Document:

Forms of 2015 U.S. Stock Option Agr, Grant Notice and Notice of Exercise

			
	U.S. OPTION	  	Exhibit 10.4

 ITERUM THERAPEUTICS LIMITED 

STOCK OPTION GRANT NOTICE 

(2015 EQUITY INCENTIVE PLAN) 

ITERUM THERAPEUTICS LIMITED (the “Company”), pursuant to its 2015
Equity Incentive Plan (the “Plan”), hereby grants to Participant an option to purchase the number of the Company’s Ordinary Shares set forth below (the “Option”). This Option is subject to all of
the terms and conditions as set forth in this notice, in the Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but
defined in the Plan or the Option Agreement will have the same definitions as in the Plan or the Option Agreement. If there is any conflict between the terms in this notice and the Plan, the terms of the Plan will control. 

 

			
	 Participant:
	 	  

	 Date of Grant:
	 	  

	 Vesting Commencement Date:
	 	  

	 Type of Grant
	 	  

	 Number of Ordinary Shares Subject to Option:
	 	  

	 Exercise Price (Per Share):
	 	  

	 Total Exercise Price:
	 	  

	 Expiration Date:
	 	  

  

			
	Exercise Schedule:	  	☒     Same as Vesting Schedule             ☐  Early Exercise Permitted
		
	Vesting Schedule:	  	
		
	Payment:	  	 By one or a combination of the following items (described in the Option Agreement):

 
 ☒     By cash, check, bank draft or money order payable to the
Company
  
 ☒    Pursuant to a “broker-assisted
exercise”, “same day sale”, or “sell to cover” transaction if the shares are publicly traded
  

☐    By delivery of already-owned shares if the shares are publicly traded

 
 ☐    If and only to the extent this option is a Nonstatutory
Stock Option, and subject to the Company’s consent at the time of exercise, by a “net exercise” arrangement

 Additional Terms/Acknowledgements: Participant acknowledges receipt of, and understands and agrees
to, this Stock Option Grant Notice, the Option Agreement and the Plan. Participant acknowledges and agrees that this Stock Option Grant Notice and the Option Agreement may not be modified, amended or revised except as provided in the Plan.
Participant further acknowledges that as of the Date of Grant, this Stock Option Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Participant and the Company regarding this option award and supersede
all prior oral and written agreements, promises and/or representations on that subject with the exception of (i) options previously granted and delivered to Participant, and (ii) any compensation recovery policy that is adopted by the
Company or is otherwise required by applicable law. 
 By accepting this Option, you consent to receive such documents by electronic delivery and to
participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

 

							
	ITERUM THERAPEUTICS LIMITED	 	PARTICIPANT:

							
	  
 By:
	 	  
	 		 	  

		 	Signature	 		 	Signature
	Title:	 	  
	 	Date:	 	  

	Date:	 	  
	 		 	

 ATTACHMENTS: Option Agreement, 2015 Equity Incentive Plan and Notice of Exercise 

 ATTACHMENT I 

ITERUM THERAPEUTICS LIMITED 

2015 EQUITY INCENTIVE PLAN 

OPTION AGREEMENT 

(INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK OPTION) 

Pursuant to your Stock Option Grant Notice (the “Grant Notice”) and this Option Agreement, Iterum Therapeutics Limited
(the “Company”) has granted you an Option under its 2015 Equity Incentive Plan (the “Plan”) to purchase the number of the Company’s Ordinary Shares indicated in your Grant Notice at the exercise
price indicated in your Grant Notice. The Option is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date of Grant”). If there is any conflict between the terms in this Option Agreement and
the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan. 

The details of your Option, in addition to those set forth in the Grant Notice and the Plan, are as follows: 

1.    VESTING. Your Option will vest as provided in your Grant Notice. Vesting
will cease upon the termination of your Continuous Service. 
 2.    NUMBER OF
SHARES AND EXERCISE PRICE. The number of Ordinary Shares subject to your Option and the exercise price per share in your Grant Notice will be adjusted for Capitalization
Adjustments. 
 3.    EXERCISE RESTRICTION FOR NON-EXEMPT EMPLOYEES. If you are an Employee eligible for overtime compensation under the U.S. Fair Labor Standards Act of 1938, as amended (that is, a “Non-Exempt Employee”), and except as otherwise provided in the Plan, you may not exercise your Option until you have completed at least six months of Continuous Service measured from the Date of Grant,
even if you have already been an employee for more than six months. Consistent with the provisions of the U.S. Worker Economic Opportunity Act, you may exercise your Option as to any vested portion prior to such six month anniversary in the case of
(i) your death or disability, (ii) a Corporate Transaction in which your Option is not assumed, continued or substituted, or (iii) your termination of Continuous Service on your “retirement” (as defined in the Company’s
benefit plans). 
 4.    EXERCISE PRIOR TO VESTING
(“EARLY EXERCISE”). If permitted in your Grant Notice (i.e., the “Exercise Schedule” indicates “Early Exercise Permitted”) and subject to the provisions of your Option, you may
elect at any time that is both (i) during the period of your Continuous Service and (ii) during the term of your Option, to exercise all or part of your Option, including the unvested portion of your Option; provided, however, that:

 (a)    a partial exercise of your Option will be deemed to cover first vested Ordinary Shares and then the
earliest vesting installment of unvested Ordinary Shares; 
 (b)    any Ordinary Shares so purchased from
installments that have not vested as of the date of exercise will be subject to the purchase Option in favor of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement; 

 (c)    you will enter into the Company’s form of Early
Exercise Stock Purchase Agreement with a vesting schedule that will result in the same vesting as if no early exercise had occurred; and 

(d)    if your Option is an Incentive Stock Option, then, to the extent that the aggregate Fair Market Value
(determined at the Date of Grant) of the Ordinary Shares with respect to which your Option plus all other Incentive Stock Options you hold are exercisable for the first time by you during any calendar year (under all plans of the Company and its
Affiliates) exceeds $100,000, your Option(s) or portions thereof that exceed such limit (according to the order in which they were granted) will be treated as Nonstatutory Stock Options. 

5.    METHOD OF PAYMENT. You must pay the full
amount of the exercise price for the shares you wish to exercise. You may pay the exercise price in cash or by check, bank draft or money order payable to the Company or in any other manner permitted by your Grant Notice, which may
include one or more of the following: 
 (a)    Provided that at the time of exercise the Ordinary Shares are
publicly traded, pursuant to a program developed under Regulation T as promulgated by the U.S. Federal Reserve Board that, prior to the issuance of Ordinary Shares, results in either the receipt of cash (or check) by the Company or the receipt of
irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds. This manner of payment is also known as a “broker-assisted exercise”, “same day sale”, or “sell to cover”. 

(b)    Provided that at the time of exercise the Ordinary Shares are publicly traded, by delivery to the Company
(either by actual delivery or attestation) of already-owned Ordinary Shares that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise.
“Delivery” for these purposes, in the sole discretion of the Company at the time you exercise your Option, will include delivery to the Company of your attestation of ownership of such Ordinary Shares in a form approved by the Company. You
may not exercise your Option by delivery to the Company of Ordinary Shares if doing so would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock. 

