Document:

EX-10.8

 Exhibit 10.8 

 

Confidential Materials omitted and filed separately with the 

Securities and Exchange Commission. Double asterisks denote omissions. 

     

MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

TEMPO PHARMACEUTICALS, INC. 

EXCLUSIVE PATENT LICENSE AGREEMENT 

 TABLE OF CONTENTS 

 

					
	 RECITALS
	  	 	1	  
		
	 1. DEFINITIONS
	  	 	2	  
		
	 2. GRANT OF RIGHTS
	  	 	5	  
		
	 3. COMPANY DILIGENCE OBLIGATIONS
	  	 	7	  
		
	 4. ROYALTIES AND PAYMENT TERMS
	  	 	9	  
		
	 5. REPORTS AND RECORDS
	  	 	14	  
		
	 6. PATENT PROSECUTION
	  	 	17	  
		
	 7. INFRINGEMENT
	  	 	17	  
		
	 8. INDEMNIFICATION AND INSURANCE
	  	 	19	  
		
	 9. NO REPRESENTATIONS OR WARRANTIES
	  	 	21	  
		
	 10. ASSIGNMENT
	  	 	22	  
		
	 11. GENERAL COMPLIANCE WITH LAWS
	  	 	22	  
		
	 12. TERMINATION
	  	 	23	  
		
	 13. DISPUTE RESOLUTION
	  	 	24	  
		
	 14. MISCELLANEOUS
	  	 	26	  
		
	 APPENDIX A
	  	 	27	  
	 APPENDIX B
	  	 	28	  
	 EXHIBIT A
	  	 	29	  
	 EXHIBIT B
	  	 	30	  

  
 ii 

 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 

EXCLUSIVE PATENT LICENSE AGREEMENT 

This Agreement, effective as of the date set forth above the signatures of the parties below (the “EFFECTIVE DATE”), is between the
Massachusetts Institute of Technology (“M.I.T.”), a Massachusetts corporation, with a principal office at 77 Massachusetts Avenue, Cambridge, MA 02139-4307 and Tempo Pharmaceuticals, Inc. (“COMPANY”), a Delaware corporation, with
a principal place of business at 61 Rogers Street, Cambridge, Massachusetts. 
 RECITALS 

WHEREAS, M.I.T. is the owner of certain PATENT RIGHTS (as later defined herein) relating invention disclosures and patent applications
relating to M.I.T. Case No. [**], and MIT Case [**] and all international counterparts thereto, and has the right to grant licenses under said PATENT RIGHTS; 

WHEREAS, Ram Sasisekharan is an inventor of the PATENT RIGHTS and current employee of M.I.T., have or will shortly acquire equity in COMPANY,
the Conflict Avoidance Statements of Ram Sasisekharan is attached as Exhibit A hereto; 
 WHEREAS, Ram Sasisekharan and Shiladitya Sengupta,
inventors of the PATENT RIGHTS, have or will shortly acquire equity in COMPANY not resulting from this Agreement, the Inventor/Author Acknowledgments of No Equity Distribution in M.I.T.’s institutional equity share of Ram Sasisekharan and
Shiladitya Sengupta are attached as Exhibit B hereto; 
 WHEREAS, M.LT.’s Vice President for Research has approved that Ram
Sasisekharan and Shiladitya Sengupta, inventors of the PATENT RIGHTS, now hold or shall shortly acquire equity in COMPANY and that M.I.T. is accepting equity as partial consideration for the rights and licenses granted under this Agreement; 

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

  
 1 

 WHEREAS, COMPANY desires to obtain a license under the PATENT RIGHTS upon the terms and
conditions hereinafter set forth. 
 NOW, THEREFORE, M.I.T. and COMPANY hereby agree as follows: 

1. DEFINITIONS. 
 1.1.
“AFFILIATE” shall mean any legal entity (such as a corporation, partnership, or limited liability company) that is controlled by COMPANY. For the purposes of this definition, the term “control means (i) beneficial
ownership of at least fifty percent (50%) of the voting securities of a corporation or other business organization with voting securities or (ii) a fifty percent (50%) or greater interest in the net assets or profits of a partnership
or other business organization without voting securities. 
 1.2. “FIELD” shall mean all human and veterinary therapeutic
and diagnostic applications. 
 1.3. “IMPROVEMENTS” shall mean any patentable invention, or group of patentable inventions
so linked as to form a single general inventive concept (as generally inventive concept is described in Rule 13 of the Regulations under the Patent Cooperation Treaty), disclosed to the M.I.T. Technology Licensing Office, made under M.I.T. research
programs in which Ram Sasisekharan is the principal investigator, within [**] years from the EFFECTIVE DATE of this Agreement, and which are dominated by the claims of the PATENT RIGHTS, and which shall be practiced by COMPANY only in the FIELD.

 1.4. “LICENSED PRODUCT” shall mean any product that, in whole or in part which: 

(i) absent the license granted hereunder, would infringe one or more claims of the PATENT RIGHTS; or 

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

  
 2 

 1.5. “LICENSED PROCESS” shall mean any process that, absent the license granted
hereunder, would infringe one or more claims of the PATENT RIGHTS or which uses a LICENSED PRODUCT. 
 1.6. “NET SALES”
shall mean the gross amount billed by COMPANY and its AFFILIATES and SUBLICENSEES to unaffiliated third parties for LICENSED PRODUCTS and LICENSED PROCESSES, less the following: 

(a) customary trade, quantity, or cash discounts to the extent actually allowed and taken; 

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

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

(d) outbound transportation costs prepaid or allowed and costs of insurance in transit. 

No deductions shall be made for commissions paid to individuals whether they be with independent sales agencies or regularly employed by
COMPANY and on its payroll, or for cost of collections. NET SALES shall occur on the earlier of receipt of payment or [**] days after the date of billing for a LICENSED PRODUCT or LICENSED PROCESS. Non-monetary consideration for LICENSED PRODUCTS or
LICENSED PROCESSES shall be valued at its fair market value. 
 1.7. “PATENT RIGHTS” shall mean: 

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

(b) the United States and international patent applications and/or provisional applications listed on Appendix A and the resulting
patents; 

  
 3 

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

(d) any patents resulting from reissues, reexaminations, or extensions (and their relevant international equivalents) of the patents described
in (a), (b), and (c) above; and 
 (e) international (non-United States) patent applications and provisional applications filed after
the EFFECTIVE DATE and the relevant international equivalents to divisional, continuations, continuation-in-part applications and continued prosecution applications of the patent applications to the extent the claims are directed to subject matter
specifically described in the patents or patent applications referred to in (a), (b), (c), and (d) above, and the resulting patents. 

1.8. “REPORTING PERIOD” shall begin on the first day of each calendar quarter and end on the last day of such calendar
quarter. 
 1.9. “SUBLICENSE INCOME” shall mean any payments that COMPANY or an AFFILIATE receives from a SUBLICENSEE in
consideration of and attributable to the rights granted COMPANY and AFFILIATES under Section 2.1, including without limitation license fees, milestone payments, license maintenance fees, and other payments, but specifically excluding royalties
on NET SALES or payments as a sharing of profits from sales of LICENSED PRODUCTS and LICENSED PROCESSES, research and development funding, reimbursement of costs for patent prosecution and defense, materials and other goods and services and sale of
equity at fair market value (with fair market value deemed to be up to [**]% of the value of COMPANY’S common stock at such time as COMPANY’S common stock is publicly traded). 

1.10. “SUBLICENSEE” shall mean any non-AFFILIATE sublicensee of one or more of the rights granted COMPANY under
Section 2.1. 

  
 4 

 1.11. “TERM” shall mean the term of this Agreement, which shall commence on the
EFFECTIVE DATE and shall remain in effect on a country by country and LICENSED PRODUCT or LICENSED PROCESS by LICENSED PRODUCT or LICENSED PROCESS basis until the expiration or abandonment of all issued patents and filed patent applications within
the PATENT RIGHTS, unless earlier terminated in accordance with the provisions of this Agreement. 
 1.12. “TERRITORY”
shall mean worldwide. 
 2. GRANT OF RIGHTS. 

2.1. License Grants. Subject to the terms of this Agreement, M.I.T. hereby grants to COMPANY and its AFFILIATES for the TERM an
exclusive (subject to Section 2.5) royalty-bearing license under the PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease, and import LICENSED PRODUCTS in the FIELD in the TERRITORY and to develop and perform LICENSED
PROCESSES in the FIELD in the TERRITORY. 
 In addition, subject only to the terms of any sponsorship agreement under which an IMPROVEMENT
invention was made, M.I.T. hereby grants to COMPANY a first option to add IMPROVEMENTS to the PATENT RIGHTS, only in the FIELD, for [**] months after COMPANY has been notified of the existence of each such IMPROVEMENT. Within [**] after the M.I.T.
Technology Licensing Office receives disclosure of any IMPROVEMENT, and to the extent that the IMPROVEMENT is available for licensing under the terms of any sponsorship agreement, M.I.T shall notify COMPANY in writing of such IMPROVEMENT, furnishing
COMPANY a copy of the invention disclosure and any related patent applications. COMPANY may exercise its right to add such IMPROVEMENT to the PATENT RIGHTS within [**] months after receipt of M.I.T’s notice by so notifying M.I.T. in writing and
paying M.I.T. a fee of [**] Dollars ($[**]) per invention disclosure covering IMPROVEMENTS. Upon COMPANY’S exercise of such right, the Appendix of this Agreement that describes the PATENT RIGHTS that dominate the IMPROVEMENT shall be deemed to
have been amended to add the invention disclosure (and any related patent applications) covering such IMPROVEMENT, and such IMPROVEMENT and any resulting patent applications and patents shall thereafter be included in PATENT RIGHTS for all purposes
of this Agreement, without any additional fee, other than the 

  
 5 

 
one [**] Dollar fee referred to in the previous sentence, and M.I.T. shall provide COMPANY with an updated Appendix A for its records. 

2.2. Exclusivity. In order to establish an exclusive period for COMPANY, M.I.T. agrees that it shall not grant any other license under
the PATENT RIGHTS to make, have made, use, sell, lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY or to perform LICENSED PROCESSES in the FIELD in the TERRITORY during the TERM. 

2.3. Sublicenses. COMPANY shall have the right to grant sublicenses of its rights under Section 2.1. COMPANY shall incorporate
terms and conditions into its sublicense agreements sufficient to enable COMPANY to comply with this Agreement. COMPANY shall promptly furnish M.I.T. with a fully signed photocopy of any sublicense agreement, which may be redacted to preserve
confidentiality of the parties thereto. Upon termination of this Agreement for any reason, all sublicenses granted prior to the date of termination shall survive and be assumed by M.I.T. in accordance with Section 12.4 (c) 

2.4. U.S. Manufacturing. COMPANY agrees that any LICENSED PRODUCTS used or sold in the United States will be manufactured substantially
in the United States to the extent required by applicable laws. 
 2.5. Retained Rights. 

(a) M.I.T. M.I.T. retains the right to practice under the PATENT RIGHTS for research, teaching, and educational purposes. 

(b) MIT and COMPANY agree that it will not assert the PATENT RIGHTS against any non-profit entity using the technology for research purposes
only, and not for the benefit of any for-profit entity. 
 (b) Federal Government. COMPANY acknowledges that the U.S. federal
government retains a royalty-free, non-exclusive, non-transferable license to practice any government-funded invention claimed in any PATENT RIGHTS as set forth in 35 U.S.C. §§ 201-211, and the regulations promulgated thereunder, as
amended, or any successor statutes or regulations. 

  
 6 

 2.6. No Additional Rights. Nothing in this Agreement shall be construed to confer any
rights upon COMPANY by implication, estoppel, or otherwise as to any technology or patent rights of M.I.T. or any other entity other than the PATENT RIGHTS, regardless of whether such technology or patent rights shall be dominant or subordinate to
any PATENT RIGHTS. 
 3. COMPANY DILIGENCE OBLIGATIONS. 

3.1. Diligence Requirements. COMPANY shall use commercially diligent efforts, or shall cause its AFFILIATES and SUBLICENSEES to use
commercially diligent efforts, to develop LICENSED PRODUCTS or LICENSED PROCESSES and to introduce LICENSED PRODUCTS or LICENSED PROCESSES into the commercial market; thereafter, COMPANY or its AFFILIATES or SUBLICENSEES shall make LICENSED PRODUCTS
or LICENSED PROCESSES reasonably available to the public. Specifically, COMPANY or AFFILIATE or SUBLICENSEE shall fulfill the following obligations: 

(a) Within [**] months after the EFFECTIVE DATE, COMPANY shall furnish M.I.T. with a written research and development plan describing the
major tasks to be achieved in order to bring to market a LICENSED PRODUCT or a LICENSED PROCESS, specifying the number of staff and other resources to be devoted to such commercialization effort. 

(b) Within [**] days after the end of each calendar year, COMPANY shall furnish M.I.T. with a written report (consistent with
Section 5.1(a)) on the progress of its efforts during the immediately preceding calendar year to develop and commercialize LICENSED PRODUCTS or LICENSED PROCESSES. The report shall also contain a discussion of intended efforts and sales
projections for the year in which the report is submitted. 
 (c) COMPANY shall permit an in-plant inspection by M.I.T. on or before [**],
and thereafter permit in-plant inspections by M.I.T. at regular intervals with at least [**] months between each such inspection. 
 (d)
COMPANY shall raise at least [**] Dollars ($[**]) by [**] from the sale of Company’s equity securities for its own account or in payments received by COMPANY from product development, technology or commercialization alliances with for-profit
third parties. 

  
 7 

 (e) In the aggregate, COMPANY shall raise at least [**] Dollars ($[**]) by [**] from the sale of
Company’s equity securities for its own account or in payments received by COMPANY from product development, technology or commercialization alliances with for-profit third parties. 

(f) COMPANY or an AFFILIATE or SUBLICENSEE shall fond no less than [**] Dollars ($[**]) toward the research, development or commercialization
of LICENSED PRODUCTS and/or LICENSED PROCESSES in each calendar year (pro-rated for partial years) beginning in [**] and continuing through the end of [**]. 

(g) COMPANY or an AFFILIATE or SUBLICENSEE shall fond no less than [**] Dollars ($[**]) toward the research, development or commercialization
of LICENSED PRODUCTS and/or LICENSED PROCESSES in each calendar year (pro-rated for partial years) beginning in [**] and continuing through the end of [**]. 

(h) COMPANY or an AFFILIATE or SUBLICENSEE shall fond no less than [**] Dollars ($[**]) toward the research, development or commercialization
of LICENSED PRODUCTS and/or LICENSED PROCESSES in each calendar year (pro-rated for partial years) beginning in [**] and ending with the [**]. 

(i) On or before [**], COMPANY or an AFFILIATE or SUBLICENSEE shall [**]. 

(j) On or before [**], COMPANY or an AFFILIATE or SUBLICENSEE shall [**]. 

In the event that COMPANY (or an AFFILIATE or SUBLICENSEE) has failed to fulfill any of its obligations under this Section 3.1 at any
time prior to COMPANY raising [**] Dollars ($[**]) from the sale of COMPANY’S equity securities for its own account or in payments received by COMPANY from product development, technology or commercialization alliances with for-profit third
parties (the “Termination Threshold”), MIT may treat such failure as a material breach in accordance with Section 12.3(b). If, following achievement of the Termination Threshold, COMPANY (or an AFFILIATE or SUBLICENSEE) has failed to
fulfill any of its obligations under this Section 3.1 and such failure occurs and continues for [**] days following 

  
 8 

 
written notice thereof by M.I.T., M.I.T. may by written notice to COMPANY convert the license granted to COMPANY pursuant to Section 2.1 hereof to a non-exclusive license, and, in such
event, Section 2.2 shall have no further effect. Notwithstanding the foregoing, at any time that MIT notifies COMPANY of its finding that COMPANY has failed to fulfill any of its obligations under this Section 3.1, if COMPANY notifies
M.I.T. that any such failure was the result of circumstances beyond COMPANY’S reasonable control, then, in lieu of M.I.T.’s right to treat such failure as a material breach or to convert this license to a non-exclusive license in
accordance with this Section, M.I.T. and COMPANY shall negotiate in good faith an amendment to COMPANY’S obligations under this Section 3.1. If the parties are unable to negotiate such amendments within [**] days from the date of
COMPANY’S notification pursuant to this Section, then M.I.T. may either treat such failure as a material breach (if COMPANY has not raised [**] Dollars) or convert this license to a non-exclusive license in accordance with this Section. 

4. ROYALTIES AND PAYMENT TERMS. 

4.1. Consideration for Grant of Rights. 

(a) License Issue Fee and Patent Cost Reimbursement. COMPANY shall pay to M.I.T. on the EFFECTIVE DATE a license issue fee of Forty
Thousand dollars ($40,000), and, in accordance with Section 6.3, shall reimburse M.I.T. for its actual expenses incurred as of the EFFECTIVE DATE in connection with obtaining the PATENT RIGHTS. These payments are nonrefundable. 

