Document:

EX-10.14

 Exhibit 10.14 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
 LICENSE AGREEMENT 

THIS AMENDED AND RESTATED AGREEMENT (hereinafter, the
“Agreement”) is effective as of the 31st day of July, 2017, between the CALIFORNIA INSTITUTE OF
TECHNOLOGY (“Caltech”), a not-for-profit corporation duly organized and existing under the laws of the State of
California with an address at 1200 East California Boulevard, MC 6-32, Pasadena, California 91125 and Avedro, Inc. (“Licensee”), a corporation having a place of business at 230 Third Avenue,
Waltham, Massachusetts 02451 (each a “Party” and together the “Parties”). 

WHEREAS, Licensee obtained an exclusive license to certain Exclusively Licensed Patent Rights, as further
defined below, when the Parties executed the original version of this Agreement (hereinafter, the “Prior Agreement”); 

WHEREAS, said Exclusively Licensed Patent Rights are jointly owned by Caltech and The Regents of the
University of California (“The Regents”); 
 WHEREAS, Caltech and The Regents have
entered into an inter-institutional agreement (“IIA”) effective December 11, 2009, under which Caltech and The Regents agree that Caltech shall administer and commercialize the Exclusively Licensed Patent Rights, and The
Regents agree to not grant to any person (other than Caltech) any right, title, or interest in and to said Exclusively Licensed Patent Rights; 

WHEREAS, for clarity, the Parties wish to amend and restate the Prior Agreement as detailed herein; 

NOW, THEREFORE, the Parties agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1 “Affiliate” means any corporation, limited liability company, or other legal entity which directly or indirectly
controls, is controlled by, or is under common control with Licensee as of the Effective Date of this Agreement. For the purpose of this Agreement, “control” shall mean the direct or indirect ownership of greater than fifty percent
(>50%) of the outstanding shares on a fully diluted basis or other voting rights of the subject entity to elect directors, or if not meeting the preceding, any entity owned or controlled by or owning or controlling at the maximum control or
ownership right permitted in the country where such entity exists. In addition, a party’s status as an Affiliate of Licensee shall terminate if and when such control ceases to exist. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 1.2 “Caltech IP” means the Exclusively Licensed Patent Rights. 

1.3 “Deductible Expenses” means [***]. 

1.4 “Effective Date” means the 19th day of February, 2015, which is the effective date of the Prior Agreement between Caltech
and Licensee. 
 1.5 “Exclusively Licensed Patent Rights” means Caltech’s rights under: (a) all patents and patent
applications listed in Exhibit A attached hereto; (b) any patents issuing therefrom in the Territory; and (c) any patents or patent applications in the Territory claiming a right of priority thereto (including reissues, reexaminations,
renewals, extensions, divisionals, continuations, continued prosecution applications, continuations-in-part (only to the extent that the claims in such continuations-in-part are fully supported under 35 U.S.C. §112 by another patent or patent application in the Exclusively Licensed Patent Rights)). 

1.6 “Field” means corneal cross-linking using ultraviolet light, specifically excluding the use of visible light, and
excluding cross-linking in any non-corneal tissue such as the sclera. 
 1.7 “Keratoconus
Procedure” means a corneal cross-linking procedure for the treatment of keratoconus. 
 1.8 “Licensed Product”
means any product, device, system, article of manufacture, machine, composition of matter, or process or service in the Field that is covered by, or is made by a process covered by, any Valid Claim; for the avoidance of doubt, this includes the
performance of procedures covered by Valid Claims (hereinafter, the “Licensed Procedures”) by third parties under grant of right from Licensee, Affiliates or Sublicensees. 

1.9 “Net Revenues” means [***], received by Licensee, Affiliates, and Sublicensees from the sale or other distribution
(whether commercial or not) of cross-linking agents for Post-Surgical Procedures in the Territory. [***]. 

  
 2. 

 1.10 “Post-Surgical Procedure” means a corneal cross-linking procedure that
is substantially concurrent with corneal surgically invasive corrective procedures, including, but not limited to, laser-assisted in situ keratomileusis (LASIK) or photorefractive keratectomy (PRK). For the avoidance of doubt, Post-Surgical
Procedures do not include Keratoconus Procedures or the act of removing or otherwise displacing corneal epithelium during cross-linking procedures for the purpose of directly accessing underlying corneal tissue for generating cross-linking activity.

 1.11 “Royalty-bearing Products” means cross-linking agents sold or otherwise distributed by Licensee, Affiliates or
Sublicensees to third parties performing in the Territory cross-linking procedures in the Field that are either Post-Surgical Procedures or Keratoconus Procedures (Post-Surgical Procedures and Keratoconus Procedures collectively are hereinafter
“Royalty-bearing Procedures”). If Licensee, Affiliates or Sublicensees do not sell or otherwise distribute cross-linking agent(s) to a third party in connection with a performance of the Royalty-bearing Procedures in the Territory,
“Royalty-bearing Products” means any product sold or otherwise distributed by Licensee, Affiliates or Sublicensees to the third party that provides a grant of right to the third party for the performance of the Royalty-bearing Procedures.

 1.12 “Sublicensee” means any person or entity sublicensed, or granted an option for a sublicense, by Licensee under this
Agreement. 
 1.13 “Sublicensing Revenue” means cash consideration and cash value of all equity consideration valued at fair
market value, that Licensee and/or Affiliates receive from a Sublicensee in consideration for, and to the extent attributable to, the grant of a sublicense under the Caltech IP that is not a royalty payment. Sublicensing Revenue includes, but is not
limited to, license fees, license maintenance fees, milestone payments, and other payments that Licensee receives (including payments for technical assistance and the like). Such Sublicensing Revenue specifically shall not include payments made by a
Sublicensee solely (a) in consideration of equity or debt securities of Licensee sold at market value; (b) to support research or development activities to be undertaken by Licensee; (c) upon the achievement by Licensee of specified
milestones or benchmarks relating to the development of Licensed Products (excluding milestones tied to sales or marketing performance, which shall be subject to the percentage-based payments to Caltech herein); (d) for pilot studies; (e) for
the license or sublicense of any intellectual property other than Caltech IP; (I) for products other than Licensed Products; or (g) for reimbursement for patent or other expenses. All Sublicensing Revenue that Licensee receives in the form
of equity that is payable to Caltech shall be converted to cash based on its fair market value. 

  
 3. 

 1.14 “Territory” means the United States of America. 

1.15 “Valid Claim” means: 

(a) a claim of an issued patent within the Exclusively Licensed Patent Rights that has not: 

(i) expired or been canceled, 

(ii) been finally adjudicated to be invalid or unenforceable by a decision of a court or other appropriate body of competent jurisdiction (and
from which no appeal is or can be taken), 
 (iii) been admitted to be invalid or unenforceable through reissue, disclaimer or otherwise, or

 (iv) been abandoned in accordance with, or as permitted by, the terms of this Agreement or by mutual written agreement; or 

(b) a claim included in a pending patent application within the Exclusively Licensed Patent Rights, which claim is being actively prosecuted in
accordance with this Agreement and which has not been: 
 (i) canceled, 

(ii) withdrawn from consideration, 

(iii) finally determined to be unallowable by the applicable governmental authority (and from which no appeal is or can be taken), or 

(iv) abandoned in accordance with, or as permitted by, the terms of this Agreement or by mutual written agreement. 

  
 4. 

 ARTICLE 2 

LICENSE GRANT 
 2.1
Grant of Rights. Caltech hereby grants to Licensee and its Affiliates an exclusive, royalty-bearing license under the Exclusively Licensed Patent Rights to make, have made, import, use, sell, and offer for sale Licensed Products in the
Field in the Territory. Licensee and its Affiliates have the right hereunder to grant a third party the right to perform Licensed Procedures, but only in conjunction with a sale of Licensed Product(s) to the third party. This license is personal to
and nontransferable by Licensee, except as provided in Article 6. Rights not explicitly granted herein are reserved by Caltech. 
 2.2
Reservation of Rights; Government Rights. These licenses are subject to: (a) the reservation of Caltech’s and The Regents’ right to make, have made, import, and use Licensed Products for noncommercial educational and
research purposes, but not for commercial sale or other commercial distribution to third parties; and (b) any existing right of the U.S. Government under Title 35, United States Code, Section 200 et seq. and under 37 Code of Federal
Regulations, Section 401 et seq., including but not limited to the grant to the U.S. Government of a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced any invention
conceived or first actually reduced to practice in the performance of work for or on behalf of the U.S. Government throughout the world. Licensed Products shall be substantially manufactured in the United States to the extent (if at all) required by
35 U.S.C. Section 204. In addition, Caltech and The Regents reserve the right to grant the Exclusively Licensed Patent Rights and associated technology to other non-profit institutions for educational and
research purposes, including clinical research. 
 2.3 Sublicensing. Licensee has the right hereunder to grant sublicenses to
third parties, but Sublicensees shall not have the right to grant further sublicenses, and the sublicenses may be of no greater scope than the licenses granted under Section 2.1. 

Licensee shall require that all sublicenses: 

(a) are subject to the terms and conditions of this Agreement; and 

(b) contain the Sublicensee’s acknowledgment of the disclaimer of warranty and limitation on Caltech’s liability, as provided by
Articles 9 and 13 below; and 
 (c) contain provisions under which the Sublicensee accepts duties at least equivalent to those accepted by
the Licensee in the following Sections: 5.11-5.12 (duty to keep records); 8.7 (duty to properly mark Licensed Products with patent numbers); 9.4 (duty to defend, hold harmless, and indemnify Caltech); 13.2
(duty to maintain insurance); 14.8 (duty to restrict the use of Caltech’s name); and 14.9 (duty to control exports). 

  
 5. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 Licensee shall not receive, or agree to receive, anything of value in lieu of cash or equity
from a third party under a sublicense granted pursuant to this Section 2.3, without Caltech’s express prior written permission which shall not be unreasonably withheld. 

Licensee shall furnish Caltech within [***] of the execution thereof a true and complete copy of each sublicense and any changes or additions
thereto. Licensee shall inform Caltech of each sublicensee’s entity status for the determination of fees payable to the U.S. Patent and Trademark Office (USPTO). 

Any sublicenses granted by Licensee shall survive termination of the licenses granted in Section 2.1, or of this Agreement, provided that
the following conditions are met as of the date of such termination: 
 (a) the written agreement between Licensee and Sublicensee pursuant
to which the sublicense was granted (i) obligates the Sublicensee to thereafter render to Caltech all sublicense royalties or other sublicense-related consideration that the Sublicensee would have owed to Licensee under the sublicense,
(ii) names Caltech as a third party beneficiary, and (iii) affirms that Licensee shall remain responsible for all obligations to Sublicensee (other than those requiring Licensee to hold a license under the Exclusively Licensed Patent
Rights) unless Caltech (at its discretion) elects to assume such obligations; 
 (b) Licensee informs the Sublicensee in writing (with a copy
to Caltech) that the Sublicensee’s obligations pursuant to (a) are in effect as a result of the termination; and 
 (c) the
sublicense was granted in accordance with the sublicensing provisions of this Agreement. 
 Licensee shall be responsible for collecting and
paying to Caltech all royalties on Net Revenues and Sublicensing Revenues owed by all Sublicensees. 
 2.4 No Other Rights
Granted. The Parties agree that neither this Agreement, nor any action of the Parties related hereto, may be interpreted as conferring by implication, estoppel or otherwise, any license or rights under any intellectual property rights of
Caltech or The Regents other than as expressly and specifically set forth in this Agreement, regardless of whether such other intellectual property rights are dominant or subordinate to the Exclusively Licensed Patent Rights. 