(c)    If this Option is a Nonstatutory Stock Option, subject to the consent of the Company at the time of
exercise, by a “net exercise” arrangement pursuant to which the Company will reduce the number of Ordinary Shares issued upon exercise of your Option by the largest whole number of shares with a Fair Market Value that does not exceed the
aggregate exercise price. You must pay any remaining balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted form of payment. Ordinary Shares will no longer be outstanding under your Option
and will not be exercisable thereafter if those shares (i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to you as a result of such exercise, and (iii) are withheld to satisfy your tax
withholding obligations. 
 6.    WHOLE SHARES. You may
exercise your Option only for whole Ordinary Shares. 
 7.    SECURITIES LAW
COMPLIANCE. In no event may you exercise your Option unless the Ordinary Shares issuable upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that your
exercise and the issuance of the shares would be exempt from the registration requirements of the Securities Act. The exercise of your Option also must comply with all other applicable laws and regulations governing your Option, and you may not
exercise your Option if the Company determines that such exercise would not be in material compliance with such laws and regulations (including any restrictions on exercise required for compliance with U.S. Treas. Reg.
1.401(k)-1(d)(3), if applicable). 

 8.    TERM. You may not
exercise your Option before the Date of Grant or after the expiration of the Option’s term. The term of your Option expires, subject to the provisions of Section 5(h) of the Plan, upon the earliest of the following: 

(a)    immediately upon the termination of your Continuous Service for Cause; 

(b)    90 days after the termination of your Continuous Service for any reason other than Cause, your
Disability or your death (except as otherwise provided in Section 8(d) below); provided, however, that if during any part of such 90 day period your Option is not exercisable solely because of the condition set forth in the section above
relating to “Securities Law Compliance,” your Option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of 90 days after the termination of your Continuous Service; provided
further, that if (i) you are a Non-Exempt Employee, (ii) your Continuous Service terminates within six months after the Date of Grant, and (iii) you have vested in a portion of your Option
at the time of your termination of Continuous Service, your Option will not expire until the earlier of (x) the later of (A) the date that is seven months after the Date of Grant, and (B) the date that is three months after the
termination of your Continuous Service, and (y) the Expiration Date; and provided further, if during any part of such ninety-day period, the sale of any Ordinary Shares received upon exercise of
your Option would violate the Company’s insider trading policy, then your Option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of 90 days after the termination of your
Continuous Service during which the sale of the Ordinary Shares received upon exercise of your Option would not be in violation of the Company’s insider trading policy; 

(c)    12 months after the termination of your Continuous Service due to your Disability (except as otherwise
provided in Section 8(d)) below; 
 (d)    18 months after your death if you die either during your
Continuous Service or within 90 days after your Continuous Service terminates for any reason other than Cause; 

(e)    the Expiration Date indicated in your Grant Notice; or 

(f)    the day before the 10th anniversary of the Date of Grant. 

If your Option is an Incentive Stock Option, note that to obtain the federal income tax advantages associated with an Incentive Stock Option,
the Code requires that at all times beginning on the Date of Grant and ending on the day three months before the date of your Option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or
Disability. The Company has provided for extended exercisability of your Option under certain circumstances for your benefit but cannot guarantee that your Option will necessarily be treated as an Incentive Stock Option if you continue to provide
services to the Company or an Affiliate as a Consultant or Director after your employment terminates or if you otherwise exercise your Option more than three months after the date your employment with the Company or an Affiliate terminates. 

9.    EXERCISE. 

(a)    You may exercise the vested portion of your Option (and the unvested portion of your Option if your Grant
Notice so permits) during its term by (i) delivering a Notice of Exercise (in a form designated by the Company) or completing such other documents and/or procedures designated by 

 
the Company for exercise and (ii) paying the exercise price and any applicable withholding taxes to the Company’s stock plan administrator, or such other person as the Company may
designate, together with such additional documents as the Company may then require. 
 (b)    By exercising your
Option you agree that, as a condition to any exercise of your Option, the Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of
(i) the exercise of your Option, (ii) the lapse of any substantial risk of forfeiture to which the Ordinary Shares are subject at the time of exercise, or (iii) the disposition of Ordinary Shares acquired upon such exercise. 

(c)    If your Option is an Incentive Stock Option, by exercising your Option you agree that you will notify the
Company in writing within 15 days after the date of any disposition of any of the Ordinary Shares issued upon exercise of your Option that occurs within two years after the Date of Grant or within one year after such Ordinary Shares are transferred
upon exercise of your Option. 

(d)    LOCK-UP IN
CONNECTION WITH PUBLIC OFFERING. By exercising your Option you agree that you will not sell, dispose of, transfer, make any short sale of, grant any Option for the purchase of, or enter
into any hedging or similar transaction with the same economic effect as a sale with respect to any Ordinary Shares or other securities of the Company held by you, for a period of 180 days following the effective date of a registration statement of
the Company (filed in the United States under the Securities Act or similar regulations in such applicable jurisdiction) or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2711 or NYSE
Member Rule 472 or any successor or similar rules or regulations (the “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the exercise of a
repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters
that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your Ordinary Shares until the end of such
period. You also agree that any transferee of any Ordinary Shares (or other securities) of the Company held by you will be bound by this Section. The underwriters of the Company’s stock are intended third party beneficiaries of this Section and
will have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 

10.    TRANSFERABILITY. Except as otherwise provided in this Section 10,
your Option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. 

(a)    Certain Trusts. Upon receiving written permission from the Board or its duly authorized designee, you
may transfer your Option to a trust if you are considered to be the sole beneficial owner (determined under Section 671 of the Code and applicable state law) while the Option is held in the trust. You and the trustee must enter into transfer
and other agreements required by the Company. 
 (b)    Domestic Relations Orders. Upon receiving written
permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your Option pursuant to the terms of a domestic
relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulation 1.421-1(b)(2) that contains the information required by the Company to
effectuate the transfer. You are encouraged to discuss the proposed terms of any division of this Option with the Company prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is
contained within the domestic relations order or marital settlement agreement. If this Option is an Incentive Stock Option, this Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

 (c)    Beneficiary Designation. Upon receiving written
permission from the Board or its duly authorized designee, you may, by delivering written notice to the Company, in a form approved by the Company and any broker designated by the Company to handle Option exercises, designate a third party who, on
your death, will thereafter be entitled to exercise this Option and receive the Ordinary Shares or other consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled
to exercise this Option and receive, on behalf of your estate, the Ordinary Shares or other consideration resulting from such exercise. 

11.    RIGHT OF FIRST REFUSAL.
Ordinary Shares that you acquire upon exercise of your Option are subject to any right of first refusal that may be described in the Company’s Constitution in effect at such time the Company elects to exercise its right; provided,
however, that if there is no right of first refusal described in the Company’s Constitution at such time, the right of first refusal described below will apply. The Company’s right of first refusal will expire on the first date upon
which any security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system (the “Listing Date”). 

(a)    Prior to the Listing Date, you may not validly Transfer (as defined below) any Ordinary Shares acquired upon
exercise of your Option, or any interest in such shares, unless such Transfer is made in compliance with the following provisions: 

(i)    Before there can be a valid Transfer of any Ordinary Shares or any interest therein, the record holder of
the Ordinary Shares to be transferred (the “Offered Shares”) will give written notice (by registered or certified mail) to the Company. Such notice will specify the identity of the proposed transferee, the cash price offered
for the Offered Shares by the proposed transferee (or, if the proposed Transfer is one in which the holder will not receive cash, such as an involuntary transfer, gift, donation or pledge, the holder will state that no purchase price is being
proposed), and the other terms and conditions of the proposed Transfer. The date such notice is mailed will be hereinafter referred to as the “Notice Date” and the record holder of the Offered Shares will be hereinafter
referred to as the “Offeror.” If, from time to time, there is any stock dividend, stock split or other change in the character or amount of any of the outstanding Ordinary Shares which is subject to the provisions of your
Option, then in such event any and all new, substituted or additional securities to which you are entitled by reason of your ownership of the Ordinary Shares acquired upon exercise of your Option will be immediately subject to the Company’s
Right of First Refusal (as defined below) with the same force and effect as the shares subject to the Right of First Refusal immediately before such event. 

