Document:

EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 AMENDED AND RESTATED EXCLUSIVE LICENSE AGREEMENT

 THIS AMENDED AND RESTATED EXCLUSIVE
LICENSE AGREEMENT (“Agreement”) is effective as of November 24, 2008 (the “Effective Date”), and is restated as of this 10th day of April, 2013 (“Restatement Date”) by and between
THE UNIVERSITY OF WESTERN AUSTRALIA, a body corporate established pursuant to the provisions of The University of Western Australia Act 1911, with offices at 35
Stirling Highway, Crawley, Western Australia 6009 (“UWA”), on the one hand, and SAREPTA THERAPEUTICS, with offices at 245 First Street Suite 1800 Cambridge, MA 02142 USA
(“Sarepta”) and Sarepta International CV (“Sarepta Netherlands,” and collectively with Sarepta, “Licensee”), on the other hand. 
 R E C I T A L S 
 A. UWA owns and is entitled to grant license
rights with respect to certain Patent Rights and Technical Information (as defined below) invented or developed in the course of certain research conducted under the direction of Stephen D. Wilson, Sue Fletcher, Graham McClorey, Abbie Adams and
Penny Meloni (hereinafter collectively referred to as the “Inventors”). 
 B. Certain of the Patent Rights and
Technical Information had been previously assigned by UWA to SmithKline Beecham Corporation doing business as GlaxoSmithKline (“GSK”), but have, as of the Effective Date, been reassigned by GSK to UWA. 

C. Licensee is in the process of developing various products for the treatment of muscular dystrophy arising from defects in the
dystrophin gene by inducing the skipping of certain exons in such gene for which the Patent Rights and Technical Information may be useful. 
 D. UWA and Licensee entered into a certain Exclusive License Agreement, dated as of the Effective Date (the “Prior License Agreement”), pursuant to which UWA granted to Licensee certain
exclusive license rights under certain patent rights and technical information relating to the treatment of Duchenne muscular dystrophy by inducing the skipping of certain specified exons or blocks of exons through the use of certain specified
antisense sequences (the “Prior License Rights”). 
 E. Licensee and UWA desire to expand the Prior License
Rights to allow Licensee to conduct research in the Field of Use, and to develop, manufacture, use and sell Products in the Field of Use, using the Patent Rights and Technical Information (as each term is defined below) in accordance with the terms
of this Agreement, and UWA desires to have the Patent Rights and the Technical Information developed, used and commercialized in the Field of Use by Licensee. Other than the rights expressly granted by UWA hereunder within the Field of Use, Licensee
acknowledges that UWA shall retain all other rights with respect to the Patent Rights and the Technical Information. 

NOW, THEREFORE, in consideration of the mutual covenants and premises herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

	1.	DEFINITIONS 

 1.1 “Affiliate” or “Affiliates” shall mean any corporation, person or entity, which controls, is controlled by, or is under common control with, a party to this Agreement
without regard to stock or other equity ownership. For purposes hereof, the terms “control” and “controls” mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a
corporation, person or entity, whether through the ownership of voting securities, by contract or otherwise. 
 1.2
“Confidential Information” shall mean any confidential or proprietary information furnished by one party (the “Disclosing Party”) to the other party (the “Receiving Party”) in connection with this Agreement or,
prior to the Restatement Date, pursuant to the Prior License Agreement or the Mutual Confidentiality Agreement dated October 1, 2008 between the parties, including, without limitation, all specifications, know-how, trade secrets, technical
information, drawings, software, models, business information and patent applications pertaining to the Patent Rights and Technical Information, and as further provided in Section 10 hereof. 

1.3 “EMA” shall mean the European Medicines Agency, or any successor agency thereof. 

1.4 “FDA” shall mean the United States Food and Drug Administration, or any successor agency thereof. 

1.5 “Field of Use” shall mean the treatment of muscular dystrophies arising from defects in the dystrophin gene or in
the transcription or translation thereof, including without limitation Duchenne and Becker muscular dystrophies.  

1.6 “Improvements” shall mean all unpatented, patentable and patented inventions, discoveries, designs, apparatuses,
systems, machines, methods, processes, uses, devices, models, composition of matter, technical information, trade secrets, know-how, codes, programs or configurations of any kind that relate to (i) the use of antisense oligonucleotides or other
compounds to induce exon-skipping and that have application in the Field of Use, or (ii) to compositions or methods useful in connection with subsection (i), in each case that are conceived by or on behalf of UWA and are owned or controlled by
UWA after the Restatement Date. 
 1.7 “Net Sales” shall mean the total invoiced sales price and/or value of
other consideration received for Products sold by Licensee, its Affiliates or sublicensees, less (a) sales taxes or other taxes, (b) actual shipping and insurance costs, (c) actual rebates, credits, or refunds for returned or
defective Products, (d) trade discounts and quantity discounts or retroactive price reductions, (e) rebates, credits, and chargeback payments (or the equivalent thereof) actually granted to managed health care organizations, wholesalers,
or to federal, state/provincial, local and other governments, including their agencies, purchasers, and/or reimbursers, or to trade customers, and (f) any import or export duties, tariffs, or similar charges incurred with respect to the import
or export of Products into or out of any country in the Territory. Products will be considered “sold” when put into use, sold, leased or otherwise transferred and a “sale” shall be deemed to have occurred upon first use,
shipment, invoicing or receipt of payment, whichever 

  
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shall first occur. Notwithstanding the foregoing, Net Sales shall not include, and shall be deemed zero with respect to, (i) the actual distribution of reasonable quantities of promotional
samples of Products, and (ii) Products provided for clinical trials or research purposes at cost or at no charge. Notwithstanding the foregoing, amounts invoiced by Licensee or its Affiliates, or their respective sublicensees, for the sale of
Products among Licensee or its Affiliates or their respective sublicensees for resale shall not be included in the computation of Net Sales hereunder. Notwithstanding the foregoing, in the event that a Product is sold by Licensee, its Affiliates or
sublicensees as part of a combination product or bundled product (“Combination Product”), the Net Sales of such Product, for the purposes of determining Royalty payments due under this Agreement, shall be determined by multiplying the Net
Sales (as originally defined above) of the Combination Product by the fraction A/(A+B), where A is the average sale price of the Product when sold separately in finished form in any country in which the Combination Product is sold and B is the
average sale price of the other product(s) included in the Combination Product when sold separately in finished form, so that A+B is the average sale price of the Combination Product(s) together, in the country in which the Combination Product is
sold, in each case during the applicable Royalty reporting period in which sales of both occurred, or, if sales of both the Product and the other product(s) did not occur in such period, then in the most recent Royalty reporting period in which
sales of both occurred. In the event that such average sale price cannot be determined for both the Product and such other product(s) in the Combination Product, Net Sales for the purposes of determining Royalty payments with respect to such
Combination Product shall be mutually agreed by the parties based on the relative value contributed by each component, such agreement not to be unreasonably withheld. 
 1.8 “Patent Rights” shall mean, subject to Section 2.4, (i) those patent applications and patents listed in Schedule 1.8, (ii) all other patent applications and patents
owned or controlled by UWA as of the Restatement Date that claim inventions relating to (A) the use of antisense oligonucleotides to induce exon-skipping and that have application in the Field of Use, or (B) to compositions or methods
useful in connection with subsection (A), and (iii) all patents and/or patent applications (including provisional patent applications) existing as of the Restatement Date in any country corresponding to any of the foregoing, and all national
phases, divisions, continuations, continuations-in-part, reissues, reexaminations, supplementary protection certificates and extensions thereof, whether domestic or foreign, and any patent that issues thereon. The Patent Rights listed in Schedule
1.8 are all owned by UWA. 
 1.9 “Phase II Trial” shall mean a controlled clinical study conducted to evaluate
the effectiveness of a Product for the treatment of muscular dystrophy, for example by testing muscle function or endurance, in patients having muscular dystrophy and to determine the common short-term side effects and risks. 

1.10 “Phase III Trial” shall mean, relative to a Phase II Trial, expanded controlled and uncontrolled trials after
preliminary evidence suggesting effectiveness of the Product for treatment of muscular dystrophy has been obtained, and intended to gather additional information to evaluate the overall benefit-risk relationship of the Product and to provide an
adequate basis for applying for Regulatory Approval for commercial sales of the Product. 
 1.11 “Product” or
“Products” shall mean any human therapeutics, diagnostics (including algorithms or any components thereof), bioinformatics and any other human health care products and/or services covered by the Patent Rights, including without
limitation those products targeting the exons listed on Exhibit A. 

  
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 1.12 “Regulatory Approval” shall mean all approvals (including pricing and
reimbursement approvals), licenses, registrations or authorizations by any regulatory authority, necessary for the manufacture and sale of a Product in a regulatory jurisdiction in the Territory. 

1.13 “Technical Information” shall mean know-how, trade secrets, unpublished patent applications, software,
bioinformatics, unpatented technology, technical information, statistical information and analyses, biological materials, chemical reagents, preclinical and clinical information, and the like, in written, electronic or other form, now known or
hereafter developed, whether or not patentable, in each case relating to (i) the use of antisense oligonucleotides to induce exon-skipping and that have application in the Field of Use, (ii) to compositions or methods useful in connection
with subsection (i), or (iii) information disclosed in the Patent Rights, in each case that are conceived in whole or in part by or on behalf of UWA and are owned or controlled by UWA after the Restatement Date. 

1.14 “Territory” shall mean the entire world. 
 1.15 “Valid Claim” shall mean a claim of an issued patent included within the Patent Rights, which claim has not (a) lapsed, been canceled or become abandoned, (b) been declared
invalid or unenforceable by a non-appealable decision or judgment of a court or other appropriate body or authority of competent jurisdiction (other than with respect to any petition or writ of certiorari to the Supreme Court of the United States),
or (c) been admitted to be invalid or unenforceable through reissue, disclaimer or otherwise. 
  