  
 6. 

 2.5 Preferential Purchaser Status. Caltech shall be entitled to purchase
Licensed Products from Licensee for educational, research or other noncommercial purposes on pricing terms that are at least as favorable as any commercial pricing made available by Licensee to any third party. 

ARTICLE 3 
 RESERVED

 ARTICLE 4 

PROSECUTION OF PATENT APPLICATIONS AND 

PAYMENT OF PATENT COSTS 

4.1 Prosecution by Caltech. Caltech shall use reasonable efforts, consistent with its normal practices, to prosecute any and all
patent application(s) included in the Exclusively Licensed Patent Rights licensed hereunder, provided that Licensee is reimbursing patent expenses in accordance with Sections 4.3 and 4.4. Licensee may recommend patent counsel for this purpose.
Caltech shall permit Licensee to review and request modifications on all patent applications and claims made therein, and Caltech shall make reasonable efforts to implement modifications thereto as may be requested by Licensee prior to filing. 

4.2 Prosecution by Licensee. If Caltech declines to file, prosecute or maintain a patent or patent application in the Exclusively
Licensed Patent Rights, then Licensee may elect, if Caltech consents, to assume responsibility for such filing, prosecution or maintenance at its expense in Caltech’s name, with Caltech remaining the client of record with the prosecuting
attorney(s). Licensee shall fully cooperate with any and all other licensees, if any, of the patent or patent application. Caltech agrees to fully cooperate with Licensee in filing, prosecuting, and maintaining any such patent applications and
patents, and Caltech agrees to execute any documents as shall be necessary for such purpose, and not to impair in any way the patentability of any of the foregoing. 

  
 7. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 4.3 Past Patent Costs. Licensee shall reimburse Caltech for [***] percent
([***]%) of all reasonable expenses (including attorneys’ fees) incurred by Caltech prior to the Effective Date for the filing, prosecution and maintenance, interference or reexamination proceedings, of the Exclusively Licensed Patent Rights.
All amounts owed under this Section 4.3 shall be due within [***] after Licensee receives Caltech’s invoice. Past patent costs as of the Effective Date are [***] dollars and [***] cents ($[***]), of which Licensee shall reimburse Caltech
[***] dollars and [***] cents ($[***]). 
 4.4 Ongoing Patent Costs. Licensee shall reimburse Caltech for [***] percent
([***]%) of all fees and costs relating to ongoing filing, prosecution and maintenance, interference or reexamination proceedings of the Exclusively Licensed Patent Rights that are not included in Section 4.3 above. Such reimbursement shall be
made within [***] of receipt of Caltech’s invoice. Should Licensee wish to terminate its license to any particular patent application or patent, Licensee may elect to do so by providing written notice to Caltech at least [***] in advance.
Licensee is responsible for all patent costs incurred up until the date of its election and Licensee’s subsequent reimbursement obligations of the ongoing patent costs with respect to the said patent application or patent will be terminated.
Upon such election, Caltech may, at its option, continue such prosecution or maintenance, although any patent or patent application resulting from such prosecution or maintenance will thereafter no longer be subject to the licenses granted in
Section 2.1 hereunder. In the absence of proper election as described above, non-payment of any portion of patent costs, whether to Caltech or directly to the prosecuting law firm, will be considered
monetary breach pursuant to Section 10.2. 
 ARTICLE 5 

CONSIDERATION 
 5.1
Timing and Computation. All royalties hereunder (except for annual minimum royalties) shall be computed on a quarterly basis for the quarters ending March 31st, June 30th, September 30th, and December 31st of each calendar year. Royalties for each such quarter
shall be due and payable within [***] after the end of such quarter. 
 5.2 License Issue Fee. Licensee shall pay to Caltech a
License Issue Fee in the amount of [***] dollars ($[***]). The License Issue Fee is nonrefundable and is due [***] from the complete execution of the Prior Agreement made effective on the 19th day
of February, 2015. 

  
 8. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 5.3 Royalty on Valid Claims for Post-Surgical Procedures. Licensee shall pay
Caltech a royalty of [***] percent ([***]%) of Net Revenues from the sale or other distribution (whether commercial or not) of cross-linking agents for Post-Surgical Procedures in the Territory. Royalties due under this Section 5.3 shall be
payable on a Product-by-Product basis until the expiration of the last-to-expire issued
Valid Claim covering such Royalty-bearing Product. 
 5.4 Royalty on Valid Claims for Keratoconus Procedures. Licensee shall
pay Caltech a [***] royalty of [***] per treatment on the sale of cross-linking agents for Keratoconus Procedures in the Territory on or after [***]. Royalties due under this Section 5.4 shall be payable on a Product-by-Product basis until the expiration of the last-to-expire issued Valid Claim covering such Royalty-bearing Product.

 5.5 Royalty on Sublicensing Revenue. Licensee shall pay Caltech [***] percent ([***]%) of the Sublicensing Revenue. 

5.6 Minimum Annual Royalties for Post-Surgical Procedures. A minimum annual royalty (“MAR”) for Post-Surgical
Procedures is due to Caltech on January 1 of each year, starting with the first January 1 after FDA approval of Licensee’s application for the intraoperative use of crosslinking in conjunction with a LASIK procedure (“FDA
Application”). For the period between the date of approval of the FDA application and the following January 1 (“First MAR Date”), the MAR shall be [***] dollars ($[***]) multiplied by the number of days in the period (non-inclusive) and divided by the number of days in the year. The MAR for each subsequent year shall be: 
  

			
	 Year from First MAR Date
	  	 Royalty due

		
	[***] [***]	  	dollars ($[***])
		
	[***] [***]	  	dollars ($[***])
		
	[***] [***]	  	dollars ($[***])
		
	[***] [***]	  	dollars ($[***])
		
	[***] [***]	  	dollars ($[***])
		
	[***] and subsequent	  	[***] dollars ($[***])

 Any royalties paid under Section 5.3 and Section 5.5 for Post-Surgical Procedures for the one-year period preceding the date of payment of a MAR shall be creditable against the MAR. Caltech shall have the right to terminate this Agreement pursuant to Section 102 (Termination for Monetary Breach) for
failure to pay such MAR. 

  
 9. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 5.7 Milestone Payments. The following milestone payments shall be due: 

• [***] 
 • [***] 

5.8 Minimum Annual Royalties for Keratoconus Procedures. A MAR of [***] dollars ($[***]) for Keratoconus Procedures is due to
Caltech on January 1 of each year, starting January 1, 2018. Any royalties paid under Section 5.4 and Section 5.5 for Keratoconus Procedures for the one-year period preceding the date of
payment of a MAR shall be creditable against the MAR. Caltech shall have the right to terminate this Agreement pursuant to Section 10.2 (Termination for Monetary Breach) for failure to pay such MAR. 

5.9 [***]. 
 5.10
Currency Conversion. For the purpose of determining royalties payable under this Agreement, any royalties or other revenues Licensee receives from Sublicensees in currencies other than U.S. dollars and any Net Revenues denominated in
currencies other than U.S. dollars shall be converted into U.S. dollars according to the noon buying rate of the Federal Reserve Bank of New York on the last business day of the quarterly period for which such royalties are calculated. 

5.11 Recordkeeping and Audits. Licensee shall keep complete and accurate production and accounting records relating to
commercialization (including via sublicensing) of Royalty-bearing Products and calculation of Net Revenues. Caltech shall be entitled to periodically audit such records, during Licensee’s normal business hours, to determine Licensee’s
compliance with the provisions of this Article 5. Licensee shall reimburse Caltech one hundred percent (100%) of any unpaid royalties resulting from any noncompliance discovered as a result of any such audit; [***]. Such audits shall be at
Caltech’s expense, and shall occur no more than once annually, except that in the case of any underpayment exceeding [***] percent ([***]%) of the amount actually paid: (a) Licensee shall reimburse Caltech for the cost of such audit;
[***]. Licensee must flow this requirement down to all Sublicensees. 

  
 10. 

 5.12 Royalty Reports. For so long as royalties are payable under this
Agreement, Licensee shall provide a royalty report in writing to Caltech on or before April 30th, July 31st, October 31st, and January 31st of each year. The report shall include, for all Royalty-bearing Products that are sold or otherwise distributed by Licensee,
Affiliates, and each Sublicensee in the Territory: 
 (a) a description of all Royalty-bearing Products; 

(b) number of Royalty-bearing Products sold; 

(c) total revenues from each of the Royalty-bearing Products received by Licensee, Affiliates, and Sublicensees; 

(d) Deductible Expenses for each of the Royalty-bearing Products; 

(e) Net Revenues from Royalty-bearing Products; 

(f) royalties on Net Revenues due to Caltech; 

(g) Sublicensing Revenue, including supporting data; 

(h) foreign currency conversion rate and calculations (if applicable) and total royalties due; and 

(i) names and contact information for all Sublicensees having a sublicense or option therefor any time during the particular royalty period.

 Each such report shall also set forth an explanation of the calculation of the royalties payable hereunder and be accompanied by payment of the royalties
shown by said report to be due Caltech. 
 ARTICLE 6 

ASSIGNMENT AND TRANSFER 

6.1 “Assign” (including all variations thereof) shall mean to transfer, including Assignment of rights and delegation of
duties. 
 6.2 Assignment by Caltech. This Agreement shall be binding upon and inure to the benefit of any successor or
Assignee of Caltech. 

  
 11. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 6.3 Assignment by Licensee. Licensee cannot Assign this Agreement without the
prior written consent of Caltech, except that Licensee may Assign this Agreement without the prior written consent of Caltech to any Affiliate or any successor of, or purchaser of substantially all of, the assets or operations of its business to
which this Agreement pertains. Any permitted Assignee of Licensee shall succeed to all of the rights and obligations of Licensee under this Agreement. 

6.4 Any Other Assignment by Licensee. Any other attempt to Assign this Agreement or to pledge any of the license rights granted
in this Agreement as security for any creditor by Licensee is null and void from the beginning. 
 6.5 Conditions of
Assignment. Prior to any Assignment to a non-Affiliate, the following conditions must be met: 

(a) Licensee must give Caltech [***] prior written notice of the assignment, including the new Assignee’s contact information; and 

(b) the new Assignee must agree in writing to Caltech to be bound by this Agreement; and 

(c) Caltech must have provided written permission to Assign the agreement (except as provided in Section 6.3), and (i) [***]; or (ii)
[***], Caltech and Licensee agree to amend this Agreement in good faith to address the [***] prior to the Assignment of this Agreement. 