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

 

					
	 January 1, 2008
	  	$	[	**] 
	 January 1, 2009
	  	$	[	**] 
	 January 1, 2010
	  	$	[	**] 
	 January 1, 2011
	  	$	[	**] 
	 January 1, 2012
	  	$	[	**] 
	 January 1, 2013
	  	$	[	**] 
	 January 1, 2014
	  	$	[	**] 

  
 9 

					
	 and each January 1 of every year thereafter
	  	$	[	**] 

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

(c) Running Royalties. COMPANY shall pay to M.I.T. a running royalty of [**] percent ([**]%) of NET SALES by COMPANY, AFFILIATES and
SUBLICENSEES 
 (d) Sharing of SUBLICENSE INCOME. COMPANY shall pay M.I.T. [**] percent ([**]%) of all SUBLICENSE INCOME received by
COMPANY or AFFILIATES. Such amount shall be payable for each REPORTING PERIOD in which SUBLICENSE INCOME is received and shall be due to M.I.T. within [**] days of the end of each REPORTING PERIOD. 

(e) No Multiple Royalties. If the manufacture, use, lease, or sale of any LICENSED PRODUCT or the performance of any LICENSED PROCESS
is covered by more than one of the PATENT RIGHTS, multiple royalties shall not be due. 
 (f) Equity. 

(i) Initial Grant. COMPANY shall issue a total of
                    (        ) shares of Common Stock of COMPANY, $0.0001 par value per share, (the
“Shares”) in the name of M.I.T. and of such persons as M.I.T. shall direct (“M.I.T. Holder”), and each M.I.T. Holder shall receive such number of shares as M.I.T. shall direct. Such issuance shall be recorded on the Stock
Transfer Ledger of COMPANY on the EFFECTIVE DATE and the Shares shall be delivered to M.I.T. and M.I.T. Holders, if any, within [**] days of the EFFECTIVE DATE. 

COMPANY represents to M.I.T. that, as of the Effective Date, the aggregate number of Shares equals Five Percent (5%) of the
COMPANY’S issued and outstanding Common Stock calculated on a “Fully Diluted Basis” following the issuance of the Shares. For purposes of this Section 4.1(g), “Fully Diluted Basis” shall mean that the total number of
issued and outstanding shares of the COMPANY’S Common Stock shall be calculated to include conversion of all issued and outstanding securities then convertible into common stock, the 

  
 10 

 
exercise of all then outstanding options and warrants to purchase shares of common stock, whether or not then exercisable, and shall assume the issuance or grant of all securities reserved for
issuance pursuant to any COMPANY stock or stock option plan in effect on the date of the calculation. 
 (ii) Anti-Dilution
Protection. COMPANY shall issue additional shares of Common Stock to M.I.T. and each M.I.T. Holder pro rata, such that M.I.T.’s and each M.I.T. Holders’ ownership of outstanding Common Stock shall not fall below Five Percent
(5%) on a Fully Diluted Basis, as calculated after giving effect to the anti-dilutive issuance. Such issuances shall continue until a total of [**] Dollars ($[**]) in cash in exchange for COMPANY’S capital stock (the “Funding
Threshold”) shall be received by COMPANY. Thereafter, no additional shares shall be due to M.I.T. or any M.I.T. Holder pursuant to this section. For the avoidance of doubt, if a single COMPANY financing causes COMPANY to reach and exceed more
than $[**] in cumulative funds raised, then the provisions of this Section shall apply with respect to that portion of such financing up to $[**] and not for that portion of such financing that exceeds such $[**] threshold. 

(iii) Participation in Future Private Equity Offerings. After the date of the Funding Threshold, M.I.T. (specifically not including
M.I.T. Holders) shall have the right to purchase additional shares of the COMPANY’S Common Stock in any private offering by the COMPANY of its equity securities in exchange for cash, to maintain its pro rata ownership as calculated immediately
prior to such offering on a Fully Diluted Basis, pursuant to the terms and conditions as those granted to the other offerees. All rights granted to M.I.T. pursuant to this Section 4.1(g)(iii) shall terminate immediately prior to a firm
commitment underwritten public offering of the COMPANY’S common stock resulting in gross proceeds to the COMPANY of at least $[**]. M.I.T.’s rights under this Section shall not apply to the following equity securities (i) shares of
Common Stock issued or issuable to employees, consultants or directors of COMPANY pursuant to an option plan (including shares issued or issuable upon exercise of options already granted); (ii) securities issued in connection with any stock
split or stock dividend by COMPANY; (iii) and shares of Common Stock issued upon conversion of COMPANY Preferred Stock; (iv) securities issued in consideration for the acquisition or licensing of technology or a corporate

  
 11 

 
partnership transaction or acquisition of another entity; or (v) securities issued in equipment leasing or other debt financing transactions. 

(iv) Adjustments for Punitive Round Financings. After the date of the Funding Threshold (the “Funding Threshold Date”) and
through the date at which COMPANY has raised a total of [**] Dollars ($[**]) in cash in exchange for COMPANY stock, if COMPANY issues Common Stock, or any equity security exercisable for or convertible into Common Stock, such that the price per
share of COMPANY’S Common Stock is. less than the M.I.T. Share Price (as defined below) (a “Dilutive Issuance”), then immediately following such Dilutive Issuance, COMPANY shall issue to M.I.T. shares of Common Stock such that the
M.I.T. Share Number (as defined below) equals the product obtained by multiplying the M.I.T. Share Number in effect immediately before the Dilutive Issuance by the Adjustment Fraction defined below. The M.I.T. Share Price in effect immediately after
the Dilutive Issuance shall be adjusted to equal the result obtained by dividing the M.I.T. Share Price in effect immediately before the Dilutive Issuance by the Adjustment Fraction defined below. 

 

							
	The Adjustment Fraction equals:	 	 	(A + C	) 	 	
		 	 	(A + B	) 	 	
	 where:
	 				 	

 A = the number of shares of Common Stock issued and outstanding on a Fully Diluted Basis immediately prior to
the Dilutive Issuance 
 B = the number of shares of Common Stock that could be purchased at the M.I.T. Share Price immediately prior to the
Dilutive Issuance using the net aggregate consideration received by COMPANY in connection with the Dilutive Issuance 
 C = the number of
shares of Common Stock or of a security exercisable for or convertible into Common Stock issued, on a Fully Diluted Basis, pursuant to the Dilutive Issuance. 

Notwithstanding the foregoing, M.I.T.’s rights under this Section shall not apply to the following equity securities (i) shares of Common Stock
issued or issuable to employees, consultants or directors of COMPANY pursuant to an option plan (including shares issued or issuable upon exercise of options already granted); (ii) securities issued in connection with any stock split or stock
dividend by COMPANY; (iii) and shares of Common Stock issued upon conversion of 

  
 12 

 
COMPANY Preferred Stock; (iv) securities issued in consideration for the acquisition or licensing of technology or a corporate partnership transaction or acquisition of another entity; or
(v) securities issued in equipment leasing or other debt financing transactions. 
 In addition, the following definitions shall apply to this
Section 4.1(f)(iv): 
 “Fair Market Value” of a share of Common Stock shall be the highest price per share that the COMPANY
could obtain from a willing buyer (not a current employee or director) for shares of Common Stock sold by the COMPANY, from authorized but unissued shares, as determined in good faith by the Board of Directors of the COMPANY, unless the COMPANY
shall become subject to a merger, acquisition or other consolidation pursuant to which the COMPANY is not the surviving party, in which case the current fair market value of a share of Common Stock shall be deemed to be the value received by the
holders of the COMPANY’S Common Stock for each share of Common Stock pursuant to the COMPANY’S acquisition. 
 “M.I.T. Share
Number” shall mean the number of shares of COMPANY’S Common Stock that M.I.T. owns on the date of the Dilutive Issuance, as adjusted from time to time pursuant to this section. Notwithstanding the foregoing, any shares of Common Stock
acquired by M.I.T. pursuant to Section 4.1(g)(iii) shall not be included in the M.I.T. Share Number. 
 “M.I.T. Share Price”
shall mean the value per share of the shares of Common Stock included in the M.I.T. Share Number, as adjusted from time to time pursuant to this section. For purposes of this section, the initial M.I.T. Share Price to be used in an adjustment
resulting from the first Dilutive Issuance to occur after the Funding Threshold Date shall be the Fair Market Value per share of the Common Stock of the COMPANY effective on the Funding Threshold Date. 

4.2. Payments. 
 (a)
Method of Payment. All payments under this Agreement should be made payable to “Massachusetts Institute of Technology” and sent to the address identified in Section 14.1. Each payment should reference this Agreement and
identify the obligation under this Agreement that the payment satisfies. 

  
 13 

 (b) Payments in U.S. Dollars. All payments due under this Agreement shall be drawn on a
United States bank and shall be payable in United States dollars. Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported in the Wall Street Journal) on the last working
day of the calendar quarter of the applicable REPORTING PERIOD. Such payments shall be without deduction of exchange, collection, or other charges, and, specifically, without deduction of withholding or similar taxes or other government imposed fees
or taxes, except as permitted in the definition of NET SALES. 
 (c) Late Payments. Any payments by COMPANY that are not paid on or
before the date such payments are due under this Agreement shall bear interest, to the extent permitted by law, at [**] over the Prime Rate of interest as reported in the Wall Street Journal on the date payment is due. 

5. REPORTS AND RECORDS. 

5.1. Frequency of Reports. 

(a) Before First Commercial Sale. Prior to the first commercial sale of any LICENSED PRODUCT or first commercial performance of any
LICENSED PROCESS, COMPANY shall deliver reports to M.I.T. annually, within [**] days of the end of each calendar year, containing information concerning the immediately preceding calendar year, as further described in Section 5.2. 

(b) Upon First Commercial Sale of a LICENSED PRODUCT or Commercial Performance of a LICENSED PROCESS. COMPANY shall report to M.I.T.
the date of first commercial sale of a LICENSED PRODUCT and the date of first commercial performance of a LICENSED PROCESS within [**] days of occurrence in each country. 

(c) After First Commercial Sale. After the first commercial sale of a LICENSED PRODUCT or first commercial performance of a LICENSED
PROCESS, COMPANY shall deliver reports to M.I.T. within [**] days of the end of each REPORTING PERIOD, containing information concerning the immediately preceding REPORTING PERIOD, as further described in Section 5.2. 

  
 14 

 5.2. Content of Reports and Payments. Each report delivered by COMPANY to M.I.T. shall
contain at least the following information for the immediately preceding REPORTING PERIOD: 
 (i) the number of LICENSED PRODUCTS sold,
leased or distributed by COMPANY, its AFFILIATES and SUBLICENSEES to independent third parties in each country, and, if applicable, the number of LICENSED PRODUCTS used by COMPANY, its AFFILIATES and SUBLICENSEES in the provision of services in each
country; 
 (ii) a description of LICENSED PROCESSES performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country as may be
pertinent to a royalty accounting hereunder; 
 (iii) the gross price charged by COMPANY, its AFFILIATES and SUBLICENSEES for each LICENSED
PRODUCT and, if applicable, the gross price charged for each LICENSED PRODUCT used to provide services in each country; and the gross price charged for each LICENSED PROCESS performed by COMPANY, its AFFILIATES and SUBLICENSEES in each country; 

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

(v) total royalty payable on NET SALES in U.S. dollars, together with the exchange rates used for conversion; 

(vi) the amount of SUBLICENSE INCOME received by COMPANY from each SUBLICENSEE and the amount due to M.I.T. from such SUBLICENSE INCOME,
including an itemized breakdown of the sources of income comprising the SUBLICENSE INCOME; and 
 (vii) the number of sublicenses entered
into for the PATENT RIGHTS, LICENSED PRODUCTS and/or LICENSED PROCESSES. 
 If no amounts are due to M.I.T. for any REPORTING PERIOD, the
report shall so state. 

  
 15 

 5.3. Financial Statements. On or before the [**] day following the close of COMPANY’S
fiscal year, COMPANY shall provide M.I.T. with COMPANY’S financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement, certified by COMPANY’S treasurer or chief financial officer or by
an independent auditor. 
 5.4. Records. COMPANY shall maintain, and shall cause its AFFILIATES and SUBLICENSEES to maintain,
complete and accurate records relating to the rights and obligations under this Agreement and any amounts payable to M.I.T. in relation to this Agreement, which records shall contain sufficient information to permit M.I.T, to confirm the accuracy of
any reports delivered to M.I.T. and compliance in other respects with this Agreement. The relevant party shall retain such records for at least [**] years following the end of the calendar year to which they pertain, during which time M.I.T., or
M.I.T.’s appointed agents, shall have the right, at M.I.T.’s expense, to inspect such records during normal business hours not more than [**] period to verify any reports and payments made or compliance in other respects under this
Agreement. In the event that any audit performed under this Section reveals an underpayment in excess of [**] percent ([**]%), COMPANY shall bear the full cost of such audit and shall remit any amounts due to M.I.T. within [**] days of receiving
notice thereof from M.I.T. 
 5.5. Confidential Information. The information in the reports and records provided by COMPANY to M.I.T.
pursuant to Sections 5.1 through 5.4 of this Agreement and in the sublicense agreements provided to M.I.T. under Section 2.3 shall be considered “Confidential Information”, provided that such information is specifically designated in
writing as confidential. M.I.T. shall maintain the Confidential Information in strict confidence, unless, the information (i) was in the public domain prior to the time of its disclosure under this Agreement; (ii) entered the public domain
after the time of its disclosure under this Agreement through means other than an unauthorized disclosure resulting from an act or omission by M.I.T; (iii) was independently developed or discovered by M.I.T. without use of the Confidential
Information; (iv) is or was disclosed to M.I.T. at any time, whether prior to or after the time of its disclosure under this Agreement, by a third party having no fiduciary relationship with COMPANY and having no obligation of confidentiality
with respect to such Confidential Information; or (v) is required to be disclosed to comply with applicable laws or regulations, or with a court or administrative order. 

  
 16 

 6. PATENT PROSECUTION. 

6.1. Responsibility for PATENT RIGHTS. M.I.T. shall prepare, file, prosecute, and maintain all of the PATENT RIGHTS. COMPANY shall have
reasonable opportunities to advise M.I.T. and shall cooperate with M.I.T. in such filing, prosecution and maintenance. COMPANY shall have reasonable opportunities to advise M.I.T. and shall cooperate with M.I.T. in such preparation, filing,
prosecution and maintenance. M.I.T. will instruct its patent attorney to copy COMPANY on all patent prosecution documents relating to PATENT RIGHTS during the TERM. 

6.2. International (non-United States) Filings. Appendix B is a list of countries in which patent applications corresponding to
the United States patent applications listed in Appendix A shall be filed, prosecuted, and maintained. Appendix B may be amended by mutual agreement of COMPANY and MIT. MIT shall not unreasonably withhold its consent to amendment of
Appendix B requested by COMPANY. 
 6.3. Abandoning Patent Rights. Should M.I.T. elect to abandon any PATENT RIGHTS, M.I.T. will
first notify COMPANY of its intent to do so sufficiently in advance for COMPANY to continue prosecution and maintain of such PATENT RIGHTS, and COMPANY may prosecute and maintain such PATENT RIGHTS in M.I.T.’s name at COMPANY’S own
expense. 
 6.4. Payment of Expenses. Payment of all fees and costs, including attorneys’ fees, relating to the filing,
prosecution and maintenance of the PATENT RIGHTS shall be the responsibility of COMPANY, whether such amounts were incurred before or after the EFFECTIVE DATE. As of [**], M.I.T. has incurred approximately $[**] for such patent-related fees and
costs. COMPANY shall reimburse all amounts due pursuant to this Section within [**] days of invoicing; late payments shall accrue interest pursuant to Section 4.2(c). In all instances, M.I.T. shall pay the fees prescribed for large entities to
the United States Patent and Trademark Office. 
 7. INFRINGEMENT. 

7.1. Notification of Infringement. Each party agrees to provide written notice to the other party promptly after becoming aware of any
infringement of the PATENT RIGHTS. 