	2.	LICENSE 

2.1 Grant of Exclusive Rights. Subject to the terms of this Agreement, UWA hereby grants to Licensee, and Licensee hereby accepts
from UWA, the exclusive, worldwide license, with the right to grant sublicenses (subject to the terms of Section 2.3 hereof), during the term of this Agreement (as provided in Section 6.1 hereof) to conduct research in the Field of Use
using the Patent Rights and the Technical Information and to develop, use, make, have made, practice, import, carry out, manufacture, have manufactured, offer for sale, sell and/or have sold Products in the Field of Use in the Territory using the
Patent Rights and the Technical Information; provided that UWA retains the right under the Patent Rights and Technical Information to conduct noncommercial research (with any Improvements resulting from such noncommercial research by UWA being
subject to Section 2.4 and other relevant provisions of this Agreement). For clarity, UWA retains all rights under the Patent Rights and the Technical Information outside of the Field of Use. 

2.2 Diligence. 
 (a) Subject to the terms of Section 4.5, Licensee shall use commercially reasonable efforts in pursuing the development, commercialization and marketing of Products. Without limiting the
foregoing, Licensee shall be deemed to have exercised commercially reasonable efforts, the diligence requirements of this Section 2.2(a) shall be deemed to have been 

  
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met, and UWA may not issue a Diligence Breach Notice pursuant to Section 2.2(b), if, on a Product-by-Product basis, Licensee, together with its Affiliates and sublicensees: 

(1) is actively engaged in, or has plans to engage in, pre-clinical or clinical development efforts with respect to, or
commercialization of, such Product in any country or jurisdiction within the Territory; 
 (2) as to the Product known
as AVI-4658, meets the respective requirements set forth on Schedule 2.2, with each such requirement being deemed a separate and independent condition (each, a “Milestone”); provided that if patent infringement issues prevent Licensee from
meeting any such Milestone, then the timing for such Milestone shall be tolled until such issues are resolved and the parties shall in good faith negotiate and agree on an appropriate modification to the timing of such Milestone, if necessary;

 (3) as to the Product known as AVI-4658, fails to meet any Milestone designated in Schedule 2.2 hereto, but, after
the parties meet to discuss the status of Licensee’s development efforts, Licensee demonstrates that Licensee’s efforts amounted to commercially reasonable efforts under the circumstances, in which case the parties shall in good faith
negotiate and agree on an appropriate modification to the relevant Milestone(s); or 
 (4) as to the Product known as
AVI-4658, fails to meet any Milestone designated in Schedule 2.2 hereto, and the proviso in subsection (2) does not apply, but Licensee, its Affiliates or Sublicensees initiate a [†††] trial of a different Product within
[†††] after the date upon which Licensee, its Affiliate or Sublicensee failed to meet such Milestone, in which case the Milestones obligations designated in Schedule 2.2 hereto shall apply with respect to such different Product
instead of AVI-4658 for the purposes of this Section 2.2; provided that if patent infringement issues prevent Licensee from meeting any such Milestone for such different Product, then the timing for such Milestone shall be tolled until such
patent infringement issues are resolved or the parties in good faith negotiate and agree on an appropriate modification to the timing of such Milestone. 
 (b) Subject to the terms of Section 2.2(a), if UWA believes that Licensee has failed to meet its diligence obligations as set forth in Section 2.2(a), UWA may give Licensee written notice
of the deficiency (“Diligence Breach Notice”). Licensee shall thereafter have one hundred and twenty (120) days to cure the deficiency. If Licensee fails to cure the deficiency within such one hundred and twenty (120) day period,
UWA may terminate this Agreement with respect to the relevant Product upon written notice to Licensee, provided, however, that UWA may not terminate this Agreement with respect to any Product as to which Licensee is actively engaged in, or
has plans to engage in, pre-clinical or clinical development efforts or commercialization in any country or jurisdiction within the Territory. Such right to terminate this Agreement as to a given Product shall be UWA’s sole remedy for
Licensee’s breach of this Section 2.2. 
 2.3 Right to Sublicense or Assign Rights. Licensee shall have the
right to grant sublicenses consistent with this Agreement. Licensee shall keep UWA reasonably informed with respect to the progress of any relations entered into with any sublicensees. As an express condition of any such sublicense, any such
sublicensee shall be required to agree in writing to be 
  

	[†††]	 Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

  
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bound by commercially reasonable royalty reporting and recordkeeping, indemnification and inspection provisions, and the applicable provisions of this Agreement, including, without limitation,
those pertaining to the use of UWA’s name and marks, indemnification of UWA and the use of UWA’s Confidential Information. Licensee will be responsible for enforcing each sublicensee’s obligations under its sublicense. Licensee
understands and agrees that none of its sublicenses hereunder shall reduce in any manner any of its obligations set forth in this Agreement. 
 2.4 Future Rights. UWA shall notify Licensee of any Improvements promptly after the identification or disclosure thereof. All patent applications and patents claiming such Improvements shall
automatically be included in the Patent Rights and licensed to Licensee pursuant to Section 2.1. 
 2.5
Commercialization in Australia. After Licensee has received Regulatory Approval in Australia with regard to a Product, Licensee shall use commercially reasonable efforts to commercialize such Product in Australia during the term of this
Agreement, provided, however, that Licensee shall have no obligation to commercialize, or continue to commercialize, any Product in Australia under this Section 2.5 if (i) Licensee has a good faith belief that such commercialization
would infringe or misappropriate any third party’s intellectual property rights, or (ii) such Product does not qualify for reimbursement in Australia at a rate equal to or greater than the applicable rate established in the European Union
for (1) such Product, or (2) a pharmaceutical product mutually agreed by the parties to be substantially similar to such Product with respect to reimbursement, if no reimbursement rate has been established in the European Union for such
Product. If subsection (ii) applies, UWA may identify and propose to Licensee third parties who, notwithstanding such reimbursement situation, may desire to obtain a sublicense to develop and/or commercialize such Product in Australia. If UWA
proposes any such potential sublicensees to Licensee, Licensee shall discuss in good faith the terms of such a sublicense with such third party for up to sixty (60) days. 

 

	3.	REPRESENTATIONS AND WARRANTIES 

3.1 UWA. UWA represents and warrants to Licensee that: 
 (a) UWA (i) is a body corporate established pursuant to the provisions of The University of Western Australia Act 1911, duly organized, validly existing and in good standing under the laws of
Australia, (ii) has the corporate power and authority to enter into this Agreement and to perform its obligations hereunder, and (iii) has taken sufficient steps such that the execution and delivery of this Agreement by UWA and the
performance by UWA of its obligations hereunder have been duly authorized by all necessary corporate action; 
 (b) to
the best of UWA’s knowledge, at the Restatement Date, there are no claims, judgments or settlements to be paid by UWA with respect to the Patent Rights or Technical Information or pending claims or litigation relating to the Patent Rights or
Technical Information; 
 (c) with respect to the Patent Rights, UWA has been assigned all right, title and interest from
the Inventors and UWA is listed as the sole owner of record in the records of the United States Patent and Trademark Office and any foreign patent offices with respect to Patent Rights that consist of applications or registrations with such offices,

  
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 (d) UWA has the right to grant the rights granted to Licensee hereunder and to
perform UWA’s obligations hereunder, in each case without the consent or approval of any third party; 
 (e) UWA has
not granted, and will not grant, licenses to the Patent Rights, Technical Information or Improvements to any third party that would conflict with or otherwise compromise the rights granted to Licensee hereunder; 

(f) the Patent Rights have been duly prepared, filed, prosecuted, obtained, and maintained in accordance with all applicable laws,
rules, and regulations; 
 (g) to the best of UWA’s knowledge, and except as specified on Schedule 3.1, no third
party’s intellectual property rights would be infringed or misappropriated by the practice of the Patent Rights in general and no third party is infringing or misappropriating the Patent Rights; 

(h) UWA does not own or control any patents or patent applications other than the Patent Rights that currently, or when issued,
would be infringed by the making, using, offering for sale, selling, or importing of any product or process covered by a claim within the Patent Rights; 
 (i) this Agreement constitutes the legal, valid and binding obligation of UWA, enforceable against UWA in accordance with its terms, subject only to (i) applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforceability of creditors’ rights generally, (ii) the limitation that the remedy of specific performance or injunctive relief is subject to the discretion of the court or
arbitrator before which any proceeding therefor may be brought, and (iii) general legal and equitable principles of good faith, fair dealing and equity; and 
 (j) to the best of UWA’s knowledge, neither the execution or delivery of this Agreement by UWA, nor the performance by UWA of its obligations hereunder, (i) requires the consent or
approval of any third party; (ii) shall constitute a default under any material contract by which UWA or any of its material assets is bound (or any event which, with notice or lapse of time, or both, would constitute such a default); or
(iii) shall constitute a violation of any judgment, order or decree of any court, arbitrator, governmental agency or authority binding upon UWA. 
 For the avoidance of doubt: 
  

	 	•	 	 UWA does not warrant or represent that the Patent Rights, Technical Information or Improvements or any part thereof are or will be valid under this
Agreement. 

  

	 	•	 	 UWA makes no warranties or representations regarding any scientific information, including without limitation as to the accuracy or completeness
thereof, provided in respect of this Agreement. 

  
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	 	•	 	 UWA does not warrant the applicability, utility or usability of the Patent Rights, the Technical Information or Improvements in respect of the Products
and disclaims any and all liability in respect of the application of the Patent Rights, the Technical Information or Improvements. 

 3.2 Licensee. Licensee represents and warrants to UWA that: 
 (a)
Sarepta is a corporation duly organized, validly existing and in good standing under the laws of the State of Oregon, and Sarepta Netherlands is a corporation duly organized, validly existing and in good standing under the laws of the Netherlands,
and each of Sarepta and Sarepta Netherlands has the corporate power and authority to enter into this Agreement and to perform its obligations hereunder; 
 (b) the execution and delivery of this Agreement by Licensee and the performance by Licensee of its obligations hereunder have been duly authorized by all necessary corporate action; 

(c) this Agreement constitutes the legal, valid and binding obligation of Licensee, enforceable against Licensee in accordance
with its terms, subject only to (i) applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors’ rights generally, (ii) the limitation that the remedy of specific performance
or injunctive relief is subject to the discretion of the court or arbitrator before which any proceeding therefor may be brought, and (iii) general legal and equitable principles of good faith, fair dealing and equity; and 

(d) neither the execution or delivery of this Agreement by Licensee, nor the performance by Licensee of its obligations hereunder,
(i) requires the consent or approval of any third party; (ii) shall constitute a default under any material contract by which Licensee or any of its material assets is bound (or any event which, with notice or lapse of time, or both, would
constitute such a default); or (iii) shall constitute a violation of any judgment, order or decree of any court, arbitrator, governmental agency or authority binding upon Licensee. 