6.6 After the Assignment. Upon a permitted Assignment by Licensee of this Agreement pursuant to this Article, Licensee will be
released of liability under this Agreement and the term “Licensee” in this Agreement will mean the Assignee. 
 ARTICLE 7

 DUE DILIGENCE 

7.1 Commercialization. Licensee agrees to use its best efforts to commercially introduce at least one Royalty-bearing Product in
the Field as soon as practical. Licensee shall be deemed to have satisfied its obligations under this Section 7.1 if Licensee has an ongoing and active research, development or marketing program, directed primarily toward commercial

  
 12. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 
production, use, and sale of one or more Royalty-bearing Products in the Territory, and if Licensee has met or is acting diligently to meet the milestone event estimated dates in Exhibit B. Any
efforts of Licensee’s Affiliates or Sublicensees shall be considered efforts of Licensee for the sole purpose of determining Licensee’s compliance with its obligations under this Section 7.1. 

7.2 Mandatory Sublicense. If Licensee does not meet a milestone event in Exhibit B by the corresponding estimated date, Licensee
shall have a period of [***] (“Cure Period”) from the corresponding estimated date to meet such milestone event. If at the expiration of such Cure Period, Licensee has not met such milestone event, then, for so long as Licensee does
not meet such milestone event: 
 (a) [***] 

(b) [***] 
 7.3
Reporting. On each yearly anniversary of the Effective Date, Licensee shall issue to Caltech a detailed written report on its progress in introducing commercial Royalty-bearing Products. Such report shall include any milestone that has
been achieved, and any milestone that was due but not achieved. The report will be considered confidential information of Licensee subject to Article 11. 

7.4 Failure to Commercialize. If Licensee is not fulfilling its obligations under Section 7.1 with respect to the Field in
the Territory, and Caltech so notifies Licensee in writing, Caltech and Licensee shall negotiate in good faith any additional efforts to be taken by Licensee. If the Parties do not reach agreement within [***] of Caltech’s written notice,
Caltech may terminate this Agreement pursuant to Article 10 and subject to Section 7.2. 
 ARTICLE 8 

LITIGATION 
 8.1
Enforcement. Both Caltech and Licensee agree to promptly notify the other in writing should either Party become aware of possible infringement by a third party of the Exclusively Licensed Patent Rights in the Field. Caltech shall also
notify The Regents. Upon notice and exchange of evidence of such infringement, Licensee shall have the first right to pursue an enforcement action. Licensee will have all rights required by law to initiate an 

  
 13. 

 
enforcement action in Licensee’s name only and at Licensee’s expense. Licensee shall be entitled to solely control any such action initiated by it, but will keep Caltech apprised of the
status of such action or suit, and will consult with Caltech should any issues arise in litigation that may be impactful to Caltech and/or other Caltech licensees. If despite the transfer of all substantial rights from Caltech to Licensee hereunder
Caltech is required by law to join in such an action, or is subject to discovery requests in such an action, Caltech will do so provided that: (a) Caltech has the option to be represented by outside counsel of its choice; and (b) Licensee
shall reimburse Caltech for all reasonable out-of-pocket expenses (including Caltech’s outside counsel) and all internal Caltech expenses in connection with the
action. Licensee may take appropriate action to terminate or prevent the infringement provided, however, that Licensee may not bring an action or enter into a settlement agreement with an accused infringer without prior written approval of Caltech,
where reasonable approval will not be withheld. In no event may The Regents be joined in any suit without its prior written consent. 
 8.2
Other Defensive Litigation. If a declaratory judgment action alleging invalidity, unenforceability or non-infringement of any of the Exclusively Licensed Patent Rights is brought against Licensee
and/or Caltech, Licensee shall have the first right to control the defense of such action at its own expense. Caltech may elect to control the defense of such action if Licensee declines to do so, and if Caltech so elects it shall bear all the costs
of the action and shall make settlements only in consultation with Licensee. Licensee shall also have the first right to control the defense of any interference, opposition or similar patent office procedure with respect to the Exclusively Licensed
Patent Rights, and shall bear all the costs thereof, and shall make settlements for the aforementioned in reasonable consultation with and with the written consent of Caltech. 

8.3 Cooperation. In the event either Party takes control of a legal action or defense pursuant to Sections 8.1 or 82 (thus
becoming the Controlling Party), the non-controlling Party shall fully cooperate with and supply all assistance reasonably requested by the Controlling Party, including by: (a) using commercially
reasonable efforts to have its employees consult and testify when requested; (b) making available relevant records, papers, information, samples, specimens, and the like; and (c) joining any such action in which it is determined to be an
indispensable or necessary party. The Controlling Party shall bear the reasonable expenses (including salary and 

  
 14. 

 travel costs) incurred by the non-controlling Party in providing
such assistance and cooperation. The Controlling Party shall keep the non-controlling Party reasonably informed of the progress of the action or defense. If the
non-controlling Party is not required by law to join the action, that Party shall nevertheless be entitled to participate in such action or defense at its own expense and using counsel of its choice. As a
condition of controlling any action or defense involving the Exclusively Licensed Patent Rights pursuant to Sections 8.1 or 8.2, Licensee shall use its best efforts to preserve the validity and enforceability thereof. 

8.4 Settlement. If Licensee controls any action or defense under Section 8.1 or 82, then Licensee shall have the right to
settle any claims thereunder, but only upon terms and conditions that Licensee consulted with Caltech and for which Licensee used reasonable efforts to incorporate Caltech’s commercially reasonable suggestions. Should Licensee elect to abandon
such an action or defense other than pursuant to a settlement with the alleged infringer that is reasonably acceptable to Caltech, Licensee shall give timely advance notice to Caltech which, if it so desires, may continue the action or defense. If
Caltech controls any action or defense under Section 8.1 or 8.2, Caltech may not enter into a settlement agreement with a third party without prior written approval of Licensee for any settlement term(s) that may affect any claims that Licensee
has or may have against the third party. 
 8.5 Recoveries. Any amounts paid by third parties to Caltech or Licensee as the
result of an enforcement of the Exclusively Licensed Patent Rights under an action or defense pursuant to Sections 8.1 or 8.2 (including in satisfaction of a judgment or pursuant to a settlement) shall (a) first be applied to reimbursement of
professional fees and expenses (e.g., attorneys’ fees and expert fees) including associated costs incurred by each Party; and (b) second to Caltech and Licensee as follows: 

(i) If Licensee is the lead or controlling Party, Licensee shall recover all amounts awarded to Licensee on the basis of
Licensee’s claim(s) for damages (including without limitation lost profits or royalties) in the action or defense, and Caltech shall be paid any royalties on the amount recovered by Licensee under 8 .5(b)(i) that would have been due to it under
Article 5; and 

  
 15. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 (ii) If Caltech is the lead or controlling Party, Caltech shall retain [***]
percent ([***]%) of the amounts awarded to Caltech on the basis of Caltech’s claims(s) for damages in the action or defense, and distribute the remainder to Licensee. 

To the extent that exemplary damages, punitive damages, or other amounts not falling under 85(b) are awarded, such amounts shall be allocated to Licensee and
Caltech as agreed by the Parties according to negotiation in good faith prior to the action or defense, or as ordered by a court or other tribunal. Factors to be considered in such negotiation include, but are not restricted to, the extent to which
each Party is participating, including each Party’s financial and non-financial involvement, risk, and efforts. For the avoidance of doubt, any amounts that are recovered without specifying an allocation
between the Parties, for example in a settlement payment, shall be allocated as agreed by the Parties according to the above-mentioned negotiation. 

8.6 Infringement Defense. If Licensee, its Affiliate or Sublicensee, distributor or other customer is sued by a third party
charging infringement of patent rights that cover a Licensed Product, Licensee will promptly notify Caltech. Licensee will have sole discretion regarding the defense and/or settlement of same, and will be responsible for the expenses associated with
same. 
 8.7 Marking. Licensee agrees to mark the Licensed Products with the numbers of applicable issued patents within the
Exclusively Licensed Patent Rights, unless such marking is commercially infeasible in accordance with normal commercial practices in the Field, in which case the Parties shall cooperate to devise a commercially reasonable alternative to such
marking. 
 8.8 Expiration or Abandonment. In a case where one or more patents or particular claims thereof within the
Exclusively Licensed Patent Rights expire, or are abandoned, or are declared invalid or unenforceable by a court of last resort or by a lower court from whose decree no appeal is taken, or certiorari is not granted within the period allowed
therefor, then the effect thereof hereunder shall be: 
 (a) that such patents or particular claims shall, as of the date of expiration or
abandonment or final decision as the case may be, cease to be included within the Exclusively Licensed Patent Rights for the purpose of this Agreement; and 

  
 16. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 (b) that such construction so placed upon the Exclusively Licensed Patent Rights by the court
shall be followed from and after the date of entry of the decision, and royalties shall thereafter be payable by Licensee only in accordance with such construction. 

8.9 Adjustment. In the event that any of the contingencies provided for in Section 8.8 occurs, Caltech agrees to renegotiate
in good faith with Licensee a reasonable royalty rate under the remaining Exclusively Licensed Patent Rights which are unexpired and in effect and under which Licensee desires to retain a license. 

8.10 Licensee Challenges. If Licensee or any of its Affiliates brings an action or proceeding, or assists any third party in
bringing an action or proceeding, seeking a declaration or ruling that any claim in any of the Exclusively Licensed Patent Rights is invalid or unenforceable, or asserts that any product does not infringe the Exclusively Licensed Patent Rights: 

(a) during the pendency of such action or proceeding, the royalty rate will be increased to double the royalty rate set forth in
Section 5.3; 
 (b) should the outcome of such action or proceeding determine that any claim of a Licensed Patent challenged by Licensee
is valid, enforceable, and/or infringed by a Licensed Product, the royalty rate will be increased to triple the royalty rate set forth in Section 5.3 and Licensee shall pay Caltech’s attorneys’ fees, expert witness fees, court costs,
third-party costs, and other litigation expenses; 
 (c) Licensee shall have no right to recoup any royalties paid before such action or
proceeding or during the period in which such action or proceeding is pending (including on appeal); 
 (d) Licensee shall not pay royalties
into any escrow or other similar account, but rather shall continue to pay royalties directly to Caltech; and 
 (e) Caltech shall have full
control and authority to defend the Exclusively Licensed Patent Rights in the action or proceeding. 
 Licensee shall provide written notice
to Caltech at least [***] before Licensee or any of its Affiliates initiates any action or proceeding seeking a declaration or ruling that any claim of any Licensed Patent is invalid or unenforceable or that any product would not infringe (but for
this Agreement) any claim in the Exclusively Licensed Patent Rights. Licensee will include with such written notice an identification of all prior art it believes is material. 

  
 17. 

