Document:

EX-10.16

 Exhibit 10.16 

 

	 	

  
 CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE
BEEN OMITTED AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF DISCLOSED. 

RESEARCH COLLABORATION, OPTION AND LICENSE
AGREEMENT 
 BETWEEN 

IONIS PHARMACEUTICALS, INC. 

AND 

PRAXIS PRECISION MEDICINES, INC. 

 
  

 CONFIDENTIAL 

 

 RESEARCH COLLABORATION, OPTION AND LICENSE AGREEMENT 

This RESEARCH COLLABORATION, OPTION AND LICENSE AGREEMENT (the “Agreement”) is made and entered into as of the 11th
day of September, 2019 (the “Effective Date”) by and between Ionis Pharmaceuticals, Inc., a Delaware corporation, having its principal place of business at 2855 Gazelle Court, Carlsbad, CA 92010
(“Ionis”), and Praxis Precision Medicines, Inc., a Delaware corporation with its principal place of business at One Broadway Street, 16th Floor, Cambridge, MA 02142 (“Praxis”). Praxis and
Ionis each may be referred to herein individually as a “Party” or collectively as the “Parties” 

RECITALS 
 WHEREAS,
Ionis possesses certain Patent Rights, Know-How, technology and expertise with respect to antisense drugs, and has novel and valuable capabilities for the research, discovery, identification, development and
synthesis of antisense drugs; 
 WHEREAS, Praxis is engaged in the research, development and commercialization of human therapeutic
products and has expertise in the area of SCN2A and its role in epilepsy; 
 WHEREAS, Ionis and Praxis are interested in combining
their expertise to enter into a collaboration to discover and develop antisense oligonucleotide drugs that treat forms of epilepsy caused by mutations of the SCN2A gene by selectively binding and down-regulating gene products of the SCN2A gene; 

WHEREAS, such collaboration will include (i) validation and application of ASOs for the treatment of epilepsy caused by mutations
of the SCN2A gene, (ii) drug discovery to identify a Development Candidate down-regulating gene products of the SCN2A gene, and (iii) development of the Development Candidate by Ionis through completion of the IND-enabling toxicology study, all on the terms and conditions set forth below; and 
 WHEREAS,
Ionis desires to grant to Praxis an option to obtain, among other things, an exclusive, worldwide license to develop and commercialize the Development Candidate identified by Ionis and Praxis desires to obtain such option. 

NOW, THEREFORE, in consideration of the respective covenants, representations, warranties and agreements set forth herein, the
Parties hereto agree as follows: 
 ARTICLE 1. 

DEFINITIONS 
 The terms
used in this Agreement with initial letters capitalized, whether used in the singular or the plural, will have the meaning set forth in APPENDIX 1, or if not listed in
APPENDIX 1, the meaning designated in places throughout this Agreement. 

 CONFIDENTIAL 

 

 ARTICLE 2. 

AGREEMENT OVERVIEW 
 The
Parties intend that under this Agreement, (i) the Parties will combine their respective expertise to conduct a research collaboration pursuant to the Research Plan, (ii) under the Research Plan, Ionis and Praxis will conduct Research to
validate and further support the use of ASOs to bind to the mRNA or pre-mRNA and down-regulate the expression of SCN2A gene products to treat conditions in the Field, (iii) under the Development Candidate
Identification Plan, Ionis will perform drug discovery activities to identify a Development Candidate and one or more Related Compounds, (iv) Ionis will develop the Development Candidate through completion of the
IND-Enabling Toxicology Study, (v) Ionis will provide Praxis an Option to obtain an exclusive license from Ionis to Develop and Commercialize the Development Candidate in the Field, (vi) Praxis will
have a limited right to expand the Field and (vii) upon exercise of its Option, Praxis will be responsible for all further Development and Commercialization activities and costs for the Products in the Field. The purpose of this ARTICLE
2 is to provide a high-level overview of the roles and responsibilities and rights and obligations of each Party under this Agreement, and therefore this ARTICLE 2 is qualified in its entirety by the more detailed provisions of this
Agreement set forth below. 
 ARTICLE 3. 

RESEARCH AND DEVELOPMENT 
  

	3.1	 Research Responsibilities and Research Plan. Subject to and in accordance with the terms of this
Agreement, Ionis and Praxis will conduct Research activities related to down-regulation of SCN2A gene products associated with the Field under a mutually agreed plan including scope and budget for such activities (the “Research
Plan”). The Research Plan will specify the Research studies each Party will conduct to validate and further support the use of ASOs down-regulating gene products of the SCN2A gene for the Field. The initial Research Plan has been
approved by the Parties as of the Effective Date and may be updated by mutual agreement of the Parties (through the JSC). If the JSC cannot agree upon any update to the Research Plan proposed by either Party within [***] following submission of such
update by a Party to the JSC, then either Party may refer the matter to the Senior Representatives for resolution. If the Senior Representatives cannot agree on any proposed update to the Research Plan within an additional [***] after the matter is
so referred, then, except as set forth in Section 3.6.1, Ionis will have final decision-making authority with respect to any elements of any proposed update to the Research Plan to which the Senior Representatives cannot agree that
[***], and Praxis will have final decision-making authority with respect to any elements of any proposed update to the Research Plan to which the Senior Representatives cannot agree that [***]. Neither Party will have any obligation to perform
additional activities that are not expressly set forth in the Research Plan and identified as activities to be performed by such Party. If the Parties mutually agree that either Party will conduct additional work under the Research Plan, they will
agree on the scope, budget and payment for such additional work and amend the Research Plan accordingly (through the JSC). Neither Party will have any obligation to begin work until a budget is agreed to by the Parties. 

  
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	3.2	 Research Plan Costs. Except as otherwise provided under this Agreement, each Party will pay its
own respective internal costs incurred in connection with conducting its activities under the Research Plan, and Praxis will reimburse Ionis for its actual out-of-pocket
costs paid to Third Parties for (a) supplies needed to conduct the activities assigned to Ionis under the Research Plan, and (b) activities performed or to be performed on Ionis’ behalf under the Research Plan, in accordance with the
budget therefor (“Ionis Research Costs”). If Ionis intends to engage a Third Party to perform any of Ionis’ activities under the Research Plan and Praxis has not already agreed under the Research Plan to the performance
of such activities by such Third Party, Ionis will notify Praxis in advance of such engagement. Ionis will submit invoices to Praxis for such Ionis Research Costs on a quarterly basis. In each case, Praxis will pay to Ionis all Ionis Research Costs
set forth in any such invoice which correspond to the approved budget in the Research Plan within [***] following Praxis’ receipt of such invoice. Praxis will pay for all of its activities expressly contemplated to be assigned by Praxis to any
Third Party under the Research Plan, including all such activities to be performed by RogCon on behalf of Praxis. 

  

	3.3	 Recordkeeping; Reporting. Praxis and Ionis will prepare and maintain complete and accurate
records regarding their respective activities under the Research Plan. At each meeting of the JSC, or if otherwise requested by a Party, each Party will deliver a written report to the other (along with any requested copies of data or reports)
describing the activities conducted by such Party under the Research Plan. 

  

	3.4	 Manufacturing and Supply. During the Collaboration Term, Ionis will supply up to [***] solely for
Praxis to conduct studies under the Research Plan. Except as set forth in this Section 3.4, and subject to Section 3.6.1, Praxis is responsible for supplying all API and finished drug product for the Parties’ activities
under this Agreement. 

  

	3.5	 Development Candidate Identification. 

 

	 	3.5.1	 Development Candidate Identification Plans. Promptly after the Effective Date, but in any event
within [***] thereafter, Ionis will submit to the JSC for its review and approval an initial draft plan to identify a Development Candidate (such plan, as may be modified by the JSC from time to time to address the discovery activities to be
conducted by Ionis, the “Development Candidate Identification Plan”‘). No later than [***] after submission of the Development Candidate Identification Plan to the JSC, the JSC will agree on the final Development
Candidate Identification Plan, which plan will be consistent with Ionis’ other plans for other gene targets. From time to time during the Collaboration Term Ionis will update the Development Candidate Identification Plan as needed and submit it
to the JSC for its review and approval in accordance with Section 4.1.2. If the JSC cannot agree upon any aspect of the final Development Candidate Identification Plan or any update thereto proposed by Ionis within [***] following
discussion at the meeting of the JSC, then either Party may refer the matter to the Senior Representatives for resolution. If the Senior Representatives cannot agree on any aspect of the final Development Candidate Identification Plan or any
proposed update thereto within an additional [***] after the matter is so referred, then Ionis will have final decision-making authority with respect to any elements of the Development Candidate

  
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Identification Plan to which the Senior Representatives cannot agree. Ionis will carry out its drug discovery efforts in accordance with the Development Candidate Identification Plan and in a
manner consistent with its internal practices for other gene targets with the goal of identifying the optimal Compound as the Development Candidate and at least one Related Compound as soon as practicable. 

 

	 	3.5.2	 Delivery of the Development Candidate Data Package. Within [***] after approval by Ionis’
research management committee (“RMC”) of a Development Candidate under the Development Candidate Identification Plan, Ionis will provide to the JSC a Development Candidate Data Package. Such Development Candidate Data Package
will include one Compound that Ionis’ RMC has approved as the most suitable lead Development Candidate under the Development Candidate Identification Plan and will also include any and all other Compounds that Ionis’ RMC considered as
possible Development Candidates in connection with its review of Compounds generated under the Development Candidate Identification Plan (all such additional Compounds that are identified by Ionis’ RMC as potential backup Compounds, the
“Related Compounds”). The Development Candidate Data Package will include a level of detail for the proposed Development Candidate and any Related Compounds that Ionis typically has for its other similar programs. If
Ionis’ RMC determines that there are no suitable Related Compounds, Ionis will include in the Development Candidate Data Package the data resulting from the final monkey screening study performed under the Development Candidate Identification
Plan, if such data is not already included in the Development Candidate Data Package. 

  

	3.6	 IND-Enabling Toxicology Study. 

 

	 	3.6.1	 IND-Enabling Toxicology Study Design. The Parties have
agreed upon a high- level outline of a pre-clinical toxicology plan as of the Effective Date, and will finalize such plan at the first meeting of the JSC. The JSC will propose and agree upon a pre-clinical toxicology plan for die Development Candidate (“IND- Enabling Toxicology Plan”) no later than [***]. If the JSC is unable to agree on the IND-Enabling Toxicology Plan within the time period set forth in this Section 3.6.1, then either Party may refer the matter to the Senior Representatives for resolution. If the Senior Representatives
cannot agree on the IND-Enabling Toxicology Plan within [***] after the matter is so referred, then Ionis will have final decision-making authority with respect to [***], provided that Ionis’ decision is
consistent with the choices Ionis makes for its other similar programs, and Praxis will have final decision-making authority with respect to [***]. Promptly after the Parties agree upon the IND- Enabling
Toxicology Plan, Praxis will notify the JSC of the name of the contract manufacturing organization (“CMO”) Praxis intends to use for the supply of the API and finished drug product to be used in the IND-Enabling Toxicology Study and provide to the JSC a draft statement of work for the manufacture of such supply. Praxis will, at its own expense, deliver API and finished drug product to Ionis or Ionis’
designee for the IND-Enabling Toxicology Study contemplated in the IND-Enabling Toxicology Plan and will endeavor to make such delivery no later than [***]. Praxis will
enter into an agreement with 

  
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 CONFIDENTIAL 

 

	 	
such CMO for the production of the API and finished drug product to be used in the IND-Enabling Toxicology Study, and, if applicable, shall have reserved a
manufacturing slot with such CMO for such production (and pay any reservation fees, if applicable), no later than [***]. Ionis will conduct the IND-Enabling Toxicology Study in accordance with the IND-Enabling Toxicology Plan. Ionis will provide the Draft Report for the IND-Enabling Toxicology Study to the JSC and to Praxis promptly following Completion of such study.

  

	 	3.6.2	 IND-Enabling Toxicology Costs. Before commencing any IND-Enabling Toxicology Study, Ionis will provide a good faith detailed estimate of Ionis’ fully burdened cost (i.e., any
out-of-pocket expenses to be paid to Third Party service providers and Ionis’ FTE Costs) expected to be incurred in connection with conducting such IND-Enabling Toxicology Study and the Parties will agree, through the JSC, upon a budget for such IND-Enabling Toxicology Study (such
JSC-approved costs, the “IND-Enabling Toxicology Costs”). Ionis will submit invoices to Praxis for (a) the amount that is [***] of the total
amount of the IND-Enabling Toxicology Costs promptly following Ionis’ execution of the contract with the applicable vendor for any IND-Enabling Toxicology Study,
and (b) the remaining amount of such IND-Enabling Toxicology Costs once Ionis sends to Praxis the Draft Report with respect to such IND-Enabling Toxicology Studies.
In each case, Praxis will pay to Ionis all IND- Enabling Toxicology Costs set forth in any such invoice within [***] following Praxis’ receipt of such invoice. Ionis will have no obligation to perform any
work on any IND-Enabling Toxicology Study, and Praxis will have no obligation to reimburse Ionis for any IND-Enabling Toxicology Costs, unless the JSC has approved the
budget for the IND-Enabling Toxicology Study. 

  

	3.7	 Clinical Development Plan. Within [***], the JSC will propose and agree on a high-level clinical
development plan and regulatory strategy for any potential Development Candidate through completion of the first Pivotal Study, which plan may include activities related to the identification of biomarkers, natural history studies and endpoint
development, if determined by the JSC (such plan the “Clinical Development Plan”). Praxis will propose the initial draft of such Clinical Development Plan to the JSC for review, comment and approval. Any such initial draft of
the Clinical Development Plan will include the information set forth on SCHEDULE 3.7. If the JSC cannot agree upon the Clinical Development Plan, the matter will be referred to the Senior Representatives for resolution. Subject
to Section 4.1.4(b) (but only with respect to [***]), if the Senior Representatives cannot agree on the Clinical Development Plan within [***] after the matter is so referred, Praxis will have final decision-making authority with respect
to the [***]. 

  

	 	3.7.1	 Biomarker, Endpoint and Natural History Work. If the JSC agrees to include biomarker work, any
natural history study or endpoint development in the Clinical Development Plan, then Praxis will be responsible for performing such biomarker work, natural history study or endpoint development. 

 

	 	3.7.2	 Communications Regarding Clinical Development Plan Data. Prior to the Initiation of the first
Clinical Study under the Clinical Development Plan, the 

  
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 CONFIDENTIAL 

 

	 	
Parties will mutually agree on a communication plan regarding the public disclosure of data and results arising from activities to be conducted under the Clinical Development Plan. If the Parties
cannot agree on such a communication plan, then neither Party will have final decision-making authority regarding any such communications occurring prior to Option exercise, and Praxis will have final decision-making authority regarding any such
communications occurring after Option exercise. 

  

	3.8	 Development of [***]. Praxis will have the right (but not the obligation) at any time after
Praxis exercises the Option under Section 5.1 until [***], to [***] the [***]. If Praxis seeks to [***] the [***], then Praxis will notify Ionis and such [***]. If the Parties mutually agree that Praxis may [***] the [***], then the
Parties will, as soon as practicable but no later than [***] after agreeing to such [***], negotiate an appropriate amendment of this Agreement. Prior to Praxis’ initiation of any [***], Praxis will notify Ionis of [***] provide the JSC with
drafts of [***] (“[***]”) and a [***] (“[***]”) for such [***]. The contents of the [***] and the [***] will be similar to the contents of the [***]. The JSC will be responsible for reviewing and approving the [***] and the
[***], and any updates or amendments thereto, proposed by Praxis. If the JSC cannot agree upon any aspect of the [***] or the [***] or any update or amendment thereto, the matter will be referred to the Senior Representatives for resolution. If the
Senior Representatives cannot agree on the [***] or the [***] within [***] after the matter is so referred, then Ionis will have final decision-making authority with respect to [***], provided that Ionis’ decision is consistent
with the choices Ionis makes for its other similar programs, and Praxis will have final decision-making authority with respect to (a) [***] and (b) [***], in each case except as set forth in Section 4.1.4(b) with respect to matters
arising after Praxis’ exercise of the Option. As between the Parties, Praxis will be solely responsible, at its own cost and expense, for [***]. 

