Document:

EX-10.2

 Exhibit 10.2 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY
WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

AMENDED AND RESTATED LICENSE AGREEMENT 

This License Agreement (this “Agreement”) is entered into as of the Amendment Effective Date (as defined below), by and between
Proteostasis Therapeutics, Inc., a corporation existing under the laws of the State of Delaware, having a place of business at 200 Technology Square, 4th Floor, Cambridge, MA 02139 (“Licensee”) and President and Fellows of
Harvard College, an educational and charitable corporation existing under the laws and the constitution of the Commonwealth of Massachusetts, having a place of business at Holyoke Center, Suite 727, 1350 Massachusetts Avenue, Cambridge,
Massachusetts 02138 (“Harvard”). 
 WHEREAS, the technology claimed in the Existing Patent Rights (as defined below) was
developed in research conducted by Harvard researchers Drs. Daniel Finley and Randall King; 
 WHEREAS, Licensee and Harvard entered
into an agreement (the “Original Agreement”) dated as of the Original Effective Date (as defined below) granting a license under the Existing Patent Rights; 

WHEREAS, Licensee intends to enter into an agreement with Biogen Idec New Ventures Inc. (“Biogen Idec”) under which Licensee
will grant a Sublicense to Biogen Idec, and Licensee and Biogen Idec also will collaborate to further develop and commercialize Licensed Products (the “Biogen Idec Sublicense Agreement”); 

WHEREAS, Licensee and Harvard each now desire to amend and restate the Original Agreement as set forth herein for the purpose of
facilitating the Biogen Idec Sublicense Agreement; 
 WHEREAS, Licensee also wishes to continue to retain the services of Drs. Finley
and King as consultants with respect to the subject matter of this Agreement; 
 WHEREAS, Harvard desires to have products based on
the inventions described in the Existing Patent Rights and in the performance of such consulting services developed and commercialized to benefit the public; 

WHEREAS, such products may be applicable to the improvement of the health of individuals throughout the world; and 

WHEREAS, Licensee represented to Harvard, in order to induce Harvard to enter into the Original Agreement, and continues to represent
to Harvard, in order to induce Harvard to enter into this Agreement, that Licensee shall commit itself to Commercially Reasonable Efforts (as defined below) to develop, obtain regulatory approval for, and commercialize such products, and thereafter
make them available in both Developed Countries and Developing Countries (each as defined below); 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as
follows: 
 1. Definitions. 

Whenever used in this Agreement with an initial capital letter, the terms defined in this Article 1, whether used in the singular or the
plural, will have the meanings specified below. 
 1.1 “Affiliate” means, with respect to a person, organization or
entity, any person, organization or entity controlling, controlled by or under common control with, such person, organization or entity. For purposes of this definition only, “control” of another person, organization or entity will mean
the possession, directly or indirectly, of the power to direct or cause the direction of the activities, management or policies of such person, organization or entity, whether through the ownership of voting securities, by contract or otherwise.
Without limiting the foregoing, control will be presumed to exist when a person, organization or entity (a) owns or directly controls fifty percent (50%) or more of the outstanding voting stock or other ownership interest of the other
organization or entity or (b) possesses, directly or indirectly, the power to elect or appoint fifty percent (50%) or more of the members of the governing body of the other organization or entity. Notwithstanding the foregoing, the parties
acknowledge that (i) any individual, venture capital firm or private equity firm that is a stockholder of an organization or entity shall in no event be deemed to be an Affiliate of such organization or entity and (ii) persons,
organizations or entities controlled by, controlling or under common control with any individual, venture capital firm or private equity firm referred to in the foregoing clause (i) shall not be deemed to be Affiliates of any organization or
entity referred to in the foregoing clause (i) unless such persons, organizations or entities are directly or indirectly controlled by such organization or entity referred to in the foregoing clause (i). 

1.2 “Alternative Indication” means an indication for which no Licensed Product has been developed or commercialized by
Licensee or any Sublicensee or Third Party Licensee, or any of their Affiliates, at least to the point of starting IND-enabling toxicity studies. In addition to the foregoing, at any time when Biogen Idec has rights to research, develop and
commercialize Licensed Products under the Biogen Idec Sublicense Agreement, “Alternative Indication” means an indication for which no Lead Compound or Development Compound is being developed or commercialized by Licensee or any Sublicensee
or Third Party Licensee, or any of their Affiliates. In either case, “Alternative Indication” shall specifically exclude the Excluded Indications. 

1.3 “Alternative Indication Product” means a Licensed Product that (a) is for an Alternative Indication,
(b) is not covered by Other Proprietary Rights and (c) does not contain or consist of any active component covered by the Patent Rights that is included in any Licensed Product, or any metabolite, salt, ester, free acid form, free base
form, prodrug form, racemate, or polymorph of any such active component, that (i) has been developed or commercialized by Licensee or any Sublicensee or Third Party Licensee, or any of their Affiliates, at least to the point of starting
IND-enabling toxicity studies, or (ii) at any time when Biogen Idec has rights to research, develop and commercialize Licensed Products under the Biogen Idec Sublicense Agreement, is a Lead Compound or Development Compound. 

  
 2 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 1.4 “Amendment Effective Date” means December 5, 2013. 

1.5 “Back-Up Compound” has the meaning set forth in the Biogen Idec Sublicense Agreement. 

1.6 “Calendar Quarter” means each of the periods of three (3) consecutive calendar months ending on
March 31, June 30, September 30 and December 31 during the Term. 
 1.7 “Commercially
Reasonable Efforts” means, in relation to an obligation assumed by a Party hereunder, efforts and resources comparable to those which such Party generally uses to accomplish an equivalent task and, if used in relation to the development,
registration, manufacture, use, marketing, distribution, and sale of a product, efforts used by such Party in relation to its own pipeline products of a similar market potential or profit potential at a similar stage in development or product life
resulting from its own research efforts, based on conditions then prevailing and taking into account, without limitation, issues of safety and efficacy, Regulatory Authority (as defined below)-approved labeling, product profile, the competitiveness
of alternative products in the marketplace, the likely timing of product’s entry into the market, the patent and other proprietary position, the likelihood of regulatory approval and other relevant scientific, technical and commercial factors.

 1.8 “Composition of Matter Claim” means any Valid Claim directed to composition of matter. 

1.9 “Compound-Related Patent Rights” means any of the Harvard Patent Rights that include claims covering a Lead
Compound, Development Compound or Back-Up Compound or any Licensed Product containing or consisting of any such Lead Compound, Development Compound or Back-Up Compound, or the use of any of the foregoing for treating an indication within the Field.

 1.10 “Confidential Information” means any and all proprietary or confidential information of Licensee that
Licensee discloses to Harvard’s Office of Technology Development (“OTD”) under, or in connection with the subject matter of, this Agreement that is either marked as confidential or (if disclosed orally) is reduced to a written summary
marked as confidential and delivered to OTD within thirty (30) days after disclosure. Information shall not be considered confidential to the extent that Harvard can establish by competent proof that it: 

(a) is publicly disclosed through no fault of Harvard, either before or after it becomes known to Harvard; or 

(b) was known to Harvard prior to the date of its receipt pursuant to this Agreement, which knowledge was acquired independently and not from
Licensee (or Licensee’s employees); or 
 (c) is subsequently disclosed to Harvard in good faith by a third party who has a right to
make such disclosure; or 
 (d) has been published by a third party as a matter of right. 

  
 3 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 If Confidential Information is required to be disclosed by law or court order, Harvard shall limit the same
to the minimum required to comply with the law or court order, and shall use reasonable efforts to attempt to seek confidential treatment for that disclosure, and prior to making such disclosure Harvard shall notify Licensee, not later than five
(5) days (or such shorter period of time as may be reasonably practicable under the circumstances) before the disclosure in order to allow Licensee to comment and/or to obtain a protective or other order, including extensions of time and the
like, with respect to such disclosure. 
 1.11 “Consulting Invention” means any invention (other than a Joint
Invention) conceived and/or reduced to practice by Drs. Daniel Finley and/or Randall King (for so long as each is employed by Harvard) in the performance of consulting or other services for Licensee related to the subject matter of the Agreement.

 1.12 “Consulting Patent Rights” means any patent or patent application to the extent claiming a Consulting
Invention. 
 1.13 “Developed Country” means any country other than a Developing Country. 

1.14 “Developing Country” means any low-income country, as defined by the World Bank. 

1.15 “Development Compound” has the meaning set forth in the Biogen Idec Sublicense Agreement. 

1.16 “Development Milestones” means the development and commercialization milestones for Licensed Products for the
diagnosis, treatment and/or prevention of disease in humans set forth in the Development Plan. 
 1.17 “Development
Plan” means the plan for the development and commercialization of Licensed Products for the diagnosis, treatment and/or prevention of disease in humans set forth in Exhibit 1.17 hereto, as it may be adjusted from time to time pursuant to
Section 3.2. 
 1.18 “Distributor” means any for-profit third party that is a distributor of a Licensed Product
anywhere in the world for resale, provided that (a) such third party is not an Affiliate of Licensee or an Affiliate of any Sublicensee or Third Party Licensee and (b) such third party has not been granted a Sublicense to develop, have
developed, make or have made such Licensed Product, except to the extent that such a Sublicense is necessary for such third party (i) to perform final packaging of such Licensed Product and/or (ii) to conduct a clinical trial of such
Licensed Product to support regulatory approval thereof in such third party’s territory. 
 1.19 “Excluded
Indications” means those indications set forth on Exhibit 1.19 hereto. 
 1.20 “Existing Patent Rights”
means: (a) the patents and patent applications listed on Exhibit 1.20 (including the PCT and/or U.S. utility applications claiming priority to any such 

  
 4 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
provisional applications included on such list that are filed on or before the one year conversion date of such applications); (b) any patent or patent application that claims priority to
and is a divisional, continuation, reissue, renewal, reexamination, substitution or extension of any patent application identified in (a); (c) any patents issuing on any patent application identified in (a) or (b), including any reissues,
renewals, reexaminations, substitutions or extensions thereof; (d) any claim of a continuation-in-part application or patent (including any reissues, renewals, reexaminations, substitutions or extensions thereof) that is entitled to the
priority date of, and is directed specifically to subject matter specifically described in, at least one of the patents or patent applications identified in (a), (b) or (c); (e) any foreign counterpart (including PCTs) of any patent or
patent application identified in (a), (b) or (c) or of the claims identified in (d); and (f) any supplementary protection certificates, pediatric exclusivity periods, any other patent term extensions and exclusivity periods and the
like of any patents and patent applications identified in (a) through (e). 
 1.21 “FDA” means the U.S. Food
and Drug Administration and any successor agency with comparable responsibilities. 
 1.22 “Field” means the
diagnosis, treatment or prevention of disease in humans or animals. 
 1.23 “First Commercial Sale” means the date
of the first sale by Licensee, any Sublicensee or any Third Party Licensee, or any of their Affiliates, of a Licensed Product to a third party for end use or consumption of such Licensed Product following receipt of any required Marketing
Authorization in the country in which such Licensed Product is sold, excluding, however, any sale or other distribution at cost or less than cost for use in discovery or research activities, in a clinical study, for compassionate use or for named
patient use. 
 1.24 “Harvard Patent Rights” means the Existing Patent Rights and the Consulting Patent Rights. 

1.25 “Infringed or Reasonably Necessary IP” means any intellectual property rights (whether issued or pending) that
(a) cover or claim (or, with respect to pending rights, would cover or claim if issued) the research, development, manufacture, commercialization, use, sale, importation or exportation of a Licensed Product in the applicable jurisdiction or
(b) do not fall within clause (a) of this Section 1.25, but where the lack of a right to practice or use such intellectual property rights would effectively prevent the research, development, manufacture, commercialization, use, sale,
importation or exportation of a Licensed Product because such intellectual property rights cover or claim (or, with respect to pending rights, would cover or claim if issued) a right that is necessary to the research, development, manufacture,
commercialization, use, sale, importation or exportation of a Licensed Product in the applicable jurisdiction (such as, for purposes of illustration only, an intellectual property right that covers or claims a delivery, formulation, manufacturing or
other technology that would be necessary to commercialize a Licensed Product in the applicable jurisdiction). 

  
 5 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 1.26 “IND” means an investigational new drug application, clinical
study application, clinical trial exemption or similar application or submission for approval to conduct human clinical investigations filed with a Regulatory Authority in any country. 

1.27 “IND Enabling GLP Toxicity Studies” means the first testing of a Licensed Product in a toxicology animal model
under Good Laboratory Practice conditions as embodied by the standards and practices recommended by the FDA (21 C.F.R. § 58). 

1.28 “Initiation” or “Initiate” means the administration of the first dose of a Licensed
Product to the first patient in a Phase 1 Clinical Study, Phase 2 Clinical Study or Phase 3 Clinical Study. 
 1.29 “Joint
Invention” means any invention conceived and/or reduced to practice jointly by (a) one or more employees or consultants of Licensee and (b) Drs. Daniel Finley and/or Randall King (for so long as each is employed by Harvard) in the
performance of consulting or other services for Licensee or its Affiliate related to the subject matter of the Agreement. 
 1.30
“Joint Patent Rights” means any patent or patent application to the extent claiming a Joint Invention. 
 1.31
“Lead Compound” has the meaning set forth in the Biogen Idec Sublicense Agreement. 
 1.32 “Licensed
Product” means any Type I Licensed Product, any Type II Licensed Product and any Type III Licensed Product. 
 1.33
“Licensee Technology” means any technology or intellectual property (other than subject matter of the Patent Rights), the practice or use of which would not infringe any of the Patent Rights. 

1.34 “Major Market Country” means any of [***]. 

1.35 “Marketing Authorization” means all approvals from the relevant Regulatory Authority necessary to market and sell
a Licensed Product in a country. 
 1.36 “Net Sales” means, with respect to each country in the world, the gross
amount due for sales of Licensed Products in such country by Licensee, its Sublicensees or Third Party Licensees, or any of their respective Affiliates (in each case, the “Invoicing Entity”) to third parties (including, but not
limited to, Distributors), less the following deductions, in each case (A) to the extent not already deducted or excluded from the gross amount invoiced, (B) without duplication, (C) where applicable with respect to the gross amount
invoiced for Licensed Products, (D) as incurred in the ordinary course of business in type and amount consistent with good industry practice and ( E) as determined in accordance with, and as recorded in revenues under, United States Generally
Accepted Accounting Principles: 
 (i) sales returns, allowances and other adjustments actually paid, granted and taken, or accrued on
Licensed Products, including trade, quantity, prompt pay and cash discounts, and adjustments granted on account of price adjustments or billing errors; 

  
 6 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 (ii) credits or allowances given or made, and taken, for rejection or return of previously
sold Licensed Products or for rebates or retroactive price reductions (including Medicare, Medicaid, managed care and similar types of rebates and chargebacks); 

(iii) taxes, duties or other governmental charges levied on or measured by the billing amount for Licensed Products, as adjusted for rebates
and refunds, which, for the avoidance of doubt, shall not include any tax, duty, or other charge imposed on or measured by net income (however denominated), or any franchise taxes, branch profits taxes, or similar tax; 

(iv) customs or excise duties, sales tax, consumption tax, value added tax, and other taxes (except income taxes), as adjusted for rebates and
refunds; 
 (v) pharmaceutical excise taxes (such as those imposed by the United States Patient Protection and Affordable Care Act of 2010
(Pub. L. No. 111-48) and other comparable laws); 
 (vi) charges for freight and insurance paid that are directly related to the
distribution of Licensed Products; 
 (vii) credits for allowances given or made, and taken, for wastage replacement for Licensed Products;

 (viii) wholesaler and distributor administration fees paid that are directly related to the distribution of Licensed Products; and 

(ix) other similar or customary deductions taken in the ordinary course of business or in accordance with United States Generally Accepted
Accounting Principles that are directly related to the distribution of Licensed Products. 
 Net Sales shall be determined in accordance
with United States Generally Accepted Accounting Principles. Net Sales shall not be imputed to transfers of Licensed Products for use in any clinical trial, for bona fide charitable purposes, for compassionate use, for indigent patient programs or
in reasonable quantities as free Licensed Products samples (such transfers, “Exempted Transfers”). Any Exempted Transfers shall be made in a manner consistent with Invoicing Entity’s practices, if any, with respect to Licensed
Products prior to the Amendment Effective Date. 
 Notwithstanding the foregoing, in the event a Licensed Product is sold as a component of
a Combination Product (as defined below) in any country in the world in any Calendar Quarter, and in such country both the Licensed Product and the other component(s) are also sold separately from each other during such Calendar Quarter, then Net
Sales shall be calculated by [***]. In the event a Licensed Product is sold as a component of a Combination Product (as defined below) in 

  
 7 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
any country in the world in any Calendar Quarter, and in such country the Licensed Product is sold separately in such Calendar Quarter, but not the other component(s), then Net Sales shall be
calculated by multiplying the Net Sales of the Combination Product in such country during such Calendar Quarter (calculated by applying the criteria set forth above as if it applied to sales of such Combination Product in such country) by the
fraction A/C, where A is the average Net Sales per unit sold of Licensed Products when sold separately in such country during such Calendar Quarter (calculated by determining the Net Sales of Licensed Products in such country during such Calendar
Quarter in accordance with the criteria set forth above and dividing such Net Sales by the number of units of Licensed Products sold in such country during such Calendar Quarter) and C is the average Net Sales per unit sold of the Combination
Product during such Calendar Quarter (calculated by determining the Net Sales of the Combination Product in such country during such Calendar Quarter by applying the criteria set forth above as if it applied to sales of the Combination Product as a
whole dividing such Net Sales by the number of units of the Combination Product sold in such country during such Calendar Quarter). For purposes of calculating the average Net Sales per unit sold of Licensed Products and other active component(s) of
a Combination Product in accordance with the above described equations, any of the deductions described in clauses (i) through (ix) above that apply to such Combination Product shall be allocated among sales of Licensed Products and sales
of the other active component(s) included in such Combination Product as follows: (1) deductions that are attributable solely to Licensed Products or one of the other active component(s) shall be allocated solely to Net Sales of Licensed
Products or such other active component, as applicable, and (2) all other deductions shall be allocated among sales of Licensed Products and sales of the other active component(s) in proportion to the parties’ agreed upon reasonable good
faith estimate of the fair market value of Licensed Products and the other active component(s). In the event that no separate sales of Licensed Products included in a Combination Product are made by Invoicing Entity during a Calendar Quarter in
which such Combination Product is sold in a country, the average Net Sales per unit sold in the above described equations shall be replaced with the parties’ agreed upon reasonable good faith estimate of the fair market value of Licensed
Products and each of the other active component(s) included in such Combination Product. For purposes of this Section 1.36, “Combination Product” shall mean (x) any single product in finished form containing as active
ingredients both (A) Licensed Products and (B) one or more other pharmaceutically active compounds or substances; (y) any sale of Licensed Products with another product(s) for a single invoice price; or (z) any sale of Licensed
Products as part of a bundle with other product(s) or service(s) (i.e., where Licensed Products and such other product(s) or services are sold for a single invoice price or where a discount, rebate or other amount that reduces the price of Licensed
Products is provided in exchange for (or otherwise conditioned upon) the purchase of such other product(s) or services), to the extent not described in clause (x) or (y). 

In any transfers of Licensed Products between an Invoicing Entity and an Affiliate of such Invoicing Entity not for the purpose of resale by
such Affiliate, Net Sales will be equal to the fair market value of the Licensed Products so transferred, assuming an arm’s length transaction made in the ordinary course of business. In the event that an Invoicing Entity receives non-cash
consideration for any Licensed Products or in the case of transactions not at arm’s length with a non-Affiliate of an Invoicing Entity, Net Sales will be calculated based on the fair market value of

  
 8 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
such consideration or transaction, assuming an arm’s length transaction made in the ordinary course of business. Sales of Licensed Products by an Invoicing Entity to its Affiliate or a
Sublicensee or Third Party Licensee for resale by such Affiliate, Sublicensee or Third Party Licensee will not be deemed Net Sales. Instead, Net Sales will be determined based on the gross amount billed or invoiced by such Affiliate, Sublicensee or
Third Party Licensee upon resale of such Licensed Products to a third party purchaser that is not an Affiliate, Sublicensee or Third Party Licensee. For the avoidance of doubt, (i) Net Sales shall be calculated based on transfers to
Distributors and not on transfers from Distributors to end-user customers, and (ii) nothing in this paragraph or anywhere else in this Section 1.36 shall be construed to include any Exempted Transfers in any calculation or determination of
Net Sales. 
 Notwithstanding anything in this Agreement to the contrary, an Invoicing Entity shall not, and shall cause its Affiliates not
to, take any action, or omit to take any action, for the primary purpose of reducing the amount of any payment otherwise due to Harvard. 

1.37 “Non-Screening Method Claim” means any Valid Claim other than a Screening Method Claim or Composition of Matter
Claim. 
 1.38 “Original Effective Date” means March 29, 2011. 

1.39 “Other Proprietary Rights” means any trade secrets, patent rights or other intellectual property that
(a) cover a product that is proposed to be an Alternative Indication Product, and (b) the use or practice of which by Harvard or a Soliciting Third Party Licensee in connection with the development, manufacture and commercialization of an
Alternative Indication Product would infringe, violate or otherwise contravene the rights of any other person. For the avoidance of doubt, (i) “Other Proprietary Rights” include, but are not limited to, Licensee Technology that meets
the requirements of clauses (a) and (b), (ii) the use or practice of a trade secret, patent right or other intellectual property that has not been expressly authorized by the owner thereof shall be deemed to infringe, violate or otherwise
contravene such trade secret, patent right or other intellectual property, even if it takes place in a jurisdiction in which the courts or proper authorities fail or refuse to enforce such rights or have issued a compulsory license, and
(iii) “Other Proprietary Rights” does not include any trade secrets, patent rights or other intellectual property (including Licensee Technology) for which Harvard or a Soliciting Third Party Licensee has received a license from the
owner permitting the development, manufacture or commercialization of an Alternative Indication Product. 
 1.40 “Patent
Rights” means the Existing Patent Rights, Consulting Patent Rights and Joint Patent Rights. 
 1.41 “Phase 1
Clinical Study” means a clinical study in any country involving the initial introduction of an investigational new drug into humans, typically designed to determine the metabolism and pharmacologic actions of the drug in humans, the side
effects associated with increasing doses, and, if possible, to gain early evidence on effectiveness. In the United States, “Phase 1 Clinical Study” means a human clinical study that satisfies the requirements of 21 C.F.R. § 312.21(a).

  
 9 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 1.42 “Phase 2 Clinical Study” means a human clinical study in any
country conducted to evaluate the effectiveness of a drug for a particular indication or indications in patients with the disease or condition under study and, possibly, to determine the common short-term side effects and risks associated with the
drug. In the United States, “Phase 2 Clinical Study” means a human clinical study that satisfies the requirements of 21 C.F.R. § 312.21 (b). 

1.43 “Phase 3 Clinical Study” means a human clinical study in any country, whether controlled or uncontrolled, that is
performed after preliminary evidence suggesting effectiveness of the drug under evaluation has been obtained, and intended to gather the additional information about effectiveness and safety that is needed to evaluate the overall benefit-risk
relationship of the drug and to provide an adequate basis for physician labeling. In the United States, “Phase 3 Clinical Study means a human clinical study that satisfies the requirements of 21 C.F.R. § 312.21 (c). 

1.44 “Prosecution and Maintenance” or “Prosecute and Maintain” means, with regard to Harvard Patent
Rights, the preparing, filing, prosecuting and maintenance of the Harvard Patent Rights, as well as handling re-examinations, reissues, and requests for patent term extensions with respect to the Harvard Patent Rights, together with the conduct of
interferences, the defense of oppositions, post grant reviews and other similar proceedings with respect to particular Harvard Patent Rights. For clarification, “Prosecution and Maintenance” or “Prosecute and
Maintain” will not include any other enforcement actions taken with respect to the Harvard Patent Rights. 
 1.45
“Qualified Humanitarian Organization” shall mean any governmental agency, non-governmental agency, or other not-for-profit organization that has as one of its bona fide missions to address the public health needs of underserved
populations on a not-for-profit basis. For clarity, Qualified Humanitarian Organizations do not include non-governmental agencies and not-for-profit organizations that are formed or established for the benefit of any for-profit entity. 

1.46 “Regulatory Authority” means any applicable government regulatory authority involved in granting approvals for
the manufacturing and marketing of a Licensed Product, including, in the United States, the FDA. 
 1.47 “Screening Method
Claim” means any Valid Claim directed to a method of screening, evaluating, measuring, determining or identifying an activity, property or characteristic of a compound. 

1.48 “Soliciting Third Party Licensee” has the meaning set forth in Section 2.4.1 hereof. 

1.49 “Subcontractor” means any for-profit third party that is engaged to develop or manufacture a Licensed Product
solely on behalf of Licensee, any Sublicensee or any Third Party Licensee, or any of their Affiliates; provided that (a) such third party is not an Affiliate of Licensee or an Affiliate of any Sublicensee or Third Party Licensee, (b) such
third party has not been 

  
 10 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
granted any right to distribute or sell such Licensed Product and (c) the agreement pursuant to which such third party has been engaged does not require such third party to pay any
consideration (in any form) with respect to such engagement. 
 1.50 “Sublicense” means: (a) any sublicense
under the Patent Rights or to use the Technology Transfer Materials that is granted or given by Licensee, any Affiliate of Licensee or any Sublicensee of Licensee or of any of its Affiliates (or by any other entity with Harvard’s consent) to
any other person or entity permitting any use or exploitation of any of the Patent Rights in accordance with the provisions of this Agreement, including, without limitation, to develop, manufacture, market, distribute, use and/or sell Licensed
Products; (b) any option or other right granted by Licensee, any Affiliate of Licensee or any Sublicensee of Licensee or of any of its Affiliates (or by any other entity with Harvard’s consent) to any other person or entity to negotiate
for or receive any of the rights described under clause (a); or (c) any standstill or similar obligation undertaken by Licensee, any Affiliate of Licensee or any Sublicensee of Licensee or of any of its Affiliates (or by any other entity with
Harvard’s consent) toward any other person or entity not to grant any of the rights described in clause (a) or (b) to any third party; in each case regardless of whether any of the items covered by the foregoing clauses (a),
(b) and (c) is referred to or is described as a sublicense. The term “Sublicense” shall not include (x) any sublicense under the Patent Rights (whether express or implied) or any other right that is granted or given
to any Distributor in order to permit such Distributor to market, distribute, sell and/or support Licensed Products, (y) any option or other right granted to any other person or entity to negotiate for or receive any of the rights described
under clause (x) or (z) any standstill or similar obligation undertaken toward any other person or entity not to grant any of the rights described in clause (x) or (y) to any third party. 

1.51 “Sublicensee” means any third party that is granted a Sublicense. Notwithstanding the foregoing, no Distributor
or Subcontractor shall be a Sublicensee for purposes of this Agreement. 
 1.52 “Sublicense Revenue” means
(i) any payment or other consideration that Licensee or any of its Affiliates receives from a third party as consideration for the appointment of such third party as a Distributor and (ii) any payments or other consideration that Licensee
or any of its Affiliates receives to the extent that it is in connection with a Sublicense; provided, however, that if Licensee grants any such Sublicense as part of a transaction in which it also conveys rights to Licensee Technology, then none of
the payments or other consideration that Licensee or any of its Affiliates receives under or in connection with such Sublicense shall be deemed or treated as Sublicense Revenue for purposes of this Agreement (instead, the provisions of
Section 4.7 shall apply). The above notwithstanding, Sublicense Revenue shall exclude (a) royalties based on Net Sales, (b) amounts received from a Sublicensee or a Distributor that are committed to cover industry standard, fully
burdened costs to be incurred by Licensee or any of its Affiliates in the supply of materials or products or the performance of activities, such as research, development, regulatory, manufacturing or commercialization activities, related to actual
or potential Licensed Products, to be performed by Licensee or any of its Affiliates under such a Sublicense agreement or under any agreement with a Distributor, (c) payments received by Licensee or any of its

  
 11 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
Affiliates from a Sublicensee or any of its Affiliates as reimbursement for unreimbursed costs and expenses incurred by Licensee or any of its Affiliates with respect to Prosecuting and
Maintaining any of the Patent Rights or any other patents or patent applications licensed or sublicensed by Licensee or any of its Affiliates to such Sublicensee as part of the Sublicense and (d) any purchases by any Sublicensee of Licensee
securities to the extent that amounts paid are no greater than fair market value for such securities. If Licensee or any of its Affiliates receives non-cash consideration in connection with a Sublicense or in the case of transactions not at
arm’s length, Sublicense Revenue will be calculated based on the fair market value of such consideration or transaction, at the time of the transaction, assuming an arm’s length transaction made in the ordinary course of business. 

1.53 “Technology Transfer Materials” means the protocols, materials, reagents and/or data listed in Exhibit 1.53, as
such list may be updated from time-to-time in writing by the parties, and any progeny, derivatives and modifications of such material. Licensee acknowledges that, within thirty (30) days after the Original Effective Date, Harvard delivered the
Technology Transfer Materials listed in Exhibit 1.53 to Licensee. 
 1.54 “Term” means the term of this Agreement as
set forth in Section 10.1. 
 1.55 “Third Party Licensee” means any third party (other than a Sublicensee) that
is granted any right or license to develop, manufacture, market, distribute, use and/or sell any Type III Licensed Product. Notwithstanding the foregoing, a Distributor of, or Subcontractor with respect to, any Type III Licensed Product shall not be
a Third Party Licensee for purposes of this Agreement. 
 1.56 “Type I Licensed Product” means any compound or
product, the manufacture, use or sale of which is covered by a Composition of Matter Claim in the country in which such compound or product is made, used or sold. 

1.57 “Type II Licensed Product” means any compound or product that is not a Type I Licensed Product, but that the
manufacture, use or sale or which is covered by a Non-Screening Method Claim in the country in which such compound or product is made, used or sold. 

1.58 “Type III Licensed Product” means any compound or product that is not a Type I Licensed Product or a Type II
Licensed Product, but that (a) is a derivative of a Type I Licensed Product or (b) is otherwise derived, in whole or in part, through the use of a Type I Licensed Product or (c) is identified or developed, in whole or in part, through
the practice of a Screening Method Claim or through the use of Technology Transfer Materials. 
 1.59 “Valid Claim”
means (a) a claim of an issued and unexpired patent within the Patent Rights that has not been (i) held permanently revoked, unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction,
unappealable or unappealed within the time allowed for appeal, (ii) cancelled, disclaimed, denied or otherwise held to be invalid or unenforceable through reissue, reexamination, disclaimer, derivation, opposition or otherwise,
(iii) abandoned or (iv) permanently lost through an interference, derivation, inter 

  
 12 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
partes reexamination, ex parte reexamination, post grant review, or opposition proceeding without any right of appeal or review; or (b) a pending claim of a pending patent application within
the Patent Rights that (i) has been asserted and continues to be prosecuted in good faith and has not been cancelled, withdrawn or abandoned without being refiled in another application in the applicable jurisdiction and (ii) has not been
abandoned or finally rejected without the possibility of appeal or refiling; provided that any patent application pending for more than six (6) years from the date of issuance of the first patent office action on the merits regarding the
patentability of such claim by the relevant patent office in the country or territory in which such claim is pending (excluding any time during which such application is in interference, derivation, opposition or similar proceedings, or the decision
of an examiner with respect to such application is being appealed) shall not be considered a Valid Claim for purposes of this Agreement from and after such six (6) year date unless and until a patent issues from such patent application. 

1A. Amendment and Restatement of Original Agreement. The Original Agreement is hereby amended and restated in its entirety by this Agreement to read as
set forth herein. The parties agree that upon any termination of Biogen Idec’s rights to research, develop and commercialize a particular Licensed Product under the Biogen Idec Sublicense Agreement, the terms and conditions of Sections 4.4.5
and 4.5.1.4 will automatically no longer apply with regard to such Licensed Product only. For clarity, (a) in the case where there has been a termination of Biogen Idec’s rights to research, develop and commercialize a particular Licensed
Product under the Biogen Idec Sublicense Agreement, but Biogen Idec continues to have rights under the Biogen Idec Sublicense Agreement to research, develop and commercialize other Licensed Products, the terms of Sections 4.4.5 and 4.5.1.4 will
continue to apply to all Licensed Products for which Biogen Idec continues to have rights under the Biogen Idec Sublicense Agreement, (b) all other terms and conditions set forth in this Agreement will continue to apply after any full or
partial termination of Biogen Idec’s rights to research, develop and commercialize Licensed Products under the Biogen Idec Sublicense Agreement, and (c) nothing in this Section 1A will affect the amounts payable by any Sublicensee
(including, but not limited to, Biogen Idec) that obtains a direct license from Harvard pursuant to Section 10.3.1. 
 1B. Ownership of
Inventions. 
 1B.1. The entire right, title and interest in and to each Consulting Invention, and all corresponding Consulting
Patent Rights, will be owned solely by Harvard. The parties and Drs. Finley and King agree that each of Drs. Finley and King shall assign their entire right, title and interest in any such Consulting Invention to Harvard. 

1B.2. The entire right, title and interest in and to each Joint Invention, and all corresponding Joint Patent Rights, will be owned
jointly by Licensee and Harvard. The parties and Drs. Finley and King agree that each of Drs. Finley and King shall assign his entire right, title and interest in any such Joint Invention to Harvard. Subject to the terms and conditions of this
Agreement (including, without limitation, the exclusive license granted by Harvard to Licensee pursuant to Section 2.1 hereof), each party shall be free to use and license its undivided share of any and all Joint Inventions or any and all Joint
Patent Rights without having to obtain the agreement or consent of the other party, without having to provide notice of such use or licensing to the other party and without having to make any accounting to the other party for such use or licensing
or any revenues or profits derived from such use or licensing. 

  
 13 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 1B.3. All determinations of inventorship under this Agreement shall be made in
accordance with United States patent law. In case of dispute over inventorship, a mutually acceptable outside patent counsel shall make the determination of the inventor(s) by applying the standards contained in United States patent law. 

1B.4. Drs. Finley and King each shall disclose to Licensee and Harvard’s Office of Technology Development in a confidential
writing the conception and/or reduction to practice of any Consulting Invention and Joint Invention promptly after he becomes aware thereof. Harvard shall disclose to Licensee in a confidential writing the conception and/or reduction to practice of
any Consulting Invention and Joint Invention of which it becomes aware, promptly after its receipt of an invention disclosure form from Drs. Finley and/or King. 

1B.5. Any consulting or other agreement pursuant to which Drs. Finley and/or King (for so long as each is an employee of Harvard)
performs services for or on behalf of Licensee shall be consistent with and subordinate to the provisions of this Article 1B. Any such consulting agreement shall require each of Drs. Finley and King to assign his rights in Consulting Invention and
Joint Invention, but not in other inventions, in a manner consistent with the provisions of this Article 1B, and shall allow Drs. Finley and King to make the disclosures contemplated by Section 1B.4. In the case of any discrepancy between
Article lB of this Agreement and any such consulting agreement, the terms of this Agreement shall prevail. 
 2. License. 

2.1 Grant. 
 2.1.1
Exclusive License. Subject to the terms and conditions set forth in this Agreement, Harvard hereby grants to Licensee an exclusive, worldwide, royalty-bearing license under its interest in the Composition of Matter Claims, the Non-Screening
Method Claims and the Technology Transfer Materials solely to develop, make, have made, offer for sale, sell, have sold and import Licensed Products for use solely in the Field; provided, however, that: 

2.1.1.1 Harvard retains the right, for itself and for other not-for-profit research organizations, to practice the Patent Rights and
to use the Technology Transfer Materials within the scope of the license granted above, solely for research, educational and scholarly purposes and not for the purpose of commercial manufacture, marketing, sale, distribution or provision of services
for a fee. For the avoidance of doubt, nothing herein shall be construed as permitting Harvard or any such not-for-profit research organization to grant rights to any for-profit sponsor to Patent Rights or Technology Transfer Materials within the
scope of the license granted above. Harvard shall not provide, transfer, or grant any right to practice or use, any biological or chemical materials within the Technology Transfer Materials to any not-for-profit research organization except pursuant
to a written agreement that is consistent with the provisions of this Agreement and the rights granted to Licensee under this Agreement. Harvard shall provide written 

  
 14 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
notice to Licensee if it enters into an agreement with any other not-for-profit research organization in which it grants the right to practice the Patent Rights and/or to use the Technology
Transfer Materials in accordance with this Section 2.1.1.1; 
 2.1.1.2 the United States federal government retains rights in
the Patent Rights pursuant to 35 U.S.C. §§ 200-212 and 37 C.F.R. § 401 et seq., and any right granted in this Agreement greater than that permitted under 35 U.S.C. §§ 200-212 or 37 C.F.R. § 401 et seq. will be subject
to modification as may be required to conform to the provisions of those statutes and regulations; and 
 2.1.1.3 Licensee shall not
transfer Technology Transfer Materials to any third party, other than to Affiliates, Sublicensees, Distributors and Subcontractors. THE TECHNOLOGY TRANSFER MATERIALS SHALL NOT BE USED IN HUMANS. 

2.1.2 Screening Method Claims License. Subject to the terms and conditions set forth in this Agreement, Harvard hereby grants to
Licensee a non-exclusive, worldwide, royalty-bearing license under its interest in the Screening Method Claims solely to identify, develop, make, have made, offer to sell, sell, have sold and import Licensed Products for use solely in the Field.

 2.2 Affiliates, Distributors and Subcontractors. The licenses granted to Licensee under Section 2.1 include the right
(a) to have some or all of such rights or obligations under this Agreement exercised or performed by one or more Affiliates of (i) Licensee, (ii) a Sublicensee of such rights or (iii) a Third Party Licensee of such rights (in
each case, on behalf of Licensee, such Sublicensee or such Third Party Licensee, as applicable) and (b) to engage Distributors and Subcontractors; provided, however, that: 

2.2.1 no Distributor, Subcontractor or Affiliate (other than an Affiliate of Licensee) shall be entitled to grant, directly or
indirectly, to any third party any right of whatever nature under, or with respect to, or permitting any use or exploitation of, any of the Patent Rights or the Technology Transfer Materials, including any right to develop, manufacture, market or
sell Licensed Products, except that any Distributor may appoint sub-distributors for purposes of marketing, distributing, selling and supporting Licensed Products (in which event, all of the terms and conditions of this Agreement that are applicable
to Distributors shall be applicable to such sub-distributors); and 
 2.2.2 notwithstanding anything to the contrary expressed or
implied herein, any act or omission taken or made by an Affiliate, Distributor or Subcontractor under this Agreement also will be deemed an act or omission by Licensee under this Agreement. 

2.3 Sublicenses. 

2.3.1 Sublicense Grant. Licensee, Affiliates of Licensee, and Sublicensees of Licensee or of any of its Affiliates will be entitled to
grant Sublicenses to third parties under the license granted pursuant to Section 2.1.1 subject to the terms of this Section 2.3. In addition, 

  
 15 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
Licensee, Affiliates of Licensee, and Sublicensees of Licensee or of any of its Affiliates will be entitled to grant Sublicenses under the license granted pursuant to Section 2.1.2 solely
(a) to third parties to whom Licensee or such Affiliate or Sublicensee also has granted a Sublicense under some or all of its Section 2.1.1 rights and solely for the purpose of facilitating such third party’s practice of such
Section 2.1.1 rights and/or (b) to third parties with whom Licensee or such Affiliate or Sublicensee is engaged in collaborative research and development activities that will include such Section 2.1.2 rights. Any such Sublicense
shall be on terms and conditions in compliance with and not inconsistent with the terms of this Agreement. Licensee shall provide Harvard with written notice each time that its Affiliate, its Sublicensee or its Affiliate’s Sublicensee grants a
Sublicense. 
 2.3.2 Sublicense Agreements. Licensee shall grant, and shall cause its Affiliates and its Affiliates’
Sublicensees to grant, Sublicenses pursuant to written agreements, which will be subject and subordinate to the terms and conditions of this Agreement. Such Sublicense agreements will contain, among other things, the following: 

2.3.2.1 all provisions necessary to ensure Licensee’s ability to perform its obligations under this Agreement (including, without
limitation, in the case of a Sublicense described in Section 2.3.1 (b), Licensee’s obligation to pay royalties under Section 4.5.1.3); 

2.3.2.2 a section substantially the same as Article 9 of this Agreement, which also will state that the Indemnitees (as defined in
Section 9.1) are intended third party beneficiaries of such Sublicense agreement for the purpose of enforcing such indemnification; 

2.3.2.3 a provision clarifying that, in the event of termination of any license under Section 2.1 (in whole or in part (e.g.,
termination in a particular country)), any existing Sublicense under such license shall terminate to the extent of such terminated license, except to the extent otherwise provided in Section 10.3.1 hereof; 

2.3.2.4 a provision granting Harvard, as a third party beneficiary, the right to enforce directly against the Sublicensee any of the
provisions of this Agreement that, by its own terms, require Sublicensees to perform certain actions or refrain from certain actions or that require Licensee to cause Sublicensees to perform certain actions or refrain from certain actions,
provided that Harvard shall take any such enforcement action directly against the Sublicensee only if, after Harvard has given notice to Licensee of the actions taken or not taken by the Sublicensee in violation of this Agreement, Licensee is
unable to cause (directly or through the Affiliate or Sublicensee that granted the Sublicense) the Sublicensee to cure such violation or non-compliance and does not take enforcement action (directly or through the Affiliate or Sublicensee that
granted the Sublicense) against the Sublicensee under the applicable Sublicense agreement within a reasonable period of time; and 

2.3.2.5 a provision prohibiting the Sublicensee from assigning the Sublicense agreement without the prior written consent of Harvard,
except that Sublicensee may assign the Sublicense agreement to a successor in connection with the merger, consolidation or sale of all or substantially all of its assets or that portion of its business to which the Sublicense agreement relates;
provided, however, that any permitted assignee agrees in writing to be bound by the terms of such Sublicense agreement. 

  
 16 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 2.3.3 Delivery of Sublicense Agreements. Licensee shall furnish Harvard, and shall
cause its Affiliates and its and its Affiliates’ Sublicensees to furnish Harvard, with a fully executed copy of any Sublicense agreement, promptly after its execution. Such agreement may be redacted to maintain the confidentiality of
information not relevant to Harvard’s ability to enforce its rights under this Agreement. Harvard shall keep copies of all such Sublicense agreements (including the Biogen Idec Sublicense Agreement) in its confidential files and shall use them
solely for the purpose of monitoring Licensee’s and Sublicensees’ compliance with their obligations hereunder and enforcing Harvard’s rights under this Agreement. 

2.3.4 Breach by Sublicensee. Notwithstanding anything to the contrary expressed or implied herein, any act or omission by a Sublicensee
that would have constituted a breach of this Agreement had it been an act or omission by Licensee shall constitute a breach of this Agreement. 

2.4 Alternative Indication Products.  

2.4.1 If on or after the [***] of the first Marketing Authorization of a Licensed Product, a third party makes a bona
fide proposal to Harvard for developing an Alternative Indication Product (a “Soliciting Third Party Licensee”), and Harvard is interested in having such Alternative Indication Product developed and commercialized, then
Harvard may notify Licensee of the third party’s proposal, and shall include in such notification information regarding the third party proposal, including the applicable Alternative Indication. Within [***] after the receipt of such
notification from Harvard (the “Notification Period”), Licensee shall notify Harvard whether it is interested in developing such Alternative Indication Product or, if applicable, shall establish to Harvard that the product that
is the subject of the third party’s proposal is not an Alternative Indication Product (e.g., because Licensee, or any Sublicensee or Third Party Licensee, or any of their respective Affiliates (including Affiliates of Licensee), already is
developing a Licensed Product for the applicable Alternative Indication). If Licensee is able to establish that the product that is the subject of the third party’s proposal is not an Alternative Indication Product, then the remainder of
this Section 2.4 shall not apply with respect to the active component ([***]) or the indication that is the subject of the third party’s proposed product. 

2.4.2 If Licensee cannot meet the requirements of Section 2.4.1 and the product that is the subject of the third party’s
proposal is deemed an Alternative Indication Product, but Licensee notifies Harvard on or before the expiration of the Notification Period that Licensee is interested in developing such Alternative Indication Product, the parties will negotiate in
good faith and agree, during [***] following the date of such notification (the “Negotiation Period”), upon a development plan for such Alternative Indication Product, which plan will include commercially reasonable milestones. If
the parties agree on such development plan and milestones within such Negotiation Period, Licensee shall maintain its exclusive license hereunder 

  
 17 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
with respect to such Alternative Indication Product, but shall be obligated (a) to use Commercially Reasonable Efforts to develop and commercialize such Alternative Indication Product in
accordance with such new development plan and (b) to meet such commercially reasonable milestones with respect to such Alternative Indication Product included in such new development plan. The provisions of Section 3.4 hereof shall be
applicable to such commercially reasonable milestones to the same extent as Section 3.4 applies to the Development Milestones. If the parties do not agree by the end of the Negotiation Period on a development plan and milestones that are
acceptable to Harvard, in its reasonable and good faith judgment, then Licensee shall have the rights set forth below in Section 2.4.4. 

2.4.3 If (a) the parties do not agree by the end of the Negotiation Period on a development plan and milestones that are
acceptable to Harvard, in its reasonable and good faith judgment, and Licensee does not exercise its rights under Section 2.4.4, or (b) the parties agree on such a plan and milestones, but Licensee thereafter fails to comply in any
material respect with such mutually agreed obligations, and fails to cure such noncompliance after notice from Harvard within the time periods specified in Section 3.4, then, subject to the provisions of Section 2.4.6, Harvard will be
entitled, as applicable, to terminate the license under the Patent Rights granted hereunder with respect to such Alternative Indication Product, or to convert such license into a non-exclusive license with respect to such Alternative Indication
Product, in each case solely to the extent necessary to permit the Soliciting Third Party Licensee to develop and distribute such Alternative Indication Product. 

2.4.4 If (a) Licensee states in its notification to Harvard that it is not interested in developing such Alternative Indication
Product, or (b) the parties do not agree by the end of the Negotiation Period on a development plan and milestones that are acceptable to Harvard, in its reasonable and good faith judgment, then, upon prompt written notice to Harvard that
Licensee wishes to grant, or cause to be granted in accordance with Section 2.3, to such Soliciting Third Party Licensee a Sublicense under the Patent Rights solely to make, have made, offer for sale, sell, have sold and import such Alternative
Indication Product, Licensee will have [***] (or such longer time as will be agreed to by Harvard and Licensee in writing) to negotiate and enter into, or to cause an Affiliate or Sublicensee to negotiate and enter into, in accordance with
Section 2.3, such a Sublicense agreement with such Soliciting Third Party Licensee; provided, however, that if Licensee demonstrates that it or any such Affiliate or Sublicensee and such Soliciting Third Party Licensee have entered into a term
sheet with respect to such a Sublicense agreement during such [***], Licensee or such Affiliate or Sublicensee will be entitled to extend the period for the execution of a binding Sublicense agreement by an additional [***]. 

