.1(e). 

8. INDEMNIFICATION AND INSURANCE 

8.1 Indemnification. 
 (a)
Indemnity. COMPANY shall indemnify, defend, and hold harmless M.I.T., BWH and their affiliates, trustees, officers, faculty, students, employees, and agents and their respective successors, heirs and assigns (the “Indemnitees”),
against any liability, damage, loss, or expense (including reasonable attorneys’ fees and expenses) (collectively, “Losses”) incurred by or imposed upon any of the Indemnitees in connection with any claims, suits, investigations,
actions, demands or judgments, (i) arising out of any theory of product liability (including without limitation actions in the form of tort, warranty, or strict liability) concerning any product, process, or service that is made, used, sold,
imported, or performed pursuant to any right or license granted under this Agreement or (ii) arising out of or related to the exercise of 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 23 

 
any rights granted to COMPANY and AFFILIATES under this Agreement or a material breach of this Agreement by COMPANY and/or AFFILIATES; provided, however, that COMPANY shall have no
obligation pursuant to the foregoing with respect to any Losses to the extent that they result from the gross negligence or willful misconduct of any Indemnitee. 

(b) Procedures. The Indemnitees agree to provide COMPANY with prompt written notice of any claim, suit, action, demand, or judgment for
which indemnification is sought under this Agreement. COMPANY agrees, at its own expense, to provide attorneys reasonably acceptable to M.I.T. to defend against any such claim. The Indemnitees shall cooperate fully with COMPANY in such defense and
will permit COMPANY to conduct and control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation, appeal, and settlement); provided, however, that any Indemnitee shall have the
right to retain its own counsel, [***], if representation of such Indemnitee by the counsel retained by COMPANY would be inappropriate because of actual or potential differences in the interests of such Indemnitee and any other party
represented by such counsel and COMPANY does not choose to retain new counsel to defend against such claim. COMPANY agrees to keep M.I.T. (and BWH, as applicable) informed of the progress in the defense and disposition of such claim and to consult
with M.I.T. (and BWH, as applicable) with regard to any proposed settlement. Notwithstanding anything to the contrary in this Agreement, COMPANY shall not enter into any settlement, consent judgment, or other voluntary final disposition of any claim
that has a material adverse effect on the rights of any Indemnitee(s) hereunder or admits any wrongdoing or fault by any Indemnitee(s) or imposes on any Indemnitee(s) any payment or other liability, without the prior written consent of such
Indemnitee(s). 
 8.2 Insurance. COMPANY shall obtain and carry in full force and effect commercial general liability insurance,
including products/completed operations coverage and errors and omissions liability insurance which shall protect COMPANY and Indemnitees with respect to events covered by Section 8.1(a) above. Such insurance (i) shall be issued by an
insurer licensed to practice in the Commonwealth of Massachusetts or an insurer pre-approved by M.I.T., such approval not to be unreasonably withheld, (ii) shall list M.I.T. and BWH as additional insureds
thereunder, for the commercial general liability policy only, and (iii) shall require [***] ([***]) days written notice to be given to M.I.T. prior to any cancellation or material change thereof. The limits of the commercial
general liability insurance shall not be less than [***] Dollars ($[***]) per occurrence with an annual aggregate of [***] Dollars ($[***]) for bodily injury including death, property damage, and products/completed
operations coverage. The limits of the errors and omissions liability insurance shall not be less than [***] Dollars ($[***]) per claim and in the aggregate. COMPANY shall provide M.I.T. with Certificates of Insurance evidencing
ongoing compliance with this Section. COMPANY shall continue to maintain such insurance after the expiration or termination of this Agreement during any period in which COMPANY or any AFFILIATE or SUBLICENSEE continues (i) to make, use, or sell
a product that was a LICENSED PRODUCT under this Agreement or (ii) to perform a service that was a LICENSED PROCESS under this Agreement, and thereafter for a period of [***] ([***]) years, if the coverage is under a claims-made
policy. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 24 

 If COMPANY desires to self-insure all or part of the limits described above, such self-insurance program must be acceptable to M.I.T., BWH, and the Risk Management Foundation of the Harvard Medical Institutions, Inc.. The minimum amounts of insurance coverage required under this Section 8.2
shall not be construed to create a limit of COMPANY’S liability with respect to its indemnification under Section 8.1 of this Agreement. If there is a cancellation, non-renewal, or material change in
insurance, and COMPANY does not obtain replacement insurance providing comparable coverage prior to the expiration of the [***] ([***]) day notice period described above, M.I.T. shall have the right to terminate this Agreement
effective at the end of such [***] ([***]) day period without notice or any additional waiting periods. 
 If there is a
cancellation, non-renewal, or material change in insurance, and COMPANY does not obtain replacement insurance providing comparable coverage prior to the expiration of the [***] ([***]) day notice
period described above, M.I.T. shall have the right to terminate this Agreement effective at the end of such [***] ([***]) day period without notice or any additional waiting periods. For clarity, this termination clause applies to any
material changes in the following terms: (i) commercial general liability insurance in amounts not less than $[***] per incident and $[***] annual aggregate; (ii) the naming of Indemnitees as additional insureds; and
(iii) product liability coverage and broad form contractual liability coverage for COMPANY’S indemnification under Section 8.1 of this Agreement. 

9. REPRESENTATIONS AND WARRANTIES 

9.1 Representations and Warranties. The M.I.T. Technology Licensing Office represents and warrants that, as of the EFFECTIVE DATE,
subject to Section 2.5, to its knowledge and without due inquiry: (a) it has the authority to grant the licenses provided for herein to COMPANY, (b) it has not given any notice to any third party asserting infringement of the PATENT
RIGHTS, and (c) it has not granted to any third party any rights under the PATENT RIGHTS that would conflict with the rights granted to COMPANY under this Agreement. 

M.I.T.’s total liability under the representations and warranties of this Agreement shall not exceed the amounts received by M.I.T. from
COMPANY under Sections 4.1 and 6.3 of this Agreement. 
 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, M.I.T. AND BWH MAKE
NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE PATENT RIGHTS AND HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS OF M.I.T., BWH OR THIRD PARTIES, VALIDITY, ENFORCEABILITY AND SCOPE OF PATENT RIGHTS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 25 

 IN NO EVENT SHALL M.I.T., BWH OR THEIR TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND
AFFILIATES BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER M.I.T. OR BWH SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW
OF THE POSSIBILITY OF THE FOREGOING. 
 10. CHANGE OF CONTROL 

This Agreement is personal to COMPANY and no rights or obligations may be assigned or transferred by COMPANY without the prior written consent
of M.I.T. Notwithstanding the foregoing, COMPANY may assign its rights and obligations under this Agreement to (a) an AFFILIATE or (b) to a successor in connection with the merger, consolidation, reorganization or sale of all or
substantially all of its assets or that portion of its business to which this Agreement relates; provided, however, that (i) COMPANY shall provide M.I.T. with written notice of any such assignment within [***]
([***]) days of any such assignment, such notice to include the assignee’s contact information, (ii)this Agreement shall immediately terminate if the proposed assignee fails to agree in writing to M.I.T. to be bound by the terms and
conditions of this Agreement on or before the effective date of such assignment, and (iii) COMPANY and its AFFILIATES are not in default of any of their obligations under this Agreement (including without limitation payment of any amounts due
under this Agreement and/or diligence obligations) at the time of such proposed assignment. Any purported assignment in contravention of this Article 10 shall be null and void and of no effect. No assignment of this Agreement shall act as a
novation or release of COMPANY and its AFFILIATES from responsibility for the performance of any obligations accrued prior to such assignment. 

11. GENERAL COMPLIANCE WITH LAWS 

11.1 Compliance with Laws. COMPANY will use reasonable commercial efforts to comply with all commercially material local, state,
federal, and international laws and regulations relating to the development, manufacture, use, and sale of LICENSED PRODUCTS and LICENSED PROCESSES. 

11.2 Export Control. COMPANY and its AFFILIATES and SUBLICENSEES will comply with all United States laws and regulations controlling the
export of certain commodities and technical data, including without limitation all Export Administration Regulations of the United States Department of Commerce. Among other things, these laws and regulations prohibit or require a license for the
export of certain types of commodities and technical data to specified countries. COMPANY hereby gives written assurance that it will comply with, and will cause its AFFILIATES and SUBLICENSEES to comply with, all United States export control laws
and regulations, that it bears sole responsibility for any violation of such laws and regulations by itself or its AFFILIATES or SUBLICENSEES, and that it will indemnify, defend and hold M.I.T. and BWH harmless (in accordance with Section 8.1)
for the consequences of any such violation. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 26 

 11.3 Non-Use of M.I.T, and COMPANY Name.
COMPANY and its AFFILIATES and SUBLICENSEES will not use the name of “Massachusetts Institute of Technology,” “Lincoln Laboratory,” “Brigham and Women’s Hospital,” or any variation, adaptation, or abbreviation
thereof, or of any of its trustees, officers, faculty, students, employees, or agents, or any trademark owned by M.I.T. or BWH, or any terms of this Agreement in any promotional material or other public announcement or disclosure without the prior
written consent of M.I.T, and/or BWH, as applicable, which consent M.I.T. and/or BWH may withhold in its sole discretion. The foregoing notwithstanding, without the consent of M.I.T., COMPANY may make factual statements during the TERM (i) that
it is licensed by M.I.T. under the PATENT RIGHTS, and (ii) identifying the inventors of the PATENT RIGHTS and their affiliation with M.I.T., provided, however, that such statements may not be used in marketing, promotion, or
advertising. In addition, COMPANY may comply with disclosure requirements of all applicable laws relating to its business, including, without limitation, United States and state securities laws. 

M.I.T. shall not use the name of COMPANY or its AFFILIATES or SUBLICENSEES in any promotional material or other public announcement or
disclosure without the prior written consent of COMPANY or its AFFILIATES or SUBLICENSEES (as applicable). 
 11.4 Marking of LICENSED
PRODUCTS. To the extent commercially feasible and consistent with prevailing business practices, COMPANY will mark, and will cause its AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS that are manufactured or sold under this Agreement
with the number of each issued patent under the PATENT RIGHTS that applies to such LICENSED PRODUCT. 
 12. TERMINATION 

12.1 Voluntary Termination by COMPANY. COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at least
three (3) months prior written notice to M.I.T., such notice to state the date at least three (3) months in the future upon which termination is to be effective, and (ii) upon payment of all amounts due to M.I.T. through such
termination effective date. 
 12.2 Cessation of Business. If COMPANY ceases to carry on its business related to this Agreement,
M.I.T. shall have the right to terminate this Agreement immediately upon written notice to COMPANY. 
 12.3 Termination for Default.