 Any dispute regarding the validity or enforceability of any of the Exclusively Licensed
Patent Rights, or whether any product would infringe (but for this Agreement) any claim in the Exclusively Licensed Patent Rights, shall be litigated exclusively in the U.S. District Court for the Central District of California situated in the
County of Los Angeles, and each Party hereby agrees to submit to the exclusive jurisdiction of such court, and waives any objection to venue, for such purposes. 

ARTICLE 9 

REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION 

9.1 Representations and Warranties of Caltech. Caltech hereby represents and warrants to Licensee that, to the knowledge of
Caltech’s Office of Technology Transfer, as of the Effective Date: 
 (a) there are no outstanding exclusive licenses, exclusive options
or exclusive agreements of any kind relating to the Exclusively Licensed Patent Rights in the Field, other than pursuant to this Agreement herein; 

(b) Caltech has the power to grant the rights, licenses and privileges granted herein and can perform as set forth in this Agreement without
violating the terms of any agreement that Caltech has with any third party. 
 9.2 Exclusions. The Parties agree that nothing
in this Agreement shall be construed as, and CALTECH AND THE REGENTS HEREBY DISCLAIM ANY EXPRESS OR IMPLIED REPRESENTATION, WARRANTY, COVENANT, OR OTHER OBLIGATION: 

(a) THAT ANY PRACTICE BY OR ON BEHALF OF LICENSEE OF ANY INTELLECTUAL PROPERTY LICENSED HEREUNDER IS OR WILL BE FREE FROM INFRINGEMENT OF
RIGHTS OF THIRD PARTIES; 

  
 18. 

 (b) AS TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR
NONINFRINGEMENT OF THIRD PARTY RIGHTS, WITH RESPECT TO ANY TECHNOLOGY PROVIDED BY CALTECH TO LICENSEE HEREUNDER. 
 9.3 Indemnification
by Caltech. Caltech shall indemnify, defend and hold harmless Licensee from and against any and all losses, damages, costs and expenses (including attorneys’ fees) arising out of a material breach by Caltech of its representations and
warranties (“Indemnification Claims”), except to the extent involving or relating to a material breach by Licensee of its representations and warranties, provided that: (a) Caltech is notified promptly of any Indemnification
Claims; (b) Caltech has the sole right to control and defend or settle any litigation within the scope of this indemnity; and (c) all indemnified parties cooperate to the extent necessary in the defense of any Indemnification Claims. The
foregoing shall be the sole and exclusive remedy of Licensee for breach of Section 9.1. 
 9.4 Indemnification by
Licensee. Licensee shall indemnify, defend and hold harmless Caltech and The Regents, their trustees, officers, agents and employees, and the sponsors of the research leading to the inventions covered by the Exclusively Licensed Patent
Rights, from and against any and all losses, damages, costs and expenses (including reasonable attorneys’ fees) arising out of third party claims brought against Caltech, The Regents, or the sponsors of the research relating to the manufacture,
sale, licensing, distribution or use of Licensed Products by or on behalf of Licensee or its Affiliates, except to the extent involving or relating to a material breach by Caltech of its representations and warranties. 

9.5 Certain Damages. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, OR INDIRECT DAMAGES
ARISING OUT OF THIS AGREEMENT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY. FURTHERMORE, THE REGENTS SHALL NOT BE LIABLE TO LICENSEE FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, OR INDIRECT DAMAGES ARISING OUT OF THIS AGREEMENT, HOWEVER CAUSED,
UNDER ANY THEORY OF LIABILITY. 

  
 19. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 ARTICLE 10 

TERM AND TERMINATION 
 10.1
Term. This Agreement and the rights and licenses hereunder shall take effect on the Effective Date and continue until the later of: (1) the expiration, revocation, invalidation, or unenforceability of the Exclusively Licensed
Patent Rights licensed to Licensee hereunder, or (2) the date that royalties are no longer due pursuant to Article 5 of this Agreement, unless earlier terminated pursuant to the terms of this Agreement. 

10.2 Termination for Monetary Breach. Caltech shall have the right to terminate this Agreement and the rights and licenses
hereunder if Licensee fails to make any payment due including patent expenses, minimum annual royalties or royalties hereunder and Licensee continues to fail to make the payment (either to Caltech directly or by placing any disputed amount into an
interest-bearing escrow account to be released when the dispute is resolved) for a period of [***] after receiving written notice from Caltech specifying Licensee’s failure. Upon any such termination, (a) Licensee shall have [***] to
complete the manufacture of any Licensed Products that are then works in progress for sale and to sell its inventory of Licensed Products, provided that Licensee pays the applicable royalties, and (b) any sublicenses shall survive termination
in accordance with Section 2.3. 
 10.3 Termination for Non-Monetary Breach. Non-monetary breach shall include, but is not limited to: (a) failure to fulfill the obligations in Article 7 (Due Diligence), or Section 8.7 (Marking); and (b) pursuit of exploitation of Exclusively
Licensed Patent Rights outside the Field. Non-monetary breach shall include the cessation of Licensee’s operations in general, or the cessation of Licensee’s commercial activities in the Field in
particular. If this Agreement is materially breached by either Party, the non-breaching Party may elect to give the breaching Party written notice describing the alleged breach. If the breaching Party has not
cured such breach within [***] after receipt of such notice or, if applicable, according to the provisions of Section 7.2, the notifying Party will be entitled, in addition to any other rights it may have under this Agreement, to terminate this
Agreement and the rights and licenses hereunder, and if applicable, subject to the provision of Section 7.2; such termination shall be deemed to have been effective as of the date of the notice. 

  
 20. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 10.4 Bankruptcy or Insolvency. This Agreement shall terminate, without notice,
(a) upon Licensee’s filing for bankruptcy, receivership or bankruptcy proceedings or any other proceedings for the settlement of Licensee’s debts; (b) upon Licensee making an assignment for the benefit of creditors; or
(c) upon Licensee’s dissolution or ceasing to do business. Caltech may terminate this Agreement upon the insolvency of the Licensee. Licensee must inform Caltech of its intention to file a voluntary petition of bankruptcy, or of
another’s intention to file an involuntary petition of bankruptcy, at least [***] prior to the filing of such a petition. Licensee’s filing without conforming to this requirement shall be deemed a material,
pre-petition incurable breach of this Agreement which will cause this Agreement to terminate without notice upon such filing. 

10.5 Accrued Liabilities. Termination of this Agreement for any reason shall not release any Party hereto from any liability
which, at the time of such termination, has already accrued to the other Party or which is attributable to a period prior to such termination, nor preclude either Party from pursuing any rights and remedies it may have hereunder or at law or in
equity which accrued or are based upon any event occurring prior to such termination. 
 10.6 Survival. The following shall
survive any expiration or termination (in whole or in part) of this Agreement: (a) any provision plainly indicating that it should survive; (b) any royalty due and payable on account of activity prior to the termination; and
(c) Sections or Articles 5.11, 9, 11, 12, 13, and 14.7. 
 ARTICLE 11 

CONFIDENTIALITY 
 11.1
Nondisclosure and Nonuse. Each Party agrees not to disclose any of the terms of this Agreement to any third Party without the prior written consent of the other Party. 

11.2 Permitted Disclosures. Notwithstanding the foregoing, each Party may disclose: (a) confidential information as required
by securities or other applicable laws or pursuant to governmental proceedings, provided that the disclosing Party gives advance written notice to the other Party and reasonably cooperates therewith in limiting the disclosure to only those third
parties having a need to know; and (b) the fact that Licensee has been granted a license under the Exclusively Licensed Patent Rights. 

  
 21. 

 ARTICLE 12 

DISPUTE RESOLUTION 
 12.1
No issue of the validity of any of the licensed patents, enforceability of any of the licensed patents, infringement of any of the licensed patents, the scope of any of the claims of the licensed patents, and/or any dispute that includes any such
issue, shall be subject to mediation under this Agreement unless otherwise agreed by the Parties in writing. In addition, no dispute between the Parties as to any matter relating to this Agreement shall be subject to arbitration unless otherwise
agreed by the Parties in writing. 
 12.2 Except for those issues and/or disputes described in Section 10.2, any dispute between the
Parties concerning the interpretation, construction or application of any terms, covenants or conditions of this Agreement shall be resolved by mediation. 

12.3 Mediation shall be in the Los Angeles office of ADR Services, Inc. (http://www.adrservices.org/) before an attorney or a retired
judge with experience in intellectual property or patent matters, and contract, commercial or business disputes, selected by the Parties from candidates proposed by ADR Services, Inc. in accordance with the ADR Mediation Rules and Procedures in
force at the time the mediation is initiated. 
 12.4 The requirement for mediation shall not be deemed a waiver of any right of termination
under this Agreement. 
 12.5 Each Party shall bear its own expenses incurred in connection with any attempt to resolve disputes hereunder,
but the compensation and expenses of the mediator shall be borne equally. 
 ARTICLE 13 

PRODUCT LIABILITY 
 13.1
Indemnification. Licensee agrees that Caltech, The Regents, and the sponsors of the research leading to the inventions covered by the Exclusively Licensed Patent Rights (including their trustees, officers, faculty and employees) shall
have no liability to Licensee, its Affiliates, their customers, or any third party for any claims, demands, losses, costs, or other damages which may result from personal injury, death, or property damage related to the Licensed

  
 22. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 
Products (“Product Liability Claims”). Licensee agrees to defend, indemnify, and hold harmless Caltech, The Regents, and the sponsors of the research leading to the inventions
covered by the Exclusively Licensed Patent Rights, their trustees, officers, faculty and employees from any such Product Liability Claims, provided that: (a) Licensee is notified promptly of any Product Liability Claims; (b) Licensee has
the sole right to control and defend or settle any litigation within the scope of this indemnity; and (c) all indemnified parties cooperate to the extent necessary in the defense of any Claims. 

13.2 Insurance. Prior to such time as Licensee begins to manufacture, sell, license, distribute or use Licensed Products,
Licensee shall at its sole expense procure and maintain policies of comprehensive general liability insurance in amounts not less than [***] dollars ($[***]) per incident and [***] dollars ($[***]) in annual aggregate, and naming those indemnified
under Section 13.1 as additional insureds. Such comprehensive general liability insurance shall provide: (a) product liability coverage and (b) broad form contractual liability coverage for Licensee’s indemnification of Caltech,
The Regents, and research sponsors under Section 13.1. In the event the aforesaid product liability coverage does not provide for occurrence liability, Licensee shall maintain such comprehensive general liability insurance for a reasonable
period of not less than [***] after it has ceased commercial distribution or use of any Licensed Product. Licensee shall provide Caltech with written evidence of such insurance upon request of Caltech. 

13.3 Loss of Coverage. Licensee shall provide Caltech with notice at least [***] prior to any cancellation, non-renewal or material change in such insurance, to the extent Licensee receives advance notice of such matters from its insurer. If Licensee does not obtain replacement insurance providing comparable coverage
within [***] following the date of such cancellation, non-renewal or material change, Caltech shall have the right to terminate this Agreement effective at the end of such [***] period without any additional
waiting period; provided that if Licensee provides credible written evidence that it has used reasonable efforts, but is unable, to obtain the required insurance, Caltech shall not have the right to terminate this Agreement, and Caltech instead
shall cooperate with Licensee to either (at Caltech’s discretion) grant a limited waiver of Licensee’s obligations under this Article or assist Licensee in identifying a carrier to provide such insurance or in developing a program for
self-insurance or other alternative measures. 