2.4.5 If Licensee or any such Affiliate or Sublicensee fails to enter into such a Sublicense agreement within such [***] period or
[***] period, as applicable, Licensee shall promptly (but in any event within [***] of the end of such period) provide Harvard in writing an explanation for such failure along with the proposed terms offered to such Soliciting Third Party Licensee
by Licensee or any such Affiliate or Sublicensee. If Harvard agrees with Licensee that such terms were commercially reasonable in light of the proposed scope and purpose of the Sublicense, then Licensee shall be under no further obligation to
negotiate a Sublicense agreement 

  
 18 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
with such Soliciting Third Party Licensee, and Harvard shall not grant such Soliciting Third Party Licensee a license to develop the applicable Alternative Indication Product. If Harvard
determines in its good faith reasonable judgment that such terms were not commercially reasonable in light of the proposed scope and purpose of the Sublicense, Harvard shall notify Licensee of such determination and provide Licensee with an
additional [***] to enter into, or cause such Affiliate or Sublicensee to enter into, a Sublicense with such Soliciting Third Party Licensee. If Licensee fails to enter into, or cause such Affiliate or Sublicensee to enter into, a Sublicense
agreement with such Soliciting Third Party Licensee within such additional [***] period on terms that Harvard determines in its good faith judgment are commercially reasonable, then, subject to the provisions of Section 2.4.6, Harvard will be
entitled to terminate the license under the Patent Rights granted hereunder with respect to such Alternative Indication Product or to convert such license into a non-exclusive license, in each case solely to the extent necessary to permit such third
party to develop and distribute such Alternative Indication Product. 
 2.4.6 Notwithstanding anything in this Section 2.4
expressed or implied to the contrary, (a) Harvard may not exercise any right that it may have under Section 2.4.3 or Section 2.4.5 hereof to terminate the license under the Patent Rights granted hereunder with respect to any
Alternative Indication Product unless, simultaneously with such termination, Harvard is entering into an agreement with a Soliciting Third Party Licensee pursuant to which Harvard grants to such Soliciting Third Party Licensee an exclusive license
to develop, manufacture, use, sell and otherwise commercialize such Alternative Indication Product solely for use in the indication for which such Soliciting Third Party Licensee made a bona fide proposal to Harvard pursuant to Section 2.4.1
hereof and explicitly prohibits such third party from developing, manufacturing, using, selling or otherwise commercializing such Alternative Indication Product for any other indication, (b) if Harvard exercises any right that it may have under
Section 2.4.3 or Section 2.4.5 hereof to terminate the license under the Patent Rights granted hereunder with respect to any Alternative Indication Product, such termination shall only be applicable to such Alternative Indication Product
with respect to the indication as to which Harvard grants exclusive license rights to a Soliciting Third Party Licensee in accordance with the provisions of the foregoing clause (a), and in no event shall Licensee’s rights under this Agreement
with respect to such Alternative Indication Product in any other indication be affected or implicated, (c) Harvard may not during the Term, directly or indirectly, solicit or initiate and, except as expressly provided in this Section 2.4,
engage in any discussions or negotiations with, or provide any information to, or take any other action with the intent to facilitate the efforts of, any third party relating to any Alternative Indication Product and (d) Harvard agrees that any
(i) development plan of Licensee contemplated under Section 2.4.2, (ii) agreement between Harvard and a Soliciting Third Party Licensee contemplated under Section 2.4.3 or 2.4.5, or (iii) Sublicense from Licensee to a
Soliciting Third Party Licensee contemplated under Sections 2.4.4 and 2.4.5, must, in each case, address, to the reasonable satisfaction of Licensee, its Affiliates and Sublicensees consistent with industry standards, standard commercial
protections, including, without limitation, intellectual property protection, pricing protection, development feasibility, commercial strategy and the like, and must in all cases be consistent with the terms and conditions of this Agreement, and the
rights of Licensee hereunder, and Harvard also agrees that it may not disregard such protections in determining whether the proposed terms in such a plan, agreement or Sublicense are acceptable to Harvard in its reasonable and good faith judgment.

  
 19 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 2.4.7 Notwithstanding anything in this Section 2.4 or elsewhere in this Agreement
expressed or implied, in the event that any third party that is developing or commercializing an Alternative Indication Product as a result of the application of the provisions of this Section 2.4 (a) materially breaches or violates any of
the provisions of this Agreement or any Sublicense agreement that are applicable to such third party or (b) materially violates, contravenes, misuses, misappropriates or infringes any of rights exclusively licensed by Harvard to Licensee (after
giving effect to the provisions of this Section 2.4 with respect to such Alternative Indication Product) or contributes or otherwise participates in any material violation, contravention, misuse, misappropriation or infringement of such rights
by any other person, then Licensee’s non-exclusive license under this Agreement with respect to such Alternative Indication Product shall automatically convert back to an exclusive license, Licensee shall have the right to terminate any
Sublicense granted to such third party and Licensee and its Affiliates and Sublicensees shall have the right to take any and all action against such third party to enforce such exclusive license (and all applicable Patent Rights) and in connection
therewith to exercise any and all legal and equitable remedies available to Licensee and its Affiliates or Sublicensees, including, without limitation, the right to restrain or prevent the further development, manufacture, distribution, marketing,
promotion, sales, commercialization or exportation of such Alternative Indication Product by such third party. 
 2.4.8 The
provisions of this Section 2.4 shall not be applicable with respect to (i) any of the Excluded Indications or (ii) any Alternative Indications in any country of the world if Licensee or any of its Affiliates, Sublicensees or
Distributors has previously commenced development or commercialization or an application for regulatory approval of a Licensed Product for such Alternative Indication in such country. 

2.5 Developing Countries.  

2.5.1 Harvard and Licensee mutually agree on the importance of ensuring that Licensed Products are made available to people in all
economic strata around the world. In furtherance thereof, commencing on the [***] of the first Marketing Authorization of a Licensed Product, Licensee agrees to exercise Commercially Reasonable Efforts (on its own or through a Sublicensee, Third
Party Licensee, or any of their Affiliates) to establish, in Developing Countries in which there is at least one Valid Claim, a program that provides patients in such Developing Countries with reasonable access to such Licensed Product, including,
without limitation, by providing free drug for eligible patients or contributing Licensed Product to Qualified Humanitarian Organizations for distribution to eligible patients (a “Patient Access Program”), provided that such
obligation shall only apply, on a country-by-country basis, where Licensee, its Sublicensees, Third Party Affiliates, and their respective Affiliates, as well as any Qualified Humanitarian Organization participating in the Patient Access Program,
are able to ensure that the Licensed Product will only be used in the Developing Country in which such Patient Access Program is established and located and will not be used to diagnose, test, analyze, review or produce data for, or distributed
outside to, any person or entity outside of such Developing 

  
 20 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
Country. Licensee shall not be required to establish a Patient Access Program in any Developing Country if such Patient Access Program would violate any law, rule, regulation, treaty or order or
to the extent that such Developing World Country restricts or prohibits the termination of any sublicensee or distributor in such Developing World Country. For the avoidance of doubt, Licensee is entitled to the full extent of the applicable laws
and regulations to protect the Patent Rights licensed hereunder for so long as it complies with its obligations under this Section 2.5.1. Licensee agrees that a failure to comply with the foregoing obligations would constitute a breach of this
Agreement and, further, that Harvard has the right to specifically enforce such obligations in a court of competent jurisdiction in the event Licensee fails or refuses to comply therewith. 

2.5.2 The provisions of Article 7 notwithstanding, Licensee agrees that, if it is in material breach of its obligations under
Section 2.5.1, then Harvard may, by written notice provided on a case-by-case basis, prohibit Licensee from initiating any enforcement action in any Developing Country with respect to any Harvard Patent Rights unless Licensee cures such breach
within [***] of such written notice (during which time Licensee may continue to take any such enforcement action that it has previously initiated). Any decision by Harvard to prohibit Licensee from enforcing such Harvard Patent Rights in any such
Developing Country shall be reasonable and made in good faith. Harvard hereby agrees that any decision by Harvard to prohibit Licensee from enforcing such Harvard Patent Rights in any such Developing Country would be unreasonable if failure to
enforce such Harvard Patent Rights in such Developing Country would impair or undermine the licenses granted under this Agreement with respect to any of the Harvard Patent Rights in any country other than such Developing Country. 

2.6 No Other Grant of Rights. Except as expressly provided herein, nothing in this Agreement will be construed to confer any ownership
interest, license or other rights upon Licensee by implication, estoppel or otherwise as to any technology, intellectual property rights, products or biological materials of Harvard, or any other entity, regardless of whether such technology,
intellectual property rights, products or biological materials are dominant, subordinate or otherwise related to any Patent Rights or Technology Transfer Materials. 

3. Development and Commercialization. 

3.1 Diligence. Licensee shall use Commercially Reasonable Efforts and shall cause Sublicensees and Third Party Licensees, and its and
their Affiliates, to use Commercially Reasonable Efforts: (a) to develop Licensed Products for the diagnosis, treatment and/or prevention of disease in humans; (b) to introduce such Licensed Products into the Major Market Countries; and
(c) to market such Licensed Products following such introduction into the Major Market Countries. In addition, Licensee, by itself or through Sublicensees or Third Party Licensees, or its and their Affiliates, shall achieve each of the
Development Milestones within the time periods specified in the Development Plan. 
 3.2 Development Plan. The Development Plan is
attached hereto as Exhibit 1.17. Licensee will be entitled, from time to time, to make such adjustments to the then applicable Development Plan as Licensee believes, in its good faith judgment, are needed in order to improve Licensee’s ability
to meet the Development Milestones. 

  
 21 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 3.3 Reporting. Within [***] after the end of each calendar year, Licensee shall
furnish Harvard with a written report summarizing its efforts, and the efforts of Sublicensees, Third Party Licensees and its and their Affiliates, during the prior year to develop and commercialize Licensed Products, including: (a) research
and development activities; (b) commercialization efforts; and (c) marketing efforts. Each report must contain a sufficient level of detail for Harvard to assess whether Licensee is in compliance with its obligations under Section 3.1
and a discussion of intended efforts for the then current year. Together with each report, Licensee shall provide Harvard with a copy of the then current Development Plan. 

3.4 Failure to Meet Development Milestone; Opportunity to Cure. If Licensee believes that it will not achieve a Development Milestone,
it may notify Harvard in writing in advance of the relevant deadline (a “Delayed Milestone Notice”). Licensee shall include with such Delayed Milestone Notice (a) a reasonable explanation of the reasons for such failure (and
lack of finances will not constitute reasonable basis for such failure) (an “Explanation”) and (b) a reasonable, detailed, written plan for promptly achieving a reasonable extended and/or amended milestone (a
“Plan”). If Licensee provides Harvard with a Delayed Milestone Notice, but fails to provide Harvard with both an Explanation and a Plan, then Harvard will notify Licensee in writing that it has not received such Explanation and such
Plan. Licensee will have [***] after receipt of such notice to meet such milestone. Subject to Section 3.5, Licensee’s failure to meet the deadline set forth in the preceding sentence shall constitute a material breach of this Agreement
and Harvard shall have the right to terminate this Agreement immediately. If Licensee provides Harvard with an Explanation and a Plan in or with its Delayed Milestone Notice, both of which are acceptable to Harvard in its reasonable discretion, then
Harvard will so inform Licensee in writing and the Development Plan will be amended automatically to incorporate the extended and/or amended milestone set forth in the Plan. If Licensee provides Harvard with a Delayed Milestone Notice and provides
Harvard with an Explanation and a Plan, but the Explanation is not acceptable to Harvard in its reasonable discretion (e.g., Licensee asserts lack of finances or development preference for a non-Licensed Product), then Harvard will provide Licensee
a written notice explaining why the Explanation was not acceptable. Licensee will then have [***] after receipt of such notice to meet such milestone. Subject to Section 3.5, Licensee’s failure to meet the deadline set forth in the
preceding sentence shall constitute a material breach of this Agreement and Harvard shall have the right to terminate this Agreement immediately. If Licensee provides a Delayed Milestone Notice to Harvard and provides Harvard with an Explanation and
a Plan, but the Plan is not acceptable to Harvard in its reasonable discretion, then Harvard will explain to Licensee why the Plan is not acceptable and provide Licensee with suggestions for an acceptable Plan. Licensee will have one opportunity to
provide Harvard with an acceptable Plan within [***], during which time Harvard agrees to work with Licensee in its effort to develop an acceptable Plan. If, within such [***], Licensee provides Harvard with an acceptable Plan, then the Development
Plan will be amended automatically to incorporate the extended and/or amended milestone set forth in the Plan. If, within such [***], Licensee fails to provide an acceptable Plan, then Licensee will have [***] after the date of Harvard’s final
rejection of the last Plan submitted by Licensee to meet such milestone. Subject to Section 3.5, Licensee’s failure to meet the deadline set forth in the preceding sentence shall constitute a material breach of this Agreement and Harvard
shall have the right to terminate this Agreement immediately. For clarity, if Licensee fails 

  
 22 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
to achieve a Development Milestone and does not avail itself of the procedures set forth in this Section 3.4, such failure shall be a material breach that entitles Harvard to proceed under
Section 10.2.2.1. The sole remedy of Harvard for any breach of Section 3.1 or this Section 3.4 shall be to terminate this Agreement in accordance with this Section 10.2.2.1 hereof. Notwithstanding anything in this
Section 3.4 or elsewhere in this Agreement expressed or implied to the contrary, (i) Harvard shall not have the right to terminate this Agreement for failure to achieve a Development Milestone or for failure to comply with the provisions
of this Section 3.4 if the reason that Licensee failed to achieve a Development Milestone was due to factors beyond its control, including, without limitation, (1) any force majeure, (2) any delay (not attributable to Licensee, any
Sublicensee, any Third Party Licensee or any of their Affiliates) or change in the regulatory requirements or the regulatory process, including, without limitation, any such delays or changes associated with obtaining approvals for development or
commercialization from Regulatory Authorities, (3) unavailability of supply of raw materials or products, (4) adverse pre-clinical or clinical results with respect to Licensed Product in terms of safety or efficacy, (5) change in laws
or legal requirements, (6) inability to identify or develop suitable formulation for Licensed Product and (7) unanticipated problems with manufacturing process and scale-up of Licensed Product, and (ii) in the event that Licensee has
materially breached its diligence obligations in Section 3.1 with respect to a Licensed Product, Harvard shall only have the right to terminate this Agreement with respect to such Licensed Product and not with respect to any other Licensed
Product as to which Licensee is not in breach of its diligence obligations under Section 3.1 hereof. 
 3.5 With respect to each
of the Development Milestones, if Licensee has followed the procedures of Section 3.4, but fails to meet the applicable deadline within the time frames set forth therein, Licensee shall not be deemed in breach of this Agreement, and Harvard may
not terminate this Agreement for such failure, if on or before [***] prior to the date of the applicable extended deadline in Section 3.4, Licensee pays Harvard an amount in cash equal to [***] of the Milestone Payment applicable to such
Development Milestone, as set forth in Section 4.4. Such payment shall be non-refundable, but shall be creditable against the full Milestone Payment when it becomes due upon achievement of the applicable Development Milestone. In the event
Licensee makes such a payment to Harvard, then the extended deadline for the applicable Development Milestone, as set forth in Section 3.4, shall be further extended for an additional period of [***]. Licensee’s failure to meet the further
extended deadline set forth in the preceding sentence shall constitute a material breach of this Agreement and Harvard shall have the right to terminate this Agreement immediately. 

4. Consideration for Grant of License. 

4.1 License Issuance Fee. Harvard acknowledges that Licensee paid Harvard a non-refundable license fee of [***] within thirty
(30) days after the Original Effective Date. 
 4.2 Equity. Harvard acknowledges that, within thirty (30) days after the
Original Effective Date, Licensee issued to Harvard [***] shares of its common stock pursuant to a Restricted Stock Purchase Agreement. 

  
 23 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 4.3 Annual License Maintenance Fees. Licensee agrees to pay Harvard annual license
maintenance fee as follows (except to the extent already paid since the Original Effective Date, as noted below): 
 4.3.1 [***] for
calendar years 2012 and 2013, which Harvard acknowledges have already been paid; and 
 4.3.2 [***] for calendar year 2014 and each
subsequent calendar year during the Term. 
 Each such fee shall be due and payable on January 1st of the calendar year to which such fee applies. Each
annual license maintenance fee shall be creditable against any amounts payable under Sections 4.4 and 4.5 below with respect to milestones achieved and Licensed Products sold in the same calendar year that such annual license maintenance fee was
due. 
 4.4 Milestone Payments. 

4.4.1 Program Milestones. Licensee shall pay Harvard the following milestone payments (except to the extent already paid since the
Original Effective Date, as noted below): 
 4.4.1.1 [***] upon [***], which Harvard acknowledges has already been paid in cash;

 4.4.1.2 [***] upon achievement of the first milestone listed in Exhibit 1.17, which Harvard acknowledges has already been paid
through its annual license maintenance fee credit; 
 4.4.1.3 [***] upon achievement of the second milestone listed in Exhibit 1.17,
which Harvard acknowledges has already been paid, partially through its annual license maintenance fee credit with the remainder in cash; and 

4.4.1.4 [***] upon achievement of the third milestone listed in Exhibit 1.17, which Harvard acknowledges has already been paid through
its annual license maintenance fee credit. 
 Licensee shall pay Harvard the milestone payments listed in Sections 4.4.1.2 through 4.4.1.4 upon the
achievement of the corresponding milestones, regardless of whether such milestone is achieved by Licensee, any Sublicensee or any Third Party Licensee, or any of their Affiliates. Licensee shall make each of the milestone payments set forth above in
this Section 4.4.1 only once regardless of the number of times that a particular Licensed Product meets any of the milestones set forth above in this Section 4.4.1 and regardless of the number of Licensed Products that achieve each of such
milestones. 
 4.4.2 Type I Licensed Product Milestones. Licensee shall pay Harvard the following milestone payments upon the first
occurrence of each milestone for the first Type I Licensed Product, regardless of whether such milestone is achieved by Licensee or any Sublicensee, or any of their Affiliates: 

4.4.2.1 [***] upon completion of IND Enabling GLP Toxicity Studies; 

  
 24 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 4.4.2.2 [***] upon Initiation of a Phase 1 Clinical Study; 

4.4.2.3 [***] upon Initiation of a Phase 2 Clinical Study; 

4.4.2.4 [***] upon Initiation of a Phase 3 Clinical Study; 

4.4.2.5 [***] upon Marketing Authorization in the United States; and 

4.4.2.6 [***] upon Marketing Authorization in a country other than the United States. 

4.4.3 Type II Licensed Product Milestones. Licensee shall pay Harvard the following milestone payments upon the first occurrence of
each milestone for the first Type II Licensed Product, regardless of whether such milestone is achieved by Licensee or any Sublicensee, or any of their Affiliates: 

4.4.3.1 [***] upon completion of IND Enabling GLP Toxicity Studies; 

4.4.3.2 [***] upon Initiation of a Phase 1 Clinical Study; 

4.4.3.3 [***] upon Initiation of a Phase 2 Clinical Study; 

4.4.3.4 [***] upon Initiation of a Phase 3 Clinical Study; 

4.4.3.5 [***] upon Marketing Authorization in the United States; and 

4.4.3.6 [***] upon Marketing Authorization in a country other than the United States. 

4.4.4 Type III Licensed Product Milestones. Licensee shall pay Harvard the following milestone payments upon the first occurrence of
each milestone for the first Type III Licensed Product, regardless of whether such milestone is achieved by Licensee, any Sublicensee or any Third Party Licensee, or any of their Affiliates: 

4.4.4.1 [***] upon completion of IND Enabling GLP Toxicity Studies; 

4.4.4.2 [***] upon Initiation of a Phase 1 Clinical Study; 

4.4.4.3 [***] upon Initiation of a Phase 2 Clinical Study; 

4.4.4.4 [***] upon Initiation of a Phase 3 Clinical Study; 

  
 25 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 4.4.4.5 [***] upon Marketing Authorization in the United States; and 

4.4.4.6 [***] upon Marketing Authorization in a country other than the United States. 

Licensee shall include in any license agreement that it enters into with a third party with respect to Type III Licensed Products all provisions necessary to
ensure Licensee’s ability to meet its obligations under this Section 4.4.4. 
 4.4.5 Adjustments for Biogen Idec
Development. If Licensee fails to exercise, or exercises and then terminates, its Co-Development Option (under and as such term is defined in the Biogen Idec Sublicense Agreement) with respect to a Licensed Product, Licensee shall pay Harvard
the following milestone payments instead of the milestone payments set forth in Sections 4.4.2, 4.4.3 and 4.4.4 with respect to milestones achieved by Biogen Idec, an Affiliate of Biogen Idec, or any of their respective Sublicensees in connection
with such Licensed Product; provided, however, that the milestone payments set forth in paragraphs (a) though (e) of Section 4.4.5.1 (and any corresponding milestone payments provided for in Section 4.4.5.2) shall not be payable
with respect to any Licensed Product if Licensee exercises its Co-Development Option with respect to such Licensed Product, whether or not it later terminates such Co-Development Option: 

4.4.5.1 Adjusted Type I Licensed Product Milestones. 

(a) [***] for first achievement of In vivo Target Validation (as such term is defined in the Biogen Idec Sublicense Agreement),
which will become payable in accordance with Section 4.4.6 on the date when Licensee was required, but failed, to exercise its Co-Development Option with respect to the first Type I Licensed Product. 

(b) [***] for designation of a first Type I Licensed Product as a Development Compound, which will become payable in accordance with
Section 4.4.6 on the date when Licensee was required, but failed, to exercise its Co-Development Option with respect to such Type I Licensed Product. 

(c) [***] for designation of each subsequent Type I Licensed Product as a Development Compound, which will become payable in
accordance with Section 4.4.6 on the date when Licensee was required, but failed, to exercise its Co-Development Option with respect to such Type I Licensed Product. 

(d) [***] upon the first Initiation of a Phase 1 Clinical Study for each Type I Licensed Product. 

(e) [***] upon the first Initiation of a Phase 2 Clinical Study for each Type I Licensed Product. 

(f) [***] upon the first Initiation of a Phase 3 Clinical Study for each Type I Licensed Product. 

  
 26 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 (g) [***] upon the first Marketing Authorization in the United States for each Type I
Licensed Product. 
 (h) [***] upon the first Marketing Authorization in [***] for each Type I Licensed Product. 

(i) [***] upon the first Marketing Authorization in [***] for each Type I Licensed Product. 

(j) [***] for the first achievement of [***] in cumulative Net Sales for each Type I Licensed Product. 

(k) [***] for the first achievement of [***] in cumulative Net Sales for each Type I Licensed Product. 

4.4.5.2 Adjusted Type II and Type III Licensed Product Milestones. With respect to the first occurrence of each milestone for each
Type II Licensed Product and each Type III Licensed Product, each of the milestone events set forth in Section 4.4.5.1 shall apply, but each corresponding milestone payment (except for the milestone payment set forth in Section 4.4.5.1
(b)) shall be reduced by [***] (e.g., [***] upon the first Initiation of a Phase 1 Clinical Study). For clarity, the milestone payment described Section 4.4.5.1 (b) (i.e., designation as a Development Compound) shall be [***] regardless of
Licensed Product type. 
 4.4.5.3 Offset for Designation of Development Compound Milestone. If Licensee pays a milestone for
designation of a Licensed Product as a Development Compound for a Licensed Product, it may offset such amount against the Sublicense milestone that otherwise would be owed under Section 4.7.5 if Licensee converts Biogen Idec’s
non-exclusive Sublicense into an exclusive Sublicense. 
 4.4.6 Licensee shall notify Harvard in writing within [***] following the
achievement of each milestone described in this Section 4.4, and shall make the appropriate milestone payment within [***] after the achievement of such milestone. 

4.4.7 The milestones set forth in this Section 4.4 are intended to be successive. If a Licensed Product is not required to undergo
the event associated with a particular milestone for a Licensed Product (“Skipped Milestone”), such Skipped Milestone will be deemed to have been achieved upon the achievement by such Licensed Product of the next successive milestone
(“Achieved Milestone”). Payment for any Skipped Milestone that is owed in accordance with the provisions of this Section 4.4 shall be due within [***] after the achievement of the Achieved Milestone. 

4.4.8 For purposes of clarification, in no event shall any milestone payment contemplated or provided for in Section 4.4.2, 4.4.3,
4.4.4, 4.4.5.1(a) or 4.4.5.1(b) [***]. 
 4.4.9 If Licensee or any of its Affiliates receives Sublicense Revenue with respect to a
Sublicensee’s achievement of any milestone listed in this Section 4.4, amounts paid by Licensee to Harvard under this Agreement on account of such Sublicense Revenue [***]. 

  
 27 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 4.5 Royalty on Net Sales. 

4.5.1 Rate. 
 4.5.1.1
Type I Licensed Products. Subject to the provisions of Section 4.3, Section 4.5.1.4 and Section 4.5.2 hereof and to the provisions set forth below in this Section 4.5.1.1, Licensee shall pay Harvard an amount equal to
(a) [***] of the first [***] of annual Net Sales of Type I Licensed Products in the Developed Countries, (b) [***] of annual Net Sales of Type I Licensed Products in the Developed Countries in excess of [***] and (c) [***] of all Net
Sales of Type I Licensed Products in the Developing Countries. Such amounts shall be payable, on a Type I Licensed Product-by-Type I Licensed Product and country-by-country basis, until expiration of the last to expire Valid Claim covering such Type
I Licensed Product in such country. Notwithstanding the foregoing, if the making, using or selling of a Type I Licensed Product is covered only by a Valid Claim within the Joint Patent Rights (and not by any Valid Claim within the Existing Patent
Rights or Consulting Patent Rights) in a certain country, the royalty rates specified above with respect to such Type I Licensed Product shall be reduced by [***] in such country. 

4.5.1.2 Type II Licensed Products. Subject to the provisions of Section 4.3, Section 4.5.1.4 and Section 4.5.2 hereof
and to the provisions set forth below in this Section 4.5.1.2, Licensee shall pay Harvard an amount equal to (a) [***] of the first [***] of annual Net Sales of Type II Licensed Products in the Developed Countries, (b) [***] of annual
Net Sales of Type II Licensed Products in the Developed Countries in excess of [***] and (c) [***] of all Net Sales of Type II Licensed Products in the Developing Countries. Such amounts shall be payable, on a Type II Licensed Product-by-Type
II Licensed Product and country-by-country basis, until expiration of the last to expire Valid Claim covering such Type II Licensed Product in such country. Notwithstanding the foregoing, if the making, using or selling of a Type II Licensed Product
is covered only by a Valid Claim within the Joint Patent Rights (and not by any Valid Claim within the Existing Patent Rights or Consulting Patent Rights) in a certain country, the royalty rates specified above with respect to such Type II Licensed
Product shall be reduced by [***] in such country. 
 4.5.1.3 Type III Licensed Products. Subject to the provisions of
Section 4.3, Section 4.5.1.4 and Section 4.5.2 hereof and to the provisions set forth below in this Section 4.5.1.3, Licensee shall pay Harvard an amount equal to (a) [***] of all Net Sales of Type III Licensed Products in
the Developed Countries, and (b) [***] of all Net Sales of Type III Licensed Products in the Developing Countries. Such amounts shall be payable, on a Type III Licensed Product-by-Type III Licensed Product and country-by-country basis, for a
period of [***] after the date of the First Commercial Sale of such Type III Licensed Product in such country. Licensee shall include, and shall cause its Affiliates and its and its Affiliates’ Sublicensees to include, in any agreement entered
into with a third party granting a license or 

  
 28 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
sublicense with respect to Type III Licensed Products all provisions necessary to ensure Licensee’s ability to meet its obligations under this Section 4.5.1.3. Licensee shall provide
Harvard with written notice each time such an agreement is entered into. In addition, Licensee shall furnish Harvard, and shall cause its Affiliates and its and its Affiliates’ Sublicensees to furnish Harvard, with a fully executed copy of any
such agreement, promptly after its execution. Such agreement may be redacted to maintain the confidentiality of information not relevant to Harvard’s ability to enforce its rights under this Agreement. Harvard shall keep all such copies in its
confidential files and shall use them solely for the purpose of enforcing Harvard’s rights under this Agreement. 
 4.5.1.4
Adjustments for Biogen Idec Commercialization. If (a) Licensee fails to exercise, or exercises and subsequently terminates, its Co-Commercialization Option (under and as such term is defined in the Biogen Idec Sublicense Agreement) with
respect to a Licensed Product, (b) any of the royalty payments due under Sections 4.5.1.1 (a), 4.5.1.1 (b), 4.5.1.2 (a), 4.5.1.2 (b) or 4.5.1.3 (a) result from Net Sales of such Licensed Product by Biogen Idec, an Affiliate of Biogen
Idec, or any of their respective Sublicensees (the “Biogen Idec Pass-Through Royalties”), and (c) the amount of such Biogen Idec Pass-Through Royalties in a particular Calendar Quarter, as otherwise adjusted hereunder, would
exceed [***] of the royalty payments received by Licensee from Biogen Idec on such Net Sales for such Calendar Quarter pursuant to the terms of the Biogen Idec Sublicense Agreement (“Licensee’s Biogen Idec Royalty Income”),
then, in lieu of paying the Biogen Idec Pass-Through Royalties with respect to such Net Sales, Licensee shall pay Harvard an amount equal to [***] of Licensee’s Biogen Idec Royalty Income for such Calendar Quarter with respect to such Net
Sales. 
 If (i) Licensee is entitled to a [***] increase in the royalty rates payable to Licensee under the Biogen Idec Sublicense Agreement with
respect to a Licensed Product because it exercised and subsequently terminated its Co-Development Option with respect to such Licensed Product and (ii) pursuant to the preceding paragraph, Licensee also is entitled to pay Harvard only [***] of
the Biogen Idec Royalty Income with respect to Net Sales of such Licensed Product, then (A) Licensee shall pay Harvard such [***] share on the first [***] of such Net Sales and (B) with respect to such Net Sales in excess of [***],
Licensee may reduce the effective royalty rate otherwise owed to Harvard under this Section 4.5.1.4 by [***] until Licensee has recouped its actual, industry standard, documented costs (up to a maximum of [***]) incurred by Licensee in the
Co-Development of such Licensed Product under the Biogen Idec Sublicense Agreement. For purposes of illustration only, if a Biogen Idec Pass-Through Royalty rate was [***], then instead of paying Harvard [***] (i.e., [***]), Licensee would pay
Harvard [***] pursuant to clause (B) in the preceding sentence. 
 4.5.2 Third Party Royalty Set-Off. If Licensee or any
Affiliate of Licensee obtains a license from a third party to any Infringed or Reasonably Necessary IP after arm’s length negotiations (regardless of whether Licensee obtains such license prior to or after the date of issuance of an applicable
patent application), then Licensee may offset [***] of any royalty payments due thereunder with respect to sales of Licensed Products in a particular country against the royalty payments that are due to Harvard with respect to Net Sales of such
Licensed Products 

  
 29 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
in such country. If any Sublicensee or any Third Party Licensee obtains a license from a third party (that is not Licensee or any other Affiliate, Sublicensee or Third Party Licensee of Licensee)
to any Infringed or Reasonably Necessary IP after arm’s length negotiations (regardless of whether obtained prior to or after the issuance of an applicable patent application), and Licensee allows such Affiliate, Sublicensee or Third Party
Licensee to offset any percentage of the amount otherwise payable to Licensee by such Affiliate, Sublicensee or Third Party Licensee with respect to sales of Licensed Products in a particular country, then Licensee may offset the same percentage
against the royalty payments that are due to Harvard with respect to Net Sales of such Licensed Products in such country. Any disagreements on whether any such intellectual property constitutes Infringed or Reasonably Necessary IP would be referred
for final determination at Licensee’s expense to an independent patent attorney with requisite experience and expertise. The above notwithstanding, in no event shall (a) the royalty payments to Harvard with respect to any such Licensed
Products be reduced by more than [***] of the amount otherwise due to Harvard, and (b) the percentage offset that Licensee is entitled to make against royalty payments due to Harvard be greater than any percentage offset that Licensee is
entitled to make against royalty payments due to any such third party licensor on account of royalty payments made to Harvard with respect to any such Licensed Products. If with respect to the sale of a Licensed Product, Licensee, any Licensee
Affiliate or any of their respective Sublicensees applies the third party royalty adjustment described in this Section 4.5.2 as a result of the fact that a component of such Licensed Product is covered by Infringed or Reasonably Necessary IP,
then Licensee, such Licensee Affiliate or such Sublicensee may not also classify such Licensed Product as a Combination Product as described in Section 1.36 solely as a result of the addition of such component. For example only, if a finished
product contains as active ingredients both (i) a compound that is a Licensed Product and (ii) a delivery technology that is covered by Infringed or Reasonably Necessary IP owned by a third party licensor, Licensee, such Licensee Affiliate
or such Sublicensee may offset royalties owed to such third party with respect to such delivery technology in accordance with this Section 4.5.2, but may not also classify such Licensed Product as a Combination Product solely as a result of the
addition of such delivery technology. For another example only, in the situation described in the immediately preceding sentence, if the Licensed Product also includes a second active ingredient that is not covered by Infringed or Reasonably
Necessary IP owned by a third party licensor, then Licensee, such Licensee Affiliate or such Sublicensee may (A) offset royalties owed to such third party with respect to the delivery technology described in the immediately preceding sentence
in accordance with this Section 4.5.2, and (B) treat the resulting product as a Combination Product where the second active ingredient is the other part of the Combination Product for purposes of the calculation under Section 1.36,
but (C) not take any additional deductions for the royalties paid for the delivery technology. 
 4.5.3 Patent Challenge. If
Licensee or any Sublicensee or Third Party Licensee, or any of their Affiliates, commences an action in which it challenges the validity, enforceability or scope of any of the Harvard Patent Rights (a “Challenge Proceeding”), the royalty
rates specified in this Section 4.5 will be increased by [***] with respect to Net Sales of Licensed Products that are covered by the Harvard Patent Rights that are the subject of the Challenge Proceeding and that are sold during the pendency
of such Challenge Proceeding. If the outcome of such Challenge Proceeding is a determination in favor of Harvard, (a) the royalty rates specified in this Section 4.5 

  
 30 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
with respect to Net Sales of Licensed Products that are covered by the Harvard Patent Rights that are the subject of such Challenge Proceeding shall remain at such increased rate and
(b) Licensee shall reimburse Harvard, or shall cause such Affiliate, Sublicensee or Third Party Licensee, as applicable, to reimburse Harvard, for all expenses incurred by Harvard (including reasonable attorneys’ fees) in connection with
such Challenge Proceeding. If the outcome of such Challenge Proceeding is a determination in favor of Licensee or such Affiliate, Sublicensee or Third Party Licensee, as applicable, Licensee or such Affiliate, Sublicensee or Third Party Licensee, as
applicable, shall have no right to recoup any increased royalties paid pursuant to this Section 4.5.3 during the pendency of such Challenge Proceeding. 

4.5.4. Bad Debt. If, after exercising good faith, commercially reasonable collection efforts, Licensee is unable to collect any amount
that has been invoiced for sales of Licensed Products for which it has already paid royalties under Section 4.5.1, Licensee shall be entitled to [***]. 

4.6 Sublicense Revenue. Licensee will pay Harvard an amount equal to [***] of all Sublicense Revenue. Such payment shall be made by
Licensee in accordance with the provisions of Section 5.1 hereof. 
 4.7 Sublicense Milestones. If Licensee grants a Sublicense
as part of a transaction in which it also conveys rights to Licensee Technology, then Licensee will pay Sublicense milestones to Harvard as follows (due within [***] after the grant of any such Sublicense): 

4.7.1 [***] for a non-exclusive Sublicense to any portion of the Patent Rights, where the Sublicense excludes practice of the Patent
Rights and the Licensee Technology for development and/or commercialization purposes; 
 4.7.2 [***] for a non-exclusive Sublicense
to any portion of the Patent Rights where Licensee grants exclusive rights to any Licensee Technology, and where the Sublicense excludes practice of the Patent Rights and the Licensee Technology for development and/or commercialization purposes;

 4.7.3 [***] for a non-exclusive Sublicense to any portion of the Patent Rights where Licensee grants exclusive rights to any
Licensee Technology, and where the Sublicense includes practice of the Patent Rights and the Licensee Technology for development and/or commercialization purposes; 

4.7.4 [***] for any other nonexclusive Sublicense to any portion of the Patent Rights not described in Sections 4.7.1, 4.7.2 or 4.7.3
above; and 
 4.7.5 [***] for an exclusive Sublicense to any portion of the Patent Rights. 

If, in any transaction described in this Section 4.7, the rights granted by Licensee under the relevant Patent Rights and Licensee Technology are limited
to the field of treating or preventing an orphan disease as defined by the FDA, and the amount of the milestone payment that is payable to 

  
 31 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
Harvard in connection with such transaction is disproportionate to the consideration paid to Licensee with respect to the transaction, then Harvard will consider in good faith an adjustment to
the amount of such milestone payment. 
 For clarity, Licensee is not required to pay Harvard Sublicense milestone payments for any Sublicenses granted to
non-profit disease foundations where the purpose of the Sublicense is for research only or to contract vendors where the purpose of the Sublicense is for research, development or manufacturing purposes on behalf of Licensee and not for
commercialization of Licensed Products. 
 If Licensee pays Harvard a Sublicense milestone described above and subsequently owes a different Sublicense
milestone by virtue of the same transaction (e.g., if Licensee originally grants the Sublicensee only a non-exclusive Sublicense and subsequently converts the license into an exclusive license), Licensee may not offset the amount of the first
milestone paid against the amount of the second milestone owed. 
 5. Reports; Payments; Records. 

5.1 Reports and Payments. 

5.1.1 Reports. Within [***] after the conclusion of each Calendar Quarter commencing with the first Calendar Quarter in which Net Sales
are generated or Sublicense Revenue is received, Licensee shall deliver to Harvard a report containing the following information (in each instance, with a Licensed Product-by-Licensed Product and country-by-country breakdown): 

5.1.1.1 the number of units of Licensed Products sold or otherwise transferred by Licensee, Sublicensees, Third Party Licensees and
its and their Affiliates for the applicable Calendar Quarter (with a breakdown by type of Licensed Products - i.e., Type I Licensed Products, Type II Licensed Products and Type III Licensed Products); 

5.1.1.2 the gross amount billed or invoiced for Licensed Products sold or otherwise transferred by Licensee, Sublicensees, Third Party
Licensees and its and their Affiliates during the applicable Calendar Quarter; 
 5.1.1.3 a calculation of Net Sales for the
applicable Calendar Quarter, including an itemized listing of allowable deductions; 
 5.1.1.4 a detailed accounting of all
Sublicense Revenue received during the applicable Calendar Quarter; and 
 5.1.1.5 the total amount payable to Harvard in U.S.
Dollars on Net Sales and Sublicense Revenue for the applicable Calendar Quarter, together with the exchange rates used for conversion. 

  
 32 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 Each such report shall be certified on behalf of Licensee as true, correct and complete in
all material respects. If no amounts are due to Harvard for a particular Calendar Quarter, the report shall so state. 
 5.1.2
Payment. Within [***] after the end of each Calendar Quarter, Licensee shall pay Harvard all amounts due with respect to Net Sales and Sublicense Revenue for the applicable Calendar Quarter. For purposes of clarification, Licensee shall not
reduce the amount of any payment owed to Harvard under this Agreement by virtue of the fact that Licensee has allowed any of its Sublicensees or Third Party Licensees, or any of its and their Affiliates, to reduce any payments owed to Licensee as a
consequence of any act or omission by Licensee. 
 5.2 Payment Currency. All payments due under this Agreement will be paid in U.S.
Dollars. Conversion of foreign currency to U.S. Dollars will 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 Calendar Quarter. Notwithstanding
anything to the contrary in the foregoing, during any period when Biogen Idec has rights to research, develop and commercialize Licensed Products under the Biogen Idec Sublicense Agreement, if any payments due from Licensee to Harvard under this
Agreement are based on payments due from Biogen Idec to Licensee under the Biogen Idec Sublicense Agreement, conversion of foreign currency to United States Dollars for the portion of such payments to Licensee that is based on payment from Biogen
Idec to Licensee will be made by applying the monthly average rate of exchange calculated by using the foreign exchange rates published in Bloomberg during the applicable month starting two (2) business days before the beginning of such month
and ending two (2) business days before the end of such month as utilized by Biogen Idec, in accordance with generally accepted accounting principles, fairly applied and as employed on a consistent basis throughout Biogen Idec’s
operations. Such payments will be without deduction of exchange, collection or other charges. 
 5.3 Records. 

5.3.1 Licensee shall maintain, and shall cause Sublicensees, Third Party Licensees and its and their Affiliates to maintain, complete
and accurate records of Licensed Products that are made, used, sold or transferred under this Agreement, any amounts payable to Harvard in relation to such Licensed Products, and all Sublicense Revenue received by Licensee and its Affiliates, which
records shall contain sufficient information to permit Harvard to confirm the accuracy of any reports or notifications delivered to Harvard under Section 5.1. Licensee, Sublicensees, Third Party Licensees and its and their Affiliates shall
retain such records relating to a given Calendar Quarter for at least three (3) years after the conclusion of that Calendar Quarter, during which time Harvard will have the right, at its expense, to cause an independent, certified public
accountant to inspect such records during normal business hours for the purposes of verifying the accuracy of any reports and payments delivered under this Agreement and Licensee’s compliance with the terms hereof. Such accountant shall not
disclose to Harvard any information other than information relating to the accuracy of reports and payments delivered under this Agreement. The parties shall reconcile any underpayment or overpayment within thirty (30) days after the accountant
delivers the results of the inspection. If any inspection performed under this Section 5.3.1 reveals an underpayment in excess of five percent (5%) in any calendar year, 

  
 33 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
Licensee shall reimburse Harvard for all amounts incurred in connection with such inspection. Harvard may exercise its rights under this Section 5.3.1 only once every year per inspected
entity and only with reasonable prior notice to the inspected entity. In addition, Harvard may exercise its rights under this Section 5.3 only with respect to any Calendar Quarter as to which Harvard has not previously exercised its rights
under this Section 5.3.1 (it being understood and agreed that Harvard’s rights under this Section 5.3.1 with respect to any Calendar Quarter shall not apply more than once). 

5.3.2 Notwithstanding anything to the contrary in Section 5.3.1, during any period when the Biogen Idec Sublicense Agreement is in
effect, Harvard agrees to exercise its right to inspect Biogen Idec’s records under Section 5.3.1 at the same time as Licensee exercises its rights to inspect such records under Section 6.13 of the Biogen Idec Sublicense Agreement;
provided that, Harvard may exercise such inspection rights independently from Licensee if Harvard reasonably believes (a) Licensee is in material breach of its payment obligations under this Agreement, and (b) that Biogen Idec is
the cause of such breach by Licensee. 
 5.4 Late Payments. Any payments by Licensee that are not paid on or before the date such
payments are due under this Agreement will bear interest at the lower of (a) one and one half percent (1.5%) per month and (b) the maximum rate allowed by law. Notwithstanding anything to the contrary in the foregoing, during any
period when Biogen Idec has rights to research, develop and commercialize Licensed Products under the Biogen Idec Sublicense Agreement, if any payments due from Licensee to Harvard under this Agreement are based on payments due from Biogen Idec to
Licensee under the Biogen Idec Sublicense Agreement and such amounts are not paid on or before the date such payments are due under this Agreement, the portion of such payment to Harvard that is based on payment from Biogen Idec to Licensee will
bear interest at a rate per annum equal to the lesser of (i) the rate announced by Bank of America (or its successor) as its prime rate in effect on the date that such payment would have been first due or (ii) the maximum rate permissible
under applicable law. Interest will accrue beginning on the first day following the due date for payment and will be compounded quarterly. Payment of such interest by Licensee shall not limit, in any way, Harvard’s right to exercise any other
remedies Harvard may have as a consequence of the lateness of any payment. 
 5.5 Payment Method. Each payment due to Harvard under
this Agreement shall be paid by check or wire transfer of funds to Harvard’s account in accordance with written instructions provided by Harvard. If made by wire transfer, such payments shall be marked so as to refer to this Agreement. 

5.6 Withholding and Similar Taxes. If Licensee is required to withhold any amounts payable hereunder to Harvard due to the applicable
laws of any country, such amount will be deducted from the payment to be made by Licensee and remitted to the appropriate taxing authority for the benefit of Harvard. Licensee will withhold only such amounts as are required to be withheld by
applicable law in the country from which payment is being made. Licensee shall submit to Harvard originals of the remittance voucher and the official receipt evidencing the payment of the corresponding taxes with the applicable royalty report.
Licensee will cooperate with Harvard to provide such information and records as Harvard may require in connection with 

  
 34 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
any application by Harvard to the tax authorities in any country, including attempt to obtain an exemption or a credit for any withholding tax paid in any country. Otherwise, all amounts to be
paid to Harvard pursuant to this Agreement 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. 
 6. Patent Filing, Prosecution and Maintenance. 