  
 17 

 7.2. Right to Prosecute Infringements. 

(a) COMPANY Right to Prosecute. So long as COMPANY remains the exclusive licensee of the PATENT RIGHTS in the FIELD in the TERRITORY,
COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of the PATENT RIGHTS in the FIELD in the TERRITORY, subject to Sections 7.4 and 7.5. If required
by law, M.I.T. shall permit any action under this Section to be brought in its name, including being joined as a party-plaintiff, provided that COMPANY shall hold M.I.T. harmless from, and indemnify M.I.T. against, any costs, expenses, or liability
that M.I.T. incurs in connection with such action. 
 Prior to commencing any such action, COMPANY shall consult with M.I.T. and shall
consider the views of M.I.T. regarding the advisability of the proposed action and its effect on the public interest. COMPANY shall not enter into any settlement, consent judgment, or other voluntary final disposition of any infringement action
under this Section without the prior written consent of M.I.T., not to be unreasonably withheld. 
 (b) M.I.T. Right to Prosecute. In
the event that COMPANY is unsuccessful in persuading the alleged infringer to desist or fails to have initiated an infringement action within [**] days after COMPANY first becomes aware of the basis for such action, M.I.T. shall have the right, at
its sole discretion, to prosecute such infringement under its sole control and at its sole expense, and any recovery obtained shall belong to M.I.T. If required by law, COMPANY hereby agrees that M.I.T. may include COMPANY as a party-plaintiff in
any such suit, without expense to COMPANY. Prior to commencing any such action, M.I.T. shall consult with COMPANY and shall consider the views of COMPANY regarding the advisability of the proposed action. Further, M.I.T. shall not enter into any
settlement, consent judgment, or other voluntary final disposition of any infringement action under this Section without first consulting with and considering the views of COMPANY. Notwithstanding the forgoing, any action taken under this Section
shall be at the sole discretion of M.I.T. 
 7.3. Declaratory Judgment Actions. In the event that a declaratory judgment action is
brought against M.I.T. or COMPANY by a third party alleging invalidity, unenforceability, or non-infringement of the PATENT RIGHTS, COMPANY, at its option, shall have the right within 

  
 18 

 
[**] days after commencement of such action to take over the sole defense of the action at its own expense. If COMPANY does not exercise this right, M.I.T. may take over the sole defense of the
action at M.I.T.’s sole expense, subject to Sections 7.4 and 7.5. 
 7.4. Offsets. COMPANY may offset a total of [**] percent
([**]%) of any expenses incurred under Sections 7.2 and 7.3 against any payments due to M.I.T. under Sections 4.1(b) and 4.1(d); provided that, in no event shall such payments under Sections 4.1 (b) and 4.1 (d) be reduced by more than [**]
percent ([**]%) in any REPORTING PERIOD, it being understood that any expenses which COMPANY is prevented by the foregoing provision from offsetting in any REPORTING PERIOD may be carried forward and offset in one or more subsequent REPORTING
PERIODS (applying the foregoing proviso in each subsequent REPORTING PERIOD). 
 7.5. Recovery. Any recovery obtained in an action
brought by COMPANY under Sections 7.2 or 7.3 shall be distributed as follows: (i) each party shall be reimbursed for any expenses incurred in the action, (ii) all remaining recoveries received in any such action shall be retained by
COMPANY and deemed lost profits by COMPANY, as a result of which M.I.T. shall be entitled to receive royalties equal to the royalty rate set forth in Section 4.1(c) applied to such remaining recovery multiplied by [**]. 

7.6. Cooperation. Each party agrees to cooperate in any action under this Article which is controlled by the other party, provided that
the controlling party reimburses the cooperating party promptly for any costs and expenses incurred by the cooperating party in connection with providing such assistance. 

8. INDEMNIFICATION AND INSURANCE 

8.1. Indemnification. 

(a) Indemnity. COMPANY shall indemnify, defend, and hold harmless M.I.T. and its trustees, officers, faculty, students, employees, and
agents and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss, or expense (including reasonable attorney’s fees and expenses) (collectively, “Losses”) incurred by or
imposed upon any of the Indemnitees in connection with any claims, suits, actions, demands or judgments arising out 

  
 19 

 
of any theory of liability (including without limitation actions in the form of tort, warranty, or strict liability and regardless of whether such action has any factual basis) concerning any
product, process, or service that is made, used, sold, imported, or performed pursuant to any right or license granted under this Agreement; provided, however that COMPANY shall have no obligation pursuant to the foregoing with respect to any Losses
that result from the gross negligence or willful misconduct of any Indemnitee. 
 (b) Procedures. The Indemnitees agree to provide
COMPANY with prompt written notice of any claim, suit, action, demand, or judgment for which indemnification is sought under this Agreement. COMPANY agrees, at its own expense, to provide attorneys reasonably acceptable to M.I.T. to defend against
any such claim. The Indemnitees shall cooperate fully with COMPANY in such defense and will permit COMPANY to conduct and control such defense and the disposition of such claim, suit, or action (including all decisions relative to litigation,
appeal, and settlement); provided, however, that any Indemnitee shall have the right to retain its own counsel, at the expense of COMPANY, if representation of such Indemnitee by the counsel retained by COMPANY would be inappropriate because of
actual or potential differences in the interests of such Indemnitee and any other party represented by such counsel. COMPANY agrees to keep M.I.T. informed of the progress in the defense and disposition of such claim and to consult with M.I.T. with
regard to any proposed settlement. 
 8.2. Insurance. Before the first human use of a LICENSED PRODUCT or LICENSED PROCESS, COMPANY
shall obtain and carry in full force and effect commercial general liability insurance, including product liability insurance which shall protect COMPANY and Indemnitees with respect to events covered by Section 8.1(a) above. Such insurance
(i) shall be issued by an insurer licensed to practice in the Commonwealth of Massachusetts or an insurer pre-approved by M.I.T., such approval not to be unreasonably withheld, (ii) shall list M.I.T. as an additional insured thereunder,
(iii) shall be endorsed to include product liability coverage, and (iv) shall require [**] days written notice to be given to M.I.T. prior to any cancellation or material change thereof. The limits of such insurance shall not be less than
[**] Dollars ($[**]) per occurrence with an aggregate of [**] Dollars ($[**]) for bodily injury including death; and [**] Dollars ($[**]) per occurrence with an aggregate of [**] Dollars ($[**]) for property damage. In the alternative, COMPANY may
self-insure subject to prior approval of M.I.T. COMPANY shall provide M.I.T. 

  
 20 

 
with Certificates of Insurance evidencing compliance with this Section. COMPANY shall continue to maintain such insurance or self-insurance after the expiration or termination of this Agreement
during any period in which COMPANY or any AFFILIATE or SUBLICENSEE continues (i) to make, use, or sell a product that was a LICENSED PRODUCT under this Agreement or (ii) to perform a service that was a LICENSED PROCESS under this
Agreement, and thereafter for a period of [**] years. 
 9. NO REPRESENTATIONS OR WARRANTIES 

M.I.T. hereby represents and warrants to COMPANY that, to the best of its knowledge, M.I.T. is the owner of the entire right, title and
interest in the PATENT RIGHTS and in the inventions described and claimed therein and has the right to grant the licenses granted herein. M.I.T. has not granted to any third party any right or interest in the PATENT RIGHTS inconsistent or in
conflict with the rights granted to COMPANY hereunder. MIT’s entire liability under this representation and warranty is limited to the amounts paid to MIT under this Agreement. 

EXCEPT AS MAY OTHERWISE BE EXPRESSLY SET FORTH IN THIS AGREEMENT, M.I.T. MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE
PATENT RIGHTS, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, VALIDITY OF PATENT RIGHTS CLAIMS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER
DEFECTS, WHETHER OR NOT DISCOVERABLE. Specifically, and not to limit the foregoing, M.I.T. makes no warranty or representation (i) regarding the validity or scope of the PATENT RIGHTS, and (ii) that the exploitation of the PATENT RIGHTS or
any LICENSED PRODUCT or LICENSED PROCESS will not infringe any patents or other intellectual property rights of M.I.T. or of a third party. 

IN NO EVENT SHALL M.I.T, ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY
KIND, INCLUDING ECONOMIC DAMAGES OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER M.I.T. SHALL BE 

  
 21 

 
ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING. 

10. ASSIGNMENT. 
 This
Agreement is personal to COMPANY and no rights or obligations may be assigned by COMPANY without the prior written consent of M.I.T, except that COMPANY may assign its rights and obligations under this Agreement without the consent of M.I.T. in
connection with any sale of all or substantially all of the shares or assets of COMPANY or the assets of COMPANY to which this Agreement relates or in connection with any merger, consolidation, reorganization or similar business combination or
change of control of COMPANY. 
 11. GENERAL COMPLIANCE WITH LAWS 

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

11.2. Export Control. COMPANY and its AFFILIATES and SUBLICENSEES shall comply with all United States laws and regulations controlling
the export of certain commodities and technical data, including without limitation all Export Administration Regulations of the United States Department of Commerce. Among other things, these laws and regulations prohibit or require a license for
the export of certain types of commodities and technical data to specified countries. COMPANY hereby gives written assurance that it will comply with, and will cause its AFFILIATES and SUBLICENSEES to comply with, all United States export control
laws and regulations, that it bears sole responsibility for any violation of such laws and regulations by itself or its AFFILIATES or SUBLICENSEES, and that it will indemnify, defend, and hold M.I.T. harmless (in accordance with Section 8.1)
for the consequences of any such violation. 
 11.3. Non-Use of M.I.T. Name. COMPANY and its AFFILIATES and SUBLICENSEES shall not
use the name of “Massachusetts Institute of Technology” or any variation, adaptation, or abbreviation thereof, or of any of its trustees, officers, faculty, students, employees, or agents, or any trademark owned by M.I.T, or any terms of
this Agreement in any 

  
 22 

 
promotional material or other public announcement or disclosure without the prior written consent of M.I.T. The foregoing notwithstanding, without the consent of M.I.T, COMPANY may state that it
is licensed by M.I.T. under one or more of the patents and/or patent applications comprising the PATENT RIGHTS. 
 11.4. Marking of
LICENSED PRODUCTS. To the extent commercially feasible and consistent with prevailing business practices, COMPANY shall mark, and shall cause its AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS that are manufactured or sold under this
Agreement with the number of each issued patent under the PATENT RIGHTS that applies to such LICENSED PRODUCT. 
 12. TERMINATION 

12.1. Voluntary Termination by COMPANY. COMPANY shall have the right to terminate this Agreement, for any reason, (i) upon at
least six (6) months prior written notice to M.I.T, such notice to state the date at least six (6) months in the future upon which termination is to be effective, and (ii) upon payment of all amounts due to M.I.T. through such
termination effective date. 
 12.2. Cessation of Business. If COMPANY ceases to carry on its business related to this Agreement,
M.I.T. shall have the right to terminate this Agreement immediately upon written notice to COMPANY. 
 12.3. Termination for Default.

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

(b) Material Breach. In the event COMPANY commits a material breach of its obligations under this Agreement, except for a breach of
Section 3.1 occurring after the Termination Threshold has been met (as defined in such Section) or a breach as described in 

  
 23 

 
Section 12.3(a), and fails to cure that breach within [**] days after receiving written notice thereof, M.I.T. may terminate this Agreement immediately upon written notice to COMPANY. 

12.4. Effect of Termination. 

(a) Survival. The following provisions shall survive the expiration or termination of this Agreement: Articles 1, 8, 9, 13 and 14, and
Sections 4.1(g), 5.2 (obligation to provide final report and payment), 5.4, 11.1, 11.2 and 12.4. 
 (b) Inventory. Upon the early
termination of this Agreement, COMPANY and its AFFILIATES and SUBLICENSEES may complete and sell any work-in-progress and inventory of LICENSED PRODUCTS that exist as of the effective date of termination, provided that (i) COMPANY pays M.I.T.
the applicable running royalty or other amounts due on such sales of LICENSED PRODUCTS in accordance with the terms and conditions of this Agreement, and (ii) COMPANY and its AFFILIATES and SUBLICENSEES shall complete and sell all
work-in-progress and inventory of LICENSED PRODUCTS within [**] months after the effective date of termination. 
 (c) Survival of
Sublicenses. Upon termination of this Agreement for any reason, all sublicenses granted by COMPANY that are in effect at the time of such termination shall survive such termination and be assumed by M.I.T. in accordance with their terms;
provided that, M.I.T. shall not, in connection with such assumption, be required to assume any obligations that are greater than those contained in this Agreement and each such sublicense agrees in writing to continue to be bound by the terms of the
applicable sublicense as assumed by M.I.T. 
 (d) Pre-termination Obligations. In no event shall termination of this Agreement
release COMPANY, AFFILIATES, or SUBLICENSEES from the obligation to pay any amounts that became due on or before the effective date of termination. 

13. DISPUTE RESOLUTION. 

13.1. Mandatory Procedures. The parties agree that any dispute arising out of or relating to this Agreement shall be resolved solely by
means of the procedures set forth in this Article, and that such procedures constitute legally binding obligations that are an essential provision of this 

  
 24 

 
Agreement. If either party fails to observe the procedures of this Article, as may be modified by their written agreement, the other party may bring an action for specific performance of these
procedures in any court of competent jurisdiction. 
 13.2. Equitable Remedies. Although the procedures specified in this Article are
the sole and exclusive procedures for the resolution of disputes arising out of or relating to this Agreement, either party may seek a preliminary injunction or other provisional equitable relief if, in its reasonable judgment, such action is
necessary to avoid irreparable harm to itself or to preserve its rights under this Agreement. 
 13.3. Dispute Resolution Procedures.

 (a) Mediation. In the event any dispute arising out of or relating to this Agreement remains unresolved within [**] days from the
date the affected party informed the other party of such dispute, either party may initiate mediation upon written notice to the other party (“Notice Date”), whereupon both parties shall be obligated to engage in a mediation proceeding
under the then current Center for Public Resources (“CPR”) Model Procedure for Mediation of Business Disputes (http://www.cpradr.org), except that specific provisions of this Article shall override inconsistent provisions of the CPR Model
Procedure. The mediator will be selected from the CPR Panels of Neutrals. If the parties cannot agree upon the selection of a mediator within [**] business days after the Notice Date, then upon the request of either party, the CPR shall appoint the
mediator. The parties shall attempt to resolve the dispute through mediation until the first of the following occurs: (i) the parties reach a written settlement; (ii) the mediator notifies the parties in writing that they have reached an
impasse; (iii) the parties agree in writing that they have reached an impasse; or (iv) the parties have not reached a settlement within [**] days after the Notice Date. 

(b) Trial Without Jury. If the parties fail to resolve the dispute through mediation, or if neither party elects to initiate mediation,
each party shall have the right to pursue any other remedies legally available to resolve the dispute, provided, however, that the parties expressly waive any right to a jury trial in any legal proceeding under this Article. 

  
 25 

 13.4. Performance to Continue. Each party shall continue to perform its undisputed
obligations under this Agreement pending final resolution of any dispute arising out of or relating to this Agreement; provided, however, that a party may suspend performance of its undisputed obligations during any period in which the other party
fails or refuses to perform its undisputed obligations. Nothing in this Article is intended to relieve COMPANY from its obligation to make undisputed payments pursuant to Articles 4 and 6 of this Agreement. 

13.5. Statute of Limitations. The parties agree that all applicable statutes of limitation and time-based defenses (such as estoppel
and laches) shall be tolled while the procedures set forth in Sections 13.3(a) are pending. The parties shall cooperate in taking any actions necessary to achieve this result. 

14. MISCELLANEOUS. 
 14.1.
Notice. Any notices required or permitted under this Agreement shall be in writing, shall specifically refer to this Agreement, and shall be sent by hand, recognized national overnight courier, confirmed facsimile transmission, confirmed
electronic mail, or registered or certified mail, postage prepaid, return receipt requested, to the following addresses or facsimile numbers of the parties: 

If to M.I.T, all matters relating to the license: 

Massachusetts Institute of Technology 

Technology Licensing Office, RmNE25-230 

Five Cambridge Center, Kendall Square 

Cambridge, MA 02142-1493 

Attention: Director 

Tel:     617-253-6966 

Fax:    617-258-6790 

If to M.I.T, relating to any equity action after the initial issuance of shares: 

Massachusetts Institute of Technology 

Treasurer’s Office 
 238 Main
Street 
 Cambridge, MA 02142 

Attention: Philip Rotner 

  
 26 

 Tel:     617-253-5422 

Fax:    617-258-6676 

If to COMPANY: 
 Tempo
Pharmaceuticals, Inc. 
 61 Rogers Street 

Cambridge, MA 02141 
 Attn: Chief
Executive Officer 
 Tel: 
 Fax:

 With a copy to: 

Ropes & Gray LLP 
 One
International Place 
 Boston, Massachusetts 02110 

Attention: Marc A. Rubenstein 

Tel:     617-951-7000 

Fax:    617-951-7050 

All notices under this Agreement shall be deemed effective upon receipt. A party may change its contact information immediately upon written
notice to the other party in the manner provided in this Section. 
 14.2. Governing Law. This Agreement and all disputes arising out
of or related to this Agreement, or the performance, enforcement, breach or termination hereof, and any remedies relating thereto, shall be construed, governed, interpreted and applied in accordance with the laws of the Commonwealth of
Massachusetts, U.S.A., without regard to conflict of laws principles, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted. 

14.3. Force Majeure. Neither party will be responsible for delays resulting from causes beyond the reasonable control of such party,
including without limitation fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement
with reasonable dispatch whenever such causes are removed. 

  
 27 

 14.4. Amendment and Waiver. This Agreement may be amended, supplemented, or otherwise
modified only by means of a written instrument signed by both parties. Any waiver of any rights or failure to act in a specific instance shall relate only to such instance and shall not be construed as an agreement to waive any rights or fail to act
in any other instance, whether or not similar. 
 14.5. Severability. In the event that any provision of this Agreement shall be held
invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect any other provision of this Agreement, and the parties shall negotiate in good faith to modify the Agreement to preserve (to the extent possible) their
original intent. If the parties fail to reach a modified agreement within [**] days after the relevant provision is held invalid or unenforceable, then the dispute shall be resolved in accordance with the procedures set forth in Article 13. While
the dispute is pending resolution, this Agreement shall be construed as if such provision were deleted by agreement of the parties. 
 14.6.
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns. 