  

	3.9	 Participation in Meetings Sponsored by a Party’s Clinical Development Group. Each Party will
provide the other Party with an invitation to attend, at the other Party’s own cost and expense, and allow such other Party to participate in, any meetings held by a Party’s clinical advisory board or similar external medical advisory
group, if any, which are scheduled to cover topics relating specifically to the Development Candidate or the conduct or design of any Clinical Study, including any natural history studies; provided, however, that such Party may exclude
the other Party from any portions of such meetings that do not pertain to the Development Candidate or supportive Clinical Studies (including natural history studies); and provided, further, that the Party holding the meeting will
endeavor to structure such meetings that discuss topics unrelated to the Development Candidate in a manner that permits the other Party to attend (e.g., structuring the agenda of such meeting so that the Development Candidate is discussed
first so that the other Party may attend that portion of such meeting only). With respect to any such meetings held by a Party, the other Party will comply with such Party’s internal policies disclosed to the other Party regarding attendance
and participation in such meetings, and the other Party will participate in such meeting in a manner that is consistent with such Party’s strategy for the Development Candidate. If a Party does not attend any such meeting, [***]. Praxis’
obligation under this Section 3.9 to invite Ionis to attend and participate in any meetings held by Praxis’ clinical advisory board or similar external medical advisory group, if any will cease on the date [***].

  
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	3.10	 Collaboration Term. The term for the Collaboration will begin on the Effective Date and will end
on the earlier of (a) the [***] anniversary of the Effective Date, (b) the date Praxis exercises its Option and pays the License Fee in accordance with Section 5.2, and (c) the date the Option expires unexercised (the
“Collaboration Term”). 

  

	3.11	 Expiration of Collaboration Term. At the end of the Collaboration Term, other than as provided
under this Agreement or mutually agreed in writing by the Parties, neither Ionis nor Praxis will have an obligation to perform any additional activities. For the avoidance of doubt, if Ionis, despite using Commercially Reasonable Efforts, has not
identified a Development Candidate by the end of the Collaboration Term, then the Parties will no longer have an obligation to perform any activities under this Agreement and the Agreement may be terminated pursuant to Section 13.2.5.

  

	3.12	 Materials Transfer. To facilitate the activities under the Research Plan or the Development
Candidate Identification Plan, either Party may provide to the other Party certain materials for use by the other Party in furtherance of the conduct of the activities under the Research Plan or the Development Candidate Identification Plan, as
applicable. All such materials will be used by the receiving Party in accordance with the terms and conditions of this Agreement solely for purposes of exercising its rights and performing its obligations under this Agreement, and the receiving
Party will not transfer such materials to any Third Party unless expressly contemplated by this Agreement or upon the written consent of the supplying Party. 

THE MATERIALS ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTY OF
MERCHANTABILITY OR OF FITNESS FOR ANY PARTICULAR PURPOSE OR ANY WARRANTY THAT THE USE OF THE MATERIALS WILL NOT INFRINGE OR VIOLATE ANY PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY. 

 

	3.13	 Applicable Laws; Books and Records. Each Party will conduct, and will cause its employees and
subcontractors to conduct, the activities for which it is responsible under this Agreement in good scientific manner and in compliance with good laboratory and clinical practices, cGMP and Applicable Law. Each Party will maintain, consistent with
its then-current internal policies and practices, and cause its employees and subcontractors to maintain, consistent with its internal policies and Applicable Law, for at least ten years, records and laboratory notebooks, inventory, purchase and
invoice records and Manufacturing records, in each case, with respect to Products in sufficient detail and in a good scientific manner appropriate for (a) inclusion in filings with Regulatory Authorities for such Products and (b) obtaining
and maintaining intellectual property rights and protections, including Patent Rights for such Products. Such records and laboratory notebooks will be complete and accurate in all material respects and will fully and properly reflect all work done,
data and developments made, and results achieved. Each Party will allow the other Party, to the extent necessary for such regulatory or intellectual property protection purposes, to inspect or copy such records, subject to reasonable redaction by
such Party. 

  
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 ARTICLE 4. 

GOVERNANCE 
  

	4.1	 Joint Steering Committee. 

 

	 	4.1.1	 Establishment. Within [***], Praxis and Ionis will establish a joint steering committee (the
“JSC”) to oversee, review, monitor, coordinate and, where specified in Section 4.1.2, approve the activities of the Parties under this Agreement through [***] and serve as a forum for the exchange and discussion
of information with respect thereto. Each Party will bear its own costs associated with its members attending JSC meetings. Ionis will have the right, but not the obligation, to participate in the JSC during the period starting on the [***] and
ending on the [***]. If Ionis chooses not to participate, then Ionis will notify Praxis promptly of its decision and Praxis may dissolve the JSC at any time thereafter. 

 

	 	4.1.2	 Responsibilities. SCHEDULE 4.1.2 sets forth certain JSC governance matters
agreed to as of the Effective Date. Without limiting any of the foregoing, and subject to Section 4.1.4, the JSC will be responsible for the following functions: 

 

	 	(a)	 overseeing, reviewing monitoring and coordinating the Parties’ activities under this Agreement;

  

	 	(b)	 reviewing and approving any updates to the Research Plan; 

 

	 	(c)	 reviewing and approving the Development Candidate Identification Plan, including updates thereto, as
described in Section 3.5.1; 

  

	 	(d)	 reviewing the overall progress of Ionis’ efforts to discover, identify, optimize and select the
Development Candidate; 

  

	 	(e)	 proposing and approving the IND-Enabling Toxicology Plan for the
Development Candidate [***], as applicable; 

  

	 	(f)	 agreeing on the IND-Enabling Toxicology Costs pursuant to
Section 3.6.2; 

  

	 	(g)	 proposing and approving the initial Clinical Development Plan, including any biomarker, endpoint and
natural history work to be performed in the Clinical Development Plan, and any updates thereto, as described in Section 3.7; 

  

	 	(h)	 agreeing on any [***], and any updates thereto, proposed by Praxis; 

 

	 	(i)	 establishing teams and committees to oversee and manage activities after Development Candidate
designation as it deems necessary through [***]; 

  
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	 	(j)	 establishing, reviewing and approving the Technology Transfer Plan pursuant to Section 7.8,
and any amendments thereto; and 

  

	 	(k)	 undertaking or approving such other matters as are specifically provided for the JSC under this
Agreement or as may be assigned to the JSC by mutual agreement of the Parties pursuant to this Agreement. 

  

	 	4.1.3	 Membership. The JSC will be comprised of an equal number of members from each of Ionis and
Praxis, and unless otherwise agreed such number will be three members from each of Ionis and Praxis. Each JSC member will have experience and expertise appropriate for the stage of development of the collaboration described herein. Either Party may
replace its respective JSC members at any time with prior notice to the other Party, provided that such replacement is of comparable authority and scope of functional responsibility within that Party’s organization as the individual he or she
is replacing. Each Party will designate one of its representatives who is empowered by such Party to make decisions related to the performance of such Party’s obligations under this Agreement to act as the
co-chair of the JSC (each, a “Co-Chairperson”). The Co-Chairpersons will be responsible for calling
meetings, preparing and circulating an agenda in advance of each meeting (any such agenda will include every matter requested by either Party), and preparing minutes of each meeting within [***] thereafter. Two (2) representatives of RogCon
will be invited to attend, at their own expense, any meetings of the JSC and will be allowed to participate in such meetings as non-voting observers. 

 

	 	4.1.4	 Decision Making. Decisions of the JSC will be made by unanimous agreement of the members
representing Praxis and Ionis who are present in person or by other means (e.g., teleconference) at any meeting of the JSC, with each Party’s representatives having, collectively, one vote. At any given meeting of the JSC, a quorum will be
deemed to have been reached if a voting representative of each of Praxis and Ionis is present in person or by other means at such meeting. No action taken at any meeting of the JSC will be effective unless there is a quorum at such meeting. Unless
otherwise specified in this Agreement, no action will be taken with respect to a matter for which the JSC has not reached unanimous consensus. The members of the JSC will at all times use good faith efforts to reach consensus on matters properly
before the JSC; however, in the event that the JSC is unable to reach consensus with respect to a particular matter despite such good faith efforts, then either Party may, by written notice to the other, refer the matter to the Senior
Representatives of the Parties for resolution by good faith discussions for a period of at least [***]. A senior representative of RogCon will be invited to attend any such discussions scheduled by the Senior Representatives. In the event that the
Senior Representatives of the Parties are unable to reach agreement with respect to such matter within [***] after the matter is first referred to them, then, except as specified otherwise in ARTICLE 3 and Section 4.1.5:

  

	 	(a)	 Ionis will have final decision-making authority prior to Praxis’ exercise of the Option; and

  
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	 	(b)	 Praxis will have final decision-making authority upon and after Praxis’ exercise of the Option,
except with respect to [***], in which case either Party may initiate expert review under Section 4.1.4(c) with respect to such issue by providing written notice of its election to the other Party, and during the pendency of such
resolution, the Parties will not conduct any activity that is the subject of the dispute. 

  

	 	(c)	 If either Party provides written notice to the other Party of initiation of expert review with respect
to any dispute pursuant to Section 4.1.4(b), the Parties will appoint a single expert who will be neutral, disinterested and impartial, and who has significant relevant experience in nonclinical or clinical development (as applicable) of
pharmaceutical products and is reasonably acceptable to both Parties, within [***] of the issue date of such written notice. Within [***] of such appointment, each Party will simultaneously provide to the expert and to the other Party such
Party’s proposal with respect to the unresolved issue (i.e., such Party’s proposal with respect to the applicable issue within the JSC’s purview pursuant to Section 4.1.2) and such Party’s written arguments
with respect thereto. The expert will make a final decision with respect to any such matter within [***] after the date of receipt of both Parties’ proposals and arguments, if any, with respect to such matter, provided that the expert
may only choose one of the proposals presented by a Party in its entirety, and will not have the discretion to make any other judgment with respect to such matter. Each Party will bear its own attorney’s fees, costs, and disbursements arising
out of the expert review process, and will pay an equal share of the fees and costs of the expert. 

  

	 	4.1.5	 Notwithstanding Section 4.1.4, neither Party will have any authority or right to amend or
modify the Research Plan, the Development Candidate Identification Plan, the Clinical Development Plan or the Technology Transfer Plan in any manner that would materially expand the scope of the other Party’s obligations, including the amount,
type or timing of any payments which a Party is obligated to make to the other Party or to any Third Party pursuant to any such plan, and/or materially delay the projected timelines thereunder. Notwithstanding anything herein to the contrary, the
JSC will not have any authority or right (a) to modify, amend or waive any term or condition of this Agreement, (b) to determine any issue in a manner that would conflict with any term or condition of this Agreement, or (c) to make
any determination that any Party is in breach of this Agreement. Except as otherwise expressly stated in this Agreement, the JSC will have no decision-making authority and will act as a forum for sharing information about the activities conducted by
the Parties hereunder and as an advisory body, in each case only on the matters described in, and to the extent set forth in, this Agreement. 

  

	4.2	 Day-to-Day
Responsibilities. Each Party will: (a) be responsible for day-to-day implementation and conduct of the activities hereunder for which it has or is otherwise
assigned responsibility under this Agreement, provided that such implementation is not inconsistent with the express terms of this Agreement or the decisions of the JSC within 

  
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the scope of its authority as provided herein; and (b) provide the other Party with information about material events related to the progress of such activities, as may be reasonably
requested by the other Party from time to time. 

  

	4.3	 Alliance Managers. Each Party will appoint a representative to act as its alliance manager under
this Agreement (each, an “Alliance Manager”). Each Alliance Manager will be responsible for supporting the JSC and performing the activities listed in SCHEDULE 4.3. 

ARTICLE 5. 
 EXCLUSIVE
OPTION 
  

	5.1	 Option and Option Deadline. Ionis hereby grants to Praxis an exclusive option to obtain the
rights and licenses set forth in Section 7.1 with respect to the Development Candidate [***], subject to this ARTICLE 5 (the “Option”). Praxis may exercise the Option at any time on or before [***] (the
“Option Deadline”) by issuing to Ionis a written notice of its decision to exercise the Option, including the [***]; provided that if Praxis notifies Ionis in writing prior to the Option Deadline that it wishes to extend the
Option Deadline [***]. The Parties acknowledge that the Option Deadline is also subject to extension pursuant to Section 17.1.2(b). 

  

	5.2	 Exercise. If Praxis notifies Ionis in writing by the Option Deadline (including as it may be
extended in accordance with Section 5.1) that Praxis is exercising the Option, Praxis will contemporaneously pay Ionis the License Fee set forth in Section 9.1.1. 

 

	5.3	 No Exercise. If Praxis does not provide timely written notice and payment of the License Fee to
Ionis under Section 5.2 prior to the Option Deadline, then Praxis’ Option will expire. In such a case: 

  

	 	5.3.1	 Praxis will have no further rights to (and Ionis will have no further obligations with respect to) the
Development Candidate or any [***]; 

  

	 	5.3.2	 Praxis will promptly provide to Ionis (to the extent not previously provided) copies of all data,
results and information that it has generated before or during the Agreement Term under the Research Plan, the Development Candidate Identification Plan or the Clinical Development Plan; 

 

	 	5.3.3	 Effective on the date Praxis’ Option expires: 

 

	 	(a)	 Praxis will, and does hereby, grant to Ionis a sublicensable, worldwide, royalty-free, fully paid up, non-exclusive license or sublicense, as the case may be, to (i) any Collaboration Patents Controlled by Praxis and (ii) any Praxis Background Patents that Cover any invention or technology that [***], to
develop, manufacture and otherwise commercialize the Development Candidate and any [***] in the Field and for the Treatment of [***]; 

  

	 	(b)	 at any time [***] (the “Praxis Background Patents ROFN Period”), if
(i) Praxis receives an offer from a Third Party to exclusively license any of the 

  
 12 

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Praxis Background Patents in any part of the remainder of the Competing Field that the Praxis Board of Directors intends to accept, or (ii) the Praxis Board of Directors decides to license
to or develop with a Third Party a product in the Competing Field that practices any of the claims within the Praxis Background Patents, Praxis will provide written notice to Ionis, and Praxis and Ionis will negotiate in good faith for a period not
to exceed [***] for a license to the Praxis Background Patents to develop and commercialize the Development Candidate (and any [***]) in the remainder of the Competing Field, provided that during the [***] following the Praxis Background
Patents ROFN Period, Praxis will not enter into any such license agreement with a Third Party or an Affiliate on terms that are less favorable in the aggregate to Praxis than the terms last offered to or by Ionis in writing; 

 

	 	(c)	 if Praxis grants a Third Party a non-exclusive license under any
of the Praxis Background Patents in any part of the remainder of the Competing Field at any time during the [***], then Praxis will notify Ionis in writing and will offer Ionis a non-exclusive license, on the
same terms and conditions as such Third Party, to develop and commercialize the Development Candidate (and any [***]) in the same field of use granted to the Third Party licensee; and 

 

	 	(d)	 the Agreement will expire. 