  
 23. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 ARTICLE 14 

MISCELLANEOUS 
 14.1
Notices. All notices, requests, demands and other communications hereunder shall be in English and shall be given in writing and shall be: (a) personally delivered; (b) sent by telecopier, facsimile transmission or other
electronic means of transmitting written documents with confirmation of receipt; or (c) sent to the Parties at their respective addresses indicated herein by registered or certified mail, return receipt requested and postage prepaid, or by
private overnight mail courier services with confirmation of receipt. The respective addresses to be used for all such notices, demands or requests are as follows: 

(a) If to CALTECH, to: 

California Institute of Technology 

1200 East California Boulevard 

Mail Code 6-32 

Pasadena, CA 91125 
 ATTN: Chief
Innovation Officer 
 Phone No.: [***] 

Fax No.: [***] 
 Email: [***]

 Or to such other person or address as Caltech shall furnish to Licensee in writing. 

(b) If to LICENSEE, to: 
 Avedro,
Inc. 
 230 Third Avenue 

Waltham, Massachusetts 02451 

ATTN: General Counsel 
 Phone
No.: [***] 
 Fax No.: [***] 

Email: [***] 
 If personally
delivered, such communication shall be deemed delivered upon actual receipt by the “attention” addressee or a person authorized to accept for such addressee; if transmitted by facsimile pursuant to this Section 14.1, such
communication shall be deemed delivered the next business day after transmission, provided that sender has a transmission confirmation sheet indicating successful receipt at the receiving facsimile machine; if sent by overnight courier pursuant to
this Section 14.1, such communication shall be deemed delivered upon receipt by the 

  
 24. 

 “attention” addressee or a person authorized to accept for such addressee; and if sent by
mail pursuant to this Section 14.1, such communication shall be deemed delivered as of the date of delivery indicated on the receipt issued by the relevant postal service. If the Licensee fails or refuses to accept delivery by courier or mail
at the address most recently provided under this Section 14.1, communication shall be deemed delivered as of the date of such failure or refusal. Any Party to this Agreement may change its address for the purposes of this Agreement by giving
notice thereof in accordance with this Section 14.1. 
 14.2 Entire Agreement. This Agreement sets forth the complete
agreement of the Parties concerning the subject matter hereof. No claimed oral agreement in respect thereto shall be considered as any part hereof. No amendment or change in any of the terms hereof subsequent to the execution hereof shall have any
force or effect unless agreed to in writing by duly authorized representatives of the Parties. 
 14.3 Waiver. No waiver of any
provision of this Agreement shall be effective unless in writing. No waiver shall be deemed to be, or shall constitute, a waiver of a breach of any other provision of this Agreement, whether or not similar, nor shall such waiver constitute a
continuing waiver of such breach unless otherwise expressly provided in such waiver. 
 14.4 Severability. Each provision
contained in this Agreement is declared to constitute a separate and distinct covenant and provision and to be severable from all other separate, distinct covenants and provisions. It is agreed that should any clause, condition or term, or any part
thereof, contained in this Agreement be unenforceable or prohibited by law or by any present or future legislation then: (a) such clause, condition, term or part thereof, shall be amended, and is hereby amended, so as to be in compliance with
the legislation or law; but (b) if such clause, condition or term, or part thereof, cannot be amended so as to be in compliance with the legislation or law, then such clause, condition, term or part thereof shall be severed from this Agreement
and all the rest of the clauses, terms and conditions or parts thereof contained in this Agreement shall remain unimpaired. 

  
 25. 

 14.5 Construction. The headings in this Agreement are inserted for convenience
only and shall not constitute a part hereof. Unless expressly noted, the term “include” (including all variations thereof) shall be construed as merely exemplary rather than as a term of limitation. 

14.6 Counterparts/Facsimiles. This Agreement may be executed in one or more counterparts, all of which taken together shall be
deemed one original. Facsimile and scanned signatures shall be deemed original. 
 14.7 Governing Law. This Agreement, the
legal relations between the Parties and any action, whether contractual or non-contractual, instituted by any Party with respect to matters arising under or growing out of or in connection with or in respect
of this Agreement shall be governed by and construed in accordance with the internal laws of the State of California, excluding any conflict of law or choice of law rules that may direct the application of the laws of another jurisdiction, and be
brought in the state or federal courts in Los Angeles, California. 
 14.8 No Endorsement. Licensee agrees that it shall not
make any form of representation or statement which would constitute an express or implied endorsement by Caltech or The Regents of any Licensed Product, and that it shall not authorize others to do so, without first having obtained written approval
from Caltech or The Regents, except as may be required by governmental law, rule or regulation. Unless required by law or unless consented to in writing by Director of Technology Management, University of California, San Francisco, the use by the
Licensee of the name “The Regents of the University of California” or the name of any campus of the University of California in advertising, publicity or other promotional activities is expressly prohibited. 

14.9 Export Regulations. This Agreement is subject in all respects to the laws and regulations of the United States of America,
including the Export Administration Act of 1979, as amended, and any regulations thereunder. Licensee, its Affiliates, or its Sublicensees will not in any form export, re-export, resell, ship, divert, or cause
to be exported, re-exported, resold, shipped, or diverted, directly or indirectly, any product or technical data or software of the other Party, or the direct product of such technical data or software, to any
country for which the United States Government or any agency thereof requires an export license or other governmental approval without first obtaining such license or approval. 

  
 26. 

 14.10 Force Majeure. Neither Party shall lose any rights hereunder or be
liable to the other Party for damages or losses (except for payment obligations) on account of failure of performance by the defaulting Party if the failure is occasioned by war, strike, fire, Act of God, earthquake, flood, lockout, embargo,
governmental acts or orders or restrictions, failure of suppliers, or any other reason where failure to perform is beyond the reasonable control and not caused by the negligence or intentional conduct or misconduct of the nonperforming Party, and
such Party has exerted all reasonable efforts to avoid or remedy such force majeure; provided, however, that in no event shall a Party be required to settle any labor dispute or disturbance. 

14.11 Amendment and Restatement of Prior Agreement. This agreement constitutes a complete amendment and restatement of and fully
supersedes the Prior Agreement between Caltech and Licensee made effective on the 19th day of February, 2015. 

  
 27. 

 IN WITNESS WHEREOF, the Parties have
caused this Agreement to be executed: 
  

					
		 	CALIFORNIA INSTITUTE OF TECHNOLOGY (Caltech)
			
	Date: 8/18/2017	 	By:	 	 /s/ Frederic Farina

		 	Name: Frederic Farina
		 	Title:   Chief Innhovation & Corporate Partnerships Officer
		
		 	AVEDRO, INC. (Licensee)
			
	Date: 8/10/2017	 	By:	 	 /s/ Reza Zadno

		 	Name: Reza Zadno
		 	Title:   President & CEO

  
 28. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 Exhibit A 

[***] 

  
 29. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 Exhibit B 

Milestones 
  

			
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]

  
 30.EX-10.18

 Exhibit 10.18 

[***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. 
 MASTER SERVICES AGREEMENT 

This Master Services Agreement (the “Agreement”) is made and entered into as of November 27, 2012 (the “Effective Date”) by and
between Cedarburg Hauser Pharmaceuticals (the “COMPANY”), a company with its principal place of business at 870 Badger Circle, Grafton WI 53024 U.S.A. and Avedro, Inc. (“Avedro”) with offices at 230 Third Avenue, Waltham MA
02451 U.S.A. Cedarburg Hauser Pharmaceuticals is a trade name used by Cedarburg Pharmaceuticals, Inc. (“Cedarburg”) and its wholly owned subsidiary, InBHauser Pharmaceutical Services, Inc. (“Hauser”). This MSA, however, is
between Avedro and the legal entity of Cedarburg only; Hauser is not party to this agreement. COMPANY and Avedro are sometimes collectively referred to herein as the “Parties,” and each individually as a “Party.” 

WHEREAS, COMPANY is in the business of providing pharmaceutical research and development, analytical method development and validation, and manufacturing
services, Avedro desires to have COMPANY perform manufacturing services (the “Services”) for Avedro from time to time relating to Avedro proprietary compounds, as more fully set forth in Contracts to be attached to this Agreement and
incorporated herein by reference, and COMPANY to perform such Services for Avedro on the terms and conditions contained herein and in any applicable task orders. 

NOW, THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the
Parties hereby agree as follows: 
  

	1.	 Services. During the Term of this Agreement, COMPANY shall perform the Services and
provide the Deliverables (as defined in Section 8 hereof) in accordance with the applicable Contracts (as defined in Section 2 hereof). COMPANY is providing the Services under this Agreement on a
non-exclusive basis, and reserves the right in its sole and absolute discretion to render similar services to other persons or entities at any time. 

 

	2.	 Contracts. 

a) From time to time during the Term of this Agreement COMPANY will collaborate with Avedro in the preparation of a written request for
Services pursuant to this Agreement, which request shall be hereto, a “Contract”. The Contract shall describe in reasonably sufficient detail (i) the Services to be performed, (ii) the Deliverables to be provided to Avedro,
(iii) any special terms and conditions applicable to such Contract, (iv) an estimate of the total costs and payment schedule therefore, and (v) the estimated schedule for the provision of such Services and such Deliverables. 

b) COMPANY shall review each proposed Contract and shall provide comments regarding the Contract to Avedro within [***] after
COMPANY’ s receipt of the proposed Contract. COMPANY and Avedro shall use reasonable commercial efforts to negotiate the scope, terms and conditions of each such Contract in a timely fashion. 

  
 1. 

 c) If COMPANY and Avedro reach agreement regarding the scope, terms and conditions of
a Contract, the Parties shall execute a copy of a mutually acceptable Contract reflecting such agreement. Each signed Contract shall be effective as of the date set forth in the Contract, shall be incorporated into and made a part of this Agreement,
and shall be binding on the Parties. In the event of a conflict between the terms and conditions of any Contract and this Agreement, the terms and conditions of this Agreement shall control. 

d) COMPANY shall initiate the performance of and shall perform the Services under each Contract in accordance with the requirements
thereof. 
  

	3.	 Deliverables. 

All Deliverables as developed by COMPANY for Avedro pursuant to any Contract shall be delivered to Avedro in the form and in the manner set
forth in the applicable Contract. 
  