 

	4.	CONSIDERATION 

 In consideration of the execution and delivery by UWA of this Agreement and the rights and licenses granted to Licensee hereunder, Licensee agrees as follows: 

4.1 License Fees. 
 (a) Within thirty (30) days of the Restatement Date, Licensee shall pay to UWA a one-time, upfront license fee in an amount equal to [†††] U.S. Dollars
(USD [†††]); 
 (b) Within thirty (30) days of the Restatement Date, Licensee shall pay to UWA a
one-time fee for patent filing costs in an amount equal to [†††] U.S. Dollars (USD [†††]); and 
 (c) Within ninety (90) days of each of the second, third and fourth anniversaries of the Restatement Date, Licensee shall pay to UWA a license maintenance fee in an amount equal to
[†††] U.S. Dollars (USD [†††]). 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

  
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 4.2 Payment of Royalties. 

(a) Licensee shall pay to UWA on a Product-by-Product and a country-by-country basis, royalty fees (each, a “Royalty”
and collectively, the “Royalties”) equal to [†††]% of aggregate Net Sales of all Products by Licensee, its Affiliates or sublicensees. 
 (b) Royalties shall accrue and be payable by Licensee on a quarterly basis within forty-five (45) days following the end of each calendar quarter in which any Products generating Net Sales
were sold. Each payment of Royalties shall be accompanied by a statement setting forth in reasonable detail the number and each type of Product sold and the Net Sales applicable thereto in the applicable calendar quarter. The Products shall be
considered as being sold for the purpose of the calculation of Royalties under this Agreement when the payments for such Products have been received by Licensee. Except as otherwise provided in Section 4.6, all Royalties shall be paid in United
States Dollars. 
 (c) Licensee shall create and maintain complete and accurate records and documentation concerning all
Net Sales of Products in sufficient detail to enable the Royalties payable hereunder to be determined. Licensee shall retain such records and documentation for not less than three (3) years from the date of their creation. During the term of
this Agreement and for a period of one (1) year thereafter, UWA and its representatives shall have the right to audit such records and documentation as shall pertain to the determination and payment of Royalties no more than once in any
calendar year. Such examiners shall have reasonable access during regular business hours to Licensee’s offices and the relevant records, files and books of account, and shall have the right to examine any other records reasonably necessary to
determine the accuracy of the Royalty calculations provided by Licensee. The costs of any such audit shall be borne by UWA, unless as a result of such inspection it is determined that the amounts payable by Licensee for any period are in error by
greater than five percent (5%), in which case the costs of such audit shall be borne by Licensee. UWA shall report the results of any such audit to Licensee within forty-five (45) days of completion. Thereafter, Licensee shall promptly pay to
UWA the amount of any underpayment discovered in such audit, or UWA shall credit to Licensee against future Royalty payments the amount of any overpayment discovered in such audit, as the case may be. In addition, Licensee shall pay interest on any
underpayment at the rate that is the lower of (i) two percent (2%) over the rate of interest announced by Bank of America in Massachusetts (or any successor in interest thereto or any commercially equivalent financial institution if no
such successor exists) to be its “prime rate,” or (ii) the highest rate permitted by applicable law, in each of cases (i) and (ii) from the date such amount was underpaid to the date payment is actually received. 

4.3 Royalty Purchase. 
 (a) Licensee may, at its sole option, choose to terminate its obligation to pay Royalties to UWA under Section 4.2 by providing written notice thereof to UWA at any time after the first
Regulatory Approval of any Product in the Territory, but prior to April 1, [†††], (the “Royalty Purchase Notice”) and agreeing to pay to UWA (i) a one-time payment of [†††] U.S. Dollars (USD
[†††]) (the “Royalty Purchase Upfront Payment”), (ii) a one-time payment of [†††] 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

  
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U.S. Dollars (USD [†††]) the first time that aggregate Net Sales of all Products in the Territory exceed [†††] U.S. Dollars (USD [†††]) in any
calendar year prior to January 1, [†††], and (iii) a one-time payment of [†††] U.S. Dollars (USD [†††]) the first time aggregate Net Sales of all Products in the Territory exceed
[†††] U.S. Dollars (USD [†††]) in any calendar year prior to January 1, [†††] ((ii) and (iii) each, a “Royalty Purchase Milestone Payment,” and collectively with the Royalty Purchase
Upfront Payment, the “Royalty Purchase Payment”), pursuant to the terms of this Section 4.3 (the “Royalty Purchase”). For clarity, if the Royalty Purchase becomes effective, if aggregate Net Sales of all Products in the
Territory exceed [†††] U.S. Dollars (USD [†††]) for the first time in the same year that aggregate Net Sales of all Products in the Territory exceed [†††] U.S. Dollars (USD [†††])
for the first time, then both Royalty Purchase Milestone Payments shall be triggered and Licensee shall pay to UWA [†††] U.S. Dollars (USD [†††]). For clarity, in no event shall Licensee be obligated to pay to UWA
pursuant to this Section 4.3 more than a total of [†††] U.S. Dollars (USD [†††]), if Licensee provides a Royalty Purchase Notice and each of the milestones set forth in subsections (ii) and (iii) are
achieved. 
 (b) During the period beginning on the date upon which UWA receives the Royalty Purchase Notice and ending
[†††] thereafter, unless such period is earlier terminated by written notice from UWA to Licensee (the “Royalty Purchase Period”), UWA may solicit offers to assign to a third party [†††] its right,
[†††] to receive Royalties from Licensee under Section 4.2 (the “Royalty Rights”). If, during the Royalty Purchase Period, [†††] offer[†††] to UWA compensation in exchange for the Royalty
Rights [†††] (each, a “Competing Bid”), UWA shall notify Licensee, in writing, of the [†††] Competing Bid received during the Royalty Purchase Period (the “Leading Bid”) [†††] after
receiving such Leading Bid. During the [†††] period beginning upon Licensee’s receipt of such notification of a Leading Bid (the “Decision Period”), Licensee may provide written notice to UWA that it agrees to the
Royalty Purchase on the terms of the Leading Bid instead of the Royalty Purchase Payment under Section 4.3(a) (“Match Notice”). If Licensee does not provide a Match Notice to UWA during the Decision Period, UWA may assign the Royalty
Rights to the third party that made the Leading Bid on the terms of the Leading Bid, in which case Licensee shall have no further right to exercise the Royalty Purchase under Section 4.3(a) [†††]. If no Leading Bid is received
during the Royalty Purchase Period, UWA may not assign the Royalty Rights to any third party. Licensee may not exercise the Royalty Purchase and shall have no obligation to pay to UWA any portion of the Royalty Purchase Payment during the Royalty
Purchase Period. 
 (c) [†††], if UWA has not exercised its right to assign the Royalty Rights to a third
party under Section 4.3(b), Licensee may exercise the Royalty Purchase at any time by providing written notice thereof to UWA and (i) by making any payments necessary pursuant to the terms of the Leading Bid specified in the latest Match
Notice, or (ii) if no Match Notice was provided by Licensee to UWA, by paying the Royalty Purchase Upfront Payment within [†††] days after UWA’s receipt of Licensee’s notice exercising the Royalty Purchase, and each
Royalty Purchase Milestone Payment within [†††] days after December 31 of the year for which such Royalty Purchase Milestone Payment was earned. 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

  
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 (d) If the Royalty Purchase becomes effective, Licensee shall have no further
obligation under Section 4.2 to pay to UWA any Royalty on sales of any Product that occur after the date on which UWA received the Royalty Purchase Notice. To the extent any Royalties have been paid by Licensee to UWA pursuant to
Section 4.2 for sales of Product after UWA’s receipt of the Royalty Purchase Notice, such Royalties shall be fully credited toward any payment made by Licensee to UWA pursuant to Section 4.3(c). Notwithstanding anything in this
Section 4.3 to the contrary, Licensee’s obligations under Section 4.4 shall remain in effect even in the event the Royalty Purchase becomes effective. 
 4.4 Milestone Fees. 
 (a) Licensee shall pay to UWA the following
fees (each, a “Milestone Fee”), which shall be determined and paid within ninety (90) days after the occurrence of each of the following corresponding events (each, a “Milestone Event”): 

(i) With respect to the Product known as of the Restatement Date as eteplirsen (“Eteplirsen”), [†††]
U.S. Dollars (USD [†††]) upon first commercial sale in any country or jurisdiction within the Territory. 

(ii) With respect to Products other than Eteplirsen, each of the following Milestone Fees shall be paid, if ever, for each such
Product that achieves the corresponding Milestone Event; provided, however, that no such Milestone Fee shall be paid by Licensee more than [†††] times, regardless of the number of Products that achieve the corresponding
Milestone Event: 
 (1) [†††] U.S. Dollars (USD [†††]) upon initiation of a Phase II
Trial of a Product; 
 (2) [†††] U.S. Dollars (USD [†††]) upon initiation of a Phase
III Trial of a Product; 
 (3) [†††] U.S. Dollars (USD [†††]) upon Regulatory
Approval of a Product by the first of the FDA or the EMA. 
 (b) If any Milestone Event is achieved with respect to a
given Product, all previously listed Milestone Events, if not already achieved for such Product, shall be considered to be simultaneously achieved and Licensee shall pay to UWA the aggregate Milestone Fees associated with all such Milestone Events.
As an example, and solely for clarity, if no Phase II Trial is required or initiated for a particular Product, Licensee shall pay to UWA an aggregate of [†††] U.S. Dollars (USD [†††]) within ninety (90) days
after initiation of a Phase III Trial for such Product. Additionally, for clarity, in no event shall Licensee be obligated to pay to UWA more than [†††] U.S. Dollars (USD [†††]) pursuant to this Section 4.4.