 

	 	5.3.4	 If the Parties cannot reach agreement during the negotiation period set forth in
Section 5.3.3(b), which period can be extended by mutual agreement of the Parties, or if Ionis does not exercise its right to negotiate under Section 5.3.3(b) in a timely manner or take the
non-exclusive license under Section 5.3.3(c), then Praxis will have no further obligation to license the Praxis Background Patents to Ionis in the remainder of the Competing Field.

  

	5.4	 Transfer of Option to RogCon. The Parties acknowledge that Praxis may transfer the Option, along
with all of the rights and obligations ancillary to the exercise of the Option set forth in this ARTICLE 5, to RogCon in connection with an authorized assignment of this Agreement to RogCon in accordance with Section 17.1.2(b).
From and after the effective date of any authorized assignment of the Agreement to RogCon, all of Praxis’ rights and obligations associated with the exercise of the Option under ARTICLE 5, including the right to extend the Option
Deadline under Section 5.1, will inure solely to RogCon instead of to Praxis. For clarity, if the Option is assigned to RogCon and RogCon exercises the Option prior to the Option Deadline, then Praxis will not be obligated to grant the
license to Ionis under Section 5.3.3 under any circumstances. 

  

	5.5	 Assignment of RogCon In-License Agreement. Without
limiting Praxis’ obligations under Section 5.3.3, if the Option expires unexercised under any circumstance, then upon the effective date of expiration of the Option, Praxis will, upon the written request of Ionis, assign the RogCon In-License Agreement to Ionis. 

  
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 ARTICLE 6. 

EXCLUSIVITY COVENANTS 
  

	6.1	 Exclusivity Covenants. 

 

	 	6.1.1	 Before Delivery of Development Candidate Data Package. Except as set forth in
Section 6.1.4, Section 6.1.5 and Section 7.2, before Ionis delivers the Development Candidate Data Package to the JSC pursuant to Section 3.5.2, neither Ionis nor Praxis will work independently for or
with any of its respective Affiliates or any Third Party (including the grant of any license to or otherwise authorize or assist any Third Party) with respect to the Discovery, development or commercialization (or the manufacture for the purpose of
development or commercialization) of an ASO that is designed to bind to the mRNA or pre- mRNA and down-regulate the expression of SCN2A gene products in the Field or the Competing Field until the earlier of
the date (x) [***] (y) [***] and (z) [***]. 

  

	 	6.1.2	 During the Negotiation Period. Except as set forth in Section 6.1.4,
Section 6.1.5 and Section 7.2, during the Negotiation Period, neither Ionis nor Praxis will work independently for or with any of its respective Affiliates or any Third Party (including the grant of any license to or
otherwise authorize or assist any Third Party) with respect to the Discovery, development or commercialization (or the manufacture for the purpose of development or commercialization) of an ASO that is designed to bind to the mRNA or pre-mRNA and down-regulate the expression of SCN2A gene products in the Field or the [***] until the earlier of the date (w) [***], (x) [***], (y) [***] and (z) [***]. 

 

	 	6.1.3	 After the Expiration of the Negotiation Period. Except in the performance of its obligations or
exercise of its rights under this Agreement and except as set forth in Section 6.1.4, Section 6.1.5 and Section 7.2, after the expiration of the Negotiation Period, neither Ionis nor Praxis will work independently
for or with any of its respective Affiliates or any Third Party (including the grant of any license to or otherwise authorize or assist any Third Party) with respect to: 

 

	 	(a)	 the development of an ASO that is designed to bind to the mRNA or
pre-mRNA and down-regulate the expression of SCN2A gene products in the Field until the earlier of (i) [***] and (ii) [***]; and 

 

	 	(b)	 on a country-by-country
basis, the commercialization of an ASO that is designed to bind to the mRNA or pre-mRNA and down-regulate the expression of SCN2A gene products in the Field, until the earlier of (i) [***] and (ii) [***].

  

	 	6.1.4	 In addition, except as set forth in Section 6.1.5(a), Section 6.1.5(b) and
Section 6.1.5(c), under no circumstances, may Ionis develop, manufacture or commercialize the Development Candidate, the [***] or any Product for any indication in any field of use, whether inside or outside the Field or the Competing
Field, during the Agreement Term. 

  
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	 	6.1.5	 Limitations and Exceptions to the Exclusivity Covenants. Notwithstanding anything to the contrary in
this Agreement, a Party’s practice of the following will not violate Section 6.1.1, Section 6.1.2 or Section 6.1.3: 

  

	 	(a)	 such Party’s performance of its activities and fulfillment of its obligations under this Agreement;

  

	 	(b)	 performance of any activities or fulfillment of any obligations under a Prior Agreement (provided
that for purpose of this Section 6.1.5(b) being an exception to Section 6.1.4, Prior Agreements will not include the agreement between Ionis and Alnylam listed in Appendix 2); 

 

	 	(c)	 the granting of, or performance of obligations under, Permitted Licenses; and 

 

	 	(d)	 any activities pursuant to Section 7.2.2(d) below. 

 

	6.2	 Effect of Exclusivity on Indications. The Product will be designed to bind to the mRNA or pre-mRNA and down-regulate the expression of SCN2A gene products, which gene is known to play a role in epilepsy. Ionis and Praxis are subject to exclusivity obligations under Section 6.1;
however, the Parties acknowledge and agree that each Party (on its own or with a Third Party) may continue to develop, manufacture and commercialize products that are designed to bind to the mRNA or
pre-mRNA of any gene that is not SCN2A for any indication, or are designed to up-regulate the expression of SCN2A gene products, and further, that Ionis
and Praxis each may continue to develop, manufacture and commercialize products that are designed to bind to the mRNA or pre-mRNA of SCN2A for any indication outside both the Field and the Competing Field.
However, if Praxis exercises its right to expand the Field to encompass the Competing Field in accordance with Section 7.2, then Ionis and Praxis each may continue to develop, manufacture and commercialize products that are designed to
bind to the mRNA or pre-mRNA of SCN2A for any indication outside the Field (as modified as a result of Praxis’ exercise of such right). If Praxis does not exercise its right to expand the Field to
encompass the Competing Field in accordance with Section 7.2, then Ionis may develop, manufacture and commercialize products that are designed to bind to the mRNA or pre-mRNA of SCN2A (except,
during the Agreement Term, the Development Candidate, the [***] and any Product) for any indication outside the Field. 

ARTICLE 7. 
 LICENSE
GRANT, RIGHT OF NEGOTIATION, SUBLICENSE AND SUBCONTRACT 
  

	7.1	 Development and Commercial License Grants. Subject to the terms and conditions of this Agreement,
effective upon Praxis’ timely exercise of its Option and payment of the License Fee under Section 9.1.1, Ionis grants to Praxis: 

  

	 	7.1.1	 a worldwide, royalty bearing (solely as set forth in Section 9.2), exclusive (even as to
Ionis) license, with the limited right to grant sublicenses as set forth in Section 7.4 below, under Ionis’ rights in the jointly owned Collaboration IP and the Ionis Product-Specific Patents and Ionis Product-Specific Know-How to Develop, make, have made, use, sell, have sold, offer for sale, import and otherwise Commercialize Products in the Field; 

  
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 CONFIDENTIAL 

 

	 	7.1.2	 a non-exclusive, worldwide, royalty bearing (solely as set forth
in Section 9.2) license, with the limited right to grant sublicenses as set forth in Section 7.4 below, under the Ionis Core Technology Patents and Ionis Core Technology Know-How to
Research, Develop, make, have made, use, sell, have sold, offer for sale, import and otherwise Commercialize Products in the Field; and 

  

	 	7.1.3	 a non-exclusive, worldwide, royalty bearing (solely as set forth
in Section 9.2) license under the Ionis Manufacturing and Analytical Patents and Ionis Manufacturing and Analytical Know-How to Manufacture Products in the Field either (a) by Praxis in its
own manufacturing facility(ies), (b) a CMO previously granted licenses to practice the Ionis Manufacturing and Analytical Patents, or (c) in the facility of one or more CMOs nominated by Praxis which is subsequently granted licenses by Ionis to
practice the Ionis Manufacturing and Analytical Patents and Ionis Manufacturing and Analytical Know-How. At Praxis’ request, Ionis will offer to grant a license to a CMO named by Praxis on no less
favorable overall terms to such CMO than Ionis grants to other CMOs. 

  

	7.2	 Right of Negotiation. 

 

	 	7.2.1	 From the date Ionis delivers the Development Candidate Data Package to the JSC under
Section 3.5.2 through [***] following the earlier to occur of (a) the [***] anniversary of the date that Ionis delivers the Development Candidate Data Package to the JSC pursuant to Section 3.5.2 and (b) [***] (such
period, the “Negotiation Period”), if Praxis wishes to obtain rights and licenses under the Licensed IP to Research, Develop, Manufacture and Commercialize Products in the Competing Field, Praxis will notify Ionis in writing
(the “Praxis Negotiation Notice”), and the Parties will negotiate in good faith commercially reasonable terms therefor for a period of not less than [***] to expand the Field to encompass the Competing Field. If the Parties
are unable to agree on commercially reasonable terms for such Field expansion despite negotiating in good faith for such [***] period, then such terms will be decided in accordance with Section 7.2.2. 

 

	 	7.2.2	 Expert Evaluation. 

 

	 	(a)	 The Parties will agree upon and select an independent Third Party expert who is neutral, disinterested
and impartial, and who has significant relevant experience in the commercialization of pharmaceutical products (the “Expert”). If the Parties are unable to promptly agree upon an Expert, then upon request by either
Party, the Expert will be appointed by the Judicial Arbitration and Mediation Services, Inc. (“JAMS”) (or any successor entity thereto). The date on which such Expert is selected will be the “Expert
Evaluation Commencement Date.” Within [***] after the Expert Evaluation Commencement Date, each Party will prepare and deliver to the Expert and the other Party (a) its proposed terms to expand the Field to

  
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encompass the Competing Field and (b) a memorandum (the “Supporting Memorandum”) in support thereof. The Parties will also provide the Expert with a copy of this
Agreement. Within [***] after receipt of the other Party’s proposed terms and Supporting Memorandum, each Party may submit to the Expert (with a copy to the other Party) a rebuttal to the other Party’s Supporting Memorandum (a
“Rebuttal”), which may include a revision, marked to show changes, of either Party’s proposed terms. Neither Party may have ex parte communications (either written or oral) with the Expert other than for the sole
purpose of selecting the Expert or as expressly permitted under this Section 7.2.2. 

  

	 	(b)	 Within [***] after the Expert’s receipt of each Party’s Rebuttal (or the expiration of the
period for the Parties to submit a Rebuttal), the Expert will select, between the proposals provided by the Parties, the proposal that the Expert believes most accurately reflects an equitable result for the Parties (the “Selected
Proposal”). The Expert will not have the authority to modify a proposal submitted by a Party. 

  

	 	(c)	 The Expert will have reasonable discretion to request additional information, hold a hearing, and extend
the time frame for reaching a decision regarding the Parties’ competing proposals, to the extent not inconsistent with this Section 7.2.2. The Expert’s fees and expenses will be paid by the Party whose proposal is
not selected by the Expert. Each Party will bear and pay its own expenses incurred in connection with any proceedings under this Section 7.2.2. 

  

	 	(d)	 Praxis will have [***] following receipt of the Selected Proposal to accept the Selected Proposal by
sending written notice to Ionis in accordance with Section 17.7. If Praxis fails to accept the Selected Proposal within such [***] period, (i) Praxis will have no rights under the Licensed IP to Research, Develop, Manufacture and
Commercialize Products in the Competing Field, and (ii) Praxis will, and hereby does, grant to Ionis a non-exclusive, worldwide, royalty-free license, with the right to grant sublicenses, under the
Collaboration Patent Rights Controlled by Praxis and the Praxis Background Patents, in each case that are necessary or reasonably useful to develop, manufacture and otherwise commercialize any product (other than any Product) for the Treatment of
[***]. 

  

	 	(i)	 In addition, if, at any time during the [***] after Praxis fails to accept the Selected Proposal (the
“Selected Proposal ROFN Period”), (x) Praxis receives an offer from a Third Party to exclusively license any of the Collaboration Patent Rights Controlled by Praxis or any of the Praxis Background Patents in any part of the
remainder of the Competing Field that the Praxis Board of Directors intends to accept, or (y) the Praxis Board of Directors decides to license to or develop with a Third Party a product in the Competing Field that practices any of the
Collaboration Patent Rights Controlled by 

  
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Praxis or any of the Praxis Background Patents, Praxis will provide written notice to Ionis, and Praxis and Ionis will negotiate in good faith for a period not to exceed [***] for a license to
such Collaboration Patent Rights Controlled by Praxis and Praxis Background Patents to develop and commercialize the Development Candidate (and any [***]) in the remainder of the Competing Field, provided that during the [***] following the
Selected Proposal ROFN Period, Praxis will not enter into any such license agreement with a Third Party on terms that are less favorable in the aggregate to Praxis than the terms last offered to or by Ionis in writing. 

 

	 	(ii)	 Further, if Praxis grants a Third Party or an Affiliate a nonexclusive license under any of the
Collaboration Patent Rights Controlled by Praxis or any of the Praxis Background Patents in any part of the remainder of the Competing Field at any time during the [***] after Praxis fails to accept the Selected Proposal, then Praxis will notify
Ionis in writing and will offer Ionis a non-exclusive license, on the same terms and conditions as such Third Party or Affiliate, to develop and commercialize the Development Candidate (and any [***]) in the
same field of use granted to the Third Party or Affiliate licensee. 

  

	 	(iii)	 If the Parties cannot reach agreement during the negotiation period set forth in
Section 7.2.2(d)(i), which period can be extended by mutual agreement of the Parties, or if Ionis does not exercise its right to negotiate under Section 7.2.2(d)(i) in a timely manner or take the non-exclusive license under Section 7.2.2(d)(ii), then Praxis will have no further obligation to license the Praxis Background Patents or the Collaboration Patent Rights Controlled by Praxis to Ionis in
the remainder of the Competing Field. 

  

	 	7.2.3	 Expansion of Field. If the Parties are able to agree on the terms and conditions associated with
the expansion of the Field to encompass the Competing Field within the [***] period referenced in Section 7.2.1 or the Parties are unable to agree on those terms and conditions within such [***] period and Praxis accepts the Selected
Proposal in accordance with Section 7.2.2(d), then the Field will thereafter be deemed to encompass the Competing Field and the Parties will promptly execute an amendment to this Agreement as necessary to reflect the expansion of the
Field pursuant to their agreement or the Selected Proposal, as applicable. 

  

	7.3	 Cross Licenses. 

 

	 	7.3.1	 Enabling License to Praxis. For so long as Praxis’ Option has not expired or been
terminated, and subject to the terms and conditions of this Agreement, Ionis hereby grants to Praxis a non-exclusive, worldwide license under the Ionis Core Technology Patents, the Ionis Manufacturing and
Analytical Patents and Ionis Manufacturing and Analytical Know-How solely to perform Praxis’ Research and Development obligations and activities under the Research Plan and Development Candidate
Identification Plan prior to Option exercise. 

  
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	 	7.3.2	 Enabling License to Ionis. Subject to the terms and conditions of this Agreement (including
Ionis’ exclusivity covenants under Section 6.1), Praxis hereby grants to Ionis a non-exclusive, worldwide, royalty-free, fully paid, irrevocable license, with the right to grant sublicenses,
under any Collaboration Patents Controlled by Praxis that claim inventions made by or on behalf of Praxis under the Collaboration that relate to subject matter applicable to ASO compounds in general, in each case to (x) exercise Ionis’
rights and perform Ionis’ obligations under this Agreement (y) research, develop, manufacture and commercialize any product containing an ASO as an active pharmaceutical ingredient, and (z) practice the Licensed IP outside of the
Field and the Competing Field. For clarity, any claims within Collaboration Patents that Cover inventions made by or on behalf of Praxis under the Collaboration that solely and specifically claim the composition of matter of any Product or a product
that is not an ASO that is designed to bind to the mRNA or pre-mRNA and down-regulate the expression of SCN2A gene products, or methods of using any such Product or product as a prophylactic or therapeutic in
any field of use are not included within the scope of the license grant from Praxis to Ionis under this Section 7.3.2. 