6.1 Control of Harvard Patent Rights. Subject to and in accordance with the provisions of this Section 6.1 and Section 6.4
below, Harvard will be responsible for the Prosecution and Maintenance of all Harvard Patent Rights, using independent patent counsel reasonably acceptable to Licensee. Licensee shall have the right, at any time and from time to time during the term
of this Agreement upon a showing by Licensee of material cause as to why such independent patent counsel no longer is reasonably acceptable to Licensee, to request that such independent patent counsel be replaced, in which case Harvard shall replace
such independent patent counsel with another independent patent counsel selected by Harvard and reasonably acceptable to Licensee. Licensee shall have full rights of consultation with such independent patent counsel on all matters relating to the
Harvard Patent Rights. Harvard will: (a) instruct such patent counsel to furnish Licensee with copies of all correspondence relating to the Harvard Patent Rights from the United States Patent and Trademark Office (USPTO) and any other patent
office, as well as copies of all proposed responses to such correspondence in time for Licensee to review and comment on such response; (b) give Licensee an opportunity to review the text of each patent application before filing;
(c) consult with Licensee with respect thereto; (d) supply Licensee with a copy of the application as filed, together with notice of its filing date and serial number; and (e) keep Licensee advised of the status of actual and
prospective patent filings. Harvard shall give Licensee the opportunity to provide comments on and make requests of Harvard concerning the Prosecution and Maintenance and protection of the Harvard Patent Rights, shall consider such comments and
requests in good faith and shall incorporate, or cause to be incorporated, such comments and requests unless Harvard reasonably and in good faith believes that such comments and requests will not result in an outcome that best addresses the
interests of both Harvard and Licensee as licensor and licensee (e.g., will result in less patent protection than would be available if such comments and requests were not incorporated). For so long as Licensee is complying with its obligations
under Section 6.3, Harvard must Prosecute and Maintain and protect the Harvard Patent Rights in those countries as Licensee shall request from time to time and Harvard shall have no right to abandon any such Patent Rights. If Licensee fails at
any time to comply with its obligations to pay for Prosecution or Maintenance or protection of the Harvard Patent Rights under Section 6.3, then Harvard will provide all Sublicensee(s) of such Harvard Patent Rights with written notice of such
breach within sufficient time for such Sublicensees to pay such required amounts without any loss or abandonment of rights under the affected Harvard Patent Rights. Such Sublicensee(s) will thereafter have the right, but not the obligation, to pay
such amounts and, if such Sublicensee(s) make such payment, Harvard shall continue to Prosecute and Maintain and protect the affected Harvard Patent Rights for as long as it continues to be paid the amounts due under Section 6.3 by Licensee or
any Sublicensee(s). For avoidance of doubt, nothing in this Section 6.1 will limit Harvard’s right to terminate this Agreement for Licensee’s failure to comply with its obligations under Section 6.3 or affect any
Sublicensee’s right to obtain a direct license from Harvard under Section 10.3.1 upon such a termination. 

  
 35 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 6.2 Control of Joint Patent Rights. Subject to and in accordance with the provisions
of this Section 6.2 and Section 6.4 below, Licensee will be responsible at its own expense for the Prosecution and Maintenance and protection of all Joint Patent Rights, using patent counsel selected by Licensee and reasonably acceptable
to Harvard. Harvard shall have full rights of consultation with such patent counsel on all matters relating to the Joint Patent Rights. Licensee will: (a) instruct such patent counsel to furnish Harvard with copies of all correspondence
relating to the Joint Patent Rights from the USPTO and any other patent office, as well as copies of all proposed responses to such correspondence in time for Harvard to review and comment on such response; (b) give Harvard an opportunity to
review the text of each patent application before filing; (c) consult with Harvard with respect thereto; (d) supply Harvard with a copy of the application as filed, together with notice of its filing date and serial number; and
(e) keep Harvard advised of the status of actual and prospective patent filings. Licensee shall give Harvard the opportunity to provide comments on and make requests of Licensee concerning the Prosecution and Maintenance and protection of the
Joint Patent Rights, shall consider such comments and requests in good faith and shall incorporate, or cause to be incorporated, such comments and requests unless Licensee reasonably and in good faith believes that such comments and requests will
not result in an outcome that best addresses the interests of both Harvard and Licensee as joint owners (e.g., will result in less patent protection than would be available if such comments and requests were not incorporated). 

6.3 Expenses. Subject to Section 6.4 below, Licensee shall reimburse Harvard for all documented, out-of-pocket expenses incurred
by Harvard pursuant to Section 6.1 hereof within [***] after the date of each invoice from Harvard for such expenses. Harvard acknowledges that Licensee reimbursed Harvard, within fifteen (15) days after the Original Effective Date, for
all documented, out-of-pocket expenses incurred by Harvard prior to the Original Effective Date with respect to the preparation, filing, prosecution, protection and maintenance of Existing Patent Rights. 

6.4 Abandonment. If Licensee decides that it does not wish to pay for the Prosecution or Maintenance or protection of any Harvard
Patent Rights in a particular country (“Abandoned Harvard Patent Rights”), Licensee shall provide Harvard with prompt written notice of such election. Upon receipt of such notice by Harvard, Licensee shall be released from its obligation
to reimburse Harvard for the expenses incurred thereafter as to such Abandoned Harvard Patent Rights; provided, however, that expenses authorized prior to the receipt by Harvard of such notice shall be deemed incurred prior to the notice. If
Licensee decides that it does not wish to Prosecute or Maintain or protect any Joint Patent Rights in any particular country (in either case, “Abandoned Joint Patent Rights”), Licensee shall provide Harvard with
prompt written notice of such election. Upon receipt of such notice by Harvard, Licensee shall be released from its obligation to Prosecute or Maintain or protect such Abandoned Joint Patent Rights or to incur or to bear any of the expenses incurred
by Harvard, if any, thereafter as to such Abandoned Joint Patent Rights. 

  
 36 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 6.4.1 Effect of Abandonment of Existing Patent Rights or Consulting Patent Rights. In
the event of Licensee’s abandonment of any Existing Patent Rights or Consulting Patent Rights, any license granted by Harvard to Licensee hereunder with respect to such Abandoned Harvard Patent Rights will terminate, and Licensee will have no
rights whatsoever to exploit such Abandoned Harvard Patent Rights. Harvard shall then be free, without further notice or obligation to Licensee, to grant rights in and to such Abandoned Harvard Patent Rights to third parties. The claims of any such
Abandoned Harvard Patent Rights shall cease to constitute Valid Claims. 
 6.4.2 Effect of Abandonment of Joint Patent Rights. In the
event that any Joint Patent Rights become Abandoned Joint Patent Rights in accordance with the provisions set forth above in this Section 6.4, Harvard, in its sole discretion, may choose to terminate any license granted by Harvard to Licensee
hereunder with respect to such Abandoned Joint Patent Rights. If Harvard exercises its right to terminate and continues to pay for the preparation, filing, to Prosecution or Maintain or protect of such Abandoned Joint Patent Rights, (a) it
thereafter shall have the right to practice and exploit the inventions claimed in such Abandoned Joint Patent Rights without any duty to account to Licensee or any obligation to obtain any consent or approval of Licensee for such use and
exploitation and (b) it also shall then be free, without further notice or obligation to Licensee, and Licensee hereby grants Harvard an exclusive license, to grant rights in and to such Abandoned Joint Patent Rights to third parties; provided,
however, that Licensee shall have (and Harvard hereby grants Licensee) the right, without further notice or obligation to Harvard, to practice and exploit the inventions claimed in such Abandoned Joint Patent Rights in connection with
Licensee’s development and commercialization of a Licensed Product and to grant rights in and to such Abandoned Joint Patent Rights to third parties in connection with any license of a Licensed Product developed by or on behalf of Licensee. The
claims of any such Abandoned Joint Patent Rights shall cease to constitute Valid Claims. For purposes of clarification, if Harvard does not terminate its license with respect to such Abandoned Joint Patent Rights or does not continue to pay for the
preparation, filing, prosecution, protection and maintenance of such Abandoned Joint Patent Rights, the provisions of this Section 6.4.2 shall not be applicable or shall cease to be applicable, as the case may be. 

6.5 Small Entity Designation. If Licensee, any Sublicensee, any Affiliate of Licensee or a Sublicensee and/or any holder of an option
to obtain a Sublicense does not qualify, or at any point during the Term ceases to qualify, as an entity entitled to pay lesser fees as provided by the USPTO (i.e., a “small entity”) or the patent office of any other country, Licensee
shall so notify Harvard immediately, in order to enable Harvard to comply with regulations regarding payment of fees with respect to Harvard Patent Rights. The parties agree for so long as the Biogen Idec Sublicense Agreement is in effect, Harvard
will be required to pay large entity fees with respect to the Harvard Patent Rights. 
 6.6 Marking. Licensee shall mark, and shall
cause Sublicensees and its and their Affiliates to mark, all Licensed Products sold or otherwise disposed of in such a manner as to conform with the patent laws and practice of the country to which such products are shipped or in which such products
are sold for purposes of ensuring maximum enforceability of Patent Rights in such country. 

  
 37 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 6.7 Provisions Applicable When Biogen Idec Sublicense Agreement In Effect.
Notwithstanding anything to the contrary in this Article 6, for so long as Licensee is complying with its obligations under Section 6.3, the following terms shall apply at any times when Biogen Idec has rights to research, develop and
commercialize Licensed Products under the Biogen Idec Sublicense Agreement: 
 6.7.1 Harvard will keep Licensee or its designee
(which may only be Biogen Idec) informed as to material developments with respect to the Prosecution and Maintenance of the patent applications and patents within the Harvard Patent Rights set forth on Exhibit 1.20, including by providing copies of
material data received from inventors (and Harvard shall use reasonable efforts to ensure that all inventors provide such material data to Harvard), any office actions or office action responses or other correspondence that Harvard provides to or
receives from any patent office, including notice of all interferences, reissues, re-examinations, post grant reviews or oppositions, and all patent-related filings, and by providing Licensee or its designee (which may only be Biogen Idec) the
timely opportunity to have significant input into the strategic aspects of such Prosecution and Maintenance. Such issues will include, but not be limited to, issues such as determining if and when any divisional or continuation applications will be
filed with respect to any Harvard Patent Rights that include claims covering a Licensed Product, Lead Compound, Development Compound or Back-Up Compound, or their use for treating an indication within the Field and, notwithstanding anything to the
contrary in this Section 6.7.1, where a divisional or continuation patent application filing would be practical and reasonable, then such a divisional or continuation filing will be made. Licensee or its designee (which may only be Biogen Idec)
shall provide such input in a timely manner, reasonably in advance of the relevant Prosecution and Maintenance deadline. Harvard shall consider such input in good faith. 

6.7.2 If Harvard elects (a) not to file and prosecute any Compound-Related Patent Rights in a particular country, (b) not to
continue the prosecution (including any interferences, oppositions, reissue proceedings, re-examinations, post grant reviews and patent term extensions, adjustments, and restorations) or maintenance of any Compound-Related Patent in a particular
country, or (c) not to file and prosecute patent applications for the Compound-Related Patent in a particular country following a written request from Licensee or its designee (which may only be Biogen Idec) to file and prosecute in such
country, then Harvard will so notify Licensee and its designee promptly in writing of its intention (including a reasonably detailed rationale for doing so) in sufficient time to enable Licensee or its designee to meet any deadlines by which an
action must be taken to establish or preserve any such Patent Rights in such country; and, except as set forth in Section 6.7.3, Licensee or its designee (which may only be Biogen Idec) will have the right, but not the obligation, to file,
prosecute, maintain, enforce, or otherwise pursue such Compound-Related Patent in the applicable country at its own expense with counsel of its own choice (so long as such counsel does not have a conflict with Harvard). In such case, Harvard will
cooperate with Licensee or its designee (which may only be Biogen Idec) to file for, or continue to Prosecute and Maintain or enforce, or otherwise pursue such Compound-Related Patent Rights in 

  
 38 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
such country in Licensee’s or its designee’s (which may only be Biogen Idec) own name, but only to the extent that Harvard is not required to take any position with respect to such
abandoned Compound-Related Patent that would be reasonably likely to adversely affect the scope, validity or enforceability of any of the other Patent Rights being prosecuted and maintained by Harvard under this Agreement. Notwithstanding anything
to the contrary in this Agreement, if Licensee or its designee (which may only be Biogen Idec) assumes responsibility for the Prosecution and Maintenance of any such Compound-Related Patent under this Section 6.7.2, Licensee or its designee
will have no obligation to notify Harvard if Licensee or its designee intends to abandon such Compound-Related Patent. 
 6.7.3
Notwithstanding Section 6.7.2 above, if, after having consulted with outside counsel, Licensee or its designee (which may only be Biogen Idec) reasonably determines that any action contemplated by Harvard with regard to the Prosecution or
Maintenance, protection or enforcement of the Harvard Patent Rights is reasonably likely to adversely affect the scope, validity or enforceability of a patent application or issued patent within the Compound-Related Patent Rights in a particular
country, then Harvard will not take such action. Instead, Harvard will take such action, if any, as requested by Licensee or its designee (which may only be Biogen Idec); provided, however, that in determining any such alternative action, Licensee
or its designee shall give Harvard an opportunity to comment on the proposed alternative action to the extent such comments are reasonable and made by Harvard in a timely manner and shall reasonably consider in good faith Harvard’s interests
(e.g., by pursuing Licensee’s claims in a divisional application in order to preserve the original claim set for re-licensing in the event this Agreement terminates). 

6.7.4 Harvard will appoint Licensee or its designee (which may only be Biogen Idec) as Harvard’s agent for the sole purpose of
submitting an application, at Licensee’s or its designee’s expense, to extend the term of any Harvard Patent Rights in any country in which Biogen Idec or its designee will have secured regulatory approval for marketing and sale of any
Licensed Product covered by such Harvard Patent Rights. Harvard hereby agrees to cooperate reasonably with Licensee or its designee (which may only be Biogen Idec), at Licensee’s or its designee’s expense, in all matters relating to any
such application for patent term extension or supplemental protection certificates. In connection with such process, Licensee or its designee shall give Harvard an opportunity to review each submission in advance, shall supply Harvard with a copy of
each submission as submitted and shall keep Harvard advised of the status of the process. In addition, neither Licensee nor its designee shall make any representation or warranty to any Regulatory Authority on behalf of, or that would affect,
Harvard, without Harvard’s prior written consent. If Licensee or its designee fails to seek any such extension in good faith after having commenced the process, then Licensee or its designee will notify Harvard of its intention to abandon
and Harvard may elect to take control of the process at its own expense. 
 7. Enforcement of Patent Rights. 

7.1 Notice. In the event either party becomes aware of any possible or actual infringement of any Patent Rights with respect to
Licensed Products in the Field (an “Infringement”), that party shall promptly notify the other party and provide it with details regarding such Infringement. 

  
 39 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 7.2 Suit by Licensee. Licensee shall have the first right, but not the obligation, to
take action in the prosecution, prevention, or termination of any Infringement, including bringing suit in the name of Harvard if required by law. Before Licensee commences an action with respect to any Infringement, Licensee shall consider in good
faith the views of Harvard in making its decision whether to sue. Should Licensee elect to bring suit against an infringer, Licensee shall keep Harvard reasonably informed of the progress of the action and shall give Harvard a reasonable opportunity
in advance to consult with Licensee and offer its views about major decisions affecting the litigation. Licensee shall give careful consideration to those views, but shall have the right to control the action; provided, however, that if Licensee
fails to defend in good faith the validity and/or enforceability of the Patent Rights in the action or, or if Licensee’s license to a Valid Claim in the suit terminates, Harvard may elect to take control of the action pursuant to
Section 7.3. Should Licensee elect to bring suit against an infringer and Harvard is joined as party plaintiff in any such suit, Harvard shall have the right to approve the counsel selected by Licensee to represent Licensee and Harvard, such
approval not to be unreasonably withheld or delayed. The expenses of such suit or suits that Licensee elects to bring, including any expenses of Harvard incurred at the request of Licensee in conjunction with the prosecution of such suits or the
settlement thereof, shall be paid for entirely by Licensee and Licensee shall hold Harvard free, clear and harmless from and against any and all costs of such litigation, including reasonable attorneys’ fees, incurred by Harvard at the request
of Licensee. Licensee shall not compromise or settle such litigation without the prior written consent of Harvard, which consent shall not be unreasonably withheld or delayed, provided that such written consent of Harvard shall only be
required if such compromise or settlement materially adversely affects Harvard’s right, title or interest in and to the Patent Rights or requires Harvard to admit any liability, pay any money or take any action that would have a material
adverse effect on Harvard. In the event Licensee exercises its right to sue pursuant to this Section 7.2, it shall first reimburse itself out of any sums recovered in such suit or in settlement thereof for all costs and expenses of every kind
and character, including reasonable attorneys’ fees, necessarily incurred in the prosecution of any such suit. If, after such reimbursement, any funds shall remain from said recovery, then (a) the portion of such remaining funds that
constitutes damages for lost profits shall be treated as Net Sales and Harvard shall receive the corresponding royalty payments with respect to such Net Sales in accordance with the provisions of this Agreement, and (b) the portion of such
remaining funds that constitutes damages other than lost profits shall be allocated as follows: [***] to Harvard and [***] to Licensee. For the avoidance of doubt, Licensee shall have the right to extend any or all of its rights (and the
corresponding obligations) under this Article 7 to one or more Sublicensee(s). 
 7.3 Suit by Harvard. If Licensee does not take
action in the prosecution, prevention, or termination of any Infringement pursuant to Section 7.2 above, and has not commenced negotiations with the infringer for the discontinuance of said Infringement, within [***] after receipt of notice to
Licensee by Harvard of the existence of an Infringement, Harvard may elect to do so; provided, however, that in the event that Licensee is able to demonstrate that any such action by Harvard seeking to prosecute, prevent or terminate
such Infringement is reasonably 

  
 40 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
likely to result in an action or proceeding seeking to invalidate any of the Patent Rights or to declare any of the Patent Rights unenforceable or not infringed and that the ability of Harvard
and/or Licensee to prevail in such invalidity, unenforceability or non-infringement action is reasonably uncertain, then Harvard shall not take such action unless and until Licensee agrees. The expenses of such suit or suits that Harvard elects to
bring, including any expenses of Licensee incurred at the request of Harvard in conjunction with the prosecution of such suits or the settlement thereof, shall be paid for entirely by Harvard and Harvard shall hold Licensee free, clear and harmless
from and against any and all costs of such litigation, including reasonable attorneys’ fees, incurred by Licensee at the request of Harvard. Harvard shall not compromise or settle such litigation without the prior written consent of Licensee,
which consent shall not be unreasonably withheld or delayed. In the event Harvard exercises its right to sue pursuant to this Section 7.3, it shall first reimburse itself out of any sums recovered in such suit or in settlement thereof for all
costs and expenses of every kind and character, including reasonable attorneys’ fees, necessarily incurred in the prosecution of any such suit. If, after such reimbursement, any funds shall remain from said recovery, then (a) the portion
of such remaining funds that constitutes damages for lost profits shall be treated as Net Sales and allocated to Licensee, except that Harvard shall retain the corresponding royalty payments with respect to such Net Sales in accordance with the
provisions of this Agreement, and (b) the portion of such remaining funds that constitutes damages other than lost profits shall be allocated as follows: [***] to Licensee and [***] to Harvard. 

7.4 Own Counsel. Each party shall always have the right to be represented by counsel of its own selection and at its own expense in any
suit instituted under this Article 7 by the other party for Infringement. 
 7.5 Cooperation. Each party agrees to cooperate fully in
any action under this Article 7 that is controlled by the other party, provided that the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such
assistance. 
 7.6 Declaratory Judgment. If a declaratory judgment action is brought naming Harvard, Licensee, any Sublicensee and/or
any of their Affiliates as a defendant and alleging invalidity or unenforceability of any claims within the Patent Rights, the named party shall promptly notify the other party in writing and Licensee may elect, upon written notice to Harvard within
[***] after Licensee receives notice of the commencement of such action, to take over the sole defense of the invalidity and/or unenforceability aspect of the action at its own expense. If Licensee elects to take over the sole defense of the
invalidity and/or unenforceability aspect of the action and thereafter Licensee fails to defend in good faith the validity and/or enforceability of the Patent Rights in the action or Licensee’s license to a Valid Claim in the suit terminates,
then Harvard may elect to take control of the action with respect to the Patent Rights or such Valid Claim, as applicable. The party controlling the defense of a declaratory judgment action pursuant to this Section 7.6 shall keep the other
party reasonably informed of the progress of the action and shall give the other party a reasonable opportunity in advance to consult with the controlling party and offer such other party’s views about major decisions affecting the litigation.
The controlling party shall give careful consideration to those views, but shall have the right to control the action. 

  
 41 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 8. Warranties; Limitation of Liability. 

8.1 Compliance with Law. Licensee represents and warrants that it will comply, and will cause Sublicensees, Third Party Licensees and
its and their Affiliates to comply, with all local, state, and international laws and regulations relating to the development, manufacture, use, sale and importation of Licensed Products and use of the Technology Transfer Materials. Without limiting
the foregoing, Licensee represents and warrants that it will comply, and will cause Sublicensees, Third Party Licensees and its and their Affiliates to comply, with all United States export control laws and regulations applicable to Licensed
Products and Technology Transfer Materials. 
 8.2 No Warranty. 

8.2.1 NOTHING CONTAINED HEREIN SHALL BE DEEMED TO BE A WARRANTY BY HARVARD THAT IT CAN OR WILL BE ABLE TO OBTAIN PATENTS ON PATENT
APPLICATIONS INCLUDED IN THE PATENT RIGHTS, OR THAT ANY OF THE PATENT RIGHTS WILL AFFORD ADEQUATE OR COMMERCIALLY WORTHWHILE PROTECTION. 

8.2.2 Harvard represents, warrants and covenants that (a) each individual who is listed as an inventor of any Patent Rights in
existence as of the Amendment Effective Date has assigned to Harvard all of his or her interest therein, and (b) each individual employed by or enrolled at Harvard who is an inventor of, or otherwise contributed in a material manner to the
creation or development of, any Patent Rights conceived or reduced to practice after the Amendment Effective Date is subject to Harvard’s Statement of Policy in Regard to Intellectual Property, which requires assignment to Harvard of his or her
interest in all inventions covered by such policy. OTHERWISE, HARVARD MAKES NO WARRANTIES WHATSOEVER AS TO THE COMMERCIAL OR SCIENTIFIC VALUE OF THE PATENT RIGHTS OR TECHNOLOGY TRANSFER MATERIALS. HARVARD MAKES NO REPRESENTATION THAT THE PRACTICE OF
THE PATENT RIGHTS OR USE OF THE TECHNOLOGY TRANSFER MATERIALS OR THE DEVELOPMENT, MANUFACTURE, USE, SALE OR IMPORTATION OF ANY LICENSED PRODUCT, OR ANY ELEMENT THEREOF, WILL NOT INFRINGE THE PATENT OR PROPRIETARY RIGHTS OF ANY THIRD PARTY. 

8.2.3 EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY WARRANTY WITH RESPECT TO ANY TECHNOLOGY,
PATENTS, GOODS, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT AND EACH PARTY HEREBY DISCLAIMS WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING. 

8.3 Limitation of Liability. 

8.3.1 Neither party will be liable to the other with respect to any subject matter of this Agreement under any contract, negligence,
strict liability or other legal or equitable theory for 

  
 42 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
(a) any indirect, incidental, consequential or punitive damages or lost profits or (b) cost of procurement of substitute goods, technology or services. The foregoing provisions of this
Section 8.3.1 shall not limit or reduce Licensee’s obligation to indemnify Harvard pursuant to Section 9 hereof in connection with third party claims. 

8.3.2 Harvard’s aggregate liability for all damages of any kind arising out of or relating to this Agreement or its subject matter
under any contract, negligence, strict liability or other legal or equitable theory shall not exceed the amounts paid to Harvard under this Agreement. The foregoing provisions of this Section 8.3.2 shall not be applicable to any damages awarded
with finality by a court of competent jurisdiction to the extent that they are directly attributable to any gross negligence or willful misconduct by Harvard or to any material breach or violation by Harvard of the exclusivity provisions of
Section 2.1 hereof. 
 9. Indemnification and Insurance. 

9.1 Indemnity. 

9.1.1 Licensee shall indemnify, defend and hold harmless Harvard and its current and former directors, governing board members,
trustees, officers, faculty, medical and professional staff, employees, students, and agents and their respective successors, heirs and assigns (collectively, the “Indemnitees”) from and against any liability, cost, expense, damage,
deficiency, loss or obligation of any kind or nature (including reasonable attorneys’ fees and other costs and expenses of litigation) in connection with any claim by a third party based upon, arising out of, or otherwise relating to this
Agreement or any Sublicense, including any cause of action relating to product liability concerning any product, process, or service made, used, sold or performed pursuant to any right or license granted under this Agreement (collectively,
“Claims”). Neither Licensee nor Harvard shall settle any Claim without the prior written consent of the other, which consent shall not be unreasonably withheld; provided, however, that neither party shall be required to
obtain any such consent from the other party if such settlement does not materially adversely affect the other party’s right, title or interest in and to the Patent Rights and does not require such other party to admit any liability, pay any
money or take any action that would have a material adverse effect on such other party’s reputation or business. Notwithstanding anything express or implied in the foregoing provisions of this Section 9.1.1 to the contrary, Licensee shall
not have any indemnification obligation under this Section 9.1.1 in connection with any Claim to the extent that it is determined with finality by a court of competent jurisdiction to have been directly attributable to the gross negligence or
willful misconduct of any Indemnitee or from any material breach of a material provision of this Agreement by Harvard. If Licensee makes any payment to any third party in connection with any Claim that the practice or use by Licensee or any
Sublicensee, Distributor, Subcontractor, Third Party Licensee or Affiliate of the rights licensed to Licensee pursuant to this Agreement infringe or misappropriate the intellectual property rights of any third party in a country, then Licensee shall
be entitled to the offset described in Section 4.5.2, with such payment [***] due under a third party license to an Infringed Patent in such country; provided, however, that the offset may be applied only against the royalty payments that are
due to Harvard with respect to Net Sales of Type I Licensed Products and Type II Licensed Products in such country. Licensee shall, at its own expense, provide attorneys reasonably acceptable to 

  
 43 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
Harvard to defend against any actions brought or filed against any Indemnitee hereunder with respect to the subject of indemnity contained herein, whether or not such actions are rightfully
brought. 
 9.2 Licensee’s Insurance. 

9.2.1 Beginning at the time any Licensed Product is being commercially distributed or sold (other than for the purpose of obtaining
regulatory approvals) by Licensee, any Sublicensee, any of their Affiliates or agents, Licensee shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than $5,000,000 per incident and
$5,000,000 annual aggregate and naming the Indemnitees as additional insureds. During clinical trials of any such Licensed Product, Licensee shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts
not less than $2,000,000 per incident and $2,000,000 annual aggregate, naming the Indemnitees as additional insureds. Such commercial general liability insurance shall provide: (a) product liability coverage and (b) broad form contractual
liability coverage for Licensee’s indemnification obligations under this Agreement. 
 9.2.2 If Licensee elects to self-insure
all or part of the limits described above in Section 9.2.1 (including deductibles or retentions that are in excess of $250,000 annual aggregate) such self-insurance program must be acceptable to Harvard and CRICO/RMF (Harvard’s insurer) in
their sole discretion. The minimum amounts of insurance coverage required shall not be construed to create a limit of Licensee’s liability with respect to its indemnification obligations under this Agreement. 

9.2.3 Licensee shall provide Harvard with written evidence of such insurance upon request of Harvard. Licensee shall provide Harvard
with written notice at least fifteen (15) days prior to the cancellation, non-renewal or material change in such insurance. If Licensee does not obtain replacement insurance providing comparable coverage within such fifteen (15) day
period, Harvard shall have the right to terminate this Agreement effective at the end of such fifteen (15) day period without notice or any additional waiting periods. 

9.2.4 Licensee shall maintain such commercial general liability insurance beyond the expiration or termination of this Agreement
during: (a) the period that any Licensed Product is being commercially distributed or sold Licensee, any Sublicensee, any of their Affiliates or agents; and (b) a reasonable period after the period referred to in (a) above which in no
event shall be less than ten (10) years. 
 9.3 Biogen Idec’s Insurance During Term of Biogen Idec Sublicense Agreement. At
all times when Biogen Idec has rights to research, develop and commercialize Licensed Products as a Sublicensee under the Biogen Idec Sublicense Agreement, Licensee shall ensure that Biogen Idec maintains, in lieu of the coverages set forth in
Section 9.2 and at Biogen Idec’s cost, reasonable insurance against liability and other risks associated with its activities contemplated by the Biogen Idec Sublicense Agreement, provided, that, at a minimum, Biogen Idec will
maintain, in force from thirty (30) days prior to enrollment of the first subject in a clinical trial, a clinical 

  
 44 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
trials/product liability insurance policy providing coverage of at least $[***] per claim and $[***] annually in the aggregate and, provided further that such coverage is increased to
at least $[***] at least thirty (30) days before Biogen Idec initiates the First Commercial Sale of a Licensed Product. Licensee will ensure that Biogen Idec will furnish to Licensee evidence of such insurance upon request. Notwithstanding the
foregoing, Biogen Idec may self-insure to the extent that it self-insures for its other products, but at a minimum will self-insure at levels that are consistent with levels customarily maintained against similar risks by similar companies in Biogen
Idec’s industry. 
 10. Term and Termination. 

10.1 Term. The term of the Original Agreement, as amended and restated hereby, commenced on the Original Effective Date and, unless
earlier terminated as provided in this Article 10, the term of this Agreement shall continue in full force and effect until the expiration of the last to expire Valid Claim (the “Term”). Upon expiration of the Term, the licenses
granted by Harvard to Licensee pursuant to this Agreement shall survive such expiration as perpetual, fully paid up licenses. 
 10.2
Termination. 
 10.2.1 Termination Without Cause. Licensee may terminate this Agreement upon sixty (60) days prior
written notice to Harvard. 
 10.2.2 Termination for Default. 

10.2.2.1 In the event that either party commits a material breach of its obligations under this Agreement and fails to cure that
breach within thirty (30) days after receiving written notice thereof, the other party may terminate this Agreement immediately upon written notice to the party in breach. 

10.2.2.2 If Licensee defaults in its obligations under Section 9.2 to procure and maintain insurance or, if Licensee has in any
event failed to comply with the notice requirements contained therein, then Harvard may terminate this Agreement immediately without notice or additional waiting period. 

10.2.2.3 Harvard shall be entitled to terminate this Agreement in accordance with the provisions of Section 3.4. 

10.2.3 Bankruptcy. Harvard may terminate this Agreement upon notice to Licensee if Licensee becomes insolvent, is adjudged bankrupt,
applies for judicial or extra-judicial settlement with its creditors, makes an assignment for the benefit of its creditors, voluntarily files for bankruptcy or has a receiver or trustee (or the like) in bankruptcy appointed by reason of its
insolvency, or in the event an involuntary bankruptcy action is filed against Licensee and not dismissed within ninety (90) days, or if Licensee becomes the subject of liquidation or dissolution proceedings or otherwise discontinues business.

  
 45 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 10.3 Effect of Termination. 

10.3.1 Termination of Rights. Upon termination of this Agreement by either party pursuant to any of the provisions of
Section 10.2: (a) the rights and licenses granted to Licensee under Article 2 shall terminate, all rights in and to and under the Harvard Patent Rights, the Technology Transfer Materials and Harvard’s interest in the Joint Patent
Rights will revert to Harvard and neither Licensee nor its Affiliates may make any further use or exploitation of any of the foregoing (it being understood that Licensee and its Affiliates may continue to use or exploit Licensee’s interest in
the Joint Patent Rights); (b) each Sublicense shall terminate; provided, however, that (x) if any applicable Sublicensee is not then in breach of its Sublicense agreement with Licensee such that Licensee would have the right to
terminate such Sublicense, such Sublicensee shall have the right to obtain a license from Harvard directly on the same terms and conditions as set forth herein, which shall not impose any representations, warranties, obligations or liabilities on
Harvard that are not included in this Agreement, provided that (i) the scope of the license granted directly by Harvard to such Sublicensee shall be co-extensive with the scope of the license granted by Licensee to such Sublicensee,
(ii) if the Sublicense granted to such Sublicensee was a non-exclusive license with respect to any or all of the claims of the Patent Rights, such Sublicensee shall not have the right to participate in the prosecution or enforcement of such
specific claims of the Patent Rights under the non-exclusive license granted to it directly by Harvard, but shall have such right to participate in the prosecution and enforcement to the same extent as the Licensee with respect to all claims within
the Patent Rights that are exclusively licensed and (iii) if there are more than one Sublicensee, each Sublicensee that is granted a direct license shall be responsible for a pro rata share of the reimbursement due under Section 6.3 of
this Agreement (based on the number of direct licenses under the Patent Rights in effect on the date of reimbursement), and (y) such Sublicense shall survive if the applicable Sublicensee is entitled to obtain a license from Harvard pursuant to
the foregoing clause (x), in which case such Sublicense shall survive until the applicable Sublicensee has obtained such license from Harvard; and (c) Licensee shall cease, and shall cause Sublicensees, its and their Affiliates, Distributors
and Subcontractors to cease, all use of Technology Transfer Materials and promptly shall return to Harvard all Technology Transfer Materials in its or their control, provided that this clause (c) shall not be applicable to Sublicensees
to the extent that the applicable Sublicense survives in accordance with the foregoing provisions of this Section 10.3.1 or to any Affiliates, Distributors or Subcontractors of such surviving Sublicensees). For avoidance of doubt,
(1) Harvard and Licensee acknowledge and agree that Biogen Idec shall have the right to participate in the prosecution and enforcement of the Patent Rights in accordance with Article 6 by virtue of the exclusive licenses to develop and
commercialize Licensed Products granted to Biogen Idec under the Biogen Idec Sublicense Agreement, and (2) if a Sublicensee (including, but not limited to, Biogen Idec) obtains a direct license from Harvard under this Section 10.3.1,
(A) the terms and conditions of Article 4 (Consideration for Grant of License) other than Sections 4.4.5 and 4.5.1.4, and not the financial terms from the sublicense between Licensee and the affected Sublicensee will apply with regard to such
direct license, and (B) all other terms and conditions set forth in this Agreement will apply to such direct license. 

  
 46 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 10.3.2 Accruing Obligations. Termination or expiration of this Agreement shall not
relieve the parties of obligations accruing prior to such termination or expiration, including obligations to pay amounts accruing hereunder up to the date of termination or expiration. After the date of termination or expiration (except in the case
of termination by Harvard pursuant to Section 10.2), Licensee, Sublicensees and its and their Affiliates (a) may sell Licensed Products then in stock and (b) may complete the production of Licensed Products then in the process of
production and sell the same; provided that, in the case of both (a) and (b), Licensee shall pay the applicable royalties and payments to Harvard in accordance with Article 4, provide reports and audit rights to Harvard pursuant to Article 5
and maintain insurance in accordance with the requirements of Section 9.2. 
 10.3.3 Regulatory Filings. Licensee shall have the
exclusive right to prepare and present all regulatory filings necessary or appropriate in any country and to obtain and maintain any regulatory approval required to market Licensed Products in any such country. Licensee shall solely own all right,
title and interest in and to all such regulatory approvals and filings; provided, however, that if Harvard grants a license to any third party(ies) pursuant to Section 2.4, Licensee terminates this Agreement pursuant to Section 10.2.1 or
Harvard terminates this Agreement pursuant to any of the provisions of Section 10.2, Licensee shall promptly provide Harvard with the right to reference, cross-reference, review, have access to, incorporate and use all documents and other
materials filed by or on behalf of Licensee and its Affiliates with any Regulatory Authority in furtherance of applications for regulatory approval in the relevant country with respect to the applicable Alternative Indication Products or Licensed
Products (“Reference Materials”). Subject to the following, Harvard shall be entitled to freely use and to grant others the right to use all such Reference Materials delivered pursuant to this Section 10.3.3, provided that
Harvard shall not grant any third party the right to use any of such Reference Materials unless Harvard has granted to such third party an exclusive license under the Patent Rights to develop, manufacture, make, have made, use, sell and
commercialize Alternative Indication Products or Licensed Products. 
 10.3.3.1 If Harvard grants a third party a license to make,
use, offer for sale, sell or import an Alternative Indication Product or Licensed Product and, in connection therewith, also grants the third party a license under or with respect to, or access to, any of the Reference Materials, Harvard shall pay
Licensee [***] of all Net Harvard Receipts (as defined below). All such payments shall be paid by Harvard within [***] of receipt. 

10.3.3.2 “Net Harvard Receipts” shall mean Harvard Receipts less Harvard Expenses. 

10.3.3.3 “Harvard Receipts” shall mean all amounts in cash and other consideration actually received by Harvard from the
sale, transfer, assignment, lease, grant of licenses under or with respect to, or the assignment of rights in, (i) any or all of the Reference Materials and (ii) any Licensed Product or Alternative Indication Product with respect to which
Harvard has granted the right to use any or all of the Reference Materials pursuant to, and in accordance with, the provisions of this Section 10.3.3. Notwithstanding the above, “Harvard Receipts” shall not include payments
specifically committed (a) to reimburse patent expenses 

  
 47 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 
incurred by Harvard or (b) to cover future costs to be actually incurred by Harvard (including customary overhead) in accordance with detailed budgets and research work plans included in
sponsored research agreements relating to the Reference Materials. 
 10.3.3.4 “Harvard Expenses” shall mean all
out-of-pocket expenses and professional fees that are not reimbursed or otherwise paid by a licensee or other third party, including legal fees, patent agent fees and fees paid to other experts, incurred by Harvard in connection with the filing,
prosecution or maintenance of any patent application or patent covering the relevant Reference Materials. 
 10.4 Licensee’s
Election Upon a Material Uncured Breach by Harvard In the event of a material breach of this Agreement by Harvard which is not cured as provided in Section 10.2.2.1 above, Licensee may elect to either (a) terminate this Agreement
pursuant to Section 10.2.2.1, in which case the terms set forth in Section 10.3 shall apply, or (b) allow this Agreement to remain in effect, in which case all of Licensee’s payment obligations, including, without limitation,
milestone and royalty payments, shall be reduced automatically by [***]. Licensee’s election between the rights provided in clause (a) and clause (b) of the preceding sentence shall be made by notice in writing to Harvard within [***]
after the end of the cure period under Section 10.2.2.1. 
 10.5 Survival. The parties’ respective rights, obligations and
duties under Articles 1B, 5, 9, 10, 11 and 12 and Sections 4.4.4, 4.5.1.3, 8.2 and 8.3, as well as any rights, obligations and duties which by their nature extend beyond the expiration or termination of this Agreement, shall survive any expiration
or termination of this Agreement. In addition, Licensee’s obligations under Sections 4.6 and 4.7 with respect to Sublicenses granted prior to the expiration or termination of the Agreement shall survive such expiration or termination if and to
the extent that any payment obligations under such Sublicenses survive such expiration or termination. 
 11. Confidentiality. 

Harvard agrees that during the Term, and for a period of five (5) years after this Agreement terminates, it will (a) maintain in confidence such
Confidential Information to the same extent that it maintains its own proprietary information; (b) not disclose such Confidential Information to any third party without prior written consent of Licensee; and (c) not use such Confidential
Information for any purpose except those permitted by this Agreement. The above notwithstanding, to the extent that it is reasonably necessary, Harvard may disclose Confidential Information to (i) its employees on a need-to-know basis and on
condition that such employees abide by the obligations set forth in this Article 11 and (ii) in confidence, to lawyers, accountants and financial advisors. Moreover, Harvard may include in its annual reports totals derived from Confidential
Information (without attribution to Licensee) that show revenues generated by the patents and patent applications licensed under this Agreement. 

  
 48 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 12. Miscellaneous. 

12.1 Preference for United States Industry. During the period of exclusivity of this license in the United States, Licensee shall
comply with 37 C.F.R. § 401.14 (i) or any successor rule or regulation. 
 12.2 No Security Interest. Licensee shall not
enter into any agreement under which Licensee grants to or otherwise creates in any third party a security interest in this Agreement or any of the rights granted to Licensee herein. Any grant or creation of a security interest purported or
attempted to be made in violation of the terms of this Section 12.2 shall be null and void and of no legal effect. 
 12.3 Use of
Name. Except as provided below, Licensee shall not use or register, and shall cause Sublicensees, Third Party Licensees and its and their Affiliates not to use or register, the name “Harvard” (alone or as part of another name) or any
logos, seals, insignia or other words, names, symbols or devices that identify Harvard or any Harvard school, unit, division or affiliate (“Harvard Names”) for any purpose except with the prior written approval of, and in accordance with
restrictions required by, Harvard. Without limiting the foregoing, Licensee shall cease, and shall cause Sublicensees, Third Party Licensees and its and their Affiliates to cease, all use of Harvard Names on the termination or expiration of this
Agreement except as otherwise approved by Harvard. This restriction shall not apply to any information required by law to be disclosed to any governmental entity. 

12.4 Entire Agreement. This Agreement is the sole agreement with respect to the subject matter hereof and except as expressly set forth
herein, supersedes all other agreements and understandings between the parties with respect to the same. 
 12.5 Notices. Unless
otherwise specifically provided, all notices required or permitted by this Agreement shall be in writing and may be delivered personally, or may be sent by facsimile, overnight delivery or certified mail, return receipt requested, to the following
addresses, unless the parties are subsequently notified of any change of address in accordance with this Section 12.5: 
  

			
	If to Licensee (other than invoices):		 Proteostasis Therapeutics, Inc.
 200
Technology Square, 4th Floor
 Cambridge, MA 02139
 Attn.: Chief
Executive Officer

		
	If to Licensee (invoices only):		 Proteostasis Therapeutics, Inc.
 200
Technology Square, 4th Floor
 Cambridge, MA 02139
 Telephone:
(617) 225-0096
 Attn.: Accounts Payable

  
 49 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

			
	If to Harvard:		 Office of Technology Development
 Harvard
University
 Holyoke Center 727
 1350 Massachusetts Avenue

Cambridge, Massachusetts 02138
 Facsimile: (617) 495-9568

Attn.: Chief Technology Development Officer

 Any notice shall be deemed to have been received as follows: (a) by personal delivery, upon receipt;
(b) by electronic mail or overnight delivery, one business day after transmission or dispatch; (c) by certified mail, as evidenced by the return receipt. If notice is sent by electronic mail, a confirming copy of the same shall be sent by
mail to the same address. 
 12.6 Governing Law and Jurisdiction. This Agreement will be governed by, and construed in accordance
with, the substantive laws of the Commonwealth of Massachusetts, without giving effect to any choice or conflict of law provision, 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. Any action, suit or other proceeding arising under or relating to this Agreement (a “Suit”) shall be brought in a court of competent jurisdiction in the Commonwealth of Massachusetts,
and the parties hereby consent to the sole jurisdiction of the state and federal courts sitting in the Commonwealth of Massachusetts. Each party agrees not to raise any objection at any time to the laying or maintaining of the venue of any Suit in
any of the specified courts, irrevocably waives any claim that Suit has been brought in any inconvenient forum and further irrevocably waives the right to object, with respect to any Suit, that such court does not have any jurisdiction over such
party. 
 12.7 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
legal representatives, successors and permitted assigns. 
 12.8 Headings. Section and subsection headings are inserted for
convenience of reference only and do not form a part of this Agreement. 
 12.9 Counterparts. The parties may execute this Agreement
in two or more counterparts, each of which shall be deemed an original. 
 12.10 Amendment; Waiver. This Agreement may be amended,
modified, superseded or canceled, and any of the terms may be waived, only by a written instrument executed by each party or, in the case of waiver, by the party waiving compliance. The delay or failure of either party at any time or times to
require performance of any provisions hereof shall in no manner affect the rights at a later time to enforce the same. No waiver by either party of any condition or of the breach of any term contained in this Agreement, whether by conduct, or
otherwise, in any one or more instances, shall be deemed to be, or considered as, a further or continuing waiver of any such condition or of the breach of such term or any other term of this Agreement. 

  
 50 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 12.11 No Agency or Partnership. Nothing contained in this Agreement shall give either
party the right to bind the other, or be deemed to constitute either party as agent for or partner of the other or any third party. 

12.12 Assignment and Successors. This Agreement may not be assigned by either party without the consent of the other, which consent
shall not be unreasonably withheld, except that each party may, without such consent, assign this Agreement and the rights, obligations and interests of such party to any of its Affiliates, to any purchaser of all or substantially all of its assets
to which the subject matter of this Agreement relates, or to any successor corporation resulting from any merger or consolidation of such party with or into such corporation; provided, in each case, that the assignee agrees in writing to be bound by
the terms of this Agreement. Any assignment purported or attempted to be made in violation of the terms of this Section 12.12 shall be null and void and of no legal effect. 

12.13 Force Majeure. Neither party will be responsible for delays resulting from causes beyond the reasonable control of such party,
including 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. 
 12.14 Interpretation. Each party hereto acknowledges and agrees that: (a) it
and/or its counsel reviewed and negotiated the terms and provisions of this Agreement and has contributed to its revision; (b) the rule of construction to the effect that any ambiguities are resolved against the drafting party shall not be
employed in the interpretation of this Agreement; (c) the terms and provisions of this Agreement shall be construed fairly as to both parties hereto and not in favor of or against either party, regardless of which party was generally
responsible for the preparation of this Agreement; and (d) the use of “include,” “includes,” or “including” herein shall not be limiting and “or” shall not be exclusive. 

12.15 Severability. If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction
or is deemed unenforceable, it is the intention of the parties that the remainder of this Agreement shall not be affected. 
 12.16 No
Transfer of Patent Rights. Harvard shall not sell, convey, assign or otherwise transfer or dispose of any of Harvard’s right, title and interest in and to the Patent Rights or the Technology Transfer Materials to any third party at any time
during the Term without the prior written consent of Licensee. 
 [Signature Page Follows] 

  
 51 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

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

									
	President and Fellows of Harvard College				Proteostasis Therapeutics, Inc.
					
	By:		 /s/ Isaac T. Kohlberg
				By:		 /s/ David Weiner

					
	Name:		 Isaac T. Kohlberg
				Name:		 David Weiner

					
	Title:		 Senior Associate Provost/Chief Technology Officer
				Title:		 Interim CEO and CMO

					
	Date:		 December 17, 2013
				Date:		 January 23, 2014

 I, the undersigned, hereby confirm that I have read the Agreement, that its contents are acceptable to me and that I agree to
be bound by the terms of Article 1B. 
  