 (c) Notwithstanding anything to the contrary in this Section 4.4, if a Valid Claim specifically covering a
Product has not issued in the United States or European Union at 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

  
 Page 11 of 21

 
the time a Milestone Event for such Product is achieved, Licensee shall only be obligated to pay to UWA [†††] percent ([†††]%) of the corresponding Milestone Fee
until such time, if any, that such Valid Claim is granted in the United States or European Union. 
 4.5 Infringement. In
the event that Licensee is prevented from developing, manufacturing or commercializing one or more Products in a particular jurisdiction in the Territory as a result of patent infringement issues, all of Licensee’s obligations with respect to
such Products in such jurisdiction, including, without limitation, Royalty and other obligations, shall be suspended unless and until such patent infringement issues are resolved. In the event that any such issues are not resolved during the term of
the Agreement, or in the event that such issues are resolved in a manner that would continue to prevent Licensee from developing, manufacturing or commercializing such Products, then Licensee shall have no further obligations hereunder with respect
to such Products. 
 4.6 Currency Transfer Restrictions. If any restrictions on the transfer of currency exist in any
country or other jurisdiction so as to prevent Licensee from making payments to UWA, Licensee shall take all commercially reasonable steps to obtain a waiver of such restrictions or to otherwise enable Licensee to make such payments. If Licensee is
unable to do so, Licensee shall make such payments to UWA in a bank account or other depository designated by UWA in such country or jurisdiction, which payments shall be in the local currency of such country or jurisdiction, unless payment in
United States Dollars is permitted. Any payment by Licensee to UWA in currencies other than United States Dollars shall be calculated using the appropriate foreign exchange rate for such currency quoted in the Wall Street Journal for the
close of business of the last banking day prior to the date on which such payment is being made. 
 4.7 Fair Market
Value. UWA acknowledges and agrees that the Royalties, Milestone Fees and other obligations of Licensee under this Agreement constitute fair market value for the rights granted to Licensee under this Agreement based on arms’-length
negotiations with Licensee. 
 4.8 Withholding Tax. Licensee shall make all payments to UWA under this Agreement without
deduction or withholding for taxes except to the extent that any such deduction or withholding is required by applicable law in effect at the time of payment. Any tax required to be withheld on amounts payable under this Agreement shall promptly be
paid by Licensee on behalf of UWA to the appropriate governmental authority, and Licensee shall furnish UWA with proof of payment of such tax. Any such tax required to be withheld will be borne by Licensee. Each party will cooperate with respect to
all documentation required by any taxing authority or reasonably requested by Licensee to secure a reduction in the rate of applicable withholding taxes. 
  

	5.	PATENT RIGHTS  

 5.1 Prosecution of Existing Patent Rights. Licensee shall assume full responsibility for the application, maintenance, reexamination, reissue, opposition and prosecution of any kind (collectively
“Prosecution”) relating to the Patent Rights in the Territory, including without limitation those Patent Rights claiming Improvements, including, but not limited to, payment of all costs, fees and expenses related thereto. Licensee shall
provide UWA with copies of any and 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

  
 Page 12 of 21

 
all material or communications with the United States Patent and Trademark Office or any foreign patent office. In the event that Licensee elects to abandon the Prosecution or maintenance of any
patent or patent application included in such Patent Rights, Licensee shall notify UWA of such election at least thirty (30) days before a final due date which would result in abandonment or bar of patentability of the patent or patent
application and, in such event, UWA may, at its sole option and expense, continue Prosecution or maintenance of the Patent Rights. 
 5.2 Expenses. Licensee shall pay all expenses resulting from its obligations in Section 5.1 hereof. UWA shall exercise reasonable efforts to cause the Inventors to cooperate fully with
Licensee with respect to the Prosecution, maintenance and protection of the Patent Rights, including without limitation any patents or patent applications covering the Improvements. 

 

	6.	TERM AND TERMINATION 

6.1 Term. Unless earlier terminated as provided in Section 6.2 hereof, the term of this Agreement shall commence on the
Effective Date and shall expire, on a country-by-country basis, on the date upon which the last to expire Valid Claim of the Patent Rights shall expire in such country. 
 6.2 Termination. Except as provided by Section 6.3 hereof, this Agreement shall terminate, in its entirety or on a Product-by-Product basis (as provided in this Section 6.2) upon the
earliest to occur of the following: 
 (a) Subject to the terms of Section 2.2 and Section 4.5, upon sixty
(60) days’ written notice from UWA if, within such sixty (60) day period, Licensee shall fail to cure fully any breach or default of any material obligation under this Agreement with respect to a given Product or Products, as
described in such written notice detailing the facts of such breach with reasonable specificity; provided, however, that Licensee may avoid such termination if, before the end of such sixty (60) day period, such breach or default has
been cured by Licensee to the reasonable satisfaction of UWA; 
 (b) Upon sixty (60) days’ written notice from
Licensee if, within such sixty (60) day period, UWA shall fail to cure fully any breach or default of any material obligation under this Agreement as described in such written notice detailing the facts of such breach with reasonable
specificity; provided, however, that UWA may avoid such termination if, before the end of such sixty (60) day period, such breach or default has been cured by UWA to the reasonable satisfaction of Licensee; 

(c) Upon the mutual written agreement of the parties hereto (such termination to be effective as of the date mutually agreed upon
in such written agreement); 
 (d) Immediately upon Licensee passing a resolution for winding-up (otherwise than for the
purposes of a solvent amalgamation or reconstruction where the resulting entity is at least as credit-worthy as the Licensee and assumes all of the obligations of the Licensee under this Agreement) or a court shall make an order to that effect; or
if a liquidator, receiver, administrator, administrative receiver, manager, trustee, or similar officer is appointed over any of the assets of the Licensee; or 

  
 Page 13 of 21

 (e) Immediately by Licensee, in its sole discretion, upon notice to UWA that Licensee
is no longer desirous of commercializing a given Product or Products. For clarity, if Licensee terminates this Agreement pursuant to this Section 6.2(e) as to a given Product, Licensee’s license under Section 2.1 and its other rights
under this Agreement shall terminate solely with respect to such Product, but Licensee’s license under Section 2.1 and its other rights under this Agreement shall continue in full force and effect thereafter with respect to all other
Products. 
 6.3 Obligations Upon Termination. Upon any termination of this Agreement pursuant to Sections 2.2 or 6.2
hereof, nothing herein shall be construed to release any party from any liability for any obligation incurred through the effective date of termination or for any breach of this Agreement prior to the effective date of such termination. Licensee
may, for a period of one (1) year after the effective date of such termination, sell all tangible Products customarily classified as “inventory” that it has on hand at the date of termination, subject to payment by Licensee to UWA of
the applicable Royalty under Sections 4.2 and 4.3 hereof. 
 6.4 Effect of Termination. In the event of any termination
of this Agreement pursuant to Sections 2.2 or 6.2 hereof, where such termination has not been caused by any action or inaction on the part of any sublicensee of Licensee or by any breach by such sublicensee of its obligations under its sublicense
from Licensee, such termination of this Agreement shall be without prejudice to the rights of each non-breaching sublicensee of Licensee and each non-breaching sublicensee shall be deemed to be a licensee of UWA thereunder, and UWA shall be entitled
to all rights, but shall not be subject to any obligations (other than the grant of license and appurtenant obligations under this Agreement to the extent provided for in such sublicense) of Licensee thereunder. 

6.5 Right to Institute Legal Actions. Notwithstanding the provisions of Section 6.2 hereof, UWA, on the one hand, and
Licensee, on the other hand, may institute any other legal action or pursue any other remedy against the other party permitted by applicable law if the other party does not substantially cure any breach or default of any material obligation as
provided herein. 
 6.6 Reversion of Rights. Notwithstanding anything to the contrary set forth herein (including, but
not limited to, Section 5 hereof), full responsibility for Prosecution of the Patent Rights shall, at the option of UWA and at its sole expense from the date of reversion, revert to UWA upon any termination of this Agreement. Upon any
termination of this Agreement, Licensee shall have no further obligation to Prosecute the Patent Rights under Section 5.1 and shall not be responsible for any expenses relating to Prosecution of Patent Rights incurred after the effective date
of such termination. 
  

	7.	INFRINGEMENT AND PROSECUTION BY THIRD PARTIES

 7.1 Enforcement. Licensee shall have the first right, but not the obligation, to enforce, at its sole
expense, any Patent Rights to the extent licensed hereunder against 

  
 Page 14 of 21

 
infringement by third parties and shall notify UWA in writing in advance of all such enforcement efforts. Upon Licensee’s undertaking to pay all expenditures reasonably incurred by UWA, UWA
shall reasonably cooperate in any such enforcement and, as necessary, join as a party therein. Licensee shall reimburse UWA for all expenses, including reasonable attorneys’ fees, incurred in connection with any such enforcement. In the event
that Licensee does not file suit against or commence and conclude settlement negotiations with a substantial infringer of Patent Rights within ninety (90) days of receipt of a written demand from UWA that Licensee bring suit, then the parties
will consult with one another in an effort to determine whether a reasonably prudent licensee would institute litigation to enforce the patent in question in light of all relevant business and economic factors (including, but not limited to, the
projected cost of such litigation, the likelihood of success on the merits, the probable amount of any damage award, the prospects for satisfaction of any judgment against the alleged infringer, the possibility of counterclaims against the parties
hereto, the impact of any possible adverse outcome on Licensee and the effect any publicity might have on the parties’ respective reputations and goodwill). If, after such process, it is determined that a suit should be filed and Licensee does
not file suit or commence settlement negotiations forthwith against the infringer, then UWA shall have the right, at its own expense, to enforce any Patent Rights licensed hereunder on behalf of itself and Licensee. Any amount recovered in any such
action or suit, whether by judgment or settlement, shall be paid to or retained entirely by whichever party brought the action, or where both parties participate in such action or suit, all such amounts shall be allocated to each party in the ratio
of expenses incurred, after first paying each party’s out-of-pocket expenses, including reasonable attorneys’ fees. 