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

14.8. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to its subject matter and
supersedes all prior agreements or understandings between the parties relating to its subject matter. 
 IN WITNESS WHEREOF, the parties
have caused this Agreement to be executed by their duly authorized representatives. 
 The EFFECTIVE DATE of this Agreement is December 21, 2006.

  

									
	MASSACHUSETTS INSTITUTE OF INC. TECHNOLOGY	 		 	TEMPO PHARMACEUTICALS,
					
	By:	 	 /s/ Lita L. Nelsen
	 		 	By:	 	 /s/ Alan Crane

  
 28 

							
	Name:	  	 Lita L. Nelsen, Director
	 	Name:	 	 Alan Crane

				
	Title:	  	 Technology Licensing Office
	 	Title:	 	 President & CEO

  

			
	MASSACHUSETTS INSTITUTE OF INC. TECHNOLOGY
		
	By:	 	 /s/ Claude R. Canizares

	Name:	 	Claude R. Canizares, Ph.D.
	Title:	 	 Bruno Rossi Professor of Experimental Physics,

Vice President for Research, and
 Associate Provost

  
 29 

 APPENDIX A 

List of Patent Applications and Patents 
  

	I.	United States Patents and Applications 

 [**] 

 

	II	International (non-U. S.) Patents and Applications 

 [**] 

 APPENDIX B 

List of Countries (excluding United States) for which 

PATENT RIGHTS Applications Will Be Filed, Prosecuted and Maintained 

[PLEASE ADVISE] 

 EXHIBIT A 

CONFLICT AVOIDANCE STATEMENT 
  

			
	Name:	  	 Ram Sasisekharan

		
	Dept. or Lab.:	  	 Biological Engineering

		
	Company:	  	 Tempo Pharmacueticals

		
	Address:	  	 Cambridge, MA

 Licensed Technology: M.I.T. Case No. [**]; M.I.T; Case No. [**] 

Because of the M.I.T. license granted to the above company and my equity* position and continuing relationship with this company, I acknowledge the potential
for a possible conflict of interest between the performance of research at M.I.T. and my contractual or other obligations to this company. Therefore, I will not 
  

	 	1)	use students at M.I.T, for research and development projects for the company; 

  

	 	2)	restrict or delay access to information from my M.I.T research; 

  

	 	3)	take direct or indirect research support from the company in order to support my activities at M.I.T; or 

  

	 	4)	employ students at the company, except in accordance with Section 4.5.2, “Faculty and Students,” in the Polictes and Procedures Guide. 

In addition, in order to avoid the appearance of a conflict, I will attempt to differentiate clearly between the intellectual directions of my M.I.T. research
and my contributions to the company. To that end, I will expressly inform my department head/laboratory director annually of the general nature of my activities on behalf of the company 

 

			
	Signed:	 	 /s/ Ram Sasisekharan

	Date:	 	 Dec. 18th 2006

  

			
	Approved by:	 	 /s/Douglas Lauttenburger

	Name (print):	 	 Douglas Lattenburger

	(Dept. Head or Lab Dir)

  
 Page 1 of 6 

	*	“Equity” includes stock, options, warrants or other financial instruments convertible into stock, which are directly or indirectly controlled by the inventor. 

Conf Avoid Stmnt 
 990915 

  
 Page 2 of 6 

 EXHIBIT B 

INVENTOR/AUTHOR ACKNOWLEDGMENT OF 

NO EQUITY DISTRIBUTION  

Form Version 8/22/01 
 In
partial reliance on the undersigned’s execution of this Acknowledgment, M.I.T. has entered into the license agreement to which this Acknowledgment is attached (the “LICENSE”) in which COMPANY received certain licenses to the
technology listed below, on some or all of which the undersigned is a listed inventor or author. The undersigned, independently of the LICENSE, has received or will soon acquire equity in Tempo Pharmaceuticals, Inc. (“COMPANY”), and, in
accordance with M.I.T.’s licensing policies contained in M.I.T.’s Guide to the Ownership, Distribution and Commercial Development of M.I.T. Technology, as that policy may be amended from time to time (specifically §4.2.5 as of
this Form Version date), the undersigned, on his/her own behalf and on behalf of his/her heirs and assigns, acknowledges and agrees that he/she has no right to receive any share of equity income received by M.I.T. in consideration for the LICENSE.

 Technology Licensed as of the EFFECTIVE DATE of the LICENSE: 

M.I.T. Case No. [**] 
 M.I.T. Case No. [**] 

 

									
					
	Witness:	 	 /s/ Ada M. Ziolkowski
	 		 	Signed:	 	 /s/ Ram Sasisekharan

		 	Ada M. Ziolkowski	 		 	Print Name:	 	 Ram Sasiekharan

		 		 		 	Date:	 	 20th Dec. ’06

  
 Page 3 of 6 

 EXHIBIT B 

INVENTOR/AUTHOR ACKNOWLEDGMENT 

OF NO EQUITY DISTRIBUTION 

In partial reliance on the undersigned’s execution of this Acknowledgment, M.I.T. has entered into the license agreement to which
this Acknowledgment is attached (the “LICENSE”) in which COMPANY received certain licenses to the technology listed below, on some or all of which the undersigned is a listed inventor or author. The undersigned, independently of the
LICENSE, has received or will soon acquire equity in Tempo Pharmaceuticals, Inc. (“COMPANY”), and, in accordance with M.I.T.’s licensing policies contained in M.I.T.’s Guide to the Ownership, Distribution and Commercial
Development of M.I.T. Technology, as that policy may be amended from time to time (specifically §4.2.5 as of this Form Version date), the undersigned, on his/her own behalf and on behalf of his/her heirs and assigns, acknowledges and agrees
that he/she has no right to receive any share of equity income received by M.I.T. in consideration for the LICENSE. 
 Technology
Licensed as of the EFFECTIVE DATE of the LICENSE: 
 M.I.T. Case No. [**] 

M.I.T. Case No. [**]. 
  

									
					
	Witness:	 	 /s/ illegible
	 		 	Signed:	 	 /s/ Shiladitya Senuupta

		 		 		 	Print Name:	 	 Shiladitya Senuupta

		 		 		 	Date:	 	 20th Dec. ’06

  
 Page 4 of 6 

 FIRST AMENDMENT 

This First Amendment, effective as of the date set forth above the signatures of the parties below, is between the Massachusetts Institute of
Technology, a Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts 02139 (“M.I.T.”), and Tempo Pharmaceuticals, Inc., a Delaware corporation having its principal place of business at 61
Rogers Street, Cambridge, Massachusetts 02142 (“COMPANY”). 
 WHEREAS, COMPANY and M.I.T. wish to modify the provisions of the
Exclusive Patent License Agreement dated December 21, 2006 (the “LICENSE AGREEMENT”); and 
 WHEREAS, M.I.T. is the owner of
certain technology identified as M.I.T. Case No. [**]; 
 WHEREAS, the platinum based prodrugs of M.I.T. Case No. [**] may be delivered
using particle based delivery technology licensed by M.I.T. to COMPANY under the LICENSE AGREEMENT (the “NANOCELL PATENT RIGHTS”); and 

WHEREAS, COMPANY and M.I.T. wish to amend the LICENSE AGREEMENT to include patent rights for M.I.T. Case No. [**] (the “PLATINUM PRODRUG
PATENT RIGHTS”) upon the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, in consideration of the promises and mutual
covenants contained herein, the parties hereby agree as follows: 
 1. Appendix A of the LICENSE AGREEMENT shall be amended to read in its
entirety as follows: 

  
 Page 5 of 6 

 APPENDIX A 

List of Patent Applications and Patents 
  

	(I)	NANOCELL PATENT RIGHTS 

  

	(a)	United States Patents and Applications 

 M.I.T. Case No. [**] 

[**] 
 M.I.T. Case No. [**] 

[**] 
  

	(b)	International (non-U.S.) Patents and Applications  

 M.I.T. Case No. [**] 

[**] 
 M.I.T. Case No. [**] 

[**] 

  
 Page 2 of 1 

	(II)	PLATINUM PRODRUG PATENT RIGHTS 

 “M.I.T. Case No. [**] 

2. Section 1.3. IMPROVEMENTS, of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

“IMPROVEMENTS” shall mean any patentable invention, or group of patentable inventions so linked as to form a single general
inventive concept (as generally inventive concept is described in Rule 13 of the Regulations under the Patent Cooperation Treaty), disclosed to the M.I.T. Technology Licensing Office, made under M.I.T. research programs in which Ram Sasisekharan is
the principal investigator, within [**] years from the EFFECTIVE DATE of this Agreement, and which are dominated by the claims of the NANOCELL PATENT RIGHTS, and which shall be practiced by COMPANY only in the FIELD. 

3. The following new sentence shall be added to the end of Section 1.7, PATENT RIGHTS, of the LICENSE AGREEMENT. 

For clarification, the PATENT RIGHTS include the NANOCELL PATENT RIGHTS set forth in APPENDIX A (I) and the PLATINUM PRODRUG PATENT
RIGHTS set forth in APPENDIX A (II). 
 4. The following new definitions shall be added to Article I, DEFINITIONS, of the LICENSE
AGREEMENT as Sections 1.13, 1.14 and 1.15: 
 1.13 “NANOCELL FIELD” shall mean the treatment of human and veterinary disease
using a pharmaceutical composition which, or the use or manufacture of which, is described as the invention or claimed in [**]. 
 1.14
“NANOCELL PATENT RIGHTS” shall mean any and all PATENT RIGHTS based on M.I.T. Case No. [**] and/or M.I.T. Case No. [**], as set forth in APPENDIX A (I). 

  
 Page 3 of 1 

 1.15 “PLATINUM PRODRUG PATENT RIGHTS” shall mean any and all PATENT RIGHTS based
on M.I.T. Case No. [**], as set forth in APPENDIX A (II). 
 5. The first paragraph of Section 2.1, License Grants, of the LICENSE
AGREEMENT shall be amended to read in its entirety as follows: 
 License Grants. Subject to the terms of this
Agreement, M.I.T. hereby grants to COMPANY and its AFFILIATES for the TERM: (a) an exclusive (subject to Section 2.5) royalty-bearing license under the NANOCELL PATENT RIGHTS to develop, make, have made, use, sell, offer to sell, lease and
import LICENSED PRODUCTS in the FIELD in the TERRITORY and to develop and perform LICENSED PROCESSES in the FIELD in the TERRITORY; and (b) an exclusive (subject to Section 2.5) royalty-bearing license under the PLATINUM PRODRUG PATENT
RIGHTS to develop, make, have made, use, sell, offer to sell, lease and import LICENSED PRODUCTS solely in the NANOCELL FIELD in the TERRITORY. For clarification, M.I.T. and COMPANY acknowledge that the license grant under the PLATINUM PRODRUG
PATENT RIGHTS is solely the right for COMPANY and its AFFILIATES to deliver such platinum prodrugs using a pharmaceutical composition which, or the use or manufacture of which, is described as the invention or claimed in [**]. 

6. The first sentence of the second paragraph of Section 2.1, License Grants, of the LICENSE AGREEMENT shall be amended to read in
its entirety as follows: 
 In addition, subject only to the terms of any sponsorship agreement under which an IMPROVEMENT invention was
made, M.I.T. hereby grants to COMPANY a first option to add IMPROVEMENTS to the NANOCELL PATENT RIGHTS, only in the FIELD, for [**] months after COMPANY has been notified of the existence of each such IMPROVEMENT. 

7. Section 2.2, Exclusivity, of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

  
 Page 4 of 1 

 Exclusivity. In order to establish an exclusive period for COMPANY, M.I.T. agrees that:
(a) it shall not grant any other license under the NANOCELL PATENT RIGHTS to make, have made, use, sell, lease and import LICENSED PRODUCTS in the FIELD in the TERRITORY or to perform LICENSED PROCESSES in the FIELD in the TERRITORY during the
TERM; and (b) it shall not grant any other license under the PLATINUM PRODRUG PATENT RIGHTS to make, have made, use, sell, lease and import LICENSED PRODUCTS in the NANOCELL FIELD in the TERRITORY during the TERM. 

8. As consideration for this amendment to the LICENSE AGREEMENT, COMPANY shall pay to M.I.T. a [**] Dollar ($[**]) fee upon execution of the
amendment. This payment is non-refundable. 
 9. COMPANY shall reimburse M.I.T. for all patent costs incurred by M.I.T. for the PLATINUM
PRODRUG PATENT RIGHTS in accordance with Article 6 of the LICENSE AGREEMENT, provided that, in the event that M.I.T. exclusively licenses any of the PLATINUM PRODRUG PATENT RIGHTS to one or more third parties outside the NANOCELL FIELD, M.I.T. shall
notify COMPANY in writing and thereupon future patent costs associated with the PLATINUM PRODRUG PATENT RIGHTS shall be allocated on a pro rata basis between COMPANY and such third party(ies). COMPANY’S pro rata share of patent costs will
decrease on a going forward basis only, and no credits shall be allowed for past payments due prior to each new license. 
 10. The first
paragraph of Section 7.2(a), COMPANY Right to Prosecute, of the LICENSE AGREEMENT shall be amended to read in its entirety as follows: 

COMPANY Right to Prosecute. So long as COMPANY remains the exclusive licensee of the NANOCELL PATENT RIGHTS in the FIELD in the
TERRITORY, COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of the NANOCELL PATENT RIGHTS in the FIELD in the TERRITORY, subject to Sections 7.4
and 7.5. In addition, so long as COMPANY remains the exclusive licensee of the PLATINUM PRODRUG PATENT RIGHTS 

  
 Page 5 of 1 

 
in the NANOCELL FIELD in the TERRITORY, COMPANY, to the extent permitted by law, shall have the right, under its own control and at its own expense, to prosecute any third party infringement of
the PLATINUM PRODRUG PATENT RIGHTS in the NANOCELL FIELD in the TERRITORY, subject to Sections 7.4 and 7.5. If required by law, M.I.T. shall permit any action under this Section to be brought in its name, including being joined as a party-plaintiff,
provided that COMPANY shall hold M.I.T. harmless from, and indemnify M.I.T. against, any costs, expenses, or liability that M.I.T. incurs in connection with such action. 

11. Except as specifically modified or amended hereby, all other terms and conditions of the LICENSE AGREEMENT shall remain unchanged and in
full force and effect. 
 IN WITNESS WHEREOF, the parties have caused this First Amendment to be executed under seal by their duly
authorized representatives. 
 The Effective Date of this First Amendment is July 30, 2007, 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	TEMPO PHARMACEUTICALS, INC.
					
	By:	 	 /s/ Lita L. Nelsen, Director
	 		 	By:	 	 /s/ Alan Crane

					
	Name:	 	 Lita L. Nelsen, Director
	 		 	Name:	 	 Alan Crane

					
	Title:	 	 Technology Licensing Office
	 		 	Title:	 	 President & CEO

  
 Page 6 of 1 

 SECOND AMENDMENT 

This Second Amendment, effective as of the date set forth above the signatures of the parties below, is between the Massachusetts Institute of
Technology, a Massachusetts corporation having its principal office at 77 Massachusetts Avenue, Cambridge, Massachusetts 02139 (“M.I.T.”), and Tempo Pharmaceuticals, Inc., a Delaware corporation having its principal place of business at
161 First Street, Cambridge, Massachusetts 02142 (“COMPANY”). 
 WHEREAS, COMPANY and M.I.T. wish to modify the provisions of the
Exclusive Patent License Agreement dated December 21, 2006, as amended by First Amendment dated July 30, 2007 (the “LICENSE AGREEMENT”); and 

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, the parties hereby agree as follows: 

1. Clause (i) of Section 3.1 (Diligence Requirements) of the LICENSE AGREEMENT shall be amended to read in its entirety as
follows: 
 “(i) On or before [**], COMPANY or an AFFILIATE or SUBLICENSEE shall [**].” 

2. Except as specifically modified or amended hereby, all other terms and conditions of the LICENSE AGREEMENT shall remain unchanged and in
full force and effect. 
 IN WITNESS WHEREOF, the parties have caused this Second Amendment to be executed under seal by their duly
authorized representatives. 
 The Effective Date of this Second Amendment is June 1, 2008. 

 

									
	MASSACHUSETTS INSTITUTE OF TECHNOLOGY	 		 	TEMPO PHARMACEUTICALS, INC.
					