(ii)    For a period of 30 calendar days after the Notice Date, or such longer period as may be required to avoid
the classification of your Option as a liability for financial accounting purposes, the Company will have the Option to purchase all (but not less than all) of the Offered Shares at the purchase price and on the terms set forth in
Section 11(a)(iii) (the Company’s “Right of First Refusal”). In the event that the proposed Transfer is one involving no payment of a purchase price, the purchase price will be deemed to be the Fair Market Value of
the Offered Shares as determined in good faith by the Board in its discretion. The Company may exercise its Right of First Refusal by mailing (by registered or certified mail) written notice of exercise of its Right of First Refusal to the Offeror
prior to the end of said 30 days (including any extension required to avoid classification of the Option as a liability for financial accounting purposes). 

(iii)    The price at which the Company may purchase the Offered Shares pursuant to the exercise of its Right of
First Refusal will be the cash price offered for the Offered Shares 

 
by the proposed transferee (as set forth in the notice required under Section 11(a)(i)), or the Fair Market Value as determined by the Board in the event no purchase price is involved. To
the extent consideration other than cash is offered by the proposed transferee, the Company will not be required to pay any additional amounts to the Offeror other than the cash price offered (or the Fair Market Value, if applicable). The
Company’s notice of exercise of its Right of First Refusal will be accompanied by full payment for the Offered Shares and, upon such payment by the Company, the Company will acquire full right, title and interest to all of the Offered Shares.

 (iv)    If, and only if, the Option given pursuant to Section 11(a)(ii) is not exercised, the Transfer
proposed in the notice given pursuant to Section 11(a)(i) may take place; provided, however, that such Transfer must, in all respects, be exactly as proposed in said notice except that such Transfer may not take place either before the
10th calendar day after the expiration of the 30 day Option exercise period or after the ninetieth 90th calendar day after the expiration of
the 30 day Option exercise period, and if such Transfer has not taken place prior to said 90th day, such Transfer may not take place without once again complying with this Section 11(a). The
Option exercise periods in this Section 11(a)(iv) will be adjusted to include any extension required to avoid the classification of your Option as a liability for financial accounting purposes. 

(b)    As used in this Section 11, the term “Transfer” means any sale, encumbrance,
pledge, gift or other form of disposition or transfer of Ordinary Shares or any legal or equitable interest therein; provided, however, that the term Transfer does not include a transfer of such shares or interests by will or intestacy to
your Immediate Family (as defined below). In such case, the transferee or other recipient will receive and hold the Ordinary Shares so transferred subject to the provisions of this Section, and there will be no further transfer of such shares except
in accordance with the terms of this Section 11. As used herein, the term “Immediate Family” will mean your spouse, the lineal descendant or antecedent, father, mother, brother or sister, child, adopted child, grandchild
or adopted grandchild of you or your spouse, or the spouse of any child, adopted child, grandchild or adopted grandchild of you or your spouse. 

(c)    None of the Ordinary Shares purchased on exercise of your Option will be transferred on the Company’s
books nor will the Company recognize any such Transfer of any such shares or any interest therein unless and until all applicable provisions of this Section 11 have been complied with in all respects. The certificates of stock evidencing
Ordinary Shares purchased on exercise of your Option will bear an appropriate legend referring to the transfer restrictions imposed by this Section 11. 

(d)    To ensure that the shares subject to the Company’s Right of First Refusal will be available for
repurchase by the Company, the Company may require you to deposit the certificates evidencing the shares that you purchase upon exercise of your Option with an escrow agent designated by the Company under the terms and conditions of an escrow
agreement approved by the Company. If the Company does not require such deposit as a condition of exercise of your Option, the Company reserves the right at any time to require you to so deposit the certificates in escrow. As soon as practicable
after the expiration of the Company’s Right of First Refusal, the agent will deliver to you the shares and any other property no longer subject to such restriction. In the event the shares and any other property held in escrow are subject to
the Company’s exercise of its Right of First Refusal, the notices required to be given to you will be given to the escrow agent, and any payment required to be given to you will be given to the escrow agent. Within 30 days after payment by the
Company for the Offered Shares, the escrow agent will deliver the Offered Shares that the Company has repurchased to the Company and will deliver the payment received from the Company to you. 

12.    RIGHT OF REPURCHASE. To the extent
provided in the Company’s Constitution in effect at such time the Company elects to exercise its right, the Company (or its designee as applicable) will have the right to repurchase all or any part of the Ordinary Shares you acquire pursuant to
the exercise of your Option. 

 13.    COMPULSORY TRANSFER
OF SHARES ON CESSATION OF CONTINUOUS SERVICE.    Ordinary Shares that you acquire upon exercise of your Option
may be subject to compulsory transfer provisions upon cessation of your Continuous Service in accordance with any such provisions that are contained in the Company’s Constitution at the time of such cessation; provided, however, that if there
is no such compulsory transfer described in the Company’s Constitution at such time, the compulsory transfer provisions described below will apply. These compulsory transfer provisions will expire on the first date upon which any security of
the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system (the “Listing Date”). 

(a)    Prior to the Listing Date, if your Continuous Service ceases for whatever reason then if the Board so determine in
their absolute discretion at any time thereafter, the Board may direct you in writing to serve a notice of transfer offering all Shares held by you at that time (together the “Leaver Shares”) for sale. If you fail to serve a transfer
notice within 10 Business Days of first being notified of this obligation to do so any director shall be deemed appointed hereunder as your attorney with authority in your name and on your behalf to serve a notice of transfer in respect of such
Leaver Shares at any time thereafter and to execute and sign any and all agreements, instruments, deeds or other papers and documents and do all things in his name as the Company may in its absolute discretion consider necessary or desirable. 

(b)    Where Continuous Service ceases other than for Cause, the sale price of the Leaver Shares shall be the Fair Market
Value of the Leaver Shares. 
 (c)    Where Continuous Service ceases for Cause, the sale price of the Leaver Shares
shall be the lesser of (i) the aggregate of the amount paid by you on acquisition of the Leaver Shares being sold and (ii) the Fair Market Value of the Leaver Shares. 

14.    OPTION NOT A SERVICE
CONTRACT. Your Option is not an employment or service contract, and nothing in your Option will be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an
Affiliate, or of the Company or an Affiliate to continue your employment. In addition, nothing in your Option will obligate the Company or an Affiliate, their respective shareholders, boards of directors, officers or employees to continue any
relationship that you might have as a Director or Consultant for the Company or an Affiliate. 

15.    WITHHOLDING OBLIGATIONS. 

(a)    At the time you exercise your Option, in whole or in part, and at any time thereafter as requested by the
Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “same day sale” pursuant to a program developed under Regulation T as
promulgated by the U.S. Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection
with the exercise of your Option. 
 (b)    If this Option is a Nonstatutory Stock Option, then upon your request
and subject to approval by the Company, and compliance with any applicable legal conditions or restrictions, the Company may withhold from fully vested Ordinary Shares otherwise issuable to you upon the exercise of your Option a number of whole
Ordinary Shares having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld 

 
by law (or such lower amount as may be necessary to avoid classification of your Option as a liability for financial accounting purposes). If the date of determination of any tax withholding
obligation is deferred to a date later than the date of exercise of your Option, share withholding pursuant to the preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering
the aggregate number of Ordinary Shares acquired upon such exercise with respect to which such determination is otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your Option.
Notwithstanding the filing of such election, Ordinary Shares shall be withheld solely from fully vested Ordinary Shares determined as of the date of exercise of your Option that are otherwise issuable to you upon such exercise. Any adverse
consequences to you arising in connection with such share withholding procedure shall be your sole responsibility. 