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 27 

 (a) Nonpayment. In the event COMPANY fails to pay any amounts due and payable to
M.I.T. hereunder, and fails to make such payments within thirty (30) days after receiving written notice of such failure, M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 

(b) Material Breach. In the event COMPANY commits a material breach of its obligations under this Agreement, except for breach as
described in Section 12.3(a), and fails to cure that breach within ninety (90) days after receiving written notice thereof, M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 

12.4 Termination as a Consequence of PATENT CHALLENGE. 

(a) By COMPANY. If COMPANY or any of its AFFILIATES brings a PATENT CHALLENGE against M.I.T., or assists others in bringing a PATENT
CHALLENGE against M.I.T. (except as required under a court order or subpoena), then M.I.T. may immediately terminate this Agreement. 
 (b)
By SUBLICENSEE. If a SUBLICENSEE brings a PATENT CHALLENGE or assists another party in bringing a PATENT CHALLENGE (except as required under a court order or subpoena), then M.I.T. may send a written demand to COMPANY to terminate such
sublicense. If COMPANY fails to so terminate such sublicense within thirty (30) days after M.I.T.’s demand, M.I.T. may immediately terminate this Agreement. 

12.5 Disputes regarding Termination. If COMPANY disputes any termination by M.I.T. under this Section 12, it must notify M.I.T. of
the nature of such dispute and the proposed manner in which to resolve the dispute within [***] ([***]) days of receipt of notification of breach or notification of termination by M.I.T., whichever is sooner. If the parties do not
resolve such dispute within [***] ([***]) days of such notification, then COMPANY will be required to initiate the dispute resolution procedures outlined in Section 13.3(a) immediately. If it does not do so, COMPANY shall be
considered to have waived its rights to dispute the termination. 
 12.6 Effect of Termination. 

(a) Survival. The following provisions shall survive the expiration or termination of this Agreement: 

 

	 	•	 	 Article 1 (“Definitions”); 

 

	 	•	 	 Article 8 (“Indemnification and Insurance”); 

 

	 	•	 	 Article 9 (“Representations or Warranties”); 

 

	 	•	 	 Article 13 (“Dispute Resolution”); 

 

	 	•	 	 Article 14 (“Confidential Information”) 

 

	 	•	 	 Section 15 (“Miscellaneous”); 

 

	 	•	 	 Section 4.1(h) (“Consideration for Grant of Rights,” “Equity”) 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 28 

	 	•	 	 Section 5.2 (“Content of Reports and Payments”); 

 

	 	•	 	 Section 5.3 (“Records”); 

 

	 	•	 	 Section 11.1 (“Compliance With Laws”); 

 

	 	•	 	 Section 11.2 (“Export Control”); 

 

	 	•	 	 Section 12.5 (“Disputes regarding Termination”); and 

 

	 	•	 	 Section 12.6 (“Effect of Termination”). 

(b) Pre-termination Obligations. In no event shall termination of this Agreement release
COMPANY, AFFILIATES, or SUBLICENSEES from the obligation to pay any amounts that became due on or before the effective date of termination. 

13. DISPUTE RESOLUTION 

13.1 Mandatory Procedures. The parties agree that any dispute arising out of or relating to this Agreement will be resolved solely by
means of the procedures set forth in this Article, and that such procedures constitute legally binding obligations that are an essential provision of this Agreement. If either party fails to observe the procedures of this Article, as may be modified
by their written agreement, the other party may bring an action for specific performance of these procedures in any court of competent jurisdiction. 

13.2 Equitable Remedies. Although the procedures specified in this Article are the sole and exclusive procedures for the resolution
of disputes arising out of or relating to this Agreement, either party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is necessary to avoid irreparable harm to itself or to
preserve its rights under this Agreement. 
 13.3 Dispute Resolution Procedures. 

(a) Mediation. In the event of any dispute arising out of or relating to this Agreement, either party may initiate mediation upon
written notice to the other party (“Notice Date”) pursuant to Section 15.1, whereupon both parties will be obligated to engage in a mediation proceeding. Unless the parties agree otherwise, the mediation will commence within
[***] ([***]) days of the Notice Date. The mediation will be conducted by a single mediator in Boston, Massachusetts. The party requesting mediation will designate two (2) or more nominees for mediator in its notice. The other
party may accept one of the nominees or may designate its own nominees by notice addressed to the American Arbitration Association (AAA) and copied to the requesting party. If within, [***] ([***]) days following the request for
mediation, the parties have not selected a mutually acceptable mediator, a mediator shall be appointed by the AAA according to the Commercial Mediation Rules or otherwise as the parties agree. The mediator shall attempt to facilitate a negotiated
settlement of the dispute, but shall have no authority to impose any settlement terms on the parties. [***]. If neither party initiates mediation, the parties shall not be obliged to engage in a mediation proceeding, and either party may
pursue any other remedies legally available to resolve the dispute. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 29 

 (b) Trial Without Jury. If the dispute is not resolved by mediation within
[***] ([***]) days after commencement of mediation, each party shall have the right to pursue any other remedies legally available to resolve the dispute, provided, however, that, unless otherwise agreed, the parties
expressly waive any right to a jury trial in any legal proceeding under this Article. 
 13.4 Performance to Continue. Each party will
continue to perform its undisputed obligations under this Agreement pending final resolution of any dispute arising out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed
obligations during any period in which the other party fails or refuses to perform its undisputed obligations. Nothing in this Article is intended to relieve COMPANY from its obligation to make undisputed payments pursuant to Articles 4 and 6
of this Agreement. 
 13.5 Statute of Limitations. The parties agree that all applicable statutes of limitation and time-based
defenses (including, but not limited to, estoppel and laches) shall be tolled while the procedures set forth in Sections 13.3(a) are pending. The parties shall cooperate in taking any actions necessary to achieve this result. 

14. CONFIDENTIAL INFORMATION 

14.1 Obligations. For a period of [***] ([***]) years after disclosure, the Receiving Party shall (i) maintain such
CONFIDENTIAL INFORMATION in confidence, except that the Receiving Party may disclose or permit the disclosure of any CONFIDENTIAL INFORMATION to its directors, officers, employees, consultants, and advisors, as well as
co-owners of the PATENT RIGHTS and/or sponsors of the PATENT RIGHTS, who are obligated to maintain the confidential nature of such CONFIDENTIAL INFORMATION and who need to know such CONFIDENTIAL INFORMATION
for the purposes of this Agreement, and (ii) use such CONFIDENTIAL INFORMATION solely for the purposes of this Agreement. 
 14.2
Exceptions. The obligations of the Receiving Party under Section 14.1 above shall not apply to the extent that certain Confidential Information (i) was in the public domain prior to the time of its disclosure under this Agreement;
(ii) entered the public domain after the time of its disclosure under this Agreement through means other than an unauthorized disclosure resulting from an act or omission by the Receiving Party; (iii) was independently developed or
discovered by the Receiving Party without use of the Confidential Information; (iv) is or was disclosed to the Receiving Party at any time, whether prior to or after the time of its disclosure under this Agreement, by a third party having no
fiduciary relationship with the Disclosing Party and having no obligation of confidentiality with respect to such Confidential Information; or (v) is required to be disclosed to comply with applicable laws or regulations, or with a court or
administrative order, provided that the Disclosing Party receives reasonable prior written notice of such disclosure, and that information disclosed pursuant to clause (v) will only be exempt from the obligation of non-disclosure and non-use for the purpose of such disclosure required by law, regulation or court or administrative order, and not for any other purpose, and shall only be
disclosed to the extent required. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 30 

 14.3 Ownership and Return. The Receiving Party acknowledges that the Disclosing Party
(or any third party entrusting its own information to the Disclosing Party) claims ownership of its CONFIDENTIAL INFORMATION in the possession of the Receiving Party. Upon the expiration or termination of this Agreement, and at the request of the
Disclosing Party, the Receiving Party shall destroy or return to the Disclosing Party all originals, copies and summaries of documents, materials, and other tangible manifestations of CONFIDENTIAL INFORMATION in the possession or control of the
Receiving Party, except that the Receiving Party may retain one copy of the CONFIDENTIAL INFORMATION in the possession of its legal counsel solely for the purpose of monitoring its obligations under this Agreement. 

15. MISCELLANEOUS 
 15.1
Notice. Any notices required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be sent by hand, recognized national overnight courier, confirmed facsimile transmission, confirmed
electronic mail, or registered or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the parties: 
  

			
	If to M.I.T.:	  	Massachusetts Institute of Technology
		  	Technology Licensing Office, Room NE18-501
		  	255 Main Street
		  	Cambridge, MA 02142
		  	Attention: Director
		  	Tel: [***]
		  	Fax: [***]
		  	Email: [***]

 If, to M.I.T., notices regarding financial matters, including invoices: 

 

			
	Contact Name:	  	Financial Coordinator
		  	Massachusetts Institute of Technology
		  	Technology Licensing Office
		  	255 Main Street, Room NE 18-501
		  	Cambridge, MA 02142
		
	If to COMPANY:	  	Frequency Therapeutics Inc.
		  	300 Technology Square, 8th Floor
		  	Cambridge, MA 02139
		  	Tel: [***]

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 31 

 If, to COMPANY, notices regarding financial matters, including invoices: 

 

			
		  	Contact Name: [***]
		  	Department: Accounting
		  	Address: 300 Technology Square, 8th Floor, Cambridge, MA 02139
		  	Tel: [***]
		  	Email: [***]

 All notices under this Agreement shall be deemed effective upon receipt. A party may change its contact
information immediately upon written notice to the other party in the manner provided in this Section. 
 15.2 Governing
Law/Jurisdiction. This Agreement and all disputes arising out of or related to this Agreement, or the performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and
applied in accordance with the laws of the Commonwealth of Massachusetts, U.S.A., without regard to conflict of laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country
in which the patent shall have been granted. The state and federal courts having jurisdiction over Cambridge, MA, USA, provide the exclusive forum for any PATENT CHALLENGE and/or any court action between the parties relating to this Agreement.
COMPANY submits to the jurisdiction of such courts and waives any claim that such court lacks jurisdiction over COMPANY or its AFFILIATES or constitutes an inconvenient or improper forum. 