	By:	 	 /s/ Lita L. Nelsen
	 		 	By:	 	 /s/ Alan Crane

					
	Name:	 	Lita L. Nelsen	 		 	Name:	 	Alan Crane
	Title:	 	Director, Technology Licensing Office	 		 	Title:	 	President & CEO

  
 Page 1 of 3 

 THIRD AMENDMENT 

This Amendment, with the effective date of July 30, 2009, is to the Exclusive Patent License Agreement dated December 21, 2006 (“License
Agreement”) between Massachusetts Institute of Technology (“MIT”) and Cerulean Pharma Inc. (formerly known as Tempo Pharmaceuticals, Inc., “COMPANY”). Capitalized terms used herein and not otherwise defined shall have the
meanings given such terms in the License Agreement. 
 BACKGROUND: 

MIT granted COMPANY an exclusive license to the Patent Rights in the License Agreement, with COMPANY agreeing that it would diligently seek to develop products
based on the technology of the Patent Rights. 
 COMPANY has devoted substantial resources in an attempt to develop “two drug” nanotechnology
therapeutic products based on the technology of the Patent Rights; however technical difficulties of manufacture and quality control under the current state of the art make continued attempts at development impractical at this time. 

COMPANY has meanwhile developed and acquired additional technologies and wishes to devote the majority of its efforts to development and marketing of
nanotechnology therapeutic products involving these additional technologies. 
 COMPANY and MIT believe that new technology for manufacture and quality
control of nanotechnology products developed in the course of pursuing these alternative nanotechnology therapeutic products may make development and manufacture of “two drug” nanotechnology therapeutic products based on the technology of
the Patent Rights practical in the future. 
 Therefore, COMPANY and MIT believe it appropriate for COMPANY to suspend, for a limited period of time, its
efforts to develop a “two drug” nanotechnology therapeutic product based on the technology of the Patent Rights, and the parties therefore agree to amend the License Agreement as follows: 

Amendments: 
  

	 	1.	COMPANY and MIT agree that as no patent applications were ever filed for M.I.T. case No. [**], the amendments to the License Agreement effected by the First Amendment dated July 30, 2007 (the “First
Amendment”) shall be of no force and effect and the language of the License Agreement shall revert to the language in existence prior to the date of the First Amendment, as later amended by the Second Amendment dated June 1, 2008 and as
now amended by this Third Amendment. 

  

	 	2.	The diligence terms of Sections 3(b), 3(c), 3(f), 3(g), 3(h), 3(i) and 3(j) shall be deleted in their entirety, but with the understanding that new diligence terms shall be agreed upon by the parties in accordance with
Section 4 below by June 30, 2014. 

  

	 	3.	Subject to Section 5 below, the license maintenance fee schedule under Section 4.1(b) of the License Agreement shall be revised as follows: 

					
	 January 1, 2010 and each January 1 thereafter through and including January 1, 2014
	  	$	[	**] 

  

	 	4.	By March 1, 2014, COMPANY shall present to MIT a plan for development of Licensed Products under the PATENT RIGHTS which is satisfactory to MIT and a proposal for new diligence terms for development of Licensed
Products. Thereupon, COMPANY and MIT shall negotiate in good faith the new diligence terms, which terms, once agreed upon, shall be added by further amendment to the License Agreement. In the event that COMPANY and MIT are unable to agree on new
diligence terms by June 30, 2014, MIT may, at its sole discretion, terminate the License Agreement immediately upon written notice to COMPANY. 

  

	 	5.	Beginning January 1, 2015, the following license maintenance fees shall apply: 

  

					
	 January 1, 2015
	  	$	[	**] 
	 January 1, 2016
	  	$	[	**] 
	 January 1, 2017
	  	$	[	**] 
	 January 1, 2018
	  	$	[	**] 
	 January 1, 2019
	  	$	[	**] 
	 January 1, 2020 and each January 1 thereafter
	  	$	[	**] 

  

	 	    	In the event that COMPANY and MIT agree on a new development plan for Licensed Products in a calendar year prior to 2014, the foregoing schedule of license maintenance fees shall be accelerated such that the first $[**]
shall be due on January 1 of the calendar year immediately subsequent to the calendar year in which agreement on the new development plan occurs. 

  

	 	6.	If at any time prior to June 30, 2014, if MIT becomes aware of a third party wishing to have a license to the Patent Rights to develop Licensed Products; and provided that (a) COMPANY has not provided MIT with
a satisfactory plan for development of the Patent Rights according to Section 4 above; and (b) COMPANY is not in active negotiations with the third party at the time that MIT becomes aware of the third party’s wishes for a license;
then: 

  

	 	    	(i) MIT shall request from both COMPANY and the third party, development plans to bring one or more Licensed Products to market; 

	 	    	(ii) MIT shall evaluate the development plans based on capability and commitment of each party to develop Licensed Products and bring them to market, and shall choose the plan it considers to be in the best interests of
the commercialization of the Patent Rights, at its sole discretion; and 

	 	    	(iii) If the third party’s plan is considered superior to that of COMPANY, MIT may, at its sole discretion, either terminate the License Agreement or limit the Field of Use or exclusivity of the License Agreement.

  

	 	7.	Appendix B to the License Agreement is hereby deleted in its entirety and the attached Appendix B is hereby substituted therefore. 

	 	8.	Except as specifically modified or amended hereby, all other terms and conditions of the License Agreement shall remain unchanged and in full force and effect. 

IN WITNESS WHEREOF, the parties have caused this Third Amendment to be executed under seal by their duly authorized representatives. 

 

									
	Massachusetts Institute of Technology	 		 	Cerulean Pharma Inc.
					
	By:	 	 /s/ Lita L. Nelsen, Director
	 		 	By:	 	 /s/ Oliver Fetzer

					
	Name:	 	 Lita L. Nelsen, Director
	 		 	Name:	 	 Oliver Fetzer

	Title:	 	 Technology Licensing Office
	 		 	Title:	 	 Chief Executive Officer

	Date:	 	 July 30, 2009
	 		 	Date:	 	 July 30, 2009

 APPENDIX B 
  

									
	 MIT Docket No.
	  	 Country
	  	 Sutherland
Docket No.
	  	 Application
No.
	  	
Status As of
July 20, 2009

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

 [**] 

  
 Page 1 of 2 

 FOURTH AMENDMENT 

This Fourth Amendment, with the effective date of August 1, 2013 is to the Exclusive License Agreement dated December 21, 2006, as amended by a
First Amendment dated July 30, 2007, a Second Amendment dated June 1, 2008 and a Third Amendment dated June 30, 2009 (the “License Agreement”) between Massachusetts Institute of Technology (“MIT) and Cerulean Pharma
Inc. (formerly known as Tempo Pharmaceuticals Inc., “COMPANY”). Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the License Agreement. 

Whereas, COMPANY has represented to MIT that it continues to devote substantial resources in an attempt to develop nanotechnology therapeutic products based
on the technology of the Patent Rights. 
 Therefore, COMPANY and MIT agree to amend certain provisions of the Third Amendment to the License Agreement to
extend certain deadlines as follows: 
  

	 	1.	Section 2 of the Third Amendment shall be replaced in its entirety as follows: 

 The
diligence terms of Sections 3(b), 3(c), 3(f), 3(g), 3(h), 3(i) and 3(j) shall be deleted in their entirety, but with the understanding that new diligence terms shall be agreed upon by the parties in accordance with Section 2 below by
June 30, 2015. 
  

	 	2.	Section 4 of the Third Amendment shall be replaced in its entirety as follows: 

 By
March 1, 2015, COMPANY shall present to MIT a plan for development of Licensed Products under the PATENT RIGHTS which is satisfactory to MIT and a proposal for new diligence terms for development of Licensed Products. Thereupon, COMPANY and MIT
shall negotiate in good faith the new diligence terms, which terms, once agreed upon, shall be added by further amendment to the License Agreement. In the event that COMPANY and MIT are unable to agree on new diligence terms by June 30, 2015,
MIT may, at its sole discretion, terminate the License Agreement immediately upon written notice to COMPANY. 
  

	 	3.	Section 5 of the Third Amendment shall be replaced in its entirety as follows: 

 Beginning
January 1, 2015, the following license maintenance fees shall apply: 
  

					
	 January 1, 2015
	  	$	[	**] 
	 January 1, 2016
	  	$	[	**] 
	 January 1, 2017
	  	$	[	**] 
	 January 1, 2018
	  	$	[	**] 
	 January 1, 2019
	  	$	[	**] 
	 January 1, 2020 and each January 1 thereafter
	  	$	[	**] 

 In the event that COMPANY and MIT agree on a new development plan for Licensed Products in a calendar year prior to 2015, the
foregoing schedule of license maintenance fees shall be 

  
 Page 1 of 2 

 
accelerated such that the first $[**] shall be due on January 1 of the calendar year immediately subsequent to the calendar year in which agreement on the new development plan occurs. 

 

	 	4.	Section 6 of the Third Amendment shall be replaced in its entirety as follows 

 If at any time prior to
June 30, 2015, if MIT becomes aware of a third party wishing to have a license to the Patent Rights to develop Licensed Products; and provided that (a) COMPANY has not provided MIT with a satisfactory plan for development of the Patent
Rights according to Section 4 above; and (b) COMPANY is not in active negotiations with the third party at the time that MIT becomes aware of the third party’s wishes for a license; then: 

(i) MIT shall request from both COMPANY and the third party, development plans to bring one or more Licensed Products to market; 

(ii) MIT shall evaluate the development plans based on capability and commitment of each party to develop Licensed Products and bring them to
market, and shall choose the plan it considers to be in the best interests of the commercialization of the Patent Rights, at its sole discretion; and 

(iii) if the third party’s plan is considered superior to that of COMPANY, MIT may, at its sole discretion, either terminate the License
Agreement or limit the Field of Use or exclusivity of the License Agreement. 
  

	 	5.	Except as specifically modified or amended hereby, all other terms and conditions of the License Agreement shall remain unchanged and in full force and effect. 

IN WITNESS WHEREOF, the parties have caused this Fourth Amendment to be executed under seal by their duly authorized representatives. 

 

									
	Massachusetts Institute of Technology	 		 	Cerulean Pharma Inc.
					
	By:	 	 /s/ Lita L. Nelsen
	 		 	By:	 	 /s/ Jean M. Silveri

					
	Name:	 	 Lita L. Nelsen, Director
	 		 	Name:	 	 Jean M. Silveri

	Title:	 	 Technology Licensing Office
	 		 	Title:	 	 General Counsel

	Date:	 	 August 5, 2013
	 		 	Date:	 	 August 7, 2013

  
 Page 2 of 2EX-10.9

			
	 Confidential Materials omitted and filed separately with the

Securities and Exchange Commission. Double asterisks denote omissions.
	  	Exhibit 10.9

 PATENT LICENSE AGREEMENT 

between 
 THE RESEARCH
FOUNDATION OF STATE UNIVERSITY OF NEW YORK 
 and 

TEMPO PHARMACEUTICALS, INC. 

This Patent License Agreement (“Agreement”) is effective as of
August 31st, 2007 (“Effective Date”) by and between The Research Foundation of State University of New York, on behalf of University at Buffalo, a non-profit corporation organized
and existing under the laws of the State of New York (“Foundation”) and Tempo Pharmaceuticals, Inc., a Delaware corporation, with an address at 161 First Street, Cambridge, Massachusetts 02142 (“Tempo”). 

WHEREAS, Foundation and Tempo wish to enter into an exclusive field-of-use license agreement to facilitate the development and
commercialization of certain technology developed at the University at Buffalo so that this technology may be utilized to the fullest extent for the benefit of Tempo, Foundation, the inventors and the public; 

NOW, THEREFORE, in consideration of the terms and considerations hereinafter set forth, the parties agree as follows: 

 

	1.	DEFINITIONS 

 All capitalized terms used in this Agreement will have the meanings stated
below or defined elsewhere in the Agreement. 
  

	 	1.1	“Affiliate” means every corporation or entity which, directly or indirectly, or through one or more intermediaries, controls, is controlled by, or is under common control with Tempo. 

 

	 	1.2	“Field” means the use of a Licensed Product, which is a single pharmaceutical composition that contains within such pharmaceutical composition (a) a therapeutic or prophylactic agent and
(b) one or more nano-scale or micro-scale compartments containing either (i) a different therapeutic and/or prophylactic agent or (ii) a different formulation of the agent described in (a), for the treatment and/or prevention of
disease in humans. For the avoidance of doubt, the Field does not include the use of a Licensed Product, which is a physical mixture of two separate pharmaceutical compositions, each containing a single therapeutic or prophylactic agent.

  

	 	1.3	 “Foundation Patent Rights” means Foundation’s patent rights to any subject matter claimed in or covered by (a) any issued
United States or foreign patent or any United States or foreign patent application listed in Exhibit A attached hereto, including any patent issuing on any patent application listed in Exhibit A; (b) any continuation or
divisional applications of the patents and patent applications referred to in (a), including continuations-in-part directed to subject matter contained in the patents and patent applications referred to in (a); (b) any patents issuing on the
continuation or divisional applications referred to in (b); and (c) any reissues, reexaminations, extensions or supplemental protection certificates of 

  
 1 

	 	
the foregoing patents and issuing patents. For purposes of clarity, Foundation Patent Rights will not include continuations-in-part directed to improvements which are new subject matter.

  

	 	1.4	“Foundation 5214 Patent Rights” means the subset of Foundation Patent Rights which pertain to Foundation Docket No. R-5214 titled [**] 

 

	 	1.5	“Foundation 5431 Patent Rights” means the subset of Foundation Patent Rights which pertain to Foundation Docket No. R-5431 titled [**] 

 

	 	1.6	“Licensed Product” means any product that if made, used, offered for sale, sold, imported, leased or otherwise transferred in the United States or any other country would, but for the license granted
herein, infringe one or more Valid Claims of the Foundation Patent Rights. 

  

	 	1.7	“Net Sales” means the gross revenues actually received by Tempo and its Affiliates and Sublicensees from the sale, lease or other transfer of Licensed Products, less (a) sales and/or use taxes
actually paid, (b) import and/or export duties actually paid, (c) outbound transportation paid, prepaid or allowed, (d) amounts allowed or credited due to returns, and (e) trade, cash and quantity discounts in amounts customary
in the trade, all as reflected on written invoices and, in the case of clause (d) or (e), not to exceed the original or initial invoice amount. In this context, gross revenues will also include the fair market value of any non-cash
consideration actually received by Tempo and its Affiliates and Sublicensees for the sale, lease, or other transfer of Licensed Products. 

  

	 	1.8	“Patent Costs” means all reasonable costs incident to filing, prosecuting and maintaining the patents and patent applications within the Foundation Patent Rights in the United States and elected foreign
countries, including any and all reasonable costs incurred in filing any continuation or divisional applications or incurred in connection with any re-examinations, reissue proceedings or extensions. 

 

	 	1.9	“Phase II Clinical Trial” means a human clinical trial to confirm short-term safety and efficacy undertaken with the intent that should sufficient positive data result, a Phase III Clinical Trial will
follow. 

  

	 	1.10	“Phase III Clinical Trial” means a large-scale human clinical trial to confirm safety and efficacy undertaken with the intent that should sufficient positive data result, approval for marketing and sale
will be sought from a regulatory authority. 

  

	 	1.11	“Post-Effective Date Patent Costs” has the meaning set forth in Section 6.3. 

  

	 	1.12	“Pre-Effective Date Patent Costs” has the meaning set forth in Section 6.1. 

  

	 	1.13	“Product Royalty” has the meaning set forth in Section 3.3. 

  
 2 

	 	1.14	“Subcontractor” means an independent contractor retained by Tempo to provide contract services to Tempo that assist Tempo in developing the Licensed Products. 

 

	 	1.15	“Sublicensee” means any third party to whom Tempo grants a sublicense of any or all of the rights granted Tempo under this Agreement other than an Affiliate or Subcontractor of Tempo. 

 

	 	1.16	“Term” means the period of time beginning on the Effective Date and ending on the expiration date of the last to expire of the Foundation Patent Rights. 

 

	 	1.17	“Territory” means worldwide. 

  

	 	1.18	“Valid Claim” means an unexpired claim in an issued unexpired patent or supplementary protection certificate within the Foundation Patent Rights that has not been revoked, abandoned, disclaimed or
withdrawn, or held unenforceable, unpatentable or invalid by a court of competent jurisdiction in a final judgment that has not been appealed within the time allowed by law or from which there is no further appeal. 

 

	2.	GRANT OF RIGHTS AND RETAINED RIGHTS 

  

	 	2.1	Exclusive License. Subject to the terms of this Agreement, Foundation grants to Tempo an exclusive field-of-use license under the Foundation Patent Rights to research, develop, make, have made, use, offer
for sale, sell, have sold, import and export Licensed Products in the Field in the Territory during the Term. The foregoing license may be exercised directly by Tempo or indirectly through an Affiliate of Tempo. The license granted is subject to the
overriding obligations to the U.S. Government set forth in 35 USC 200-212, and applicable governmental implementing regulations, and the provisions of Article 4. 

 

	 	2.2	Retained Rights. Foundation retains the right to use the Foundation Patent Rights for educational purposes and internal research and development, including collaborations with researchers at other academic
and not-for-profit research institutions. 