7.2 Defense of Patent Rights. In the event that any Patent Rights are the subject of a legal action seeking declaratory relief or
of any reexamination or opposition proceeding instituted by a third party, then Licensee shall have the first right to conduct such defense, bear the expenses, including attorneys’ fees, associated with such defense and shall receive, in its
entirety, any recoupment of expenses. UWA shall assist and cooperate with Licensee in such proceedings and shall exercise reasonable efforts to cause the Inventors to assist and cooperate fully. During the term of this Agreement, UWA shall maintain
and make available to Licensee laboratory notebooks relating to the inventions claimed in the Patent Rights. 
 7.3 Third
Party Patent Rights. If Licensee reasonably determines that any Product infringes upon the rights of a third party because of the use of the Patent Rights, Technical Information or Improvements in the manufacture, use or sale of such Product,
and, as a result, Licensee elects to oppose, seek reexamination of, pursue declaratory relief with respect to and/or undertake other legal action with respect to such third party’s patent(s) or patent application(s) before a patent office
and/or the courts of any jurisdiction in the Territory (collectively “Opposition”), then UWA shall assist and cooperate with Licensee in any such Opposition. UWA shall exercise reasonable efforts to cause the Inventors to cooperate fully
with Licensee at Licensee’s expense with respect to any Opposition. 
  

	8.	INDEMNIFICATION 

 8.1 Indemnification by Licensee. UWA shall not be liable for any loss or damage sustained by Licensee or any other person directly or indirectly from or in connection with Licensee’s use,
licence or commercialisation of any part of the Products, Patent Rights, 

  
 Page 15 of 21

 
Improvements or Technical Information, except to the extent that such loss or damages results from the negligence or willful acts or omissions of UWA. Subject to Section 8.2 hereof, Licensee
hereby releases and indemnifies UWA, its officers, employees and agents from and against all actions, claims, proceedings and demands whatsoever, including through contract and tort which may be made or brought by any person, body or authority
against it or them or any of them in respect of any loss, injury or damage including death and consequential loss (“Losses”) arising out of Licensees’ use of the Products, Patent Rights, Improvements or Technical Information, except
to the extent that such Losses result from the negligence, or willful acts or omissions of UWA. 
 8.2 Indemnification by
UWA. Subject to Section 8.3 hereof, UWA shall hold harmless, defend and indemnify Licensee and each of its officers, directors, employees and agents from and against any and all claims, damages, losses, liabilities, costs and expenses
(including reasonable attorneys’ fees and expenses and costs of investigation, whether or not suit is filed) suffered or incurred in connection with any negligence, willful acts or omissions or breach on the part of UWA directly resulting from
the assignment or reassignment of the Patent Rights between UWA and GSK. 
 8.3 Notice of Claim. UWA shall promptly
notify Licensee in writing of any claim, action or material threat thereof brought against UWA in respect of which indemnification may be sought hereunder, and, to the extent allowed by law, shall reasonably cooperate with Licensee in defending or
settling any such claim or action. No settlement of any claim, action or threat thereof received by UWA and for which UWA intends to seek indemnification (for itself or on behalf of any other party) shall be made without the prior joint written
approval of UWA and Licensee. 
  

	9.	USE OF NAMES 

 Neither party shall, unless as required by any law or governmental regulation, use the name of the other party and/or any of its trademarks, service marks, trade names or fictitious business names without
express prior written consent of the other party. 
  

	10.	CONFIDENTIALITY 

 10.1 Non-Disclosure. The parties hereto shall keep the terms of this Agreement and all business and scientific discussions relating to the business of the parties strictly confidential. It may,
from time to time, be necessary for the parties, in connection with performance under this Agreement, to disclose Confidential Information (including know-how) to each other. The Receiving Party (as defined in Section 1.2 hereof) shall keep in
strictest confidence the Confidential Information of the Disclosing Party (as defined in Section 1.2 hereof), using the standard of care it normally uses for information of like character, but in no case less than a reasonable standard of care,
and shall not disclose the Confidential Information to any third party or use it except as expressly authorized by the prior written consent of the Disclosing Party or as otherwise permitted by this Agreement; provided, however, that Licensee
may disclose the Confidential Information received from UWA to its Affiliates and sublicensees as shall be reasonably necessary to carry out the intent of this Agreement or any sublicense granted by Licensee as contemplated by this Agreement if, but
only if, such Affiliates and/or sublicensees 

  
 Page 16 of 21

 
each execute a confidentiality agreement containing confidentiality provisions no less restrictive than those confidentiality provisions contained in this Section 10. The Receiving
Party’s obligation hereunder shall not apply to Confidential Information that the Receiving Party can show: 
 (a)
Is or later becomes part of the public domain through no fault or neglect of the Receiving Party; 
 (b) Is received
in good faith from a third party having no obligations of confidentiality to the Disclosing Party, provided, however, that the Receiving Party complies with any restrictions imposed by the third party; 

(c) Is independently developed by the Receiving Party without use of the Disclosing Party’s Confidential Information; or

 (d) Is required to be disclosed by law or regulation (including, without limitation, in connection with FDA filings,
SEC filings or filings with another government agency) or by the rules of a securities exchange, provided, however, that the Receiving Party uses reasonable efforts to restrict disclosure and to obtain confidential treatment. 

10.2 Limits on Permitted Disclosures. Each party agrees that any disclosure or distribution of the other party’s Confidential
Information within its own organization shall be made only as is reasonably necessary to carry out the intent of this Agreement. The parties further agree that all of their respective officers, employees, agents, representatives or sublicensees to
whom any Confidential Information is disclosed or distributed shall be subject to written confidentiality and non-use obligations no less restrictive than the confidentiality and non-use obligations provided for in this Section 10. 

10.3 Legally Required Disclosures. If a subpoena or other legal process concerning Confidential Information is served upon any
party hereto pertaining to the subject matter hereof, the party served shall notify the other party immediately, the other party shall cooperate with the party served, at the other party’s expense, in any effort to contest the validity of such
subpoena or other legal process. This Section 10.3 shall not be construed in any way to limit any party’s ability to satisfy any disclosure of its relationship with the other party required by any governmental authority or rules of a
securities exchange. 
 10.4 Return of Confidential Information. In the event of any termination of this Agreement, the
Receiving Party shall, upon the Disclosing Party’s request, promptly return all Confidential Information and any copies made thereof previously made available to the Receiving Party by the Disclosing Party, provided, however, that
counsel of each party may retain one (1) copy of such Confidential Information to ensure compliance with this Section 10. 
 10.5 Remedies. Both parties acknowledge and agree that it would be difficult to measure damages for breach by either party of the covenants set forth in this Section 10, and that injury from
any such breach would be incalculable, and that money damages would therefore be an inadequate remedy for any such breach. Accordingly, each party shall be entitled, in addition to all other remedies available hereunder or under law or equity, to
injunctive or such other equitable relief as a court may deem appropriate to restrain or remedy any breach of such covenants. 

  
 Page 17 of 21

 10.6 Confidentiality Period. The obligations of confidentiality and non-use set forth
in this Section 10 shall apply during the term of this Agreement and for a period of five (5) years thereafter. Notwithstanding the foregoing, any Confidential Information that is expressly labeled or noted by Licensee as a trade secret
shall not be subject to such five (5) year term, but shall continue to be subject to the obligations of confidentiality and non-use set forth in this Section 10 for as long as such trade secret remains confidential. 

10.7 Publicity. Notwithstanding anything to the contrary set forth herein, UWA agrees that Licensee shall have the right to issue
one or more press releases announcing the execution of this Agreement and the terms hereof, the contents of which press releases shall be in Licensee’s sole discretion; provided that where practicable, Licensee shall provide to UWA a reasonable
opportunity to review such press releases to allow UWA to confirm their factual accuracy. UWA shall not disclose the terms of this Agreement without the prior written consent of Licensee, provided, however, that UWA shall not require
Licensee’s consent to disclose subsequently any terms of this Agreement that have already been disclosed in accordance with this Section 10.7. Furthermore, UWA shall have the right to issue a press release in Australia stating that UWA has
granted a license to Licensee, which press release shall be subject to Licensee’s prior written consent. Neither party may reference the other party in any other public announcements or press releases without the prior written approval of the
other party, except such as may be required by law. 
  

	11.	MISCELLANEOUS 

 11.1 Notices. Any notice, request, instruction or other document required by this Agreement shall be in writing and shall be deemed to have been given (a) if mailed with the United States
Postal Service by prepaid, first class, certified mail, return receipt requested, at the time of receipt by the intended recipient, (b) if sent by Federal Express®, Airborne®, or other
overnight carrier, signature of delivery required, at the time of receipt by the intended recipient, (c) if sent by electronic mail and no delivery failure notification has been received, one (1) business day after sending, or (d) if
sent by facsimile transmission, when so sent and when receipt has been acknowledged by appropriate telephone or facsimile receipt, addressed as follows: 
 In the case of UWA to: 
 The University of Western Australia 

35 Stirling Highway 
 Crawley, WA 6009 
 Attention: Director, Office of Industry and Innovation

 Fax: +61 8 6488 2333 

  
 Page 18 of 21

 or in the case of Licensee to: 

Sarepta Therapeutics 
 245 First Street Suite 1800 Cambridge, 
 MA 02142 USA 

Attention: Chris Garabedian, Chief Executive Officer 
 Fax: 
 with a copy to: 

Latham & Watkins 
 140 Scott Drive 
 Menlo Park, CA 94025 

Attention: Judith Hasko 
 Facsimile: (650) 463-2600 
 or to such other address or to such other person(s) as may be
given from time to time under the terms of this Section 11.1. 
 11.2 Governing Law. This Agreement shall be
construed and enforced in accordance with the laws of the United States of America and of the State of Massachusetts, irrespective of choice of laws provisions. The parties agree that Boston, Massachusetts shall be the situs of any legal proceeding
arising out of or relating to this Agreement. 
 11.3 Waiver. Failure of any party to enforce a right under this
Agreement shall not act as a waiver of that right or the ability to assert that right relative to the particular situation involved. 
 11.4 Enforceability. If any provision of this Agreement shall be found by a court of competent jurisdiction to be void, invalid or unenforceable, the same shall be reformed to comply with
applicable law or stricken if not so conformable, so as not to affect the validity or enforceability of the remainder of this Agreement. 
 11.5 Modification. No change, modification, or addition or amendment to this Agreement, or waiver of any term or condition of this Agreement, is valid or enforceable unless in writing and signed
and dated by the authorized officers of the parties to this Agreement. 
 11.6 Entire Agreement. This Agreement
constitutes the entire agreement between the parties with respect to the subject matter hereof, and replaces and supersedes as of the Restatement Date any and all prior agreements and understandings, whether oral or written, between the parties with
respect to the subject matter of such agreements, including without limitation the Prior License Agreement and the Mutual Confidentiality Agreement dated October 1, 2008 between the parties. 