15.3 Force Majeure. Neither party will be responsible for delays resulting from causes beyond the reasonable control of such party,
including without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this
Agreement with reasonable dispatch whenever such causes are removed. 
 15.4 Amendment and Waiver. This Agreement may be amended,
supplemented, or otherwise modified only by means of a written instrument signed by both parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed as an agreement to
waive any rights or fail to act in any other instance, whether or not similar. 
 15.5 Severability. In the event that any provision
of this Agreement shall be held invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve
(to the extent possible) their original intent. If the parties fail to reach a modified agreement within thirty (30) days after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the
procedures set forth in Article 13. While the dispute is pending resolution, this Agreement shall be construed as if such provision were deleted by agreement of the parties. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 32 

 15.6 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties and their respective permitted successors and assigns. 
 15.7 Headings. All headings are for convenience only and shall
not affect the meaning of any provision of this Agreement. 
 15.8 Entire Agreement. This Agreement constitutes the entire agreement
between the parties with respect to its subject matter and supersedes all prior agreements or understandings between the parties relating to its subject matter. 

{Signature Page Follows} 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 33 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly
authorized representatives. 
 The EFFECTIVE DATE of this Agreement is December 13, 2016. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	  	        	  	FREQUENCY THERAPEUTICS, INC.
					
	By:	  	 /s/ Lesley Millar-Nicholson
	  		  	By:	  	 /s/ David Lucchino

	Name:	  	Lesley Millar-Nicholson	  		  	Name:	  	David Lucchino
	Title:	  	 Director,
 Technology Licensing Office
	  		  	Title:	  	CEO
				
	 MASSACHUSETTS INSTITUTE OF TECHNOLOGY
	  		  		  	
					
	 By:
	  	 /s/ Maria T. Zuber
	  		  		  	
	 Name:
	  	Maria T. Zuber	  		  		  	
	Title:	  	Vice President for Research	  		  		  	
		  	E.A. Griswold Professor of Geophysics	  		  		  	

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 34 

 APPENDIX A 

List of Patent Applications and Patents 

[***] 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 35 

 APPENDIX B 

List of Countries (excluding United States) for which 

PATENT RIGHTS Applications Will Be Filed, Prosecuted and Maintained 

[***] 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 36 

 APPENDIX C 

Annex 4.1(h)(iv) 

Anti-Dilution Protection After Funding Threshold1 

 

	1.	 Adjustments for Certain Dilutive Issuances. 

 

	 	(a)	 Definitions. For purposes of this Section 1, the following definitions shall apply:

 (i) “Additional Shares of Common Stock” shall mean all shares of Common Stock issued (or, pursuant to
Section 1(b) below, deemed to be issued) by the COMPANY after the Threshold Date, other than (1) the following shares of Common Stock and (2) shares of Common Stock deemed issued pursuant to the following Options and Convertible
Securities (clauses (1) and (2), collectively, “Exempted Securities”): 
 (A) shares of Common Stock issued pursuant
to the terms of this Section l; 
 (B) shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock
split, split-up or other distribution on all then outstanding shares of Common Stock; or 
 (C)
shares of Common Stock or Convertible Securities actually issued upon the exercise of Options or shares of Common Stock actually issued upon the conversion or exchange of Convertible Securities, in each case provided such issuance is pursuant
to the terms of such Option or Convertible Security. 
 (ii) “Convertible Securities” shall mean any evidences of
indebtedness, shares or other securities directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options. 

 

	1 	 Draft Note: The provisions of this Annex are intended to provide customary broad-based weighted-average
anti-dilution protection and are based on the anti-dilution provisions contained in the model legal documents published by the National Venture Capital Association (NVCA). The principal component in this Annex that is not contained in the NVCA model
is Section 1(d) of this Annex, which provides for the issuance of additional common stock to give effect to anti-dilution adjustments (unlike the NVCA form, which is premised solely on an adjustment of
the conversion ratio of convertible preferred stock). 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 37 

 (iii) “Options” shall mean rights, options or warrants to subscribe for,
purchase or otherwise acquire Common Stock or Convertible Securities. 
 (iv) “Share Price” shall mean the Threshold Share
Price, subject to adjustment following the Threshold Date as provided in this Section 1. 
 (v) “Threshold Date” shall
mean the date of the Funding Threshold. 
 (vi) “Threshold Share Price” shall mean the fair market value per share of the
Common Stock as of the Threshold Date, as determined in good faith by the Board of Directors of the COMPANY by the reasonable application of a reasonable valuation method in accordance with the provisions of Treasury Regulation § 1.409A-l(b)(iv)(B), subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Common Stock occurring after the
Threshold Date. On or as soon as reasonably practicable following the Threshold Date, the COMPANY shall give written notice to each Shareholder of the Threshold Share Price as determined in accordance with the foregoing, together with reasonable
supporting details. Upon the reasonable request of a Shareholder, the COMPANY shall afford such Shareholder a reasonable opportunity to consult with management of the COMPANY in connection with the determination of the Threshold Share Price, whether
prior to or after such determination has been made. 
 (vii) “Threshold Shares” shall mean, with respect to each
Shareholder, the number of shares of Common Stock held by such Shareholder as of the Threshold Date, subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the
Common Stock occurring after the Threshold Date. 
  

	 	(b)	 Deemed Issue of Additional Shares of Common Stock. 

(i) If the COMPANY at any time or from time to time after the Threshold Date shall issue any Options or Convertible Securities (excluding
Options or Convertible Securities which are themselves Exempted Securities) or shall fix a record date for the determination of holders of any class of securities entitled to receive any such Options or Convertible Securities, then the maximum
number of shares of Common Stock (as set forth in the instrument relating thereto, assuming the satisfaction of any conditions to exercisability, convertibility or exchangeability but without regard to any provision contained therein for a
subsequent adjustment of such number) issuable upon the exercise of such Options or, in the case of Convertible Securities and Options therefor, the conversion or exchange of such Convertible Securities, shall be deemed to be Additional Shares of
Common Stock issued as of the time of such issue or, in case such a record date shall have been fixed, as of the close of business on such record date. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 38 

 (ii) If the terms of any Option or Convertible Security, the issuance of which resulted in
an adjustment to the Share Price pursuant to the terms of Section 1(c) below are revised as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security to provide for either
(1) any increase or decrease in the number of shares of Common Stock issuable upon the exercise, conversion and/or exchange of any such Option or Convertible Security or (2) any increase or decrease in the consideration payable to the
COMPANY upon such exercise, conversion or exchange, then, effective upon such increase or decrease becoming effective, the Share Price computed upon the original issue of such Option or Convertible Security (or upon the occurrence of a record date
with respect thereto) shall be readjusted to such Share Price as would have obtained had such revised terms been in effect upon the original date of issuance of such Option or Convertible Security. Notwithstanding the foregoing, no readjustment
pursuant to this clause (ii) shall have the effect of increasing the Share Price to an amount which exceeds the lower of (A) the Share Price in effect immediately prior to the original adjustment made as a result of the issuance of such
Option or Convertible Security, or (B) the Share Price that would have resulted from any issuances of Additional Shares of Common Stock (other than deemed issuances of Additional Shares of Common Stock as a result of the issuance of such Option
or Convertible Security) between the original adjustment date and such readjustment date. 
 (iii) If the terms of any Option or Convertible
Security (excluding Options or Convertible Securities which are themselves Exempted Securities), the issuance of which did not result in an adjustment to the Share Price pursuant to the terms of Section 1(c) (either because the consideration
per share (determined pursuant to Section 1(e)) of the Additional Shares of Common Stock subject thereto was equal to or greater than the Share Price then in effect, or because such Option or Convertible Security was issued on or before the
Threshold Date), are revised after the Threshold Date as a result of an amendment to such terms or any other adjustment pursuant to the provisions of such Option or Convertible Security to provide for either (1) any increase in the number of
shares of Common Stock issuable upon the exercise, conversion or exchange of any such Option or Convertible Security or (2) any decrease in the consideration payable to the COMPANY upon such exercise, conversion or exchange, then such Option or
Convertible Security, as so amended or adjusted, and the Additional Shares of Common Stock subject thereto (determined in the manner provided in Section 1 (b)(i)) shall be deemed to have been issued effective upon such increase or decrease
becoming effective. 
 (iv) Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security
(or portion thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the Share Price pursuant to the terms of Section 1(c), the Share Price shall be readjusted to such Share Price as would
have been obtained had such Option or Convertible Security (or portion thereof) never been issued. 
 (v) If the number of shares of Common
Stock issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the COMP ANY upon such exercise, conversion and/or exchange, is calculable at the time such Option or Convertible
Security is issued or amended but is subject to adjustment based 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 39 

 
upon subsequent events, any adjustment to the Share Price provided for in this Section 1(b) shall be effected at the time of such issuance or amendment based on such number of shares or
amount of consideration without regard to any provisions for subsequent adjustments (and any subsequent adjustments shall be treated as provided in clauses (ii) and (iii) of this Section 1 (b)). If the number of shares of Common Stock
issuable upon the exercise, conversion and/or exchange of any Option or Convertible Security, or the consideration payable to the COMPANY upon such exercise, conversion and/or exchange, cannot be calculated at all at the time such Option or
Convertible Security is issued or amended, any adjustment to the Share Price that would result under the terms of this Section 1(b) at the time of such issuance or amendment shall instead be effected at the time such number of shares and/or
amount of consideration is first calculable (even if subject to subsequent adjustments), assuming for purposes of calculating such adjustment to the Share Price that such issuance or amendment took place at the time such calculation can first be
made. 
 (c) Adjustment of Share Price Upon Issuance of Additional Shares of Common Stock. In the event the COMPANY shall at any time
after the Threshold Date issue Additional Shares of Common Stock (including Additional Shares of Common Stock deemed to be issued pursuant to Section 1(b)), without consideration or for a consideration per share less than the Share Price in
effect immediately prior to such issue, then the Share Price shall be reduced, concurrently with such issue of Additional Shares of Common Stock, to a price (calculated to the nearest one- hundredth of a cent)
determined in accordance with the following formula; 
 P2 = P1*(A + B) ÷ (A + C). 
 For purposes of the foregoing formula, the following definitions shall
apply: 
 (i) “P2” shall mean the Share Price in effect immediately after
such issue of Additional Shares of Common Stock; 
 (ii) “P1” shall mean
the Share Price in effect immediately prior to such issue of Additional Shares of Common Stock; 
 (iii) “A” shall mean the number
of shares of Common Stock outstanding immediately prior to such issue of Additional Shares of Common Stock (treating for this purpose as outstanding all shares of Common Stock issuable upon exercise of Options outstanding immediately prior to such
issue or upon conversion or exchange of Convertible Securities outstanding (assuming exercise of any outstanding Options therefor) immediately prior to such issue); 

(iv) “B” shall mean the number of shares of Common Stock that would have been issued if such Additional Shares of Common Stock had
been issued at a price per share equal to P1 (determined by dividing the aggregate consideration received by the COMPANY in respect of such issue by P1); and 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 40 

 (v) “C” shall mean the number of such Additional Shares of Common Stock issued in
such transaction. 
 (d) Issuance of Anti-Dilution Shares Upon Adjustment of Share Price. In the event of any adjustment of the Share
Price pursuant to this Section 1, then the COMPANY shall issue to each Shareholder, concurrently with such adjustment of the Share Price, a number of shares of Common Stock, rounded up to the nearest whole number of shares (any such shares
issued pursuant to this Section 1(d), “Anti-Dilution Shares”) determined in accordance with the following formula (it being understood, for avoidance of doubt, that no such issuance shall be required unless the following
formula results in a positive number): 
 S3 = S1 * (TSP ÷ SP) – S1 - S2. 