  

	7.4	 Right to Grant Sublicenses. Praxis will have the right to grant sublicenses (through multiple
tiers) under the licenses granted under Section 7.1.1 and Section 7.1.2 above, provided that (a) each such sublicense is for the continued Research, Development and/or Commercialization of a Product, and is
subject to, and consistent with, the terms and conditions of this Agreement, and (b) Praxis will not sublicense the Product prior to the [***] without Ionis’ consent (such consent not to be unreasonably withheld, conditioned or delayed).
Praxis will use reasonable efforts to ensure that all Persons to which it grants sublicenses comply with such terms and conditions. For the avoidance of doubt, Praxis will not have the right to grant a sublicense of any of its rights under
Section 7.1.3 to any Third Party. 

  

	 	7.4.1	 Sublicense Notice. Praxis will provide Ionis with prompt written notice of its grant of any
sublicense pursuant to this Section 7.4. Praxis will promptly (but in no event later than [***] after the execution thereof) provide Ionis a true and complete copy of any such sublicense, provided, however, that Praxis will
have the right to redact any financial terms and other technical or business information from such copy of the sublicense agreement if Praxis determines in good faith such redactions are necessary to protect any of its or its Sublicensee’s
confidential or proprietary information unrelated to Praxis’ obligations under this Agreement. 

  

	 	7.4.2	 Enforcing Sublicense Agreements. Praxis will inform Ionis of any material breach of any
sublicense granted by Praxis pursuant to this Section 7.4 promptly after becoming aware of such breach. If such breach, in Ionis’ good faith belief, is reasonably likely to (a) cause a material adverse effect on Ionis’ ASO
platform technology or (b) adversely affect a material right of Ionis under this Agreement, Ionis may request Praxis to enforce the terms of such sublicense. If Praxis fails to

  
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take any action to enforce the terms of such sublicense, including causing its Sublicensee to cure the breach, within [***] after Ionis’ request, Praxis will and hereby does, grant to Ionis
the right to enforce such sublicense terms on Praxis’ behalf and will otherwise cooperate with Ionis (upon Ionis’ reasonable request) in connection with enforcing such terms. 

 

	7.5	 No Implied Licenses. All rights in and to Licensed IP not expressly licensed to Praxis under this
Agreement are hereby retained by Ionis or its Affiliates. Except as expressly provided in this Agreement, no Party will be deemed by estoppel or implication to have granted the other Party any license or other right with respect to any intellectual
property. 

  

	7.6	 License Conditions; Limitations. The licenses granted under Section 7.1 and
Section 7.3 and the sublicense rights under Section 7.4 are subject to and limited by (a) the Prior Agreements, (b) the Ionis In-License Agreements, and (c) the granting
of, or performance of obligations under, Permitted Licenses. 

  

	7.7	 Subcontracting. Subject to the terms of this Section 7.7, each Party will have the
right to engage Third Party subcontractors to perform certain of its obligations under this Agreement. Any subcontractor to be engaged by a Party to perform such Party’s obligations set forth in this Agreement will meet the
qualifications typically required by such Party for the performance of work similar in scope and complexity to the subcontracted activity and will enter into a written agreement consistent with the terms of this Agreement, including intellectual
property ownership and confidentiality provisions consistent with those set forth in ARTICLE 10 and ARTICLE 15. Any Party engaging a subcontractor hereunder will remain responsible and obligated for such activities and will not grant
rights to such subcontractor that interfere with the rights of the other Party under this Agreement. 

  

	7.8	 Technology Transfer. 

 

	 	7.8.1	 Licensed Know-How Transfer. Promptly following
Praxis’ exercise of the Option in accordance with Section 5.1, the Parties (by and through the JSC) will establish and approve a plan and budget pursuant to which Ionis will perform a technology transfer to Praxis of all
Licensed Know-How (other than the Ionis Manufacturing and Analytical Know-How) for use solely in accordance with the licenses granted by Ionis to Praxis hereunder
(the “Technology Transfer Plan”). The Technology Transfer Plan will set forth the type, name and quantity of any Know-How transferred and the anticipated timelines
for completing such transfer. 

  

	 	7.8.2	 Technology Transfer Assistance. In accordance with the Technology Transfer Plan, and subject to
Section 7.8.3, Ionis will provide reasonable technical assistance to Praxis, at Praxis’ request, to the extent necessary or useful to exercise the rights and solely for use in accordance with the licenses granted by Ionis to Praxis
hereunder (collectively, the “Technology Transfer Activities”). Ionis will perform the Technology Transfer Activities using Commercially Reasonable Efforts to accomplish such activities in an efficient
and timely manner in accordance with the Technology Transfer Plan (including the budget therefor). The Parties (through the JSC, to the extent it is then-existing) may from time to time review and approve amendments to the Technology Transfer Plan,
based on changes in circumstances. 

  
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	 	7.8.3	 Technology Transfer Costs. Ionis will perform the Technology Transfer Activities under
Section 7.8 for up to [***] ([***] to Praxis) of Ionis’ time. Thereafter, if reasonably requested by Praxis, Ionis will provide Praxis with a reasonable level of assistance in connection with such transfer, and Praxis will reimburse
Ionis for Ionis’ time incurred in providing such assistance at Ionis’ then-current FTE rate and will reimburse Ionis for its reasonable out-of-pocket costs
incurred in connection therewith upon receipt of an invoice for such time and costs. 

 ARTICLE 8. 

DEVELOPMENT AND COMMERCIALIZATION 
  

	8.1	 Right and Responsibility. Subject to the terms and conditions of this Agreement, commencing on
the date Ionis grants Praxis the license under Section 7.1, Praxis, directly or through its Affiliates or Sublicensees, will control and be solely responsible for, at its expense, Researching, Developing, Manufacturing and
Commercializing Products worldwide in the Field. Praxis, directly or through its Affiliates or Sublicensees, will use Commercially Reasonable Efforts to Develop and Commercialize Products in the Field in the Major Markets, including by allocating
financial resources consistent with such Commercially Reasonable Efforts. 

  

	8.2	 Integrated Product Plans. Within [***], Praxis will prepare and provide to Ionis an integrated
Product plan outlining key aspects of the Product Development (including CMC-related matters) as well as key aspects of its regulatory strategy, market launch and Commercialization (including annual sales
forecasts) (such plan, an “Integrated Product Plan” or “IPP”), which plan will include the components set forth in SCHEDULE 8.2. Once Praxis has prepared the initial IPP,
Praxis will update the IPP annually; provided, however, reports on these topics prepared by Praxis for internal management purposes will be sufficient to satisfy this updating obligation, in which case Praxis may redact information
that is unrelated to the Product. Praxis and Ionis will meet on a [***] basis to discuss the updated IPP provided by Praxis to Ionis pursuant to the prior sentence. Praxis will consider, in good faith, any proposals and comments made by Ionis for
incorporation in the IPP. In addition, upon reasonable request of Ionis (but in no event more than once per Calendar Quarter) following the dissolution of the JSC, Praxis will make a senior member of its commercial leadership team available at least
[***] in advance of Ionis’ quarterly earnings release (provided Ionis has given Praxis the expected date of each such earnings release), to answer questions from Ionis’ Alliance Manager related to any material changes that may have
occurred to the IPP, or otherwise to Praxis’ commercialization or regulatory strategy with respect to the Product, since the last [***] update of the IPP was provided to Ionis. The Parties’ Alliance Managers will coordinate and plan such
meetings. 

  

	8.3	 Performance Milestones for Development Activities. 

 

	 	8.3.1	 Timelines. Praxis will perform the following Development activities for the Product on the
following timelines (each, a “Performance Milestone”). 

  
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	 	(a)	 within [***] from the Option exercise, submit an IND to the FDA; 

 

	 	(b)	 within [***] following IND approval, Initiate a Phase 1/2 Study; 

 

	 	(c)	 within [***] following the successful completion of a Phase 1/2 Study, Initiate a Pivotal Study or
extend the Phase 1/2 Study into a Pivotal Study for such Product; and 

  

	 	(d)	 within [***] following successful completion of the Pivotal Study, file an NDA. 

 

	 	8.3.2	 Extension of Timelines. If regulatory or Development issues outside of Praxis’
reasonable control arise that make any of the Performance Milestones in Section 8.3.1 not reasonably possible or likely for Praxis to achieve, then Praxis will provide notice to Ionis and the Parties will meet to discuss in good
faith and agree on a reasonable extension of the timeline(s) for achievement of the Performance Milestones. The Parties will discuss the proposed timelines in good faith and, if necessary, agree on a revised date by which the applicable Performance
Milestones will be achieved. If the Parties cannot in good faith agree on an extension of the timeline(s), then either Party may refer the matter to the Senior Representatives for resolution in accordance with Section 17.4.1. If the
Senior Representatives are not able to agree on an extension of the timeline(s) for achievement of the Performance Milestones within [***] of referral to the Senior Representatives, then either Party may initiate dispute resolution in accordance
with Section 8.3.3. 

  

	 	8.3.3	 Dispute Resolution for Timeline Extension. If either Party provides written notice to the other
Party of initiation of dispute resolution with respect to a dispute pursuant to Section 8.3.2, the Parties will appoint a single expert who will be neutral, disinterested and impartial, and who has significant relevant experience in
pharmaceutical development or regulations, as applicable, of pharmaceutical products and is reasonably acceptable to both Parties, within [***] of the issue date of such written notice. Within [***] of such appointment, each Party will provide to
the expert and to the other Party such Party’s proposal with respect to the timeline(s) for achievement of the Performance Milestones and such Party’s written arguments with respect thereto. The expert will make a final decision with
respect to any such matter within [***] after the date of receipt of both Parties’ proposals and arguments, if any, with respect to such matter, provided that the expert may only choose one of the proposals presented by a Party in its
entirety, and will not have the discretion to make any other judgment with respect to such matter. Each Party will bear its own attorneys’ fees, costs and disbursements arising out of dispute resolution under this Section 8.3.3, and
will pay an equal share of the fees and costs of the expert. If Praxis does not achieve a Performance Milestone as modified under this Section 8.3.3, then Ionis may terminate this Agreement pursuant to Section 13.2.2.

  

	8.4	 Regulatory Matters; Global Safety Database; Pharmacovigilance Agreement. 

  
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	 	8.4.1	 IND-Holder. Subject to this Section 8.4,
Praxis will be the IND-holder and will be responsible for all communications with Regulatory Authorities regarding the Product. 

 

	 	8.4.2	 Pharmacovigilance Agreement. If, at any time during the Term, the pharmacovigilance departments
of each of Ionis and Praxis determine that it is necessary for the Parties to enter into a separate pharmacovigilance agreement in order to fulfill their respective local and international regulatory reporting obligations to Regulatory Authorities
and other Applicable Law with respect to the collection, review, assessment, tracking, exchange and filing of information related to adverse events associated with the Product, then the Parties will negotiate in good faith and enter into a
pharmacovigilance agreement which is consistent with such reporting obligations. 

  

	 	8.4.3	 Regulatory Communications Regarding Clinical Study Trial Designs. 

 

	 	(a)	 Praxis will not initiate discussions with a Regulatory Authority regarding the design of any Clinical
Study until the design of such Clinical Study has been established pursuant to Section 3.7, as applicable. 

  

	 	(b)	 Praxis will promptly provide Ionis with (i) final copies of all material submissions to any
Regulatory Authority related to the Product promptly following submission thereof, (ii) a copy of material communications received from a Regulatory Authority related to the Product, and (iii) a copy of the minutes from each meeting with a
Regulatory Authority related to the Product. 

  

	 	(c)	 Praxis will provide Ionis with a draft of all submissions to any Regulatory Authority that materially
impact the design of a Clinical Study or the Development or Commercialization of a Product sufficiently in advance of providing such submission to the applicable Regulatory Authority to enable Ionis to have a meaningful opportunity to provide
comments on the contents thereof and Praxis will [***], but, except as provided in Section 8.4.6, will have final-decision making authority with respect to [***]. If Ionis has provided Praxis with comments on any submission to a
Regulatory Authority pursuant to this Section 8.4.3(c), then Praxis will provide Ionis with a copy of the final version of such submission prior to submitting it to the applicable Regulatory Authority. 

 

	 	8.4.4	 Participation in Regulatory Meetings. 

 

	 	(a)	 Praxis will provide Ionis with as much advance notice as practicable of any meetings that Praxis has or
plans to have with a Regulatory Authority in Major Market countries regarding pre-approval or Approval matters for a Product, and will invite up to two representatives of Ionis to participate in any such
meetings under the direction of Praxis; provided, however, that, Praxis may exclude Ionis from any portion of such meeting that does not 

  
 23 

 CONFIDENTIAL 

 

	 	
pertain to the Product or to Ionis’ antisense oligonucleotide chemistry platform. In addition, Praxis will provide Ionis with as much advance notice as practicable of any meetings that
Praxis has or plans to have with a Regulatory Authority that directly relate to Ionis’ antisense oligonucleotide chemistry platform and will invite up to two Ionis representatives to participate in any such meetings [***]. 

 

	 	(b)	 Without limiting Section 8.4.4(a), to the extent practicable , prior to any scheduled
meeting with a Regulatory Authority regarding pre-approval or Approval matters for a Product, (i) the JSC will discuss and mutually agree upon the approximate timing and objectives for such meeting, and
(ii) Praxis will provide Ionis with an invitation to attend at least one premeeting rehearsal with Praxis and an opportunity to discuss with Praxis the strategy for such meeting. 

 

	 	8.4.5	 CMC Information and Assistance. Upon Praxis’ reasonable request and subject to
Section 7.8.3, Ionis will provide Praxis with additional information and assistance to support the preparation, filing or defense of any Approval for the Product, including assisting Praxis in responding to inquiries of Regulatory
Authorities related thereto. 

  

	 	8.4.6	 Class Generic Claims. To the extent Praxis intends to make any claims in a Product label or
regulatory filing that are class generic to ASOs or any of Ionis’ technology incorporated into the Product, Praxis will provide such claims and regulatory filings to Ionis as far in advance as reasonably possible. Praxis will incorporate all
reasonable proposals and comments made by Ionis. If Praxis reasonably believes that any of Ionis’ proposals and comments are unreasonable, Praxis will notify Ionis in writing as far in advance as reasonably practicable prior to submitting such
claims and regulatory filings to any Regulatory Authority. If the Parties cannot agree upon any Ionis proposal or comments within [***] of Praxis’ notice, then either Party may refer the matter to the Senior Representatives for resolution. The
Senior Representatives will meet in person or by teleconference as soon as reasonably possible thereafter and will use their good faith efforts to agree on the Ionis proposals and comments that are mutually acceptable. Praxis will use its best
efforts to negotiate a Product label based on the agreements reached by the Senior Representatives. If the Regulatory Authority rejects the Product label proposed by Praxis, then Praxis will have final decision-making authority with respect to
[***]. 