	
	 /s/ Daniel Finley

	Dr. Daniel Finley
	
	 /s/ Randall King

	Dr. Randall King

  
 52 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 Exhibit 1.17 

Development Plan 
  

	1)	By September 30, 2013, Licensee accomplished the following with respect to a Licensed Product (details will be provided in the 2013 annual report): 

[***] 
  

	2)	By [***], Licensee will accomplish the following with respect to a Licensed Product: 

 [***]

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 Exhibit 1.19 

Excluded Indications 

[***] 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 Exhibit 1.20 

Existing Patent Rights 

[***] 
  

 
  
  

 
  
  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
  

 Exhibit 1.53 

Technology Transfer Materials 
  

	•	 	Available Protocols For: 

 [***] 

 

	•	 	Available Data For: 

 [***] 

 

	•	 	Materials: 

 [***]EX-10.3

 Exhibit 10.3 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY
WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

Execution Version 

COLLABORATIVE RESEARCH, DEVELOPMENT, 

COMMERCIALIZATION AND LICENSE AGREEMENT 

BY AND BETWEEN 

PROTEOSTASIS THERAPEUTICS, INC. 

and 
 BIOGEN IDEC NEW
VENTURES INC. 
 December 5, 2013 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	1	  
			
	 2.
	 	 RESEARCH PROGRAM; GOVERNANCE
	  	 	20	  
			
	 3.
	 	 DEVELOPMENT
	  	 	24	  
			
	 4.
	 	 COMMERCIALIZATION
	  	 	29	  
			
	 5.
	 	 CO-DEVELOPMENT AND CO-COMMERCIALIZATION OPTIONS
	  	 	30	  
			
	 6.
	 	 PAYMENTS
	  	 	34	  
			
	 7.
	 	 OWNERSHIP OF INTELLECTUAL PROPERTY; LICENSES
	  	 	48	  
			
	 8.
	 	 PATENT FILING, PROSECUTION, MAINTENANCE AND ENFORCEMENT.
	  	 	53	  
			
	 9.
	 	 CONFIDENTIAL INFORMATION; PUBLICITY; PUBLICATION
	  	 	61	  
			
	 10.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	64	  
			
	 11.
	 	 INDEMNIFICATION; INSURANCE
	  	 	70	  
			
	 12.
	 	 TERM AND TERMINATION
	  	 	72	  
			
	 13.
	 	 MISCELLANEOUS
	  	 	78	  

  
 i 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 COLLABORATIVE RESEARCH, DEVELOPMENT, COMMERCIALIZATION 

AND LICENSE AGREEMENT 

This COLLABORATIVE RESEARCH, DEVELOPMENT, COMMERCIALIZATION AND LICENSE AGREEMENT (this “Agreement”) is entered into as of
December 5, 2013 (the “Effective Date”) by and between Proteostasis Therapeutics, Inc., a Delaware corporation having its principal place of business at 200 Technology Square, Fourth Floor, Cambridge, MA 02139
(“PTI”), and Biogen Idec New Ventures Inc., a Massachusetts corporation having its principal place of business at 14 Cambridge Center, Cambridge, MA 02142, USA (“Biogen Idec”). Each of Biogen Idec and PTI is
sometimes referred to individually herein as a “Party” and collectively as the “Parties.” 
 WHEREAS, PTI
has expertise and proprietary technical information and know-how relating to the application of protein folding, trafficking and clearance-based, small molecule therapeutics for the treatment of diseases and is committed to the research and
development of therapeutic methods and products for the treatment of diseases; and 
 WHEREAS, PTI owns or controls certain proprietary
rights related to the Target (as defined below), and has filed or licensed patent applications covering such Target as well as certain uses thereof; and 

WHEREAS, Biogen Idec is engaged in the research, development, production, marketing and sale of therapeutics and is interested in the
development and commercialization of therapeutics targeting toxic protein aggregation; and 
 WHEREAS, the Parties wish to collaborate on
research, development and commercialization of Licensed Products (as defined below) that modulate the Target on the terms set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the Parties hereto,
intending to be legally bound, hereby agree as follows: 
 1. DEFINITIONS 

Whenever used in this Agreement with an initial capital letter, the terms defined in this Section 1 will have the meanings specified. 

1.1 “Adverse Event” means any untoward medical occurrence in a human clinical trial subject or in a patient who is
administered a Development Compound or Licensed Product, 

  
 1 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
whether or not considered related to such Development Compound or Licensed Product, including any undesirable sign (including abnormal laboratory findings of clinical concern), symptom or disease
associated with the use of such Development Compound or Licensed Product. 
 1.2 “Affiliate” means, with respect to any
Party, any other Person controlling, controlled by or under common control with such Party. For purposes of this Section 1.2, the term “control” (including, with correlative meaning, the terms “controlled by” and
“under common control with”), as used with respect to any Person, means the ownership, directly or indirectly, of more than fifty percent (50%) of the voting stock or other ownership interest of such Person, or the possession,
directly or indirectly, of the power to direct or cause the direction of the affairs or management and policies of such Person, whether through the ownership of voting securities, by contract, or as trustee, personal representative, executor or
otherwise. The Parties acknowledge that in the case of certain entities organized under the laws of certain countries outside the United States, the maximum percentage ownership permitted by law for a foreign investor may be less than fifty percent
(50%), and that in such case such lower percentage will be substituted in the preceding sentence, provided that such foreign investor has the power to direct the affairs or management and policies of such entity. 

1.3 “Annual Net Sales” means, with respect to any Calendar Year, the aggregate amount of Net Sales in all countries for such
Calendar Year. 
 1.4 “Biogen Idec Collaboration Technology” means, collectively, Biogen Idec Collaboration Know-How and
Biogen Idec Collaboration Patent Rights. 
 1.5 “Biogen Idec Know-How” means: 

(a) any Know-How, whether or not patentable, that (i) is Controlled by Biogen Idec or any of its Affiliates as of the Effective Date and
(ii) is necessary or useful to conduct the Research Program or to Develop or Commercialize any Compound, Lead Compound, Development Compound, Backup Compound or Licensed Product (“Biogen Idec Background Know-How”); 

(b) any Know-How, whether or not patentable, that is made or created in the course of performing research, Development or Commercialization
activities under the Collaboration solely by Biogen Idec, its Affiliates or their respective representatives (“Biogen Idec Collaboration Know-How”); and 

(c) Biogen Idec’s interest in Joint Collaboration Know-How. 

  
 2 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 1.6 “Biogen Idec Patent Rights” means: 

(a) any Patent Right in any form that is Controlled by Biogen Idec or any of its Affiliates as of the Effective Date and that Covers a
Compound, Lead Compound, Development Compound, Backup Compound, or Licensed Product (including the composition of matter thereof), a method of making any Compound, Lead Compound, Development Compound, Backup Compound, or Licensed Product, a method
of using any Compound, Lead Compound, Development Compound, Backup Compound, or Licensed Product, or a method or assay for screening for a compound that modulates the Target, or is otherwise necessary or useful to conduct the Research Program or to
Develop or Commercialize any Development Compound or Licensed (“Biogen Idec Background Patent Rights”); 
 (b) any Patent
Right in any form that is Controlled by Biogen Idec or any of its Affiliates that Covers any Invention included in the Biogen Idec Collaboration Know-How (“Biogen Idec Collaboration Patent Rights”); and 

(c) Biogen Idec’s interest in the Joint Collaboration Patent Rights. 

1.7 “Biogen Idec Proprietary Compound” means any Compound that originates from a library of Biogen Idec or its Affiliates or
Third Parties and with respect to which Biogen Idec Controls Patent Rights Covering such Compound (whether as a composition-of-matter or a method of use), other than Patent Rights that are Joint Collaboration Technology. 

1.8 “Biogen Idec Technology” means, collectively, Biogen Idec Know-How and the Biogen Idec Patent Rights. 

1.9 “Budget” means the budget that is part of the Research Plan. 

1.10 “Business Day” means any day other than a Saturday or Sunday on which banking institutions in Boston, Massachusetts are
open for business. 
 1.11 “Calendar Quarter” means the period beginning on the Effective Date and ending on the last day
of the calendar quarter in which the Effective Date falls, and thereafter each successive period of three (3) consecutive calendar months ending on March 31, June 30, September 30 or December 31; provided, that,
the final Calendar Quarter will end on the last day of the Term. 
 1.12 “Calendar Year” means the period beginning on the
Effective Date and ending on December 31 of the calendar year in which the Effective Date falls, and thereafter each successive period of twelve (12) months commencing on January 1 and ending on December 31; provided, that, the
final Calendar Year will end on the last day of the Term. 

  
 3 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 1.13 “Change of Control” means any of the following: (a) a merger or
consolidation of PTI into or with any Person that is not an Affiliate of PTI (an “Unaffiliated Acquiror”), or a transfer of the outstanding voting equity securities of PTI to one or more Unaffiliated Acquirors in a single
transaction or series of transactions, in which, in either case, the members, stockholders or shareholders of PTI immediately prior thereto, in the aggregate, no longer own, directly or indirectly, beneficially or legally, at least fifty percent
(50%) of the voting power of PTI’s, or any successor entity’s, issued and outstanding voting equity securities after such transaction or transactions; (b) any Third Party operating entity that is directly engaged in the
pharmaceutical, biotechnology or similar life sciences business, including their venture capital or other Affiliates (including as a single Third Party all Third Parties who act in concert or act together as a group for the purpose of acquiring
shares of PTI in order to direct the day-to-day affairs of PTI or to divest those portions of PTI which are reasonably necessary for the conduct of PTI’s activities under this Agreement), becoming the beneficial owner of fifty percent
(50%) or more of the combined voting power of the outstanding securities of PTI; or (c) the sale or other disposition to a Third Party of all or substantially all of PTI’s assets or business. 

1.14 “Collaboration” means the alliance of PTI and Biogen Idec established pursuant to this Agreement for the purpose of
researching, Developing and Commercializing Licensed Products in the Field and in the Territory. 
 1.15 “Collaborator”
means any investigator, university and/or non-profit research organization with which a Party contracts to conduct research, Development or Commercialization activities related to the Collaboration. 

1.16 “Commercialization” or “Commercialize” means any and all activities directed to the offering for sale
and sale of a Licensed Product in the applicable country, including, (a) conducting pre-and post-Regulatory Approval activities, including (i) activities directed to marketing, promoting, detailing, distributing, manufacturing, importing,
selling and offering to sell such Licensed Product; and (ii) studies reasonably required to increase the market potential of the Licensed Product and studies to provide improved formulation and Licensed Product delivery for such Licensed
Product in each country; (b) interacting with Regulatory Authorities regarding any of the foregoing; and (c) seeking pricing approvals and reimbursement approvals for such Licensed Product. When used as a verb, “to Commercialize”
and “Commercializing” means to engage in Commercialization and “Commercialized” has a corresponding meaning. 

  
 4 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 1.17 “Commercially Reasonable Efforts” means, in relation to an obligation
assumed by a Party under this Agreement, efforts and resources comparable to those which such Party generally uses to accomplish an equivalent task and, if used in relation to the Development, registration, manufacture, use, marketing, distribution,
and sale of a product, efforts used by such Party in relation to its own pipeline products of a similar market potential or profit potential at a similar stage in development or product life resulting from its own research efforts, based on
conditions then prevailing and taking into account, without limitation, issues of safety and efficacy, Regulatory Authority-approved labeling, product profile, the competitiveness of alternative products in the marketplace, the likely timing of
product’s entry into the market, the patent and other proprietary position, the likelihood of regulatory approval and other relevant scientific, technical and commercial factors. 

1.18 “Compound” means a Small Molecule that: 

(a) (i) was synthesized and/or assayed against the Target by PTI or Third Parties acting on behalf of PTI prior to the Effective Date,
(ii) was synthesized and/or assayed intentionally against the Target by Biogen Idec or Third Parties acting on behalf of Biogen Idec prior to the Effective Date, or (iii) is synthesized and/or assayed against the Target by or on behalf of
a Party in the course of performing activities under the Research Program, or is [***] of any Small Molecule synthesized and/or assayed as described in (i), (ii) or (iii) above. For clarity, assaying described in (i) and
(ii) above will exclude [***]; 
 (b) modulates the activity of the Target as its primary and intended mechanism of action for
therapeutic effect; and 
 (c) the IC50 for such chemical entity in the Target in
vitro assay is less than or equal to [***] with [***] selectivity against the [***]. 
 Compounds synthesized and/or assayed against the Target by PTI,
Biogen Idec, or Third Parties acting on behalf of either Party prior to the Effective Date will be set forth in a side letter agreement to be entered into by the Parties substantially concurrently with this Agreement. 

1.19 “Compound-Related Patent Rights” means any of the Licensed Patents that include claims Covering a Licensed Product, Lead
Compound, Development Compound or Back-Up Compound, or their use for treating an indication within the Field. 
 1.20 “Confidential
Information” means (a) with respect to PTI, all tangible embodiments of Licensed Technology, (b) with respect to Biogen Idec, all tangible embodiments of Biogen Idec Technology and (c) with respect to each Party, all
Information, Inventions, Know-How and Materials that is/are disclosed or provided by or on behalf of such Party (the 

  
 5 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
“Disclosing Party”) to the other Party (the “Receiving Party”) or to any of the Receiving Party’s employees, consultants, Collaborators, Affiliates or
Sublicensees, pursuant to this Agreement and whether or not specifically marked or designated by the Disclosing Party as confidential. For purposes of clarity, the non-disclosed terms of this Agreement will be deemed Confidential Information of both
Parties. 
 1.21 “Control” or “Controlled” means with respect to any Intellectual Property Rights, the
possession by a Party (or an Affiliate of such Party, as applicable) of the right to grant a license or sublicense to such Intellectual Property Rights as provided herein without violating the terms of any agreement or arrangement with, infringing
the Patent Rights of, or misappropriating the proprietary or trade secret information of, any Third Party and without violating any applicable laws and/or regulations. Notwithstanding the foregoing, no Party (or Affiliate of a Party, as applicable)
will be deemed to Control any Intellectual Property Rights solely by virtue of the license grants set forth in this Agreement. 
 1.22
“Cover”, “Covers” or “Covered” means, with respect to a particular product at issue and the relevant Patent Right, that, but for a license granted to a Party under a claim included in such Patent
Right, the manufacture, use, sale, offer for sale or importation by such Party of the product at issue would infringe such claim or, in the case of a Patent Right that is a patent application, would infringe a claim in such patent application if it
were to issue as a patent, in a particular country or countries. 
 1.23 “Data Protection” means, with respect to a
particular Sole Licensed Product, any legal or regulatory prohibition in a particular country on the sale of a drug that contains the same Compound as such Sole Licensed Product and is claimed to be an equivalent of such Sole Licensed Product (a
“Generic Product”), including without limitation by barring reliance upon clinical data with respect to such Sole Licensed Product to gain any Regulatory Approval of the Generic Product or requiring more than mere equivalency data
to support any Regulatory Approval of the Generic Product. 
 1.24 “Development” or “Develop” means, with
respect to a Development Compound, Back-Up Compound or a Licensed Product, any and all research, preclinical, clinical, or regulatory activities up to and including the grant of Regulatory Approval for such Development Compound, Back-Up Compound or
Licensed Product, including human clinical trials conducted after Regulatory Approval of the Licensed Product in a particular Indication, whether such Indication is the first Indication for such Licensed Product or any subsequent Indication. When
used as a verb, “Developing” means to engage in Development and “Developed” has a corresponding meaning. 

  
 6 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 1.25 “Development Compound” means a Lead Compound that meets the criteria
set forth on Exhibit C to this Agreement (the “Development Compound Criteria”) and that is designated by Biogen Idec, in Biogen Idec’s sole discretion, for further Development in accordance with Sections 2.5(b) and
2.5(c). For avoidance of doubt, “Development Compound” includes all Primary Development Compounds. 
 1.26
“Distributor” means any for-profit Third Party that is a distributor of a Licensed Product anywhere in the world for resale, provided that (a) such Third Party is not an Affiliate of Biogen Idec or an Affiliate of any
Sublicensee of Biogen Idec, and (b) such Third Party has not been granted a sublicense to develop, have developed, make or have made such Licensed Product, except to the extent that such a sublicense is necessary for such Third Party
(i) to perform final packaging of such Licensed Product and/or (ii) to conduct a clinical trial of such Licensed Product to support regulatory approval thereof in such Third Party’s territory. For purposes of this defined term
Distributor only, a “sublicense”, as used in this Section 1.26 only, includes (x) an option or other right to negotiate for or receive a sublicense or (y) a standstill or similar obligation toward any Third Party not
to grant a sublicense, or an option to obtain a sublicense, to any other Third Party; but in all cases excluding a sublicense or such other rights enumerated in clauses (x) or (y) that are limited to the right to market, distribute, sell
and/or support Licensed Products. 
 1.27 “EMA” means the European Medicines Agency or any successor agency or authority
thereto. 
 1.28 “Excluded Field” means the diagnosis, treatment, or prevention of [***] in humans or animals. For the
avoidance of doubt, the Excluded Field will not include the diagnosis, treatment, or prevention of any diseases in humans or animals (a) that have been tested under the Research Plan, or (b) for which a Compound has been advanced into
clinical development by Biogen Idec or its Affiliates or Sublicensees prior to the commencement of research or Development activities by PTI, its Affiliates, licensees or Sublicensees. Following the Research Term, if requested in writing by PTI, the
Parties will consider revising the Excluded Field to include certain additional diseases in humans or animals based on the findings and outcomes of the Research Plan. 

1.29 “FDA” means the United States Food and Drug Administration or any successor agency or authority thereto. 

1.30 “FDCA” means the United States Federal Food, Drug, and Cosmetic Act, as amended. 

1.31 “Field” means the diagnosis, treatment, or prevention of disease in humans or animals. 

  
 7 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 1.32 “First Commercial Sale” means the date of the first sale by Biogen
Idec, any Sublicensee, or any of their Affiliates, of a Licensed Product to a Third Party for end use or consumption of such Licensed Product following receipt of any required Regulatory Approval in the country in which such Licensed Product is
sold, excluding, however, any sale or other distribution at cost or less than cost for use in discovery or research activities, in a clinical study, for compassionate use or for named patient use. 

1.33 “Force Majeure” means any occurrence beyond the reasonable control of a Party that prevents or substantially interferes
with the performance by such Party of any of its obligations hereunder by reason of any act of God, flood, fire, explosion, earthquake, strike, lockout, labor dispute, casualty or accident, or war, revolution, civil commotion, act of terrorism,
blockage or embargo, or any injunction, law, order, proclamation, regulation, ordinance, demand or requirement of any government or of any subdivision, authority or representative of any such government. 

1.34 “FTE” means a total of [***] weeks or [***] hours per year of scientific work performed by an employee,
contractor or agent of a Party having the appropriate relevant expertise to conduct such activities, on or directly related to the Collaboration. 

1.35 “FTE Costs” equal the number of relevant FTEs multiplied by the applicable FTE Rate.

1.36 “FTE Rate” means $[***] per FTE, and will increase annually (with the first of such increase commencing on
January 1, 2015) to reflect the change over the preceding twelve (12) months for which data are then available in the Consumer Price Index in the Urban Consumers (CPI-u): US City Average, All Items (as published by the United States
Department of Labor, Bureau of Statistics). 
 1.37 “In vivo Target Validation” means
the demonstration, in an experiment and animal model to be agreed by Biogen Idec, by [***] (including, but not limited to, [***] or [***]) that mediate inhibition of the Target of (i) at least a [***] of [***] or [***] (Biogen Idec will have
the right in its sole discretion to waive or lower the applicable percentage requirement for each of these [***]), (ii) a [***] of another [***] by a specific percentage to be mutually agreed to between the Parties or (iii) pharmacological
[***] of any of the above [***] in an experimental system, and by a [***], if mutually agreed to between the Parties. 
 1.38
“Indication” means each separate and distinct disease, illness and/or condition, interruption, cessation or disorder of a particular bodily function, system, tissue type or organ, or sign or symptom of any such items or conditions,
regardless of the severity, frequency or route of any treatment, dosage strength or patient class. 

  
 8 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 1.39 “Information” means, collectively, any and all proprietary information,
Know-How, data, analyses and results (in whatsoever form) , ideas and concepts, including any information or data set forth in Investigator’s Brochures, Regulatory Filings and Regulatory Approvals, any business or financial information, and any
information relating to methods, techniques, procedures, designs, plans, specifications, apparatus, equipment, expression, synthesis, manufacture, stability, formulation, dosage form, pharmacology, toxicology, pharmacokinetics, clinical efficacy and
safety. 
 1.40 “Infringed or Reasonably Necessary IP” means any intellectual property rights (whether issued or pending)
that (a) Cover or claim (or, with respect to pending rights, would Cover or claim if issued) the research, Development, manufacture, Commercialization, use, sale, importation or exportation of a Sole Licensed Product in the applicable
jurisdiction or (b) do not fall within clause (a) of this Section 1.40, but where the lack of a right to practice or use such intellectual property rights would effectively prevent the research, Development, manufacture,
Commercialization, use, sale, importation or exportation of a Sole Licensed Product because such intellectual property rights Cover or claim (or, with respect to pending rights, would Cover or claim if issued) a right that is necessary to the
research, Development, manufacture, Commercialization, use, sale, importation or exportation of a Sole Licensed Product in the applicable jurisdiction (such as, for purposes of illustration only, an intellectual property right that Covers or claims
a delivery, formulation, manufacturing or other technology that would be necessary to Commercialize a Sole Licensed Product in the applicable jurisdiction). 

1.41 “Intellectual Property Rights” means, collectively, all Know-How and Patent Rights. 

1.42 “Invention” means any and all inventions, discoveries, improvements, processes and techniques and any new and useful
process, method of manufacture or composition of matter or Material, whether or not patentable, that is conceived or first reduced to practice by either Party, or jointly by both Parties, on or after the Effective Date and during the Term, in the
conduct of the research, Development or Commercialization of Licensed Products. 
 1.43 “Investigator’s Brochure”
means a compilation of preclinical and clinical data with respect to a new investigational drug that is proposed for filing with a Regulatory Authority and used to provide information to clinical investigators and Regulatory Authorities. 

1.44 “JNDA” means a new drug application submitted to the Ministry of Health, Labor and Welfare to obtain Regulatory Approval
for the marketing of a Licensed Product in Japan. 
 1.45 “Joint Collaboration Know-How” means (a) any Know-How,
whether or not patentable, made or created in the course of performing activities under the Collaboration jointly by (i) PTI, its Affiliates or any of their respective representatives, and (ii) Biogen Idec, its Affiliates or any of their
respective representatives. 

  
 9 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 1.46 “Joint Collaboration Patent Rights” means any Patent Right that Covers
any Invention included in Joint Collaboration Know-How. 
 1.47 “Joint Collaboration Technology” means, collectively, Joint
Collaboration Know-How and Joint Collaboration Patent Rights. 
 1.48 “Know-How” means, collectively, all inventions,
discoveries, improvements, trade secrets and proprietary information and methods, whether or not patentable, including without limitation for example, methods of manufacture or use of, and structural and functional information pertaining to, any
Materials or compounds and compositions of matter, data, formulations, processes, techniques, know-how and results (including any negative results). 

1.49 “Lead Compound” means a Compound that meets the criteria set forth on Exhibit B to this Agreement (the
“Lead Compound Criteria”) and that is designated by Biogen Idec in Biogen Idec’s sole discretion, as a Lead Compound in accordance with Section 2.5(a). 

1.50 “Licensed Biogen Idec Proprietary Compounds” means Biogen Idec Proprietary Compounds that were, at any time prior to
termination of this Agreement, a Lead Compound, Back-Up Compound or contained in a Licensed Product, and products containing the same. 

1.51 “Licensed Know-How” means: 

(a) any Know-How, whether or not patentable, that (i) is Controlled by PTI or any of its Affiliates as of the Effective Date and
(ii) is necessary or useful to conduct the Research Program or to Develop or Commercialize any Compound, Lead Compound, Development Compound, Back-Up Compound or Licensed Product (“PTI Background Know-How”); 

(b) any Know-How, whether or not patentable, that is made or created in the course of performing research, Development or Commercialization
activities under the Collaboration solely by PTI, its Affiliates or any of their respective representatives (“PTI Collaboration Know-How”); and 

(c) PTI’s interest in Joint Collaboration Know-How. 

  
 10 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 

 1.52 “Licensed Patents” means: 

(a) any Patent Right in any form that is Controlled by PTI or any of its Affiliates as of the Effective Date and that Covers a Compound, Lead
Compound, Development Compound, Backup Compound, or Licensed Product (including the composition of matter thereof), a method of making any Compound, Lead Compound, Development Compound, Backup Compound, or Licensed Product, a method of using any
Compound, Lead Compound, Development Compound, Backup Compound, or Licensed Product, or a method or assay for screening for a compound that modulates the Target, or is otherwise necessary or useful to conduct the Research Program or to Develop or
Commercialize any Lead Compound, Development Compound, Backup Compound, or Licensed Product (“PTI Background Patent Rights”); 

(b) any Patent Right in any form that is Controlled solely by PTI or any of its Affiliates that Covers any Invention included in the PTI
Collaboration Know-How (“PTI Collaboration Patent Rights”); and 
 (c) PTI’s interest in Joint Collaboration Patent
Rights. 
 1.53 “Licensed Product” means any product for use in the Field that contains or consists of a Development
Compound as an active ingredient. 
 1.54 “Licensed Technology” means, collectively, Licensed Know-How and Licensed
Patents. 
 1.55 “MAA” means a Marketing Authorization Application submitted to the EMA pursuant to the centralized
approval procedure to obtain European Commission approval for the marketing of a Licensed Product in the European Union, or any successor application or procedure required to sell a Licensed Product in the European Union. 

1.56 “Major Market Country” means any one of the following countries: [***]. 

1.57 “Materials” means any tangible chemical, biological or physical materials. 

1.58 “NDA” means any new drug application or biologics license application or equivalent filing that is filed with a
Regulatory Authority that is necessary for approval to market and sell new pharmaceutical Licensed Products in the country or countries in which such Regulatory Authority has jurisdiction. 

1.59 “Net Sales” means, with respect to each country in the world, the gross amount due for sales of Licensed Products in
such country by Biogen Idec or its Sublicensees, or any of their respective Affiliates (in each case, the “Invoicing Entity”) to Third Parties (including, but not limited to, Distributors), less the following deductions, in each
case (A) to the extent not already 

  
 11 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
deducted or excluded from the gross amount invoiced, (B) without duplication, (C) where applicable with respect to the gross amount invoiced for Licensed Products, (D) as incurred
in the ordinary course of business in type and amount consistent with good industry practice and ( E) as determined in accordance with, and as recorded in revenues under, United States Generally Accepted Accounting Principles: 

(i) sales returns, allowances and other adjustments actually paid, granted and taken, or accrued on Licensed Products, including trade,
quantity, prompt pay and cash discounts, and adjustments granted on account of price adjustments or billing errors; 
 (ii) credits or
allowances given or made, and taken, for rejection or return of previously sold Licensed Products or for rebates or retroactive price reductions (including Medicare, Medicaid, managed care and similar types of rebates and chargebacks); 

(iii) taxes, duties or other governmental charges levied on or measured by the billing amount for Licensed Products, as adjusted for rebates
and refunds, which, for the avoidance of doubt, shall not include any tax, duty, or other charge imposed on or measured by net income (however denominated), or any franchise taxes, branch profits taxes, or similar tax; 

(iv) customs or excise duties, sales tax, consumption tax, value added tax, and other taxes (except income taxes), as adjusted for rebates and
refunds; 
 (v) pharmaceutical excise taxes (such as those imposed by the United States Patient Protection and Affordable Care Act of 2010
(Pub. L. No. 111-48) and other comparable laws); 
 (vi) charges for freight and insurance paid that are directly related to the
distribution of Licensed Products; 
 (vii) credits for allowances given or made, and taken, for wastage replacement for Licensed Products;

 (viii) wholesaler and distributor administration fees paid that are directly related to the distribution of Licensed Products; and 

(ix) other similar or customary deductions taken in the ordinary course of business or in accordance with United States Generally Accepted
Accounting Principles that are directly related to the distribution of Licensed Products. 
 Net Sales shall be determined in accordance
with United States Generally Accepted Accounting Principles. Net Sales shall not be imputed to transfers of Licensed Products for use in 

  
 12 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
any clinical trial, for bona fide charitable purposes, for compassionate use, for indigent patient programs or in reasonable quantities as free Licensed Products samples (such transfers,
“Exempted Transfers”). Any Exempted Transfers shall be made in a manner consistent with Invoicing Entity’s practices, if any, with respect to Licensed Products prior to the Effective Date. 

Notwithstanding the foregoing, in the event a Licensed Product is sold as a component of a Combination Product (as defined below) in any
country in the world in any Calendar Quarter, and in such country both the Licensed Product and the other component(s) are also sold separately from each other during such Calendar Quarter, then Net Sales shall be calculated by multiplying the Net
Sales of the Combination Product in such country during such Calendar Quarter (calculated by applying the criteria set forth above as if it applied to sales of such Combination Product in such country) by the fraction A/(A+B), where A is the average
Net Sales per unit sold of Licensed Products when sold separately in such country during such Calendar Quarter (calculated by determining the Net Sales of Licensed Products in such country during such Calendar Quarter in accordance with the criteria
set forth above and dividing such Net Sales by the number of units of Licensed Products sold in such country during such Calendar Quarter) and B is the average Net Sales per unit sold of the other active component(s) included in the Combination
Product when sold separately in such country during such Calendar Quarter (calculated by determining the Net Sales of such other active component(s) in such country during such Calendar Quarter by applying the criteria set forth above as if it
applied to sales of such other active component(s) and dividing such Net Sales by the number of units of such other active component(s) sold in such country during such Calendar Quarter). In the event a Licensed Product is sold as a component of a
Combination Product (as defined below) in any country in the world in any Calendar Quarter, and in such country the Licensed Product is sold separately in such Calendar Quarter, but not the other component(s), then Net Sales shall be calculated by
multiplying the Net Sales of the Combination Product in such country during such Calendar Quarter (calculated by applying the criteria set forth above as if it applied to sales of such Combination Product in such country) by the fraction A/C, where
A is the average Net Sales per unit sold of Licensed Products when sold separately in such country during such Calendar Quarter (calculated by determining the Net Sales of Licensed Products in such country during such Calendar Quarter in accordance
with the criteria set forth above and dividing such Net Sales by the number of units of Licensed Products sold in such country during such Calendar Quarter) and C is the average Net Sales per unit sold of the Combination Product during such Calendar
Quarter (calculated by determining the Net Sales of the Combination Product in such country during such Calendar Quarter by applying the criteria set forth above as if it applied to sales of the Combination Product as a whole dividing such Net Sales
by the number of units of the Combination Product sold in such country during such Calendar Quarter). For purposes of calculating the average Net Sales per unit sold of Licensed Products and other active component(s) of a Combination Product in
accordance with the above described equations, any of the deductions described in clauses (i) through (ix) above that apply to such 

  
 13 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Combination Product shall be allocated among sales of Licensed Products and sales of the other active component(s) included in such Combination Product as follows: (1) deductions that are
attributable solely to Licensed Products or one of the other active component(s) shall be allocated solely to Net Sales of Licensed Products or such other active component, as applicable, and (2) all other deductions shall be allocated among
sales of Licensed Products and sales of the other active component(s) in proportion to the parties’ agreed upon reasonable good faith estimate of the fair market value of Licensed Products and the other active component(s). In the event that no
separate sales of Licensed Products included in a Combination Product are made by Invoicing Entity during a Calendar Quarter in which such Combination Product is sold in a country, the average Net Sales per unit sold in the above described equations
shall be replaced with the parties’ agreed upon reasonable good faith estimate of the fair market value of Licensed Products and each of the other active component(s) included in such Combination Product. For purposes of this Section 1.59,
“Combination Product” means (x) any single product in finished form containing as active ingredients both (A) Licensed Products and (B) one or more other pharmaceutically active compounds or substances; (y) any
sale of Licensed Products with another product(s) for a single invoice price; or (z) any sale of Licensed Products as part of a bundle with other product(s) or service(s) (i.e., where Licensed Products and such other product(s) or services are
sold for a single invoice price or where a discount, rebate or other amount that reduces the price of Licensed Products is provided in exchange for (or otherwise conditioned upon) the purchase of such other product(s) or services), to the extent not
described in clause (x) or (y). 
 In any transfers of Licensed Products between an Invoicing Entity and an Affiliate of such Invoicing
Entity not for the purpose of resale by such Affiliate, Net Sales will be equal to the fair market value of the Licensed Products so transferred, assuming an arm’s length transaction made in the ordinary course of business. In the event that an
Invoicing Entity receives non-cash consideration for any Licensed Products or in the case of transactions not at arm’s length with a non-Affiliate of an Invoicing Entity, Net Sales will be calculated based on the fair market value of such
consideration or transaction, assuming an arm’s length transaction made in the ordinary course of business. Sales of Licensed Products by an Invoicing Entity to its Affiliate or a Sublicensee for resale by such Affiliate or Sublicensee will not
be deemed Net Sales. Instead, Net Sales will be determined based on the gross amount billed or invoiced by such Affiliate or Sublicensee upon resale of such Licensed Products to a Third Party purchaser that is not an Affiliate or Sublicensee. For
the avoidance of doubt, (i) Net Sales shall be calculated based on transfers to Distributors and not on transfers from Distributors to end-user customers, and (ii) nothing in this paragraph or anywhere else in this Section 1.59 shall
be construed to include any Exempted Transfers in any calculation or determination of Net Sales. 

  
 14 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 Notwithstanding anything in this Agreement to the contrary, an Invoicing Entity shall not,
and shall cause its Affiliates not to, take any action, or omit to take any action, for the primary purpose of reducing the amount of any payment otherwise due to PTI. 

1.60 “Patent Rights” means the rights and interests in and to issued patents and pending patent applications (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, substitutions, continuations, continuations-in-part,
divisions, renewals, all letters patent granted thereon, and all reissues, re-examinations and extensions thereof, including patent term extensions and supplemental protection certificates, and all foreign counterparts of any of the foregoing. 

1.61 “Person” means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership,
corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint venture or similar entity or organization, including a government or political subdivision, department or agency of a government.

 1.62 “Phase I Trial” means, for any Licensed Product, a phase I study as defined in Section 312.21, Volume 21, of
the U.S. Code of Federal Regulations (“C.F.R.”) or any equivalent trial thereto outside of the United States. 
 1.63
“Phase II Trial” means for any Licensed Product, a phase II study (including a phase IIa or phase IIb study) as defined in 21 C.F.R. 312.21 or any equivalent trial thereto outside of the United States. 

1.64 “Phase III Trial” means for any Licensed Product, a phase III study as defined in 21 C.F.R. 312.21 or any equivalent
trial thereto outside of the United States. 
 1.65 “Program Sale” means (a) the sale or license by PTI to an
Unaffiliated Acquiror of all or substantially all of PTI’s assets that relate to a specific Licensed Product or set of Licensed Products that (b) does not constitute a Change of Control. 

1.66 “PTI Collaboration Technology” means, collectively, PTI Collaboration Know-How and PTI Collaboration Patent Rights. 

1.67 “Qualified Service Provider” means a Third Party vendor or service provider who is engaged to provide goods or services
with respect to activities related to the Collaboration, on a fee for services basis, on behalf of a Party hereunder, and who enters into an agreement that is consistent with the terms of this Agreement. Without limiting the generality of the
foregoing, any such agreement must contain an assignment of all inventions, deliverables or other results of the 

  
 15 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
work done under such agreement to the contracting Party and provisions protecting the confidentiality of Information that are at least as stringent as the terms contained in Section 9 of
this Agreement. 
 1.68 “Regulatory Approval” means, with respect to any country or region in the Territory, all approvals,
licenses, registrations or authorizations of any applicable Regulatory Authority in such country or region, necessary for the marketing and sale of a Licensed Product in such country or region, including any pricing and/or reimbursement approvals
legally or practically required to market or sell a Licensed Product in such country. 
 1.69 “Regulatory Authority” means
the FDA and, with respect to any country outside of the U.S., any regulatory agency, ministry, department or other governmental body having authority in such country substantially equivalent to the authority of the FDA to regulate the Development,
manufacture, marketing, promotion and sale of pharmaceutical products. 
 1.70 “Regulatory Filings” means, collectively:
(a) all INDs, NDAs, MAAs, JNDAs, BLAs, establishment license applications, Drug Master Files, applications for designation as an “Orphan Licensed Product(s)” under the Orphan Drug Act, for “Fast Track” status under
Section 506 of the FDCA (21 U.S.C. § 356), for a Special Protocol Assessment under Section 505(b)(4)(B) and (C) of the FDCA (21 U.S.C. § 355(b)(4)(B)) , or for Breakthrough Therapy designation under Section 902 of the
FDASIA and all other similar filings (including, without limitation, counterparts of any of the foregoing in any country or region in the Territory); (b) all supplements and amendments to any of the foregoing; and (c) all data and other
information contained in, and correspondence relating to, any of the foregoing. 
 1.71 “Research Plan” means the mutually
agreed research plan and Budget for the Research Program. The initial Research Plan is attached to this Agreement as Exhibit A. 

1.72 “Research Program” means the research activities to be conducted by the Parties under the Research Plan with the
principal goals of (a) discovering Compounds and (b) characterizing, optimizing, and supporting the progression of such Compounds to Lead Compounds and into pre-clinical Development as Development Compounds, including the identification
and validation of biomarkers and/or other measures of pharmacodynamic outcomes. 
 1.73 “Research Term” means the period
beginning on the Effective Date and, unless terminated earlier in accordance with Section 12.2, ending on the fourth (4th) anniversary of the Effective Date. 

  
 16 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 1.74 “Royalty-Free Products” means Small Molecules other than Biogen Idec
Proprietary Compounds that at any time met the definition of Compounds under this Agreement and that are intended primarily to modulate the Target, and products containing the same. 

1.75 “Royalty Term” means with respect to each Sole Licensed Product in each country in the Territory, the period beginning
on the date of First Commercial Sale of such Licensed Product in such country and ending on the later of (a) the expiration of the last Valid Claim Covering such Sole Licensed Product in such country, (B) ten (10) years following the
First Commercial Sale of such Sole Licensed Product in such country, or (C) the expiration of Data Protection for such Sole Licensed Product in such country. 

1.76 “Small Molecule” means a chemical entity that has a molecular weight that is less than 1,000 Daltons. 

1.77 “Sublicensee” means, (i) with respect to Biogen Idec, any Person, other than Biogen Idec or an Affiliate or
Distributor of Biogen Idec, to which Biogen Idec grants a license, sublicense or similar right under any Licensed Technology to research, Develop, make, use, import, offer for sale or sell any Development Compound, Back-Up Compound or Licensed
Product, and (ii) with respect to PTI, either (A) any Person, other than PTI or an Affiliate or distributor of PTI, to which PTI grants a license, sublicense or similar right under any Biogen Idec Technology to research, Develop, make,
use, import, offer for sale, or sell any Discontinued Collaboration Compound or a product containing a Discontinued Collaboration Compound or (B) any Qualified Service Provider to which PTI grants a license, sublicense or similar right under
any Biogen Idec Technology. 
 1.78 “Target” means the de-ubiquitinating enzyme known as Usp14 . 

1.79 “Territory” means all countries and territories of the world. 

1.80 “Third Party” means any Person, entity or corporation other than the Parties and their Affiliates. 

1.81 “Valid Claim” means (a) a claim of an issued and unexpired patent within the Patent Rights that has not been
(i) held permanently revoked, unenforceable, unpatentable or invalid by a decision of a court or governmental body of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, (ii) cancelled, disclaimed, denied
or otherwise held to be invalid or unenforceable through reissue, reexamination, disclaimer, derivation, opposition or otherwise, (iii) abandoned or (iv) permanently lost through an interference, derivation, inter partes
reexamination, ex parte reexamination, post grant review, or opposition proceeding without any right of appeal or review; or (b) a pending claim of a pending patent application within the 

  
 17 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Patent Rights that (i) has been asserted and continues to be prosecuted in good faith and has not been cancelled, withdrawn or abandoned without being refiled in another application in the
applicable jurisdiction and (ii) has not been abandoned or finally rejected without the possibility of appeal or refiling; provided that any patent application pending for more than six (6) years from the date of issuance of the first
patent office action on the merits regarding the patentability of such claim by the relevant patent office in the country or territory in which such claim is pending (excluding any time during which such application is in interference, derivation,
opposition or similar proceedings, or the decision of an examiner with respect to such application is being appealed) shall not be considered a Valid Claim for purposes of this Agreement from and after such six (6) year date unless and until a
patent issues from such patent application. 
 Additional Definitions. In addition, each of the following definitions will
have the respective meanings set forth in the section of this Agreement indicated below: 
  

			
	 Definition
	  	Section
	 Abandoning Party
	  	8.4
	 Action
	  	8.5(b)
	 Additional Intellectual Property
	  	7.6(a)
	 Agreement
	  	Recitals
	 Assuming Party
	  	8.4
	 Audited Party
	  	6.13
	 Auditing Party
	  	6.13
	 Back-Up Compound
	  	2.5(c)
	 Bankrupt Party
	  	12.2(d)(i)
	 Bankruptcy Code
	  	12.2(d)(ii)
	 Biogen Idec
	  	Recitals
	 Biogen Idec Background Know-How
	  	1.5(a)
	 Biogen Idec Background Patent Rights
	  	1.6(a)
	 Biogen Idec Collaboration Know-How
	  	1.5(b)
	 Biogen Idec Collaboration Patent Rights
	  	1.6(a)
	 C.F.R.
	  	1.62
	 CNS Competitor
	  	3.1(e)
	 Co-Commercialization Option
	  	5.4
	 Co-Commercialized Product
	  	5.4
	 Co-Developed Licensed Product
	  	5.4
	 Co-Development Compound
	  	5.2(a)
	 Co-Development Option
	  	5.1
	 Co-Development Plan
	  	5.2(c)
	 Co-Commercialization Plan
	  	5.5(a)

  
 18 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

			
	 Definition
	  	Section
	 Combination Product
	  	1.59
	 Development and Commercialization License
	  	7.2(b)
	 Development Compound Criteria
	  	1.25
	 Development Compound Milestone Payment
	  	6.4(b)(i)
	 Development Milestone Event
	  	6.4(c)(i)
	 Development Milestone Payment
	  	6.4(c)(i)
	 Disclosing Party
	  	1.20
	 Discontinued Collaboration Compound
	  	2.5(d)
	 Effective Date
	  	Recitals
	 Forgone Grant Amount
	  	6.3(c)
	 Forgone Grant Calendar Quarter
	  	6.3(c)
	 Generic Product
	  	1.23
	 Exempted Transfer
	  	1.59
	 Harvard
	  	7.5
	 Harvard Development Milestones
	  	3.1(d)(i)
	 Harvard License
	  	7.5
	 Harvard Patent Rights
	  	7.5
	 Indemnitee
	  	11.3
	 Independent Expert
	  	2.3(d)
	 Infringement
	  	8.5(a)
	 Infringement Notice
	  	8.5(a)
	 Invoicing Party
	  	6.3(b)
	 JCC
	  	5.5(a)
	 JDC
	  	5.2(a)
	 JRC
	  	2.3(a)
	 Lead Compound Criteria
	  	1.49
	 Negotiation Period
	  	13.1(b)
	 Non-Bankrupt Party
	  	12.2(d)(i)
	 Operational Deadlock
	  	2.3(d)
	 Party/Parties
	  	Recitals
	 Patent Coordinator
	  	8.1(b)
	 Phase II PTI Co-Development Termination Option
	  	5.3
	 Post-Research Term Development Support Activities
	  	3.1(f)
	 Primary Development Compound
	  	2.5(c)
	 PTI
	  	Recitals
	 PTI Background Know-How
	  	1.51(a)
	 PTI Background Patent Rights
	  	1.52(a)

  
 19 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

			
	 Definition
	  	Section
	 PTI Collaboration Know-How
	  	1.51(b)
	 PTI Collaboration Patent Rights
	  	1.52(a)
	 PTI Subsidiary
	  	6.16(a)
	 Publishing Party
	  	9.4
	 Receiving Party
	  	1.20
	 Reconciliation Payment
	  	6.3(b)
	 Research License
	  	7.2(a)
	 Reviewing Party
	  	9.4
	 Sale Notice
	  	13.1(a)
	 SBIR Grant
	  	6.3(c)
	 Sole Commercialization Plan
	  	4.1(b)
	 Sole Development Compound
	  	3.1(a)
	 Sole Development Plan
	  	3.1(c)
	 Sole Licensed Product
	  	3.1(c)
	 Term
	  	12.1
	 Third Party Agreements
	  	10.2(b)
	 Total Quarterly Expenses
	  	6.3(b)
	 Unaffiliated Acquiror
	  	1.13
	 Upfront Fee
	  	6.1

 2. RESEARCH PROGRAM; GOVERNANCE 

2.1 Conduct of Research Program. During the Research Term, the Parties will collaborate to conduct the Research Program in accordance
with the Research Plan and Budget. Each of the Parties will exercise Commercially Reasonable Efforts to conduct their respective obligations under the Research Plan with respect to each Compound that is the subject of the Research Program. 

2.2 Provision of Know-How and Materials. Each Party will provide to the other Party (i) such Know-How Controlled by such Party and
(ii) such Materials possessed by such Party with the right to provide hereunder, in each case as required under the Research Plan. 

2.3 Governance. 
 (a)
Establishment of JRC. Promptly after execution of this Agreement, the Parties will establish a joint research committee (the “JRC”) comprised of an equal number of representatives from the senior science management of each
Party to review and oversee the conduct of the Research Program. 

  
 20 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (b) Responsibilities of JRC. The JRC will: 

(i) coordinate the Research Program, including assigning activities to be performed by each Party under the Research Plan; 

(ii) discuss designation of Compounds as Lead Compounds and Lead Compounds as Development Compounds; 

(iii) establish and monitor progress against the objectives of the Research Program; 

(iv) update and approve any changes to the Research Plan and Budget at least annually; 

(v) exchange and review scientific information and data relating to the activities being conducted under the Research Program; and 

(vi) make such other decisions as are expressly allocated to the JRC by mutual agreement of the Parties. 