  

	3.	COMPENSATION AND PAYMENT TERMS 

  

	 	3.1	Upfront Fee. Tempo will pay to Foundation, within [**] days of the Effective Date, a one-time, nonrefundable payment of [**] U.S. Dollars (US$[**]). 

 

	 	3.2	License Maintenance Fee. Tempo will pay Foundation the following non-refundable, non-creditable license maintenance fees: 

 

					
	 License Maintenance Fee (US$) upon each
anniversary of the Effective Date :
	  	 Beginning on:
	  	 Ending on:

	 $[**]
	  	The [**] of the Effective Date	  	The [**] of the Effective Date

  
 3 

					
	 $[**]
	  	The [**] of the Effective Date	  	[**]

  

	 	3.3	Royalties on Net Sales. During the Term, Tempo will pay Foundation a running product royalty on annual Net Sales of Licensed Products (“Product Royalty”) as follows. With respect to Licensed Products
whose manufacture, use or sale is covered by a Valid Claim of the Foundation 5431 Patent Rights but not a Valid Claim of the Foundation 5214 Patent Rights, the royalty rate will be [**]% of Net Sales, whether the sales are made by Tempo and its
Affiliates or by Sublicensees. With respect to Licensed Products whose manufacture, use or sale is covered by a Valid Claim of the Foundation 5214 Patent Rights, whether or not also covered by a Valid Claim of the Foundation 5431 Patent Rights, the
royalty rate will be [**]% of Net Sales, whether the sales are made by Tempo and its Affiliates or by Sublicensees. 

 If Tempo
sublicenses to a third party any of the Foundation Patent Rights in order to allow such third party to practice Foundation Patent Rights in conjunction with Tempo’s other intellectual property in the Field as permitted under
Article 5, Tempo will not be obligated to pay Foundation a percentage of the sublicensing revenues received by it in connection with such sublicense; provided, however, that Tempo will be obligated to pay the Product Royalty, as
specified above, on annual Net Sales of Licensed Products made by Sublicensees. 
 In the event that Tempo is required to license any patent
rights from a third party in order to have the freedom to operate under the Foundation Patent Rights, Tempo shall be entitled to deduct, from the Product Royalties due Foundation, as specified above, [**] percent ([**]%) of the amounts due the third
party under such license, provided that, in any calendar quarter, such deduction shall not exceed [**] percent ([**]%) of the total Product Royalty that would otherwise be due Foundation, as specified above. 

 

	 	3.4	Milestone Payments. Tempo will pay Foundation the following non-refundable, non-creditable milestone payments within [**] days after Tempo’s, or its Affiliate’s or Sublicensee’s
achievement, of each of the following milestones: 

  

									
	 Milestone
	  	Payment if event is
achieved by Tempo
or Affiliate:	 	 	Payment if event is
achieved by
Sublicensee:	 
	 [**]
	  	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 

 Each milestone payment will be payable only once, at the time that such milestone is first achieved for the
first Licensed Product to reach such milestone. 

  
 4 

 If a milestone is combined with another milestone that is normally expected to be a later
development or regulatory step, then the milestone that was expected to occur later will be deemed to have been achieved at the same time as such earlier milestone is achieved, and the corresponding payment for both milestones will be due. For
example, if [**], Tempo will pay Foundation the sum of the milestone payments due for [**]. 
 If a milestone is skipped or avoided by
advancing to what would normally be expected to be a later development or regulatory step, then the milestone that was expected to occur earlier will be deemed to have been achieved at the same time as such later milestone is achieved, and the
corresponding payment for both milestones will be due. 
  

	 	3.5	Payment Terms. All dollar amounts referenced herein will refer to U.S. Dollars. License maintenance fees will be paid on or before the dates specified in Section 3.2. Reimbursement of
Pre-Effective Date Patent Costs will be paid on or before the dates specified in Section 6.1. Reimbursement of Post-Effective Date Patent Costs will be due and payable as specified in Section 6.3. Milestone payments will be
due and payable as specified in Section 3.4. Product Royalty payments will be made within [**] days after the end of each calendar quarter in respect of such calendar quarter. If requested by Tempo, Foundation will provide Tempo with an
invoice for payments due Foundation. When Licensed Products are sold for currencies other than U.S. Dollars, Product Royalties will first be determined in the foreign currency of the country in which the Licensed Products were sold and then
converted into equivalent U.S. Dollars. The exchange rate will be the rate quoted in the East Coast Edition of the Wall Street Journal on the last business day of the reporting period as the local currency per U.S. Dollar. 

 

	 	3.6	Payment Address. All payments will be made payable to “The Research Foundation of State University of New York” and will be sent to the below address: 

UB Office of Science, Technology Transfer & Economic Outreach 

UB Technology Incubator 
 Baird
Research Park 
 Suite 111 

1576 Sweet Home Road 
 Amherst, NY
14228 
 Attn: Licensing Specialist 
  

	 	3.7	Late Payment. In the event that payments are not received by Foundation when due, Tempo will pay to Foundation interest charges at a rate of [**] percent ([**]%) per annum. Interest will be calculated from
the date payment was due until actually received by Foundation. 

  

	 	3.8	 Foreign Charges. Product Royalties due on Net Sales that occur in any country outside the United States may not be reduced by any
deduction of withholding, value-added taxes, fees, or other charges imposed by the government of such 

  
 5 

	 	
country, except as permitted in the definition of Net Sales. Tempo is responsible for all bank transfer charges. 

 

	4.	DUE DILIGENCE AND MARKETING OBLIGATIONS 

  

	 	4.1	Tempo will use commercially reasonable efforts to commercialize and market Licensed Products as soon as practicable and in accordance with the milestone events set forth in Section 4.2. 

 

	 	4.2	Tempo, whether directly or through Affiliates, Subcontractors or Sublicensees, will diligently proceed with the research, development, manufacture, use and sale of Licensed Products and will make them readily available
on commercially reasonable terms once introduced into the marketplace. Such diligence will be subject to the following diligence milestones: 

  

					
	 Milestone

No.
	  	 Milestone
	  	Completion Date
	1	  	[**]	  	[**]
	2	  	[**]	  	[**]
	3	  	[**]	  	[**]
	4	  	[**]	  	[**]
	5	  	[**]	  	[**]
	6	  	[**]	  	[**]

 Tempo will notify Foundation in writing within [**] days of the achievement of any of the [**] milestones set
forth above. Achievement of the [**] milestones shall be reported as part of the report required under Section 7.4. 
  

	 	4.3	In the event that Tempo fails to meet any milestone set forth in Section 4.2, Foundation and Tempo will discuss the reason therefore. If Foundation is not reasonably satisfied with Tempo’s justification
for a specific failure, the license maintenance fees from that point forward will be increased by [**]. Thereafter, if Foundation is not reasonably satisfied with Tempo’s justification for an additional failure (i.e., a second failure), all
rights granted to Tempo under the Agreement will automatically become non-exclusive. 

  

	5.	SUBLICENSING 

  

	 	5.1	The license granted in this Agreement includes the right of Tempo to grant sublicenses to third parties, provided that such sublicenses restrict the practice of the Foundation Patent Rights to practice in conjunction
with Tempo’s other technologies in the Field. With respect to sublicenses granted pursuant to this Article 5, Tempo will: 

  

	 	(a)	ensure that such sublicenses are consistent with the terms and conditions of this Agreement; 

  
 6 

	 	(b)	promptly provide Foundation with a copy of each sublicense agreement entered into with a Sublicensee, which sublicense agreements may be redacted in order to preserve the confidentiality of information not pertinent to
Foundation’s interests in such sublicense agreements; and 

  

	 	(c)	use commercially reasonable efforts to collect from all Sublicensees any and all information necessary in order for Tempo to deliver to Foundation the reports required under this Agreement. 

 

	 	5.2	Upon termination of this Agreement for any reason, all sublicenses granted to Sublicensees prior to the date of termination shall survive and be assumed by Foundation so long as the following terms and conditions are
met. As long as a Sublicensee is in compliance with its agreement with Tempo, Foundation agrees to honor the sublicense granted to such Sublicensee, provided that such Sublicensee enters into a written agreement with Foundation in which it agrees to
comply with the terms and conditions, including without limitation, the financial terms and conditions, of this Agreement. 

  

	6.	PATENT PROSECUTION AND PATENT COSTS 

  

	 	6.1	Patent Costs Incurred Pre-Effective Date. Tempo will reimburse Foundation for [**] Percent ([**]%) of un-reimbursed Patent Costs incurred by Foundation prior to the Effective Date (the “Pre-Effective Date
Patent Costs”), which total $77,326.33 (as of July 31, 2007), in accordance with the following: 

  

					
	 Timing of Reimbursement for Pre-Effective Date Patent Costs
	  	Amount of Pre-Effective
Date Patent Costs to be
Paid	 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 
	 [**]
	  	 	[**	] 

  

	 	6.2	Patent Rights Management. Foundation will control and manage all future preparation, filing, prosecution and maintenance of the Foundation Patent Rights, it being understood that (a) no filings shall be made
in any additional foreign countries without the prior written consent of Tempo and (b) no patents or claims within pending patent applications shall be abandoned without the prior written consent of Tempo. 

 

	 	6.3	Post-Effective Date Patent Costs. Tempo will reimburse Foundation for [**] Percent ([**]%) of Patent Costs incurred after the Effective Date (“Post-Effective Date Patent Costs”) within [**] days after
its receipt of a copy of the applicable invoice. Foundation may, at its option, invoice Tempo, or have the firm or other entity providing the patent related service send a copy of each patent expense invoice to Tempo so that it can directly pay such
firm for such expenses. 

  
 7 

	 	6.4	Shared Patent Costs. Notwithstanding the foregoing, if, at anytime, the Foundation licenses all or a portion of the Foundation Patent Rights to another third party for a different field, or for the Field in the
case of a conversion to non-exclusivity as described under Section 4.3, Tempo will be entitled to reimbursement from the Foundation equal to a percentage of all Patent Costs paid by Tempo through the date of such license in respect of
such Foundation Patent Rights. The percentage due Tempo will be equal to Tempo’s pro-rata share of all such Patent Costs, based on the number of licensees, with reimbursements paid to Tempo at the time of each subsequent license granted by the
Foundation in respect of such Foundation Patent Rights. Furthermore, on a going forward basis, Patent Costs will be shared equally by all licensees of such Foundation Patent Rights. 

 

	7.	BOOKS, RECORDS AND REPORTS 

  

	 	7.1	Books and Records. Tempo will keep complete, true and accurate books of account containing reasonable particulars that may be necessary for the purpose of showing the amounts payable to Foundation hereunder and
for the purpose of showing compliance with all other obligations under this Agreement. Said books and the supporting data will be available at all reasonable times for [**] years following the end of the calendar year to which they pertain, for
confidential inspection (subject to Foundation’s obligations relating to internal reporting and accounting requirements) by an independent certified public accountant selected by Foundation and reasonably acceptable to Tempo, upon reasonable
notice to Tempo, for the purpose of verifying Tempo’s royalty statement or compliance in other respects with this Agreement. Foundation and its agents may make copies of relevant information during the course of an inspection. In addition,
Tempo agrees to provide copies to Foundation of relevant records upon request of Foundation. Each party will promptly pay or credit the other for any underpayment or overpayment discovered during an inspection. Should such inspection lead to the
discovery of a greater than [**] percent ([**]%) discrepancy in reporting to Foundation’s detriment, Tempo will pay (a) the full cost of the inspection and (b) a late charge on the full amount of the discrepancy at the rate specified
in Section 3.7. 

  

	 	7.2	Quarterly Reports. Commencing with the first commercial sale of a Licensed Product, within [**] days after the end of each calendar quarter during the term of this Agreement, Tempo will provide reports containing
the following information relating to the quarter: (a) number and type of Licensed Products sold by Tempo, Affiliates and Sublicensees; (b) Net Sales (and the calculation of Net Sales); and (c) Product Royalties due under
Section 3.3 for the calendar quarter. The foregoing will be provided on a country-by-country and product-by-product basis. 

  

	 	7.3	Report Certification. An officer of Tempo will sign and certify each report delivered pursuant to Section 7.2, and all reports will be prepared in accordance with Generally Accepted Accounting
Principles. If no Product Royalties are due for a particular period, Tempo will submit a report to Foundation to such effect. 

  
 8 

	 	7.4	[**] Due Diligence Reports. Within [**] days after the end of each [**], Tempo will provide reports, relating to the [**], pertaining to its development and/or commercialization of Licensed Products. Such reports
shall include the following type of information: new product development, product evaluation and testing, progress towards the milestones set forth in Section 4.2, marketing plans, sales forecasts, and other significant development or
commercialization events. 

  

	8.	PATENT RIGHTS INFRINGEMENT 

  

	 	8.1	Foundation and Tempo will promptly inform the other in writing of any patent infringement by a third party of the Foundation Patent Rights and will provide the other with any available evidence of such infringement.

  

	 	8.2	With respect to infringements that pertain to the development and commercialization of Licensed Products in the Field (“Related Infringements”), Foundation shall have, for a period of [**] days from the notice
of infringement of the Foundation Patent Rights, the first right to institute an action or suit against such third party in accordance with the following: 

  

	 	(a)	The action or suit shall be brought in the name of Foundation and Foundation shall bear the entire cost of such action or suit. 

  

	 	(b)	With respect to any consideration received by Foundation in connection with such action or suit, Foundation shall first be entitled to deduct its litigation expenses and legal fees (including any incurred as part of an
indemnification of Tempo). The remaining recovery shall be deemed to be lost profits of Tempo and paid over to Tempo, provided that Foundation shall be entitled to receive royalties equal to the royalty rate set forth in Section 3.3
applied to such remaining recovery and multiplied by [**]. 

  

	 	(c)	If it shall be necessary for Foundation to join Tempo as a party to an action or suit because Tempo constitutes a legally indispensable party, Foundation shall have the right to so join Tempo, provided that Foundation
indemnifies Tempo for all costs and expenses thereby incurred by Tempo. 

  

	 	8.3	With respect to infringements that pertain to the development and commercialization of Licensed Products in the Field (“Related Infringements”), if within [**] days after notification of an infringement of the
Foundation Patent Rights, Foundation has not been successful in persuading the alleged infringer to desist, is not diligently pursuing an infringement action or suit, or has notified Tempo of its intent not to bring action or suit against the
alleged infringer, then Tempo may institute an action or suit against such third party in accordance with the following: 

  

	 	(a)	The action or suit shall be brought in the name of Tempo and Tempo shall bear the entire cost of such action or suit. 

  
 9 

	 	(b)	With respect to any consideration received by Tempo in connection with such action or suit, Tempo shall first be entitled to deduct its litigation expenses and legal fees (including any incurred as part of an
indemnification of Foundation). The remaining recovery shall be deemed to be lost profits of Tempo and retained by Tempo, provided that Foundation shall be entitled to receive royalties equal to the royalty rate set forth in Section 3.3
applied to such remaining recovery and multiplied by [**]. 

  

	 	(c)	If it shall be necessary for Tempo to join Foundation as a party to an action or suit because Foundation constitutes a legally indispensable party, Tempo shall have the right to so join Foundation, provided that Tempo
indemnifies Foundation for all costs and expenses thereby incurred by Foundation. 

  

	 	(d)	Notwithstanding the provisions herein above, Foundation may elect to participate, through its own counsel or otherwise, in any action brought by Tempo and bear an agreed-upon proportion of the expense of the action. In
such case, after reimbursement of Foundation expenses, Foundation entitlement to any recoveries shall be limited to the amount Tempo would have had to pay to Foundation had Tempo solely commenced and directed the action. 

 

	 	8.4	In the event that a declaratory judgment action alleging invalidity, unenforceability or noninfringement of the Foundation Patent Rights is brought against Tempo, Foundation reserves the right, within [**] days after
commencement of such action, to intervene and take over the sole defense to the action at its own expense. 

  

	 	8.5	If any action or suit is brought involving the enforcement or defense of the Foundation Patent Rights under this Article 8, the other party hereto agrees, at the request and expense of the party initiating
such action or suit, to reasonably cooperate and to make available relevant records, papers, information, samples, specimens and the like. 

  

	 	8.6	No settlement or consent judgment or other voluntary final disposition of an enforcement or defense action or suit initiated by either party under this Article 8 may be entered into without the consent of
the other, which consent will not be unreasonably withheld, provided that Tempo shall, in its sole discretion, have the right to determine whether or not to grant, and on what terms to grant, a sublicense in the Field to any infringer of the
Foundation Patent Rights. 

  

	9.	INDEMNIFICATION AND INSURANCE 

  

	 	9.1	 Tempo will defend, indemnify and hold Foundation, its officers, trustees, employees and agents, harmless from and against any and all claims, actions,
suits, loss, injury, expenses, damages, liability, cost and expenses (including reasonable 

  
 10 

	 	
attorneys’ fees, whether incurred as a result of a third party claim or a claim to enforce this provision) of any kind or nature arising out of, or resulting from, the exercise or practice
of the license granted under this Agreement, including without limitation, liabilities arising from the production, manufacture, sale, use, lease, or advertisement of Licensed Products. Tempo agrees to keep Foundation informed of the progress in the
defense and disposition of such claim and to consult with Foundation with regard to any proposed settlement. Any settlement that could reasonably be expected to have a material adverse effect on the reputation of Foundation will require
Foundation’s prior written approval, which approval will not be unreasonably withheld, conditioned or delayed. 