  

	 	8.4.7	 Ionis’ Antisense Safety Database. 

 

	 	(a)	 Ionis maintains an internal database that includes information regarding the tolerability of its ASO drug
compounds, individually and as a class, including information discovered during nonclinical and clinical development (the “Ionis Internal ASO Safety Database”). To maximize understanding of the safety profile
and pharmacokinetics of Ionis compounds, Praxis will cooperate in connection with populating the Ionis 

  
 24 

 CONFIDENTIAL 

 

	 	
Internal ASO Safety Database. To the extent collected by Praxis and in the form in which Praxis uses/stores such information for its own purposes, Praxis will provide Ionis with information
concerning toxicology, pharmacokinetics, safety pharmacology study(ies), serious adverse events and other safety information related to Products licensed by Praxis under this Agreement reasonably promptly following the date such information is
available to Praxis (but not later than [***] after Praxis’ receipt of such information). For any reported serious adverse event, Praxis will provide Ionis all serious adverse event reports, including initial, interim, follow-up, amended and final reports. In addition, with respect to Products, Praxis will provide Ionis with copies of Annual safety updates filed with each IND and the safety sections of any final Clinical Trial
reports within [***] following the date such information is filed or is available to Praxis, as applicable. Furthermore, Praxis will promptly provide Ionis with any supporting data and answer any follow-up
questions reasonably requested by Ionis. All such information disclosed by Praxis to Ionis will be Praxis Confidential Information; provided, however, that so long as Ionis does not disclose the identity of a Product or Praxis’
identity, Ionis may disclose any such Praxis Confidential Information to (a) Ionis’ other partners if such information is regarding class generic properties of ASOs, or (b) any Third Party. Praxis will deliver all such information to
Ionis for the Ionis Internal ASO Safety Database to Ionis at 2855 Gazelle Court, Carlsbad, California 92010, Attention: Chief Medical Officer (or to such other address/contact designated in writing by Ionis). Praxis will also cause its Affiliates
and use reasonable efforts to cause its Sublicensees to comply with this Section 8.4.7(a). 

  

	 	(b)	 From time to time, Ionis utilizes the information in the Ionis Internal ASO Safety Database to conduct
analyses to keep Ionis and its partners informed regarding class generic properties of ASOs, including with respect to safety. As such, if and when Ionis identifies safety or other related issues that may be relevant to a Product (including any
potential class-related toxicity), Ionis will promptly inform Praxis of such issues and provide the data supporting Ionis’ conclusions. 

  

	8.5	 Investigator’s Brochure for Products. Once prepared, Praxis will provide to Ionis an up-to-date version of the Investigator’s Brochure for the applicable Product. Praxis will provide materially updated versions (if any) of the Investigator’s Brochure
for each Product to Ionis Annually. 

 ARTICLE 9. 

FINANCIAL PROVISIONS 
  

	9.1	 License Fee and Milestone Payments. 

  
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 CONFIDENTIAL 

 

	 	9.1.1	 License Fee. Praxis will pay Ionis a one-time license fee
of TWO MILLION DOLLARS ($2,000,000) in cash contemporaneous with Praxis’ exercise of the Option in accordance with Section 5.1 (the “License Fee”). 

 

	 	9.1.2	 Milestone Payments for Achievement of Development Milestone Event. For each Product, Praxis, its
Affiliates or Sublicensees, as applicable, will pay Ionis a one-time milestone payment of FIVE MILLION DOLLARS ($5,000,000) in cash upon Completion of the first Clinical Trial for such Product. When a
milestone event is achieved under this Section 9.1.2, Praxis will send Ionis a written notice thereof promptly (but no later than [***] following the date of achievement of the milestone event. The milestone payment will be due within
[***] after achievement of the milestone event. 

  

	 	9.1.3	 Additional Milestone Payment. In addition: 

 

	 	(a)	 Praxis will pay Ionis a one-time milestone payment of FIVE
MILLION DOLLARS ($5,000,000) (“Additional Milestone Payment”) in cash within [***] after the earliest to occur of the following: (i) the first acceptance of an NDA filing for a Product by the Regulatory Authority in a
Major Market; (ii) Praxis has both (A) received, in the aggregate, THREE HUNDRED MILLION DOLLARS ($300,000,000) in cash since the Effective Date and (B) Initiated the first Clinical Study with respect to a Product; and (iii) the closing of
a Change of Control (each of (i), (ii) and (iii), a “Payment Trigger”), provided, however, that if the Change of Control occurs prior to the expiration of the Negotiation Period, then the Additional Milestone
Payment will become due and payable no later than the last day of the Negotiation Period; and provided, further, that if Praxis or the acquiring entity involved in the Change of Control, as applicable, elects to terminate this
Agreement pursuant to Section 13.2.3 and such notice is issued by Praxis or the acquiring entity, as applicable, prior to the earlier of (x) the last day of the Negotiation Period and (y) the [***] following the closing of the
applicable Change of Control, then this Agreement, including the obligation to pay the Additional Milestone Payment under this Section 9.1.3(a), will terminate. 

 

	 	(b)	 Subject to the occurrence of one of the Payment Triggers, Praxis will pay Ionis an amount equal to (i)
ten percent (10%) simple interest per annum accruing on FIVE MILLION DOLLARS ($5,000,000) (“Initial Interest Payment”), calculated from the period commencing on the [***] and ending on the date that [***] plus (ii) ten
percent (10%) simple interest per annum accruing on the Initial Accrued Interest amount (“Second Interest Payment”), calculated from the period commencing on the date the Additional Milestone Payment is paid by Praxis and
continuing until the earlier to occur of (A) the last day of the Calendar Quarter during which Praxis or its Affiliate or Sublicensee(s), collectively, have received, in the aggregate, [***] in Annual Net Sales, (B) the closing date of a Change of
Control, (C) termination of this Agreement by Praxis pursuant to Section 13.2.1, Section 13.2.3, Section 13.2.4 or Section 13.2.5, and (D) termination of this Agreement by Ionis pursuant to Section 13.2.1,
Section 13.2.2, Section 13.2.4 or Section 13.2.5, at which time such payment will be due and payable. For clarity, if the Payment Trigger is a Change of Control and Praxis timely pays the Additional Milestone Payment and the
[***], then [***]. Praxis will make the [***] and the [***], [***], within [***] after the occurrence of the event pursuant to which such payment becomes payable to Ionis. 

 

	 	(c)	 Within [***], Praxis will provide to Ionis a report of the aggregate amount of cash that Praxis has
received in cash since the Effective Date until such aggregate amount totals at least [***]. 

  

	9.2	 Royalty Payments by Praxis to Ionis. 

  
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 CONFIDENTIAL 

 

	 	9.2.1	 Full Royalty Rate. As partial consideration for the rights granted to Praxis hereunder, subject
to the provisions of this Section 9.2, Praxis will pay to Ionis royalties on the portion of Annual worldwide Net Sales of Products sold by Praxis or its Affiliates on a
country-by-country and Product-by-Product basis, in each case in the amounts as follows
in TABLE 1 below (the “Full Royalty Rate”): 

  

					
	 TABLE
1

	 Royalty
Tier
	  	 Portion of Annual Worldwide Net Sales of Products
	  	Royalty
Rate
	 1
	  	For the portion of Annual Worldwide Net Sales < [***]	  	[***]
	 2
	  	For the portion of Annual Worldwide Net Sales > [***]	  	[***]

 Praxis will pay Ionis royalties on Net Sales of Products arising from named patient and other similar programs
under Applicable Law providing for the delivery of Product other than at no cost, Praxis will provide reports and payments therefor to Ionis consistent with this ARTICLE 9, and such sales will count towards calculating the royalty tiers. No
royalties are due on Net Sales of Products arising from named patient, compassionate use and other programs providing for the delivery of Product at no cost. The sales of Products arising from compassionate use or other similar programs will not be
considered a First Commercial Sale for purposes of calculating the Royalty Period under Section 
  

	 	9.2.2	 Royalty Rate Buy-Down. During the period from the
Effective Date until 5:00 p.m. (Eastern) on the [***] anniversary of the [***], Praxis may, subject to Section 9.2.2(c), reduce the Full Royalty Rate [***] across all royalty tiers by delivering written notice to Ionis and concurrently
making a lump sum payment to Ionis, in cash (the “Royalty Rate Buy-Down Payment”), as follows: 

 

	 	(a)	 [***], the Royalty Rate Buy-Down Payment will be [***]. Subject
to Section 9.2.2(c), for each payment of [***], the royalty rates under Section 9.2.1 will be reduced by [***]. 

  

	 	(b)	 [***], the Royalty Rate Buy-Down Payment will be [***]. Subject
to Section 9.2.2(c), for each payment of [***], the royalty rates under Section 9.2.1 will be reduced by [***]. 

  

	 	(c)	 In no event may Praxis buy down the Full Royalty Rate by more than [***], in the aggregate, under this
Section 9.2.2. 

  

	 	9.2.3	 Reduction of Royalty for Competition from Generic Products. On a country- by-country and Product-by-Product basis, if at any time during the Royalty Period, one or more Third Parties are selling one or more
Generic Products during the applicable Calendar Quarter, then, subject to Section 9.2.2(c) and the limitation set forth herein, Praxis’ obligation to pay royalties to Ionis under TABLE 1 of
Section 9.2.1 on Net Sales of the relevant Product in such country will be reduced to the amount that is [***] of the Full Royalty Rate. If Praxis has bought down the Full Royalty Rate by the maximum [***] specified in
Section 9.2.2(c), [***]. 

  
 27 

 CONFIDENTIAL 

 

	 	9.2.4	 Royalty Period. Praxis’ obligation to pay Ionis royalties with respect to a Product will
continue on a country-by-country and Product-by-Product basis from the date of First
Commercial Sale of such Product until the later of (a) the date of expiration of the last Valid Claim within the Licensed Patents Covering such Product in the country in which such Product is made, used or sold, (b) the date of expiration
of the data exclusivity period conferred by the applicable Regulatory Authority in such country with respect to such Product (e.g., such as in the case of an orphan drug), and (c) the [***] anniversary of the First Commercial Sale of
such Product in such country (the “Royalty Period”). For clarity, upon expiration of the Royalty Period for a Product in a country, Praxis’ Know-How licenses
under Section 7.1 with respect to such Product in such country will become non-exclusive, royalty-free, fully-paid, irrevocable and perpetual. For clarity, Praxis’ obligation to pay royalties
to Ionis under this Section 9.2 is imposed only once with respect to the same unit of a Product, regardless of the number of Licensed Patents Covering such Product. 

 

	 	9.2.5	 Royalty Payments. All payments due under Section 9.2 will be paid within [***] in
which Net Sales occur. 

  

	9.3	 Third Party Payment Obligations. 

 

	 	9.3.1	 In-License Agreements. 

 

	 	(a)	 Ionis’ In-License Agreements Prior to Option
Exercise. Before Ionis enters into an in-license agreement with a Third Party that would impact the Development, Manufacture or Commercialization of a Product, Ionis will consult with Praxis and
discuss the terms and conditions of such license with Praxis. Before Praxis exercises the Option, Ionis will provide to Praxis a final list of all agreements entered into after the Effective Date by Ionis with Third Party licensors or sellers under
which Ionis licensed or acquired any Licensed IP to be licensed to Praxis under Section 7.1 (“Additional Ionis In-License Agreements”). Any payment obligations
arising under any Additional Ionis In-License Agreements will be paid solely by [***] as [***]. 

  

	 	(b)	 Praxis’ Existing In-License Agreements. Praxis will
be solely responsible for any obligations that become payable by Praxis to Third Parties under any agreements or arrangements Praxis has with such Third Parties as of the Effective Date, based on the Development or Commercialization of a Product by
Praxis, its Affiliates or Sublicensees under this Agreement. Any such payment obligations will be paid by Praxis to such Third Parties pursuant to the applicable agreement(s). Any arrangement Praxis has with RogCon under which Praxis licenses rights
that relate to or are necessary for the Development, Manufacture or Commercialization of a Product as of or after the Effective Date (including, but not limited to the RogCon In-License Agreement) will be paid solely by Praxis to RogCon pursuant to
such agreement. 

  
 28 

 CONFIDENTIAL 

 

	 	9.3.2	 New In-Licensed Ionis Product-Specific Patents.

  

	 	(a)	 After Option exercise, Praxis or Ionis, as the case may be, will provide the other Party written notice
of any additional Third Party Patent Rights promptly after it has identified such Third Party Patent Rights as [***] where such Third Party Patent Rights would be considered an Ionis Product-Specific Patent if Ionis Controlled such Patent
Rights(“Additional Product-Specific Patents”), and Praxis will have the first right, but not the obligation, to negotiate with, and obtain a license from the Third Party that Controls such Additional Product-Specific Patents.
If Praxis obtains any such Additional Product-Specific Patents, then any financial obligations under such Third Party agreement will be paid solely by Praxis to the Third Party. 

 

	 	(b)	 If, however, Praxis elects not to obtain such a license to such Additional Product-Specific Patents,
Praxis will so notify Ionis, and Ionis may obtain such a license to such Additional Product-Specific Patents and Ionis will include such Additional Product-Specific Patents in the license granted to Praxis under Section 7.1.1, so long
as Praxis agrees in writing to pay Ionis as Praxis Supported Pass-Through Costs any and all costs arising under such Third Party agreement as such costs apply to Products. 

 

	 	9.3.3	 Additional Core IP In-License Agreements.

  

	 	(a)	 Praxis will promptly provide Ionis written notice of any Third Party Patent Rights necessary to [***]
(“Additional Core IP”) that Praxis believes it has identified and Ionis will have the first right, but not the obligation, to negotiate with, and obtain a license from the Third Party that Controls such Additional Core IP. If
Ionis obtains such a Third Party license, Ionis will include such Additional Core IP in the license granted to Praxis under Section 7.1.2, and any financial obligations under such Third Party agreement will be paid solely by [***] as
[***]. 

  

	 	(b)	 If, however, Ionis elects not to obtain such a license to such Third Party intellectual property, Ionis
will so notify Praxis, and Praxis may obtain such a Third Party license and, subject to Section 9.3.3(d), Praxis may [***]. 

  

	 	(c)	 If Ionis does not agree with Praxis that a license to such Third Party Patent Rights [***] an Ionis Core
Technology Patent to Develop or Commercialize a Product, then Ionis will send written notice to such effect to Praxis, and the Parties will engage a mutually agreed independent Third Party intellectual property lawyer with expertise in the patenting
of ASOs, and appropriate professional credentials in the relevant jurisdiction, to determine the question of whether such Third Party intellectual property is 

  
 29 

 CONFIDENTIAL 

 

	 	
Additional Core IP. The determination of the Third Party expert engaged under the preceding sentence will be binding on the Parties solely for purposes of determining whether [***]. The costs of
any Third Party expert engaged under this Section 9.3.3(c) will be paid by the Party against whom the Third Party lawyer makes his or her determination. 

 

	 	(d)	 In no event will the aggregate [***] reduce the [***] to an amount that is less than the greater of (i)
[***] of the [***], and (ii) [***] for such Product in such country in such period. Praxis will have the right to [***]. 

  

	9.4	 Sublicense Revenue. Praxis will not sublicense the Product prior to the [***] without Ionis’
consent (such consent not to be unreasonably withheld, conditioned or delayed). On a Sublicense-by-Sublicense and
country-by-country basis, if Praxis enters into a Sublicense, then [***]. 

  

	 	9.4.1	 Sublicense Revenue Calculation. Subject to Section 9.4.3, the calculation of such
Sublicense Revenue payment is based on the stage of Development of the most advanced Product covered by the Sublicense as of the date Praxis enters into the Sublicense, as follows: 

 

	 	(a)	 Where Praxis enters into any such Sublicense before [***], Ionis will receive [***]; and

  

	 	(b)	 Where Praxis enters into any such Sublicense after [***] but before [***], Ionis will receive [***]; and

  

	 	(c)	 Where Praxis enters into any such Sublicense after [***], Ionis will receive [***].