(c) Frequency of Meetings. The JRC will meet at least once each Calendar Quarter during the Research Term and for so long as PTI is
conducting Post-Research Term Development Support Activities. 
 (d) Decision-Making. Each party will have one collective JRC vote
and, except as otherwise provided in this Agreement, the JRC will make decisions by consensus, including any determination that the In vivo Target Validation has been met, that a Compound satisfies the Lead Compound Criteria or that a Lead
Compound satisfies the Development Compound Criteria. In the event the JRC fails to reach unanimous agreement with respect to a particular matter within its decision-making authority, then either Party may have such matter referred to the Biogen
Idec head of research and the PTI head of research, who will meet promptly and negotiate in good faith to resolve such matter (an “Operational Deadlock”). If the Biogen Idec head of research and the PTI head of research are unable
to resolve such Operational Deadlock within thirty (30) days or such longer period of time as they may agree, Biogen Idec will have final decision-making authority, except that in the event of an Operational Deadlock involving the achievement
of In vivo Target Validation, Lead Compound Criteria or Development Compound Criteria, in which PTI believes such criteria have been met and Biogen Idec does not, the matter 

  
 21 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
will be referred to the authorized executive officers of the Parties for resolution. If such authorized executive officers are unable to resolve such Operational Deadlock within thirty
(30) days, or such longer period as they may agree, the matter will then be referred to an independent Third Party expert (an “Independent Expert”) for final determination. Biogen Idec and PTI shall select an Independent Expert
within twenty (20) days after expiration of such thirty (30) day period (as extended by mutual agreement, if applicable) to resolve the Operational Deadlock, who shall render his or her determination within ten (10) days after
selection by the Parties. If Biogen Idec and PTI are unable to agree on an Independent Expert, then Biogen Idec and PTI, by notice to each other, shall each select an Independent Expert to resolve the Operational Deadlock, and such Independent
Experts shall render their determination within ten (10) days of selection of the first Independent Expert. If either Biogen Idec or PTI fail to appoint such an Independent Expert within twenty (20) days after the other party has delivered
notice of its selection of an Independent Expert, then the Independent Expert appointed by the party that first delivered its notice shall make the determination, and such determination shall govern. If two Independent Experts are appointed and they
agree upon the resolution of the Operational Deadlock, then their joint determination shall govern. If two Independent Experts are appointed and are unable to agree upon the resolution of the Operational Deadlock within the ten (10) day period
for rendering their determination, then the two Independent Experts shall, within five (5) days thereafter, select a third Independent Expert. The third Independent Expert shall make his or her determination within ten (10) days following
such Independent Expert’s appointment. All decisions of any Independent Expert shall be rendered in writing and shall be signed by such Independent Expert and the final decision shall be conclusive and final and deemed to be the determination
of the JRC. The costs of engaging the Independent Expert(s) will be shared equally by the Parties. 
 2.4 Other Meetings. In addition
to the meetings of the JRC, the Parties will provide each other with regular updates on the results of the Research Program through project team meetings (or meetings of similar working groups designated by the JRC) held no less than once per month
unless otherwise mutually agreed. During the Research Term, PTI will also facilitate active participation in the Research Program by Drs. Daniel Finley and Randall King and such other PTI scientific founders as Biogen Idec may reasonably request,
including participation by Drs. Finley and King in meetings of the JRC, project teams, or such other meetings as the Parties may elect to review the Research Program. 

2.5 Compound Designation. 

(a) Lead Compounds. During the Research Term, the JRC will regularly assess the progress of Compounds towards achieving the Lead
Compound Criteria. Upon determination by the JRC that a Compound satisfies the Lead Compound Criteria, Biogen Idec will have the right to designate such Compound as a Lead Compound at any time during the Research Term. 

  
 22 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (b) Development Compounds. During the Research Term, the JRC will regularly assess the
progress of Lead Compounds towards achieving the Development Compound Criteria. Upon determination by the JRC that a Lead Compound satisfies the Development Compound Criteria, Biogen Idec will have the right to designate such Lead Compound as a
Development Compound at any time during the Research Term. Notwithstanding the foregoing, Biogen Idec will continue to have the right to designate as a Development Compound at any time during the Term any Lead Compound that (i) is a Biogen Idec
Proprietary Compound, or (ii) Biogen Idec designated as a Back-Up Compound during the Research Term (as described in Section 2.5(c)). During the Research Term, Biogen Idec will maintain a written inventory log of all Compounds that are
Biogen Idec Proprietary Compounds and that are used in the Research Program, which it will provide to the JRC at each JRC meeting. At the end of the Research Term, Biogen Idec will provide the final inventory log of all Biogen Idec Proprietary
Compounds that were used in the Research Program to the JRC. 
 (c) Back-Up Compounds. Biogen Idec may, in its discretion, at any
time during the Research Term, designate (i) any number of Development Compounds, (ii) any number of Lead Compounds that are Biogen Idec Proprietary Compounds and (iii) up to [***] Lead Compounds that are not Biogen Idec Proprietary
Compounds as “Back-Up Compounds” with respect to any one Development Compound (such Development Compound, a “Primary Development Compound”). If Biogen Idec determines, in its sole discretion based on criteria
similar to how Biogen Idec makes determinations with respect to its own therapeutic programs, taking into account such factors as development feasibility, commercial viability, and intellectual property protection, that the Development of a Primary
Development Compound has not yielded sufficient progress and that Development activities with respect to such Primary Development Compound should be discontinued, then Biogen Idec may designate one of the Back-Up Compounds for such Primary
Development Compound as a substitute for such Primary Development Compound, and such Back-Up Compound will then be considered the Primary Development Compound. In such case, the discontinued Primary Development Compound will be deemed to be a
Back-Up Compound for such new Primary Development Compound. In order to maintain a Lead Compound as a Back-Up Compound, Biogen Idec will be required to establish that it is using Commercially Reasonable Efforts applicable to Back-Up Compounds in
connection with the Development of such Back-Up Compound. 
 (d) Discontinued Collaboration Compounds. Any (i) Compound
designated by Biogen Idec as a Discontinued Collaboration Compound at any time up to the end of the Research Term, (ii) Compound, other than a Biogen Idec Proprietary Compound, not designated by Biogen Idec as a Lead Compound by the end of the
Research Term, or (iii) Lead Compound, other than a Lead Compound that is a Biogen Idec Proprietary Compound, not designated by Biogen Idec as a Development Compound or a Back-Up Compound by the end of the Research Term will, in each

  
 23 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
case, automatically become a “Discontinued Collaboration Compound”. Each Discontinued Collaboration Compound (i) would no longer be a Lead Compound for purposes of this
Agreement and (ii) would be excluded from the scopes of the license grants under Sections 7.2(a) and 7.2(b). In addition, Biogen Idec would have no right to designate any Discontinued Collaboration Compound as a Lead Compound or as a
Development Compound. For avoidance of doubt, Biogen Idec Proprietary Compounds may never be considered Discontinued Collaboration Compounds. During the Research Term, PTI will maintain a written inventory log of all Discontinued Collaboration
Compounds, which it will provide to the JRC upon the request of Biogen Idec. At the end of the Research Term, PTI will provide the final inventory log of all Discontinued Collaboration Compounds to the JRC. 

(e) Limitations. For avoidance of doubt, Biogen Idec will not have the right to designate any Compound as a Lead Compound after
expiration of the Research Term. In addition, Biogen Idec will not have the right to designate any Lead Compound as a Development Compound after expiration of the Research Term, except for (i) Lead Compounds that were designated as Back-Up
Compounds during the Research Term as described in Section 2.5(c), or (ii) Biogen Idec Proprietary Compounds. 
 3.
DEVELOPMENT  
 3.1 Sole Development Compounds 

(a) Disclosure and Assistance For Sole Development Compounds. Promptly following the designation of a Development Compound as to which
PTI does not exercise the Co-Development Option under Section 5.1 or as to which PTI had exercised the Co-Development Option under Section 5.1, but then exercises the Phase II PTI Co-Development Termination Option under Section 5.3
(each a “Sole Development Compound”), PTI will provide reasonable assistance to Biogen Idec with respect to the use and practice of all Licensed Technology related to each such Sole Development Compound, to the extent PTI has not
already done so. Without limiting the foregoing, PTI will (a) disclose to Biogen Idec within [***] of the date on which Biogen Idec designates a Sole Development Compound all items of Licensed Technology related to such Sole Development
Compound that exist in tangible form or in writing (including electronic media) and were not previously disclosed to Biogen Idec hereunder and (b) make its personnel reasonably available to provide answers to Biogen Idec’s questions during
normal business hours, to assist Biogen Idec in understanding and implementing such Licensed Technology in order for Biogen Idec to commence or continue the Development of such Sole Development Compound as contemplated in this Agreement. 

  
 24 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (b) Diligence. Biogen Idec agrees to use Commercially Reasonable Efforts, and will
cause its Sublicensees to use Commercially Reasonable Efforts, to initiate and pursue the Development of, and seek Regulatory Approval for, at least one (1) Licensed Product for each Sole Development Compound designated under
Section 2.5(b) (other than Development Compounds designated by Biogen Idec as Back-Up Compounds) and Section 3.1(a), in at least one (1) Indication in all Major Market Countries. 

(c) Responsibility for Development of Sole Development Compounds and Sole Licensed Products. Biogen Idec will use Commercially
Reasonable Efforts to initiate or continue Development of any Sole Development Compound promptly upon its designation, and will inform PTI of the time it so initiates Development and of the Indication for which such Licensed Product is being
Developed, each of which will be deemed Confidential Information of Biogen Idec. Biogen Idec will have the sole right and responsibility for, and will have full control and authority over, at its sole cost and expense, the Development of Sole
Development Compounds and Licensed Products containing or consisting of each such Sole Development Compound (each a “Sole Licensed Product”), including making all strategic and tactical decisions with respect thereto, conducting all
Development activities and establishing the methods and means by which it performs such activities under this Agreement. Biogen Idec may, in its sole discretion, delegate any work performed on Development of such Sole Licensed Product to any of its
Collaborators, or to any other Third Party consultants, clinical investigators and service providers, in each case by way of agreements having terms not inconsistent with the terms of this Agreement, including terms relating to confidentiality and
Intellectual Property Rights, provided that Biogen Idec shall remain responsible hereunder for the performance of any such Persons. 
 (d)
Additional Milestones. 
 (i) In addition to the foregoing, Biogen Idec will use Commercially Reasonable Efforts to
achieve each of the Development Milestones from the Harvard License that are listed on Exhibit G (the “Harvard Development Milestones”) with regard to each Sole Licensed Product; provided that, Biogen Idec will not be
in default of its obligations under this Section 3.1(d)(i) if the reason that Biogen Idec or its Sublicensee failed to achieve such a milestone was due to factors beyond its control, including, without limitation, (1) any force majeure,
(2) any delay (not attributable to Biogen Idec, any Sublicensee, or any of their Affiliates) or change in the regulatory requirements or the regulatory process, including, without limitation, any such delays or changes associated with obtaining
approvals for development or commercialization from Regulatory Authorities, (3) unavailability of supply of raw materials or products, (4) adverse pre-clinical or clinical results with respect to Licensed Product in terms of safety or
efficacy, (5) change in laws or legal requirements, (6) inability to identify or develop 

  
 25 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
suitable formulation for Licensed Product and (7) unanticipated problems with manufacturing process and scale-up of Licensed Product; and provided further that, in the event that
Biogen Idec has materially breached its diligence obligations under this Section 3.1(d)(i) with respect to a Licensed Product, PTI shall only have the right to terminate this Agreement with respect to such Licensed Product and not with respect
to any other Licensed Product as to which Biogen Idec is not in breach of its diligence obligations under this Section 3.1(d). 

(ii) If, subject to Section 3.1(d)(i), Biogen Idec, by itself or through its Sublicensees, fails to meet any of the
Harvard Development Milestones within the applicable time period, then Biogen Idec will cooperate with PTI in complying with the procedures in Sections 3.4 of the Harvard License, including by assisting PTI in presenting to Harvard an Explanation
and a Plan (as such terms are defined in the Harvard License) that are acceptable to Harvard. Biogen Idec agrees to reimburse PTI for any and all payments that PTI makes to Harvard under Section 3.5 of the Harvard License that are necessary
thereunder to avoid or delay the termination of the Harvard License to the maximum extent permitted, which reimbursement payments will be non-refundable by PTI, but will be creditable by Biogen Idec against the next milestone payment(s) that become
payable by Biogen Idec under this Agreement with respect to Sole Licensed Products. 
 (e) Development Plan for Sole Development
Compounds and Sole Licensed Products; Summary Reports. Biogen Idec will prepare and maintain an annual Development plan covering each Sole Development Compound and Sole Licensed Product (a “Sole Development Plan”) and will
provide PTI with a copy of such Sole Development Plan annually, as well as any subsequent material updates or changes thereto. Additionally, within [***] after the end of each Calendar Year, Biogen Idec shall furnish PTI with a summary written
report summarizing its efforts, and the efforts of its Sublicensees, during the prior Calendar Year to Develop Sole Licensed Products, which report will include a summary of intended efforts for the then-current Calendar Year and will contain
sufficient detail for PTI to assess whether Biogen Idec is in compliance with its obligations in Section 3.1(b). Notwithstanding anything to the contrary in the foregoing, if PTI undergoes a Change of Control with any operating entity that is
directly engaged in the research, development or commercialization of products or services for the treatment of diseases of the central nervous system in humans, other than solely pursuant to this Agreement as a result of the Change of Control (a
“CNS Competitor”), Biogen Idec will have no further obligation to provide any Sole Development Plan, but will continue to provide the annual summary reports to PTI or its successor. 

  
 26 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (f) Post-Research Term Development Support Activities for Sole Developed Compounds. If
Biogen Idec wishes PTI to conduct any research activities with respect to a Sole Development Compound after the Research Term, such as the identification and validation of biomarkers and/or other measures of pharmacodynamic outcomes
(“Post-Research Term Development Support Activities”), the parties will negotiate in good faith to agree upon appropriate compensation for PTI and other commercially reasonable terms with respect to such activities. 

3.2 Development Diligence for Co-Development Compounds. 

(a) General. Biogen Idec and PTI each agree to use Commercially Reasonable Efforts and, in Biogen Idec’s case, will cause its
Sublicensees to use Commercially Reasonable Efforts, to initiate and pursue the Development of, and seek Regulatory Approval for, at least one (1) Licensed Product for each Co-Development Compound designated under Section 2.5(b) (other
than Development Compounds designated by Biogen Idec as Back-Up Compounds) and Section 5.1, in at least one (1) Indication in all Major Market Countries. Biogen Idec and PTI will work together to produce, within [***] after the end of each
Calendar Year, a summary written report summarizing the Parties’ efforts, and the efforts of Biogen Idec’s Sublicensees, during the prior Calendar Year to Develop Co-Developed Licensed Products, which report will include a summary of
intended efforts for the then-current Calendar Year and will contain sufficient detail for each Party to assess whether the other Party is in compliance with its obligations under this Section 3.2(a). 

(b) Additional Milestones. 

(i) In addition to the foregoing, Biogen Idec and PTI will each use Commercially Reasonable Efforts to achieve each applicable
Harvard Development Milestone within the applicable time periods; provided that, neither Party will be in default of its obligations under this Section 3.2(b)(i) if the reason that such Party or its Sublicensee failed to achieve such a
milestone was due to factors beyond its control, including, without limitation, (1) any force majeure, (2) any delay (not attributable to such Party, any Sublicensee, or any of their Affiliates) or change in the regulatory requirements or
the regulatory process, including, without limitation, any such delays or changes associated with obtaining approvals for development or commercialization from Regulatory Authorities, (3) unavailability of supply of raw materials or products,
(4) adverse pre-clinical or clinical results with respect to Licensed Product in terms of safety or efficacy, (5) change in laws or legal requirements, (6) inability to identify or develop suitable formulation for Licensed Product and
(7) unanticipated problems with manufacturing process and scale-up of Licensed Product. 

  
 27 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (ii) If the Parties, by themselves or through Sublicensees, fail to meet any
of the Harvard Development Milestones within such specified time periods, then the Parties will cooperate with each other in complying with the procedures in Sections 3.4 of the Harvard License, including by working together to present to Harvard an
Explanation and a Plan (as such terms are defined in the Harvard License) that are acceptable to Harvard. If such failure to meet a Harvard Milestone is due solely to Biogen Idec’s actions or omissions, Biogen Idec agrees to reimburse PTI for
any and all payments that PTI makes to Harvard under Section 3.5 of the Harvard License that are necessary thereunder to avoid or delay the termination of the Harvard License to the maximum extent permitted, which reimbursement payments will be
non-refundable by PTI, but will be treated as Biogen Idec Development costs with respect to the affected Co-Developed Licensed Products. If such failure to meet a Harvard Milestone is due solely to PTI’s actions or omissions, PTI will bear all
such costs, but such costs will be treated as PTI Development costs with respect to the affected Co-Developed Licensed Products. If such failure to meet a Harvard Milestone is due to actions or omissions by both Parties, the Parties will split such
costs and such costs will be treated as Development costs by each Party. 
 3.3 All Development Compounds and Licensed Products. 

(a) Manufacture of Development Compounds and Licensed Products. Biogen Idec has the exclusive right to manufacture Development Compounds
and corresponding Licensed Products itself or through one or more Affiliates or Third Parties selected by Biogen Idec in its sole discretion. 

(b) Responsibility for Regulatory Filings for Development Compounds and Licensed Products. Biogen Idec will have the sole right and
responsibility for preparing and filing all Regulatory Filings with respect to Development Compounds and corresponding Licensed Products in the Territory in its own name, for interacting with Regulatory Authorities with respect to such Regulatory
Filings and for reporting to Regulatory Authorities all Adverse Events related to any Development Compounds and corresponding Licensed Products if and to the extent required by applicable laws and regulations, in each case except and only to the
extent any such activities are assigned to PTI under a duly approved Co-Development Plan in accordance with Section 5.2.(c). All Regulatory Approvals for Licensed Products will be solely owned by Biogen Idec. 

  
 28 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 4. COMMERCIALIZATION  

4.1 Sole Licensed Products. 

(a) Responsibility for Commercialization of Sole Licensed Products. Biogen Idec will inform PTI at least [***] prior to the expected
Regulatory Approval of each Sole Licensed Product and with respect to each Indication for which such Sole Licensed Product receives Regulatory Approval, which will be deemed Confidential Information of Biogen Idec. Biogen Idec will have the sole
right and responsibility for, and will have full control and authority over, at its sole cost and expense, the Commercialization of each Sole Licensed Product, including making all strategic and tactical decisions with respect thereto, conducting
all Commercialization activities and establishing the methods and means by which it performs such activities under this Agreement. Biogen Idec may, in its sole discretion, delegate any work performed on Commercialization of such Sole Licensed
Product to any of its Collaborators, or to any other Third Party consultants and service providers, in each case by way of agreements having terms not inconsistent with the terms of this Agreement, including terms relating to confidentiality and
Intellectual Property Rights, provided that Biogen Idec shall remain responsible hereunder for the performance of any such Persons. 
 (b)
Diligence. Biogen Idec will use Commercially Reasonable Efforts and will cause its Sublicensees to use Commercially Reasonable Efforts, to initiate and pursue the Commercialization of each Sole Licensed Product in every Major Market Country
where it receives Regulatory Approval. 
 (c) Commercialization Plan for Sole Licensed Products. Biogen Idec will prepare and
maintain a Commercialization plan covering each Sole Development Compound and Sole Licensed Product (a “Sole Commercialization Plan”) and will provide PTI with a copy of such Sole Commercialization Plan annually, as well as any
subsequent material updates or changes thereto. Additionally, within [***] after the end of each Calendar Year, Biogen Idec shall furnish PTI with a summary written report summarizing its efforts, and the efforts of its Sublicensees, during the
prior Calendar Year to Commercialize Sole Licensed Products, which report will include a summary of intended efforts for the then-current Calendar Year and will contain sufficient detail for PTI to assess whether Biogen Idec is in compliance with
its obligations under Section 4.1(b). Notwithstanding anything to the contrary in the foregoing, if PTI undergoes a Change of Control with any CNS Competitor, Biogen Idec will have no further obligation to provide any Sole Commercialization
Plan, but will continue to provide the annual summary reports to PTI or its successor. 
 4.2 Commercialization Diligence for
Co-Commercialized Products. Biogen Idec and PTI will use Commercially Reasonable Efforts, and Biogen Idec and will cause its Sublicensees to use Commercially Reasonable Efforts, to initiate and pursue the Commercialization of each
Co-Commercialized Product in every Major Market Country where it receives Regulatory Approval. Biogen Idec and PTI will work together to produce, within [***] after the end of each 

  
 29 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Calendar Year, a written report summarizing the Parties’ efforts, and the efforts of Biogen Idec’s Sublicensees, during the prior Calendar Year to Commercialize Co-Commercialized
Products, which report will include a summary of intended efforts for the then current Calendar Year and will contain sufficient detail for each Party to assess whether the other Party is in compliance with its obligations under this
Section 4.2. 
 4.3 Trademarks; Promotional Materials. 

(a) General. Subject to Section 4.3(b), Biogen Idec will have the right, in its sole discretion, to select all trademark(s) and
service mark(s) to be used in conjunction with Licensed Product(s) to be sold by Biogen Idec, and to design and produce any and all promotional materials for Licensed Product(s) to be sold by or on behalf of Biogen Idec, including, but not limited
to, package inserts, data sheets, leaflets, advertisements and labeling. PTI will have the right, upon written request, to be informed of such trademarks and service marks and to receive samples of such promotional materials to be used for Major
Market Countries, each of which will, until first used in commerce, be deemed Confidential Information of Biogen Idec. PTI will not use for any reason, including in commerce, any trademark(s) or service mark(s) selected by Biogen Idec and disclosed
to PTI under this Section 4.3. 
 (b) Co-Commercialized Products. If requested by PTI, and subject to applicable law, Biogen
Idec will include PTI’s name and designated trademarks in promotional materials for Co-Commercialized Product(s) to be sold by or on behalf of Biogen Idec in the United States, including on package inserts, data sheets, leaflets, advertisements
and labeling. Biogen Idec will not use PTI’s name or designated trademarks for any other reason, including in commerce. 
 5.
CO-DEVELOPMENT AND CO-COMMERCIALIZATION OPTIONS 
 5.1 Co-Development Option. PTI has an option to co-Develop each
Development Compound with Biogen Idec (the “Co-Development Option”). Biogen Idec will prepare and present to PTI an overview of anticipated preclinical, toxicology, and early clinical development studies consistent with Biogen
Idec’s standards for programs at a similar stage for each Development Compound within [***] after such Compound has been designated as a Development Compound. To exercise the Co-Development Option with respect to a particular Development
Compound, PTI must notify Biogen Idec in writing no later than [***] following such Compound’s designation as a Development Compound (or, if later, [***] following PTI’s receipt of the overview for such Development Compound). Upon exercise
of the Co-Development Option for a Development Compound, the Parties will thereafter share proportionally in the costs to Develop and obtain Regulatory Approval for such Co-Development Compound on a worldwide basis through the profit share mechanism
described in Section 6.7 for Co-Developed Licensed Products. 

  
 30 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 5.2 Formation of JDC; Co-Development Plan; Medical Affairs Plan. 

(a) Upon exercise of the Co-Development Option for a Development Compound (each a “Co-Development Compound”), the Parties will
form a joint development committee (the “JDC”), comprised of an equal number of representatives from the senior clinical research management of each Party, to review and oversee the Development of such Co-Development Compound,
including: (i) establishing and directing the strategy for the worldwide Development of such Co-Development Compound; (ii) creating, reviewing and finalizing a Co-Development Plan for such Co-Development Compound and proposing any
revisions to such Co-Development Plan as needed, but no less frequently than annually; (iii) subject to and within the parameters of the Co-Development Plan, (A) overseeing the implementation of the Co-Development Plan (including approval
of clinical trial protocols and review of the conduct of clinical trials conducted pursuant to the Co-Development Plan), and (B) reviewing and approving the overall strategy and positioning of all material submissions and filings with the
applicable Regulatory Authorities; and (iv) performing such other duties as the Parties may designate. 
 (b) The JDC will make
decisions by consensus. In the event the JDC fails to reach unanimous agreement with respect to a particular matter within its decision-making authority, then either Party may have such matter referred to the heads of development for each Party, who
will meet promptly and negotiate in good faith to resolve such matter. If the heads of Development are unable to resolve such matter within thirty (30) days or such longer period of time as they may agree, the matter will be referred to the
authorized executive officers of the Parties for resolution. If the disagreement cannot be resolved by such officers, Biogen Idec will have final decision-making authority. 

(c) Biogen Idec will prepare, in consultation with PTI and for review by the JDC as described above, a written plan and budget for the
co-Development of each Co-Development Compound (a “Co-Development Plan”). For avoidance of doubt, Biogen Idec will have final decision-making rights regarding the content, development, and execution of the Co-Development Plans. 

(d) The Parties will also jointly develop and execute a plan for the medical affairs activities supporting each Co-Development Compound both
pre- and post-approval (each a “Medical Affairs Plan”). The cost of such activities will be shared proportionally by the Parties through the profit share mechanism described in Section 6.7 for Co-Developed Licensed Products.
For avoidance of doubt, Biogen Idec will have final decision-making rights regarding the content, development and execution of the Medical Affairs Plans. 

  
 31 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 5.3 Co-Development Option Termination. PTI will have the right to terminate its rights
and obligations with regard to the co-Development of a Co-Development Compound by providing written notice to Biogen Idec within [***] after the issuance of the final clinical trial report for the first Phase II Trial for such Development Compound
(the “Phase II PTI Co-Development Termination Option”). Upon PTI providing such notice, the affected Co-Development Compound will be deemed a Sole Development Compound and PTI will have no further obligations hereunder to share in
the costs of the Development of such Sole Development Compound that accrue after the effective date of such notice. For avoidance of doubt, nothing in this Section 5.3 will limit PTI’s share of liability under Section 6.7 and
Exhibit E for any costs that accrued prior to the effective date of such notice. 
 5.4 Co-Commercialization Option. For each
Licensed Product containing or consisting of a Co-Development Compound for which PTI has successfully complied with its co-Development obligations (a “Co-Developed Licensed Product”) and has not exercised the Phase II PTI
Co-Development Termination Option as provided in Section 5.3, PTI will also have an option to co-Commercialize such Co-Developed Licensed Product in the United States with Biogen Idec (the “Co-Commercialization Option”), which
will include the activities undertaken before and after Regulatory Approval that relate to the marketing, promoting, distributing, offering for sale, and selling of the Co-Developed Licensed Product. Biogen Idec will prepare and present to PTI a
draft Co-Commercialization Plan for each Co-Developed Licensed Product within [***] after the date of receipt of the final report for the first Phase III Trial for such Co-Developed Licensed Product that is designed to support Regulatory Approval in
the United States. To exercise its Co-Commercialization Option with respect to a particular Co-Developed Licensed Product, PTI will notify Biogen Idec in writing no earlier than the date of receipt of such final report and no later than [***] after
such date (or, if later, [***] following PTI’s receipt of the draft Co-Commercialization Plan for such Co-Developed Licensed Product). Each such Co-Developed Licensed Product for which PTI exercises the Co-Commercialization Option shall be
referred to as a “Co-Commercialized Product”. If PTI so notifies Biogen Idec within such [***] period, the Parties will negotiate in good faith and enter into as soon as reasonably possible a separate co-Commercialization agreement
covering the Parties’ respective rights and obligations for such co-Commercialization that includes the terms set forth on Exhibit F. If, with regard to a Co-Developed Licensed Product either (i) PTI fails to provide notice to
Biogen Idec of its intention to exercise its Co-Commercialization Option within the aforementioned [***] period, or (ii) prior to the expiration of such [***] period, PTI provides notice to Biogen Idec that it does not intend to exercise its
Co-Commercialization Option, then PTI will have no further right to co-Commercialize such Co-Developed Licensed Product. 

  
 32 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 5.5 Formation of JCC; Co-Commercialization Plan. 

(a) Upon exercise of the Co-Commercialization Option for a Co-Developed Licensed Product, the Parties will form a joint commercialization
committee (the “JCC”), comprised of an equal number of representatives from the senior commercial management of each Party to review and oversee the Commercialization of such Co-Commercialized Product, including: (i) reviewing
and approving a Commercialization plan for each Co-Commercialized Product (each a “Co-Commercialization Plan”), which will be consistent with the co-Commercialization agreement described in Section 5.4 and Exhibit F;
(ii) subject to and within the parameters of the Co-Commercialization Plan, overseeing the implementation of the Co-Commercialization Plan; and (iii) performing such other duties as the Parties may designate. 

(b) The JCC will make decisions by consensus. In the event the JCC fails to reach unanimous agreement with respect to a particular matter
within its decision-making authority, then either Party may have such matter referred to the heads of commercialization for each Party, who will meet promptly and negotiate in good faith to resolve such matter. If the heads of Commercialization are
unable to resolve such matter within thirty (30) days or such longer period of time as they may agree, the matter will be referred to the authorized executive officers of the Parties for resolution. If the disagreement cannot be resolved by
such officers, Biogen Idec will have final decision-making authority. 
 (c) Upon exercise of the Co-Commercialization Option for a
Co-Developed Licensed Product, Biogen Idec will prepare, in consultation with PTI and the JCC, the Co-Commercialization Plan for each Co-Commercialized Product, which will be reviewed and approved by the JCC. Each such plan will set out in
reasonable detail: (i) overall strategies with respect to marketing, promoting, distributing, and obtaining reimbursement for the applicable Co-Commercialized Product in the United States; and (ii) the activities to be conducted and the
responsibilities of each Party in connection with the Commercialization of the applicable Co-Commercialized Product and (iii) a fair and reasonable allocation between the Parties of all such activities as set forth in Exhibit F,
including direct participation in customer-facing activities. For avoidance of doubt, but subject to Exhibit F, Biogen Idec will have final decision-making rights regarding the content, development, and execution of the Co-Commercialization
Plan. 
 5.6 Co-Commercialization Option Termination. PTI may withdraw from continued participation in Commercialization activities
in the United States with respect to one or more Co-Commercialized Product(s) by providing Biogen Idec with [***] prior written notice, unless a shorter time period is mutually agreed by the Parties. The Parties’ rights and obligations as a
result of any such withdrawal shall be set forth in the co-Commercialization agreement described in Section 5.4 and Exhibit F. 

  
 33 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 6. PAYMENTS 

6.1 Upfront Fee and Annual Maintenance Fee. 

(a) Upfront Fee. Biogen Idec will pay PTI a non-refundable, non-creditable, up-front fee in the aggregate amount of Two Million Five
Hundred Thousand Dollars (U.S. $2,500,000) (the “Upfront Fee”), payable by wire transfer of immediately available funds, within thirty (30) days after the Effective Date, in accordance with wire transfer instructions provided
in writing by PTI to Biogen Idec in Section 6.14. 
 (b) Annual Maintenance Fee. Biogen Idec will pay PTI [***], payable by wire
transfer of immediately available funds, on January 1st of each Calendar Year; provided that, during the Research Term and any period when Biogen Idec and PTI are co-Developing any Development Compounds or Licensed Products, such fee
shall be a cost that is shared by the Parties in accordance with Sections 6.3 and 6.7, as applicable. PTI will refund such amount if and when, in a particular Calendar Year, PTI is able to recoup the full amount of its payment to Harvard under
Section 4.3.2 of the Harvard License in accordance with the terms thereof. 
 6.2 Equity Investment. Biogen Idec and PTI will,
within thirty (30) days after the Effective Date, enter into an agreement or set of agreements under which Biogen Idec will make a $5,000,000 equity investment in PTI, which investment will be made in the same securities and at the valuation as
PTI’s most recent previous round of financing as set forth in the Second Series A Convertible Preferred Stock Purchase Agreement dated May 20, 2011. As part of such investment, Biogen Idec will receive the same rights and obligations with
respect to the purchased securities and will be party to the same stockholders’ agreement and other equity documents as the other equity investors in such previous round of financing. 

6.3 Research Funding Payments. 

(a) The Budget will provide funding for (i) the number of PTI FTEs set forth in the Research Plan to perform the activities contemplated
for each year of the Research Term at the FTE Rate for purposes of determining the FTE Costs incurred by PTI with respect to PTI personnel performing work under the Research Program; (ii) the number of Biogen Idec FTEs set forth in the Research
Plan to perform the activities contemplated for each year of the Research Term at the FTE Rate for purposes of determining the FTE Costs incurred by Biogen Idec with respect to Biogen Idec personnel performing work under the Research Program; and
(iii) reimbursement for external costs incurred by PTI or Biogen Idec in accordance with the Research Plan. Biogen Idec will be responsible for fifty-one percent (51%) of the costs of the Budget and PTI will be responsible for forty-nine
percent (49%) of the costs of the Budget. 

  
 34 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (b) Within [***] after the end of each Calendar Quarter, the parties will deliver written
reports to each other setting forth the actual number of FTEs dedicated to, and external costs incurred for, the Research Program in such Calendar Quarter (“Total Quarterly Expenses”). In the event that the Total Quarterly Expenses
of one party (the “Invoicing Party”) were in excess of its applicable share of the Budget (i.e., 51% for Biogen Idec and 49% for PTI), the Invoicing Party will submit to the other Party an invoice for the difference between their
respective Total Quarterly Expenses and its applicable share of the Budget, which will be paid within [***] of receipt (a “Reconciliation Payment”), provided, however, that if the Invoicing Party’s Total Quarterly Expenses
exceeded by more than [***] the amount allocated to it under the Budget for such Calendar Quarter, and such excess was not otherwise agreed to by the other party, then the other party will have the right to disregard such excess for purposes of the
Reconciliation Payment. 
 (c) The Parties acknowledge and agree that (i) that PTI has submitted an SBIR grant application entitled
“[***]” (the “SBIR Grant”), (ii) PTI has agreed that, if it is awarded the SBIR Grant, it will not accept the funding awarded to it under such SBIR Grant (such funding, the “Foregone Grant Amount”,
and (iii) Biogen Idec agrees that PTI may include the Forgone Grant Amount in its invoice for the Forgone Grant Calendar Quarter as part of its Total Quarterly Expenses, in addition to the Total Quarterly Expenses that would otherwise be
calculated as set forth in Section 6.3(b) for such Calendar Quarter, and that the full amount of such Forgone Grant Amount shall be deemed in excess of PTI’s applicable share of the Budget for such Calendar Quarter, but not in excess of
the amount allocated to PTI under the Budget for such Calendar Quarter, and shall be shared by the Parties in accordance with Section 6.3(a). As used herein, “Forgone Grant Calendar Quarter” means the Calendar Quarter in which
the SBIR Grant is awarded to PTI or, if such Foregone Calendar Quarter occurs during calendar year 2013, the first Calendar Quarter of 2014. Further, the Parties agree that the “Forgone Grant Amount” shall not exceed [***]. 

(d) During the first two (2) years of the Research Program, it is anticipated that the Research Plan will require [***] PTI FTEs and
[***] Biogen Idec FTEs. Notwithstanding the above paragraph, during first two (2) years of the Research Program: 
 (i) if the actual
number of PTI FTEs is less than [***] FTEs, then (A) the Reconciliation Payment will be made as if [***] PTI FTEs were billable, and (B) the difference in payments between what Biogen Idec paid PTI and what Biogen Idec should have paid PTI
based on actual FTE’s will be deducted from Biogen Idec’s future Development Milestone Payments, Sales Milestone Payments, or Royalty Payments, provided that no individual Biogen Idec 

  
 35 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Milestone or Royalty Payment may be reduced by more than [***], with any remaining obligation of PTI reflected against future Biogen Idec Milestone or Royalty Payments until the remaining
obligation PTI owes to Biogen Idec has been paid in full; and 
 (ii) if the actual number of Biogen Idec FTEs is more than [***] FTEs,
then (A) the Reconciliation Payment will be made as if [***] Biogen Idec FTEs were billable, and (B) the difference in payments between what PTI paid Biogen Idec and what PTI should have paid Biogen Idec based on actual FTE’s will be
deducted from Biogen Idec’s future Development Milestone Payments, Sales Milestone Payments, or Royalty Payments, provided that no individual Biogen Idec Milestone or Royalty Payment may be reduced by more than [***], with any remaining
obligation of PTI reflected against future Biogen Idec Milestone or Royalty payments until the remaining obligation PTI owes to Biogen Idec has been paid in full. 

(e) Notwithstanding the above, during the [***] and [***] years of the Research Program, if the actual number of Biogen Idec FTEs exceeds the
actual number of PTI FTEs, then Biogen Idec will not charge PTI for any difference in FTEs, but the difference in payments between what PTI paid Biogen Idec and what PTI should have paid Biogen Idec based on actual FTE’s will be deducted from
Biogen Idec’s future Development Milestone Payments, Sales Milestone Payments, or Royalty Payments, provided that no individual Biogen Idec Milestone or Royalty Payment may be reduced by more than [***], with any remaining obligation of PTI
reflected against future Biogen Idec Milestone or Royalty Payments until the remaining obligation PTI owes to Biogen Idec has been paid in full. 

(f) For purposes of Sections 6.3(d), 6.3(e), 6.4(b)(ii), 6.4(c)(ii), 6.4(d)(iii) and 6.5(b), each year of the Research Program will be deemed
to begin on the Effective Date and its anniversary. 
 6.4 Milestone Payments. 

(a) In vivo Target Validation. Within forty-five (45) days following the achievement of In vivo Target Validation,
Biogen Idec will make a one-time payment to PTI of $2,000,000. 
 (b) Development Compound Milestones. 

(i) Biogen Idec will make a payment to PTI of [***] within [***] following each designation by Biogen Idec of a Lead Compound as a Development
Compound (each a “Development Compound Milestone Payment”). For purposes of clarity, a Development Compound Milestone Payment will not be paid for any Back-Up Compound that replaces a Primary Development Compound for which a
Development Compound Milestone Payment has already been paid. 

  
 36 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (ii) If by the end of the second year of the Research Program, PTI has not submitted to the
JRC a Lead Compound that meets the Development Compound Criteria, or if PTI has submitted such a Lead Compound to the JRC within such time but the JRC subsequently determines that such Lead Compound does not meet the Development Compound Criteria
through the JRC decision-making and escalation process set forth in Section 2.3(d), and is therefore not designated by Biogen Idec as a Development Compound, then with respect to the Licensed Product that contains the first Lead Compound to be
designated as a Development Compound or any Licensed Product that contains a Back-Up Compound to such first Development Compound, the above Development Compound Milestone Payment due to PTI will be reduced by [***] per Calendar Quarter for each
Calendar Quarter that the JRC’s determination that the first Lead Compound has met the Development Compound Criteria is delayed after the end of such second year of the Research Plan. For clarity, (i) the above reduction will be calculated
by multiplying the applicable Development Compound Milestone Payment above by [***] the same number of times as there were Calendar Quarters of delay and (ii) if the submission made by PTI appropriately addresses all Development Compound
Criteria and the JRC determines that a Lead Compound does meet the Development Compound Criteria in a Calendar Quarter that is later than the Calendar Quarter in which PTI made such submission, the date of PTI’s submission of such complete
information on such Lead Compound to the JRC will be the date of the JRC’s determination for purposes of calculating any reduction in Development Compound Milestone Payments under this Section 6.4(b). 

(c) Development Milestones. 

(i) Payments. Biogen Idec will make the following payments (each a “Development Milestone Payment”) to PTI within
[***] following the first occurrence of the applicable event listed below for each Licensed Product to achieve such event (each, a “Development Milestone Event”). For purposes of clarity, a Development Milestone Payment
will only be paid for a Back-Up Compound if the discontinued Primary Development Compound replaced by such Back-Up Compound did not previously achieve such milestone. 

  
 37 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

			
	 Milestone
	  	Payment
	Dosing of the first subject in the first Phase I Trial of such Licensed Product:	  	[***]
		
	Dosing of the first subject in the first Phase II Trial of such Licensed Product:	  	[***]
		
	Dosing of the first subject in the first Phase III Trial of such Licensed Product:	  	[***]
		
	Regulatory Approval for such Licensed Product in the [***]:	  	[***]
		
	Regulatory Approval for such Licensed Product in the first Major Market Country in the [***]:	  	[***]
		
	Regulatory Approval for such Licensed Product in [***]:	  	[***]

 (ii) If by the end of the second year of the Research Program, PTI has not submitted to the JRC a Lead
Compound that meets the Development Compound Criteria, or if PTI has submitted such a Lead Compound to the JRC within such time but the JRC subsequently determines that such Lead Compound does not meet the Development Compound Criteria through the
JRC decision-making and escalation process set forth in Section 2.3(d) and is therefore not designated by Biogen Idec as a Development Compound, then with respect to the Licensed Product that contains or consists of the first Lead Compound to
be designated as a Development Compound or any Licensed Product that contains or consists of a Back-Up Compound to such first Development Compound, the above Development Milestone Payments due to PTI will be reduced by [***] per Calendar Quarter for
each Calendar Quarter that the JRC’s determination that the first Lead Compound has met the Development Compound Criteria is delayed after the end of such second year of the Research Plan. For clarity, (i) the above reduction will be
calculated by multiplying the applicable Development Milestone Payment above by [***] the same number of times as there were Calendar Quarters of delay and (ii) if the submission made by PTI appropriately addresses all Development Compound
Criteria and the JRC determines that a Lead Compound does meet the Development Compound Criteria in a Calendar Quarter that is later than the Calendar Quarter in which PTI made such submission, the date of PTI’s submission of such complete
information on such Lead Compound to the JRC will be the date of the JRC’s determination for purposes of calculating any reduction in Development Milestone Payments under this Section 6.4(c). 

  
 38 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (d) Sales Milestones. 

(i) Biogen Idec will pay PTI the following payments within [***] after the end of the applicable Calendar Years when Annual Net Sales of each
Sole Licensed Product in a given Calendar Year first reach the respective thresholds indicated below: 
  

			
	 Milestone
	  	Payment
	Annual Net Sales in a given Calendar Year exceeding [***]:	  	[***]
		
	Annual Net Sales in a given Calendar Year exceeding [***]:	  	[***]

 (ii) For clarity, (i) if Annual Net Sales of a Sole Licensed Product exceed [***] in a given Calendar
Year, and had not exceeded [***] in any prior Calendar Year, then Biogen Idec will make a one-time payment to PTI under this Section 6.4(d) of [***] with respect to such Sole Licensed Product and (ii) no sales milestones will be payable in
respect of Net Sales of Co-Developed Licensed Products or Co-Commercialized Products. 
 (iii) If by the end of the second year of the
Research Program, PTI has not submitted to the JRC a Lead Compound that meets the Development Compound Criteria, or if PTI has submitted such a Lead Compound to the JRC within such time but the JRC subsequently determines that such Lead Compound
does not meet the Development Compound Criteria through the JRC decision-making and escalation process set forth in Section 2.3(d), and is therefore not designated by Biogen Idec as a Development Compound, then with respect to the Licensed
Product that contains or consists of the first Lead Compound to be designated as a Development Compound or any Licensed Product that contains or consists of a Back-Up Compound to such first Development Compound, the above Sales Milestone Payments
due to PTI will be reduced by [***] per Calendar Quarter for each Calendar Quarter that the JRC’s determination that the first Lead Compound has met the Development Compound Criteria is delayed after the end of such second year of the Research
Plan. For clarity, (i) the above reduction will be calculated by multiplying the applicable Sales Milestone Payment above by [***] the same number of times as there were Calendar Quarters of delay and (ii) if the submission made by PTI
appropriately addresses all Development Compound Criteria and the JRC determines that a Lead Compound does meet the Development Compound Criteria in a Calendar Quarter that is later than the Calendar Quarter in which PTI made such submission, the
date of PTI’s submission of such complete information on such Lead Compound to the JRC will be the date of the JRC’s determination for purposes of calculating any reduction in Sales Milestone Payments under this Section 6.4(d). 

  
 39 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (e) Notice and Payment of Milestones. Biogen Idec will provide PTI with prompt written
notice upon the occurrence of each milestone event set forth in this Section 6.4. 
 6.5 Royalty Payments for Sole Licensed
Products. 
 (a) During the applicable Royalty Term, but subject to Section 8.4, on a Sole Licensed Product-by-Sole Licensed Product
basis, Biogen Idec will pay PTI royalties based on Annual Net Sales of each Sole Licensed Product at the following rates: 
  

			
	 Annual Net Sales
	  	Payment
	Annual Net Sales up to and including [***]:	  	[***]
		
	Annual Net Sales above [***] and up to and including [***]:	  	[***]
		
	Annual Net Sales above [***] and up to and including [***]:	  	[***]
		
	Annual Net Sales above [***]:	  	[***]

 (b) If by the end of the second year of the Research Program, PTI has not submitted to the JRC a Lead Compound
that meets the Development Compound Criteria, or if PTI has submitted such a Lead Compound to the JRC within such time but the JRC subsequently determines that such Lead Compound does not meet the Development Compound Criteria through the JRC
decision-making and escalation process set forth in Section 2.3(d), and is therefore not designated by Biogen Idec as a Development Compound, then with respect to the Licensed Product that contains or consists of the first Lead Compound to be
designated as a Development Compound and any Licensed Products that contains or consists of a Back-Up Compound to such first Development Compound, the above Royalty Payments due to PTI will be reduced by [***] per Calendar Quarter for each Calendar
Quarter that the JRC’s determination that the first Lead Compound has met the Development Compound Criteria is delayed after the end of such second year of the Research Plan. For clarity, (i) the above reduction will be calculated by
multiplying the applicable Royalty above by [***] the same number of times as there were Calendar Quarters of delay and (ii) if the submission made by PTI appropriately addresses all Development Compound Criteria and the JRC determines that a
Lead Compound does meet the Development Compound Criteria in a Calendar Quarter that is later than the Calendar Quarter in which PTI made such submission, the date of PTI’s submission of such complete information on such Lead Compound to the
JRC will be the date of the JRC’s determination for purposes of calculating any reduction in Royalty Payments under this Section 6.5(b). 

  
 40 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (c) For clarity, no royalty will be payable in respect of Net Sales of Co-Developed Licensed
Products and the profit share provisions of Section 6.7 will apply instead. 
 (d) Adjustments to Royalties. 

(i) If PTI exercises the Phase II PTI Co-Development Termination Option, then the royalties for Sole Licensed Product listed above will be
increased by [***] points in each royalty tier, which [***] point increase will not be subject to any anti-stacking adjustments for Third Party obligations as described in Section 6.5(d)(ii). 