(c)    You may not exercise your Option unless the tax withholding obligations of the Company and/or any Affiliate
are satisfied. Accordingly, you may not be able to exercise your Option when desired even though your Option is vested, and the Company will have no obligation to issue a certificate for such Ordinary Shares or release such Ordinary Shares from any
escrow provided for herein, if applicable, unless such obligations are satisfied. 
 16.    TAX
CONSEQUENCES. You hereby agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim
against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from your Option or your other compensation. In particular, you acknowledge that this Option is exempt from Section 409A of the
Code only if the exercise price per share specified in the Grant Notice is at least equal to the “fair market value” per share of the Ordinary Shares on the Date of Grant and there is no other impermissible deferral of compensation
associated with the Option. Because the Ordinary Shares are not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in consultation with an independent valuation firm retained by the Company. You
acknowledge that there is no guarantee that the U.S. Internal Revenue Service will agree with the valuation as determined by the Board, and you will not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates
in the event that the U.S. Internal Revenue Service asserts that the valuation determined by the Board is less than the “fair market value” as subsequently determined by the U.S. Internal Revenue Service. 

17.    NOTICES. Any notices provided for in your Option, the Grant Notice,
this Option Agreement or the Plan will be given in writing (including electronically) and will be deemed effectively given when personally delivered, when sent by fax or electronic mail (transmission confirmed), when actually delivered if sent
express overnight courier service or five days after deposit in first class mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to
participation in the Plan and this Option by electronic means or to request your consent to participate in the Plan by electronic means. By accepting this Option, you consent to receive such documents by electronic delivery and to participate in the
Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

18.    GOVERNING PLAN DOCUMENT. Your Option is
subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted
pursuant to the Plan. If there is any conflict between the provisions of this Option Agreement and those of the Plan, the provisions of the Plan will control. In addition, your Option (and any compensation paid or shares issued under your Option) is
subject to recoupment in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act, if applicable, and any implementing regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy
otherwise required by applicable law. 

 19.    SEVERABILITY. If all
or any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be
unlawful or invalid. Any Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the
fullest extent possible while remaining lawful and valid. 
 20.    WAIVER. You acknowledge
that a waiver by the Company of breach of any provision of the Option Agreement shall not operate or be construed as a waiver of any other provision of the Option Agreement, or of any subsequent breach of the Option Agreement. 

21.    ADDITIONAL ACKNOWLEDGMENTS. You hereby consent and acknowledge that:

 (a)    The rights and obligations of the Company under your Option will be transferable to any one or more
persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

(b)    You agree upon request to execute any further documents or instruments necessary or desirable in the sole
determination of the Company to carry out the purposes or intent of your Option. 
 (c)    You acknowledge and
agree that you have reviewed your Option in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Option, and fully understand all provisions of your Option. 

(d)    This Option Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required. 
 (e)    All obligations of
the Company under the Plan and this Option Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company. 

*        *        * 

This Option Agreement will be deemed to be signed by you upon the signing by you of 

the Grant Notice to which it is attached. 

 ATTACHMENT II 

2015 EQUITY INCENTIVE PLAN 

 ATTACHMENT III 

ITERUM THERAPEUTICS LIMITED 

NOTICE OF EXERCISE 
 Iterum Therapeutics
Limited 
 25-58 North Wall Quay 

Dublin 1 Ireland 
 Date of Exercise:
                         

This constitutes notice to ITERUM THERAPEUTICS LIMITED (the
“Company”) under my stock option that I elect to purchase the below number of Ordinary Shares of the Company (the “Shares”) for the price set forth below. 

 

									
	 Type of option (check one):
	  	 	Incentive ☐	 	 	 	Nonstatutory ☐	 
			
	 Stock option dated:
	  	 	                            	 	 	 	                            	 
			
	 Number of Shares as to which option is exercised:
	  	 	                            	 	 	 	                            	 
			
	 Certificates to be issued in name of:
	  	 	                            	 	 	 	                            	 
			
	 Total exercise price:
	  	$	                            	 	 	$	                            	 
			
	 Cash payment delivered here with:
	  	$	                            	 	 	$	                            	 
			
	 Regulation T Program (cashless
exercise1)
	  	$	                            	 	 	$	                            	 
			
	 Value of
                 Shares delivered herewith2:
	  	$	                            	 	 	$	                            	 

 By this exercise, I agree (i) to provide such additional documents as you may require pursuant to the
terms of the 2015 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of this option, and (iii) if this exercise relates to
an incentive stock option, to notify you in writing within 15 days after the date of any disposition of any of the Shares issued upon exercise of this option that occurs within two years after the date of grant of this option or within one year
after such Shares are issued upon exercise of this option. 
  

	1 	Shares must meet the public trading requirements set forth in the option agreement. 

	2 	Shares must meet the public trading requirements set forth in the option. Shares must be valued in accordance with the terms of the option being exercised, and must be owned free and clear of any liens, claims,
encumbrances or security interests. Certificates must be endorsed or accompanied by an executed assignment separate from certificate. 

 I hereby make the following certifications and representations with respect to the number of
Shares listed above, which are being acquired by me for my own account upon exercise of the option as set forth above: 
 I acknowledge that
the Shares have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and are deemed to constitute “restricted securities” under Rule 701 and Rule 144 promulgated under the
Securities Act. I warrant and represent to the Company that I have no present intention of distributing or selling said Shares, except as permitted under the Securities Act and any applicable state securities laws. 

I further acknowledge that I will not be able to resell the Shares for at least 90 days after the stock of the Company becomes publicly traded
(i.e., subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144. 

I further acknowledge that all certificates representing any of the Shares subject to the provisions of the option shall have endorsed thereon
appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Constitution and/or applicable securities laws. 

I further agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten
registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the
same economic effect as a sale with respect to any Ordinary Shares or other securities of the Company for a period of one hundred 180 days following the effective date of a registration statement of the Company filed under the Securities Act (or
such longer period as the underwriters or the Company shall request to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or regulation) (the
“Lock-Up Period”). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing
or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to securities subject to the foregoing
restrictions until the end of such period. 
  
  

					
		 	Very truly yours,	 	
		 	  
  
	 	
		 	(Signature)	 	
		 	  
	 	
		 	Name (Please Print)	 	
	Address of Record:Forms of 2015 Irish Stock Option Agr, Grant Notice and Notice of Exercise

			
	IRELAND	  	Exhibit 10.5

 ITERUM THERAPEUTICS LIMITED 

STOCK OPTION GRANT NOTICE 

(2015 EQUITY INCENTIVE PLAN) 

Iterum Therapeutics Limited (the “Company”), pursuant to its 2015 Equity Incentive Plan (the “Plan”), hereby
grants to Participant an option to purchase the number of Ordinary Shares set forth below (the “Option”). This Option is subject to all of the terms and conditions as set forth in this stock option grant notice (the
“Grant Notice”), the attached Option Agreement (the “Option Agreement”), the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized
terms not explicitly defined herein but defined in the Plan or the Option Agreement will have the same definitions as in the Plan or the Option Agreement. If there is any conflict between the terms herein and the Plan, the terms of the Plan will
control. 
  