  

	 	9.2	Tempo will at all times comply, through insurance or self-insurance, with all statutory worker’s compensation and employers’ liability requirements covering all employees with respect to activities performed
under this Agreement. In addition, Tempo will maintain, from the initiation of human trials, if applicable, and for so long as Tempo customarily maintains insurance for its other products, Comprehensive General Liability Insurance, including
Products Liability Insurance, with reputable and financially secure insurance carriers to cover the activities of Tempo and its Affiliates and Sublicensees. This insurance will provide minimum limits of liability of [**] US dollars (US$[**]) until
first commercial sale of a Licensed Product, and then increase to a minimum of [**] U.S. dollars (US$[**]) for the remaining term of this Agreement. This insurance will include the Foundation and the State University of New York, their regents,
officers, employees, students and agents as additional insureds. This insurance will be written to cover claims made during or after the expiration of this Agreement. Tempo will furnish a Certificate of Insurance evidencing the foregoing coverage
and requiring [**] days prior written notice of cancellation or material change to Foundation. All insurance of Tempo will be primary coverage vis-à-vis Foundation; insurance of Foundation or the State University of New York will be excess
and noncontributory. 

  

	10.	TERMINATION 

  

	 	10.1	Term. This Agreement shall expire at the conclusion of the Term. 

  

	 	10.2	Tempo Termination Right. Tempo will have the right, at any time, to terminate its rights to (a) the Foundation 5241 Patent Rights, (b) the Foundation 5431 Patent Rights or (c) this entire
Agreement, in each case, upon six months prior written notice to Foundation. 

  

	 	10.3	 Termination for Breach. If either party should (a) violate or fail to perform any material covenant, condition or undertaking of this
Agreement, (b) have a bankruptcy action filed against it, or (c) have a receiver appointed for it, then the other party may give written notice of such default or occurrence to such party. If such party should fail to cure such default or
occurrence within [**] months of notice of such default or occurrence, then this Agreement may, at the other party’s option and to the extent permitted by law, be terminated by a second written

  
 11 

	 	
notice to such party. For the avoidance of doubt, breaches of diligence shall be handled as set forth in Section 4.3 and shall not be deemed to be material breaches.

  

	 	10.4	Automatic Termination. If Tempo (a) ceases to carry on its business, (b) files a bankruptcy action, (c) becomes insolvent, (d) makes an assignment for the benefit of creditors, or
(e) challenges, whether as a claim, cross-claim, counterclaim or defense, the validity or enforceability of any of the Foundation Patent Rights before any court, arbitrator or other tribunal or administrative agency in any jurisdiction, this
Agreement, to the extent permitted by law, will immediately terminate without any further action by Foundation. 

  

	 	10.5	Accrued Obligations. Termination of this Agreement will not relieve either party of any obligation or liability accrued hereunder prior to the time such termination becomes effective, or rescind or give rise to
any right to rescind any payments made or other consideration given to Foundation hereunder prior to the time such termination becomes effective. Such termination will not affect in any manner any rights of either party arising under this Agreement
prior to the date of such termination. Tempo will pay all attorney’s fees and costs incurred by Foundation in enforcing any obligation of Tempo or accrued right of Foundation. 

 

	 	10.6	Disposition of Licensed Products. Upon any termination of this Agreement, Tempo will provide Foundation with a written inventory of all Licensed Products in the process of manufacture, in use or in stock. Tempo
and its Affiliates and Sublicensees may dispose of any such Licensed Products within the [**] day period following such termination, provided, however, that Tempo will pay royalties and render reports to Foundation thereon in the manner specified
herein. 

  

	 	10.7	Survival. The provisions of Article 1 (Definitions), Article 9 (Indemnification and Insurance), Section 10.6 (Disposition of Licensed Products), Section 10.7 (Survival), Article 11 (Warranty
and Liability), Article 14 (Non-Use of Names), Article 17 Confidentiality), Article 18 (Miscellaneous) will survive expiration or termination of this Agreement. In addition, the provisions of Section 5.2
(Continuation of Sublicenses) and Sections 7.1-7.3 (Product Royalty Records and Reports) will survive termination of this Agreement. 

  

	11.	WARRANTY AND LIABILITY 

  

	 	11.1	Foundation hereby represents and warrants to Tempo that, to the best of its knowledge, Foundation is the owner of the entire right, title and interest in the Foundation Patent Rights and in the inventions described and
claimed therein and has the right to grant the license granted herein. Foundation has not granted to any third party any right or interest in the Foundation Patent Rights inconsistent or in conflict with the rights granted to Tempo hereunder.

  

	 	11.2	 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, FOUNDATION MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED,

  
 12 

	 	
INCLUDING, BUT NOT LIMITED TO, WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING. 

 

	 	11.3	NO WARRANTY OR REPRESENTATION IS MADE THAT ANYTHING MADE, USED, SOLD OR COMMERCIALLY TRANSFERRED UNDER THE TERMS OF THIS LICENSE WILL BE FREE FROM INFRINGEMENT OF ANY THIRD PARTY PATENT CLAIMS. 

 

	 	11.4	NOTHING IN THIS AGREEMENT, EITHER EXPRESS OR IMPLIED, OBLIGATES FOUNDATION EITHER TO BRING OR TO PROSECUTE ACTIONS OR SUITS AGAINST THIRD PARTIES FOR PATENT INFRINGEMENT OR TO FURNISH ANY KNOW-HOW OR TRADE SECRETS NOT
DESCRIBED IN THE FOUNDATION PATENT RIGHTS. 

  

	 	11.5	IN NO EVENT WILL FOUNDATION BE LIABLE FOR ANY INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES IN CONNECTION WITH THIS AGREEMENT, INCLUDING FOR LOST PROFITS, LOST DATA OR DOWNTIME, WHETHER OR NOT FOUNDATION HAS BEEN ADVISED
OF THE POSSIBILITY OF SUCH DAMAGES. 

  

	 	11.6	THIS AGREEMENT DOES NOT CONFER BY IMPLICATION, ESTOPPEL, OR OTHERWISE ANY LICENSE OR RIGHTS TO ANY OTHER FOUNDATION PROPERTY OTHER THAN THOSE RIGHTS EXPRESSLY STATED HEREIN. 

 

	12.	ASSIGNMENT 

 This Agreement and the license granted hereunder may not be assigned or
transferred by Tempo except in connection with the sale or other transfer of Tempo’s business to which the license granted hereunder relates. Tempo will use commercially reasonable efforts to give Foundation [**] days prior written notice of
any assignment or transfer of Tempo’s business to which the license granted hereunder relates, and will provide Foundation with documentation executed by the assignee or transferee that confirms its agreement to be bound by the terms and
provisions of this Agreement. 
  

	13.	OBLIGATIONS TO FEDERAL GOVERNMENT AND OTHER SPONSORS 

 The Agreement will be subject to
the rights of the United States Government resulting from any funding of the inventions described or claimed in the Foundation Patent Rights by the United States Government. While to Foundation’s knowledge no such entities exist, this Agreement
will also be subject to the rights of any other entities that may have contributed funding to development of the technology that is the subject of the Foundation Patent Rights. Tempo acknowledges that such rights reserve to the United States
Government, a royalty-free, non-exclusive, non-transferable license to practice or have practiced on its behalf any government-funded invention claimed within any associated patents or patent applications as well as other rights. 

  
 13 

	14.	NON-USE OF NAMES 

 Tempo agrees that it will not use Foundation’s name or State
University of New York, or University at Buffalo, adaptation thereof (including logos and symbols associated with Foundation and “State University of New York”, and “University at Buffalo”) (collectively “SUNY”), or the
names of the scientists, researchers or others employed at or with SUNY in any advertising, promotional or sales literature without first obtaining Foundation’s prior written consent, or in the case of the names of such researchers, scientists
or employees the prior written consent of the individuals, except that Tempo may state that it is a licensee of the Foundation. 
 Unless
required by law, neither party will issue a press release, or otherwise publicly disclose information, regarding this Agreement or the terms and conditions of this Agreement without the prior written consent of the other party. 

 

	15.	FOREIGN LAWS 

 When required by local or national law, Tempo will register this
Agreement, pay all costs and legal fees connected therewith, and otherwise insure that the local and national laws affecting this Agreement are fully satisfied. 
  

	16.	COMPLIANCE WITH LAWS 

  

	 	16.1	General Compliance. Tempo will ensure compliance with all applicable county, state, federal or foreign laws, rules, and regulations governing the production, use, marketing, sale, and distribution of Licensed
Products. 

  

	 	16.2	Export Control Laws. Tempo and its Affiliates and Sublicensees will comply with all United States laws and regulations controlling the export of certain commodities and technical data, including without
limitation all Export Control Regulations of the United States Department of Commerce and International Traffic In Arms Regulations. Among other things, these laws and regulations prohibit or require a license for the export of certain types of
commodities and technical data to specified countries. In order to facilitate the exchange of technical information under this Agreement, therefore, Tempo gives its assurance to Foundation that Tempo will not knowingly, unless prior authorization is
obtained from the appropriate office, export directly or indirectly any technical data received from Foundation under this Agreement and will not export directly Licensed Product or technical data to any restricted country in each case, except in
compliance with all U.S. laws and regulations. Foundation neither represents that a license is or is not required nor that, if required, it will be issued by the U.S. Department of Commerce or other appropriate governmental entity.

  

	17.	CONFIDENTIALITY 

  

	 	17.1	 Confidential Information. As used in this Agreement, “Confidential Information” will mean confidential or proprietary
information exchanged between the parties hereunder pertaining to Licensed Products and/or obligations 

  
 14 

	 	
of the parties under this Agreement. Confidential Information will include (a) written or other tangible information marked as confidential or proprietary, (b) orally disclosed
information that is identified as confidential and summarized in a notice delivered within [**] days of the disclosure, and (c) information that should reasonably be considered confidential under the context in which the disclosure is made
(e.g., nonpublic patenting information and nonpublic infringement information). Without limiting the generality of the foregoing, all information contained in reports delivered by Tempo to Foundation hereunder shall automatically be deemed to be the
Confidential Information of Tempo. 

  

	 	17.2	Confidentiality Obligations. Each party agrees to (a) maintain the other party’s Confidential Information in confidence and (b) not disclose the other party’s Confidential Information to any
other party, without the prior written consent of the disclosing party. Each party agrees to limit its use of the other party’s Confidential Information to the purposes permitted by this Agreement. 

 

	 	17.3	Termination and Expiration of Confidentiality Obligations. The obligations of Section 17.2 will expire [**] years from the date of expiration or termination of this Agreement, provided that
Foundation’s obligation to Tempo with respect to the information contained in the reports delivered by Tempo to Foundation hereunder shall be perpetual. Notwithstanding the foregoing, the obligations of Section 17.2 will terminate
with respect to any particular portion of the Confidential Information which: (a) was in the receiving party’s possession prior to disclosure to it by the disclosing party; (b) is or hereafter becomes, through no fault of the
receiving party, part of the public domain by publication or otherwise; (c) is furnished to the receiving party by a third party after the time of disclosure hereunder as a matter of right and without restriction on its disclosure; or
(d) is independently developed by employees or agents of the receiving party independently of and without reference to Confidential Information received from the disclosing party. 

 

	 	17.4	No Delivery of Know-How, Materials or Technology. For purpose of clarity, the parties acknowledge that the license hereunder covers solely the Foundation Patent Rights and Foundation will not be delivering to
Tempo any know-how, materials or technology in connection with the license of the Foundation Patent Rights. 

  

	18.	MISCELLANEOUS 

  

	 	18.1	Governing Law. This Agreement will be construed, governed, interpreted and applied in accordance with the laws of the State of New York, except that questions affecting the construction and effect of any patent
will be determined by the law of the country in which the patent was granted. 

  

	 	18.2	 Entire Agreement. This Agreement, including Exhibit A, embodies the entire agreement and understanding between the parties to this Agreement
and supersedes all prior agreements and understandings relating to the subject matter 

  
 15 

	 	
of this Agreement. None of the terms or provisions of this Agreement may be altered, modified, or amended except by the execution of a written instrument signed by the parties hereto.

  

	 	18.3	Severability. The provisions of this Agreement are severable, and in the event that any provisions of this Agreement are determined to be invalid or unenforceable under any controlling body of law, such
invalidity or unenforceability will not in any way affect the validity or unenforceability of the remaining provisions hereof. 

  

	 	18.4	Notices. All notices, requests, consents and other communications to be provided under this Agreement must be in writing and (a) delivered in person, (b) sent overnight delivery by a nationally
recognized courier, or (c) sent by certified or registered mail, return receipt requested, to the addresses provided below, and will be deemed to have been given (x) when hand delivered, (y) one (1) day after being sent when sent
by overnight courier, or (z) five (5) days after mailing when mailed by certified or registered mail: 

 If to Tempo,
to: 
 Tempo Pharmaceuticals, Inc. 

161 First Street 
 Cambridge,
Massachusetts 02142 
 Attn: Chief Executive Officer 

If to Foundation, to: 
 UB Office
of Science, Technology Transfer and Economic Outreach (STOR) 
 University at Buffalo Technology Incubator 

Baird Research Park 
 Suite 111

 1576 Sweet Home Road 

Amherst, NY 14228 
 Attn: Director

 or at other addresses as may be given from time to time in accordance with the terms of this notice provision. 

 

	 	18.5	Waiver. No waiver by either party hereto of any breach or default of any of the covenants or agreements herein set forth will be deemed a waiver as to any subsequent and/or similar breach or default.

  

	 	18.6	Patent Marking. To the extent commercially feasible and consistent with prevailing business practices, Tempo will mark, and will cause its Affiliates and Sublicensees to mark, all Licensed Products that are
manufactured or sold under this Agreement with the number of each issued patent under the Foundation Patent Rights that applies to such Licensed Product. 

  
 16 

	 	18.7	Force Majeure. Neither party will be liable for failure or delay of fulfillment of all or part of this Agreement, directly or indirectly owing to acts of nature, governmental orders or restriction, war, warlike
conditions, revolution, riot, looting, strike, lockout, fire, flood, or any other cause or circumstances beyond the parties’ control. 

  

	 	18.8	Headings. The headings of the articles and sections are inserted for convenience of reference only, and are not intended to influence the interpretation of this Agreement. 

 

	 	18.9	Manufactured in U.S. Tempo agrees that Licensed Products leased or sold in the United States will be manufactured substantially in the United States to the extent required by applicable laws. 

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

 

									
	TEMPO PHARMACEUTICALS, INC.	 		 	THE RESEARCH FOUNDATION OF STATE UNIVERSITY OF NEW YORK
					
	By:	 	 /s/ Alan Crane
	 		 	By:	 	 /s/ Woodrow Maggard

	Alan Crane, Chief Executive Officer	 		 		 	
					
	Date:	 	August 27, 2007	 		 	Date:	 	August 30, 2007

  
 17 

 EXHIBIT A 

FOUNDATION PATENT RIGHTS 
  

															
	 Patent or
Application
Number
	  	 Location/Type
 of Patent
or
 Patent

Application
	  	 Title (RF
Docket
Number)
	  	 Filed
	  	 Issued
	  	 Assignee
	  	 Inventors
	  	 Sponsor

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

  
 18 

 FIRST AMENDMENT 

to 
 PATENT LICENSE
AGREEMENT 
 between 

THE RESEARCH FOUNDATION OF STATE UNIVERSITY OF NEW YORK 

and 
 CERULEAN PHARMA INC.

 This First Amendment to Patent License Agreement (“First Amendment”), effective as of February 9, 2009 (“First
Amendment Effective Date”), is by and between The Research Foundation of State University of New York, a non-profit corporation organized and existing under the laws of the State of New York (“Foundation”) and Cerulean Pharma Inc.
(f/k/a Tempo Pharmaceuticals, Inc.), a Delaware corporation, with an address at 161 First Street, Cambridge, Massachusetts 02142 (“Cerulean”). This First Amendment amends the Patent License Agreement by and between Cerulean and Foundation
dated August 31, 2007 (the “Agreement’). Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Agreement 

WHEREAS, Cerulean and Foundation desire to expand the definition of the Field set forth in the Agreement so as to cover additional products
under development by Cerulean; 
 NOW, THEREFORE, in consideration of the terms and conditions hereinafter set forth, the parties agree as
follows: 
 AMENDMENTS 
 1.
Section 1.2 of the Agreement is hereby amended to read in its entirety as follows: 
 “Field” means, with respect to the
Foundation 5214 Patent Rights, the use of a Licensed Product, which is a single pharmaceutical composition that contains within such pharmaceutical composition (a) a therapeutic or prophylactic agent and (b) one or more nano-scale or
micro-scale compartments containing either (i) a different therapeutic and/or prophylactic agent or (ii) a different formulation of the agent described in (a), for the treatment and/or prevention of disease in humans. For the avoidance of
doubt, the Field, with respect to the Foundation 5214 Patent Rights, does not include the use of a Licensed Product which is a physical mixture of two separate pharmaceutical compositions, each containing a single therapeutic or prophylactic
agent.” 
 “Field” means, with respect to the Foundation 5431 Patent Rights, the use of a Licensed Product, which is a single
nanoparticle composition that contains within such nanoparticle composition (a) one or more therapeutic or prophylactic agents or one or more different formulations or release profiles of the same agent and (b) either (i) a
polyelthylene glycol moiety which is associated with a lipid, surfactant, polymer, drug, prodrug or other material included in the nanoparticle composition or (ii) a molecule, as described in the Foundation 5431 Patent Rights, which improves
the physical stability of a taxane in the nanoparticle composition, for the treatment and/or prevention of disease in humans. 