For purposes of the foregoing formula, the following definitions shall apply: 

(i) “S3” shall mean the number of new Anti-Dilution Shares to be issued to
such Shareholder; 
 (ii) “S1” shall mean the Threshold Shares of such
Shareholder; 
 (iii) “S2” shall mean the aggregate number of Anti-Dilution
Shares, if any, issued to such Shareholder as determined immediately prior to such issue of new Anti-Dilution Shares (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization
with respect to the Common Stock); 
 (iv) “TSP” shall mean the Threshold Share Price; and 

(v) “SP” shall mean the Share Price then in effect (after giving effect to the adjustment thereto giving rise to this calculation
under Section 1(d)). 
 (e) Determination of Consideration. For purposes of this Section 1, the consideration received by
the COMPANY for the issue of any Additional Shares of Common Stock shall be computed as follows: 
 (i) Cash and Property. Such
consideration shall: 
 (A) insofar as it consists of cash, be computed at the aggregate amount of cash received by the COMPANY, excluding
amounts paid or payable for accrued interest; 
 (B) insofar as it consists of property other than cash, be computed at the fair market
value thereof at the time of such issue, as determined in good faith by the Board of Directors of the COMPANY; and 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 41 

 (C) in the event Additional Shares of Common Stock are issued together with other shares or
securities or other assets of the COMPANY for consideration which covers both, be the proportion of such consideration so received, computed as provided in (A) and (B) above, as determined in good faith by the Board of Directors of the COMPANY.

 (ii) Options and Convertible Securities. The consideration per share received by the COMPANY for Additional Shares of Common Stock
deemed to have been issued pursuant to Section 1(b), relating to Options and Convertible Securities, shall be determined by dividing: 

(A) the total amount, if any, received or receivable by the COMPANY as consideration for the issue of such Options or Convertible Securities,
plus the minimum aggregate amount of additional consideration (as set forth in the instruments relating thereto, without regard to any provision contained therein for a subsequent adjustment of such consideration) payable to the COMPANY upon the
exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible
Securities, by 
 (B) the maximum number of shares of Common Stock (as set forth in the instruments relating thereto, without regard
to any provision contained therein for a subsequent adjustment of such number) issuable upon the exercise of such Options or the conversion or exchange of such Convertible Securities, or in the case of Options for Convertible Securities, the
exercise of such Options for Convertible Securities and the conversion or exchange of such Convertible Securities. 
 (f) Certificate as
to Adjustments. Upon the occurrence of each adjustment or readjustment of the Share Price pursuant to this Section 1, the COMPANY at its expense shall, as promptly as reasonably practicable, compute such adjustment or readjustment in
accordance with the terms hereof and furnish to each Shareholder a certificate setting forth (i) such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based and (ii) the number of
Anti-Dilution Shares issued or to be issued to such Shareholder as a result of such adjustment or readjustment. The COMPANY shall, as promptly as reasonably practicable after the written request at any time of any Shareholder, furnish or cause to be
furnished to such holder a certificate setting forth the Share Price and the Threshold Share Price then in effect. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 42 

 EXHIBIT A 

CONFLICT AVOIDANCE STATEMENT 

[***] 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 43 

 EXHIBIT B 

INVENTOR/AUTHOR ACKNOWLEDGMENT 

OF NO FINANCIAL INTEREST IN MIT’S EQUITY 

Form Version 7/14/2010 

[***] 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 44 

 EXHIBIT C 

CONFLICT AVOIDANCE STATEMENT 

[***] 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 45 

 EXHIBIT D 

INVENTOR/AUTHOR ACKNOWLEDGMENT 

OF NO FINANCIAL INTEREST IN MIT’S EQUITY 

Form Version 7/14/2010 

[***] 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 46 

 Massachusetts Institute of Technology 

and 
 Frequency
Therapeutics Inc. 
 FIRST AMENDMENT 

This FIRST AMENDMENT, effective as of May 10, 2019, is made by and between the Massachusetts Institute of Technology, a nonprofit
research institution having a principal address at 77 Massachusetts Avenue, Cambridge, MA 02139 (“MIT”) and Frequency Therapeutics Inc., a Delaware corporation, with a principal place of business at 300 Technology Square, 8th Floor,
Cambridge, MA 02139 (“COMPANY”) (each individually a “Party” and collectively the “Parties”) and amends that certain Exclusive Patent License between the Parties with an Effective Date of December 13, 2016, (the
“LICENSE AGREEMENT”) (MIT No. 4914538). Capitalized terms used herein without definition shall have the meaning given such terms in the LICENSE AGREEMENT. 

WHEREAS, pursuant to Section 3.1(f) of the LICENSE AGREEMENT, COMPANY is obligated to provide a development plan with mutually acceptable
diligence milestones for a second LICENSED PRODUCT; 
 WHEREAS, COMPANY has provided the diligence milestones for a second LICENSED PRODUCT
to MIT; 
 NOW, THEREFORE, the Parties agree to amend the LICENSE AGREEMENT as follows: 

1. Section 3.1(f) of the LICENSE AGREEMENT is hereby deleted in its entirety and replaced with the following: 

“3.1 (f) Second LICENSED PRODUCT. 
  

	 	(1)	 On or before [***], COMPANY shall advance a DEVELOPMENT CANDIDATE for a second LICENSED PRODUCT to ADME
and toxicology studies in support of an IND (or equivalent) for human studies. 

  

	 	(2)	 On or before [***], COMPANY shall file an IND for a second LICENSED PRODUCT. 

 

	 	(3)	 On or before [***], COMPANY shall commence dosing of individuals in a PHASE 2 CLINICAL TRIAL for a
second LICENSED PRODUCT. 

 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such
excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

	 	(4)	 On or before [***], COMPANY shall commence dosing of individuals in a PHASE 3 CLINICAL TRIAL for a
second LICENSED PRODUCT. 

  

	 	(5)	 On or before [***], COMPANY shall file a New Drug Application (or equivalent) with the FDA or comparable
European regulatory agency for a second LICENSED PRODUCT. 

  

	 	(6)	 On or before [***], COMPANY shall make a FIRST COMMERCIAL SALE of a second LICENSED PRODUCT.

 2. Except as specifically amended herein, the terms and conditions of the LICENSE AGREEMENT shall remain in full force
and effect. 
 IN WITNESS WHEREOF, the parties have caused this FIRST AMENDMENT to be executed by their duly authorized representatives as
of May 10,2019. 
  

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	  	        	  	COMPANY
					
	By:	  	 /s/ Lauren C. Foster
	  		  	By:	  	 /s/ Chris Loose

	Name:	  	Lauren C. Foster	  		  	Name:	  	Chris Loose
	Title:	  	Associate Director, MIT TLO	  		  	Title:	  	Chief Scientific Officer

 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed.EX-10.11

 Exhibit 10.11 

NON-EXCLUSIVE PATENT LICENSE AGREEMENT 

MEE Agreement No: [***] 

MEE Case Nos: [***] 
 This Non-Exclusive Patent License Agreement (“Agreement”) is made as of the 7th day of February, 2019 (“Effective Date”), by and between Frequency Therapeutics, Inc., a Delaware corporation, having a
principal place of business at 19 Presidential Way, Woburn, MA 01801 (“Company”) and Massachusetts Eye and Ear Infirmary, a not-for-profit Massachusetts
corporation, with a principal place of business at 243 Charles Street, Boston, Massachusetts 02114 (“Hospital”), each referred to herein individually as a “Party” and collectively as the “Parties”. 

RECITALS 
 Hospital, as a
center for patient care, research and education, is the owner of certain Patent Rights (defined below) and desires to grant a license of those Patent Rights to Company in order to benefit the public by disseminating the results of its research via
the commercial development, manufacture, distribution and use of Products and Processes (defined below). 
 Company has the capability to
commercially develop, manufacture, distribute and use Products and Processes for public use and benefit and desires to license such Patent Rights. 

For good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 

1.    CERTAIN DEFINITIONS 

As used in this Agreement, the following terms shall have the following meanings, unless the context requires otherwise. 

1.1    “Affiliate” with respect to either Party shall mean any corporation or other legal entity other than that Party in
whatever country organized, controlling, controlled by or under common control with that Party. The term “control” shall mean (i) in the case of Company, direct or indirect ownership of fifty percent (50%) or more of the voting
securities having the right to elect directors, and (ii) in the case of Hospital, the power, direct or indirect, to elect or appoint fifty percent (50%) or more of the directors or trustees, or to cause direction of management and policies,
whether through the ownership of voting securities, by contract or otherwise. 
 1.2    “Claim” shall mean any issued
claim or claim pending for not more than [***] ([***]) years from the date of filing of the PCT patent application designating the country, of any Patent Right that has not been permanently revoked, nor held unenforceable or
invalid by a decision of a court or other governmental agency of competent jurisdiction that is unappealable or unappealed in the time allowed for appeal, that a Product or Process would infringe but for this license. 

 
 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 1 

 1.3    “Distributor” shall mean any third party entity to whom Company,
or a Company Affiliate has granted, express or implied, the right to distribute any Product or Process pursuant to Section 2.1(b)(ii). 

1.4    “First Commercial Sale” shall mean the initial arm’s length commercial Sale anywhere in the applicable
License Territory of a Product or Process, after approval if necessary by the appropriate regulatory agency in the country of sale, covered by a Claim of Patent Rights. 

1.5    “License Field” shall mean the treatment or prevention of hearing loss. 

1.6    “License Territory” shall mean worldwide. 