			
	 Participant:
	 	  

	 Date of Grant:
	 	  

	 Vesting Commencement Date:
	 	  

	 Number of Shares Subject to Option:
	 	  

	 Exercise Price (US$ Per Share):
	 	  

	 Total Exercise Price (US$):
	 	  

	 Expiration Date:
	 	  

  

			
	Type of Grant:	 	Nonstatutory Stock Option
		
	Exercise Schedule:	 	Same as Vesting Schedule
		
	Vesting Schedule:	 	
		
	Payment:	 	By one or a combination of the following items (described in the Option Agreement):
		
		 	☒     By cash, check, bank draft, wire transfer or money order payable to the Company
		
		 	☒    Pursuant to a “broker-assisted exercise”, “same day sale”, or “sell to cover” transaction if the shares are publicly traded
		
		 	☐    Subject to the Company’s consent at the time of exercise, by a “net exercise” arrangement

 Additional Terms/Acknowledgements: Participant acknowledges receipt of, and understands and agrees to, this Grant
Notice, the Option Agreement, and the Plan. Participant acknowledges and agrees that this Grant Notice and the Option Agreement may not be modified, amended or revised except as provided in the Plan. Participant further acknowledges that as
of the Date of Grant, this Grant Notice, the Option Agreement, and the Plan set forth the entire understanding between Participant and the Company regarding this Option and supersede all prior oral and written agreements, promises and/or
representations on that subject with the exception of (i) options previously granted and delivered to Participant, and (ii) any compensation recovery policy that is adopted by the Company or is otherwise required by applicable law. 

By accepting this Option, Participant consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

By accepting this Option, Participant consents to the Company sharing and exchanging the information held in order to administer and operate the Plan
(including personal details, data relating to participation, 

  
 1. 

 
salary, taxation and employment and sensitive personal data e.g. data relating to physical or mental health, criminal conviction or the alleged commission of offences) (“the
Information”) and providing the Company and/or its agents and/or third parties with the Information for the administration and operation of the Plan and Participant accepts that this may involve the Information being sent to a country outside
the European Economic Area which may not have the same level of data protection laws as Ireland. Participant acknowledges that he has the right to request a list of the names and addresses of any potential recipients of the Information and to review
and correct the Information by contacting his local human resources representative. 
  

			
	ITERUM THERAPEUTICS LIMITED	  	PARTICIPANT:
		
	By:
                                         
                                         
            	  	                                     
                                         
                        
	                                      
      Signature	  	                                      
      Signature
		
	Title:
                                         
                                         
        	  	Date:
                                         
                                         
          
		
	Date:
                                         
                                         
         	  	Address/Country:
                                         
                               
		
		  	                                     
                                         
                        

 ATTACHMENTS: Option Agreement, 2015 Equity Incentive Plan, Notice of Exercise 

 ATTACHMENT I 

ITERUM THERAPEUTICS LIMITED 

2015 EQUITY INCENTIVE PLAN 

OPTION AGREEMENT 

(NONSTATUTORY STOCK OPTION; INTERNATIONAL) 

Pursuant to your Stock Option Grant Notice (the “Grant Notice”) and this Option Agreement, Iterum Therapeutics Limited
(the “Company”) has granted you an Option under its 2015 Equity Incentive Plan (the “Plan”) to purchase the number of the Company’s Ordinary Shares indicated in your Grant Notice at the exercise
price indicated in your Grant Notice. The Option is granted to you effective as of the date of grant set forth in the Grant Notice (the “Date of Grant”). If there is any conflict between the terms in this Option Agreement and
the Plan, the terms of the Plan will control. Capitalized terms not explicitly defined in this Option Agreement or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan. 

The details of your Option, in addition to those set forth in the Grant Notice and the Plan, are as follows: 

1.    VESTING; CONTINUOUS SERVICE. 

(a)    Subject to the provisions contained herein, your Option will vest as provided in your Grant Notice. Vesting
will cease upon the termination of your Continuous Service. 
 (b)    For purposes of this Option, your
Continuous Service will be considered terminated as of the date you are no longer actively providing services to the Company or an Affiliate (regardless of the reason for such termination and whether or not later found to be invalid or in breach of
employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and unless otherwise expressly provided in the Option Agreement or determined by the Company, (i) your right to vest in the Option
under the Plan, if any, will terminate as of such date and will not be extended by any notice period (that is your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated
under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any); and (ii) the period (if any) during which you may exercise the Option after such termination of your Continuous Service will
commence on the date you cease to actively provide services and will not be extended by any notice period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any; the Board or its
duly authorized designee shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of your Option (including whether you may still be considered to be providing services while on a leave of
absence). 

  
 1. 

 2.    NUMBER OF
SHARES AND EXERCISE PRICE. The number of Ordinary Shares subject to your Option and the exercise price per share in your Grant Notice will be adjusted for Capitalization Adjustments.

 3.    METHOD OF PAYMENT; CURRENCY. You must
pay the full amount of the exercise price for the shares you wish to exercise (including any Tax-Related Items, defined below). All amounts due are payable in United States dollars calculated by reference to
the local currency to United States dollar exchange rate on the date of exercise (or if the date of exercise is not a business day in the United States, the next available business day in the United States). Neither the Company, the Employer nor any
Affiliate of the Company shall be liable for any foreign exchange rate fluctuation that may affect the value of the Option or of any amounts due to you pursuant to the exercise of the Option or the subsequent sale of any Ordinary Shares
acquired upon exercise. You may pay the exercise price in cash or by check, bank draft, wire transfer or money order payable to the Company or in any other manner permitted by your Grant Notice, which may include one or more of the
following: 
 (a)    Provided that at the time of exercise the Ordinary Shares are publicly traded, pursuant to a
program that, prior to the issuance of Ordinary Shares, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds. This
manner of payment is also known as a “broker-assisted exercise”, “same day sale”, or “sell to cover”. 

(b)    Subject to the consent of the Company at the time of exercise, by a “net exercise” arrangement
pursuant to which the Company will reduce the number of Ordinary Shares issued upon exercise of your Option by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price. You must pay any remaining
balance of the aggregate exercise price not satisfied by the “net exercise” in cash or other permitted form of payment. Ordinary Shares will no longer be outstanding under your Option and will not be exercisable thereafter if those shares
(i) are used to pay the exercise price pursuant to the “net exercise,” (ii) are delivered to you as a result of such exercise, and (iii) are withheld to satisfy any Tax-Related Items. 

4.    WHOLE SHARES. You may exercise your Option only for whole Ordinary
Shares. 
 5.    SECURITIES LAW COMPLIANCE. In no event may
you exercise your Option unless the Ordinary Shares issuable upon exercise are then registered under the Securities Act or, if not registered, the Company has determined that your exercise and the issuance of the shares would be exempt from the
registration requirements of the Securities Act. The exercise of your Option also must comply with all other applicable laws and regulations governing your Option, and you may not exercise your Option if the Company determines that such exercise
would not be in material compliance with such laws and regulations. You understand that the Company is under no obligation to register or qualify the Ordinary Shares with any state or foreign securities commission or to seek approval or clearance
from any governmental authority for the issuance or sale of the shares. Further, you agree that the Company shall have unilateral authority to amend the Plan and the Option Agreement without your consent to the extent necessary to comply with
securities or other laws applicable to issuance of shares. 

  
 2. 