  

	 	9.4.2	 Sublicense Revenue Payments. Any payment to Ionis for its portion of Sublicense Revenue is due
within [***] of Praxis receiving such Sublicense Revenue; provided, however, within [***] after any Calendar Quarter in which Sublicense Revenue is earned, Praxis will send to Ionis a written statement of the amount of
Ionis’ portion of such Sublicense Revenue. 

  

	 	9.4.3	 Sublicense Revenue Limitation. Notwithstanding anything to the contrary in this Agreement, on a Sublicense-by-Sublicense and country-by-country basis, in no event will the Sublicense Revenue
payable to Ionis under this Section 9.4 for the Calendar Quarter in which such Sublicense Revenue is earned be less than the amount that is equivalent to [***] of [***]. 

 

	9.5	 Priority Review Vouchers. If, in connection with a Product, a Regulatory Authority grants Praxis
credits, reduced fees, priority review or any other incentives including those offered under 21 U.S.C. § 360ff or 21 U.S.C. § 360n-l (each, a “Regulatory Authority
Incentive”)Praxis transfers such Regulatory Authority Incentive to a Third Party for consideration, then within [***] after such transfer, Praxis will pay Ionis [***]. If Praxis transfers such Regulatory Authority Incentive to a Third
Party in exchange for non-cash consideration, then within [***] after such transfer, Praxis and Ionis will discuss and 

  
 30 

 CONFIDENTIAL 

 

	 	
mutually agree in good faith on the fair market value of such Regulatory Authority Incentive (including, if applicable, the value of any non-cash
consideration received by Praxis or advantage gained by Praxis) and Praxis will pay Ionis [***] of such fair market value in cash. If Ionis and Praxis cannot agree on the fair market value of the Regulatory Authority Incentive within [***] after
such transfer despite negotiating in good faith, then the matter will be decided by a Third Party expert selected by mutual agreement of the Parties whose determination will be final and binding on both Parties. If the Parties cannot agree on a
Third Party expert, the dispute resolution provisions of Section 17.4 will govern. 

  

	9.6	 Payment Reports. Each payment under Section 9.2 and each payment under
Section 9.4 will be accompanied by a report summarizing Net Sales of Products during the relevant Calendar Quarter and the calculation of royalties or Sublicense Revenue, as applicable, due thereon, including country and the exchange
rate used. If no royalties or Sublicense Revenue is payable in respect of a given Calendar Quarter, Praxis will submit a written report to Ionis so indicating. In addition, beginning with the Calendar Quarter in which the First Commercial Sale for a
Product is made and for each Calendar Quarter thereafter, within [***] following the end of each such Calendar Quarter, Praxis will provide Ionis a [***] report estimating the total projected Net Sales of Products and the royalties and Sublicense
Revenue payable to Ionis for such Calendar Quarter. 

  

	9.7	 Mode of Payment. All payments under this Agreement will be (a) payable in full in U.S. dollars,
regardless of the country(ies) in which sales are made, (b) made by wire transfer of immediately available funds to an account designated by Ionis in writing, and 

 

	 	(a)	 non-creditable, irrevocable and
non-refundable. Whenever for the purposes of calculating the royalties payable under this Agreement conversion from any foreign currency will be required, all amounts will first be calculated in the currency
of sale and then converted into United States dollars by using the rate used by Praxis to report its audited finances or, if not so reported, by applying the monthly average rate of exchange calculated by using the foreign exchange rates published
in Bloomberg during the applicable month starting two (2) Business Days before the beginning of such month and ending two (2) Business Days before the end of such month. For clarity, any references in this Agreement to an amount paid by
Praxis as being “irrevocable” will not be construed to limit Praxis’ right to seek to recover or actually recover any amount of damages arising from any uncured breach of this Agreement by Ionis, subject only to the limitations
and exclusions in Section 12.5. 

  

	9.8	 Records Retention. Commencing with the First Commercial Sale of a Product, Praxis will keep, and
will require its Affiliates and Sublicensees to keep (all in accordance with GAAP or IFRS, consistently applied), complete and accurate records pertaining to Net Sales and any other payment due pursuant to this ARTICLE 9 for a period of
[***], and in sufficient detail to permit Ionis to confirm the accuracy of the Net Sales paid by Praxis hereunder. 

  

	9.9	 Audits of Payment Reports. Ionis will have the right to have an independent certified public
accounting firm of internationally recognized standing, reasonably acceptable to 

  
 31 

 CONFIDENTIAL 

 

	 	
Praxis, have access during normal business hours, and upon reasonable prior written notice, to Praxis’ records as may be reasonably necessary to verify the accuracy of Net Sales and any
other payment due pursuant to this ARTICLE 9, as applicable, for any Calendar Quarter or Calendar Year [***]; provided, however, that Ionis will not have the right to conduct more than [***]. The accounting firm
will share all draft audit findings with Praxis and afford Praxis the ability to discuss and make any clarifications to avoid misinterpretations. The accounting firm will share such draft audit findings simultaneously with Ionis. The accounting firm
will disclose to Ionis only whether the reported Net Sales and any other payments due pursuant to this ARTICLE 9 are correct and details of any discrepancies. The final audit report will be shared with Praxis at the same time it is shared
with Ionis. If either Party disputes the findings of such final audit report, then the Parties will confer and resolve in good faith any such discrepancies reported in such report. Ionis will bear the cost of such audit unless the audit reveals an
underreporting of more than the greater of (a) [***] and (b) [***] of amounts payable to Ionis over [***], in which case Praxis will bear the cost of the audit. If, based on the results of such audit, additional payments are owed by Praxis under
this Agreement, Praxis will make such additional payments, with interest as set forth in Section 9.12, within [***] after the date on which such accounting firm’s written report is delivered to Praxis. If, based on the results of
such audit, amounts were overpaid by Praxis to Ionis, [***]. Either Party may in good faith dispute the results of such audit, in which case the applicable payment [***] will not be due until such dispute is resolved. Ionis will treat the financial
information subject to review under this Section 9.9 in accordance with the confidentiality provisions of ARTICLE 14. 

  

	9.10	 Taxes. 

 

	 	9.10.1	 Taxes on Income. Each Party will be solely responsible for the payment of all taxes imposed on
its share of income arising directly or indirectly from the activities of the Parties under this Agreement. 

  

	 	9.10.2	 Withholding Tax. The Parties agree to cooperate with one another and use reasonable efforts to
lawfully avoid or reduce tax withholding or similar obligations in respect of royalties, milestone payments, and other payments made by Praxis to Ionis under this Agreement. To the extent Praxis is required to deduct and withhold taxes, interest or
penalties on any payment, Praxis will pay the amounts thereof to the proper governmental authority for the account of Ionis and remit the net amount (i.e., the payment net of such taxes, interest and/or penalties) to Ionis in a timely manner. Praxis
will promptly furnish Ionis with proof of payment of such taxes. If documentation is necessary to secure an exemption from, or a reduction in, any withholding taxes, the Parties will provide such documentation to the extent they are entitled to do
so. 

  

	 	9.10.3	 Tax Cooperation. Ionis will provide Praxis with any and all tax forms that may be reasonably
necessary in order for Praxis to lawfully not withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. Following Praxis’ timely receipt of such tax forms from Ionis, Praxis will not withhold tax or will
withhold tax at a reduced rate under an applicable bilateral income tax treaty, 

  
 32 

 CONFIDENTIAL 

 

	 	
if appropriate under the applicable laws. Ionis will provide any such tax forms to Praxis upon request and in advance of the due date. Each Party will provide the other with reasonable assistance
to determine if any taxes are applicable to payments under this Agreement and to enable the recovery, as permitted by Applicable Law, of withholding taxes resulting from payments made under this Agreement, such recovery to be for the benefit of the
Party who would have been entitled to receive the money but for the application of withholding tax under this Section 9.10. 

  

	 	9.10.4	 The provisions of this Section 9.10 are to be read in conjunction with the provisions of
Section 17.1 below. 

  

	9.11	 Blocked Currency. In each country where the local currency is blocked and cannot be removed from
the country, royalties accrued in that country will be paid to Ionis in the country in local currency by deposit in a local bank designated by Ionis, unless the Parties otherwise agree or are prevented from doing so by Applicable Law.

  

	9.12	 Interest. If Praxis fails to make any payment due to Ionis under this Agreement, by the deadline
specified in this ARTICLE 9, interest will accrue daily at an annual rate equal to [***]. 

  

	9.13	 Initial Cost Reimbursement. As of the Effective Date, Ionis has incurred approximately [***] in out-of-pocket costs for the performance of activities under the Research Plan and expects to incur an additional [***] in such costs. Upon execution of this Agreement by the
Parties and Praxis’ receipt of an invoice from Ionis for such costs, Praxis will pay such amount to Ionis as reimbursement for such costs. 

ARTICLE 10. 

INTELLECTUAL PROPERTY 
  

	10.1	 Collaboration IP. Each Party will promptly disclose to the other Party in writing, any discovery,
invention or creation made in the performance of activities under the Agreement (“Collaboration Know-How”). Inventorship of any Patent Rights that claim or cover Collaboration Know-How (“Collaboration Patents”) and together with the Collaboration Know-How, the (“Collaboration IP”)will be determined in
accordance with United States patent laws and ownership will follow inventorship. Subject to any rights or licenses expressly granted under this Agreement, neither Party will have any obligation to account to the other for profits with respect to,
or to obtain any consent of the other Party to license or exploit its rights in Collaboration IP, and each Party hereby waives any right it may have under the laws of any jurisdiction to require such consent or accounting. 

 

	10.2	 Prosecution of Patents. 

 

	 	10.2.1	 Prior to License Fee Payment. 

 

	 	(a)	 Patents Owned or Controlled by a Party. Prior to exercise of the Option by Praxis, each Party
will have the right, at its cost and expense and at its discretion, to obtain, prosecute, maintain, and enforce throughout the world any Patent Rights owned or Controlled by such Party, including with respect to Ionis, the Ionis Core Technology
Patents. 

  
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	 	(b)	 Jointly Owned Collaboration Patents. Prior to exercise of the Option by Praxis, the Parties will
determine which Party will be responsible for the prosecution and maintenance of each jointly owned Collaboration Patent (such Party, the “Prosecuting Party”). The Prosecuting Party will control and be
responsible for all aspects of the prosecution and maintenance of such jointly owned Collaboration Patents. The Prosecuting Party will consider in good faith any comments or instructions the other Party timely provides the Prosecuting Party related
to the prosecution and maintenance of such jointly owned Collaboration Patents. Unless the Parties otherwise agree, Ionis and Praxis will share equally the costs associated with the prosecution and maintenance of the jointly owned Collaboration
Patents. 

  

	 	10.2.2	 After License Fee Payment. Upon exercise of the Option by Praxis, and subject to
Section 10.2.4, Praxis, either directly or through its Affiliates and Sublicensees, will have the right, as between the Parties, to obtain, prosecute, and maintain throughout the world all Ionis Product-Specific Patents and jointly owned
Collaboration Patents, at Praxis’ expense. Praxis, or its outside counsel, will provide Ionis with an update of the filing, prosecution and maintenance status for each such Ionis Product-Specific Patent on a periodic basis and will reasonably
consult with and cooperate with Ionis on the preparation, filing, prosecution and maintenance of such Ionis Product-Specific Patents, including providing Ionis with drafts of material filings in sufficient time to allow Ionis to review and comment
before such filings are due. Praxis, or its outside counsel, will provide to Ionis copies of any material papers relating to the filing, prosecution and maintenance of such Ionis Product-Specific Patents promptly upon their being filed or received.
Praxis may cease prosecuting or maintaining particular applications or patents within such Ionis Product-Specific Patents in selected jurisdictions, if Praxis determines that it is not commercially reasonable to continue such efforts (in which case
the terms of Section 10.2.4 will apply). As soon as practicable following Praxis’ exercise of the Option, Ionis will deliver the applicable subject patent files with respect to any Ionis Product-Specific Patents to Praxis and will
execute such documents and perform such acts as may be reasonably necessary for Praxis to take control of such patent prosecution and maintenance. 

  

	 	10.2.3	 Notice of Disputes. Each Party will notify the other Party within a reasonable period of time if
any action, suit, claim, dispute or proceeding concerning the Ionis Product-Specific Patents licensed hereunder or a Product has been initiated, which, if determined adversely to a Party, would have a material adverse effect on the licenses granted
by Ionis to Praxis under this Agreement, or that would have a material adverse effect on or would materially impair either Party’s rights under this Agreement. Any information communicated pursuant to this Section 10.2.3 will be
treated as Confidential Information subject to the terms of ARTICLE 14. 

  
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	 	10.2.4	 Discontinued Patents. If, under Section 10.2.2, Praxis, its Affiliates and
Sublicensees elect not to pursue or continue the filing, prosecution or maintenance of any particular applications or patents, or subject matter included in the Ionis Product-Specific Patents, in any jurisdiction, Praxis will give as much advance
written notice as reasonably practicable (but in no event less than [***] or, in the case of an applicable impending deadline, [***]) to Ionis of any decision not to pursue or continue the preparation, filing, prosecution and maintenance of such
Ionis Product-Specific Patent or subject matter included in such Ionis Product-Specific Patent (a “Discontinued Patent”). In such case, Ionis may elect to continue preparation, filing, prosecution, or maintenance of
the Discontinued Patent in the select jurisdiction at its expense. In the event of such a Discontinued Patent in a Major Market, (a) Praxis’ exclusive license under Section 7.1.1 with respect to such Discontinued Patent in such
jurisdiction will automatically convert into a non-exclusive license, and (b) Ionis and its Affiliates will be relieved of the exclusivity covenants under Section 6.1.2 with respect to such
Discontinued Patent in such jurisdiction, with the financial terms set forth in ARTICLE 9 remaining intact and unaffected. Praxis will execute such documents and perform such acts as may be reasonably necessary for Ionis to continue
prosecution or maintenance of the applicable Discontinued Patent. 

  

	 	10.2.5	 Cooperation. Each Party will cooperate reasonably in the preparation, filing, prosecution,
maintenance, and defense of the Ionis Product-Specific Patents at Praxis’ expense. Such cooperation includes (a) promptly executing all papers and instruments and requiring employees to execute such papers and instruments as reasonable and
appropriate to enable such other Party, to file, prosecute and maintain such Ionis Product-Specific Patents in any country; and (b) promptly informing such other Party of matters that may affect the preparation, filing, prosecution or
maintenance of any such Ionis Product-Specific Patents. 

  

	 	10.2.6	 For purpose of this Agreement, “prosecution and maintenance” means the filing,
preparation, prosecution (including conducting all correspondence and interactions with any patent office and seeking, conducting and defending all any interferences, inter partes reviews, reissue proceedings, reexaminations, and oppositions
and similar proceedings), and maintenance thereof, including obtaining patent term extensions, regulatory exclusivity, supplemental protection certificates, or their equivalents with respect thereto. When used as a verb, “prosecute and
maintain” means to engage in prosecution and maintenance. 

  

	10.3	 Enforcement of Patents. 

 

	 	10.3.1	 Rights and Procedures. If Ionis or Praxis determines that any Patent licensed hereunder is being
infringed by a Third Party’s activities and that such infringement could affect the exercise by the Parties of their respective rights and obligations or reduce the benefits anticipated by the Parties under this Agreement, it will promptly
notify the other Party in writing. Except for the Ionis Product-Specific Patents, which are discussed below, the Party Controlling the Patent(s) that are allegedly being infringed will have the sole right, but not the obligation, to remove such
infringement. 