1.7    “Manufacturer” shall mean any third party entity to whom Company, or a Company Affiliate has granted, express or
implied, the right to manufacture or formulate any Product or intermediate thereof or use any Process solely for the purpose of supplying the active pharmaceutical ingredient (API) or an intermediate thereof in the manufacture of the API, or to
produce the dosage form or a component of the dosage form to assist Company or its Affiliate or Distributor to sell the Product, an intermediate of the Product, or use the Process. 

1.8    “Net Sales” shall be calculated as set forth in this Section 1.7. 

 

	 	(a)	 Subject to the conditions set forth below, “Net Sales” shall mean: 

 

	 	(i)	 the gross amount billed or invoiced, or if no such bill or invoice is issued the amount received, whichever is
greatest, by Company and its Affiliates for or on account of Sales of Products and Processes; 

  

	 	(ii)	 less the following amounts: 

 

	 	(A)	 to the extent separately stated on the bill or invoice or actually paid by Company and its Affiliates in
effecting such Sale: 

  

	 	1.	 amounts repaid or credited by reason of rejection or return of applicable Products or Processes;

  

	 	2.	 reasonable and customary trade, quantity or cash rebates or discounts to the extent allowed and taken;

  

	 	3.	 amounts for outbound transportation, insurance, handling and shipping, but only to the extent separately
invoiced in a manner that clearly specifies the charges applicable to the applicable Products; and 

  

	 	4.	 taxes, customs duties and other governmental charges levied on or measured by Sales of Products or Processes,
to the extent separately invoiced, whether paid by or on behalf of Company so long as Company’s price is reduced thereby, but not franchise or income taxes of any kind whatsoever. 

 
 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 2 

	 	(B)	 the gross amount billed or invoiced, or if no such bill or invoice is issued the amount received, whichever is
greatest, by Company and its Affiliates for or on account of Sales of Products and Processes to Hospital and Hospital’s Affiliates. 

  

	 	(b)	 Specifically excluded from the definition of “Net Sales” are amounts attributable to any Sale of any
Product or Process between or among Company and any Company Affiliate, Distributor or Manufacturer, unless the transferee is the end purchaser, user or consumer of such Product or Process. 

 

	 	(c)	 Net Sales shall be deemed to have occurred and the applicable Product or Process “Sold” on the
earliest of the date of billing, invoicing, delivery or payment or the due date for payment. 

  

	 	(d)	 If any Product or Process is Sold at a discounted price that is lower than the customary price charged for a
Product under similar circumstances in that specific country and region, or for non-cash consideration (whether or not at a discount), Net Sales shall be calculated based on the
non-discounted cash amount charged to an independent third party for the Product or Process during the same Reporting Period or, in the absence of such transaction, on the fair market value of the Product or
Process. 

 1.9    “Patent Rights” shall mean the rights and interests in and to issued patents and
pending patent applications in MEEI Family Case Numbers in Appendix A (which, for purposes of this Agreement, include certificates of invention, applications for certificates of invention and priority rights) in any country or region,
including all provisional applications, normal utility and invention applications, substitutions, continuations, divisions, renewals, all letters patent granted thereon, and all reissues, re-examinations and
extensions thereof, Patent Term Adjustments, Patent Term Extensions, European Supplementary Patent Certificates, and the equivalents thereof in other countries, and all foreign counterparts of any of the foregoing, including those filed under the
Patent Cooperation Treaty, the Paris Convention or any other patent treaty, and corresponding national stage entries and validations, which claim priority to, or is a priority application or patent for, those patents or patent applications set forth
in Appendix A. 
 1.10    “Process” shall mean any process, method or service the use or performance of which,
in whole or in part, absent the license granted hereunder would infringe one or more Claims of Patent Rights. 

1.11    “Product” shall mean any article, device or composition, the manufacture, use, or sale of which, in whole or in
part, absent the license granted hereunder would infringe one or more Claims of Patent Rights. 
  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 3 

 1.12    “Reporting Period” shall mean each three-month period ending March 31, June 30, September 30 and December 31. 

1.13    “Sell” (and “Sale” and “Sold” as the case may be) shall mean to sell or have sold, to lease
or have leased, to import or have imported or otherwise to transfer or have transferred a Product or Process for valuable consideration (in the form of cash or otherwise), and further in the case of a Process, to use or perform such Process for the
benefit of a third party, in a commercial arms-length transaction. 
 2.    NON-EXCLUSIVE LICENSE 
 2.1    Grant of Non-Exclusive License. 
  

	 	(a)	 Subject to the terms of this Agreement and Hospital’s rights in Patent Rights, Hospital hereby grants to
Company in the License Field in the License Territory, a non-exclusive, non-sublicensable, royalty-bearing license in rights
including Claims of Patent Rights to make, have made, use, have used, Sell and have Sold Products and Processes. 

  

	 	(b)	 The license granted in Section 2.1(a) above includes: 

 

	 	(i)	 the right to grant to the final purchaser, user or consumer of Products the right to use such purchased
Products in a method coming within the scope of Patent Rights within the License Field and License Territory; and 

  

	 	(ii)	 the right to grant a Distributor the right to Sell (but not to make, have made, use or have used) such Products
and/or Processes for or on behalf of Company or its Affiliates in a manner consistent with this Agreement. 

  

	 	(iii)	 the right to grant a Manufacturer the right to manufacture or formulate any Product or intermediate thereof or
use any Process solely for the purpose of supplying the active pharmaceutical ingredient (API) or an intermediate thereof in the manufacture of the API, or to produce the dosage form or a component of the dosage form to assist Company or its
Affiliate or Distributor to sell the Product or use the Process. 

  

	 	(c)	 The foregoing license grant shall include the grant of such license to any Affiliate of Company, provided that
such Affiliate shall assume the same obligations as those of Company and be subject to the same terms and conditions hereunder; and further provided that Company shall be responsible for the performance of all of such obligations and for compliance
with all of such terms and conditions by Affiliate. Company shall provide to Hospital a fully signed, non-redacted copy of each agreement with each Affiliate that assumes the aforesaid obligations, including
all exhibits, attachments and related documents and any amendments, within [***] ([***]) days of request by Hospital. 

  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 4 

 2.2    No Sublicenses. This Agreement does not grant any right to sublicense
unless otherwise authorized by this Agreement. 
  

	 	(a)	 Hospital will offer licenses to Company’s partners (other than Distributors and Manufacturers) within
[***] ([***]) business days of a written request by Company, using a license agreement in the form and financial terms as attached to this Agreement in Appendix D, with the exception that the license agreement in Appendix
D may be modified solely to be consistent with an updated Hospital standard template for such agreements, and without affecting the financial terms. Throughout the period of this Agreement Hospital shall retain sufficient Patent Rights in the
Field such that it will be able to grant nonexclusive licenses to Company’s partners. 

 2.3    Retained
Rights; Requirements. Any and all licenses granted hereunder are subject to: 
  

	 	(a)	 the right of Hospital and Hospital’s Affiliates and academic, government and not-for-profit institutions to make and to use the subject matter described and/or claimed in the Patent Rights; and 

 

	 	(b)	 for Patent Rights supported by federal funding, the rights, conditions and limitations imposed by U.S. law
(see 35 U.S.C. § 202 et seq. and regulations pertaining thereto), including without limitation: 

  

	 	(i)	 the royalty-free non-exclusive
license granted to the U.S. government; and 

  

	 	(ii)	 the requirement that any Products used or sold in the United States shall be manufactured substantially in the
United States. 

 2.4    No Additional Rights. It is understood that nothing in this Agreement shall be
construed to grant Company or any of its Affiliates a license, express or implied, under any patent owned solely or jointly by Hospital other than the Patent Rights expressly licensed hereunder. Subject to the license granted herein, Hospital shall
have the right to license any Patent Rights to any other party for any purpose. 
 3.    DUE DILIGENCE OBLIGATIONS

 3.1    Diligence Requirements. Company shall use, and shall cause its Affiliates, as applicable, to use, best efforts to
develop and make available to the public Products and Processes throughout the License Territory in the License Field. Such efforts shall include achieving the following objectives within the time periods designated below following the Effective
Date: 
  

	 	(a)	 Pre-Sales Requirements. 

 

	 	(i)	 December 31, 2020: Dose first patient in a Phase II trial 

 

	 	(ii)	 December 31, 2024: Dose first patient in a Phase III trial 

 
  
 [***] Certain
information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly
disclosed. 

  
 5 

	 	(b)	 Post-Sales Requirements. 

 

	 	(i)	 Following the First Commercial Sale in any country in the License Territory, Company shall use reasonable
efforts to make continuing Sales in such country as allowed by law and the competitive market, buyer demand, the reasonable ability to manufacture and if necessary, import or export the Product, and freedom to operate. 

Achievement of the foregoing objectives shall be deemed to satisfy Company’s obligations to use best efforts under this Section 3.1. 

3.2    Diligence Failures. If Hospital determines that Company has failed to fulfill any of its obligations under Section 3.1,
then Hospital may treat such failure as a default and may terminate this Agreement and/or any license granted hereunder in accordance with Section 10.4. 

3.3    Diligence Reports. Company shall provide all reports with respect to its obligations under Section 3.1 as set forth in
Section 5. 
 4.    PAYMENTS AND ROYALTIES 

4.1    License Issue Fee. Company shall pay Hospital a non-refundable license issue fee in
the amount of twenty thousand dollars ($20,000.00) [***]. 
 4.2    Patent Cost Reimbursement. Company shall reimburse
Hospital [***] of all unreimbursed past costs and [***] or, if more than one other licensee, its pro rata share of future costs associated with the preparation, filing, prosecution and maintenance of all Patent Rights (“Patent
Costs”), provided that no other licensee has previously reimbursed Hospital for Patent Costs. However, Patent Costs do not include [***] If there are more than two licensees, Company shall the pay
pro-rata share of the Patent Costs (e.g., 1/number of licensees). For clarity, unless otherwise stated in Section 4.8 (a), Company and its Company Licensees together shall be counted as 1 pro-rata share. As of the Effective Date, Hospital has incurred approximately [***] in unreimbursed Patent Costs, [***] of which Company shall pay to Hospital upon execution of this Agreement. Company
shall pay to Hospital, or at Hospital’s request directly to patent counsel, [***] or its pro-rata share, as applicable, of all other Patent Costs within [***] ([***]) days of
Company’s receipt of an invoice for such Patent Costs either from Hospital. 
 4.3    Annual License Fee; Annual Minimum
Royalty. 
  