11.7 Successors. Except as otherwise expressly provided in this Agreement, this Agreement shall be binding upon, inures to the
benefit of, and is enforceable by, the parties and their respective heirs, legal representatives, successors and permitted assigns. 

  
 Page 19 of 21

 11.8 Construction. This Agreement has been prepared, examined, negotiated and revised
by each party and their respective attorneys, and no implication shall be drawn and no provision shall be construed against any party to this Agreement by virtue of the purported identity of the drafter of this Agreement or any portion thereof.

 11.9 Counterparts. This Agreement may be executed simultaneously in one or more counterparts, each of which shall
constitute one and the same instrument. This Agreement may be executed by facsimile or electronic mail. 
 11.10
Attorneys’ Fees. In the event of any action at law or in equity between the parties hereto to enforce any of the provisions hereof, the unsuccessful party to such litigation shall pay to the successful party all reasonable costs and
expenses, including reasonable attorneys’ fees, incurred therein by such successful party; and if such successful party shall recover a judgment in any such action or proceeding, such reasonable costs, expenses and attorneys’ fees may be
included in and as part of such judgment. 
 11.11 Assignment. This Agreement may not be assigned by either party without
the prior written consent of the other party, and any such attempted assignment shall be void and of no effect, except that either party may assign this Agreement to any successor in connection with the merger, consolidation or sale of all or
substantially all of its assets or that portion of its business to which this Agreement relates. 
 11.12 Further Assurances.
At any time and from time to time after the Restatement Date, each party shall do, execute, acknowledge and deliver, and cause to be done, executed, acknowledged or delivered, all such further acts, transfers, conveyances, assignments or
assurances as may be reasonably required to consummate the transactions contemplated by this Agreement. 
 11.13 Survival.
The terms and conditions of the following provisions will survive termination or expiration of this Agreement for as long as necessary to permit their full discharge: Section 1 (“Definitions”), Section 6 (“Term and
Termination”) (except Sections 6.1 and 6.2), Section 8 (“Indemnification”), Section 9 (“Use of Names”), Section 10 (“Confidentiality”) and Section 11 (“Miscellaneous”). The
provisions set forth in Section 4 (“Consideration”) also shall survive any expiration or earlier termination of this Agreement, to the extent payments thereunder are accrued but remain unpaid upon the effective date of such expiration
or termination and as set forth in Section 4.2(c). Except as otherwise provided in this Section 11.13, all other provisions of this Agreement shall terminate upon the expiration or termination of this Agreement, 

11.14 Joint and Several Liability. Each of Sarepta and Sarepta Netherlands shall be jointly and severally liable for
Licensee’s performance under this Agreement. . 
 [Signature page follows.] 

  
 Page 20 of 21

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

	
	“UWA”:
	
	THE UNIVERSITY OF WESTERN
AUSTRALIA, A BODY
CORPORATE
ESTABLISHED PURSUANT TO THE PROVISIONS
OF THE UNIVERSITY OF
WESTERN
AUSTRALIA ACT 1911
	
	By: /s/ Robyn
Owens                                        

	
	Name: Professor Robyn
Owens                       
	
	 Title: Deputy Vice-Chancellor (Research) The
           University of Western Australia             

	
	“LICENSEE”:
	
	SAREPTA THERAPEUTICS
	
	By: /s/ Chris
Garabedian                                
	
	Name: Chris
Garabedian                               
	
	Title: President and
CEO                             
	
	SAREPTA INTERNATIONAL CV
	
	By: /s/ Sandesh
Mahatme                            
	
	Name: Sandesh
Mahatme                           
	
	Title:
President                                       
      

  
 Page 21 of 21

 EXHIBIT A 

Exons 

[†††] 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

 SCHEDULE 1.8 

Patent Rights 
 [†††] 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

 SCHEDULE 2.2 

Diligence Milestones 
 [†††] 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions. 

 SCHEDULE 3.1 

Litigation 

[†††] 
  

	[†††]	Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with
respect to the omitted portions.EX-10.2

 Exhibit 10.2 
 SAREPTA THERAPEUTICS, INC. 
 EXECUTIVE EMPLOYMENT AGREEMENT

 This Employment Agreement (the “Agreement”) is effective as of January 1, 2013 (the
“Effective Date”) by and between Sarepta Therapeutics, Inc., formerly known as AVI BioPharma, Inc. (the “Company”), and Chris Garabedian (“Executive”). This Agreement amends and restates in its
entirety that certain employment agreement by and between Executive and the Company dated as of December 17, 2010 (the “Prior Agreement”). 
 1. Duties and Scope of Employment. 
 (a) Positions and Duties.
Executive will continue to serve as the Company’s President and Chief Executive Officer. Executive will continue to render such business and professional services in the performance of his duties as will reasonably be assigned to him by the
Company’s Board of Directors (the “Board”). 
 (b) Obligations. During the Employment Term (as
defined below), Executive will perform his duties faithfully and to the best of his ability and will devote his full business efforts and time to the Company. For the duration of the Employment Term, Executive agrees not to actively engage in any
other employment, occupation or consulting activity for any direct or indirect remuneration without the prior approval of the Board. 
 2. At-Will Employment. The parties agree that Executive’s employment with the Company will continue to be “at-will” employment and may be terminated at any time with or without Cause
or notice. Executive understands and agrees that neither his job performance nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification, amendment, or extension, by implication
or otherwise, of his employment with the Company. However, as described in this Agreement, Executive may be entitled to severance benefits depending on the circumstances of Executive’s termination of employment with the Company. 

3. Term of Agreement. Subject to Section 2 above, this Agreement will have a term of three (3) years, commencing on the
Effective Date (the “Employment Term”). At the end of the Employment Term, the Agreement may be renewed upon mutual agreement in writing by Executive and the Company, otherwise it will expire in accordance with its terms. The
Company and Executive agree to discuss the renewal of the Agreement not less than six (6) months prior to the end of the Employment Term. Non-renewal at the end of the Employment Term shall not constitute termination without Cause or give
Executive an opportunity to terminate his employment for Good Reason, even if a Good Reason event has occurred before the expiration of the Employment Term under this Agreement, provided, that in the event the Company terminates
Executive’s employment without Cause in connection with such non-renewal, then Executive shall be entitled to the severance benefits set forth in Section 8 subject to the terms and conditions thereof. Notwithstanding anything herein to the
contrary, if, during the Employment Term, the Company experiences a Change of Control, the Employment Term shall be extended to the end of the Change of Control Period (as defined in Section 8(b) below). 

 4. Compensation/Relocation Reimbursement. 

(a) Base Salary. Effective January 1, 2013, Executive’s annual base salary shall be $580,000 (as adjusted from time to
time, the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal payroll practices and be subject to the usual, required withholdings. Executive’s Base Salary shall be reviewed by
the Board or the Compensation Committee of the Board not less often than annually, and may be adjusted from time to time. 
 (b) Target Bonus. Executive will continue to be eligible to receive a target annual bonus of fifty percent (50%) of Executive’s Base Salary, less applicable withholdings, upon achievement
of performance objectives to be determined by the Board in its sole discretion (the “Target Bonus”). The maximum bonus Executive will be eligible to receive is one hundred fifty percent (150%) of his Base Salary. The Target
Bonus, or any portion thereof, will be paid as soon as practicable after the Board determines that the Target Bonus has been earned, but in no event shall the Target Bonus be paid after the later of (i) the fifteenth (15th) day of the third (3rd) month following the close of the Company’s fiscal year in
which the Target Bonus is earned or (ii) March 15 following the calendar year in which the Target Bonus is earned. 

(c) Equity Awards. Executive shall be eligible to be granted additional equity awards in accordance with the Company’s
policies as in effect from time to time. 
 (d) Relocation Reimbursement. In conjunction with completing the relocation
of the corporate headquarters from the Seattle, Washington area to the greater Boston, MA metropolitan area in the first half of 2013 (the “Relocation Period”), the Company agrees to reimburse Executive for his actual, documented
reasonable expenses incurred in moving and relocating to the Boston, MA metropolitan area up to a total of $55,000, including any costs or expenses associated with Executive’s (i) lease-break of current residence, (ii) shipment of
personal effects to the Boston, MA metropolitan area (iii) temporary housing in the Boston, MA metropolitan area for three (3) months following the move, (iv) costs associated with storage of household goods in the Boston, MA
metropolitan area for six (6) months following the move, as well as other miscellaneous expenses as defined in the standard relocation policy and employee guidelines governing the group move for employees who are re-locating from the Seattle
area to the Boston, MA metropolitan area. The Company will make an additional payment to Executive in the amount necessary to make Executive whole for taxes incurred in connection with the reimbursement provided under this Section 4(d) as well
as any taxable reimbursement for relocation expenses provided under the Prior Agreement. In addition, Executive agrees that he will submit all such reimbursable expenses to the Company with appropriate documentation no later than ninety
(90) days after such expenses are incurred, and the Company shall reimburse Executive promptly thereafter in accordance with the Company’s expense reimbursement policy. Notwithstanding anything in this Section 4(d) to the contrary,
any payments or reimbursements pursuant to this Section 4(d) shall be made no later than March 14, 2014. 
 5.
Employee Benefits. During the Employment Term, Executive will continue to be entitled to participate in the employee benefit plans currently and hereafter maintained by the 

  
 2 

 
Company of general applicability to other executive officers of the Company. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any
time. 
 6. Vacation. Executive will continue to be entitled to paid vacation in accordance with the Company’s
vacation policy, with the timing and duration of extended vacations communicated to the Company in advance. 
 7. Business
Expenses. The Company will continue to reimburse Executive for reasonable travel, entertainment or other business expenses incurred by Executive in the furtherance of, or in connection with, the performance of Executive’s duties hereunder,
in accordance with the Company’s expense reimbursement policy as in effect from time to time. 
 8. Severance.