(ii) If Biogen Idec or any Affiliate of Biogen Idec obtains a license from a Third Party to any Infringed or Reasonably Necessary IP after
arm’s length negotiations (regardless of whether Biogen Idec obtains such license prior to or after the date of issuance of an applicable patent application), then Biogen Idec may offset [***] of any royalty payments due thereunder with respect
to sales of Sole Licensed Products in a particular country against the royalty payments that are due to PTI with respect to Net Sales of such Sole Licensed Products in such country. If any Sublicensee of Biogen Idec obtains a license from a Third
Party (that is not Biogen Idec or any other Affiliate or Sublicensee of Biogen Idec) to any Infringed or Reasonably Necessary IP after arm’s length negotiations (regardless of whether obtained prior to or after the issuance of an applicable
patent application), and Biogen Idec allows such Sublicensee to offset any percentage of the amount otherwise payable to Biogen Idec by such Affiliate or Sublicensee with respect to sales of Sole Licensed Products in a particular country, then
Biogen Idec may offset the same percentage against the royalty payments that are due to PTI with respect to Net Sales of such Sole Licensed Products in such country. Any disagreements on whether any such intellectual property constitutes Infringed
or Reasonably Necessary IP will be referred for final determination to an independent patent attorney with requisite experience and expertise selected by the Patent Coordinators using the process described in Section 8.1(c). The above
notwithstanding, in no event shall (a) the royalty payments to PTI with respect to any such Sole Licensed Products be reduced by more than [***] of the amount otherwise due to PTI and (b) the percentage offset that Biogen Idec is entitled
to make against royalty payments due to PTI be greater than any percentage offset that Biogen Idec is entitled to make against royalty payments due to any such Third Party licensor on account of royalty payments made to PTI with respect to any such
Sole Licensed Products. If with respect to the sale of a Sole Licensed Product, Biogen Idec, any Biogen Idec Affiliate or any of their respective Sublicensees applies the Third Party royalty adjustment described in this Section 6.5(d)(ii) as a
result of the fact that a component of such Sole Licensed Product is covered by Infringed or Reasonably Necessary IP, then Biogen Idec, such Biogen Idec Affiliate or such Biogen Idec Sublicensee may not also classify such Sole Licensed Product as a
Combination Product as described in Section 1.59 solely as a result of the addition of such component. For example only, if a finished product contains as active ingredients both (i) a 

  
 41 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Compound that is a Sole Licensed Product and (ii) a delivery technology that is covered by Infringed or Reasonably Necessary IP owned by a Third Party licensor, Biogen Idec, such Biogen Idec
Affiliate or such Biogen Idec Sublicensee may offset royalties owed to such Third Party with respect to such delivery technology in accordance with this Section 6.5(d)(ii), but may not also classify such Sole Licensed Product as a Combination
Product solely as a result of the addition of such delivery technology. For another example only, in the situation described in the immediately preceding sentence, if the Sole Licensed Product also includes a second active ingredient that is not
covered by Infringed or Reasonably Necessary IP owned by a Third Party licensor, then Biogen Idec, such Biogen Idec Affiliate or such Biogen Idec Sublicensee may (A) offset royalties owed to such Third Party with respect to the delivery
technology described in the immediately preceding sentence in accordance with this Section 6.5(d)(ii), and (B) treat the resulting product as a Combination Product where the second active ingredient is the other part of the Combination
Product for purposes of the calculation under Section 1.59, but (C) not take any additional deductions for the royalties paid for the delivery technology. 

(iii) To the extent that royalties are due for a Sole Licensed Product that is not either Covered by a Valid Claim or entitled to Data
Protection in a particular country where a Generic Product enters the market, then such royalties due in such country will be reduced as follows: 

(A) [***] if, following the first commercial sale of the Generic Product in the applicable country, the Net Sales of the applicable Licensed
Product(s) in such country are reduced by an amount equal to or greater than [***], but less than [***], of the Net Sales of such Licensed Product(s) in the last full Calendar Quarter prior to such first commercial sale of such Generic Product; and

 (B) [***] if, following the first commercial sale of the Generic Product in the applicable country, the Net Sales of the applicable
Licensed Product(s) in such country are reduced by an amount equal to or greater than [***] of the Net Sales of such Licensed Product(s) in the last full Calendar Quarter prior to such first commercial sale of such Generic Product. 

(iv) In no event will any royalty adjustments for Generic Product competition or Third Party Obligations, reduce the royalties payable to PTI
above by more than [***] in the aggregate. 
 6.6 Patent Challenge. If Biogen Idec or any Sublicensee, or any of their Affiliates,
commences an action in which it challenges the validity, enforceability or scope of any of the Licensed Patents (a “Challenge Proceeding”), the royalty rates specified in Section 6.5 will be

  
 42 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
increased by [***] points with respect to Net Sales of Licensed Products that are covered by the Licensed Patents that are the subject of the Challenge Proceeding and that are sold during the
pendency of such Challenge Proceeding. If the outcome of such Challenge Proceeding is a determination in favor of PTI, (a) the royalty rates specified in Section 6.5 with respect to Net Sales of Licensed Products that are covered by the
Licensed Patents that are the subject of such Challenge Proceeding shall remain at such increased rate and (b) Biogen Idec shall reimburse PTI, or shall cause such Affiliate or Sublicensee, as applicable, to reimburse PTI, for all expenses
incurred by PTI (including reasonable attorneys’ fees) in connection with such Challenge Proceeding. If the outcome of such Challenge Proceeding is a determination in favor of Biogen Idec or such Affiliate or Sublicensee, as applicable, Biogen
Idec or such Affiliate or Sublicensee, as applicable, shall have no right to recoup any increased royalties paid pursuant to this Section 6.6 during the pendency of such Challenge Proceeding. 

6.7 Profit Share for Co-Developed Licensed Products. 

(a) Notwithstanding anything to the contrary in this Agreement, Biogen Idec and PTI will share all operating profits and all operating losses
arising from each Co-Developed Licensed Product on the basis of [***] to Biogen Idec and [***] to PTI, which will be calculated as provided in Exhibit E. 

(b) In the event that PTI exercises the Co-Development Option with respect to a Licensed Product, and does not exercise the Phase II PTI
Co-Development Termination Option, and the Parties launch such Licensed Product in the Territory, PTI will repay any Development Milestones previously paid by Biogen Idec with respect to such Licensed Product in equal amounts over the course of the
first [***] years of Commercialization. Such amounts will be set off against quarterly payments due PTI under Exhibit E; provided, that, if any such quarterly payment due PTI is not sufficient to cover the repayment amount for the applicable
quarter, PTI will pay to Biogen Idec the difference between the payment due PTI under Exhibit E and the repayment amount for the applicable quarter. 

6.8 Withholding Taxes. If any laws, rules or regulations require withholding of taxes imposed upon payments set forth in this
Section 6, Biogen Idec will make such withholding payments as required and subtract such withholding payments from the amounts otherwise to be paid to PTI. Biogen Idec will withhold only such amounts as are required to be withheld by applicable
law in the country from which payment is being made. Biogen Idec will promptly notify PTI of such withholding and will furnish PTI with copies of any tax certificate or other documentation evidencing such withholding promptly upon receipt of such
documentation by Biogen Idec. Biogen Idec will use Commercially Reasonable Efforts to minimize any such withholding taxes and will reasonably cooperate with PTI in completing and filing documents 

  
 43 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
required under the provisions of any applicable tax laws or under any other applicable law in connection with any claim to a refund or a credit for any such withholding taxes. For the avoidance
of doubt, as used in this Section 6.8, “Biogen Idec” will include any Affiliates of Biogen Idec to whom any payment obligation under this Section 6 is assigned in accordance with the terms of this Agreement. 

6.9 Currency of Payment. All amounts to be paid by Biogen Idec pursuant to this Agreement will be made in United States Dollars through
wire transfer at the bank(s) and to the account(s) designated by PTI. The amount of royalties earned will be first determined in the currency of the country in which such royalties are earned and then converted to the equivalent of such amount in
United States Dollars. Conversion of foreign currency to United States Dollars will be made by applying the monthly average rate of exchange calculated by using the foreign exchange rates published in Bloomberg during the applicable month starting
two (2) business days before the beginning of such month and ending two (2) business days before the end of such month as utilized by Biogen Idec, in accordance with generally accepted accounting principles, fairly applied and as employed
on a consistent basis throughout Biogen Idec’s operations. Such payments will be without deduction of exchange, collection or other charges. 

6.10 Time of Payment Due and Late Fees. Unless otherwise specified in this Agreement, all payments due from Biogen Idec to PTI will be
considered due within [***] of the event or occurrence triggering such Biogen Idec payment obligation. Any payments by Biogen Idec that are not paid on or before the date such payments are due under this Agreement will bear interest at a rate per
annum equal to the lesser of (i) the rate announced by Bank of America (or its successor) as its prime rate in effect on the date that such payment would have been first due or (ii) the maximum rate permissible under applicable law.
Interest will accrue beginning on the first day following the due date for payment and will be compounded quarterly. Payment of such interest by Biogen Idec shall not limit, in any way, PTI’s right to exercise any other remedies PTI may have as
a consequence of the lateness of any payment. 
 6.11 Currency Restrictions. If any restrictions on the transfer of currency exist in
any country in which Licensed Products are sold that prevent Biogen Idec from making royalty payments thereon in United States Dollars, Biogen Idec will promptly notify the PTI of the conditions preventing such transfer, and will make royalty
payments on the sales in such country in the local currency by deposit in a local bank or other depository designated in writing by PTI (or, in the absence of such designation, at a recognized banking institution selected by Biogen Idec and
identified by Biogen Idec by written notice to PTI). 
 6.12 Reports and Royalty Payments. Licensed Products will be deemed sold for
purposes of this Agreement when invoiced by Biogen Idec, its Affiliates or Sublicensees to a Third 

  
 44 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Party. All royalty payments due from Biogen Idec to PTI will be paid within [***] following the end of each partial or full Calendar Quarter during which sales of Licensed Products were made.
Each royalty payment will be accompanied by a written report setting forth (i) the number of units of each Licensed Product sold, leased or otherwise transferred by Biogen Idec, its Sublicensees and their respective Affiliates for the
applicable Calendar Quarter, (ii) the gross amount due for Licensed Products sold, leased or otherwise transferred by Biogen Idec, its Sublicensees and their respective Affiliates during the applicable Calendar Quarter, (iii) the Net Sales
on a country-by-country and Licensed Product-by-Licensed Product basis, including an itemized listing of allowable deductions, converted into United States Dollars in accordance with Section 6.9; (iv) the gross due, if any, for Combination
Products sold, leased or otherwise transferred by Biogen Idec, its Sublicensees and their respective Affiliates during the applicable Calendar Quarter together with the basis for calculation of Net Sales of such Combination Product; (v) the
amount of adjustments to such royalties in accordance with Section 6.5(d); (iv) the amount of any taxes withheld in accordance with Section 6.8, and (v) the resulting royalty payment total for the relevant Calendar Quarter. If no
royalty payments are due to PTI for a particular Calendar Quarter after the First Commercial Sale of a Licensed Product, Biogen Idec shall provide a report to that effect to PTI explaining the basis for no payments being due. All written reports of
royalty payments made under this Agreement will be certified on behalf of Biogen Idec as true, correct and complete in all material respects and will be Confidential Information of Biogen Idec. 

6.13 Records. Commencing upon a Party’s obligation to make royalty or other payments pursuant to this Agreement, or to submit
Total Quarterly Expenses or Operating Expenses pursuant to this Agreement, each Party (the “Audited Party”) will keep and cause its Affiliates and Sublicensees to keep accurate records in sufficient detail to enable the other Party
(the “Auditing Party”) to verify the amounts of royalty or other payments made under this Agreement by the Audited Party and the accuracy of the Total Quarterly Expenses or Operating Expenses charged by the Audited Party. The
Audited Party and its Affiliates and Sublicensees shall retain such records relating to a given Calendar Quarter for at least three (3) years after the conclusion of that Calendar Quarter. The Auditing Party shall have the right, not more than
once during any Calendar Year, to have the Audited Party’s books and records audited by a certified public accounting firm as to whom the Audited Party gives its consent for such audit, which consent will not be withheld unreasonably. PTI may
also allow Harvard to participate in any such audit. Audits under this Section 6.13 will be conducted during normal business hours, upon at least [***] prior written notice, for the sole purpose of verifying the amounts of royalties or other
payments paid to the Audited Party under this Agreement and the amounts of Total Quarterly Expenses or Operating Expenses submitted by the Audited Party. The Audited Party will cause the accounting firm to enter into a confidentiality agreement with
the Auditing Party or Harvard, or both, as the case may be, and to limit its audit report to the Auditing Party and/or Harvard solely to that information which will properly be contained in a royalty report pursuant to Section 6.12, a

  
 45 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
written report of Total Quarterly Expenses pursuant to Section 6.3, or an Income Statement or Reconciliation Statement pursuant to Section 3 of Exhibit E. The Auditing Party will
pay all costs and fees of such audit; provided, however, that in the event that any audit pursuant to this Section 6.13 shows that the Audited Party has collectively underpaid the Auditing Party by any amount which exceeds [***] of the royalty
or other payments properly and collectively due to the Auditing Party under the terms of this Agreement, then the expenses of such independent accountant will be borne by the Audited Party. The Auditing Party will promptly notify the Audited Party
of such underpayment and of the amount required to correct such payment, and the Audited Party will make the applicable payment within [***]. The overdue payment provisions of Section 6.10 will apply with respect to such amount. PTI agrees to
exercise its right to inspect Biogen Idec’s records under this Section 6.15 at the same time as Harvard exercises its rights to inspect such records under Section 5.3.1 of the Harvard License; provided that, PTI may exercise
such inspection rights independently from Harvard if PTI reasonably believes that Biogen Idec is in material breach of its payment obligations under this Agreement. 

6.14 Wire Transfer. Unless otherwise specified in writing in accordance with Section 13.3, all payments required according to this
Agreement will be made by wire transfer to PTI using the following instructions: 
  

			
	Bank:		Silicon Valley Bank
			3003 Tasman Drive
			Santa Clara, CA 95054
	Routing and Transit No.:		[***]
	Swift Code:		[***] (international wires)
	Account No.:		[***]
	Beneficiary:		Proteostasis Therapeutics, Inc.
			200 Technology Square, Suite 402
			Cambridge, MA 02139

 6.15 Adjustments. Notwithstanding anything to the contrary in this Agreement, and in addition to any
other adjustments provided for in this Section 6, the amounts payable by Biogen Idec to PTI under this Section 6 may be further modified as provided in Section 12.3(d). 

6.16 Consolidation. 
 (a)
If Biogen Idec determines, pursuant to Generally Accepted Accounting Principles applied in the United States, that it is required to consolidate PTI as a result of any of the activities contemplated by this Agreement, then, at Biogen Idec’s
request, (i) PTI will create a wholly-owned subsidiary (the “PTI Subsidiary”) and transfer all Licensed Technology licensed to Biogen Idec to the PTI Subsidiary, and (ii) this Agreement will be assigned to the PTI
Subsidiary. 

  
 46 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (b) Following the assignment of this Agreement by PTI to the PTI Subsidiary, (i) the PTI
Subsidiary will take any and all actions and activities required by this Agreement, (ii) PTI will guarantee and remain liable for all of the obligations of the PTI Subsidiary under this Agreement, and (iii) all payments made by Biogen Idec
will be made to the PTI Subsidiary. The PTI Subsidiary will hold the Licensed Technology, such other assets and liabilities as may be related to this Agreement and no other assets, perform its obligations hereunder, and otherwise conduct activities
incidental to the foregoing to the exclusion of all other activities on behalf of itself, Biogen Idec, any PTI Affiliate or any Third Party. PTI will cause the PTI Subsidiary to covenant directly with Biogen Idec that it will not incur any debt,
issue additional capital, encumber the Licensed Technology in any manner or acquire additional assets, other than in the ordinary course of business and in performance of this Agreement or as permitted under this Agreement . If and for so long as
Biogen Idec is required to consolidate the PTI Subsidiary’s accounts, the PTI Subsidiary will prepare and deliver to Biogen Idec accurate and true financial records as required by Biogen Idec in order to meet its financial reporting obligations
and will otherwise comply with Section 6.16(c). 
 (c) If Biogen Idec determines that it is required to consolidate the PTI Subsidiary,
then the following provisions will apply: 
 (i) PTI will provide to Biogen Idec all financial information and schedules of the PTI
Subsidiary that are required by Biogen Idec for its external financial reporting and disclosure in accordance with Biogen Idec’s standard accounting procedures consistently applied and an internally prepared quarterly certification attesting to
the completeness and accuracy of such information, including an evaluation as to the effectiveness of internal control. Biogen Idec may require a meeting with PTI financial representatives at least [***] in advance of needing the information in this
Section 6.16(c)(i) to agree to and document the information to be provided, the reporting deadlines, and the methodologies for the approach, assumptions, estimates, and true-up process. 

(ii) Notwithstanding Section 6.16(c)(i), no later than [***] Business Days after the end of each Contract Quarter during the Term, PTI
will provide to Biogen Idec an income statement, balance sheet and cash flow statement of the unaudited actual results of the entire operations of the PTI Subsidiary and all other financial information and schedules that are required by Biogen Idec
for its external financial reporting and disclosure in accordance with Biogen Idec’s standard accounting procedures consistently applied, which will consist of estimates and judgments that may affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosures. 

  
 47 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (iii) The reporting and audit obligations under this Section 6.16(c) will remain in
place for the periods in which Biogen Idec determines pursuant to Generally Accepted Accounting Principles applied in the United States, that it is reasonably likely that it will need to consolidate PTI or the PTI Subsidiary in accordance with
Biogen Idec’s standard accounting procedures consistently applied. 
 (iv) PTI will ensure that the PTI Subsidiary transfers to PTI,
within a reasonable period of time, but no later than the end of each Calendar Quarter, all cash in excess of the amount required by the PTI Subsidiary to perform under this Agreement. 

(v) For each Calendar Year during the Term, the PTI Subsidiary will, if Biogen Idec requests, have its Calendar Year financial results
audited or reviewed by a nationally recognized accounting firm. Biogen Idec will pay the costs of such audit or review if PTI accepts Biogen Idec’s choice of accounting firm; otherwise, the costs of such audit or review will be borne by PTI.
The PTI Subsidiary will provide its draft audited (or reviewed, as applicable) financial statements, including income statement, balance sheet and cash flow statement, and report of the independent auditor to Biogen Idec within [***] of the end of
each such Calendar Year for which Biogen Idec requests an audit or review. 
 7. OWNERSHIP OF INTELLECTUAL PROPERTY;
LICENSES 
 7.1 Ownership of Intellectual Property. 

(a) Background Intellectual Property. As between the Parties, and subject to the licenses granted under this Agreement, each Party
retains all right, title and interest in and to all Intellectual Property Rights that such Party owns or Controls as of the Effective Date or that it develops or otherwise acquires after the Effective Date and outside the scope of the this
Agreement. Without limiting the generality of the foregoing, subject to the licenses granted PTI under this Agreement, (i) Biogen Idec owns all right, title and interest in and to all Biogen Idec Background Know-How and Biogen Idec Background
Patent Rights, and (ii) subject to the licenses granted Biogen Idec under this Agreement, and the ownership and other rights of Harvard under the Harvard License, PTI owns all right, title and interest in and to all PTI Background Know-How and
the PTI Background Patent Rights. 

  
 48 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (b) Collaboration Technology. 

(i) Biogen Idec owns and will own all right, title and interest in and to Biogen Idec Collaboration Technology. 

(ii) PTI owns and will own all right, title and interest in and to PTI Collaboration Technology. 

(iii) The Parties jointly own and will jointly own all Joint Collaboration Technology. Subject to the licenses granted to each Party and the
Parties’ other rights and obligations under this Agreement, each Party will be free to exploit the Joint Collaboration Technology throughout the world, without restriction, without the need to obtain further consent from the other Party, and
without payment of any compensation to the other Party. 
 (c) Invention Assignments. Each Party covenants and agrees that all of its
employees and all of its Affiliates’ employees acting under its or its Affiliates’ authority in the performance of such Party’s obligations hereunder shall be obligated under a binding written agreement or established corporate policy
to assign to such Party, or as such Party shall direct, all Intellectual Property Rights discovered, made, conceived or reduced to practice by such employee as a result of such employee’s employment. In the case of all others acting in the
performance of or on behalf of such Party with respect to such Party’s obligations hereunder, such as consultants, subcontractors, licensees, sublicensees, outside contractors, clinical investigators, agents, or non-employees working for
non-profit academic institutions, such others shall also be so obligated under an agreement that meets the criteria of the preceding sentence, unless otherwise mutually approved by the Parties; provided that, in the case of an agreement with
a Third Party academic or non-profit institution, a Party will have fulfilled its obligations under this sentence if such agreement provides that the contracting Party obtains an option to obtain a license to all Intellectual Property Rights
discovered, made, conceived or reduced to practice by the Third Party in the course of such agreement. Each Party agrees to undertake to use Commercially Reasonable Efforts to enforce the agreements referenced in this Section 7.1(c) (including,
where appropriate, by legal action) considering, among other things, the commercial value of such Intellectual Property Rights. 
 7.2
License Grants. 
 (a) Research License to Biogen Idec. Subject to the terms and conditions of this Agreement, PTI grants to
Biogen Idec a non-exclusive license (with a right to grant sublicenses subject to Section 7.2(d)(i)) under the Licensed Technology solely to conduct the activities under the Research Program with PTI during the Research Term (the
“Research License”). 
 (b) Development and Commercialization License to Biogen Idec. Subject to the terms and
conditions of this Agreement, and effective upon designation by Biogen Idec of a 

  
 49 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Development Compound (including, but not limited to, its Back-Up Compound(s)) in accordance with Sections 2.5(b) and 2.5(c), PTI grants to Biogen Idec an exclusive (even as to PTI),
royalty-bearing license (with a right to grant sublicenses subject to Section 7.2(d)(i)) under the Licensed Technology solely to research, Develop, make, have made, use, offer to sell, sell, import, export, and otherwise Commercialize such
Development Compound (including, but not limited to, its Back-Up Compound(s)) and Licensed Products containing or consisting of such Development Compound or Back-Up Compounds in the Field in the Territory (the “Development and
Commercialization License”); provided, however, in the event that PTI exercises the Co-Development Option with regard to the applicable Development Compound, the Development and Commercialization License will be co-exclusive with PTI with
regard to the applicable Development Compound, its Back-Up Compound(s) and resulting Licensed Product. For clarity, PTI will not grant any Third Party any license that will prevent PTI from granting, in whole or in part, the Development and
Commercialization License to Biogen Idec. 
 (c) License to PTI. Subject to the terms and conditions of this Agreement, Biogen Idec
grants to PTI a non-exclusive, royalty-free license (with the right to grant sublicenses subject to Section 7.2(d)(ii)) under the Biogen Idec Technology solely to (i) conduct the activities under the Research Program during the Research
Term, (ii) in the event that PTI exercises the Co-Development Option, to conduct Development activities pursuant to an approved Development plan, (iii) in the event PTI exercises the Co-Commercialization Option, to conduct Commercial
activities pursuant to an approved Commercialization plan, and (iv) subject to Section 7.7, to research, Develop, make, have made, use, offer to sell, sell, import, export, and otherwise Commercialize any Discontinued Development Compound
and products containing a Discontinued Development Compound, in each case, for Indications within the Excluded Field. For avoidance of doubt, any rights obtained by PTI to Royalty-Free Products under Sections 12.3(b)(ii) or 12.3(c)(iii) will be in
addition to the rights granted under this Section 7.2(c). 
 (d) Sublicense Rights. 

(i) Biogen Idec. With respect to any Compound that is subject to the Research Program, Biogen Idec may sublicense its rights under
Section 7.2(a) only to Collaborators and Qualified Service Providers until such Compound is designated as a Development Compound or a Back-Up Compound. With respect to any Development Compounds, Back-Up Compounds and resulting Licensed
Products, Biogen Idec may sublicense its rights under Section 7.2(b) to any Third Parties, provided that any such sublicense must be consistent with the terms of this Agreement, and Biogen Idec shall remain responsible for the performance of
those of its obligations under this Agreement that it has sublicensed or delegated to its and its Affiliates’ Sublicensees. Biogen Idec shall ensure that any such sublicense shall include PTI’s and Harvard’s right to audit the books
and records of such Sublicensees relevant to any 

  
 50 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
payment obligations hereunder or thereunder. Biogen Idec shall deliver to PTI written notice of all such sublicenses, together with a copy of all executed sublicense agreements, no later than
[***] following the granting of such sublicense. Biogen Idec may redact from any copies of sublicenses provided to PTI hereunder any terms that are not applicable to the determination of whether such sublicense is consistent with the terms of this
Agreement and the Harvard License. 
 (ii) PTI. PTI may sublicense its rights under clauses (i) and (ii) of
Section 7.2(c) only to Collaborators and Qualified Service Providers, and may not sublicense its rights under clause (iii) of Section 7.2(c) to any Third Party. With respect to any Discontinued Collaboration Compounds, and related
products, PTI may sublicense the rights granted to it under clause (iv) of Section 7.2(c) to any Third Parties, provided that any such sublicense must be consistent with the terms of this Agreement and PTI shall remain responsible for the
performance of those of its obligations under this Agreement that it has sublicensed or delegated to its and its Affiliates’ Sublicensees. PTI shall deliver to Biogen Idec written notice of all such sublicenses, together with a copy of all
executed sublicense agreements, no later than [***] following the granting of such sublicense. PTI may redact from any copies of sublicenses provided to Biogen Idec hereunder any terms that are not applicable to the determination of whether such
sublicense is consistent with the terms of this Agreement and the Harvard License and PTI’s obligations hereunder and thereunder. 

7.3 No Other Rights. Neither Party grants any rights or licenses under this Agreement to the other Party, either expressly or by
implication, under any Intellectual Property Rights or Information Controlled by that Party, except as specifically set forth in this Agreement. 

7.4 Third Party Licenses. PTI is solely responsible for keeping in full force and effect all licenses with Third Parties existing as of
the Effective Date that Cover Licensed Technology, including all payment obligations owing to Third Parties under such licenses; provided, however, that at any time where the parties are sharing profits and losses hereunder for a Co-Development
Licensed Product or Co-Commercialized Product, Third-Party royalty payment obligations under such licenses will be deemed shared costs under Section 6.7 and Exhibit E for such Licensed Product only. 

7.5 Harvard License. Notwithstanding Section 7.4, (a) Biogen Idec acknowledges and agrees that certain of the Patent Rights
included in the Licensed Patents (the “Harvard Patent Rights”) are licensed to PTI by President and Fellows of Harvard College (“Harvard”) pursuant to an Amended and Restated License Agreement between PTI and
Harvard dated as of December 5, 2013 (the “Harvard License”), a copy of which has been provided to Biogen Idec, (b) Biogen Idec acknowledges and agrees that its rights and licenses hereunder with respect to the Harvard
Patent Rights are subject to the terms and conditions of the Harvard License. Without limiting the 

  
 51 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
generality of the foregoing, Biogen Idec acknowledges and agrees that in the event of termination of any license under Section 2.1 of the Harvard License (in whole or in part (e.g.,
termination in a particular country)), any sublicense in this Agreement under such license shall terminate to the extent of such terminated license, except to the extent otherwise provided in Section 10.3.1 of the Harvard License. PTI
acknowledges that PTI is solely responsible for complying with all its obligations under the Harvard License. 
 7.6 Right of First
Negotiation. 
 (a) If after the Effective Date PTI develops, has developed or otherwise comes to Control Know-How or Patent Rights
outside of the Collaboration, and PTI initiates the use or practice of such Know-How or Patent Rights as part of the Collaboration, or either Party otherwise determines that such Know-How or Patent Rights are necessary or useful to Biogen Idec to
Develop one or more Licensed Products that Biogen Idec is actively Developing or Commercializing (“Additional Intellectual Property”), then PTI will promptly notify Biogen Idec in writing of such Additional Intellectual Property,
and Biogen Idec will have [***] from its receipt of such notice to determine whether it wishes to enter into negotiations with PTI for a license under such Additional Intellectual Property to research, Develop, manufacture, use, sell and import such
applicable Licensed Product(s) in the Field and for no other purpose. If Biogen Idec notifies PTI in writing that it would like to enter into negotiations for such license, the Parties will negotiate in good faith for a period of up to [***] to
reach agreement on a license agreement for such Additional Intellectual Property. If the Parties are able to enter into such a license agreement, then the Parties’ respective rights and obligations with regard to such Additional Intellectual
Property will be set forth in such agreement. If (i) Biogen Idec informs PTI that it does not wish to enter into negotiations with PTI for an exclusive license under such Additional Intellectual Property, (ii) Biogen Idec fails to provide
such notice that it wishes to enter into negotiations with PTI for an exclusive license under such Additional Intellectual Property within the required [***] period, or (iii) Biogen Idec provides notice that it wishes to enter into negotiations
with PTI for an exclusive license under such Additional Intellectual Property within the required [***] period, but the Parties fail to come to agreement on such a license agreement within the required [***] period then, in each case, PTI will have
no further obligations to Biogen Idec with regard to the applicable Additional Intellectual Property; except that, PTI may not license such Additional Intellectual Property to research, Develop, manufacture, use, sell and import the applicable
Licensed Product(s) on terms that are materially less favorable to PTI in the aggregate than those offered by Biogen Idec in its final offer for a period of an additional [***]. 

(b) Notwithstanding the foregoing, in the event of the acquisition of PTI, the Know-How and Patent Rights of PTI that are subject to the right
of first negotiation set forth in Section 7.6(a) will not include (i) any Know-How or Patent Rights Controlled by the acquiring 

  
 52 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
entity immediately prior to the consummation of the acquisition or (ii) any Know-How or Patent Rights that are developed or acquired by the acquiring entity following such acquisition,
except for any such Know-How or Patent Rights that result from, or are acquired in support of, the Collaboration. 
 7.7 Exclusivity.

 (a) During the Research Term and for [***] thereafter, except as part of the Research Program, neither Party will conduct any research or
Development activities with respect to any Small Molecule with intended activity against the Target. For clarity, either Party will be permitted (i) to conduct counter-screening to demonstrate that a compound does not modulate the Target and
(ii) to pursue any non-Small Molecule program that modulates the Target. 
 (b) In addition, during the period starting from [***] of
the Research Term until Biogen Idec commences its [***] Trial of a Licensed Product, neither party will commence a [***] Trial of any Small Molecule with intended activity against the Target, other than another Licensed Product pursuant to this
Agreement; provided, however, that PTI will have the right, at any time after [***] following the end of the Research Term for any reason other than PTI’s breach under Section 12.2(c) to pursue the research, Development, manufacture
and Commercialization of any Discontinued Development Compound for Indications within the Excluded Field, subject to the other applicable terms of this Agreement. 

8. PATENT FILING, PROSECUTION, MAINTENANCE AND ENFORCEMENT. 

8.1 Inventorship. 
 (a)
Inventorship. Inventorship of any Inventions that arise from the Collaboration will be determined in accordance with U.S. patent law. 

(b) Patent Coordinators. Each Party will appoint a patent coordinator reasonably acceptable to the other Party (each, a “Patent
Coordinator”) to serve as such Party’s primary liaison with the other Party on matters relating to the filing, prosecution, maintenance and enforcement of Patent Rights. Each Party may replace its Patent Coordinator at any time by
notice in writing to the other Party. The initial Patent Coordinators will be: 
  

			
	For PTI:		Janet Smart, Ph.D., J.D.
		
	For Biogen Idec:		Theresa Devlin, J.D., Ph.D.

  
 53 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (c) Notice; Inventorship. Each Party hereby agrees to promptly notify the other Party,
through its Patent Coordinator, of the conception or reduction to practice of any PTI Collaboration Technology, Biogen Idec Collaboration Technology and/or Joint Collaboration Technology, as applicable, and to promptly execute any documents that may
be necessary to perfect the applicable Party’s rights in and to such PTI Collaboration Technology, Biogen Idec Collaboration Technology or the Parties’ joint rights in and to such Joint Collaboration Technology. The Patent Coordinators
will initially determine inventorship of Inventions under U.S. patent law. In case of a dispute between the Patent Coordinators over inventorship and, as a result, whether any particular Invention constitutes PTI Collaboration Technology, Biogen
Idec Collaboration Technology or a Joint Collaboration Technology, such dispute will be resolved according to U.S. patent law by patent counsel selected by the Patent Coordinators who (and whose firm) is not at the time of the dispute, and was not
at any time during the five (5) years prior to such dispute, performing services for either of the Parties. Expenses of such patent counsel will be shared equally by the Parties. 

8.2 Filing, Prosecution and Maintenance. 

(a) Biogen Idec’s Responsibilities. Biogen Idec is responsible for filing, prosecution and maintenance of all Biogen Idec Patent
Rights and Joint Collaboration Patent Rights, and all costs associated therewith. 
 (b) PTI’s Responsibilities. PTI is
responsible for filing, prosecution and maintenance of all PTI Background Patent Rights and PTI Collaboration Patent Rights, subject to Harvard’s rights with respect to the Harvard Patent Rights, and all costs associated therewith.
Notwithstanding the foregoing, if requested by Biogen Idec following the designation of a Lead Compound, PTI will transfer responsibility to Biogen Idec for the filing, prosecution, and maintenance of all Compound-Related Patent Rights, including
Harvard Patent Rights to the extent PTI controls the filing, prosecution and maintenance of such Harvard Patent Rights under the Harvard Agreement, and Biogen Idec will assume [***] costs associated therewith. For the avoidance of doubt, the
foregoing transfer of the right to file, prosecute and maintain Compound-Related Patent Rights will not impact Biogen Idec’s obligations with respect to royalty payments hereunder, including, without limitation, as set forth in
Section 8.4. 
 (c) Information and Cooperation. The Parties hereby agree to cooperate fully with each other in all matters
related to the filing, prosecution, and maintenance of Patent Rights under this Section 8. Such cooperation will include each Party (i) reasonably consulting with the other Party as to the preparation, filing, foreign filing, prosecution,
correction of defects, and maintenance of all Licensed Patents for which such Party is responsible reasonably prior to any deadline for action in any patent office in which such Licensed Patents are filed and/or pending;

  
 54 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
(ii) furnishing the other Party with copies of all material filings to be made with respect to such Licensed Patents reasonably in advance of consultation thereon; and (iii) reasonably
discussing in good faith all comments and suggestions made by the other Party in the course of such consultation to the extent such comments are reasonable and made by the other Party in a timely manner. Each Party and its Affiliates hereby agree to
promptly supply and/or execute all papers and instruments, or require their respective employees to supply and/or execute such papers and instruments, as may be necessary and appropriate for purposes of preparing, filing, prosecuting, and
maintaining the Licensed Patents and promptly inform the prosecuting Party of matters that may be expected to reasonably affect the preparation, filing, prosecution, maintenance, validity and enforceability of any of the Licensed Patents. 

(d) Patent Term Extension; Supplemental Protection Certificates. PTI will appoint Biogen Idec or its designee as PTI’s agent for
the sole purpose of submitting an application to extend the term of any Licensed Patents (including any Harvard Patent Rights, subject to Section 6.7.4 of the Harvard License) in any country in which Biogen Idec or its designee will have
secured Regulatory Approval for marketing and sale of any Licensed Product Covered by such Patent Rights. PTI hereby agrees to reasonably cooperate with Biogen Idec or its designee in all matters relating to any such application for patent term
extension or supplemental protection certificates. Further, for any Compound-Related Patent Right (including any Harvard Patent Rights, subject to Section 6.7.4 of the Harvard License), Biogen Idec will have the sole right to decide whether
such Patent Right is extended. 
 (e) Cost-Sharing with respect to Prosecution of Patent Rights. The Party responsible for the costs
of filing, prosecution and maintenance of Patent Rights (including defense or prosecution of interference, derivation, opposition, reexamination, reissue, inter partes review or post-grant review) under Sections 8.2, 8.3 and 8.4 will be
entitled to include such costs for sharing by the Parties in accordance with Section 6.7 and Exhibit E to the extent such costs relate to Co-Development Compound(s) or Co-Developed Licensed Product(s). 

8.3 Interference, Derivation, Opposition, Reexamination and Reissue. 

(a) Notice. Not more than thirty (30) days following the discovery by either Party of any request for, or the filing or declaration
of, any interference, derivation, opposition, reexamination proceeding, inter partes review or post-grant review with respect to any Licensed Patents or Biogen Idec Patents or the determination by either Party that any Licensed Patents or
Biogen Idec Patents should be reissued to avert invalidity or unenforceability thereof or to permissibly broaden such Licensed Patents or Biogen Idec Patents, the discovering or determining Party will notify the other Party of such event. 

  
 55 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (b) Primary Responsibility and Cooperation. Biogen Idec will have the primary
responsibility, at its own expense, for undertaking any course of action to defend or prosecute any such interference, derivation, opposition, reexamination, reissue, inter partes review or post-grant review with respect to any Biogen Idec Patent
Rights and Joint Collaboration Patent Rights. PTI will have the primary responsibility, at its own expense, for undertaking any course of action to defend or prosecute any such interference, derivation, opposition, reexamination, reissue, inter
partes review or post-grant review with respect to any PTI Background Patent Rights and PTI Collaboration Patent Rights, subject to Harvard’s rights with respect to the Harvard Patent Rights. Notwithstanding the foregoing, for any
Compound-Related Patent Right, Biogen Idec will have the right to defend or prosecute any such interference, derivation, opposition, reexamination, reissue, inter partes review or post-grant review at its own expense, if requested by Biogen
Idec in writing in a timely manner, subject to Harvard’s rights under Section 6.1 of the Harvard License, as modified by Section 6.7 of the Harvard License, with respect to any Harvard Patent Rights, if applicable. The Parties will
cooperate fully with each other and each will provide to the other any information or assistance that the other may reasonably request with respect to any course of action taken under this Section 8.3(b). The responsible Party will
(i) keep the other Party reasonably informed of all developments in such interference, derivation, opposition, reexamination or reissue, including to the extent permissible, the status of any settlement negotiations and the terms of any offer
related thereto, (ii) provide the other Party with copies of all submissions or agreements arising in connection with such proceeding sufficiently in advance of their filing, due date or execution date so as to give the other Party sufficient
time to comment thereon, and (iii) give good faith consideration to the other Party’s comments. Each Party and its respective Affiliates hereby agree to promptly supply and/or execute all papers and instruments, or require their respective
employees to supply and/or execute such papers and instruments, as may be necessary and appropriate for purposes of assisting the responsible Party in any course of action taken under this Section 8.3(b) and promptly inform the responsible
Party of matters that may, in the other Party’s reasonable judgment, affect any course of action taken under this Section 8.3(b). 

8.4 Decision Not to File; Abandonment. If a Party decides not to prepare or file any patent application with respect to Licensed
Patents (including Joint Collaboration Patent Rights) anywhere in the Territory, or to cease prosecution or to allow to lapse of any of such Patent Rights in such country or region, such Party (the “Abandoning Party”) will inform
the other Party of such decision promptly in order to provide such other Party a reasonable amount of time to meet any applicable deadline to establish or preserve such Patent Rights in such country or region, but subject to Harvard’s rights
under the Harvard License with respect to the Harvard Patent Rights. Such other Party will have the right, but not the obligation, to assume responsibility for continuing the prosecution of such Patent Rights in such country or region and paying any
required fees to maintain such Patent Rights in such country or region or defending such Patent Rights (such Party, if it exercises such right, the “Assuming Party”), all at the Assuming Party’s sole expense, through

  
 56 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
patent counsel or agents of its choice; provided that, the Assuming Party will not take any position with respect to such abandoned Patent Rights that will be reasonably likely to
adversely affect the scope, validity or enforceability of any of the other Patent Rights being prosecuted and maintained by the Abandoning Party pursuant to Section 8.2(a), 8.2(b) or 8.3(b), as the case may be, without the prior written consent
of Abandoning Party, which consent will not be unreasonably withheld. The Assuming Party will not become an assignee of any such Patent Rights as a result of its assumption of any such responsibility. In the event that Biogen Idec becomes the
Assuming Party with respect to any such Patent Rights, no further royalty payments will be due hereunder from Biogen Idec to PTI in connection with such Patent Rights in the country or countries in which they were abandoned, provided that the
royalty payments otherwise due hereunder will not be affected. In the event that PTI becomes the Assuming Party with respect to any such Patent Rights, Biogen Idec will no longer have any license to practice such Patent Rights hereunder in the
country or countries in which they were abandoned. Upon transfer of the Abandoning Party’s responsibility for filing, prosecuting and maintaining any of such Patent Rights to the Assuming Party under this Section 8.4, (a) the
Abandoning Party will (i) promptly deliver to the Assuming Party copies of all necessary files related to such Patent Rights with respect to which responsibility has been transferred and (ii) take all actions and execute all documents
reasonably necessary for the Assuming Party to assume such prosecution and maintenance and (b) the Assuming Party will thereafter be solely responsible for the filing, prosecution, maintenance, or defense of such Patent Rights, at its sole
expense commencing on the date on which it notified the Abandoning Party of its decision to assume such responsibility. The Assuming Party will not be obliged to reimburse the Abandoning Party for any patent-related costs incurred prior to the date
of such decision, and the Assuming Party may thereafter elect to abandon such Patent Rights without any requirement of notice to the other Party. 

8.5 Enforcement Against Third Party Infringement. 

(a) Notice. In the event either Party (i) becomes aware of any suspected infringement or misappropriation of any Licensed Patents
(including Joint Collaboration Patent Rights) anywhere in the Territory that Cover the Development or Commercialization of a Development Compound or a Licensed Product in the Field, or (ii) receives any application, submission or notice under
21 U.S.C. §355(b)(2)(A)(iv) or 355(j)(2)(A)(vii)(IV) or a certification that is, or is comparable to, a Paragraph IV Patent Certification by a Third Party filing an Abbreviated New Drug Application or filing an application under
§505(b)(2), or other similar patent certification by a Third Party, in each case that comprises, incorporates or otherwise affects any Licensed Product (each, an “Infringement”), that Party will promptly notify the other Party
and provide it with all details of such Infringement of which it is aware (each, an “Infringement Notice”). The Patent Coordinators will promptly meet to discuss the Infringement and the strategy for patent enforcement with respect
to such Infringement. 

  
 57 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (b) Biogen Idec’s Rights. Subject to Section 8.5(c), if any Infringement or
action to invalidate relates to any Licensed Patents or Biogen Idec Patent Rights (including any Joint Collaboration Patent Rights), Biogen Idec will have the first right, but not the obligation, to address any such Infringement in the Territory by
taking reasonable steps, which may include the institution of legal proceedings or other actions (each, an “Action”), and to compromise or settle such Action; provided that, (i) Biogen Idec will keep PTI reasonably
informed about such Action and will consult with PTI before taking any major steps during the conduct of such Action, (ii) PTI will provide reasonable cooperation to Biogen Idec in connection with such Action, including, to the extent the
Action involves Licensed Patents (including, but not limited to, Joint Collaboration Patent Rights), by promptly supplying and/or executing all papers and instruments, or requiring their respective employees to supply and/or execute such papers and
instruments, as may be necessary for purposes of initiating and pursuing such Action, (iii) Biogen Idec will not take any position with respect to, or compromise or settle, such Action (a) in any way that will be reasonably likely to
reduce the Royalty Term in any Major Market Country, or otherwise materially and adversely impact the royalty rate payable to PTI in such Major Market Country, without PTI’s prior written consent, which may not be unreasonably withheld,
conditioned or delayed by PTI and (b) with respect to the Harvard Patent Rights, subject to Harvard’s rights under Section 7.2 of the Harvard License, and (iv) if Biogen Idec determines not to institute an Action with respect to
an Infringement, or determines to cease to pursue any such Action, it will promptly inform PTI and Section 8.5(c)(i) will apply. Biogen Idec will incur no liability to PTI as a consequence of such Action or any unfavorable decision resulting
therefrom, including any decision holding any such claim invalid, not infringed or unenforceable. [***] costs, including, without limitation, attorneys’ fees, relating to such Action will be borne solely by Biogen Idec. 

(c) PTI’s Rights. 

(i) If (A) Biogen Idec informs PTI that it does not intend to prosecute an Action in respect of any Licensed Patents (including Joint
Collaboration Patent Rights) anywhere in the Territory pursuant to Section 8.5(b), (B) Biogen Idec has not commenced any Action within [***] after the Infringement Notice, or (C) if Biogen Idec determines to cease to pursue any such
Action with respect to such Infringement, then PTI will have the right, upon notice to Biogen Idec, to take appropriate action to address such Infringement, including by initiating its own Action or taking over prosecution of any Action initiated by
Biogen Idec; provided, that, in such event, (1) PTI will keep Biogen Idec reasonably informed about such Action and will consult with Biogen Idec before taking any major steps during the conduct of such Action, (2) Biogen Idec will provide
reasonable cooperation to PTI in connection with such Action, including, to the extent the Action involves Joint Collaboration Patent Rights, by promptly supplying and/or executing all papers and instruments, or requiring their respective employees
to supply and/or execute such papers and instruments, as may be necessary for purposes of initiating 

  
 58 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
and pursuing such Action, and (3) PTI will not take any position with respect to, or compromise or settle, such Action in any way that is reasonably likely to directly and adversely affect
the scope, validity or enforceability of the Licensed Patents without Biogen Idec’s prior written consent, which may be withheld in Biogen Idec’s sole discretion. Notwithstanding the foregoing, PTI will not, without Biogen Idec’s
prior written consent, be entitled to take over or initiate an Action with respect to any such Infringement that involves any Compound-Related Patent Right if the enforcement against such an Infringement would be reasonably likely to directly and
adversely affect the scope, validity or enforceability of any Compound-Related Patent Right, which consent may be granted or withheld in Biogen Idec’s sole discretion. PTI will incur no liability to Biogen Idec as a consequence of such Action
or any unfavorable decision resulting therefrom, including any decision holding any such claim invalid, not infringed or unenforceable. [***] costs, including, without limitation, PTI’s attorneys’ fees, relating to such Action that arise
after such Action is assumed by PTI will be borne solely by PTI. 
 (d) Notwithstanding anything to the contrary in Sections 8.5(b) and
8.5(c)(i), if PTI is researching, Developing or Commercializing a Discontinued Development Compound, or a product containing the same, then PTI will have the right to enforce all Patent Rights that are included in the Licensed Patents against
Infringements with respect to products that are competitive with such Discontinued Development Compound, and will be responsible for all costs associated therewith. Notwithstanding the foregoing, PTI will not be able to enforce against such an
Infringement, without Biogen Idec’s consent, any Compound-Related Patent Rights. Such consent may not be unreasonably withheld by Biogen Idec unless the enforcement against such an Infringement would be reasonably likely to directly and
adversely affect to scope, validity or enforceability of any such Compound-Related Patent Right, in which case such consent may be granted or withheld in Biogen Idec’s sole discretion. 

(e) Right to Representation. Each Party will have the right to participate and be represented by counsel that it selects, in any Action
instituted under Section 8.5(b) or 8.5(c), as applicable, by the other Party. If a Party with the right to initiate an Action under Section 8.5(b) or 8.5(c), as applicable, to eliminate an Infringement lacks standing to do so and the other
Party has standing to initiate such Action, then the Party with the right to initiate an Action under Section 8.5(b) or 8.5(c), as applicable, may name the other Party as plaintiff in such Action or may require the Party with standing to
initiate such Action at the expense of the other Party; provided that, the Party with the right to initiate the Action agrees to indemnify the other Party for any and all liabilities and expenses (including, without limitation, reasonable
attorneys’ fees and other expenses of litigation) incurred by such other Party as a result of such action. 
 (f) Cooperation.
In any Action instituted under this Section 8.5, the Parties will cooperate with and assist each other in all reasonable respects. 