	 	(a)	 Before First Commercial Sale. Prior to the First Commercial Sale, Company shall pay to Hospital the
following non-refundable amounts as an annual license fee within [***] ([***]) days after each of the following anniversaries of the Effective Date: 

 

	 	(i)	 beginning on the first anniversary of the Effective Date: five thousand dollars ($5,000.00) for per each MEEI
Patent Family Case Number included in Patent Rights on each anniversary of the Effective Date, thereafter until after First Commercial Sale or: 

  

	 	(ii)	 beginning on the fifth anniversary of the Effective Date: seven thousand
five-hundred dollars ($7,500.00) per each MEEI Patent Family Case Number included in Patent Rights on each anniversary of the Effective Date thereafter until after First Commercial Sale, for any specific MEEI
Patent Family Case number. 

  
 [***] Certain information in this
document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 6 

	 	(b)	 After First Commercial Sale. Following the First Commercial Sale of a Product covered by a claim of a
Patent contained a specific MEEI Patent Family Case Number (“Case Number”), Company shall pay Hospital a non-refundable minimum annual royalty in the amount of fifteen thousand dollars ($15,000.00)
for each such MEEI Patent Family Case Number included in Patent Rights per year within [***] ([***]) days after each annual anniversary of the Effective Date. The annual minimum royalty shall be credited against royalties subsequently
due on Net Sales made during the same calendar year, if any, and shall also be credited against royalties due on Net Sales made in the following year (e.g., the Annual License Fee of $[***] paid in 2025 would be creditable against
Royalties due in 2025 and 2026, but in no other future year). 

 4.4    Milestone Payments. In addition to the
payments set forth in Sections 4.1 through 4.3 above, Company shall pay Hospital milestones on the first Product (and only one time for that Product) that is in human clinical trials as follows: 

 

	 	(a)	 [***] dollars ($[***]) within [***] ([***]) days of [***]; and

  

	 	(b)	 [***] dollars ($[***]) within [***] ([***]) days of [***]; and

  

	 	(c)	 [***] dollars ($[***]) within [***] ([***]) days of [***].

 4.5    Royalties. 
  

	 	(a)	 Beginning with the First Commercial Sale in the License Territory on a country by country basis with a Claim,
Company shall pay Hospital during the term of any license granted under Section 2.1(a) [***] percent ([***]%) of the Net Sales of all Products and Processes. 

 

	 	(b)	 All payments due to Hospital under this Section 4.5 shall be due and payable by Company within
[***] ([***]) days after the end of each Reporting Period, and shall be accompanied by a report as set forth in Sections 5.3 and 5.4. 

4.6    Form of Payment. All payments due under this Agreement shall be drawn on a United States bank and shall be payable in United
States dollars. Each payment shall reference this Agreement and its Agreement Number and identify the obligation under this Agreement that the payment satisfies. Conversion of foreign currency to U.S. dollars shall be made at the conversion rate
existing in the United States, as reported in The Wall Street Journal, on the last working day of the applicable Reporting Period, Such payments shall be without deduction of exchange, collection or other charges, and, specifically, without
deduction of withholding or similar taxes or other government imposed fees or taxes, except as permitted in the definition of Net Sales. 
  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 7 

 Checks for all payments due to the Hospital under this Agreement shall be made payable to the Hospital and
addressed as set forth below: 
 Massachusetts Eye and Ear Infirmary 

Office of Intellectual Property & Commercial Ventures 

243 Charles Street 
 Boston, MA
02114 
 Reference Agreement #: [***] 

Payments via wire transfer should be made as follows: 

Massachusetts Eye & Ear Infirmary General Fund 

[***] 
 Reference Agreement
#: [***] 
 4.7    Overdue Payments. The payments due under this Agreement shall, if overdue, bear interest beginning on
the first day following the Reporting Period to which such payment was incurred and until payment thereof at a per annum rate equal to [***] percent ([***]%) above the prime rate in effect on the due date as reported by The Wall Street
Journal, such interest rate being compounded on the last day of each Reporting Period, not to exceed the maximum permitted by law. Any such overdue payments when made shall be accompanied by all interest so accrued. Said interest and the payment and
acceptance thereof shall not preclude Hospital from exercising any other rights it may have as a consequence of the lateness of any payment. 

4.8    Payments will not be paid by both Company and Company Licensee. 

 

	 	(a)	 Patent costs under Section 4.2 will not be paid by both Company and Company Licensee, acting under a
separate agreement with Hospital pursuant to Section 2.2, unless both companies are independently and separately using the licensed Patent Rights listed in Appendix A for different Products. For clarity, if Company enters into a license
with Company Licensee that transfers the obligation for Product development to Company Licensee, then Company Licensee and not Company will be obligated to pay the pro-rata share of the patent costs under the
separate agreement with Hospital pursuant to Section 2.2, and the two companies will not each be considered separate licensees paying patent costs unless Company also separately relies on Patent Rights for a Product other than that licensed to
Company Licensee. 

  

	 	(b)	 Annual Minimum Royalties under Section 4.3, Milestone Payments under Section 4.4, and Royalties under
Section 4.5 shall not be paid by both Company and the Company Licensee acting under a separate agreement with Hospital pursuant to Section 2.2, for the development of a Product licensed from Company to Company Licensee. These payment
obligations will become the responsibility of Company Licensee. 

  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 8 

	 	(c)	 For clarity, if Company and Company Licensee are each selling Product in different territories, then each of
Company and Company Licensee shall be responsible to pay Royalties under Section 4.5 for their individual sales. However, only one set of Annual Minimum Royalties under Section 4.3 and one set of Milestone Payments under Section 4.4
shall be due for a Product, which Company shall be responsible for unless that responsibility has been transferred to Company Licensee in its agreement. Company shall provide written notification to Hospital regarding which entity shall make each
payment due under Section 4.3 and 4.4. 

 5.    REPORTS AND RECORDS 

5.1    Diligence Reports. Within [***] ([***]) days after the end of each calendar year, Company shall report in
writing to Hospital on progress made toward the objectives set forth in Section 3.1 during such preceding 12-month period, including, without limitation, progress on research and development, status of
applications for regulatory approvals, manufacturing, and marketing. 
 5.2    Milestone Achievement Notification. Company shall
report to Hospital the dates on which it achieves the milestones set forth in Section 4.4 within [***] ([***]) days of each such occurrence. 

5.3    Sales Reports. Company shall report to Hospital the date of the First Commercial Sale of a Product or Process in each
country of the License Territory which infringes a Claim within [***] ([***]) days of each such occurrence. Following the First Commercial Sale, Company shall deliver reports to Hospital within [***] ([***]) days after
the end of each Reporting Period. Each report under this Section 5.3 shall have substantially the format outlined in Appendix B, shall be certified as correct by an officer of Company and shall contain at least the following information
as may be pertinent to a royalty accounting hereunder for the immediately preceding Reporting Period: 
  

	 	(a)	 the number of Products and Processes Sold by Company and its Affiliates in each country for which a royalty is
due; 

  

	 	(b)	 the amounts billed, invoiced and received by Company and its Affiliates for each Product and Process, in each
country for which a royalty is due, and total billings or payments due or made for all Products and Processes; 

  

	 	(c)	 calculation of Net Sales for the applicable Reporting Period in each country for which a royalty is due,
including an itemized listing of permitted offsets and deductions; 

  

	 	(d)	 total royalties payable on Net Sales in U.S. dollars, together with the exchange rates used for conversion; and

  
 [***] Certain information in this document has been excluded
pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 9 

	 	(e)	 any other payments due to Hospital under this Agreement. 

If no amounts are due to Hospital for any Reporting Period, the report shall so state. 

5.4    Audit Rights. Company shall maintain, and shall cause each of its Affiliates to maintain, complete and accurate records
relating to the rights and obligations under this Agreement and any amounts payable to Hospital in relation to this Agreement, which records shall contain sufficient information to permit Hospital and its representatives to confirm the accuracy of
any payments and reports delivered to Hospital and compliance in all other respects with this Agreement. Company shall retain and make available, and shall cause each of its Affiliates to retain and make available, such records for at least
[***] ([***]) years following the end of the calendar year to which they pertain, to Hospital and/or its representatives and upon at least [***] ([***]) business days’ advance written notice, for inspection during
normal business hours, to verify any reports and payments made and/or compliance in other respects under this Agreement. If any examination conducted by Hospital or its representatives pursuant to the provisions of this Section show an
underreporting or underpayment of [***] percent ([***]%) or more in any payment due to Hospital hereunder, Company shall bear the full cost of such audit and shall remit any amounts due to Hospital (including interest due in accordance
with Section 4.7) within [***] ([***]) days of receiving notice thereof from Hospital. 

6.    PATENT PROSECUTION AND MAINTENANCE 

6.1    Prosecution. Hospital shall be responsible for the preparation, filing, prosecution and maintenance of all patent
applications and patents included in Patent Rights. Company shall reimburse Hospital for Patent Costs incurred by Hospital relating thereto in accordance with Section 4.2. 

6.2    Copies of Documents. With respect to any Patent Right licensed hereunder, if requested in writing by Company, Hospital shall
instruct the patent counsel prosecuting such Patent Right to (i) copy Company on patent prosecution documents that are received from or filed with the United States Patent and Trademark Office and foreign equivalent, as applicable;
(ii) provide Company with copies of draft submissions to the USPTO prior to filing; and (iii) give consideration to the comments and requests of Company or its patent counsel. 

6.3    Company’s Election Not to Proceed. Company may elect to surrender any patent or patent application in Patent Rights in
any country upon [***] ([***]) days advance written notice to Hospital. Such notice shall relieve Company from the obligation to pay for future Patent Costs but shall not relieve Company from responsibility to pay Patent Costs incurred
prior to the expiration of the [***] ([***]) day notice period. Such U.S. or foreign patent application or patent shall thereupon cease to be a Patent Right hereunder, and Company shall have no further rights therein and Hospital shall
be free to license its rights to that particular U.S. or foreign patent application or patent to any other party on any terms. 

6.4    Confidentiality of Prosecution and Maintenance Information. Company agrees to treat all information related to prosecution
and maintenance of Patent Rights as Confidential Information in accordance with the provisions of Appendix C. 
  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 10 

 7.    THIRD PARTY INFRINGEMENT AND LEGAL ACTIONS 

7.1    Hospital Right to Prosecute. Except as provided in 7.1 (a), Hospital will protect its Patent Rights from infringement and
prosecute infringers when, in its sole judgment, such action may be reasonably necessary, proper and justified. If Company shall have supplied Hospital with written evidence demonstrating to Hospital’s reasonable satisfaction prima facie
infringement of a claim of a Patent Right in the License Field in the License Territory by a third party which poses a material threat to Company’s rights under this Agreement, Company may by notice request Hospital to take steps to protect
such Patent Right. Hospital shall notify Company within [***] of the receipt of such notice whether Hospital intends to prosecute the alleged infringement. If Hospital notifies Company that it intends to so prosecute, Hospital shall, within
[***] of its notice to Company either (i) cause such infringement to terminate, or (ii) initiate legal proceedings against the infringer. If Hospital does not do so within this [***] period, Hospital and Company will discuss
in good faith the best path forward to terminate the infringement. 
  