 2. In consideration of the expansion of the Field, Cerulean will pay to Foundation, within [**] days of the First
Amendment Effective Date, a one-time, nonrefundable payment of [**] U.S. Dollars (US$[**]). 
 3. Except for the amendment set forth herein, all other terms
of the conditions of the Agreement will remain in full force and effect. 
 IN WITNESS WHEREOF, the parties have caused this First
Amendment to be executed by their duly authorized representatives. 
  

									
	CERULEAN PHARMA INC.	 		 	THE RESEARCH FOUNDATION OF STATE UNIVERSITY OF NEW YORK
					
	By:	 	 /s/ Alan Crane
	 		 	By:	 	 /s/ Robert J. Genco

		 	Alan Crane	 		 		 	Robert J. Genco
		 	Chief Executive Officer	 		 		 	Vice Provost
		 	February 6, 2009	 		 		 	February 9, 2009

 SECOND AMENDMENT 

to 
 PATENT LICENSE
AGREEMENT 
 between 

THE RESEARCH FOUNDATION OF STATE UNIVERSITY OF NEW YORK 

and 
 CERULEAN PHARMA INC.

 This Second Amendment to Patent License Agreement (“Second Amendment”), effective as of July 20, 2010 (“Second
Amendment Effective Date”), is by and between The Research Foundation of State University of New York, a non-profit corporation organized and existing under the laws of the State of New York (“Foundation”) and Cerulean Pharma Inc.
(f/k/a Tempo Pharmaceuticals, Inc.), a Delaware corporation, with an address at 840 Memorial Drive, Cambridge, Massachusetts 02139 (“Cerulean”). This Second Amendment amends the Patent License Agreement by and between Cerulean and
Foundation dated August 31, 2007, as amended by First Amendment to Patent License Agreement dated February 9, 2009 (the “Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings given such
terms in the Agreement. 
 WHEREAS, the Foundation 5431 Patent Rights have been unintentionally abandoned by Foundation; 

NOW, THEREFORE, in consideration of the terms and conditions hereinafter set forth, the parties agree as follows: 

AMENDMENTS 
 1. Foundation agrees to use
commercially reasonable efforts to reinstate the Foundation 5431 Patent Rights. Cerulean shall not be charged for any Patent Costs incurred by Foundation in respect of its efforts to reinstate the Foundation 5431 Patent Rights. 

2. Until such time as the Foundation 5431 Patent Rights are reinstated, if at all, all payments due Foundation by Cerulean under the Agreement shall be
suspended. If and when the Foundation 5431 Patent Rights are reinstated, Foundation shall promptly provide Cerulean with written evidence of such reinstatement. Foundation shall then be entitled to invoice Cerulean for all suspended payments and
Cerulean shall pay such invoice within [**] days of the receipt of such invoice. If Foundation’s application for reinstatement of the Foundation 5431 Patent Rights is denied, Foundation shall promptly inform Cerulean in writing and Cerulean
shall then have the right to terminate its rights to the Foundation 5431 Patent Rights or the entire Agreement, in each case, immediately upon prior written notice to Foundation. 

3. In the event that (a) the Foundation 5431 Patent Rights are reinstated and (b) there exists a Related Infringement involving an infringement of
the Foundation 5431 Patent Rights, all payments due Foundation by Cerulean in respect of Licensed Products covered by the Foundation 5431 Patent Rights shall be suspended. If such Related Infringement is resolved in favor of Foundation and/or
Cerulean, Cerulean shall pay all suspended payments to Foundation within [**] days after the resolution occurs. If such Related Infringement is resolved in favor of 

 
the alleged third party infringer because such third party is able to defend the allegation of infringement based on the fact that such third party practiced the Foundation 5431 Patent Rights
during the period of their abandonment, no further payments shall be due Foundation by Cerulean under the Agreement in respect of Licensed Products covered by the Foundation 5431 Patent Rights. If such Related Infringement is resolved in the favor
of the alleged third party infringer for a reason other than the reason set forth in the foregoing sentence, Cerulean shall pay all suspended payments to Foundation within [**] days after the resolution occurs. 

4. Except for the amendment set forth herein, all other terms of the conditions of the Agreement will remain in full force and effect 

IN WITNESS WHEREOF, the parties have caused this Second Amendment to be executed by their duly authorized representatives. 

 

									
	CERULEAN PHARMA INC.	 		 	THE RESEARCH FOUNDATION OF STATE UNIVERSITY OF NEW YORK
					
	By:	 	 /s/ Jean Silveri
	 		 	By:	 	 /s/ Woodrow Maggard

		 	Jean Silveri	 		 		 	Woodrow Maggard
		 	Senior Vice President, General Counsel	 		 		 	Associate Vice Provost
		 	July 27, 2010	 		 		 	July 20, 2010

 THIRD AMENDMENT 

to 
 PATENT LICENSE
AGREEMENT 
 between 

THE RESEARCH FOUNDATION OF STATE UNIVERSITY OF NEW YORK 

and 
 CERULEAN PHARMA INC.

 This Third Amendment to Patent License Agreement (“Third Amendment”), effective as of December 17, 2012 (“Third
Amendment Effective Date”), is by and between The Research Foundation of State University of New York, a non-profit corporation organized and existing under the laws of the State of New York (“Foundation”) and Cerulean Pharma Inc.
(f/k/a Tempo Pharmaceuticals, Inc.), a Delaware corporation, with an address at 840 Memorial Drive, Cambridge, Massachusetts 02139 (“Cerulean”). This Third Amendment amends the Patent License Agreement by and between Cerulean and
Foundation dated August 31, 2007, as amended by First Amendment to Patent License Agreement dated February 9, 2009, and as amended by the Second Amendment to the Patent License Agreement dated July 20, 2010 (the
“Agreement’). Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Agreement. 

WHEREAS, Cerulean has experienced scale-up delays that will prevent it from meeting certain milestones within the deadlines specified in the
Agreement; 
 WHEREAS, Cerulean has requested an extension of those deadlines so that it can remain in compliance with the terms and
provisions of the Agreement; 
 WHEREAS, Foundation and Cerulean desire to modify the aforementioned Agreement for the mutual benefit of
both Parties, 
 NOW, THEREFORE, in consideration of the terms and conditions hereinafter set forth, the parties agree as follows: 

AMENDMENTS 
 1. Section 3.3 is hereby
amended to read in its entirety as follows: 
 3.3. Royalties on Net Sales. During the Term, Cerulean will pay Foundation a running
product royalty on annual Net Sales of Licensed Products (“Product Royalty”) as follows. With respect to Licensed Products whose manufacture, use or sale is covered by a Valid Claim of the Foundation 5431 Patent Rights but not a Valid
Claim of the Foundation 5214 Patent Rights, the royalty rate will be [**]% of Net Sales, whether the sales are made by Cerulean and its Affiliates or by Sublicensees. With respect to Licensed Products whose manufacture, use or sale is covered by a
Valid Claim of the Foundation 5214 Patent Rights, whether or not also covered by a Valid Claim of the Foundation 5431 Patent Rights, the royalty rate will be [**]% of Net Sales, whether the sales are made by Cerulean and its Affiliates or by
Sublicensees. 

 If Cerulean sublicenses to a third party any of the Foundation Patent Rights in order to allow
such third party to practice Foundation Patent Rights in conjunction with Cerulean’s other intellectual property in the Field as permitted under Article 5, Cerulean will not be obligated to pay Foundation a percentage of the sublicensing
revenues received by it in connection with such sublicense; provided, however, that Cerulean will be obligated to pay the Product Royalty, as specified above, on annual Net Sales of Licensed Products made by Sublicensees. 

In the event that Cerulean is required to license any patent rights from a third party in order to have the freedom to operate under the
Foundation Patent Rights, Cerulean shall be entitled to deduct, from the Product Royalties due Foundation, as specified above, [**] percent ([**]%) of the amounts due the third party under such license, provided that, in any calendar quarter, such
deduction shall not exceed [**] percent ([**]%) of the total Product Royalty that would otherwise be due Foundation, as specified above. 
 2.
Section 3.4 is hereby amended to read in its entirety as follows: 
 3.4 Milestone Payments. Cerulean will pay Foundation the
following non-refundable, non-creditable milestone payments within [**] days after Cerulean’s, or its Affiliate’s or Sublicensee’s achievement, of each of the following milestones: 

 

									
	 Milestone
	  	Payment if event is
achieved by
Cerulean or
Affiliate:	 	 	Payment if event is
achieved by
Sublicensee:	 
	 [**]
	  	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 

 Each milestone payment will be payable only once, at the time that such milestone is first achieved for the
first Licensed Product to reach such milestone. 
 If a milestone is combined with another milestone that is normally expected to be a later
development or regulatory step, then the milestone that was expected to occur later will be deemed to have been achieved at the same time as such earlier milestone is achieved, and the corresponding payment for both milestones will be due. For
example, if [**], Cerulean will pay Foundation the sum of the milestone payments due for [**]. 
 If a milestone is skipped or avoided by
advancing to what would normally be expected to be a later development or regulatory step, then the milestone that was expected to occur earlier will be deemed to have been achieved at the same time as such later milestone is achieved, and the
corresponding payment for both milestones will be due. 
 3. Section 4.2 is hereby amended to read in its entirety as follows: 

 4.2 Cerulean, whether directly or through Affiliates, Subcontractors or Sublicensees, will
diligently proceed with the research, development, manufacture, use and sale of Licensed Products and will make them readily available on commercially reasonable terms once introduced into the marketplace. Such diligence will be subject to the
following diligence milestones: 
  

					
	 Milestone
No.
	  	 Milestone
	  	Completion Date
	1	  	[**]	  	[**]
	2	  	[**]	  	[**]
	3	  	[**]	  	[**]
	4	  	[**]	  	[**]
	5	  	[**]	  	[**]

 Cerulean will notify Foundation in writing within [**] days of the achievement of any of the [**] milestones
set forth above. Achievement of the [**] milestones shall be reported as part of the report required under Section 7.4. 
 4. Except for the
amendment set forth herein, all other terms of the conditions of the Agreement will remain in full force and effect. 
 5. This Third Amendment may be
executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Further, either Party’s signature to a copy of this Third Amendment will be deemed a
signature to, and may be attached to, any other identical copy of the Third Amendment. Facsimile, scanned or emailed signatures will be as binding and effective as original signatures. 

IN WITNESS WHEREOF, the parties have caused this Third Amendment to be executed by their duly authorized representatives. 

 

									
	CERULEAN PHARMA INC.	 		 	THE RESEARCH FOUNDATION OF STATE UNIVERSITY OF NEW YORK
					
	By:	 	 /s/ Jean Silveri
	 		 	By:	 	 /s/ Woodrow Maggard

		 	Jean Silveri	 		 		 	Woodrow Maggard
		 	Senior Vice President, General Counsel	 		 		 	Associate Vice Provost
		 	December 17, 2012	 		 		 	December 18, 2012

 FOURTH AMENDMENT 

to 
 PATENT LICENSE
AGREEMENT 
 between 

THE RESEARCH FOUNDATION OF STATE UNIVERSITY OF NEW YORK 

and 
 CERULEAN PHARMA INC.

 This Fourth Amendment to Patent License Agreement (“Fourth Amendment”), effective as of September 1, 2013
(“Fourth Amendment Effective Date”), is by and between The Research Foundation for State University of New York, a non-profit corporation organized and existing under the laws of the State of New York (“Foundation”) and Cerulean
Pharma Inc. (f/k/a Tempo Pharmaceuticals, Inc.), a Delaware corporation, with an address at 840 Memorial Drive, Cambridge, Massachusetts 02139 (“Cerulean”). This Fourth Amendment amends the Patent License Agreement by and between Cerulean
and Foundation dated August 31, 2007, as amended by First Amendment to Patent License Agreement dated February 9, 2009, and as amended by the Second Amendment to the Patent License Agreement dated July 20, 2010, and as amended by
Third Amendment to Patent License Agreement dated December 17, 2012 (the ‘Agreement’). Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Agreement. 

WHEREAS, Cerulean has experienced a non-confirming batch of product that will prevent it from meeting certain milestones within the deadlines
specified in the Agreement; 
 WHEREAS, Cerulean has requested an extension of those deadlines so that it can remain in compliance with the
terms and provisions of the Agreement; 
 WHEREAS, Foundation and Cerulean desire to modify the aforementioned Agreement for the mutual
benefit of both Parties, 
 NOW, THEREFORE, in consideration of the terms and conditions hereinafter set forth, the parties agree as
follows: 
 AMENDMENTS 
 1.
Section 3.2 is hereby amended to read in its entirety as follows: 
 3.2 License Maintenance Fee. Cerulean will pay Foundation
the following non-refundable, non-creditable license maintenance fees: 
  

					
	 License Maintenance Fee (US$) upon each
anniversary of the Effective Date :
	  	 Beginning on:
	  	 Ending on:

	 [**]
	  	The [**] of the Effective Date	  	The [**] of the Effective Date
	 [**]
	  	The [**] of the Effective Date	  	[**]

					
	 [**]
	  	The [**] of the Effective Date	  	[**]

 2. Section 3.4 is hereby amended to read in its entirety as follows: 

3.4 Milestone Payments. Cerulean will pay Foundation the following non-refundable, non-creditable milestone payments within [**] days
after Cerulean’s, or its Affiliate’s or Sublicensee’s achievement, of each of the following milestones: 
  

									
	 Milestone
	  	Payment if event is
achieved by Cerulean
or Affiliate:	 	 	Payment if event is
achieved by
Sublicensee:	 
	 [**]
	  	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 
	 [**]
	  	 	[**	] 	 	 	[**	] 

 Each milestone payment will be payable only once, at the time that such milestone is first achieved for the
first Licensed Product to reach such milestone. 
 If a milestone is combined with another milestone that is normally expected to be a later
development or regulatory step, then the milestone that was expected to occur later will be deemed to have been achieved at the same time as such earlier milestone is achieved, and the corresponding payment for both milestones will be due. For
example, if [**], Cerulean will pay Foundation the sum of the milestone payments due for [**]. 
 If a milestone is skipped or avoided by
advancing to what would normally be expected to be a later development or regulatory step, then the milestone that was expected to occur earlier will be deemed to have been achieved at the same time as such later milestone is achieved, and the
corresponding payment for both milestones will be due. 
 3. Section 4.2 is hereby amended to read in its entirety as follows: 

4.2 Cerulean, whether directly or through Affiliates, Subcontractors or Sublicensees, will diligently proceed with the research, development,
manufacture, use and sale of Licensed Products and will make them readily available on commercially reasonable terms once introduced into the marketplace. Such diligence will be subject to the following diligence milestones: 

 

					
	 Milestone
No.
	  	 Milestone
	  	Completion Date
	1	  	[**]	  	[**]
	2	  	[**]	  	[**]
	3	  	[**]	  	[**]
	4	  	[**]	  	[**]
	5	  	[**]	  	[**]

 Cerulean will notify Foundation in writing within [**] days of the achievement of any of the [**]
milestones set forth above. Achievement of the [**] milestones shall be reported as part of the report required under Section 7.4. 
 4. Except
for the amendment set forth herein, all other terms of the conditions of the Agreement will remain in full force and effect. 
 5. This Fourth Amendment may
be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Further, either Party’s signature to a copy of this Fourth Amendment will be deemed a
signature to, and may be attached to, any other identical copy of the Fourth Amendment. Facsimile, scanned or emailed signatures will be as binding and effective as original signatures. 

IN WITNESS WHEREOF, the parties have caused this Fourth Amendment to be executed by their duly authorized representatives. 

 

									
	CERULEAN PHARMA INC.	 		 	THE RESEARCH FOUNDATION OF STATE UNIVERSITY OF NEW YORK
					
	By:	 	 /s/ Jean Silveri
	 		 	By:	 	 /s/ Woodrow Maggard

		 	Jean Silveri	 		 		 	Woodrow Maggard
		 	Senior Vice President, General Counsel	 		 		 	Associate Vice Provost
		 	September 4, 2013	 		 		 	September 4, 2013

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]