 (a) Termination for other than Cause, Death or Disability Apart from a Change of Control. If prior to a Change of
Control or after twelve (12) months following a Change of Control, the Company (or any parent or subsidiary or successor of the Company) terminates Executive’s employment with the Company other than for Cause (as defined below), death or
disability, then, subject to Section 9, in addition to any accrued but unpaid salary, bonus, vacation and expense reimbursement payable in accordance with applicable law, Executive will be entitled to: 

(i) receive continuing payments of severance pay at a rate equal to Executive’s Base Salary, as then in effect, for twelve
(12) months from the date of such termination, which will be paid, less applicable withholding obligations, in accordance with the Company’s regular payroll procedures, such installments to commence on the first payroll date following the
date the Release (as defined below) becomes effective and irrevocable; 
 (ii) each outstanding equity award, including,
without limitation, each stock option and restricted stock award, held by Executive shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse, in each
case, with respect to fifty percent (50%) of shares subject thereto; and 
 (iii) an extension of the post-termination
exercise period applicable to Executive’s outstanding options to purchase Company common stock to one hundred and eighty (180) days following the date of Executive’s termination of employment. 

(b) Termination for other than Cause, Death or Disability or Resignation by Executive for Good Reason upon or within Twelve Months
Following a Change of Control. If upon or within twelve (12) months following a Change of Control (the “Change of Control Period”), the Company (or any parent or subsidiary or successor of the Company) terminates
Executive’s employment with the Company other than for Cause, death or disability or the Executive resigns from such employment for Good Reason (as defined below), then, subject to Section 9, in addition to any accrued but unpaid salary,
bonus, vacation and expense reimbursement payable in accordance with applicable law, Executive will be entitled to: 

  
 3 

 (i) receive continuing payments of severance pay at a rate equal to Executive’s Base
Salary, as then in effect, for twenty-four (24) months from the date of such termination, which will be paid, less applicable withholding obligations, in accordance with the Company’s regular payroll procedures, such installments to
commence on the first payroll date following the date the Release (as defined below) becomes effective and irrevocable; 
 (ii)
receive an amount equal to one hundred percent (100%) of Executive’s Annual Target Bonus assuming achievement of performance goals at one hundred percent (100%) payable in a cash lump sum, less applicable withholdings, as soon as
administratively practicable following the date the Release is not subject to revocation and, in any event, within sixty (60) days following the date of termination; 
 (iii) each outstanding equity award, including, without limitation, each stock option and restricted stock award, held by Executive shall automatically become vested and, if applicable, exercisable and
any forfeiture restrictions or rights of repurchase thereon shall immediately lapse, in each case, with respect to one hundred percent (100%) of shares subject thereto; 
 (iv) an extension of the post-termination exercise period applicable to Executive’s outstanding options to purchase Company common stock to one hundred and eighty (180) days following the date
of Executive’s termination of employment; and 
 (v) if Executive elects to receive continued healthcare coverage pursuant
to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall directly pay, or reimburse Executive for, the premium for Executive and Executive’s covered dependents
through the earlier of (i) the twenty-four (24) month anniversary of the date of Executive’s termination of employment and (ii) the date Executive and Executive’s covered dependents, if any, become eligible for healthcare
coverage under another employer’s plan(s). After the Company ceases to pay premiums pursuant to the preceding sentence, Executive may, if eligible, elect to continue healthcare coverage at Executive’s expense in accordance the provisions
of COBRA. 
 (c) Termination for Cause, Death or Disability; Resignation without Good Reason. If Executive’s
employment with the Company (or any parent or subsidiary or successor of the Company) terminates voluntarily by Executive (except upon resignation for Good Reason during the Change of Control Period), for Cause by the Company or due to
Executive’s death or disability, then 
 (i) all vesting with respect to each outstanding equity award, including, without
limitation, each stock option and restricted stock award, held by Executive shall automatically terminate, and all such unvested awards shall be of no further force or effect; 

(ii) all payments of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already
earned); 

  
 4 

 (iii) Executive shall receive any accrued but unpaid salary, bonus, vacation and expense
reimbursement payable in accordance with applicable law, and 
 (iv) Executive will only be eligible for severance benefits in
accordance with applicable law and the Company’s established policies, if any, as then in effect. 
 (d) Exclusive
Remedy. In the event of a termination of Executive’s employment with the Company (or any parent or subsidiary or successor of the Company), the provisions of this Section 8 are intended to be and are exclusive and in lieu of any other
rights or remedies to which Executive or the Company may otherwise be entitled, whether at law, tort or contract, in equity, or under this Agreement. Executive will be entitled to no severance or other benefits upon termination of employment with
respect to acceleration of award vesting, extension of the option exercise period, or severance pay other than those benefits expressly set forth in this Section 8. 
 9. Conditions to Receipt of Severance; No Duty to Mitigate. 
 (a)
Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 8(a) or (b) will be subject to Executive signing and not revoking a separation agreement and release of claims in a form reasonably
satisfactory to the Company (the “Release”) and provided that such Release becomes effective and irrevocable no later than sixty (60) days following the termination date (such deadline, the “Release Deadline”).
No severance will be paid or provided until the Release becomes effective and irrevocable. If the Release does not become effective and irrevocable by the Release Deadline, Executive forfeits his right to any severance or similar payment under the
Agreement. In the event Executive’s termination of employment occurs at a time during the calendar year where it would be possible for the Release to become effective in the calendar year following the calendar year in which his termination of
employment occurs, then any severance that would be deferred in accordance with the paragraph below will be paid on the first payroll date to occur during the calendar year following the calendar year in which such termination of employment occurs,
or such later time as required by (i) the payment schedule applicable to each payment or benefit, (ii) the date the Release becomes effective, or (iii) Section 9(c) below. 

(b) Non-Competition; Non-Solicitation. The receipt of any severance benefits pursuant to Section 8(a) or (b) will be
subject to Executive not violating the provisions of Sections 13 and 14. In the event Executive breaches the provisions of Sections 13 and/or 14, or otherwise materially breaches this Agreement, all continuing payments and benefits to which
Executive may otherwise be entitled pursuant to Section 8(a) or (b), as applicable, will immediately cease. 
 (c)
Section 409A. 
 (i) Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be
paid or provided to Executive, if any, pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Code Section 409A, and the final regulations
and any 

  
 5 

 
guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation
from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A- l
(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A. 
 (ii) Any severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if
later, such time as required by Section 9(c)(iii). Except as required by Section 9(c)(iii), any installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s
separation from service but for the preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining payments shall be made as provided in this Agreement. 

(iii) Notwithstanding anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of
Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Payments that are payable within the first six (6) months following Executive’s separation from service, will become payable on the
first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment
schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service, but prior to the six (6) month anniversary of the separation from service,
then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment
schedule applicable to each payment or benefit. Each payment and benefit, including, without limitation, any installment payments, payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2)
of the Treasury Regulations. 
 (iv) Any amount paid under this Agreement that satisfies the requirements of the
“short-term deferral” rule set forth in Section 1.409A-l(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of clause (i) above. 

(v) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant
to Section 1.409A-l(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will not constitute Deferred Payments for purposes of clause (i) above. 

(vi) The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the severance payments
and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. The Company and Executive agree to work together in good faith to consider
amendments to this Agreement and to take such reasonable 

  
 6 

 
actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section 409A. 

(d) Confidential Information Agreement. Executive’s receipt of any payments or benefits under Section 8 will be subject
to Executive continuing to comply with the terms of Confidential Information Agreement (as defined in Section 12). 
 (e)
No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any earnings that Executive may receive from any other source reduce any such payment. 

10. Definitions. 
 (a) Cause. For purposes of this Agreement, “Cause” is defined as (i) an act of dishonesty made by Executive in connection with Executive’s responsibilities as an
employee, (ii) Executive’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud, embezzlement or any other act of moral turpitude; (iii) Executive’s gross misconduct; (iv) Executive’s
unauthorized use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation of nondisclosure as a result of Executive’s relationship with the Company;
(v) Executive’s willful breach of any obligations under any written agreement or covenant with the Company; or (vi) Executive’s continued failure to perform his employment duties after Executive has received a written demand of
performance from the Company which specifically sets forth the factual basis for the Company’s belief that Executive has not substantially performed his duties and has failed to cure such non-performance to the Company’s satisfaction
within ten (10) business days after receiving such notice. 
 (b) Change of Control. For purposes of this Agreement,
“Change of Control” of the Company is defined as: 
 (i) any “person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than fifty
percent (50%) of the total voting power represented by the Company’s then outstanding voting securities; or 
 (ii)
the date of the consummation of a merger or consolidation of the Company with any other corporation that has been approved by the stockholders of the Company, other than a merger or consolidation which would result in the voting securities of the
Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power
represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; or 
 (iii) the date of the consummation of the sale or disposition by the Company of all or substantially all the Company’s assets. 

  
 7 

 Notwithstanding the foregoing provisions of this definition, a transaction will not be
deemed a Change of Control unless the transaction qualifies as a “change in control event” within the meaning of Section 409A. 
 (c) Code. For purposes of this Agreement, “Code” means the Internal Revenue Code of 1986, as amended. 
 (d) Good Reason. For the purposes of this Agreement, “Good Reason” means the termination by Executive upon the occurrence of any of the below described events. Executive must
provide notice to the Company of the existence of such event within ninety (90) days of the first occurrence of such event, and the Company will have thirty (30) days to remedy the condition, in which case no Good Reason shall exist. If
the Company fails to remedy the condition within such thirty (30) day period, Executive must terminate employment within two (2) years of the first occurrence of such event. The events which constitute a Good Reason termination are:
(i) the assignment of a different title or change that results in a material reduction in Executive’s duties or responsibilities; (ii) a material reduction by the Company in Executive’s base compensation, other than a reduction
in his Base Salary that is part of a general salary reduction affecting employees generally and provided the reduction is not greater, percentage-wise, than the reduction affecting other employees generally or failure to provide an annual increase
in base compensation commensurate with other executives; provided, however, in determining whether to provide an annual increase in base compensation commensurate with an annual increase provided to other executives, the Company may
take into account factors such as market levels of compensation, Executive’s overall performance, and other factors reasonably considered by the Company’s compensation committee and/or Board, so long as such determination is not made in
bad faith with the intent to discriminate against Executive; or (iii) relocation of Executive’s principal place of business of greater than seventy-five (75) miles from its then location. 

(e) Section 409A Limit. For purposes of this Agreement, “Section 409A Limit” will mean two (2) times
the lesser of: (i) Executive’s annualized compensation based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable year of his or her separation from service as
determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant to
Section 401(a)(17) of the Internal Revenue Code for the year in which Executive’s separation from service occurred. 