	 	(a)	 Notwithstanding Section 7.1, if a Patent Right is listed by Company or its Sublicensee on the
“Approved Drug Products with Therapeutic Equivalence Evaluations” (referred to as the “Orange Book”) by the U.S. Food and Drug Administration (“FDA”) in connection with an approved Product, or its equivalent in another
country, the Parties agree to discuss in good faith how to handle the litigation and which party should take the lead responsibility and pay for the action. 

  

	 	(b)	 Hospital shall not offer a non-exclusive license to a generic company
to make or sell Product without Company’s prior written consent. 

 7.2    Cooperation. Both Parties agree
to cooperate with each other in any action taken under Section 7, provided that the acting Party reimburses the other for reasonable costs and expenses incurred in connection with providing such assistance, except for the expense of any
independent counsel retained by the non-acting Party. 
 8.    INDEMNIFICATION
AND INSURANCE 
 8.1    Indemnification. 
  

	 	(a)	 At Company’s sole expense, Company shall indemnify, defend and hold harmless (collectively,
“indemnify” or “indemnification”) Hospital and its owners, members and Affiliates and their respective trustees, directors, officers, medical and professional staff, employees, students, volunteers, and agents and their
respective successors, heirs and assigns (the “Indemnitees”), against any and all liability, damage (including direct, indirect, consequential and special damages), loss or expense (including reasonable attorney’s fees and expenses of
litigation) (a “Loss”), incurred by or imposed upon the Indemnitees or any one of them in connection with any third party claims, suits, actions, investigations, demands or judgments relating to or arising from, in whole or part:
(i) any theory of product liability (including, but not limited to, actions in the form of contract, tort, warranty, or strict liability) concerning any product, process or service made, used, or sold or 

 
 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 11 

	 	
performed pursuant to any right or license granted under this Agreement, or (ii) any claim by a third party that any Company product, process or service made, used or sold or performed
pursuant to any right or license granted under this Agreement infringes any patent, copyright or trade secret, or (iii) Company breach of its obligations under Sections 2.2 or 8.2 of this Agreement; except to the extent that Company can
demonstrate by clear and convincing evidence that a Loss as described in clause (i), (ii) or (iii) hereof directly results from the gross negligence or intentional misconduct of Hospital and/or the Indemnitees. 

 

	 	(b)	 Company agrees, at its own expense, to provide attorneys reasonably acceptable to the Hospital on behalf of the
Indemnitees to defend against any actions brought or filed against any party indemnified hereunder with respect to the subject of indemnity contained herein, whether or not such actions are rightfully brought; provided, however, that any of the
Indemnitees shall have the right to retain its own counsel, [***], if representation of such Indemnitee by counsel retained by Company would be inappropriate because of conflict of interests of any such Indemnitees and any other party
represented by such counsel. Company agrees to keep Hospital informed of the progress in the defense and disposition of such claim and to consult with Hospital prior to any proposed settlement. 

 

	 	(c)	 This Section 8.1 shall survive expiration or termination of this Agreement. 

 

	 	(d)	 Any limitation of liability within this Agreement shall not limit the extent of the Company’s and its
assigns’ and successor’s indemnification obligations indicated within Section 8.1 of this Agreement. 

Company shall contractually obligate any Distributors to the same indemnification obligations as set forth for the Company in Section 8.1
of this Agreement, however, Company may agree with Distributor to be responsible for this indemnity. 
 8.2    Insurance. 

 

	 	(a)	 Beginning at such time as any such product, process or service is being commercially distributed, sold, leased
or otherwise transferred, or performed or used (other than for the purpose of obtaining regulatory approvals), by Company or an Affiliate, Company shall, at its sole cost and expense, procure and maintain commercial general liability (herein,
“CGL”) insurance with limits of not less than $[***] per occurrence or claim and $[***] annual aggregate and naming the Indemnitees as additional insureds. Such limits of insurance may be achieved by primary insurance
policies alone or in combination with excess-liability and/or umbrella-liability insurance policies. Such commercial general liability insurance shall provide
(i) product liability coverage and (ii) broad form contractual liability coverage for Company’s indemnification under Section 8.1 of this Agreement. If the Company’s CGL insurance does not include coverage for products
liability, Company shall, at its sole cost and expense, procure and maintain products-liability insurance with limits of not less than $[***] per occurrence or claim and $[***]

  
 [***] Certain information in this document has been excluded
pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 12 

	 	
annual aggregate and naming the Indemnitees as additional insureds. Such limits of insurance may be achieved by
primary-layer-insurance policies alone or in combination with excess-liability and/or
umbrella-liability insurance policies. Such insurance within this Section 8.2 of the Agreement shall be primary, at the Hospital’s discretion, to any insurance maintained by the Hospital. If Company
elects to self-insure all or part of the limits described above (including deductibles or retentions which are in excess of $[***] annual aggregate) such
self-insurance program must be financially sound and acceptable to the Hospital. The minimum amounts of insurance coverage required under this Section 8.2 shall not be construed to create a limit of
Company’s liability with respect to its indemnification under Section 8.1 of this Agreement. 

  

	 	(b)	 Company shall provide Hospital, at its request, with written evidence of such insurance and the additional-insured status of the Indemnitees. Company shall provide Hospital with written notice at least [***] ([***]) days prior to the cancellation,
non-renewal or material change in such insurance; if Company does not obtain replacement insurance providing comparable coverage prior to the expiration of such [***] ([***]) day period, Hospital
shall have the right to terminate this Agreement effective at the end of such [***] ([***]) day period without notice or any additional waiting periods. 

 

	 	(c)	 Company shall maintain such insurance, beyond the expiration or termination of this Agreement during
(i) the period that any such product, process, or service is being commercially distributed, sold, leased or otherwise transferred, or performed or used (other than for the purpose of obtaining regulatory approvals), by Company or by a
licensee, affiliate or agent of Company and (ii) a reasonable period after the period referred to in (c) (i) above which in no event shall be less than [***] ([***]) years. 

 

	 	(d)	 Insurance within Section 8.2 of this Agreement must be provided by commercial insurance companies with an
AM Best financial-strength rating of not less than A-minus. 

  

	 	(e)	 This Section 8.2 shall survive expiration or termination of this Agreement. 

 

	 	(f)	 Any limitation of liability within this Agreement shall not limit the extent of the Company’s and its
assigns’ and successors’ insurance obligations indicated within Section 8.2. 

  

	 	(g)	 Company shall contractually obligate any Distributors to the same insurance obligations as set forth for the
Company in Section 8.2 of this Agreement, however, Company may agree with Distributor to allow Distributor to be a beneficiary of or party to Company’s insurance coverage. 

 
 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 13 

 9.    DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY 

9.1    Title to Patent Rights. To the best knowledge of Hospital’s Innovation office, Hospital is the owner by assignment from
the inventors of the Patent Rights and has the authority to enter into this Agreement and license the Patent Rights to Company hereunder. 

9.2    No Warranties. HOSPITAL MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, CONCERNING THE PATENT RIGHTS
AND THE RIGHTS GRANTED HEREUNDER, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, VALIDITY OF PATENT RIGHTS CLAIMS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER
DEFECTS, WHETHER OR NOT DISCOVERABLE, AND HEREBY DISCLAIMS THE SAME. SPECIFICALLY, AND NOT TO LIMIT THE FOREGOING, HOSPITAL MAKES NO WARRANTY OR REPRESENTATION (i) REGARDING THE VALIDITY OR SCOPE OF ANY OF THE CLAIM(S), WHETHER ISSUED OR
PENDING, OF ANY OF THE PATENT RIGHTS, AND (ii) THAT THE EXPLOITATION OF THE PATENT RIGHTS OR ANY PRODUCT WILL NOT INFRINGE ANY PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF HOSPITAL OR OF ANY THIRD PARTY. 

9.3    Limitation of Liability. IN NO EVENT SHALL HOSPITAL OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE TRUSTEES, DIRECTORS,
OFFICERS, MEDICAL OR PROFESSIONAL STAFF, EMPLOYEES, STUDENTS, VOLUNTEERS, AND AGENTS BE LIABLE TO LICENSEE OR ANY OF ITS AFFILIATES, SUBLICENSEES OR DISTRIBUTORS FOR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING IN ANY
WAY OUT OF THIS AGREEMENT OR THE LICENSE OR RIGHTS GRANTED HEREUNDER HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, INCLUDING WITHOUT LIMITATION ECONOMIC DAMAGES OR INJURY TO PROPERTY OR LOST PROFITS, REGARDLESS OF WHETHER HOSPITAL SHALL BE ADVISED,
SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING. 
 9.4    Limitation on Damages.
SUBJECT IN ANY EVENT TO THE LIMITATIONS IN THE FOREGOING SECTION 9.3, THE LIABILITY OF HOSPITAL OR OF ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE TRUSTEES, DIRECTORS, OFFICERS, MEDICAL OR PROFESSIONAL STAFF, EMPLOYEES AND AGENTS AND THEIR
RESPECTIVE SUCCESSORS, HEIRS AND ASSIGNS, WITH RESPECT TO ANY AND ALL SUITS, ACTIONS, LEGAL PROCEEDINGS, CLAIMS, DEMANDS, DAMAGES, COSTS AND EXPENSES ARISING OUT OF THE PERFORMANCE OR NON-PERFORMANCE OF ANY
OBLIGATION UNDER THIS AGREEMENT WHETHER BASED ON CONTRACT, WARRANTY, TORT (INCLUDING WITHOUT LIMITATION NEGLIGENCE), STRICT LIABILITY, STATUTORY OR OTHERWISE SHALL NOT EXCEED IN THE AGGREGATE A SUM EQUAL TO THE TOTAL AMOUNTS PAID TO HOSPITAL UNDER
THIS AGREEMENT. 
  
 [***] Certain information in this document has been excluded
pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 14 

 10.    TERM AND TERMINATION 

10.1    Term. The term of this Agreement shall commence on the Effective Date and shall remain in effect until the date on which all
issued patents and filed patent applications within the Patent Rights have expired or been abandoned unless this Agreement is terminated earlier in accordance with any of the other provisions of this Section 10. 