	4.	 Confidential Information. 

a) Protection of Confidential Information. Each Party agrees not to transfer or otherwise disclose any information disclosed to
it by the other Party, irrespective of the form of communication (the “Confidential Information”) to any third party. Each Party shall (i) give access to such Confidential Information solely to those employees, representatives, agents
and advisors (collectively, “Representatives) with a need to have access thereto and who are bound by obligations of confidentiality similar to those set forth in this Agreement, and (ii) take the same security precautions to protect
against disclosure or unauthorized use of such Confidential Information that the Party takes with its own Confidential Information. In no event shall a Party apply less than a reasonable standard of care to prevent such disclosure or unauthorized
use. The term “Confidential Information” does not include any specific portion of information, to the extent established by competent written proof, which: 
  

	 	(i)	 is or becomes generally available to the public other than through the fault of the receiving Party;

  

	 	(ii)	 was within the receiving Party’s possession or otherwise known to the receiving Party prior to its
being furnished to the receiving Party by or on behalf of the disclosing Party; provided, that the source of such information was not known by the receiving Party or its Representatives to be bound by a confidentiality obligation to the disclosing
Party; or 

  

	 	(iii)	 is, was or becomes available to the receiving Party on a
non-confidential basis from a source other than by or on behalf of the disclosing Party; provided, that such source is not bound by a confidentiality obligation to the disclosing Party. 

b) Disclosure of the Existence of this Agreement. In the event either Party agrees to disclose the existence and general purpose
of this Agreement (including the issuance of a press release), the specific terms and conditions contained herein shall not be disclosed to third parties, unless such disclosure is approved in writing by both Parties prior to such disclosure, or is
required to be disclosed pursuant to any order of a court of competent jurisdiction or duly authorized regulatory body, or by government regulation; provided, that the Party ordered to make disclosure gives the other Party sufficient prior notice to
contest such order. 

  
 2. 

 c) Effect of Termination. Upon termination of this Agreement and the request
of the disclosing Party, all Confidential Information (and all copies thereof) furnished to the receiving Party or its Representatives by or on behalf of the disclosing Party pursuant hereto, shall be returned to the disclosing Party or destroyed
and no copy thereof shall be retained, except (i) that a single copy of all such Confidential Information may be retained by the receiving Party’s internal or outside legal counsel solely for the purposes of determining its obligations
hereunder, and (ii) the receiving Party may retain one or more copies of Confidential Information if the receiving Party is required to retain one or more copies of any such Confidential Information to comply with applicable laws, rules or
regulations. Notwithstanding the return or destruction of the Confidential Information, the receiving Party and its Representatives will continue to be bound by its obligations of confidentiality and other obligations hereunder. 

d) Equitable Relief. The Parties acknowledge that remedies at law may be inadequate to protect the disclosing Party against any
actual or threatened breach by the receiving Party or its Representatives of the confidentiality provisions of this Agreement, and, without prejudice to any other rights and remedies otherwise available to the disclosing Party, the disclosing Party
may seek injunctive relief in the disclosing Party’s favor to bar the use or disclosure of Confidential Information without proof of actual damages. 
  

	5.	 Compliance With Government Regulations and Other Responsibilities 

Duties and Responsibilities. COMPANY will perform the Services in accordance with all applicable government laws and regulatory
requirements, including those relating to current Good Manufacturing Practices (“cGMP”), as required by regulatory authorities, including, but not limited, to the United States Food and Drug Administration (“FDA”), the Chinese
Food and Drug Administration (“SFDA”), and the European Agency for the Evaluation of Medicinal Products, (“EMEA”) which apply to the Services. COMPANY represents and warrants to Avedro that it has and will maintain during the
Term, all government permits, including without limitation health, safety and environmental permits, necessary for the conduct of the actions and procedures that it undertakes pursuant to this Agreement. 

a) In assuming responsibility for undertaking this Agreement, COMPANY will: 

 

	 	1)	 Perform chemistry research, process evaluation and development, and manufacturing of specialty chemicals
as defined by Avedro for any project entered pursuant to a Contract under this Agreement (each, a “Project”); 

  

	 	2)	 Perform technical and chemistry consultation, technical assistance and product development, and CMC
regulatory assistance as defined in the Contracts or as necessary throughout the product development process, for any Project; and if necessary, develop analytical methods for profiling end product, intermediates, impurities, or degradation
products; 

  

	 	3)	 Develop or utilize existing analytical methods, which will allow determination of the identity and
quantification of the purity of each end product compound that Avedro requests COMPANY to manufacture (each, a “Avedro Compound”) or any intermediate synthesized or manufactured by COMPANY in connection with the manufacture of Avedro
Compounds; 

  
 3. 

	 	4)	 Provide Avedro Compounds to Avedro as expeditiously as possible, according to the timeline specified in
the Contracts; 

  

	 	5)	 Supply Avedro Compound under this Agreement that will conform to the product specifications as set forth
in the applicable Contract, and such conformance will be verified in accordance with the testing standards and procedures specified therein. Provide to Avedro certificates of analysis on any Avedro Compounds, or, at the request of Avedro, other
chemicals (including without limitation any intermediate manufactured by COMPANY in connection with the manufacture of Avedro Compounds) delivered to Avedro (or shipped to a third party at the direction of Avedro), provided to Avedro under non-cGMP conditions, and provide to Avedro Certificates of Analysis, Campaign Summary, and Product Release Documentation on any of Avedro Compounds provided to Avedro under cGMP conditions in accordance with
applicable regulations by the FDA and the International Conferences on Harmonization (“ICH”) Q7A Guidance or, where appropriate, applicable regulations by other international regulatory authorities specified in the Contracts;

  

	 	6)	 Perform experiments using standard and accepted good laboratory practices and current Good Manufacturing
Practices, techniques and record keeping and sample and retention procedures, as appropriate to any Project; 

  

	 	7)	 Interact with Avedro’s scientists and management as is deemed appropriate in the conduct of a fully
integrated drug discovery and development project team effort; 

  

	 	8)	 Communicate with and respond to Avedro, to its satisfaction, and upon all requests, regarding any
Projects; 

  

	 	9)	 Provide research reports and complete documentation as specified in the relevant Contracts, where
COMPANY is performing actual process research and development, to Avedro describing the detailed methods, results and including full experimental procedures with supporting laboratory notebook pages, due upon mutually agreed upon interim dates and
upon the completion of any Project; 

  

	 	10)	 Maintain specifications and appropriate testing programs and retain samples for all cGMP batches. The
retain sample program will be based on the ICH Q7A guidance for the purpose of potential future evaluation of the quality of API batches. The program will include retain samples of cGMP API batches, isolated cGMP intermediates, and critical cGMP raw
materials as identified by the Avedro and COMPANY. The retain amount must be sufficient to conduct at least two full specification analyses and be stored in containers that are equivalent to or more protective than those used for the bulk packaging.
The maintenance and retention period shall extend up to one year after the expiration date of the API batch or as agreed per Contract. For non-GMP batches, samples of the API batch shall be

  
 4. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

	 	
retained per Avedro as agreed per Contract. The duration of the maintenance period and the samples and quantities to be retained for a Project shall be mutually agreed by the parties. After such
maintenance period, COMPANY shall give notice to Avedro in writing if COMPANY intends to dispose of such samples, and shall allow Avedro [***] days from the time such notice is sent to request such samples before disposing of such samples. In the
event that Avedro requests such samples, COMPANY, at Avedro’s expense, shall deliver such samples to Avedro. Starting materials and reagents will be sourced from qualified vendors or from vendors qualified by Avedro, in which case appropriate
acceptance criteria and corresponding analytical methods need to be defined and implemented in conjunction with Avedro. Avedro will retain a right to audit COMPANY approved vendors; 

 

	 	11)	 Retain experimental records and laboratory notebooks containing detailed experimental descriptions and
data generated from the Services performed under this Agreement for a period of [***]. All such records and data shall be deemed Avedro’s Confidential Information. Upon Avedro’s request, COMPANY shall provide to Avedro copies of all such
experimental records and laboratory notebooks containing information from any Project for retention in Avedro’s archives. A charge of $[***] may apply for procurement of records subsequent to completion of a Project under the applicable
Contract. After such [***] period, COMPANY shall give notice to Avedro in writing if COMPANY intends to dispose of such experimental records and laboratory notebooks, and shall allow Avedro [***] from the time such notice is sent to request Avedro
copies or original copies before disposing of such experimental records and laboratory notebooks. In the event that Avedro requests copies or original copies of such experimental records and laboratory notebooks, COMPANY, at Avedro’s expense,
shall deliver such copies or original copies to Avedro; 

  

	 	12)	 Maintain specifications and appropriate testing programs for manufactured products using analytical
methods specific to such products, maintained up-to-date and appropriately validated as required pursuant to a Contract, and regularly calibrate and qualify all
equipment used in the manufacture, control and storage of manufactured products and components thereof. Sub-contracting of the manufacturing of any product manufactured under the terms of this Agreement to
another party is not permitted without submission of the necessary regulatory approvals, if any, and receipt of prior written approval by Avedro; 

  

	 	13)	 Prior to delivery of any batch of Avedro product, test, or have tested by a qualified sub-contractor subject to prior written approval by Avedro, each batch of product manufactured according to the specifications for such product, and release such batch to Avedro on the basis of manufacturing and
controls documentation review. Provide a copy of the batch records for such batch, together with written confirmation that such batch records have been reviewed and approved by COMPANY’s quality assurance unit. Any major change (as defined in
the current applicable regulations) to the manufacturing or controls pertaining to validated portions of the process and its corresponding instructions 

  
 5. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

	 	
or methods, or to the documents prepared by COMPANY on behalf of Avedro and detailing specific instructions together with all associated in-process
controls affecting the manufacturing or testing of processes or product, will require the written agreement of Avedro prior to implementation. Any major change to equipment, or materials used for the manufacturing and quality control and storage of
product will require the written agreement of Avedro, as well as being appropriately validated as required pursuant to a Contract, prior to implementation by COMPANY; 

 

	 	14)	 Provide Avedro with all documentation of manufacturing and testing of the product, as appropriate in
accordance with Section 5(a)(5) and 5(a)(13), for purposes of review prior to authorization of shipment; 

  

	 	15)	 Ship all shipments of Avedro Product [***] COMPANY’s facility, to the destination(s) specified by
Avedro in the applicable Contract. Unless otherwise provided in the specifications or other written instructions provided by Avedro, COMPANY will package and ship Avedro products in accordance with COMPANY’s customary practices for
pharmaceutical products. [***]. 

  

	 	16)	 Avedro may reject any portion of any shipment of Avedro product and/or Avedro Compound that does not
conform to the specifications. In order to reject delivery of an order, Avedro must give written notice to COMPANY of Avedro’s rejection of any delivery within [***] after receipt of such delivery, which notice shall specify Avedro’s
reason(s) for rejection. If no such notice of rejection is received within [***] of delivery of the order, Avedro shall be deemed to have accepted such delivery. The foregoing shall not apply if a product does not conform to the specifications, but
Avedro could not reasonably have detected such nonconformance during Avedro’s inspection of a Compound, to the extent that Avedro notifies COMPANY of such nonconformance within [***] after the Compound has been received by Avedro; provided,
however, that such nonconformance is not caused by event’s occurring subsequent to receipt by Avedro. Product rejected by Avedro will be returned to COMPANY at COMPANY’s request [***]. [***]. Within [***] of receiving any notice of
rejection from Avedro, COMPANY will respond stating whether (i) it accepts the rejection or (ii) it disputes the rejection, in which case the Parties will refer such dispute to a mutually acceptable independent third party with the
appropriate expertise to assess the conformity or non-conformity of the rejected Avedro product to specifications. Such independent third party shall test the applicable product and shall determine whether
such Avedro product and/or Avedro Compound met or did not meet the applicable specifications. The Parties agree that such third party’s determination shall be final and binding upon the Parties. The Party against whom the independent third
party rules shall bear the costs of testing by such independent third party. 