  
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	 	10.3.2	 Ionis Product-Specific Patents. After Praxis’ exercise of its Option, with respect to the
Ionis Product-Specific Patents, Praxis will have the first right, but not the obligation, at Praxis’ expense, to remove or abate such infringement. If Ionis requests that Praxis act to remove or abate infringement of an Ionis Product-Specific Patent, and Praxis believes it is not commercially appropriate to take such actions, the Parties will meet and discuss in good faith such circumstances and seek to reach agreement on what
appropriate steps to take to cause such infringement to end in a commercially appropriate manner. If Praxis fails to take steps to initiate the process to remove or abate any such infringement within [***] following a written request from Ionis to
act to remove or abate such infringement, or earlier notifies Ionis in writing of its intent not to take such steps, Ionis will have the right to do so at its expense and Praxis will have the right, at its own expense, to be represented in any such
action. 

  

	 	10.3.3	 Cooperation. The Party not enforcing the applicable Patent will provide reasonable assistance to
the other Party (at such other Party’s expense), including providing access to relevant documents and other evidence, making its employees available at reasonable business hours, and joining the action as a named party to the extent necessary
to allow the enforcing Party to bring or maintain the action or establish damages. If any Third Party asserts in writing or in any legal proceeding that any of the Ionis Patent Rights are unenforceable based on any term or condition of this
Agreement, the Parties will amend this Agreement as may reasonably be required to effect the original intent of the Parties, including preserving the enforceability of such Ionis Patent Rights. 

 

	 	10.3.4	 Recovery. Any damages or other monetary awards recovered with respect to any action contemplated
by this Section 10.3 will be shared as follows: 

  

	 	(a)	 the amount of such recovery will first be applied to the Parties’ reasonable out-of-pocket costs incurred in connection with such proceeding (which amounts will be allocated pro rata if insufficient to cover the totality of such expenses); then

  

	 	(b)	 any remaining proceeds will be (i) [***], or (ii) [***]. 

ARTICLE 11. 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
  

	11.1	 Representations, Warranties and Covenants of Both Parties. Each Party hereby represents, warrants
and, where specified, covenants as of the Effective Date to the other Party that: 

  

	 	11.1.1	 it has the power and authority and the legal right to enter into this Agreement and perform its
obligations hereunder, and that it has taken all necessary action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder; 

  
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 CONFIDENTIAL 

 

	 	11.1.2	 this Agreement has been duly executed and delivered on behalf of such Party and constitutes a legal,
valid and binding obligation of such Party and is enforceable against it in accordance with its terms subject to the effects of bankruptcy, insolvency or other laws of general application affecting the enforcement of credit or rights and judicial
principles affecting the availability of specific performance and general principles of equity, whether enforceability is considered a proceeding at law or equity; 

 

	 	11.1.3	 all necessary consents, approvals and authorizations of all Regulatory Authorities and other parties
required to be obtained by such Party in connection with the execution and delivery of this Agreement and the performance of its obligations hereunder have been obtained; and 

 

	 	11.1.4	 the execution and delivery of this Agreement and the performance of such Party’s obligations
hereunder (a) do not conflict with or violate any requirement of Applicable Law or any provision of the certificate of incorporation, bylaws or any similar instrument of such Party, as applicable, in any material way, and (b) do not
conflict with, violate, or breach or constitute a default or require any consent not already obtained under, any contractual obligation or court or administrative order by which such Party is bound. 

 

	11.2	 Ionis Representations, Warranties and Covenants. Ionis hereby represents, warrants and covenants
to Praxis that: 

  

	 	11.2.1	 As of the Effective Date, APPENDICES 4, 5 and 6 contain a complete
and accurate list of all Patents Controlled by Ionis that are necessary to Develop, Manufacture, Commercialize and otherwise exploit Products in the Field; 

  

	 	11.2.2	 As of the Effective Date, all issued Patents within the Ionis Patent Rights are in full force and
effect, have been filed, prosecuted and maintained in good faith, and, to the best of Ionis’ knowledge, are valid and enforceable; 

  

	 	11.2.3	 As of the Effective Date, Ionis has sufficient legal and/or beneficial title and ownership or right to
license (or sublicense as the case may be) with respect to the Licensed IP as is necessary to fulfill its obligations under this Agreement and to grant the rights and licenses (or sublicenses as the case may be) granted to Praxis pursuant to this
Agreement; 

  

	 	11.2.4	 to the best of Ionis’ knowledge as of the Effective Date, no actions, suits, claims, disputes or
proceedings concerning the Ionis Patent Rights are currently pending or are threatened in writing, that if determined adversely to Ionis would have an adverse effect on Ionis’ ability to grant the licenses to Praxis under this Agreement, or
that would have an adverse effect on or would impair Praxis’ right to practice the rights and licenses granted under this Agreement by Ionis to Praxis; 

  
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 CONFIDENTIAL 

 

	 	11.2.5	 Ionis has, or will subcontract for, the requisite personnel, facilities, equipment, expertise,
experience and skill to perform its obligations under this Agreement; 

  

	 	11.2.6	 Ionis will at all times comply with all Applicable Laws in the performance of its rights and obligations
under this Agreement; 

  

	 	11.2.7	 As of the Effective Date, to its knowledge, Ionis has not entered into any agreement, including any In-License Agreement, under which Ionis has obtained a license or sublicense of rights from a Third Party to any intellectual property that would be necessary to Develop or Commercialize the Product as currently
contemplated under the Development Candidate Identification Plan; 

  

	 	11.2.8	 If Ionis enters into any agreement after the Effective Date under which Ionis obtains a license or
sublicense of rights from a Third Party to any Licensed IP, then Ionis will (a) comply with all terms and conditions of such Additional Ionis In-License Agreements relating to Ionis’ rights to
Licensed IP, (b) not terminate any of Ionis’ licenses or rights to Licensed IP under such Additional Ionis In-License Agreements; (c) not amend any Additional Ionis In-License Agreements in any way that would limit, modify or restrict Praxis’ rights and licenses hereunder or increase or modify Praxis’ obligations hereunder, or (d) not waive any rights
under any Additional Ionis In-License Agreements in a manner that would adversely affect the rights and licenses granted to or obligations undertaken by Praxis hereunder, except in each case (a)-(d) with
Praxis’ prior written consent; 

  

	 	11.2.9	 As of the Effective Date, Ionis has not granted, and during the Agreement Term will not grant, any right
or license to any Third Party under the Licensed IP or relating to Products that would conflict with or limit the scope of any of the rights or licenses granted under this Agreement by Ionis to Praxis; and 

 

	 	11.2.10	 Ionis will promptly notify Praxis in writing if any additional Ionis Patent Right becomes known to Ionis
that is not listed on APPENDICES 4, 5 or 6. 

  

	11.3	 Praxis Representations, Warranties and Covenants. Praxis hereby represents,
warrants and covenants to Ionis that: 

  

	 	11.3.1	 Praxis has sufficient legal and/or beneficial title and ownership or right to license (or sublicense as
the case may be) to grant the licenses (or sublicenses as the case may be) granted to Ionis pursuant to this Agreement; 

  

	 	11.3.2	 as of the Effective Date, there are no Praxis Background Patents that are necessary for either Party to
fulfill its obligations under this Agreement; 

  

	 	11.3.3	 to the best of Praxis’ knowledge as of the Effective Date, no actions, suits, claims, disputes or
proceedings concerning the Praxis Background Patents are currently pending or are threatened in writing, that if determined adversely to Praxis would have an adverse effect on Praxis’ ability to Develop and Commercialize Products in accordance
with this Agreement; 

  
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 CONFIDENTIAL 

 

	 	11.3.4	 Praxis will not practice the Licensed IP outside the scope of the licenses granted to it pursuant to
Section 7.1 and Section 7.3. 

  

	 	11.3.5	 Praxis has, or will subcontract for, the requisite personnel, facilities, equipment, expertise,
experience and skill to perform its obligations under this Agreement; 

  

	 	11.3.6	 Praxis and its Affiliates and Sublicensees will at all times comply with all Applicable Laws in the
performance of its rights and obligations under this Agreement; 

  

	 	11.3.7	 Praxis’ [***] financial statements are fair and accurate; 

 

	 	11.3.8	 since [***], there has not been any material adverse change in the business, management, financial
condition or results of operations of Praxis taken as a whole; 

  

	 	11.3.9	 Praxis has or will obtain, and will allocate, sufficient financial resources to support and conduct its
activities and fulfill its obligations under this Agreement; 

  

	 	11.3.10	 Praxis and RogCon have entered into the RogCon In-License
Agreement as of the Effective Date, Praxis has provided a copy of the RogCon In-License Agreement to Ionis and, as of the Effective Date, Praxis and RogCon have executed such agreement without making any
material change thereto; and 

  

	 	11.3.11	 Praxis will (a) comply with all terms and conditions of the RogCon
In-License Agreement, (b) not terminate any of Praxis’ licenses or rights to intellectual property under the RogCon In-License Agreement;
(c) not amend the RogCon In-License Agreement in any way that would limit, modify or restrict Ionis’ rights and licenses hereunder or increase or modify Ionis’ obligations hereunder, or
(d) not waive any rights under the RogCon In-License Agreement in a manner that would adversely affect the rights and licenses granted to or obligations undertaken by Praxis hereunder, except in
each case (a)-(d) with Ionis’ prior written consent. 

  

	11.4	 DISCLAIMER OF WARRANTY. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS ARTICLE 11,
PRAXIS AND IONIS MAKE NO REPRESENTATIONS AND GRANT NO WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND PRAXIS AND IONIS EACH SPECIFICALLY DISCLAIM ANY WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS
OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY WARRANTY AS TO THE VALIDITY OF ANY PATENT RIGHTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL
PROPERTY RIGHTS OF THIRD PARTIES. 

 ARTICLE 12. 

INDEMNIFICATION; INSURANCE 
  

	12.1	 Indemnification by Praxis. Praxis will indemnify, defend and hold harmless Ionis and its
Affiliates, and its or their respective directors, officers, employees and agents (each, an 

  
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 CONFIDENTIAL 

 

	 	
“Ionis Indemnitee”), from and against any and all liabilities, damages, losses, costs and expenses, including the reasonable fees of attorneys and other
professionals (collectively, “Losses”) arising out of or resulting from any and all Third Party suits, claims, actions, proceedings or demands (“Claims”) based on: 

 

	 	12.1.1	 the negligence, recklessness or willful misconduct of Praxis, its Affiliates and/or Sublicensees and its
or their respective directors, officers, employees and agents, in connection with Praxis’ performance of its obligations or exercise of its rights under this Agreement; 

 

	 	12.1.2	 any breach of any representation or warranty or express covenant made by Praxis in this Agreement; or

  

	 	12.1.3	 the Development, Commercialization or manufacture of a Product by and/or on behalf of Praxis or its
Affiliates or Sublicensees, including handling and storage by and/or on behalf of Praxis or its Affiliates or Sublicensees; except, in each case above, to the extent such Losses arose out of or resulted from (a) the gross negligence,
recklessness or willful misconduct of any Ionis Indemnitee, (b) any breach by Ionis of any of its representations, warranties or covenants in this Agreement, or (c) any breach of Applicable Law by any Ionis Indemnitee.

  

	12.2	 Indemnification by Ionis. Ionis will indemnify, defend and hold harmless Praxis and its
Affiliates, and its or their respective directors, officers, employees and agents (each, a “Praxis Indemnitee”), from and against any and all Losses arising out of or resulting from any and all Claims based on:

  

	 	12.2.1	 the negligence, recklessness or willful misconduct of Ionis and/or its Affiliates and its or their
respective directors, officers, employees and agents, in connection with Ionis’ performance of its obligations or exercise of its rights under this Agreement; 

 

	 	12.2.2	 any breach of any representation or warranty or express covenant made by Ionis in this Agreement; or

  

	 	12.2.3	 the Research of Products by and/or on behalf of Ionis; except, in each case above, to the extent such
Losses arose out of or resulted from (a) the gross negligence or willful misconduct of any Praxis Indemnitee, (b) any breach by Praxis of any of its representations, warranties or covenants in this Agreement, or (c) any
breach of Applicable Law by any Praxis Indemnitee. 

  

	12.3	 Procedure. If an Ionis Indemnitee or Praxis Indemnitee seeks indemnification, such Ionis
Indemnitee or Praxis Indemnitee will inform the indemnifying Party, in writing, of a Claim as soon as reasonably practicable after such Ionis Indemnitee or Praxis Indemnitee receives notice of such Claim (it being understood and agreed, however,
that any failure by an Ionis Indemnitee or Praxis Indemnitee to give such a timely notice will not relieve the indemnifying Party of its indemnification obligations under this Agreement, except to the extent that the indemnifying Party is actually
prejudiced as a result of such failure to timely give notice) and permit the indemnifying Party to assume direction and control of the defense of the Claim (including the sole right to settle it at the sole discretion of the

  
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 CONFIDENTIAL 

 

	 	
indemnifying Party, provided that such settlement or compromise does not admit any fault or negligence on the part of the Ionis Indemnitee or Praxis Indemnitee, as applicable, or impose
any obligation on, or otherwise materially adversely affect, the Ionis Indemnitee or Praxis Indemnitee). Notwithstanding the forgoing, the Ionis Indemnitees or Praxis Indemnitees, as applicable, will have the right to participate in such action or
proceeding and to retain its own counsel but the indemnifying Party will not be liable for any legal expenses of other counsel subsequently incurred by such Ionis Indemnitee or Praxis Indemnitee in connection with the defense thereof unless
(a) the indemnifying Party has agreed to pay such fees and expenses, (b) the indemnifying Party will have failed to employ counsel reasonably satisfactory to the Ionis Indemnitee or Praxis Indemnitee, as applicable, in a timely manner, or
(c) the Ionis Indemnitee or Praxis Indemnitee will have been advised by counsel that there are actual or potential conflicting interests between the indemnifying Party and the Ionis Indemnitee or Praxis Indemnitee, including situations in which
there are one or more legal defenses available to the Ionis Indemnitee or Praxis Indemnitee that are different from or additional to those available to the indemnifying Party. 

 

	12.4	 Insurance. Praxis will maintain at its sole cost and expense, a liability insurance program
(including clinical trials and product liability insurance) to protect against potential liabilities and risk arising out of activities to be performed under this Agreement and any agreement related hereto. At a minimum, Praxis will maintain, in
force from [***] prior to enrollment of the first patient in a Clinical Trial involving a Product until at least one year after the completion of all applicable Clinical Trials, at its sole cost, a [***] insurance policy providing coverage of at
least [***] per claim and annual aggregate. Further, at least [***] before Praxis initiates the First Commercial Sale of any Product hereunder, Praxis will procure and maintain until at least one year after Praxis’ cessation of
Commercialization a [***] insurance policy providing coverage of the greater of (a) [***] per claim and annual aggregate or (b) [***]. As applicable, Praxis will name Ionis as an additional insured and will upon request provide Ionis with a
certificate of insurance. Praxis will promptly notify Ionis of any material change in insurance coverage or lapse in coverage. 

  

	12.5	 TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, EXCEPT FOR BREACHES OF SECTION 6.1
(EXCLUSIVITY COVENANTS), SECTION 11.3.4, ARTICLE 15 (CONFIDENTIALITY) AND EACH PARTY’S INDEMNIFICATION OBLIGATIONS UNDER THIS ARTICLE 12, NEITHER IONIS NOR PRAXIS WILL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL,
INCIDENTAL, PUNITIVE OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT OR THE ACTIVITIES TO BE CONDUCTED PURSUANT TO THIS AGREEMENT, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING LIMITATION
IN THIS SECTION 12.5 DOES NOT PRECLUDE IONIS FROM RECOVERING A REASONABLE ROYALTY IN A BREACH OF CONTRACT ACTION, INCLUDING BUT NOT LIMITED TO A BREACH OF SECTION 13.2.3. 