  
 59 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (g) Allocation of Proceeds. Subject to Harvard’s rights under the Harvard License
with respect to the Harvard Patents, any amounts recovered by either Party pursuant to Actions under this Section 8.5, whether by settlement or judgment, will, after reimbursing Biogen Idec and PTI for their respective reasonable out-of-pocket
expenses incurred in pursuing such Action and obtaining such recovery (which amounts will be allocated [***] if insufficient to cover the totality of such expenses) be retained by or paid to Biogen Idec and treated as (i) to the extent the
Infringement relates to Sole Licensed Products, Net Sales of the Sole Licensed Products affected by the Infringement for purposes of this Agreement with respect to such that Biogen Idec will pay to PTI the applicable royalty due on such Net Sales
pursuant to Section 6.5, or (ii) to the extent the Infringement relates to Co-Developed Licensed Products, as revenues generated by such Co-Developed Licensed Products which will be shared by the Parties in accordance with Section 6.7
and Exhibit E. Without limiting the foregoing, to the extent the amounts recovered by either Party pursuant to any such Action is pursuant to the terms of one or more license or sublicense agreements entered into by such Party and any such
Third Party infringer, all amounts paid by such Third Party under such agreement will be treated as if they were amounts recovered by settlement or judgment. 

8.6 Defense of Claims. 

(a) Notice. In the event that any action, suit or proceeding is brought against either Party or any Affiliate of either Party or any
Sublicensee or Distributor of Biogen Idec alleging the infringement of the Technology or Patent Rights of a Third Party by reason of the Development or Commercialization of any Licensed Product by or on behalf of Biogen Idec, its Affiliates,
Sublicensees or Distributors, such Party will notify the other Party as promptly as possible following the receipt of service of process in such action, suit or proceeding, or the date such Party becomes aware that such action, suit or proceeding
has been instituted and the Patent Coordinators will meet as soon as possible to discuss the overall strategy for defense of such matter. 

(b) Biogen Idec Obligations. Unless otherwise mutually agreed to by the Parties, and subject to Section 11, (i) Biogen Idec
will have the right but not the obligation to defend such action, suit or proceeding at its sole expense; (ii) PTI and/or any of its Affiliates will have the right to separate counsel at its own expense in any such action, suit or proceeding;
(iii) the Parties will cooperate with each other in all reasonable respects in any such action, suit or proceeding; and (iv) [***] expenses with respect to any such action, suit or proceeding in the Territory will be borne solely by Biogen
Idec. 
 (c) Cooperation. Each Party will promptly furnish the other Party with a copy of each communication relating to the alleged
infringement that is received by such Party 

  
 60 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
including all documents filed in any litigation. In no event will either Party settle or otherwise resolve any such action, suit or proceeding brought against the other Party or any of its
Affiliates or Sublicensees without the other Party’s prior written consent, not to be unreasonably withheld. 
 9. CONFIDENTIAL
INFORMATION; PUBLICITY; PUBLICATION 
 9.1 Confidentiality. 

(a) Each Party agrees that it will maintain all Confidential Information disclosed to it by the other Party in strict confidence during the
Term of this Agreement and for a period of five (5) years after the expiration or termination of this Agreement, except that each Party may disclose or permit the disclosure of any such Confidential Information to its directors, officers,
employees, consultants, Collaborators and advisors (including legal counsel) who are obliged to maintain the confidential nature of such Confidential Information and who need to know such Confidential Information for purposes of this Agreement. Each
Party will use all such Confidential Information only for the purposes of this Agreement, and allow its directors, officers, employees, consultants, Collaborators and advisors to reproduce such Confidential Information only to the extent necessary
for purposes of this Agreement, with all such reproductions being deemed to be Confidential Information. 
 (b) Exceptions to
Confidentiality. The obligations of each Receiving Party imposed by Section 9.1(a) will not apply to any Confidential Information disclosed to the Receiving Party by the Disclosing Party which: (a) was known to the Receiving Party
prior to the Effective Date other than as a result of disclosure under any other agreement between the Parties (as demonstrated by documentary evidence); (b) is or becomes generally available to the public through means other than an
unauthorized disclosure by the Receiving Party; (c) was or subsequently is disclosed to the Receiving Party by a Third Party having a bona fide right to disclose such Confidential Information without breaching any obligation to the Disclosing
Party; (d) is developed independently by the Receiving Party without benefit of or recourse to any of the Disclosing Party’s Confidential Information (as demonstrated by documentary evidence); or (e) is published pursuant to
Section 9.4. In addition, the Receiving Party may make disclosures of Confidential Information of the Disclosing Party to the extent required to comply with applicable laws and regulations or a court or administrative order, provided that the
Receiving Party provides the Disclosing Party with reasonable prior written notice, (b) takes all reasonable and lawful actions to assist the Disclosing Party in obtaining confidential treatment for such disclosure and (c) discloses the
minimum amount and scope of the Disclosing Party’s Confidential Information necessary to comply with the applicable law, regulation or order. 

  
 61 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (c) Permitted Disclosures. Notwithstanding anything to the contrary in this
Section 9, each Receiving Party will have the right to disclose Confidential Information of the Disclosing Party to the following Persons: (a) patent offices in any country in which Patent Rights are sought, for purposes of prosecuting any
applications for Patent Rights or defending any Patent Rights in interference and/or opposition actions; provided, that, such disclosure will be made only after notifying the Disclosing Party in accordance with Section 8; (b) Regulatory
Authorities as necessary to pursue Development, Commercialization and/or Regulatory Approval of Licensed Products; and (c) such Party’s Affiliates, Collaborators, consultants and other service providers and, in the case of Biogen Idec, to
its Distributors and Sublicensees, in each case who need to know such Confidential Information for the Development, Commercialization and/or Regulatory Approval of any Licensed Product; provided, that, in each case such Persons are bound by
obligations of confidentiality and non-use consistent with the terms of this Agreement. 
 9.2 Disclosure of Terms of Agreement;
Publicity. Subject to the final two sentences of this Section 9.2, neither Party will issue a press or news release or make any similar public announcement related to the execution or terms of this Agreement, the conduct of the Development
Program or the Commercialization of Licensed Products without the prior written consent of the other Party; provided, that, either Party may make such a disclosure (a) to the extent required by applicable laws and regulations (including the
requirements of any nationally recognized securities exchange, quotation system or over-the-counter market on which such Party has its securities listed or traded), or (b) to any acquirors, prospective acquirors, investors, prospective
investors, lenders and other potential financing sources, and to the attorneys, accountants or other advisors of such Persons, who are in each case obligated to keep such information confidential. In the event that such disclosure is required
pursuant to subsection (a), the disclosing Party will provide the other Party with written notice beforehand, coordinate with the other Party with respect to the wording and timing of any such disclosure, and cooperate with the other Party to
maintain the confidential treatment of the material terms of this Agreement to the extent reasonably possible. The Parties, upon the execution of this Agreement, shall jointly issue a press release with respect to this Agreement, in the form
mutually agreed to by the Parties, and either Party may make subsequent public disclosure of the contents of such press release without further approval of the other Party. Thereafter, where a request for a public disclosure is made by a Party with
respect to this Agreement, the Parties will agree upon the form of a press release or other public statement, and either Party may make subsequent public disclosure of the contents of such press release or other public statement provided that the
disclosing Party will not depart from the agreed-upon form, if any, without the prior written consent of the other Party. 
 9.3 No Use
of Name. Neither Party will use the name of the other Party in any promotional materials or advertising without the prior express written permission of the other Party. 

  
 62 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 9.4 Publications and Presentations. 

(a) Right to Review and Delay Publications. Subject to paragraphs (b) and (c) of this Section 9.4, during the Research
Term, each Party (the “Publishing Party”) will submit to the other Party (the “Reviewing Party”) for prior review any proposed academic, scientific or medical publication or public presentation that relates to the
activities contemplated under this Agreement or any Compound. Such review will be conducted for the purposes of preserving the value of the Licensed Technology, the Biogen Idec Technology and the Joint Collaboration Technology and the rights granted
hereunder and determining whether any portion of the proposed publication or presentation should be modified or deleted in furtherance of such purpose. Written copies of such proposed publication or presentation required to be submitted hereunder
will be submitted to the Reviewing Party (a) no later than [***] before submission of a poster and/or a paper to be presented at a conference, and (b) no later than [***] before submission for any other publication or presentation (in
either case, the “Notice Period”). The Reviewing Party will provide its comments with respect to such publications and presentations within [***] of its receipt of such written copy, provided that such review period may be extended
for an additional [***] in the event the Reviewing Party determines in its sole discretion that such extension is necessary for the preparation and filing of patent applications or to allow the Parties to agree to a modification of the publication
so as not to disclose the Reviewing Party’s Confidential Information (in either case, the “Delay Period”). Upon the expiration of the Notice Period, the Publishing Party shall be free to proceed with the written publication or
the oral presentation, unless the Reviewing Party has requested the delay described above, in which case the Publishing Party shall be free to proceed with the written publication or the oral presentation, with any agreed upon modifications, only
upon expiration of the Delay Period unless sooner authorized by the Reviewing Party. The Publishing Party will comply with standard academic practice regarding authorship of scientific publications and recognition of contribution of other parties in
any publication. In addition, the procedures set forth in this Section 9.4(a) will also apply to any proposed academic, scientific or medical publication or public presentation after the Research Term that relates to any Development Compound or
Licensed Product for which PTI is engaged in co-Development or co-Commercialization. 
 (b) After the Research Term if PTI is not
Co-Developing or Co-Commercializing. After the Research Term, if PTI is not engaged in the co-Development or co-Commercialization of a particular Development Compound or Licensed Product hereunder, Biogen Idec will, in lieu of its obligations
under Section 9.4(a), use Commercially Reasonable Efforts to provide PTI with a copy of any proposed public disclosure relating to such Development Compound or Licensed Product reasonably in advance of disclosure, including through publication
or discussion of scientific material (written, electronic, oral or otherwise), and consider in good faith any reasonable comments provided by PTI. Subject to the foregoing, Biogen Idec 

  
 63 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
and its Affiliates, and any Third Party authorized by Biogen Idec, may (i) make such public disclosures as it deems appropriate in connection with the Development or Commercialization of any
Licensed Product under this Agreement, and (ii) publish or have published information about clinical trials related to any Licensed Product, including the results of such clinical trials. For avoidance of doubt, after the Research Term, PTI may
not, without Biogen Idec’s prior written consent, make any academic, scientific or medical publication or public presentation that relates to any Compound, Lead Compound, Development Compound, Back-Up Compound or Licensed Product for which PTI
is not engaged in co-Development or co-Commercialization. 
 (c) Discontinued Collaboration Compounds. After the Research Term, PTI
will use Commercially Reasonable Efforts to provide Biogen Idec with a copy of any proposed public disclosure relating to any Discontinued Collaboration Compound reasonably in advance of disclosure, including through publication or discussion of
scientific material (written, electronic, oral or otherwise), and consider in good faith any reasonable comments provided by Biogen Idec. Subject to the foregoing, PTI shall be free to (i) make public disclosures as it deems appropriate with
respect to any Discontinued Collaboration Compound and (ii) publish or have published information about clinical trials related to any Discontinued Collaboration Compound, or product containing the same, including the results of such clinical
trial. 
 10. REPRESENTATIONS AND WARRANTIES  

10.1 Mutual Representations and Warranties. PTI and Biogen Idec each hereby represents and warrants to the other as follows: 

(a) Organization. It is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, and has all requisite power and authority, corporate or otherwise, to execute, deliver and perform this Agreement. 
 (b)
Authorization. The execution and delivery of this Agreement and the performance by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action and will not violate (a) such Party’s
certificate of incorporation or bylaws (or equivalent charter or organizational documents), (b) any agreement, instrument or contractual obligation to which such Party is bound, (c) any requirement of any applicable laws or regulations or
court or administrative under, or (d) any order, writ, judgment, injunction, decree, determination or award of any court or governmental agency presently in effect applicable to such Party. 

(c) Binding Agreement. This Agreement is a legal, valid and binding obligation of such Party enforceable against it in accordance with
its terms and conditions. 

  
 64 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (d) No Inconsistent Obligation. It is not under any obligation, contractual or
otherwise, to any Person that conflicts with or is inconsistent in any respect with the terms of this Agreement or that will impede the diligent and complete fulfillment of its obligations hereunder. 

(e) No Government Authorization Required. No government authorization, consent, approval, license, exemption of or filing or
registration with any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, under any applicable laws or regulations currently in effect, is or will be necessary for, or in connection with, the
transactions contemplated by this Agreement, or for the performance by it of its obligations under this Agreement. 
 (f) Compliance with
Law. Such Party will comply, and will cause Sublicensees and its and their Affiliates to comply, with all local, state, and international laws and regulations relating to the development, manufacture, use, sale and importation of Licensed
Products and use of the Licensed Technology and any Materials provided to it by the other Party hereunder. Without limiting the foregoing, such Party will comply, and will cause its Sublicensees, and its and their Affiliates, to comply, with all
United States export control laws and regulations applicable to Licensed Products and such Materials. 
 (g) Debarment. Neither such
Party, nor any Affiliate of such Party, has been debarred under the Generic Drug Enforcement Act of 1992 (21 U.S.C. §301 et seq.), is under investigation for debarment action, has been disqualified as an investigator pursuant to 21 C.F.R.
§312.70, has a disqualification hearing pending or is currently employing or using any Person that has been so debarred or disqualified to perform any of such Party’s obligations under this Agreement. Each Party will promptly notify the
other Party if it or any employee, contractor or agent is debarred or disqualified as described in this Section 10.1(g), and will terminate any so debarred or disqualified individual’s or entity’s participation in the performance of
any of such affected Party’s obligations under this Agreement promptly upon its awareness of such debarment or disqualification. 

10.2 Additional Representations of PTI. PTI further represents and warrants to Biogen Idec as follows: 

(a) Ownership or Control. PTI Controls the Licensed Technology in existence as of the Effective Date and, except for any Patent Rights
within the Licensed Technology in existence as of the Effective Date that are Controlled by PTI under a Third Party Agreement and sublicensed to Biogen Idec, PTI is the sole and exclusive owner of, or solely Controls, the Licensed Technology in
existence as of the Effective Date, and no other Person has any claim of ownership with respect to such Licensed Technology. PTI has not previously assigned, 

  
 65 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
transferred, conveyed or otherwise encumbered its right, title and interest in or to the Licensed Technology in a manner inconsistent with the rights and licenses granted to Biogen Idec under
this Agreement. 
 (b) Third Party Agreements. Listed on Exhibit D are all the agreements existing as of the Effective Date
between PTI and Third Parties pursuant to which PTI has rights and/or obligations with respect to any Licensed Technology (“Third Party Agreements”). PTI will keep in full force and effect throughout the Term all terms of all Third
Party Agreements that are relevant to any rights sublicensed to Biogen Idec under this Agreement. 
 (c) Data; Patent Rights;
Know-How. As of the Effective Date, there is no Information provided by PTI to Biogen Idec pursuant to this Agreement that is untrue or inaccurate, and there is no Information that PTI failed to provide pursuant to this Agreement that is
necessary to make the Information provided to Biogen Idec pursuant to this Agreement complete and not misleading. All filings for Licensed Patents (other than Harvard Patent Rights) that exist as of the Effective Date have been made in compliance
with the applicable requirements of 37 C.F.R. § 1.56 and, to PTI’s knowledge, all Harvard Patent Rights that exist as of the Effective Date have been made in compliance with the applicable requirements of 37 C.F.R. § 1.56. PTI has
disclosed to Biogen Idec all Licensed Technology Controlled by PTI as of the Effective Date. 
 (d) Validity of Licensed Patents. To
PTI’s knowledge, (i) all PTI Background Patent Rights are existing, and (ii) no issued patents which are part of the PTI Background Patent Rights are invalid or unenforceable. 

(e) Diligent Prosecution and Maintenance. The Licensed Patents that exist as of the Effective Date have been diligently prosecuted with
the respective patent offices accordance with applicable laws, and all fees necessary to maintain such Licensed Patents have been paid on or before the due date for such payment. 

(f) No Interference. To PTI’s knowledge (i) the Licensed Patents that exist as of the Effective Date are not the subject of
any interference proceeding, and (ii) there is no pending or threatened action, suit, proceeding or claim by any Third Party challenging PTI’s ownership rights in, or the validity or scope of, such Licensed Patents. 

(g) No Claims. To PTI’s knowledge (i) there are no claims, judgments or settlements against PTI pending or threatened, that
invalidate or seek to invalidate the Licensed Patents that exist as of the Effective Date, (ii) there is no opposition pending in any jurisdiction outside of the United States that challenges the validity and/or enforceability of any such
Licensed Patents in that jurisdiction, and (iii) there is no litigation pending against PTI or any Affiliate of PTI that alleges that any of the activities contemplated by this Agreement will violate any of the Intellectual Property Rights of
any Third Party (nor has it received any written communication threatening such litigation). 

  
 66 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (h) No Infringement. To PTI’s knowledge, the use and practice of the PTI
Background Patent Rights and PTI Background Know-How as contemplated by this Agreement does not and will not infringe or misappropriate any valid and enforceable Third Party Patent Rights that exist as of the Effective Date. 

(i) No Government Funding. PTI has not received any funding from any U.S. governmental authority with respect to the Licensed
Technology that exists as of the Effective Date. For the avoidance of doubt, Biogen Idec acknowledges that Harvard has received such funding with respect to the Harvard Patent Rights. 

(j) Invention Assignments. Each individual who is an inventor of, or otherwise contributed in a material manner to the creation or
development of, any Licensed Patents in existence as of the Effective Date has assigned to PTI all of his or her interest therein or, to PTI’s knowledge in the case of the Harvard Patent Rights, has assigned to Harvard all of his or her
interest therein. 
 10.3 Covenants of PTI. PTI covenants to Biogen Idec as follows: 

(a) Ownership or Control. After the Effective Date, PTI will continue to Control the Licensed Technology and, except for any Patent
Rights within the Licensed Technology that are Controlled by PTI under a Third Party Agreement and sublicensed to Biogen Idec, PTI will continue to be the sole and exclusive owner of, or solely Control, the Licensed Technology that exists as of the
Effective Date. After the Effective Date, PTI will promptly inform Biogen Idec if any Person asserts against PTI a claim of ownership with respect to such Licensed Technology. 

(b) Filing for Licensed Patents. After the Effective Date, and subject to its rights under Section 8.4, (i) PTI will make all
filings for those Licensed Patents over which it controls prosecution and (ii) shall take reasonable steps, in accordance with its rights under the Harvard License, to ensure that Harvard makes all filings for those Licensed Patents over which
Harvard controls prosecution, in each case in compliance with the applicable requirements of 37 C.F.R. § 1.56. 
 (c) Validity of
Licensed Patents. After the Effective Date, and subject to its rights under Section 8.4, PTI will take reasonable steps (i) to prevent any of the Licensed Patents over which it controls prosecution from ceasing to exist or becoming
invalid or unenforceable and (ii) in accordance with its rights under the Harvard License, to prevent Harvard from allowing any of the Licensed Patents over which Harvard controls prosecution from ceasing to exist or becoming invalid or
unenforceable. 

  
 67 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (d) Diligent Prosecution and Maintenance. After the Effective Date, and subject to its
rights under Section 8.4, PTI will (i) continue to diligently prosecute those Licensed Patents over which it controls prosecution, including paying all fees necessary to maintain such Licensed Patents on or before the due date for such
payment, and (ii) take reasonable steps, in accordance with its rights under the Harvard License, to cause Harvard to diligently prosecute those Licensed Patents over which Harvard controls prosecution, in each case with the respective patent
offices accordance with applicable laws, including paying all fees necessary to maintain such Licensed Patents on or before the due date for such payment. 

(e) Ownership Challenge. After the Effective Date, and subject to its rights under Section 8.5, PTI will promptly inform Biogen
Idec if, to PTI’s knowledge, any threatened action, suit, proceeding or claim is asserted by any Third Party challenging PTI’s, Harvard’s or any other Third Party licensor’s ownership rights in the Licensed Patents. 

(f) Claims. After the Effective Date, and subject to its rights under Section 8.5, PTI will promptly inform Biogen Idec if, to
PTI’s knowledge, (i) any claims, judgments or settlements against PTI, Harvard or any other Third Party licensor become pending or threatened, that invalidate or seek to invalidate the Licensed Patents, (ii) any opposition becomes
pending in any jurisdiction outside of the United States that challenges the validity and/or enforceability of any of the Licensed Patents in that jurisdiction, or (iii) any litigation becomes pending against PTI, any Affiliate of PTI, Harvard
or any other Third Party licensor that alleges that any of the activities contemplated by this Agreement will violate any of the Intellectual Property Rights of any Third Party, or if PTI receive any written communication threatening such
litigation. 
 (g) No Government Funding. After the Effective Date, PTI will not receive or accept any funding from any U.S.
governmental authority with respect to the Licensed Technology, including the SBIR Grant, without Biogen Idec’s prior written consent. The foregoing covenant will not apply to any such funding that is in support of the research, development or
commercialization of Discontinued Collaboration Compounds, so long as such funding does not diminish or encumber Biogen Idec’s rights hereunder to any of the Licensed Technology with respect to any Licensed Product, Development Compound or
Back-Up Compound. 
 (h) [***] 

  
 68 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 10.4 Covenants of Biogen Idec. Biogen Idec covenants to PTI as follows: 

(a) Control. After the Effective Date, Biogen Idec will continue to Control the Biogen Idec Technology. 

(b) Filing for Biogen Idec Patent Rights and Licensed Patents. After the Effective Date, and subject to its rights under
Section 8.4, Biogen Idec will make all filings for the Biogen Idec Patent Rights and those Licensed Patents over which it controls prosecution in compliance with the applicable requirements of 37 C.F.R. § 1.56. 

(c) Validity of Biogen Idec Patents and Licensed Patents. After the Effective Date, and subject to its rights under Section 8.4,
Biogen Idec will take reasonable steps to prevent any of the Biogen Idec Patent Rights and those Licensed Patents over which it controls prosecution from ceasing to exist or becoming invalid or unenforceable. 

(d) Diligent Prosecution and Maintenance. After the Effective Date, and subject to its rights under Section 8.4, Biogen Idec will
continue to diligently prosecute the Biogen Idec Patent Rights and those Licensed Patents over which Biogen Idec controls prosecution with the respective patent offices accordance with applicable laws, including paying all fees necessary to maintain
such Patent Rights on or before the due date for such payment. 
 (e) Ownership Challenge. After the Effective Date, and subject to
its rights under Section 8.5, Biogen Idec will promptly inform PTI if, to Biogen Idec’s knowledge, any threatened action, suit, proceeding or claim is asserted by any Third Party challenging Biogen Idec’s, or any Third Party
licensor’s ownership rights in the Biogen Idec Patent Rights. 
 (f) Claims. After the Effective Date, and subject to its rights
under Section 8.5, Biogen Idec will inform PTI if, to Biogen Idec’s knowledge, (i) any claims, judgments or settlements against Biogen Idec or any Third Party licensor become pending or threatened, that invalidate or seek to
invalidate the Biogen Idec Patent Rights or the Licensed Patents over which Biogen Idec controls prosecution, (ii) any opposition becomes pending in any jurisdiction outside of the United States that challenges the validity and/or
enforceability of such Biogen Idec Patent Rights or Licensed Patents in that jurisdiction, or (iii) any litigation becomes pending against Biogen Idec, any Affiliate of Biogen Idec or any Third Party licensor that alleges that any of the
activities contemplated by this Agreement will violate any of the Intellectual Property Rights of any Third Party, or if Biogen Idec receives any written communication threatening such litigation. 

(g) No Government Funding. After the Effective Date, Biogen Idec will not receive any funding from any U.S. governmental authority with
respect to the research or Development of Licensed Technology or Biogen Idec Technology without PTI’s prior written consent. 

  
 69 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 10.5 Warranty Disclaimer. NO REPRESENTATIONS OR WARRANTIES ARE MADE BY EITHER PARTY
OTHER THAN AS EXPRESSLY SET FORTH IN THIS SECTION 10. IN PARTICULAR, EACH PARTY DISCLAIMS ALL OF THE FOLLOWING WARRANTIES, WHETHER EXPRESS OR IMPLIED: AS TO WHETHER ANY LICENSED PRODUCT CAN BE DEVELOPED OR MARKETED SUCCESSFULLY; REGARDING THE
COMMERCIAL VALUE OF ANY LICENSED PRODUCT; AS TO THE MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY LICENSED PRODUCT; AS TO WHETHER PATENT RIGHTS CAN BE OBTAINED OR MAINTAINED FOR ANY LICENSED PRODUCT; AND AS TO WHETHER THE MANUFACTURE,
USE, MARKETING OR SALE OF ANY LICENSED PRODUCT WILL NOT CONSTITUTE AN INFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF ANY THIRD PARTY. 

11. INDEMNIFICATION; INSURANCE 

11.1 Indemnification of PTI by Biogen Idec. Biogen Idec will defend, indemnify, and hold harmless PTI and its Affiliates, and their
respective employees, officers, directors and agents (“PTI Indemnitees”) from and against any and all liability, damage, loss, cost or expense of any nature (including reasonable attorney’s fees and litigation expenses)
incurred or imposed upon the PTI Indemnitees or any one of them in connection with any claims, suits, actions, demands, proceedings, causes of action or judgments resulting from a Third Party claim arising out of (a) the Development, design,
testing, production, manufacture, importation, offer for sale, sale, use or promotion of Development Compounds, Back-Up Compounds or Licensed Products by Biogen Idec or any of its Affiliates, Sublicensees or Distributors, (b) the breach by
Biogen Idec of any term of this Agreement or (c) the gross negligence or willful misconduct of Biogen Idec or any of its employees, agents, officers or directors, except in each case to the extent that any such claim results or arises from a
matter for which PTI is obligated to indemnify Biogen Idec under Section 11.2. 
 11.2 Indemnification of Biogen Idec by PTI. PTI
will defend, indemnify and hold harmless Biogen Idec and its Affiliates, and their respective employees, officers, directors and agents (“Biogen Idec Indemnitees”) from and against any and all liability, damage, loss, cost or
expense of any nature (including reasonable attorney’s fees and litigation expenses) incurred or imposed upon the Biogen Idec Indemnitees or any one of them in connection with any claims, suits, actions, demands, proceedings, causes of action
or judgments resulting from a Third Party claim arising out of (a) the breach by PTI of any term of this Agreement, (b) the gross negligence or willful misconduct of PTI or any of its employees, agents, officers or directors, or
(c) to the extent such liability, damage, loss, cost or expense arises out of a matter that occurred during a period when the Parties are co-Developing one or more Development Compounds or Licensed

  
 70 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Products under Section 5.2 or are co-Commercializing one or more Development Compounds or Licensed Products under Section 5.5, the Development, design, testing, production, manufacture,
importation, offer for sale, sale, use or promotion of such Development Compounds or Licensed Products by PTI or any of its Affiliates, Sublicensees or Distributors except, in each case to the extent that any such claim results or arises from a
matter for which Biogen Idec is obligated to indemnify PTI under Section 11.1. 
 11.3 Conditions to Indemnification. Any Person
seeking indemnification (the “Indemnitee”) under this Section 11 will give prompt written notice of the indemnity claim to the indemnifying Party and provide a copy to the indemnifying Party of any complaint, summons or other
written or verbal notice that the Indemnitee receives in connection with any such claim. An Indemnitee’s failure to deliver written notice will relieve the indemnifying Party of liability to the Indemnitee under this Section 11 only to the
extent such delay is prejudicial to the indemnifying Party’s ability to defend such claim. Provided that the indemnifying Party is not contesting the indemnity obligation, the Indemnitee will permit the indemnifying Party to control any
litigation relating to such claim and the disposition of such claim by negotiated settlement or otherwise, and the indemnifying Party shall assume such control with counsel mutually satisfactory to the Parties. The indemnifying Party will act
reasonably and in good faith with respect to all matters relating to such claim and will not settle or otherwise resolve such claim without the Indemnitees’ prior written consent which will not be withheld or delayed unreasonably. The
Indemnitees will cooperate with the indemnifying Party in such Party’s defense of any claim for which indemnity is sought under this Agreement, at the indemnifying Party’s sole cost and expense. 

11.4 Limited Liability. EXCEPT FOR ANY SUCH DAMAGES ARISING OUT OF A PARTY’S BREACH OF ITS OBLIGATIONS UNDER SECTIONS 7.7 OR 9,
NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES FOR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS OR LOST REVENUES, WHETHER UNDER ANY CONTRACT, WARRANTY,
NEGLIGENCE, STRICT LIABILITY OR OTHER LEGAL OR EQUITABLE THEORY. NOTHING IN THIS SECTION 11.4 WILL LIMIT EITHER PARTY’S OBLIGATIONS UNDER SECTIONS 11.1 OR 11.2, AS APPLICABLE. 

11.5 Insurance. 
 (a)
PTI’s Insurance Obligations. PTI will maintain, at its cost, reasonable insurance against liability and other risks associated with its activities contemplated by this Agreement, provided, that, if PTI is engaged in the
co-Development of Development Compounds, Back-Up Compounds or Licensed Products hereunder, PTI will maintain, in force from thirty (30) days prior to enrollment of the first subject in a clinical trial, a clinical trials/product liability

  
 71 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
insurance policy providing coverage of at least $[***] per claim and $[***] annually in the aggregate, and provided further that, if PTI exercises its Co-Commercialization Option, that
such coverage is increased to at least $[***] at least thirty (30) days before Biogen Idec initiates the First Commercial Sale of the applicable Licensed Product. PTI will furnish to Biogen Idec evidence of such insurance upon request. 

(b) Biogen Idec’s Insurance Obligations. Biogen Idec, together with its Affiliates, will maintain, at its cost, reasonable
insurance against liability and other risks associated with its activities contemplated by this Agreement, provided, that, at a minimum, Biogen Idec will maintain, in force from thirty (30) days prior to enrollment of the first subject
in a clinical trial, a clinical trials/product liability insurance policy providing coverage of at least $[***] per claim and $[***] annually in the aggregate and, provided further that such coverage is increased to at least $[***] at least
thirty (30) days before Biogen Idec initiates the First Commercial Sale of a Licensed Product. Biogen Idec will furnish to PTI evidence of such insurance upon request. Notwithstanding the foregoing, Biogen Idec may self-insure to the extent
that it self-insures for its other products, but at a minimum will self-insure at levels that are consistent with levels customarily maintained against similar risks by similar companies in Biogen Idec’s industry. 

12. TERM AND TERMINATION 

12.1 Term. This Agreement will commence on the Effective Date and will continue in full force and effect, unless otherwise terminated
pursuant to Section 12.2, until the expiration of all applicable Royalty Terms with respect to all Licensed Products in all countries in the Territory (the “Term”). Upon the expiration of this Agreement as set forth in this
Section 12.1, the license rights granted hereunder will be converted to perpetual and fully paid-up licenses, with the right to grant unlimited sublicenses. 

12.2 Termination. This Agreement may be terminated as follows: 

(a) End of Research Term. At the end of the Research Term, this Agreement will terminate automatically if Biogen Idec has not
designated at least one (1) Development Compound, unless (i) the Parties have previously mutually agreed on activities aimed at advancing a Lead Compound to designation as a Development Compound and the mutually agreed plan for such
activities extends beyond the end of the Research Term, or (ii) the Parties mutually agree at least [***] prior to the expiration of the Research Term to continue the research for a specified additional period of time and agree on all relevant
matters relating to such extension including, but not limited to, the Parties’ respective rights and obligations with regard to the ongoing research, a budget for such ongoing research and the Parties’ respective monetary obligations with
regard to such budget. 

  
 72 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (b) Unilateral Right to Terminate Agreement. Biogen Idec may terminate this Agreement:

 (i) during the Research Term, if (A) the In vivo Target Validation milestone has not been achieved within [***] after the
Effective Date, or (B) at least [***] Lead Compound has not met the Development Candidate Criteria within [***] after the Effective Date; and 

(ii) following the Research Term, on a Licensed Product-by-Licensed Product basis at any time, in its sole discretion, effective sixty
(60) days after providing written notice to PTI. If Biogen Idec has terminated this Agreement with respect to all Licensed Products, this Agreement will terminate in its entirety. 

(c) Termination for Breach. In addition to any other remedies available at law or in equity, either Party will have the right to
terminate this Agreement in the event of a material breach by the other Party; provided, that, the other Party fails to cure such material breach within sixty (60) days after written notice thereof is received from the non-breaching Party. 

(d) Termination for Bankruptcy. 

(i) This Agreement may be terminated by a Party (the “Non-Bankrupt Party”) upon the filing or institution of bankruptcy,
reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for the benefit of creditors by the other Party (the “Bankrupt Party”); provided, however, that in
the event of any involuntary bankruptcy or receivership proceeding such right to terminate will only become effective if the Bankrupt Party consents to the involuntary bankruptcy or receivership or such proceeding is not dismissed within sixty
(60) days after the filing of such bankruptcy or receivership. 
 (ii) All licenses and rights to licenses granted under or pursuant
to this Agreement by the Bankrupt Party to the Non-Bankrupt Party are, and will otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code (the “Bankruptcy Code”), licenses of rights to
“intellectual property” as defined under Section 101(35A) of the Bankruptcy Code. The Parties agree that the Non-Bankrupt Party, as a licensee of such rights under this Agreement, will retain and may fully exercise all of its rights
and elections under the Bankruptcy Code. The parties further agree that upon commencement of a bankruptcy proceeding by or against the Bankrupt Party under the Bankruptcy Code, the Non-Bankrupt Party will be entitled to a complete duplicate of, or
complete access to (as the Non-Bankrupt Party deems appropriate), all 

  
 73 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
such intellectual property and all embodiments of such intellectual property. Such intellectual property and all embodiments of such intellectual property will be promptly delivered to the
Non-Bankrupt Party (A) upon any such commencement of a bankruptcy proceeding and upon written request by the Non-Bankrupt Party, unless the Bankrupt Party elects to continue to perform all of its obligations under this Agreement, or (B) if
not delivered under (A) above, upon the rejection of this Agreement by or on behalf of the Bankrupt Party and upon written request by the Non-Bankrupt Party. the Bankrupt Party (in any capacity, including debtor-in-possession) and its
successors and assigns (including any trustee) agrees not to interfere with the exercise by the Non-Bankrupt Party or its Affiliates of its rights and licenses to such intellectual property and such embodiments of intellectual property in accordance
with this Agreement, and agrees to assist the Non-Bankrupt Party and its Affiliates in obtaining such intellectual property and such embodiments of intellectual property in the possession or control of Third Parties as reasonably necessary or
desirable for the Non-Bankrupt Party to exercise such rights and licenses in accordance with this Agreement. The foregoing provisions are without prejudice to any rights the Non-Bankrupt Party may have arising under the Bankruptcy Code or other
applicable law. 
 12.3 Effect of Termination. In the event of the termination of this Agreement pursuant to Section 12.2, the
following provisions will apply, as applicable: 
 (a) Termination Under Section 12.2(a), or by Biogen Idec Under
Section 12.2(b)(i). If this Agreement terminates under Section 12.2(a) or is terminated by Biogen Idec under Section 12.2(b)(i), then: 

(i) all licenses granted by either Party to the other Party under this Agreement will terminate and all rights with respect to the
Intellectual Property Rights so licensed will revert to the Party that owns the affected Intellectual Property Rights; and 
 (ii) the
exclusivity restrictions set forth in Section 7.7 will terminate as to each Party, and each Party will be free to research, Develop and Commercialize products that modulate the Target either by themselves or with Third Parties, subject to the
Intellectual Property Rights of the other Party. 
 (b) Termination by Biogen Idec under Section 12.2(b)(ii). If Biogen Idec
terminates its rights with regard to one or more Licensed Products under Section 12.2(b)(ii), then: 
 (i) all licenses granted by PTI
to Biogen Idec that relate to the terminated Licensed Products, and corresponding Development Compounds and Back-Up Compounds, will terminate (except with respect to any Back-Up Compounds that have also been designated as Back-Up Compounds
for a non-terminated Licensed Product or Development Compound), but all licenses granted by PTI to Biogen Idec that relate to the non-terminated Licensed Products (and corresponding Development Compounds and Back-Up Compounds), if any, will
remain in full force and effect; 

  
 74 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (ii) Biogen Idec will grant to PTI a perpetual, irrevocable, royalty-free, fully paid-up
exclusive license, with the right to sublicense, under all Biogen Idec Technology (including Biogen Idec’s interest in the Joint Collaboration Technology) to make, have made, use, sell, offer to sell, have sold, import, and otherwise exploit in
the Field any Royalty-Free Products for which Biogen Idec has exercised its right to terminate under Section 12.2(b)(ii), which license will not be limited by the restriction set forth in the first sentence of Section 7.2(d)(ii), but will
otherwise the subject to the terms of such Section 7.2(d)(ii) as if such Royalty-Free Product was a Discontinued Collaboration Compound or related product; 

(iii) Biogen Idec will negotiate in good faith for up to [***] to grant PTI a royalty-bearing license in the Field with respect to any
Licensed Biogen Idec Proprietary Compounds (and corresponding Development Compounds and Back-Up Compounds),if any, for which Biogen Idec has exercised its right to terminate under Section 12.2(b)(ii), if any; provided that,
for avoidance of doubt, if the Parties cannot agree on the terms of a license for such Licensed Biogen Idec Proprietary Compounds within [***] after Biogen Idec has exercised its right to terminate such Licensed Biogen Idec Proprietary
Compounds under Section 12.2(b)(ii), then Biogen Idec’s obligation to negotiate such license shall cease; 
 (iv) Biogen
Idec will assign to PTI any Regulatory Filings and clinical data relating to the Licensed Products for which Biogen Idec is granting a license under this Section 12.3(b); 

(v) at PTI’s request, for a period not to exceed [***], provide commercially reasonable assistance, at PTI’s expense, necessary to
permit PTI to Develop or Commercialize the Royalty-Free Products and any Licensed Biogen Idec Proprietary Compounds for which Biogen Idec is granting a license under this Section 12.3(b), including by disclosing and making available all
relevant Biogen Idec Technology and transitioning to PTI the information described in Section 12.3(b)(iv); and 
 (vi) PTI will be
released from the exclusivity provisions of Section 7.7; provided, however, that if Biogen Idec has terminated with respect to one or more, but not all, Licensed Products, then such release shall be solely to the extent necessary to permit PTI
to exercise the licenses granted to it under this Section 12.3(b). 
 (c) Termination by PTI Under Sections 12.2(c) or 12.2(d).
If this Agreement is terminated by PTI under Sections 12.2(c) or 12.2(d), then: 
 (i) all licenses granted by PTI to Biogen Idec will
terminate; 

  
 75 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (ii) PTI will be released from the exclusivity restrictions set forth in Section 7.7;

 (iii) Biogen Idec will grant to PTI a perpetual, irrevocable, royalty-free, fully paid-up exclusive license, with the right to
sublicense, under all Biogen Idec Technology and Biogen Idec’s interest in the Joint Collaboration Technology to make, have made, use, sell, offer to sell, have sold, import, and otherwise exploit in the Field any Royalty-Free Products, which
license will not be limited by the restriction set forth in the first sentence of Section 7.2(d)(ii), but will otherwise the subject to the terms of such Section 7.2(d)(ii) as if such Royalty-Free Product was a Discontinued Collaboration
Compound or related product; 
 (iv) Biogen Idec will negotiate in good faith for up to [***] to grant PTI a royalty-bearing license in the
Field with respect to any Licensed Biogen Idec Proprietary Compounds; provided that, for avoidance of doubt, if the Parties cannot agree on the terms of a license for Licensed Biogen Idec Proprietary Compounds within [***] after termination
of this Agreement, then Biogen Idec’s obligation to negotiate such license shall cease; 
 (v) Biogen Idec will assign to PTI any
Regulatory Filings and clinical data relating to the Licensed Products for which Biogen Idec is granting a license under this Section 12.3(c); and 

(vi) at PTI’s request, for a period not to exceed [***], Biogen Idec will provide commercially reasonable assistance, at PTI’s
expense, necessary to permit PTI to Develop or Commercialize the Royalty-Free Products and any Licensed Biogen Idec Proprietary Compounds for which Biogen Idec is granting a license under this Section 12.3(b), including by disclosing and making
available all relevant Biogen Idec Technology and transitioning to PTI the information described in Section 12.3(c)(v). 
 (d)
Termination by Biogen Idec Under Sections 12.2(c) or 12.2(d). If this Agreement is terminated by Biogen Idec under Sections 12.2(c) or 12.2(d), then: 

(i) all licenses granted by Biogen Idec to PTI will terminate; 

(ii) all licenses granted by PTI to Biogen Idec will survive such termination; 

(iii) All co-Development and co-Commercialization will cease, all Co-Development Compounds will become Sole Development Compounds, and all
Co-Developed 

  
 76 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Licensed Products and Co-Commercialized Licensed Products will become Sole Licensed Products. PTI will reasonably assist Biogen Idec, for a period of no more than [***], in transferring to Biogen
Idec all materials and information necessary for Biogen Idec to continue the research, Development and Commercialization of all Licensed Products; and 

(iv) Biogen Idec will be released from the exclusivity restrictions set forth in Section 7.7 and will be free to research, Develop and
Commercialize products that modulate the Target either by itself or with collaborators; provided that Biogen Idec continues to use Commercially Reasonable Efforts to Develop and Commercialize all such Licensed Products and pay all amounts due
to PTI hereunder during the Term that would otherwise be payable; provided further that the royalty rates payable by Biogen Idec to PTI will be reduced by [***] from the rates set forth in Section 6.5. 

12.4 Confidential Information. Upon termination of this Agreement for any reason, the Receiving Party will destroy all written,
electronic and/or other materials containing Confidential Information of the Disclosing Party provided to it by the Disclosing Party in connection with this Agreement, including all copies thereof, within [***] of such termination and provide
certification of such destruction to the Disclosing Party; provided, that (a) the Receiving Party may retain one copy in its archives solely for the purpose of monitoring its ongoing confidentiality obligations hereunder, (b) the Receiving
Party will not be obligated to destroy such materials containing Confidential Information of the Disclosing Party that are necessary or useful for the Receiving Party to exercise any license right of the Receiving Party that survives such
termination of this Agreement; provided, that, the Receiving Party’s use of such Confidential Information of the Disclosing Party will continue to be subject to the requirement and restrictions set forth in Section 9. 

12.5 Sublicenses. If the licenses granted to Biogen Idec under this Agreement are terminated, any sublicenses hereunder that were
granted by Biogen Idec prior to termination and are in effect immediately prior to termination, will remain in full force and effect; provided, that (i) the Sublicensee is not then in breach of its sublicense agreement, (ii) the
Sublicensee agrees to be bound to PTI as a licensor under the terms and conditions of the sublicense agreement, and (iii) PTI will not be deemed to have assumed any obligations under such sublicense agreement that are broader in scope than
those it has under this Agreement. Subject to the foregoing, PTI will enter into appropriate agreements or amendments to the sublicense agreement to substitute itself for Biogen Idec as the licensor thereunder. 

12.6 Surviving Provisions. The following provisions will survive any expiration or termination of this Agreement for the period of time
specified therein, or if not specified, then they will survive indefinitely: Sections 1, 7.1, 9, 10.1, 10.2, 10.5, 11, 12.3, 12.4, 12.5, 12.6 and 13 

  
 77 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
(except for Section 13.4). In addition, (a) other terms of this Agreement will survive solely as necessary to fulfill the applicable provisions of Section 12.3; and
(b) termination of this Agreement will not relieve the Parties of any liability that accrued hereunder prior to the effective date of such termination nor preclude either Party from pursuing all rights and remedies it may
have hereunder or at law or in equity with respect to any breach of this Agreement. Without limiting the generality of clause (a) of the immediately preceding sentence, and for avoidance of doubt, upon any termination of this
Agreement pursuant to which the applicable provisions of Section 12.3 provide that (i) Biogen Idec retains some or all of its license rights, Sections 3.1(b), 3.1(d), 3.1(e) (with respect to summary reports only), 3.3, 4.1(b), 4.1(c)
(with respect to summary reports, only), 4.3, 6.1(b), 6.4 through 6.6, 6.8 through 6.16, 7.2(a), 7.2(b), 7.2(d)(i), 7.3, 7.4, 7.5, 7.6, and 10.3 shall also survive such termination, and (ii) PTI retains some or all of its license
rights, Sections 7.2(c), 7.2(d)(ii), 7.3 and 10.4 shall also survive such termination. The remedies provided in this Section 12 are not exclusive of any other remedies a Party may have in law or equity. 

13. MISCELLANEOUS 

13.1 Change of Control or Program Sale. 

(a) Notice. PTI will provide Biogen Idec with reasonably prompt written notice of its intent to undergo a Change of Control or effect a
Program Sale prior to consummating either such transaction (each a “Sale Notice”). 
 (b) Right of First
Negotiation. Biogen Idec will have [***] from its receipt of PTI’s Sale Notice to determine whether it wishes to enter into negotiations with PTI (i) in the case of a Change of Control, to purchase such controlling interest in PTI, and
(ii) in the case of a Program Sale, to purchase the applicable assets. If Biogen Idec notifies PTI in writing that it would like to enter into negotiations as provided in clauses (i) or (ii) of this Section 13.1(b), the Parties
will negotiate in good faith for a period of up to [***] following the date of Biogen Idec’s written notice to enter into a definitive agreement (the “Negotiation Period”). During the first [***] of the Negotiation Period, PTI
will negotiate exclusively with Biogen Idec (and, for the avoidance of doubt, PTI may negotiate with Third Parties as well for the remaining [***] of the Negotiation Period). If the Parties are able to enter into such an agreement, then the
Parties’ respective rights and obligations will be as set forth in such agreement. If (a) Biogen Idec informs PTI that it does not wish to enter into negotiations with PTI as provided in clauses (i) or (ii) of this
Section 13.1(b), (b) Biogen Idec fails to provide such notice that it wishes to enter into negotiations with PTI as provided in clauses (i) or (ii) of this Section 13.1(b) within the required [***] period, or (c) Biogen
Idec provides notice that it wishes to enter into negotiations with PTI as provided in clauses (i) or (ii) of this Section 13.1(b) within the required [***] period, but the Parties fail to

  
 78 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
come to agreement on such an agreement within the Negotiation Period, in each case, PTI will have no further obligations to Biogen Idec with regard to such Change of Control or Program Sale;
except that PTI may not enter into a Program Sale on terms that are materially less favorable to PTI in the aggregate than those offered by Biogen Idec in its final offer for a period of [***] following the Negotiation Period. Additionally,
(A) if PTI is not able to enter into a definitive agreement with a Third Party regarding a Program Sale that meets the requirements of this Section 13.1(b) within a period of [***] following the Negotiation Period, then Biogen Idec’s
rights under this Section 13.1(b) will reset with respect to a Program Sale and PTI will be required to provide a new Sale Notice regarding any subsequent proposed Program Sale and (B) if PTI is not able to enter into a definitive
agreement with a Third Party regarding a Change of Control that meets the requirements of this Section 13.1(b) within a period of [***] following the Negotiation Period, then Biogen Idec’s rights under this Section 13.1(b) will reset
with respect to a Change of Control, and PTI will be required to provide a new Sale Notice regarding any subsequent proposed Change of Control. For the avoidance of doubt, paragraphs (a) and (b) of this Section 13.1 will terminate and
be of no further force and effect following the first to occur of (x) a Program Sale with a Third Party that is consummated in accordance with the terms and conditions of this Section 13.1 or (y) a Change of Control with a Third Party
that is consummated in accordance with the terms and conditions of this Section 13.1. Additionally, paragraphs (a) and (b) of this Section 13.1 will terminate with respect to a Change of Control, but not a Program Sale, upon the
consummation of (1) a public offering of the Common Stock of PTI or (2) any other transaction or series of transactions in which PTI, or an entity with which PTI merges, becomes or is a public reporting company, or the wholly-owned
subsidiary of a public reporting company, pursuant to the Securities Exchange Act of 1934, as amended, or becomes or is a listed company on a non-U.S. exchange, or the wholly-owned subsidiary of a listed company on a non-U.S. exchange (in each case
excluding a transaction that is a Change of Control, which is addressed in the preceding sentence). 
 (c) Agreements. Any agreement
entered into by PTI in connection with a Program Sale or a Change of Control will be subject to and must be consistent with the terms of this Agreement including, but not limited to, the terms contained in Sections 7.7, 8 and 9. PTI will deliver to
Biogen Idec written notice of all Program Sale agreements, together with a copy of all executed agreements relating to Program Sales no later than [***] following consummation of such Program Sale. PTI may redact from any copies of such agreements
provided to Biogen Idec hereunder any terms that are not applicable to the determination of whether such agreements meet the requirements of this Section 13.1(c). 