  
 6. 

	 	17)	 Advise Avedro of any observations arising from inspections at the facilities of COMPANY carried out by a
regulatory authority (e.g. FDA), regarding issues that might have an impact on the manufacture, control, storage and shipment activities for any Avedro product. If COMPANY receives any regulatory letter or comments from a regulatory authority in
connection with the manufacture of any Avedro product requiring a response or action by COMPANY, including a Form 483 or warning letter, it shall provide Avedro with a copy of such response for Avedro’s review a reasonable time prior to
submission of the response. If any regulatory authority inspects the facilities related specifically to the manufacturing, packaging, testing or storage of any Avedro product, COMPANY will inform Avedro immediately (by telephone and, if possible, in
writing) upon learning of such inspection and shall supply Avedro with copies of any related correspondence or other documentation, or portions thereof relating such Avedro product. COMPANY will allow a representative of Avedro to be present onsite
if desired but not to be present in the room where the inspection is underway or to interact with the inspector during the inspection unless requested to do so by COMPANY. 

 

	 	18)	 Prepare an annual update, where applicable, to the manufacturing (CMC) portion of regulatory
submissions. These updates may be submitted by Avedro or COMPANY, as agreed by the parties. A charge of may apply for preparation of the annual updates, and will be addressed under the applicable Contract.; 

 

	 	19)	 Assist Avedro in providing such information regarding its manufacturing processes and procedures for the
Avedro Compound as may be necessary and reasonably requested by Avedro to support regulatory approvals. 

  

	 	20)	 Permit Avedro, after reasonable advanced notice, to audit the manufacturing and controls of its products
under this Agreement at the premises of COMPANY, and provide a written response to any audit findings communicated to COMPANY in an audit report.; 

  

	 	21)	 Ensure and document that all personnel engaged in the manufacture, processing controls, holding, packing
and /or testing of products shall have the education, training and experience necessary to perform assigned job functions; and 

  

	 	22)	 Be actively involved in technology transfers of the synthetic procedures, chemistry, and process
development of Avedro Compounds, or other chemicals (including without limitation any intermediate manufactured by COMPANY in connection with the synthetic procedures, chemistry, and process development of Avedro Compounds) delivered to Avedro (or
shipped to a third party at the direction of Avedro), to other third party vendors by supply of available documentation, detailed experimentals, and active personal contact and consultation when requested by Avedro. Any travel expense incurred by
COMPANY in this activity is referenced under Section 7(b). 

 b) Change in Government Regulations.
Should such government regulatory requirements be changed, COMPANY will make every effort to satisfy the new requirements. In the event that compliance with such new regulatory requirements necessitates a change in the Services, COMPANY will submit
to Avedro a revised technical and cost proposal for Avedro’s acceptance prior to making any changes in a Contract or the Services. 

  
 7. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 c) Regulatory Conflict. In the event of a conflict in government regulations,
Avedro will designate the applicable regulations to be followed by COMPANY in its performance of the Services. If COMPANY notes a conflict in government regulations, COMPANY will notify Avedro, in writing, within [***], and Avedro will designate the
applicable regulations to be followed by COMPANY in its performance of the Services. 
 d) Agency Violation. In the event that
the COMPANY is advised in writing by any governmental agency of a possible violation of a governmental regulation, COMPANY agrees to notify Avedro, in writing, as soon as reasonably practicable but in any event no later than [***] after receipt of
such government notice. 
 e) Personnel. Unless otherwise specifically agreed to and set forth in a Contract, or as otherwise
set forth hereunder, there shall attach no restrictions on COMPANY in respect of its personnel being in charge of performance of the Services from time to time. If a specific person has been nominated to perform the Services, Avedro shall at the
reasonable request of COMPANY accept a replacement of such person after review of the person’s qualifications and agreement that COMPANY has nominated a person with adequate skills to continue performance of the Services. COMPANY will not
employ any subcontractor or consultant to perform the Services or any portion thereof without the prior approval of Avedro. 
 f) Non-debarment. 
  

	 	1)	 COMPANY warrants and represents that it has never employed and is not currently employing an individual
who has been debarred by the FDA pursuant to 21 U.S.C. § 335a (a) or (b); 306(A) or 306(B) of the Generic Drug Enforcement Act of 1992, disqualified as a testing facility under CFR Part 58, Subpart K, or disqualified or restricted under 21
CFR 312.70 or any similar laws or regulations of any foreign jurisdiction (hereinafter “Debarred Individual”) or from providing services in any capacity to a person that has an approved or pending drug product application, or an employer,
employee or partner of a Debarred Individual. 

  

	 	2)	 COMPANY warrants and represents that it has never been and is not currently a corporation, partnership
or association that has been debarred by the FDA pursuant to 21 U.S.C. § 335a (a) or (b) (hereinafter “Debarred Entity”) from submitting or assisting in the submission of an abbreviated new drug application, or an employee,
partner, shareholder, member, subsidiary or Affiliate of a Debarred Entity. 

  

	 	3)	 COMPANY further warrants and represents that COMPANY has no knowledge of any circumstances which may
affect the accuracy of foregoing warranties and representations, including but not limited to FDA investigations of or debarment proceedings against COMPANY or any person or entity performing the Services or rendering assistance relating to
activities taken pursuant to this Agreement, and COMPANY will immediately notify Avedro if COMPANY becomes aware of any such circumstances during the Term of the Agreement. 

  
 8. 

	 	4)	 COMPANY will not use in any capacity the services of any individual, corporation, partnership, or
association that has been (a) debarred under 21 U.S.C. § 335a or (b) disqualified as a clinical investigator under the provision of 21 C.F.R. § 312.70. 

 

	 	5)	 If COMPANY becomes aware of the debarment or disqualification of any such individual, corporation,
partnership, or association providing Services under this Agreement, COMPANY shall immediately notify Avedro. 

 g)
Product Warranty. COMPANY represents and warrants to Avedro that all Avedro product and Avedro Compound delivered by COMPANY hereunder (i) shall be manufactured and packaged in compliance with cGMP (except as expressly set forth in a
Contract) and all applicable laws, (ii) shall conform to the applicable specifications in effect at the time of delivery, and (iii) shall be free and clear of any lien or encumbrance at the time of delivery. 

 

	6.	 Indemnification; Insurance. 

a) Avedro Obligations. Avedro agrees to indemnify, defend and hold harmless COMPANY, its affiliated entities, officers,
directors, employees, and agents from and against any claims, demands, investigations, suits or actions (each, a “Claim”) for any and all liabilities, losses, damages, penalties, costs or expenses (including without limitation court costs,
legal fees, awards or settlements) asserted by a third party to the extent arising out of or resulting from (i) the possession, research, development, manufacture, use, sale, offer for sale, transportation, import or storage by Avedro or its
licensee of the Avedro products and Avedro Compounds supplied to Avedro hereunder, (ii) any material breach by Avedro of this Agreement, provided, however, that Avedro’s indemnity obligations under this Section 6 shall not apply to
the extent arising out of or resulting from COMPANY’s negligence, willful malfeasance, COMPANY’ s breach of representations or warranties set forth in this Agreement or applicable Contract, or COMPANY’s failure to follow the terms and
protocols specified in a given Contract in performance of the obligations and responsibilities set forth in this Agreement. 
 b)
COMPANY Obligations. COMPANY shall indemnify, defend and hold harmless Avedro, its affiliated entities, officers, directors, employees, and agents from and against any Claims for any and all liabilities, losses, damages, penalties, costs or
expenses (including without limitation court costs, legal fees, awards or settlements) asserted by a third party to the extent arising out of or resulting from (i) COMPANY’s negligence or willful malfeasance, (ii) any material breach
by COMPANY of this Agreement, or (iii) COMPANY’s failure to follow the terms and protocols specified in a given Contract in performance of the obligations and responsibilities set forth in this Agreement; provided, however that
COMPANY’s indemnity obligations under this Section 6 shall not apply to the extent arising directly from Avedro’s negligence or willful malfeasance. 

  
 9. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 c) Notification. Each person or entity seeking indemnification under this
Section 6 shall, as a condition thereto, notify the indemnifying Party within [***] after the receipt of notice of the Claim; provided, however, that the indemnifying Party shall not be released from its obligations under this Section 6 if
the failure to notify the indemnifying Party within [***] does not materially prejudice the defense of such Claim. The indemnifying Party shall have the right to select defense counsel and to direct the defense or, with the consent of the
indemnified Party (which consent shall not be unreasonably withheld) settlement of, any Claim. In the event that representation of an indemnified Party and the indemnifying Party by the same counsel would be a conflict of interest for such counsel,
the indemnified Party may select its own independent counsel without relieving the indemnifying Party of its obligations under this Section 6. Under no circumstances shall an indemnified Party settle or otherwise compromise any Claim without
the indemnifying Party’s prior written consent. 
 d) Insurance. Each Party shall, at its own expense, obtain and maintain
throughout the Term and for a period of time thereafter consistent with its obligation to indemnify the other Party pursuant to this Section 6, general liability insurance providing protection in the amount of at least [***] dollars ($[***])
per occurrence and [***] dollars ($[***]) in aggregate against any Claims based upon any act or alleged act of such Party pursuant to this Agreement. Each Party shall furnish to the other Party upon request a certificate of insurance evidencing
compliance with the provisions of this Section 6(d). The existence of such coverage shall in no way limit either Party’s liability or obligations hereunder. 
  

	7.	 Compensation. 

a) Payment Terms. Avedro shall pay COMPANY in accordance with the payment terms specified in the applicable Contract. All
payments under this Agreement shall be made in U.S. dollars by check or in a form mutually agreeable to the Parties. 
 b)
Expenses. Avedro shall reimburse COMPANY, for all reasonable out-of-pocket expenses, to be mutually agreed to in writing by the Parties pursuant to beginning the
work specified in the performance of the Services under this Agreement. Such expenses will be invoiced to Avedro monthly and payable by Avedro within [***] after the date of receipt. 