 6.    TERM. You may not exercise your
Option before the Date of Grant or after the expiration of the Option’s term. The term of your Option expires, subject to the provisions of Section 5(h) of the Plan, upon the earliest of the following: 

(a)    immediately upon the termination of your Continuous Service for Cause; 

(b)    90 days after the termination of your Continuous Service for any reason other than Cause, your
Disability or your death (except as otherwise provided in Section 8(d) below); provided, however, that if during any part of such 90 day period your Option is not exercisable solely because of the condition set forth in the section above
relating to “Securities Law Compliance,” your Option will not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of 90 days after the termination of your Continuous Service; provided
further, if during any part of such ninety-day period, the sale of any Ordinary Shares received upon exercise of your Option would violate the Company’s insider trading policy, then your Option will
not expire until the earlier of the Expiration Date or until it has been exercisable for an aggregate period of 90 days after the termination of your Continuous Service during which the sale of the Ordinary Shares received upon exercise of your
Option would not be in violation of the Company’s insider trading policy; 
 (c)    12 months after the
termination of your Continuous Service due to your Disability (except as otherwise provided in Section 8(d) below); 

(d)    18 months after your death if you die either during your Continuous Service or within 90 days after your
Continuous Service terminates for any reason other than Cause; 
 (e)    the Expiration Date indicated in your
Grant Notice; or 
 (f)    the day before the 10th anniversary of the Date of Grant. 

7.    EXERCISE. 

(a)    You may exercise the vested portion of your Option during its term by (i) delivering a Notice of
Exercise (in a form designated by the Company) or completing such other documents and/or procedures designated by the Company for exercise and (ii) paying the exercise price and any applicable Tax-Related
Items to the Company’s stock plan administrator, or to such other person as the Company may designate, together with such additional documents as the Company may then require, including any stockholders’ agreement. 

(b)    By exercising your Option you agree that, as a condition to any exercise of your Option, the Company may
require you to enter into an arrangement providing for the payment by you to the Company of any Tax-Related Items of the Company arising by reason of (i) the exercise of your Option, (ii) the lapse of any
substantial risk of forfeiture to which the Ordinary Shares are subject at the time of exercise, or (iii) the disposition of Ordinary Shares acquired upon such exercise. 

8.    LOCK-UP IN
CONNECTION WITH PUBLIC OFFERING. By exercising your Option you agree that you will not sell, dispose of, transfer, make any short sale of, grant any Option for the purchase of, or enter
into any hedging or similar transaction with the same economic effect as a 

  
 3. 

 
sale with respect to any Ordinary Shares or other securities of the Company held by you, for a period of 180 days following the effective date of a registration statement of the Company (filed in
the United States under the Securities Act or similar regulations in such applicable jurisdiction) or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2711 or NYSE Member Rule 472 or any
successor or similar rules or regulations (the “Lock-Up Period”); provided, however, that nothing contained in this section will prevent the exercise of a repurchase option, if
any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with
the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your Ordinary Shares until the end of such period. You also agree that
any transferee of any Ordinary Shares (or other securities) of the Company held by you will be bound by this Section. The underwriters of the Company’s stock are intended third party beneficiaries of this Section and will have the right, power
and authority to enforce the provisions hereof as though they were a party hereto. 

9.    TRANSFERABILITY. Except as otherwise provided in this Section, your Option is not
transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering written notice to the
Company, in a form approved by the Company and any broker designated by the Company to handle option exercises, designate a third party who, on your death, will thereafter be entitled to exercise this Option and receive the Ordinary Shares or other
consideration resulting from such exercise. In the absence of such a designation, your executor or administrator of your estate will be entitled to exercise this Option and receive, on behalf of your estate, the Ordinary Shares or other
consideration resulting from such exercise. 
 10.    RIGHT OF
FIRST REFUSAL. Ordinary Shares that you acquire upon exercise of your Option are subject to any right of first refusal that may be described in the Company’s Constitution in effect at such time
the Company elects to exercise its right; provided, however, that if there is no right of first refusal described in the Company’s Constitution at such time, the right of first refusal described below will apply. The Company’s right
of first refusal will expire on the first date upon which any security of the Company is listed (or approved for listing) upon notice of issuance on a national securities exchange or quotation system (the “Listing Date”).

 (a)    Prior to the Listing Date, you may not validly Transfer (as defined below) any Ordinary Shares acquired
upon exercise of your Option, or any interest in such shares, unless such Transfer is made in compliance with the following provisions: 

(i)    Before there can be a valid Transfer of any Ordinary Shares or any interest therein, the record holder of
the Ordinary Shares to be transferred (the “Offered Shares”) will give written notice (by registered or certified mail) to the Company. Such notice will specify the identity of the proposed transferee, the cash price offered
for the Offered Shares by the proposed transferee (or, if the proposed Transfer is one in which the holder will not receive cash, such as an involuntary transfer, gift, donation or pledge, the holder will state that no purchase price is being
proposed), and the other terms and conditions of the proposed Transfer. The date such notice is mailed will be hereinafter referred to as the “Notice Date” and the record holder of the

  
 4. 

 
Offered Shares will be hereinafter referred to as the “Offeror.” If, from time to time, there is any stock dividend, stock split or other change in the character or amount
of any of the outstanding Ordinary Shares which is subject to the provisions of your Option, then in such event any and all new, substituted or additional securities to which you are entitled by reason of your ownership of the Ordinary Shares
acquired upon exercise of your Option will be immediately subject to the Company’s Right of First Refusal (as defined below) with the same force and effect as the shares subject to the Right of First Refusal immediately before such event. 

(ii)    For a period of 30 calendar days after the Notice Date, or such longer period as may be required to avoid
the classification of your Option as a liability for financial accounting purposes, the Company will have the option to purchase all (but not less than all) of the Offered Shares at the purchase price and on the terms set forth in
Section 10(a)(iii) (the Company’s “Right of First Refusal”). In the event that the proposed Transfer is one involving no payment of a purchase price, the purchase price will be deemed to be the Fair Market Value of
the Offered Shares as determined in good faith by the Board in its discretion. The Company may exercise its Right of First Refusal by mailing (by registered or certified mail) written notice of exercise of its Right of First Refusal to the Offeror
prior to the end of said 30 days (including any extension required to avoid classification of the Option as a liability for financial accounting purposes). 

(iii)    The price at which the Company may purchase the Offered Shares pursuant to the exercise of its Right of
First Refusal will be the cash price offered for the Offered Shares by the proposed transferee (as set forth in the notice required under Section 10(a)(i)), or the Fair Market Value as determined by the Board in the event no purchase price is
involved. To the extent consideration other than cash is offered by the proposed transferee, the Company will not be required to pay any additional amounts to the Offeror other than the cash price offered (or the Fair Market Value, if applicable).
The Company’s notice of exercise of its Right of First Refusal will be accompanied by full payment for the Offered Shares and, upon such payment by the Company, the Company will acquire full right, title and interest to all of the Offered
Shares. 
 (iv)    If, and only if, the option given pursuant to Section 10(a)(ii) is not exercised, the
Transfer proposed in the notice given pursuant to Section 10(a)(i) may take place; provided, however, that such Transfer must, in all respects, be exactly as proposed in said notice except that such Transfer may not take place either
before the 10th calendar day after the expiration of the 30 day option exercise period or after the ninetieth 90th calendar day after the
expiration of the 30 day option exercise period, and if such Transfer has not taken place prior to said 90th day, such Transfer may not take place without once again complying with this
Section 10(a). The option exercise periods in this Section 10(a)(iv) will be adjusted to include any extension required to avoid the classification of your Option as a liability for financial accounting purposes. 