11. Limitation on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable
to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 11, would be subject to the excise tax imposed by Section 4999 of the Code, then
Executive’s severance benefits will be either: 
 (a) delivered in full, or 

  
 8 

 (b) delivered as to such lesser extent which would result in no portion of such severance
benefits being subject to the excise tax under Section 4999 of the Code, 
 whichever of the foregoing amounts, taking into account the
applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of
such severance benefits may be taxable under Section 4999 of the Code. If a reduction in the severance and other benefits constituting “parachute payments” is necessary so that no portion of such severance benefits is subject to the
excise tax under Section 4999 of the Code, the reduction shall occur in the following order: (1) reduction of the cash severance payments; (2) cancellation of accelerated vesting of equity awards; and (3) reduction of continued
employee benefits. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s equity awards. If two or more
equity awards are granted on the same date, each award will be reduced on a pro-rata basis. In no event shall the Executive have any discretion with respect to the ordering of payment reductions. 

Unless the Company and Executive otherwise agree in writing, any determination required under this Section 11 will be made in
writing by the independent public accountants who are primarily used by the Company immediately prior to the Change of Control, the Company’s legal counsel or such other person or entity to which the parties mutually agree (the
“Firm”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 11, the Firm may make reasonable assumptions and
approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as
the Firm may reasonably request in order to make a determination under this Section 11. The Company will bear all costs the Firm may reasonably incur in connection with any calculations contemplated by this Section 11. 

12. Confidential Information. Executive agrees to continue to abide by the terms and conditions of that certain confidential
information agreement by and between Executive and the Company (the “Confidential Information Agreement”). 

13. Non-Competition. During the term of Executive’s employment with the Company and until the later of: the date Executive
terminates his employment with the Company or the date Executive no longer receives the severance benefits provided in Section 8(a)(i) or 8(b)(i), as applicable, Executive will not, either directly or indirectly, (a) serve as an advisor,
agent, consultant, director, employee, officer, partner, proprietor or otherwise of, (b) have any ownership interest in (except for passive ownership of one percent (1%) or less of any entity whose securities have been registered under the
Securities Act of 1933, as amended, or Section 12 of the Securities Exchange Act of 1934, as amended) or (c) participate in the organization, financing, operation, management or control of, any business (i) that is in competition with
the Company’s business as conducted by the Company at any time during the course of Executive’s employment with the Company and (ii) on which Executive worked or about which Executive learned, during his employment, information or
knowledge not generally known or available 

  
 9 

 
outside the Company, or information or physical material entrusted to the Company by third parties, including, but not limited to inventions, during Executive’s employment or consultancy
with the Company, confidential knowledge, copyrights, product ideas, techniques, processes, formulas, object codes, biological materials, mask works and/or any other information of any type relating to documentation, laboratory notebooks, data,
schematics, algorithms, flow charts, mechanisms, research, manufacture, improvements, assembly, installation, marketing, forecasts, sales, pricing, customers, the salaries, duties, qualifications, performance levels and terms of compensation of
other employees, and/or cost or other financial data concerning any of the foregoing or the Company and its operations. 
 14.
Non-Solicitation. During the term of Executive’s employment with the Company and until the date two (2) years after the termination of Executive’s employment with the Company for any reason, Executive agrees not, either
directly or indirectly, to solicit, induce, attempt to solicit, recruit, or encourage any employee of the Company (or any parent or subsidiary of the Company) to leave his employment either for Executive or for any other entity or person. Executive
represents that he (a) is familiar with the foregoing covenant not to solicit, and (b) is fully aware of his obligations hereunder, including, without limitation, the reasonableness of the length of time, scope and geographic coverage of
these covenants. 
 15. Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs,
executors and legal representatives of Executive upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes.
For this purpose, “successor” means any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of
the Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer,
conveyance or other disposition of Executive’s right to compensation or other benefits will be null and void. 
 16.
Notices. All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (a) on the date of delivery if delivered personally, (b) one (1) day after being sent by a well
established commercial overnight service, or (c) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the parties or their successors at the following addresses, or at such
other addresses as the parties may later designate in writing: 
 If to the Company: 

Sarepta Therapeutics, Inc. 
 Attn: Chairman of the Board of Directors 
 245 First Street

 Suite 1800 
 Cambridge, MA 02142 

  
 10 

 If to Executive: 

at the last residential address known by the Company. 

17. Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be
illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 
 18.
Arbitration. 
 (a) General. In consideration of Executive’s service to the Company, his/her promise to
arbitrate all employment related disputes and Executive’s receipt of the compensation, pay raises and other benefits paid to Executive by the Company, at present and in the future, Executive agrees that any and all controversies, claims, or
disputes with anyone (including the Company and any employee, officer, director, stockholder or benefit plan of the Company in their capacity as such or otherwise) arising out of, relating to, or resulting from Executive’s service to the
Company under this Agreement or otherwise or the termination of Executive’s service with the Company, including any breach of this Agreement, shall be subject to binding arbitration pursuant to Massachusetts law (the “Rules”).
Disputes which Executive agrees to arbitrate, and thereby agrees to waive any right to a trial by jury, include any statutory claims under state or federal law, including, but not limited to, claims under Title VII of the Civil Rights Act of 1964,
the Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, claims of harassment, discrimination or wrongful termination. Executive further understands that this Agreement
to arbitrate also applies to any disputes that the Company may have with Executive. 
 (b) Procedure. Executive agrees
that any arbitration will be administered by the American Arbitration Association (“AAA”) and that a neutral arbitrator will be selected in a manner consistent with its National Rules for the Resolution of Employment Disputes. The
arbitration proceedings will allow for discovery according to the rules set forth in the National Rules for the Resolution of Employment Disputes or the Massachusetts Rules of Civil Procedure. Executive agrees that the arbitrator shall have the
power to decide any motions brought by any party to the arbitration, including motions for summary judgment and/or adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. Executive agrees that the arbitrator shall issue
a written decision on the merits with findings of fact and conclusions of law. Executive also agrees that the arbitrator shall have the power to award any remedies, including attorneys’ fees and costs, available under applicable law. Executive
understands the Company will pay for any administrative or hearing fees charged by the arbitrator or AAA except that, for any filing fees associated with any arbitration Executive initiates, Executive shall pay an amount equal to the filing fees
Executive would have paid had he/she filed a complaint in a court of law. Executive agrees that the arbitrator shall administer and conduct any arbitration in a manner consistent with the Rules and that to the extent that the AAA’s National
Rules for the Resolution of Employment Disputes conflict with the Rules, the Rules shall take precedence. 
 (c) Remedy.
Except as provided by the Rules, arbitration shall be the sole, exclusive and final remedy for any dispute between Executive and the Company. Accordingly, 

  
 11 

 
except as provided for by the Rules, neither Executive nor the Company will be permitted to pursue court action regarding claims that are subject to arbitration. Notwithstanding, the arbitrator
will not have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator shall not order or require the Company to adopt a policy not otherwise required by law which the Company has not adopted. 

(d) Availability of Injunctive Relief. In addition to the right under the Rules to petition the court for provisional relief,
Executive agrees that any party may also petition the court for injunctive relief where either party alleges or claims a violation of this Agreement or the Confidential Information Agreement or any other agreement regarding trade secrets,
confidential information, non-competition, non-solicitation or non-disparagement. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs and attorneys’ fees. 

(e) Administrative Relief. Executive understands that this Agreement does not prohibit Executive from pursuing an administrative
claim with a local, state or federal administrative body such as the Equal Employment Opportunity Commission or the workers’ compensation board. This Agreement does, however, preclude Executive from pursuing court action regarding any such
claim. 
 (f) Voluntary Nature of Agreement. Executive acknowledges and agrees that Executive is executing this Agreement
voluntarily and without any duress or undue influence by the Company or anyone else. Executive further acknowledges and agrees that Executive has carefully read this Agreement and that Executive has asked any questions needed for Executive to
understand the terms, consequences and binding effect of this Agreement and fully understands it, including that EXECUTIVE IS WAIVING EXECUTIVE’S RIGHT TO A JURY TRIAL. Finally, Executive agrees that Executive has been provided an
opportunity to seek the advice of an attorney of Executive’s choice before signing this Agreement. 
 19.
Integration. This Agreement, together with the Confidential Information Agreement and the equity award agreements by and between Executive and the Company, represents the entire agreement and understanding between the parties as to the
subject matter herein and supersedes all prior or contemporaneous agreements whether written or oral, including, without limitation, the Prior Agreement. With respect to stock options or other equity awards granted on or after the date of this
Agreement, the acceleration of vesting provisions provided herein will apply to such stock options and other equity awards except to the extent otherwise explicitly provided in the applicable stock option or equity award agreement. This Agreement
may be modified only by agreement of the parties by a written instrument executed by the patties that is designated as an amendment to this Agreement. 
 20. Waiver of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any other previous or
subsequent breach of this Agreement. 
 21. Headings. All captions and section headings used in this Agreement are for
convenient reference only and do not form a part of this Agreement. 

  
 12 

 22. Tax Withholding. All payments made pursuant to this Agreement will be subject to
withholding of applicable taxes. 
 23. Governing Law. This Agreement will be governed by the laws of the Commonwealth of
Massachusetts (with the exception of its conflict of laws provisions). 
 24. Acknowledgment. Executive acknowledges that
he has had the opportunity to discuss this matter with and obtain advice from his private attorney, has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily
entering into this Agreement. 
 25. Counterparts. This Agreement may be executed in counterparts, and each counterpart
will have the same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned. 

  
 13 

 IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the
Company by their duly authorized officers, as of the day and year first above written. 
  

					
	EXECUTIVE	 		 	SAREPTA THERAPEUTICS, INC.
			
	/s/ Chris Garabedian	 		 	/s/ Sandesh Mahatme
	Chris Garabedian	 		 	 By: Sandesh Mahatme
 Title:
Chief Financial Officer

			
	April 19, 2013	 		 	April 19, 2013
	Date	 		 	Date

  
 [SIGNATURE PAGE TO EXECUTIVE
EMPLOYMENT AGREEMENT] 

  
 14

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