10.2    Termination for Failure to Pay. If Company fails to make any payment due hereunder, Hospital shall have the right to
terminate this Agreement upon thirty (30) business days written notice, unless Company makes such payments plus any interest due, as set forth in Section 4.7, within said thirty (30) business day notice period. If payments are not
made, Hospital may immediately terminate this Agreement at the end of said thirty (30) business day period on a country by country basis. Company shall be entitled to only one such cure period in a calendar year; for a second failure to make
payment on time, Hospital shall have the right to terminate this Agreement immediately upon written notice. 
 10.3    Termination
for Insurance, Insolvency, and Lack of Withdrawal of Opposition. 
  

	 	(a)	 Insurance. Hospital shall have the right to terminate this Agreement in accordance with
Section 8.2(b) if Company fails to maintain the insurance required by Section 8.2. 

  

	 	(b)	 Insolvency and other Bankruptcy Related Events. Hospital shall have the right to terminate this
Agreement upon forty-five (45) business days written notice to Company if Company: (i) shall become insolvent; (ii) shall make an assignment for the benefit of creditors; or (iii) or shall
have a petition in bankruptcy filed for or against it. 

  

	 	(c)	 Hospital shall have the right to terminate this Agreement immediately upon written notice to Company with no
further notice obligation or opportunity to cure [***]. 

 10.4    Termination for Non-Financial Default. If Company or any of its Affiliates shall default in the performance of any of its other obligations under this Agreement not otherwise covered by the provisions of Section 10.2 and
10.3, and if such default has not been cured within sixty (60) business days after notice by Hospital in writing of such default, Hospital may immediately terminate this Agreement, and/or any license granted hereunder with respect to the
country or countries in which such default has occurred, at the end of said sixty (60) business day cure period. Hospital shall also have the right to terminate this Agreement and/or any such license immediately, upon written notice, in the
event of repeated defaults even if cured within such sixty (60) business day periods. 
 10.5    Challenging Validity.
[***]. In addition, in jurisdictions where such provision is legal and enforceable, during the term of this Agreement, Company shall not challenge, and shall restrict Company Affiliates from challenging, the validity of the licensed Patent
Rights. In the event of any breach of this provision Hospital shall have the right to terminate this Agreement and any license granted hereunder immediately. In addition, if the Patent Rights are upheld Company shall reimburse Hospital for its legal
costs and expenses incurred in defending any such challenge. 
  
 [***] Certain
information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly
disclosed. 

  
 15 

 10.6    Termination by Company. Company shall have the right to terminate this
Agreement in total or with respect to one or more MEEI Patent Family Case Numbers by giving thirty (30) business days advance written notice to Hospital. 

10.7    Effects of Termination of Agreement. Upon termination of this Agreement or any of the licenses hereunder for any reason,
final reports in accordance with Section 5 shall be submitted to Hospital and all royalties and other payments, including without limitation any unreimbursed Patent Costs, accrued or due to Hospital as of the termination date shall become
immediately payable, in total or pro rata based on how many MEEI Patent Family Case Numbers were terminated. The termination or expiration of this Agreement or any license granted hereunder shall not relieve Company or its Affiliates of obligations
arising before such termination or expiration. 
 11.    COMPLIANCE WITH LAW 

11.1    Compliance. Company shall have the sole obligation for compliance with, and shall ensure that any Affiliates comply with,
all government statutes and regulations that relate to Products and Processes, including, but not limited to, those of the Food and Drug Administration and the Export Administration, as amended, and any applicable laws and regulations of any other
country in the License Territory. Company agrees that it shall be solely responsible for obtaining any necessary licenses to export, re-export, or import Products or Processes covered by Patent Rights and/or
Confidential Information. Company shall indemnify and hold harmless Hospital for any breach of Company’s obligations under this Section 11.1. 

11.2    Patent Numbers. Company shall cause all Products sold in the United States to be marked with all applicable U.S. Patent
Numbers, to the full extent required by United States law. Company shall similarly cause all Products shipped to or sold in any other country to be marked in such a manner as to conform with the patent laws and practices of such country. 

12.    MISCELLANEOUS 

12.1    Entire Agreement. This Agreement constitutes the entire understanding between the Parties with respect to the subject
matter hereof. 
  
 [***] Certain information in this document has been excluded
pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 16 

 12.2    Notices. Any notices, reports, waivers, correspondences or other
communications required under or pertaining to this Agreement shall be in writing and shall be delivered by hand, or sent by a reputable overnight mail service (e.g., Federal Express), or by first class mail (certified or registered), or by
facsimile confirmed by one of the foregoing methods, to the other party. Notices will be deemed effective (a) [***] ([***]) working days after deposit, postage prepaid, if mailed, (b) the next day if sent by overnight mail, or
(c) the same day if sent by facsimile and confirmed as set forth above or delivered by hand. Unless changed in writing in accordance with this Section, the notice address for Hospital shall be as follows: 

Director, Innovation 

Massachusetts Eye and Ear Infirmary 

Partners HealthCare Innovations 

215 First Street, Suite 500 

Cambridge, MA 02142 
 Notices to
Company should be sent to: 
 Frequency Therapeutics, Inc. 

Attn: Vice President, Finance 

[***] 
 19 Presidential Way

 Woburn, MA 01801 
 Email:
[***] 
 12.3    Amendment; Waiver. This Agreement may be amended and any of its terms or conditions may be
waived only by a written instrument executed by an authorized signatory of the Parties or, in the case of a waiver, by the Party waiving compliance. The failure of either Party at any time or times to require performance of any provision hereof
shall in no manner affect its rights at a later time to enforce the same. No waiver by either Party of any condition or term shall be deemed as a further or continuing waiver of such condition or term or of any other condition or term. 

12.4    Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto
and their respective permitted successors and assigns. 
 12.5    Assignment. Company shall not assign this Agreement or any of
its rights or obligations under this Agreement without the prior written consent of Hospital; provided, however, that if Company has fulfilled its diligence obligations as set forth in Section 3, no such consent will be required to assign this
Agreement to a successor of the Company’s business to which this Agreement pertains or to a purchaser of substantially all of the Company’s assets related to this Agreement, so long as such successor or purchaser shall agree in writing to
be bound by all of the terms and conditions hereof prior to such assignment. Company shall notify Hospital in writing of any such assignment and provide a copy of all assignment documents and related agreements to Hospital within [***]
([***]) days of such assignment. Failure of an assignee to agree to be bound by the terms hereof or failure of Company to notify hospital and provide copies of assignment documentation shall be grounds for termination of this Agreement for
default. 
 12.6    Force Majeure. Neither Party shall be responsible for delays resulting from causes beyond the reasonable
control of such Party, including without limitation fire, explosion, flood, war, sabotage, strike or riot, provided that the nonperforming Party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues
performance under this Agreement with reasonable dispatch whenever such causes are removed. 
 12.7    Use of Name. Neither Party
shall use the name of the other Party or of any trustee, director, officer, staff member, employee, student or agent of the other Party or any adaptation thereof in any advertising, promotional or sales literature, publicity or in any document
employed to obtain funds or financing without the prior written approval of the Party or individual whose name is to be used. For Hospital, such approval shall be obtained from Hospital’s Communications department. 

 
 [***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 17 

 12.8    Governing Law. This Agreement shall be governed by and construed and
interpreted in accordance with the laws of the Commonwealth of Massachusetts, excluding with respect to conflict of laws, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in
which the patent shall have been granted. Each Party agrees to submit to the exclusive jurisdiction of the Superior Court for Suffolk County, Massachusetts, and the United States District Court for the District of Massachusetts with respect to any
claim, suit or action in law or equity arising in any way out of this Agreement or the subject matter hereof. 
 12.9    Hospital
Policies. Company acknowledges that Hospital’s employees and medical and professional staff members and the employees and staff members of Hospital’s Affiliates are subject to the applicable policies of Hospital and such Affiliates,
including, without limitation, policies regarding conflicts of interest, intellectual property and other matters. Company shall provide Hospital with any agreement it proposes to enter into with any employee or staff member of Hospital or any of
Hospital’s Affiliates for Hospital’s prior review and shall not enter into any oral or written agreement with such employee or staff member which conflicts with any such policy. Hospital shall provide Company, at Company’s request,
with copies of any such policies applicable to any such employee or staff member. 
 12.10    Severability. If any provision(s)
of this Agreement are or become invalid, are ruled illegal by any court of competent jurisdiction or are deemed unenforceable under then current applicable law from time to time in effect during the term hereof, it is the intention of the parties
that the remainder of this Agreement shall not be affected thereby. It is further the intention of the parties that in lieu of each such provision which is invalid, illegal or unenforceable, there be substituted or added as part of this Agreement a
provision which shall be as similar as possible in economic and business objectives as intended by the parties to such invalid, illegal or enforceable provision, but shall be valid, legal and enforceable. 

12.11    Survival. In addition to any specific survival references in this Agreement, Sections 1, 2.4, 4.2, 4.6, 4.7, 5.4,
6.4, 8.1, 9.2, 9.3, 9.4, 10.7, 12.1, 12.2, 12.3, 12.4, 12.7, 12.8, 12.9, 12.10, 12.11, 12.12 and 12.13 shall survive termination or expiration of this Agreement. Any other rights, responsibilities, obligations, covenants and warranties which by
their nature should survive this Agreement shall similarly survive and remain in effect. 
 12.12    Interpretation. The parties
hereto are sophisticated, have had the opportunity to consult legal counsel with respect to this transaction and hereby waive any presumptions of any statutory or common law rule relating to the interpretation of contracts against the drafter. 

12.13    Headings. All headings are for convenience only and shall not affect the meaning of any provision of this Agreement. 

[Remainder of page intentionally left blank.] 
  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 18 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives as of the Effective Date first written above. 
  

									
	 FREQUENCY THERAPEUTICS, INC.
	 		 	 MASSACHUSETTS EYE AND EAR INFIRMARY

					
	By:	 	s/s Christopher Loose	 		 	By:	 	s/s Rachel Wasserstrom
	Name:	 	Christopher Loose	 		 	Name:	 	Rachel Wasserstrom
	Title:	 	CSO	 		 	Title:	 	Vice President
	Date:	 	February 7, 2019	 		 	Date:	 	February 7, 2019

  
 [***] Certain information in this document has been
excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  

 Appendix A 

[***] 
  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 20 

 Appendix B 

[***] 
  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 21 

 Appendix C 

[***] 
  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 22 

 Appendix D 

FORM OF LICENSE AGREEMENT UNDER SECTION 2.2 (A) 

[***] 
  

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded
information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 

  
 23

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