 

	8.	 Ownership of Data; Intellectual Property. 

Avedro shall own all rights, title and interest in all materials, reagents, documents, information, programs, syntheses, procedures and
suggestions of any kind and description: i) supplied to COMPANY by Avedro or ii) generated, conceived or developed by COMPANY in the course of or as a result of the Services performed hereunder or as a result of Avedro’s disclosure of
Confidential Information to COMPANY (the “Deliverables”). Avedro shall also own all rights, title and interest in any ideas, inventions, discoveries, techniques, methods, processes, trade secrets or other
know-how, whether patentable or not, that may evolve from the materials, reagents, documents, information, programs, syntheses and suggestions above described or in the course of or as a result of the Services
performed under this Agreement or as a result of Avedro’s disclosure of Confidential Information to COMPANY. COMPANY hereby assigns and agrees to assign or cause to be assigned all rights to any and all of the foregoing to Avedro. COMPANY
hereby represents that all 

  
 10. 

 
employees and any other persons acting on its behalf during the performance of the Services hereunder shall be obligated to assign to Avedro all inventions, techniques, methods, processes, trade
secrets or other know-how conceived or developed by such employees or other persons as a result of the Services performed under this Agreement. COMPANY, its employees and other persons acting on its behalf
during the performance of the Services hereunder agree to cooperate with Avedro in taking all steps which Avedro believes necessary or desirable to secure its rights in this property. 

 

	9.	 Exclusivity. 

During the Term, COMPANY will manufacture Riboflavin 5’-Phosphate Sodium on an exclusive basis for Avedro. 

 

	10.	 Inspection. 

Avedro shall have the right, upon reasonable notice and during normal business hours, to gain access to the facilities of COMPANY where the
Services are performed to inspect and make copies (at Avedro’s expense) of the records of COMPANY relating to the Services, and to interview personnel of COMPANY responsible for performing the Services. Notwithstanding the foregoing, any such
access may be restricted by COMPANY in accordance with its standard security protocols and procedures, and shall be subject to applicable laws, rules and regulations regarding access to medical records. 

 

	11.	 Term and Termination. 

a) Effective Date. This Agreement shall be effective as of the Effective Date upon signature of both Parties’ execution of
this Agreement, and shall thereafter remain in full force and effect until either Party terminates this Agreement in accordance with this Section 11 (the “Term”). 

b) COMPANY Termination. COMPANY may terminate this Agreement and/or any specific Contract(s) at any time and for any reason upon
a minimum of nine (9) months prior written notice. 
 c) Avedro Termination. Avedro shall have the right to
(i) immediately terminate this Agreement or any Contract upon written notice to COMPANY in the event of (A) regulatory action by the FDA or other governmental agency or administration; or (B) material breach of the provisions
hereunder by COMPANY or a violation by COMPANY of applicable laws, rules, or regulations; (ii) terminate this Agreement and/or any specific Contract(s) at any time and for any reason upon thirty (30) days prior written notice. 

d) Effect of Termination. In the event of termination or expiration of this Agreement, COMPANY shall provide reasonable
assistance to Avedro to implement the transfer of manufacturing responsibility for any Avedro product and Avedro Compound to Avedro or its designee. Such reasonable assistance shall include transfer of all processes, procedures, know-how and data required to manufacture the such Avedro product and Avedro Compound in accordance with the applicable specifications (as in effect at the time of such termination or expiration) and FDA guidelines,
including assistance of COMPANY 

  
 11. 

 [***] = CONFIDENTIAL TREATMENT REQUESTED 

 

 
personnel in compiling and transferring this information. COMPANY hereby grants to Avedro a perpetual, irrevocable, exclusive, worldwide, royalty-free, sublicensable (through multiple tiers)
license under all intellectual property owned or controlled by COMPANY that COMPANY incorporates into any process to make, have made, use, sell, offer for sale, have sold and import any Avedro product and/or Avedro Compound. In the event of
termination of this Agreement by Avedro pursuant to Section 11(c)(i)(B), such reasonable assistance will be provided at COMPANY’s expense. In the event of any other termination or expiration of this Agreement, Avedro shall pay
COMPANY’s reasonable and documented costs of providing such assistance. Upon such early termination, (i) Avedro shall pay to COMPANY, within [***] of Avedro’s receipt of invoice and supporting documentation, all undisputed fees due
and owing based upon Services completed and costs incurred through the effective date of termination, including costs for materials and/or Services previously incurred prior to the effective date of termination; and (ii) the Parties shall
negotiate in good faith the tasks to be undertaken associated with respect to winding down or closing out of any Contract. 
 e)
Release of Funds. Any funds held by COMPANY which by contract definition or amendment are deemed unearned shall be returned to Avedro within [***] of termination of this Agreement or the applicable Contract. 

f) Return of Information. Following completion or termination of any Contract or termination of the Agreement, COMPANY shall
forward all original Contract records and reports to Avedro (or a repository designated by Avedro in writing), including but not limited to study materials, documents, software, and copies of notes, summaries and analyses made by COMPANY, at
COMPANY’s sole cost and expense. Thereafter, COMPANY may retain one archival copy of documentation related to such Contract(s) for the purposes of determining its obligations hereunder. 

 

	12.	 Force Majeure. 

If the performance of this Agreement by either Party is prevented, restricted, interfered with or delayed (either totally or in part) by reason
of any cause beyond the reasonable control of the Party whose performance is so affected, such as acts of God, explosion, disease, weather, earthquake, war, insurrection, civil strike, riots, or power failure, such affected Party shall, upon giving
written notice to the other Party, be excused from such performance during the pendency, and to the extent of such prevention, restriction, interference or delay; provided, that the affected Party shall use commercially reasonable efforts to avoid
or remove such causes of nonperformance and shall continue performance with the utmost dispatch whenever such causes are removed. 
  

	13.	 Independent Contractor. 

The relationship established between the Parties by this Agreement is that of independent contractors, and nothing contained herein shall be
construed to (i) give either Party the power to direct and/or control the day-to-day activities of the other, (ii) constitute the Parties as partners, joint
venturers, co-owners or otherwise as participants in a joint or common undertaking, or (iii) allow a Party to create or assume any obligation on behalf of the other Party, or to bind the other Party in
regard of to any contract, agreement or undertaking with a third party, for any purpose whatsoever, except as contemplated by this Agreement. 

  
 12. 

	14.	 Assignment; No Third Beneficiaries. 

Neither Party shall assign this Agreement or any rights hereunder or delegate the performance of any duties hereunder without the prior written
approval of the other Party, which approval shall not be unreasonably withheld; provided, however, without such consent, either Party may assign this Agreement (i) in connection with the transfer or sale of all or substantially all of its
assets, stock or business or its merger or consolidation with another company or entity, including the sale of assets or stock, or the merger or consolidation, by a Party of any division or subsidiary that is responsible for the performance of this
Agreement, or (ii) to a subsidiary or affiliate of such Party. No person or entity not a party to this Agreement (other than permitted successors and assigns) shall have any rights under or by virtue of this Agreement. 

 

	15.	 No Restrictions. 

Each Party warrants and represents to the other Party that it is authorized to enter into this Agreement and that the terms of this Agreement
are not inconsistent with, or do not constitute a violation of, any contractual or other legal obligation to which such Party is subject. 
  

	16.	 Disclaimer and Limitation of Liability. 

Except as expressly set forth herein, NEITHER PARTY MAKES ANY OTHER WARRANTY OR REPRESENTATION OF ANY KIND, AND EACH PARTY EXPRESSLY DISCLAIMS
ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY WARRANTIES OF NON-INFRINGEMENT OF ANY PATENT OR OTHER
INTELLECTUAL PROPERTY RIGHTS OF A THIRD PARTY. 
 IN NO EVENT WILL COMPANY’S LIABILITY FOR ANY AND ALL CLAIMS, LOSSES OR DAMAGES ARISING
OUT OF OR RELATING TO, IN WHOLE OR IN PART, THIS AGREEMENT, OR ANY SERVICES OR DELIVERABLES PROVIDED UNDER THIS AGREEMENT OR OTHERWISE, WHETHER ARISING UNDER THEORIES OF CONTRACT, TORT, NEGLIGENCE OR OTHERWISE, EXCEED THE AGGREGATE AMOUNTS PAID BY
AVEDRO TO COMPANY UNDER THIS AGREEMENT; PROVIDED, HOWEVER THAT SUCH LIMIT SHALL NOT APPLY TO LIABILITY ARISING FROM A BREACH OF SECTION 4 OR AVEDRO’s CLAIM FOR INDEMNIFICATION FROM COMPANY PURSUANT TO SECTION 6(b). 

EXCEPT FOR LIABILITY FOR BREACH OF SECTION 4, UNDER NO CIRCUMSTANCES WHATSOEVER WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR SPECIAL,
INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS OR LOSSES RESULTING FROM BUSINESS INTERRUPTION, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OR LIKELIHOOD OF SUCH DAMAGES. 

  
 13. 

	17.	 Notices. 

Except as otherwise provided, all notices required under this Agreement shall be mailed by first class mail, postage prepaid, or sent by a
nationally recognized overnight courier service or telecopier to the addresses set forth below, or to such other addresses as the Parties from time to time specify in writing. 

Notices shall be deemed given when received. 
  

					
	        	 	If to COMPANY:	 	If to Avedro:
			
		 	 Cedarburg Hauser Pharmaceuticals
	 	 Company Name

		 	 870 Badger Circle,
	 	 Address

		 	 Grafton, WI 530249
	 	 Address

  

	18.	 Entire Agreement and Amendments. 

This Agreement, together with Contracts created under this Agreement, constitutes the entire agreement between Avedro and COMPANY and shall
supersede all previous communications, representations, agreements or understandings, whether oral or written, between Avedro and COMPANY with respect to the subject matter of the Agreement. No modification of or amendment to this Agreement or any
Contract shall be effective unless given in writing and signed by the Parties. The section headings are intended for reference only and do not affect the meaning or interpretation of this Agreement. 

 

	19.	 Counterparts. 

This Agreement and any Contract may be executed in two or more counterparts. 

 

	20.	 Waiver. 

No failure or delay on the part of any Party in exercising any right hereunder, irrespective of the length of time for which such failure or
delay shall continue, will operate as a waiver of, or impair, any such right. No single or partial exercise of any right hereunder shall preclude any other or further exercise thereof or the exercise of any other right. No waiver of any right
hereunder will be effective unless given in a signed writing. 
  

	21.	 Severability. 

If any provision of this Agreement is held to be invalid or unenforceable under the circumstances, such provision’s application in any
other circumstance and the remaining provisions of this Agreement shall not be affected thereby. 

  
 14. 

	22.	 Governing Law. 

This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Massachusetts, USA, without regard to
conflict of laws principles thereof. 
  

	23.	 Survival. 

Sections 4, 5, 6, 8, 11, 13, 16, 20, 21, 22, and 23 shall survive any termination of this Agreement. 

******** 
 [SIGNATURE PAGE
FOLLOWS] 

  
 15. 

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

									
	Cedarburg Hauser Pharmaceuticals	  	            	  	Avedro
	Cedarburg Pharmaceuticals, Inc.	  		  		  	
					
	By:	  	 /s/ Charles M. Boland
	  		  	By:	  	 /s/ David Muller

	Name:	  	Charles M. Boland	  		  	Name:	  	David Muller
	Title:	  	EVP	  		  	Title:	  	CEO
					
	Date:	  	11/27/12	  		  	Date:	  	11/27/12

  
 16.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]