13.2 Disputes. Except to the extent the resolution of disputes or claims between the Parties are otherwise addressed in this Agreement,
in the event of any dispute or claim arising from this Agreement, or any term hereof, including any alleged breach of any such term, either Party 

  
 79 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
may, by written notice to the other Party, refer such disputes or claims to the Parties’ respective officers designated below for attempted resolution: 

 

			
	For Biogen Idec:		President & CEO (or other officer-level individual designated by Biogen Idec for such purpose)
		
	For PTI:		President & CEO (or other officer-level individual designated by PTI for such purpose)

 If such resolution is not reached within [***] of the date of referral to the foregoing officers, then each Party may exercise
all rights available to it under law or equity. 
 13.3 Notices. Any notice or report required or permitted to be given or made under
this Agreement by either Party to the other will be in writing and delivered to the other Party at its address indicated below or to such other address as the addressee will have theretofore furnished in writing to the addressor by hand, courier or
by registered or certified airmail (postage prepaid): 
  

			
	If to Biogen Idec:		Biogen Idec New Ventures Inc.
			14 Cambridge Center
			Cambridge, MA 02142
			Attention:    Executive Vice President and General Counsel
		
	If to PTI:		Proteostasis Therapeutics, Inc.
			200 Technology Square, Fourth Floor
			Cambridge, MA 02139
			Attention:     Chief Executive Officer
		
	With a copy to:		Edwards Wildman Palmer LLP
			111 Huntington Avenue
			Boston, MA 02199-7613
			Attention:   Joshua M. Thayer

 All notices will be effective as of the date received by the addressee. 

13.4 Non-Solicitation of Certain Individuals. Each Party agrees that, during the Term, it will not, directly or indirectly, solicit to
employ or engage as an independent contractor any then current employee of the other party or its Affiliates who has been directly and substantially involved in the Research Program. Notwithstanding the above, the following solicitations will not be
prohibited: (i) solicitations by independent contractors of either party or their Affiliates, so long as they are not specifically directed by either party to solicit such individuals; (ii) solicitations

  
 80 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
initiated through general newspaper advertisements and other general circulation materials not directly targeted at such individuals; and (iii) solicitations of such individuals who have
first contacted either party on their own initiative, directly or through Third Party recruiters, regarding employment or engagement as an independent contractor. 

13.5 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts
without taking into consideration any choice of law principles that would lead to the application of the laws of another jurisdiction. 

13.6 Binding Effect. This Agreement will be binding upon and inure to the benefit of the Parties and their respective legal
representatives, successors and permitted assigns. 
 13.7 Headings. Section and subsection headings are inserted for convenience of
reference only and do not form a part of this Agreement. 
 13.8 Counterparts. This Agreement may be executed simultaneously in two
or more counterparts, each of which will be deemed an original and both of which, together, will constitute a single agreement. 
 13.9
Amendment; Waiver. This Agreement may be amended, modified, superseded or canceled, and any of the terms of this Agreement may be waived, only by a written instrument executed by each Party or, in the case of waiver, by the Party or Parties
waiving compliance. The delay or failure of either Party at any time or times to require performance of any provisions will in no manner affect the rights at a later time to enforce the same. No waiver by either Party of any condition or of the
breach of any term contained in this Agreement, whether by conduct, or otherwise, in any one or more instances, will be deemed to be, or considered as, a further or continuing waiver of any such condition or of the breach of such term or any other
term of this Agreement. 
 13.10 Purposes and Scope. The Parties hereto understand and agree that this Collaboration is limited to
the activities, rights and obligations as set forth in this Agreement. Nothing in this Agreement will be construed (a) to create or imply a general partnership between the Parties, (b) to make either Party the agent of the other for any
purpose, (c) to alter, amend, supersede or vitiate any other arrangements between the Parties with respect to any subject matters not covered hereunder, (d) to give either Party the right to bind the other, (e) to create any duties or
obligations between the Parties except as expressly set forth herein, or (f) to grant any direct or implied licenses or any other right other than as expressly set forth herein. 

13.11 Tax Treatment of Collaboration. Without in any way affecting Section 13.10 above, the Parties agree that if PTI exercises
the Co-Development Option with respect to a 

  
 81 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
Development Compound, the Parties will thereafter treat the Collaboration as a tax partnership with respect to such Co-Development Compound in accordance with a tax partnership agreement between
the Parties that includes the terms set forth on Exhibit H. 
 13.12 Assignment and Successors. Neither this Agreement nor any
obligation of a Party hereunder may be assigned by either Party, including by operation of law, without the consent of the other Party (and in Biogen Idec’s case, the consent of Harvard), which consent will not be unreasonably withheld by the
other Party, except that each Party may assign this Agreement and the rights, obligations and interests of such Party without the consent of the other Party (and without the consent of Harvard, in the case of Biogen Idec), (a) in whole or in
part, to any of its Affiliates, or (b) in whole, but not in part, to any purchaser of all or substantially all of its assets or all or substantially all of its assets to which this Agreement relates or shares representing a majority of its
common stock voting rights or to any successor corporation resulting from any merger, consolidation, share exchange or other similar transaction; provided, that the assigning Party shall deliver written notice of any such permitted assignment to the
other Party and the assignee shall agree in writing to be bound to the terms and conditions of this Agreement, including the obligations of the assigning Party hereunder. 

13.13 Force Majeure. Neither Biogen Idec nor PTI will be liable for failure of or delay in performing obligations set forth in this
Agreement, and neither will be deemed in breach of its obligations, if such failure or delay is due to a Force Majeure. In event of such Force Majeure, the Party affected will use reasonable efforts to avoid or remove such causes of nonperformance,
and will continue to perform hereunder with reasonable dispatch whenever such causes are removed. Either Party shall provide the other Party with prompt written notice of any delay or failure to perform that occurs by reason of force majeure. The
Parties shall mutually seek a resolution of the delay or the failure to perform as noted above. 
 13.14 Interpretation. The Parties
acknowledge and agree that: (a) each Party and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed to its revision; (b) the rule of construction to the effect that any ambiguities are
resolved against the drafting Party will not be employed in the interpretation of this Agreement; and (c) the terms and provisions of this Agreement will be construed fairly as to each Party and not in a favor of or against either Party,
regardless of which Party was generally responsible for the preparation of this Agreement. In addition, unless a context otherwise requires, wherever used, the singular will include the plural, the plural the singular, the use of any gender will be
applicable to all genders, the word “or” is used in the inclusive sense (and/or) and the word “including” is used without limitation and means “including without limitation”. 

  
 82 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 13.15 Integration. This Agreement sets forth the entire agreement with respect to the
subject matter hereof and thereof and supersedes all other agreements and understandings between the Parties with respect to such subject matter. 

13.16 Severability. Should one or more provisions of this Agreement be or become invalid, the Parties hereto shall substitute, by
mutual consent, valid provisions for such invalid provisions which valid provisions in their economic effect are sufficiently similar to the invalid provisions that it can be reasonably assumed that the Parties would have entered into this Agreement
with such valid provisions. In case such valid provisions cannot be agreed upon, the invalidity of one or several provisions of this Agreement shall not affect the validity of this Agreement as a whole, unless the invalid provisions are of such
essential importance to this Agreement that it is to be reasonably assumed that the Parties would not have entered into this Agreement without the invalid provisions. 

13.17 Further Assurances. Each of PTI and Biogen Idec each agrees to duly execute and deliver, or cause to be duly executed and
delivered, such further instruments and do and cause to be done such further acts and things, including, without limitation, the filing of such additional assignments, agreements, documents and instruments, as the other Party may at any time and
from time to time reasonably request in connection with this Agreement or to carry out more effectively the provisions and purposes of, or to better assure and confirm unto such other Party its rights and remedies under, this Agreement. 

13.18 Appointment of Committee Members. Notwithstanding anything to the contrary set forth herein, the appointment of members of the
JRC, JDC or JCC, including any subcommittees or project teams (each, a “Committee”), is a right of each Party and not an obligation and shall not be a “deliverable” as defined in EITF Issue No. 00-21. Each Party shall be
free to determine not to appoint members to a Committee, and at any time during the Term and for any reason, either Party shall have the right to withdraw from participation in any Committee upon written notice to the other Party, which notice shall
be effective immediately upon receipt. If a Party (the “Appointing Party”) does not appoint members of a Committee, or withdraws from a Committee, it shall not be a breach of this Agreement, nor shall there be any associated penalty
due nor shall there be any impact on the consideration otherwise provided for or due to the Appointing Party under this Agreement, and unless and until such persons are again appointed: (a) the other Party, without regard to provisions herein
with respect to voting, quorum or dispute resolution, may discharge the roles of the Committee for which appointments were not made or with respect to which a withdrawal or removal has occurred by the Appointing Party and (b) the Appointing
Party shall not participate in any meetings of such Committee. If, at any time following the Effective Date, a Party has not appointed, or has withdrawn, from a Committee, and such Party wishes to resume participating in such Committee, such Party
shall notify the other Party in 

  
 83 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
writing and, thereafter, such notifying Party’s designees shall be entitled to attend any subsequent meeting of such Committee and to participate in the activities of, and decision-making
by, such Committee, as if a failure to appoint or submission of the withdrawal notice had not occurred. 
 13.19 Joint Research
Agreement. This Agreement shall be deemed to be a joint research agreement within the meanings of Section 102(c)(2) of the United States Patent Act (35 U.S.C. § 102(c)(2)). 

13.20 Third-Party Beneficiaries. Harvard is an intended third-party beneficiary of the provisions
of Sections 3.1(b), 3.1(c), 3.1(d), 3.1(e) (with respect to provision of summary reports only), 3.2(a), 3.2(b), 4.1(b), 4.1(c) (with respect to provision of summary reports only), 4.2, 6.9, 6.10, 6.13, 7.2(d)(i), 10.1(f), 11.1 and 11.5.
Except as expressly stated in the immediately preceding sentence, no person or entity other than Biogen Idec, PTI and their respective Affiliates and permitted sublicensees and assignees hereunder shall be deemed an intended beneficiary hereunder or
have any right to enforce any obligation of this Agreement. 
 13.21 Performance by Affiliates. To the extent that this Agreement
imposes obligations on Affiliates of a Party, such Party agrees to cause its Affiliates to perform such obligations. Either Party may use one or more of its Affiliates to perform its obligations and duties hereunder and Affiliates of a Party are
expressly granted certain rights herein; provided that each such Affiliate shall be bound by the corresponding obligations of such Party, and each Party shall remain liable hereunder for the prompt payment and performance of all its
respective obligations hereunder. 
 [Remainder of page left blank intentionally] 

  
 84 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	PROTEOSTASIS THERAPEUTICS, INC.
		
	By:		 /s/ David Weiner

	Name:		David Weiner
	Title:		Interim CEO
	
	BIOGEN IDEC NEW VENTURES INC.
		
	By:		 /s/ Steven Holtzman

	Name:		Steven Holtzman
	Title:		Executive Vice President
			Corporate Development

  
 85 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 Exhibit A 

Initial Research Plan 

[***] 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 Exhibit B 

Lead Compound Criteria 
 A Compound that:
[***] 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 Exhibit C 

Development Compound Criteria 
 A Lead
Compound that exhibits the minimum criteria in the table below: 
 [***] 

By mutual agreement, the Parties may update the metrics listed above with additional objective criteria as the Research Plan progresses. 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 Exhibit D 

Third Party Agreements 
 Amended and
Restated License Agreement between PTI and Harvard dated as of December 5, 2013. 
 [***] 

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 EXHIBIT E 

Calculation of Profit Share 

Financial Planning, Accounting and Reporting Procedures 

This Exhibit E sets forth the principles for reporting actual results and budgeted plans in the Territory, the frequency of
reporting, the use of a single functional currency (as provided for in Section 6.9 of this Agreement) and the methods of determining payments to the Parties, auditing of accounts and other matters as related to any Co-Development Compound or
Co-Developed Licensed Product under this Agreement (each a “Co-Developed Product” for purposes of this Exhibit E). 
 This
Exhibit E provides agreed-upon definitions of financial terms applicable to the Parties for purposes of this Agreement. All capitalized terms used herein without definition shall have the meanings ascribed thereto in this Agreement and,
where applicable, the further definitions contained herein. References in this Exhibit E to a “Party” or “Parties” shall be construed to mean Biogen Idec or Proteostasis, as the case may be, and in every
case shall be deemed to include a Party’s Affiliates under this Agreement. 
 Notwithstanding anything in this Agreement to the
contrary, no cost, expense, amount or sum allocable or chargeable to the Parties’ activities under this Agreement shall be allocated or charged more than once. Unless otherwise specifically authorized by the Parties or this Agreement, all
costs, expenses, amounts or sums to be charged or allocated by one Party to the other Party under this Agreement shall not be so chargeable or allocable unless they are (i) directly related to this Agreement and the activities to be performed
under this Agreement (ii) calculated based on the internal cost accounting methodologies of the charging or allocating Party as consistently applied by such Party to its other programs and (iii) reasonable and customary with respect to the
global biopharmaceutical industry considering the respective size and activities of the two Parties. All external costs, expenses, amounts or sums allocated or charged by either Party shall be allocated and charged only as and when they actually
become due and payable (i.e., upon receipt of applicable bills or invoices from Third Parties). 
  

	1.	Definitions 

 “Co-Developed Product Revenues” means any and all revenue
received by the Parties for a Co-Developed Product (other than Net Sales) and/or for rights to a Co-Developed Product and/or under an agreement with respect to a Co-Developed Product (other than Net Sales),

  
 E-1 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
including, but not limited to, monies received from a Third Party pursuant to a license or sublicense, such as upfront fees, milestones, royalties and/or monies received from a Third Party for
marketing rights and/or distribution rights. It is expressly understood that Product Revenues does not include monies paid to a Party (i) for use in future research and/or development to the extent that such monies are actually expended by the
such Party for such research and/or development or in payment up to fair market value for securities of such Party or (ii) as a result of a Program Sale, Change of Control, assignment by either Party pursuant to Section 13.12 of this
Agreement, or other similar license, sale or transfer such Party’s rights in such Co-Developed Product. 
 “Collaboration
Budget” means a written budget prepared by the Parties and approved by the JDC or JCC, as applicable, in accordance with Section 2 of this Exhibit E, and shall include, with respect to each Co-Developed Product, all revenues and the
expenses as further defined herein incurred by Biogen Idec and Proteostasis necessary to support the co-Development and co-Commercialization of such Co-Developed Product. The Collaboration Budget shall include [***]. The Collaboration Budgets and
updates shall constitute the budget of the Co-Development Plan as discussed in Section 5.2(c) of this Agreement or the budget of the Co-Commercialization Plan as discussed in Section 5.5(c) of this Agreement. 

“Collaboration Operating Profit” means the profits (if positive) or losses (if negative) resulting from the Commercialization
of Co-Developed Products in the Territory and shall be equal to Net Sales of all Co-Developed Products in the Territory plus all Co-Developed Product Revenues in the Territory less Operating Expenses. 

“Cost of Clinical Supplies” means a Party’s costs to produce or acquire Co-Developed Product for use in clinical
studies, which will be determined in accordance with GAAP, including without limitation (i) labor and material costs, scrap costs, waste costs, defect costs, costs to rectify contamination, costs for obsolete inventory write-offs and
label & packaging costs, in each case to the extent directly consumed in the manufacture, product quality assurance/control, storage or shipping of Co-Developed Product and (ii) allocable facilities costs (e.g., sewer, water, property
taxes), allocable depreciation and amortization costs of facilities and equipment, insurance, and other costs borne by the Party that are directly related to the manufacture, product quality assurance/control, storage or shipping of commercial
supplies of Co-Developed Product This definition of Cost of Clinical Supplies shall [***]. 
 “Cost of Goods Manufactured for
Sale” or “COGM” means a Party’s costs to produce or acquire commercial supplies of a Co-Developed Product, which will be determined in accordance with GAAP, including without limitation (i) labor and material
costs including the [***] charged by Biogen Idec to the partnership to manufacture materials, scrap costs, waste 

  
 E-2 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
costs, defect costs, costs to rectify contamination, costs for obsolete inventory write-offs and label & packaging costs, in each case to the extent directly consumed in the manufacture,
product quality assurance/control, storage or shipping of Co-Developed Product and (ii) allocable facilities costs (e.g., sewer, water, property taxes), idle capacity costs only if consistent with GAAP and if such idle capacity has been
originally reserved for the Manufacture of such Co-Developed Product within the next twenty-four (24) months, with the express approval of the JDC or JCC, as applicable, allocable depreciation and amortization costs of facilities and equipment,
insurance, and other costs borne by the Party that are directly related to the manufacture, product quality assurance/control, storage or shipping of commercial supplies of Co-Developed Product. This definition of COGM shall exclude idle
manufacturing costs of Biogen Idec manufacturing plant that is underutilized but shall include Third Party costs incurred in connection with the manufacture of Co-Developed Product by a Contract Manufacturer to the extent that Biogen Idec is
burdened by such costs. 
 “Cost of Sales” means a Co-Developed Product’s Cost of Goods Manufactured for Sale, Third
Party royalties, including royalties payable by Proteostasis under the Harvard License (i.e., any allocable intellectual property acquisition and licensing costs of either Party not included in COGM, but not including royalties payable by Biogen
Idec to Proteostasis or to a Third Party pursuant to Section 6.5 of this Agreement) and transport, customs and duty clearance on sales if borne by the seller and not deducted from Net Sales. 

“Development Expenses” means, with respect to a Co-Developed Product, the FTE Costs and other direct costs and expenses
directly related to the Development activities for such Co-Developed Product that are actually incurred by Biogen Idec or Proteostasis or their Affiliates from the date that Proteostasis exercises its Co-Development Option through the later of
(a) the date of the last Regulatory Approval obtained (including thereafter costs to maintain or expand such Regulatory Approval) in the Territory for each Co-Developed Product, or (b) the date of termination of Development of the final
indication for each Co-Developed Product for which Regulatory Approval is to be sought in the Territory. Such costs and expenses, to the extent directly related to the Development activities of a Co-Developed Product, shall include 

(i) costs required to obtain, maintain and/or expand the authorization and/or ability to manufacture, formulate, fill, ship and/or sell
Co-Developed Product in commercial quantities to Third Parties in the Territory, including the costs of the Parties associated with the transfer of, and implementation of manufacturing technology necessary to qualify a manufacturing facility; 

(ii) costs of Development, including costs of, studies on the toxicological, pharmacological, metabolical or clinical aspects of a
Co-Developed Product conducted internally or by individual investigators or consultants and necessary for the purpose of obtaining, 

  
 E-3 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
maintaining and/or expanding marketing approval of a Co-Developed Product, process development, process improvement and scale-up costs, validation costs, including qualification lots, the Cost of
Clinical Supplies, and costs for preparing, submitting, reviewing or developing data or information for the purpose of submission to a governmental authority to obtain, maintain and/or expand manufacturing and/or marketing approval of a Co-Developed
Product and costs of Phase IV clinical trials related to Co-Developed Product; 
 (iii) expenses for data management, statistical designs
and studies, document preparation, and other administration expenses associated with the clinical testing program; and 
 (iv) Cost of
Clinical Supplies. 
 In determining Development Expenses chargeable under this Agreement, each Party will use its respective project
accounting systems, and will review its respective project accounting systems and methodologies with the other Party. The Parties shall agree upon and consistently apply methodologies for calculating and allocating Development Expenses based on
their respective internal accounting systems. The Parties hereby agree that efforts of the employees of a Party or its Affiliates in performing its activities hereunder shall be charged as Development Expenses at the R&D FTE rate defined below.
Notwithstanding anything in this Section to the contrary, only those Development Expenses that are contemplated by the Development Plan and Collaboration Budget or were otherwise approved by the JDC or JCC, as applicable, shall be chargeable by a
Party as Development Expenses. All payments made by a Party to a Third Party in connection with the performance of its activities under the Development Plan and Collaboration Budget shall be charged as Development Expenses at such Party’s
actual out-of-pocket cost. Except to the extent included in Cost of Clinical Supplies, expenses incurred by each Party for equipment, materials and supplies utilized in performing its activities under the Development Plan and Collaboration Budget
shall not be separately charged as Development Expenses, except for those expenses incurred by a Party with the prior written consent of the JDC or JCC, as applicable, or as set forth in the Development Plan and Collaboration Budget, provided,
however, that the expenses of the purchase or making of equipment, materials or supplies (other than common laboratory supplies, e.g., pipettes, test tubes, petri dishes, reagents, and the like) that are to be used exclusively in connection with the
performance of such Party’s activities under a Development Plan and Collaboration Budget (e.g., laboratory animals, placebo supplies, etc.), shall be charged as Development Expenses at such Party’s actual out-of-pocket expense incurred in
purchasing or making such equipment, materials or supplies. 
 “Distribution Costs” means the FTE costs and other direct
costs approved as part of the Collaboration Budget and specifically identifiable or allocable to the distribution of Co-Developed Product for commercial or clinical use, including warehousing, transportation, order

  
 E-4 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
entry, customs, duties, insurance, billing, shipping, credit and collection and other such activities as approved by the JDC or JCC, as applicable. The most recent full year forecast will include
year to date actual costs plus forecasted costs for the remaining portion of such year. For clarity, Distribution Costs shall not include costs already included in Cost of Sale or Cost of Clinical Supplies or costs deducted from Net Sales. For
purposes of this definition, FTE costs that are part of Distribution Costs shall be charged at the Distribution FTE rate, as described below in the final paragraph of this Exhibit E. 

“Marketing Costs” means the FTE costs and other direct costs actually incurred by a Party in connection with the marketing,
promotion and advertising of a Co-Developed Product, including, without limitation, costs for preparing and reproducing detailing aids, Co-Developed Product promotional Materials and other promotional materials, costs of professional education,
product related public relations, relationships with opinion leaders and professional societies, market research and market studies (before and after product approval), healthcare economics studies, and other similar activities directly related to
the Co-Developed Products, in each case as approved by the JCC as part of the Co-Commercialization Plan and Collaboration Budget. Marketing Costs may also include, to the extent directly related to a Co-Development Product and actually incurred by a
Party, and as approved by the JCC as part of the Co-Commercialization Plan and Collaboration Budget, (a) actual out-of-pocket costs for outside services and expenses (e.g., consultants, agency fees, meeting costs, etc.), (b) costs included
in Exhibit F - the Key Terms of the Commercialization Activities Agreement, including without limitation costs related to the Customer-Facing Activities Plan; and (c) activities related to obtaining reimbursement from payers and costs of sales
and marketing data, in each case that are not previously included as Sales Costs or in any other cost definition herein. For purposes of this definition, FTE costs that are part of Marketing Costs shall be charged at the Marketing FTE rate, as
described below in the final paragraph of this Exhibit E. Marketing costs will specifically exclude the costs of activities which promote either Party’s business as a whole without being specific to a Co-Development Product (such as corporate
image advertising). 
 “Medical Education Costs” means the FTE costs and other direct costs designed to ensure or improve
appropriate medical use of, conduct medical education of, or further research regarding, a Co-Developed Product sold in the Territory, including by way of example, to the extent solely related to a Co-Development Product and contemplated by the
Commercialization Plan or Development Plan and Collaboration Budget: (a) activities of medical sales liaisons; (b) grants to support continuing medical education, symposia, or Third Party research related to a Co-Developed Product in the
Territory; (c) development, publication and dissemination of publications relating to a Co-Developed Product in the Territory, as well as medical information services provided in response to inquiries communicated via sales representatives or
received by letter, phone call or email; and (d) conducting advisory board meetings or other consultant 

  
 E-5 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
programs, the purpose of which is to obtain advice and feedback related to the Development or commercialization of a Co-Developed Product in the Territory. For purposes of this definition, FTE
costs that are part of Medical Education Costs shall be charged at the Medical Education FTE rate, as described below in the final paragraph of this Exhibit E. 

“Net Sales” has the definition set forth in Section 1.59 of this Agreement. 

“Operating Expenses” means Cost of Sales, Development Expenses, Marketing Costs, Medical Education Costs, Sales Costs, Other
Out-of-Pocket Costs and Distribution Costs. The Parties agree that the following costs shall not be considered Operating Expenses unless expressly provided for herein: (i) all G&A Costs; (ii) amortization and depreciation expenses;
(iii) deductions, credits, interest expenses including without limitation taxes and extraordinary or nonrecurring losses customarily deducted by a Party in calculating and reporting consolidated net income; (iv) manufacturing facility
capital costs, capital expenditures, including purchases of facilities, property or equipment (unless such equipment is exclusively used in the Development or Commercialization of a Co-Developed Product); and (v) property taxes and any other
taxes not related to the Development or Commercialization of a Co-Developed Product. 
 “Other Out-of-Pocket Costs” means
other operating expenses paid by the Parties or their Affiliates to Third Parties which are not part of Development Expenses, but are considered and approved by the JDC or JCC, as applicable, as expenses for purposes of the cost sharing arrangements
under this Agreement. Other Out-of-Pocket Costs shall be limited to the following: 
 [***] 

“Patent Expenses” means the sum of all out-of-pocket expenses reasonably incurred by a Party to prepare, file, prosecute and
maintain PTI Patent Rights, Biogen Idec Patent Rights and Joint Patent Rights, including the costs of interferences/oppositions proceedings with respect to such Patent Rights. In addition, Patent Expenses shall include the costs of freedom to
operate searches and analyses with respect to Co-Developed Products, to the extent such searches or analyses have been authorized by the Patent Coordinators. 

“Sales Costs” shall mean FTE costs and other direct costs specifically identifiable to sales of Co-Developed Products in the
Territory and as approved by the JCC as part of the Co-Commercialization Plan and Collaboration Budget. Sales Costs shall include costs associated with sales representatives (such as recruiting, relocation, compensation, benefits and travel) and
training of the sales representatives, sales meetings, details, sales call reporting, work on managed care accounts, costs related to customer service and other sales and customer service-

  
 E-6 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 
related expenses, but only to the extent not deducted from Net Sales and not included in Cost of Distribution, Cost of Marketing, or any other components of Operating Expenses. For purposes of
this definition, FTE costs that are part of Sales Costs shall be charged at the Sales FTE rate, as described below in the final paragraph of this Exhibit E. 
  

	2.	Collaboration Budget and Quarterly Updates 

 First Collaboration Budget. As soon
as practical following the exercise of Co-Development Option in Section 5.1 of this Agreement, Biogen Idec and Proteostasis will prepare a Collaboration Budget for the Co-Development Plan for the current calendar year in which Proteostasis has
exercised its opt-in rights as soon as reasonably possible, specifying in detail the activities to be performed during the year, staffing levels, and any approved use of Third Party contractors. 

Yearly Updates. Biogen Idec and Proteostasis shall, on an annual basis, prepare a Collaboration Budget which shall specify in detail,
as applicable, the Co-Development and Co-Commercialization activities to be performed during such year, designation of which Party is responsible for each task, staffing levels (which levels shall be reasonably necessary for the attainment of the
development goals, as applicable), any approved use of Third Party contractors required to carry out such activities, and the estimated expenditures required to carry out such activities, a timeline for completion of such activities and annual
production requirements. Each update to the Collaboration Budget under this paragraph and any modifications per the quarterly Collaboration Budget updates outlined below shall automatically be deemed to constitute an amendment to the Collaboration
Budget upon JDC or JCC, as applicable, approval and ratification of the meeting minutes related thereto, and shall not constitute an obligation of either Party until such approval and ratification. Collaboration Budgets will contain monthly
details/numbers. Collaboration Budgets will be supplemented with high level business plans and costs for clinical trials, registration applications, and plans for product introduction, sales efforts and promotion. 

Quarterly Collaboration Budget Updates. (Also referred to as a “Quarterly Forecast.”) Biogen Idec and Proteostasis shall
revise the Collaboration Budget on a quarterly basis during the course of each year based on (i) a review of actual activities and the categories contributing to the calculations for Collaboration Operating Profit and (ii) a determination,
if any, of necessary changes to Collaboration Operating Profit and its associated categories. 

  
 E-7 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

	3.	Reporting 

 Reporting. Each Party shall report to the other Party Quarterly
Forecasts and actual results of operations presented in the following format (on a per Co-Developed Product basis), with the categories as defined in Section 1 of this Exhibit E: 

Income Statement 
  

			
		 	 Net Sales
 Plus: Co-Developed Product
Revenues

		 	 Less: Cost of Sales (but excluding items deducted for Net Sales)

		 	 = Gross Profits

		 	 Less: Development Expenses

		 	 Less: Marketing Costs

		 	 Less: Sales Costs

		 	 Less: Medical Education Costs

		 	 Less: Other Out-of-Pocket Costs

		 	 = Contribution

		 	 Less: Distribution Costs

		 	 = Collaboration Operating Profit (Loss)

 It is the intention of the Parties that the interpretation of these definitions will be in accordance with
GAAP. 
 Reporting by each Party will be performed as follows: 
  

					
	 Reporting Event
	  	 Frequency
	  	 Timing of Submission

	Actuals	  	Monthly	  	[***] after month end
			
	 Quarterly Collab. Budget Updates
(Remaining Calendar year)
	  	Quarterly	  	[***] following Calendar Quarter end or JDC or JCC, as applicable approved date
			
	 Preliminary Collab. Budgets
(one year — by month)
	  	Annually	  	[***] or JDC or JCC, as applicable approved date
			
	 Final Collab. Budgets
(one year — by month)
	  	Annually	  	[***] or JDC or JCC, as applicable approved date

  
 E-8 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 The financial representatives from the Parties will review financial information [***] and
meet as appropriate but shall in any event meet in person at least quarterly to review and approve the following: 
  

	 	•	 	actual results 

  

	 	•	 	Quarterly Forecasts 

  

	 	•	 	Collaboration Budget 

  

	 	•	 	inventory levels 

  

	 	•	 	Sales Returns and Allowances 

 Reconciliation Statements. Within [***] following the end
of a Calendar Quarter, each Party shall submit to the other Party a Pre-Reconciliation Report encompassing actual results of the first two months of such quarter and preliminary actual results for the third month. Within [***] following the end of a
Calendar Quarter, each Party shall submit to the other Party its report of actual results as outlined above. Expenses charged by either Party shall not exceed [***] of the amount included for the total expenditure in the then current Collaboration
Budget unless the other Party approves such excess expense. If the actual costs of a Party implementing the activities of such Party under the Collaboration Budget are expected to vary by more than [***] from the amounts budgeted for expenditure
during the calendar year, such Party will promptly revise the Collaboration Budget and submit it in writing, with an explanation of the variance and the reasons therefor, for approval to the JDC or JCC, as applicable. If the JDC or JCC, as
applicable, does not approve the variance, the amount by which the actual costs exceed [***] of the budgeted costs in the Collaboration Budget shall be borne by the Party that incurred the costs. 

The financial representatives from each Party shall be responsible for, [***] following the end of a Calendar Quarter, preparing a statement
(“Reconciliation Statement”) in a format agreed to by the Parties showing each Party’s full quarter actual results, the calculations of Net Sales, Co-Developed Product Revenues, COGM, Cost of Sales, Development Expenses,
Marketing Costs, Medical Education Costs, Sales Costs, Distribution Costs, and Other Out-of-Pocket Costs. The Reconciliation Statement and reports of actual results compared to the Collaboration Budget will be sent to each party within [***]
following the end of a Calendar Quarter for approval. Each party shall provide notice of approval or rejection of the Reconciliation Statement within [***] of receipt. If both parties approve, the Reconciliation Statement will be sent to the JDC or
JCC, as applicable, for its information. If either Party rejects the Reconciliation Statement, within [***] days after receipt, the JDC or JCC, as applicable shall meet to approve or otherwise resolve the Reconciliation Statement. 

  
 E-9 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 If the approved Reconciliation Statement shows that one Party has incurred more than its
share of costs and expenses in the applicable Calendar Quarter as provided in the Collaboration Budget, such Party will, promptly upon approval of the Reconciliation Statement, submit to the other Party an invoice for the difference between its
actual costs and expenses in such Calendar Quarter and its share of the Collaboration Budget, which will be paid by the receiving Party within [***] after receipt of such invoice. 

Development Expense Reporting after Phase II PTI Co-Development Termination Option is exercised. If Proteostasis exercises its Phase II
PTI Co-Development Termination Option pursuant to Section 5.3 of this Agreement, Proteostasis shall provide to Biogen Idec a final report of its Development Expenses for the Collaboration Compounds within [***] after the end of the Calendar
Quarter in which such Phase II PTI Co-Development Termination Option takes effect. 
  

	4.	Audits and Interim Reviews. See Section 6.13 of this Agreement. 

  

	5.	FTE Methodology 

 Tracking of FTE Costs 

Each Party shall report Operating Expenses based on its project cost system (which shall in any event track FTEs by functional area and by
month) or using such other system as such Party applies with respect to its internal programs. In general, these project cost systems shall report actual and/or allocable time spent on specific projects, apply the appropriate FTE Rate, capture
actual and/or allocable costs of specific projects and allocate other expenses to projects. All FTEs that charge time to projects included in the definition of Operating Expenses shall be included. 

Total budgeted expenses incorporated in the FTE Rate shall include: [***]. 

R&D FTE Costs. The R&D FTE Rate shall apply to the FTE Costs related to Development Expenses and Ongoing Development Expenses
for Co-Developed Compounds. The R&D FTE Rate will initially be the FTE Rate on the date Proteostasis exercises its Co-Development Option and will increase annually as provided in Section 1.36 of this Agreement. 

Sales, Marketing, Distribution and Medical Education Costs. FTE costs related to Sales Costs, Marketing Costs, Distribution Costs and
Medical Education Costs will be set as part of the annual budgeting process and will be calculated using the current year’s most recent full year forecast, provided that in the initial year in which such costs are expected to be incurred, such
costs will be calculated by mutual agreement of the Parties based on comparable activities and compensation of similarly situated companies in the biotechnology industry. The most recent full year’s forecast will include [***]. 

  
 E-10 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 EXHIBIT F 

Key Terms of the Commercialization Activities Agreement 

The co-Commercialization agreement to be negotiated by the Parties pursuant to Section 5.4 of the Agreement (the “Commercialization Activities
Agreement”) will contain terms substantially similar to the following material terms. Capitalized terms used in this Exhibit F and not otherwise defined have the meanings given to them in the main body of the Collaborative Research,
Development and License Agreement (“License Agreement”). 
 1. Customer-Facing Activities. 

(a) PTI and Biogen Idec acknowledge and agree that the overall objective of Customer-Facing Activities (as defined below) relating to Licensed
Products in the United States is to reach the optimal customer audience that will maximize the brand value within each Indication that is subject to a Regulatory Approval, with a reasonable return on investment. Biogen Idec will prepare, in
consultation with PTI and the JCC, the Customer-Facing Activities Plan (as defined below) for the United States, which will include strategies for all Customer-Facing Activities, including, but not limited to (i) sales force, medical affairs,
reimbursement and account management activities, and the number of Customer-Facing FTEs (as defined below) of each Party to be allocated thereto, and (ii) the size, structure, incentive compensation, training, deployment and customer targets of
the Customer-Facing FTEs. 
 (b) The JCC will review and approve the Customer-Facing Activities Plan for each Indication in the United
States. For avoidance of doubt, [***] will have final decision-making rights regarding the content, development and execution of the Customer-Facing Activities Plan, including, but not limited to, the following aspects of the Customer-Facing
Activities Plan: 
  

	 	i)	The commercial model and footprint in the United States including, but not limited to, the appointment and management of distribution channels; 

 

	 	ii)	The development and deployment of patient services activities, if applicable; 

  

	 	iii)	Determination of the number of PTI Customer-Facing FTEs by each function, including medical affairs, sales, and any other function defined in the Customer-Facing Activities Plan; 

 

	 	iv)	The development, modifications, and roll out of training materials to be used for the training of the Parties’ Customer-Facing FTEs; 

  
 F-1 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

	 	v)	Establishment of parameters for performance (sales goals, incentive compensation, KOL engagement, etc.), operational metrics (number of calls and targets, % of plans reimbursing the product, etc. ) and measurement of
business goals; and 

  

	 	vi)	All relations and communications with patients and others inquiring about clinical studies or clinical uses of the Licensed Product after the effective date of the Commercialization Activities Agreement in accordance
with a protocol to be mutually agreed upon by the Parties. 

 (c) Biogen Idec will be responsible for managing the
Customer-Facing Activities Plan. Biogen Idec and PTI will be responsible for executing the Customer-Facing Activities Plan. Biogen Idec will update the JCC periodically on the execution and performance of each Party’s Customer-Facing FTEs using
the agreed upon metrics as defined in the Customer-Facing Activities Plan. 
 (d) Biogen Idec will annually review for the JCC whether all
of the Customer-Facing FTEs of each Party are properly trained with respect to the Licensed Product, the Indication(s) that are subject to a Regulatory Approval, and compliance with applicable laws. In addition: 

 

	 	i.	Biogen Idec will determine the number of Customer-Facing FTEs by function as well as the number of Supervisory FTEs by the time of the first filing for Regulatory Approval in the US; 

 

	 	ii.	PTI will have the opportunity to provide up to [***] of all Customer-Facing FTEs (“PTI Customer-Facing FTEs”) unless a higher number is requested by PTI and agreed to by Biogen Idec; 

 

	 	iii.	Biogen Idec will have the right to reasonably determine the qualifications of PTI Customer-Facing FTEs which shall be similar to the qualifications of Biogen Idec Customer-Facing FTEs who are assigned to the same or
similar tasks ; 

  

	 	iv.	PTI will be responsible for hiring PTI Customer-Facing FTEs and PTI Supervisory FTEs; 

  

	 	v.	PTI Customer-Facing FTEs will report into PTI Supervisory FTEs; 

  

	 	vi.	Biogen Idec will have sole control and authority over the training of all PTI Customer-Facing FTEs; 

  
 F-2 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

	 	vii.	Biogen Idec will have sole control and authority over the establishment of standards of performance for all PTI Customer-Facing FTEs s, which will be the same standards of performance as for Biogen Idec Customer-Facing
FTEs, and PTI Customer-Facing FTEs will adhere to all such standards of performance and will be subject to the same disciplinary actions, up to and including termination, as if they were Biogen Idec Customer-Facing FTEs 

2. Commercialization Efforts. Each Party will use Commercially Reasonable Efforts to execute its obligations under the Customer-Facing
Activities Plan in accordance with the License Agreement. 
 3. Recording of Commercialization Activities. PTI’s
employees and representatives will record all Commercialization-related activities in Biogen Idec’s customer relationship management system in the same manner, and following the same rules, as Biogen Idec’s employees. Biogen Idec will own
all Commercialization-related data recorded in Biogen Idec’s customer relationship management system, provided that PTI shall have access to and the right to use all such data for Customer-Facing Activities. If the License Agreement is
terminated by PTI under Section 12.2(c) or (d) or by Biogen Idec under Section 12.2(b)(ii), then Biogen Idec will make customer relationship management system data available to PTI on a non-exclusive basis, solely to the extent that
such data is specific to the terminated Licensed Products. 
 4. Sales Mechanism. All sales of the Licensed Product in the
United States will be booked by Biogen Idec through the Biogen Idec customer relationship management system. If, during the term of the Commercialization Activities Agreement, PTI receives orders from customers for the Licensed Product, it will
refer such orders to Biogen Idec. 
 5. Cost of Customer-Facing Activities. The Parties will share the cost of all Customer-Facing
Activities and Supervisory FTEs for the Licensed Product in accordance with the terms of the Calculation of Profit Share Exhibit E of the License Agreement; provided, however, that 

(a) Cash incentive compensation structures for PTI Customer-Facing FTEs or PTI’s Supervisory FTEs, relating to the Commercialization of
the Licensed Product, will be similar to Biogen Idec’s cash incentive compensation structures for similarly situated personnel of Biogen Idec; 

(b) Biogen Idec will have no obligation to reimburse PTI for that portion of cash salary and benefit costs, if any, of PTI Customer-Facing
FTEs or PTI’s Supervisory FTEs that are in excess of Biogen Idec’s cash salary and benefit compensation levels for Biogen Idec personnel performing the same or similar duties; 

  
 F-3 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 (c) Neither Party will have any obligation to reimburse the other Party for that portion of
compensation paid to such other Party’s Customer-Facing FTEs or Supervisory FTEs for activities unrelated to the Commercialization of the Licensed Product (the manner of calculating and reporting on such allocation of compensation by each Party
shall be reasonably determined by such Party and subject to the approval of the other Party, such approval not to be unreasonably withheld, conditioned or delayed); 

Notwithstanding subsections (a), (b) and (c) in this Section 5, PTI may, in its sole discretion, provide stock or equity-based
compensation structures to PTI Customer-Facing FTEs or PTI’s Supervisory FTEs to the extent and in whatever form it so desires. 
 6.
Training, Promotional Materials and Support. Biogen Idec shall (a) provide the same product and compliance training to PTI Customer-Facing FTEs at a Biogen Idec designated site as it provides to its own Customer-Facing FTE’s;
(b) provide promotional marketing materials and samples of Licensed Product to PTI in quantities sufficient to support PTI’s Customer-Facing Activities; (c) coordinate sales calls with PTI Customer-Facing FTEs and include PTI
Customer-Facing FTEs in the Licensed Product call plan established by Biogen Idec; and (d) provide additional reasonable support as set forth in the Commercialization Activities Agreement. 

7. Material Breach. If PTI is in material breach of its obligations under the Commercialization Activities Agreement and fails to cure
such breach within sixty (60) days after receipt of the written notice from Biogen Idec, then Biogen Idec may terminate PTI’s right to continue to participate in Commercialization activities in the United States with respect to the
Co-Commercialized Product(s) affected by such material breach. The Commercialization Activities Agreement will contain a dispute resolution mechanism that can be invoked if a Party feels that it is not in breach of its obligations under the
Commercialization Activities Agreement. The provisions of this Section 6 will not limit in any way the rights of either Party to (i) seek or obtain any other remedy available under the Commercialization Activities Agreement or under the
License Agreement, at law or in equity for such breach, or (ii) claim any other material breach by the other Party under the Commercialization Activities Agreement or the License Agreement. 

8. PTI Right to Withdraw From Commercialization. PTI may withdraw from continued participation in Commercialization activities in the
United States with respect to one or more Co-Commercialized Product(s) (a) by providing Biogen Idec with [***] advanced written notice, unless a shorter time period is mutually agreed by the Parties and (b) provided that such withdrawal
shall be contingent on Biogen Idec’s agreement on the plan to affect an orderly withdrawal. For purposes of clarity PTI will be responsible for any payments associated arising from such withdrawal and associated with such withdrawal and
transition of activities to Biogen Idec. 

  
 F-4 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 9. Certain Definitions. 

“Customer-Facing Activities Plan” means that part of the Co-Commercialization Plan that deals with Customer-Facing Activities
in the United States, or, if the JCC so determines, a separate plan for the Customer-Facing Activities for each Licensed Product in the United States approved by the JCC (including any further approvals within [***] organization required pursuant to
its internal protocols for the promotion of pharmaceutical products, as consistently applied throughout its organization). 

“Customer-Facing Activities” means, with respect to each Licensed Product, any contact of a representative within the United
States with a medical professional with prescribing authority or other individuals or entities that have a significant impact or influence on prescribing decisions including those entities that are responsible for payment, reimbursement, or pricing,
in an effort to inform such persons about such Licensed Product for its approved uses within the United States. 
 “Customer-Facing
FTE” means, with respect to a Party, an FTE employed by such Party who is engaged in Customer-Facing Activities in the United States. 

“Supervisory FTE” means, with respect to a Party, an FTE employed by such Party who is engaged in overseeing Customer-Facing
FTEs in the United States. 

  
 F-5 

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 Exhibit G 

Harvard Development Milestones 
  

	1)	By September 30, 2013, Licensee accomplished the following with respect to a Licensed Product (details will be provided in the 2013 annual report): 

[***] 
  

	2)	By [***], Licensee will accomplish the following with respect to a Licensed Product: 

 [***]

  

 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH “[***]”. A COMPLETE
VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECRETARY OF THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. 
 Execution Version 
  

 Exhibit H 

Tax Matters Partnership Terms 
  

 
 Summary of Key Terms 

Regarding Tax Partnership Agreement for the Collaboration Agreement 

 
  

Set forth below is a summary of key terms for any tax partnership agreement triggered by PTI’s exercise of the Co-Commercialization
Option pursuant to the Collaboration Agreement (the “Tax Partnership Agreement”). 
  

			
	 1.      Parties
		 •     Biogen: Biogen Idec New Ventures Inc. (or any specified
Affiliate)
  

•     PTI: Proteostasis Therapeutics, Inc. (or any specified Affiliate)

 [***]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}]]