(b)    As used in this Section 10, the term “Transfer” means any sale, encumbrance,
pledge, gift or other form of disposition or transfer of Ordinary Shares or any legal or equitable interest therein; provided, however, that the term Transfer does not include a transfer of such shares or interests by will or intestacy to
your Immediate Family (as defined below). In such case, the transferee or other recipient will receive and hold the Ordinary Shares so transferred subject to the provisions of this Section, and there will be no further transfer of such shares except
in accordance with the terms of this Section 10. As used herein, the term “Immediate Family” will 

  
 5. 

 
mean your spouse, the lineal descendant or antecedent, father, mother, brother or sister, child, adopted child, grandchild or adopted grandchild of you or your spouse, or the spouse of any child,
adopted child, grandchild or adopted grandchild of you or your spouse. 
 (c)    None of the Ordinary Shares
purchased on exercise of your Option will be transferred on the Company’s books nor will the Company recognize any such Transfer of any such shares or any interest therein unless and until all applicable provisions of this Section 10 have
been complied with in all respects. The certificates of stock evidencing Ordinary Shares purchased on exercise of your Option will bear an appropriate legend referring to the transfer restrictions imposed by this Section 10. 

(d)    To ensure that the shares subject to the Company’s Right of First Refusal will be available for
repurchase by the Company, the Company may require you to deposit the certificates evidencing the shares that you purchase upon exercise of your Option with an escrow agent designated by the Company under the terms and conditions of an escrow
agreement approved by the Company. If the Company does not require such deposit as a condition of exercise of your Option, the Company reserves the right at any time to require you to so deposit the certificates in escrow. As soon as practicable
after the expiration of the Company’s Right of First Refusal, the agent will deliver to you the shares and any other property no longer subject to such restriction. In the event the shares and any other property held in escrow are subject to
the Company’s exercise of its Right of First Refusal, the notices required to be given to you will be given to the escrow agent, and any payment required to be given to you will be given to the escrow agent. Within 30 days after payment by the
Company for the Offered Shares, the escrow agent will deliver the Offered Shares that the Company has repurchased to the Company and will deliver the payment received from the Company to you. 

11.    RIGHT OF REPURCHASE. To the extent provided in the
Company’s Constitution in effect at such time the Company elects to exercise its right, the Company (or its designee as applicable) will have the right to repurchase all or any part of the Ordinary Shares you acquire pursuant to the exercise of
your Option. 
 12.    COMPULSORY TRANSFER OF
SHARES ON CESSATION OF CONTINUOUS SERVICE. Ordinary Shares that you acquire upon exercise of your Option may be subject to compulsory transfer provisions
upon cessation of your Continuous Service in accordance with any such provisions that are contained in the Company’s Constitution at the time of such cessation; provided, however, that if there is no such compulsory transfer described in the
Company’s Constitution at such time, the compulsory transfer provisions described below will apply. These compulsory transfer provisions will expire on the first date upon which any security of the Company is listed (or approved for listing)
upon notice of issuance on a national securities exchange or quotation system (the “Listing Date”). 

(a)    Prior to the Listing Date, if your Continuous Service ceases for whatever reason then if the Board so determine in
their absolute discretion at any time thereafter, the Board may direct you in writing to serve a notice of transfer offering all Shares held by you at that time (together the “Leaver Shares”) for sale. If you fail to serve a transfer
notice within 10 Business Days of first being notified of this obligation to do so any director shall be deemed appointed hereunder as your attorney with authority in your name and on your behalf to serve a notice of

  
 6. 

 
transfer in respect of such Leaver Shares at any time thereafter and to execute and sign any and all agreements, instruments, deeds or other papers and documents and do all things in his name as
the Company may in its absolute discretion consider necessary or desirable. 
 (b) Where Continuous Service ceases other than for Cause, the
sale price of the Leaver Shares shall be the Fair Market Value of the Leaver Shares. 
 (c)    Where Continuous Service
ceases for Cause, the sale price of the Leaver Shares shall be the lesser of (i) the aggregate of the amount paid by you on acquisition of the Leaver Shares being sold and (ii) the Fair Market Value of the Leaver Shares. 

13.    OPTION NOT A SERVICE
CONTRACT/NO COMPENSATION FOR LOSS. Your Option is not an employment or service contract, and nothing in your Option will be deemed to create in any way whatsoever any
obligation on your part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to continue your employment. In addition, nothing in your Option will obligate the Company or an Affiliate, their respective
stockholders, boards of directors, officers or employees to continue any relationship that you might have as a Director or Consultant for the Company or an Affiliate. Under no circumstances on ceasing to be in employment or service of the Company
will you be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Plan which you might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or
other breach of contract or by way of compensation for loss of office or otherwise howsoever. 

14.    WITHHOLDING OBLIGATIONS. 

(a)    You acknowledge that, regardless of any action taken by the Company or, if different, your employer (the
“Employer”) the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to your participation in
the Plan and legally applicable to you (“Tax-Related Items”), is and remains your responsibility and may exceed the amount actually withheld by the Company or the Employer. You further
acknowledge that the Company and/or the Employer make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of your Option, including, but not
limited to, the grant, vesting or exercise of the Option, the subsequent sale of Ordinary Shares acquired pursuant to such exercise and the receipt of any dividends. Further, if you are subject to Tax-Related
Items in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to
withhold or account for Tax-Related Items in more than one jurisdiction. 

(b)    Prior to the relevant taxable or tax withholding event, as applicable, you agree to make adequate
arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, you authorize the Company and/or the Employer, or their respective agents, at their discretion, to
satisfy the obligations with regard to all Tax-Related Items by withholding from payroll and any other amounts payable to you, including any proceeds due to you from the sale of Ordinary Shares acquired at
exercise of the Option either through a voluntary sale or through a mandatory sale arranged by the Company on your behalf (including by means of 

  
 7. 

 
a “same day sale” pursuant to a program developed under Regulation T as promulgated by the U.S. Federal Reserve Board) pursuant to this authorization without further consent. 

(c)    Upon your request and subject to approval by the Company and compliance with any applicable legal conditions
or restrictions, the Company may withhold from fully vested Ordinary Shares otherwise issuable to you upon the exercise of your Option a number of whole Ordinary Shares having a Fair Market Value, determined by the Company as of the date of
exercise, not in excess of the minimum amount of tax required to be withheld by law (or such lower amount as may be necessary to avoid classification of your Option as a liability for financial accounting purposes). Any adverse consequences to you
arising in connection with such share withholding procedure shall be your sole responsibility. 
 (d)    You may
not exercise your Option unless all obligations of the Company and/or any Affiliate for Tax-Related Items are satisfied. Accordingly, you may not be able to exercise your Option when desired even though your
Option is vested, and the Company will have no obligation to issue a certificate for such Ordinary Shares unless such obligations are satisfied. 

15.    TAX CONSEQUENCES. You hereby agree that the Company does
not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related
to tax liabilities arising from your Option or your other compensation. In particular, you acknowledge that this Option is exempt from Section 409A of the Code (if applicable) only if the exercise price per share specified in the Grant Notice
is at least equal to the “fair market value” per share of the Ordinary Shares on the Date of Grant and there is no other impermissible deferral of compensation associated with the Option. Because the Ordinary Shares is not traded on an
established securities market, the Fair Market Value is determined by the Board, perhaps in consultation with an independent valuation firm retained by the Company. You acknowledge that there is no guarantee that the U.S. Internal Revenue Service
will agree with the valuation as determined by the Board, and you shall not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the U.S. Internal Revenue Service (or any foreign taxation
authority) asserts that the valuation determined by the Board is less than the “fair market value” as subsequently determined by the U.S. Internal Revenue Service. 

16.    PERSONAL DATA. You understand that your employer, if
applicable, the Company, and/or its Affiliates hold certain personal information about you, including but not limited to your name, home address, telephone number, date of birth, social security or equivalent tax identification number, salary,
nationality, job title, and details of your Option (the “Personal Data”). Certain Personal Data may also constitute “Sensitive Personal Data” or similar classification under applicable local law and be
subject to additional restrictions on collection, processing and use of the same under such laws. Such data include but are not limited to Personal Data and any changes thereto, and other appropriate personal and financial data about you. You hereby
provide express consent to the Company or its Affiliates to collect, hold, and process any such Personal Data and Sensitive Personal Data. You also hereby provide express consent to the Company and/or its Affiliates to transfer any such Personal
Data and Sensitive Personal Data outside the country in which you are employed or retained, including transfers to the United States. The legal persons for whom such Personal Data are intended are the Company and any broker

  
 8. 

 
company providing services to the Company in connection with the administration of the Plan. You have been informed of your right to access and correct your Personal Data and/or Sensitive
Personal Data by applying to the Company representative identified on the Grant Notice. 

17.    NOTICES. Any notices provided for in your Option, the Grant Notice, this Option
Agreement or the Plan will be given in writing (including electronically) and will be deemed effectively given when personally delivered, when sent by fax or electronic mail (transmission confirmed), when actually delivered if sent express overnight
courier service or five days after deposit in first class mail, postage prepaid, addressed to you at the last address you provided to the Company. The Company may, in its sole discretion, decide to deliver any documents related to participation in
the Plan and this Option by electronic means or to request your consent to participate in the Plan by electronic means. By accepting this Option, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

18.    GOVERNING PLAN DOCUMENT. Your Option is subject to all
the provisions of the Plan, the provisions of which are hereby made a part of your Option, and is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan.
If there is any conflict between the provisions of this Option Agreement and those of the Plan, the provisions of the Plan will control. In addition, your Option (and any compensation paid or shares issued under your Option) is subject to recoupment
in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act, if applicable, and any implementing regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy otherwise required by
applicable law. 
 19.    SEVERABILITY. If all or any part of this Option
Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid. Any
Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible
while remaining lawful and valid. 
 20.    WAIVER. You acknowledge that a waiver by the
Company of breach of any provision of the Option Agreement shall not operate or be construed as a waiver of any other provision of the Option Agreement, or of any subsequent breach of the Option Agreement. 

21.    EFFECT ON OTHER EMPLOYEE
BENEFITS. The value of this Option is an extraordinary item of compensation, which is outside the scope of your employment, service contract or consulting agreement, if any. The value of this Option will not be included as
compensation, earnings, salaries, or other similar terms used when calculating any termination, severance, resignation, redundancy, end of service payments, bonuses, long-service awards, life or accident insurance benefits, pension or retirement
benefits. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans. 

  
 9. 

 22.    IMPOSITION OF
OTHER REQUIREMENTS. The Company reserves the right to impose other requirements on your participation in the Plan, on the option and on any Ordinary Shares purchased upon exercise of the Option, to
the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

23.    LANGUAGE. If you have received this Option Agreement, or any other document related to
the Option and/or the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control. 

24.    ADDITIONAL ACKNOWLEDGMENTS. You hereby consent and acknowledge that:

 (a)    The rights and obligations of the Company under your Option will be transferable to any one or more
persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns. 

(b)    You agree upon request to execute any further documents or instruments necessary or desirable in the sole
determination of the Company to carry out the purposes or intent of your Option. 
 (c)    You acknowledge and
agree that you have reviewed your Option in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Option, and fully understand all provisions of your Option. 

(d)    This Option Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals
by any governmental agencies or national securities exchanges as may be required. 
 (e)    All obligations of
the Company under the Plan and this Option Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company. 
 (f)    Participation in the Plan is voluntary
and therefore you must accept the terms and conditions of the Plan and this Option as a condition to participating in the Plan and receipt of this Option. The Plan is discretionary in nature and the Company can amend, cancel, or terminate it at any
time. 
 (g)    This Option and any other awards under the Plan are voluntary and occasional and do not create
any contractual or other right to receive future awards or other benefits in lieu of future awards, even if similar awards have been granted repeatedly in the past. 

(h)    All determinations with respect to any such future awards, including, but not limited to, the time or times
when such awards are made, the size of such awards and performance and other conditions applied to the awards, will be at the sole discretion of the Company. 

  
 10. 

*        *         * 

This Option Agreement will be deemed to be signed by you upon the signing by you of the Grant Notice to which it is attached. 

  
 11. 

 ATTACHMENT II 

2015 EQUITY INCENTIVE PLAN 

 ATTACHMENT III 

NOTICE OF EXERCISE 

 ITERUM THERAPEUTICS LIMITED 

NOTICE OF EXERCISE 
 Iterum Therapeutics
Limited 
 25-58 North Wall Quay 

Dublin 1 Ireland 
 Date of Exercise:
                                        

 This constitutes notice to ITERUM THERAPEUTICS LIMITED (the
“Company”) under my stock option that I elect to purchase the below number of Ordinary Shares of the Company (the “Shares”) for the price set forth below. 

 

					
	 Type of Option:
	  	 	Nonstatutory	 
		
	 Stock option dated:
	  			
		  	  
	  
	 
		
	 Number of shares as to which option is exercised:
	  			
		  	  
	  
	 
		
	 Certificates to be issued in name of:
	  			
		  	  
	  
	 
		
	 Total exercise price:
	  	US$	                        	 
		
	 Cash payment delivered herewith:
	  	US$	                        	 

 By this exercise, I agree (i) to provide such additional documents as you may require pursuant to the
terms of the 2015 Equity Incentive Plan, (ii) to provide for the payment by me to you (in the manner designated by you) of your withholding obligation, if any, relating to the exercise of the Option. 

I hereby make the following certifications and representations with respect to the number of Ordinary Shares of the Company listed above (the
“Shares”), which are being acquired by me for my own account upon exercise of the Option as set forth above: 
 I
acknowledge that the Shares have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and are deemed to constitute “restricted securities” under Rule 701 and Rule 144
promulgated under the Securities Act. I warrant and represent to the Company that I have no present intention of distributing or selling said Shares, except as permitted under the Securities Act and any applicable state securities laws. 

I further acknowledge that I will not be able to resell the Shares for at least 90 after the stock of the Company becomes publicly traded
(i.e., subject to the reporting requirements of Section 13 or 15(d) of the U.S. Securities Exchange Act of 1934) under Rule 701 and that more restrictive conditions apply to affiliates of the Company under Rule 144. 

 I further acknowledge that all certificates representing any of the Shares subject to the
provisions of the Option shall have endorsed thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Constitution and/or applicable securities laws. 

By exercising this Option I agree that I shall not sell, dispose of, transfer, make any short sale of, grant any Option for the purchase of,
or enter into any hedging or similar transaction with the same economic effect as a sale, any Shares or other securities of the Company held by me, for a period of 180 days following the effective date of a registration statement of the Company
filed under the Securities Act or such longer period as necessary to permit compliance with FINRA Rule 2711 or NYSE Member Rule 472 and similar rules and regulations (the “Lock-Up
Period”); provided, however, that nothing contained in this section shall prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. I further
agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. To enforce the foregoing
covenant, the Company may impose stop-transfer instructions with respect to my Shares until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this provision and shall have the right, power
and authority to enforce the provisions hereof as though they were a party hereto. 
  

					
		 	Very truly yours,	 	
		 	  
	 	
		 	(Signature)	 	
			
		 	  
	 	
		 	Name (Please Print)	 	
			
	Address of Record:

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