  
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 CONFIDENTIAL 

 

 ARTICLE 13. 

TERM; TERMINATION 
  

	13.1	 Agreement Term; Expiration. This Agreement is effective as of the Effective Date and, unless
earlier terminated pursuant to the other provisions of this ARTICLE 13 will continue in full force and effect until the expiration of all payment obligations to Ionis (the “Agreement Term”). 

 

	13.2	 Termination of the Agreement. 

 

	 	13.2.1	 Termination for Certain Material Breaches. 

 

	 	(a)	 If either Party believes that the other is in material breach of this Agreement (other than with respect
to (i) a breach of Praxis’ obligations under Section 8.3.1 where the applicable Performance Milestone has not been modified under Section 8.3.2 or Section 8.3.3, or (ii) a failure by Praxis to
achieve a modified Performance Milestone (as modified by the Parties’ agreement under Section 8.3.2 or by expert resolution under Section 8.3.3), in each case which is governed by Section 13.2.2), then the non-breaching Party may deliver notice of such breach to the other Party. To the extent the breach is capable of being cured, the allegedly breaching Party will have [***] to cure such breach (except to the extent
such breach involves the failure to make a payment when due, which breach must be cured within [***] following such notice); provided that, in the case of a breach other than a breach involving the failure to make a payment when due, if the
breaching Party uses Commercially Reasonable Efforts to cure such breach within the applicable [***] cure period but requires additional time to cure such breach, such [***] cure period will be extended until the earlier of [***] following the
notice of breach or such time as the breaching Party is no longer using Commercially Reasonable Efforts to cure such breach. If the Party receiving notice of breach fails to cure such breach within the [***] or [***] period, as applicable, the non-breaching Party may (x) declare a breach hereunder and terminate this Agreement upon written notice, or (y) elect to not terminate this Agreement, and in such event the non-breaching Party will retain its
right to continue this Agreement while simultaneously pursuing remedies permitted at law or in equity (including contract damage remedies), subject to the terms, conditions and limits imposed by this Agreement. 

 

	 	(b)	 Notwithstanding the foregoing or anything to the contrary herein, if the Parties reasonably and in good
faith disagree as to whether there has been a material breach of this Agreement, (i) the dispute will be resolved in accordance with the process set forth in Section 17.4.2; (ii) the relevant cure period with respect thereto will be
tolled from the date the breaching Party notifies the non-breaching Party of such dispute and through the resolution of such dispute in accordance with the applicable provisions of this Agreement; (iii) during the pendency of such dispute, all
of the terms and 

  
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conditions of this Agreement will remain in effect and the Parties will continue to perform all of their respective obligations hereunder; and (iv) if it is ultimately determined that the
breaching Party committed such material breach, then the breaching Party will have [***] to cure such material breach from the date of such determination, failing which the non-breaching Party may elect to
terminate the Agreement immediately upon the issuance of written notice to the breaching Party. If Ionis is the non-breaching Party, Ionis will have the reversion right pursuant to ARTICLE 14.

  

	 	13.2.2	 Termination by Ionis for Praxis’ Failure to Meet Performance Milestones. If Praxis is in breach of
Praxis’ obligations under Section 8.3.1 where the applicable Performance Milestone has not been modified under Section 8.3.2 or Section 8.3.3, or if Praxis fails to meet a Performance Milestone as modified by
the Parties pursuant to Section 8.3.2 or by expert resolution under Section 8.3.3, Ionis will provide Praxis with [***] prior written notice of Ionis’ intent to terminate, stating the reasons and justification for such
termination. If Praxis, or its Affiliate or Sublicensee, has not cured such breach, if such breach is capable of curing, during the [***] period, as such period may be extended by agreement of the Parties, following Ionis’ issuance of such
notice, or if such breach is not capable of curing, then Ionis may terminate the Agreement immediately upon written notice to Praxis, and Ionis will have the reversion right pursuant to ARTICLE 14. 

 

	 	13.2.3	 Termination by Praxis. This Agreement may be terminated by Praxis, without cause, upon [***]
written notice to Ionis. For the avoidance of doubt, upon any such termination under this Section 13.2.3, Praxis and its Affiliates and Sublicensees will, subject to the wind-down period set forth in ARTICLE 14, stop
selling all Products, and all Products will revert back to Ionis in accordance with ARTICLE 14. 

  

	 	13.2.4	 Termination for Insolvency. Either Party may terminate this Agreement if, at any time, the other
Party files in any court or agency pursuant to any statute or regulation of any state or country a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of the Party or of
substantially all of its assets; or if the other Party proposes a written agreement of composition or extension of substantially all of its debts; or if the other Party is served with an involuntary petition against it, filed in any insolvency
proceeding, and such petition is not dismissed within [***] after the filing thereof; or if the other Party proposes to be or is a party to any dissolution or liquidation; or if the other Party makes an assignment of substantially all of its assets
for the benefit of creditors. Notwithstanding any further rights under Applicable Law, upon written request of the other Party, the Party filing for bankruptcy, insolvency or a similar proceeding as set forth in this Section 13.2.4 will
promptly provide to such other Party all information and documents necessary to prosecute, maintain and enjoy its rights under the terms of this Agreement. 

  

	 	13.2.5	 Termination for Failure to Identify a Development Candidate. If, despite using Commercially
Reasonable Efforts, Ionis is unable to identify a Development 

  
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Candidate prior to the end of the Collaboration Term, either Party may terminate this Agreement by providing the other Party with [***] written notice of termination. Upon termination under this
Section 13.2.5: 

  

	 	(a)	 Praxis will have no further rights or licenses in the Licensed IP (other than its rights to the jointly
owned Collaboration IP set forth in Section 13.2.5(c)); 

  

	 	(b)	 Ionis will have no further rights or licenses in or to any intellectual property or intellectual
property rights Controlled by Praxis or any of its Affiliates except as Ionis may have obtained by separate agreement (other than its rights to the jointly owned Collaboration IP set forth in Section 13.2.5(c)); and

  

	 	(c)	 Praxis and Ionis will be entitled to exercise any rights in jointly owned Collaboration IP available
under Applicable Law including, without limitation, the right to use and exploit such jointly owned Collaboration IP for any purpose and to license, sell, assign or otherwise transfer its interest in such jointly owned Collaboration IP to any Third
Party without notice or compensation to the other Party. 

  

	13.3	 Consequences of Termination of this Agreement. 

 

	 	13.3.1	 Return of Information and Materials. Upon termination of this Agreement by either Party pursuant
to this ARTICLE 13, each Party will return to the other Party (or destroy, as directed by the other Party) all data, files, records and other materials containing or comprising such Party’s Confidential Information. Notwithstanding the
foregoing, each Party will be permitted to retain one copy of such data, files, records, and other materials for archival purposes and for regulatory compliance. 

 

	 	13.3.2	 Sublicense Survival. If this Agreement terminates for any reason, then, at Praxis’ request,
any Sublicense will survive and the Sublicensee will, from the effective date of such termination, become a direct licensee of Ionis with respect to the rights sublicensed to the Sublicensee by Praxis; so long as (a) Praxis has provided Ionis a
complete copy of the applicable Sublicense and paid Ionis any Sublicense Revenue associated therewith, (b) such Sublicensee is not in breach of its Sublicense, (c) such Sublicensee continues to comply with all of the terms of the
Sublicense, including the obligations of this Agreement imposed on Sublicensee by the Sublicense, and (d) such Sublicensee agrees to continue to pay directly to Ionis the portion of such Sublicensee’s payments under the Sublicense due to
Ionis under this Agreement. Praxis agrees that it will confirm clause (a) of the foregoing in writing at the request and for the benefit of Ionis and if requested, the Sublicensee. 

 

	13.4	 Accrued Rights; Surviving Obligations. 

 

	 	13.4.1	 Accrued Rights. Termination or expiration of this Agreement for any reason will be without
prejudice to any rights or financial compensation that will have accrued to the benefit of a Party prior to such termination or expiration. Such termination or expiration will not relieve a Party from obligations that are expressly indicated to
survive the termination or expiration of this Agreement. 

  
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	 	13.4.2	 Survival. APPENDIX 1 (to the extent definitions are embodied
in the following listed Articles and Sections); Section 5.3.2, Section 5.3.3, Section 7.3.2 (Enabling License to Ionis), Section 9.1.3(b), Section 9.4.3 (Priority Review Vouchers),
Section 9.2.5 (Royalty Payments), Section 9.4.2 (Sublicense Revenue Payments), Section 9.6 (Payment Reports), Section 9.7 (Mode of Payment), Section 9.8 (Records Retention),
Section 9.9 (Audits of Payment Reports), Section 9.10 (Taxes), Section 9.12 (Interest), Section 11.4 (Disclaimer of Warranty), ARTICLE 12 (INDEMNIFICATION; INSURANCE), ARTICLE 13 (TERM;
TERMINATION), ARTICLE 14 (IONIS REVERSION RIGHT), ARTICLE 15 (CONFIDENTIALITY), and ARTICLE 17 (MISCELLANEOUS) of this Agreement will survive expiration or termination of this Agreement for any reason. 

 

	 	13.4.3	 Rights in Bankruptcy. All rights and licenses granted under this Agreement are, for purposes of
Section 365(n) of the U.S. Bankruptcy Code (i.e., Title 11 of the U.S. Code) or analogous provisions of Applicable Law outside the United States, licenses of rights to “intellectual property” as defined under Section 101
of the U.S. Bankruptcy Code or analogous provisions of Applicable Law outside the United States. The Parties agree that each Party, as licensee of such rights under this Agreement, will retain and may fully exercise all of its rights and elections
under the U.S. Bankruptcy Code or any other provisions of Applicable Law outside the United States that provide similar protection for “intellectual property.” The Parties further agree that, in the event of the commencement of a
bankruptcy proceeding by or against a Party under the U.S. Bankruptcy Code or analogous provisions of Applicable Law outside the United States, the Party that is not subject to such proceeding will be entitled to a complete duplicate of (or complete
access to, as appropriate) such intellectual property and all embodiments of such intellectual property, which, if not already in the non-subject Party’s possession, will be promptly delivered to it upon
the non-subject Party’s written request therefor. Any agreements supplemental hereto will be deemed to be “agreements supplementary to” this Agreement for purposes of Section 365(n) of the
U.S. Bankruptcy Code. 

 ARTICLE 14. 

IONIS REVERSION RIGHT 
  

	14.1	 If the Agreement is (a) terminated by Ionis under Section 13.2.1 (Termination for
Certain Material Breaches), Section 13.2.2 (Termination by Ionis for Praxis’ Failure to Meet Performance Milestones), or Section 13.2.4 (Termination for Insolvency), or (b) terminated by Praxis under
Section 13.2.3, this ARTICLE 14 will apply. 

  

	14.2	 In such event, the Parties wish to provide a mechanism to ensure that patients who were being treated
with the applicable Discontinued Product before such termination or expiration or who desire access to such Discontinued Product can continue to have access to such Discontinued Product until the regulatory and commercial responsibilities for the
Discontinued Product are transitioned from Praxis to Ionis following termination or 

  
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expiration of the Agreement. As such, following the termination or expiration of this Agreement, Ionis may request Praxis perform transition services as listed in
SCHEDULE 14.3 and such other transition services that the Parties mutually agree in writing to (a) provide patients with continued access to any Products that are the subject of such termination (collectively,
“Discontinued Products”), (b) transition the responsibilities under all Approvals and ongoing Clinical Trials for the applicable Discontinued Products to Ionis or its designee and (c) transition the then-current
supply process and responsibilities for the Discontinued Products to Ionis or its designee (collectively, the “Transition Services”). Subject to the Parties agreeing on a transition plan as described in
Section 14.3, Praxis will perform such Transition Services using reasonable efforts. 

  

	14.3	 Ionis may elect to have Praxis perform the Transition Services by providing written notice to Praxis no
later than the later of [***] asking Ionis to confirm if Ionis wishes to have Praxis perform the Transition Services. If Ionis requests Transition Services, then Ionis will propose a transition plan setting forth the Transition Services to be
performed by Praxis, including delivery and transition dates consistent with those set forth in SCHEDULE 14.3, and, for a period of [***] after such request, the Parties will use good faith efforts to negotiate a mutually
agreeable version of such transition plan. In addition, the Parties will, within [***] after such request, establish a transition committee consisting of at least each Party’s Alliance Managers, a representative from each Party’s CMC group
who was responsible for the Discontinued Product prior to the termination, and up to two additional representatives from each Party who are from other relevant functional groups to facilitate a smooth transition. While Praxis is providing Transition
Services, Praxis and Ionis will mutually agree on talking points and a communication plan to customers, specialty pharmacies, physicians, Regulatory Authorities, patient advocacy groups and clinical study investigators, and Praxis will make all such
communication to such entities in accordance with the mutually agreed talking points. 

  

	14.4	 Ionis will pay Praxis for the Transition Services at [***] to perform the Transition Services,
calculated [***]. In addition, Ionis will reimburse [***] to perform the Transition Services. In accordance with SCHEDULE 14.3, Praxis may continue to sell Discontinued Product, either directly or through its Affiliates or
Sublicensees, until Praxis has completed performing the Transition Services, at which time all rights and licenses granted by Ionis to Praxis under this Agreement will be divested from Praxis and will revert back to Ionis. Praxis will [***] during
the period that Praxis is performing the Transition Services, provided that Praxis complies with all of its obligations under this ARTICLE 14 during such period. 

 

	14.5	 Praxis will assign or exclusively license to Ionis the rights granted to Praxis under the RogCon In-License Agreement if requested by Ionis and will assign to Ionis any trademarks Controlled by Praxis related to the Discontinued Products. 

 

	14.6	 Praxis will and hereby does grant to Ionis a worldwide, sublicensable,
non-exclusive license or sublicense, as the case may be, to all Patent Rights, data and know-how Controlled by Praxis as of the effective date of the termination
necessary to Research, Develop, make, have made, use, sell, offer for sale, have sold, import and otherwise Commercialize Discontinued Products. 

  
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	14.7	 Praxis will assign, and hereby does assign, to Ionis, for Ionis’ exclusive use with respect to the
Development and Commercialization of the Discontinued Products, all of Praxis’ right, title and interest in and to all data, results, regulatory information and files in the possession of Praxis that are necessary for Ionis to Research,
Develop, make, have made, use, sell, offer for sale, have sold, import and otherwise Commercialize Discontinued Products and will take such further action as may be necessary to transfer (a) regulatory documents in Ionis’ name and
(b) control of regulatory proceedings to Ionis. 

  

	14.8	 For the avoidance of doubt, Ionis’ rights under this ARTICLE 14 are in addition to
any other rights and remedies available to Ionis under this Agreement and Applicable Law. 

 ARTICLE 15. 

CONFIDENTIALITY 
  

	15.1	 Disclosure and Use Restriction. Each Party agrees that, for so long as this Agreement is in
effect and for a period of [***] thereafter, a Party (the “Receiving Party”) receiving Confidential Information of the other Party (the “Disclosing Party”) will (a) maintain in confidence
such Confidential Information, (b) not disclose such Confidential Information except to the Receiving Party’s employees having a need-to-know such Confidential
Information, (c) not disclose such Confidential Information to any Third Party without the prior written consent of the Disclosing Party (such consent not to be unreasonably withheld, conditioned or delayed), except for disclosures expressly
permitted by this Agreement, and (d) not use such Confidential Information for any purpose except those expressly permitted by this Agreement. 

  

	15.2	 Authorized Disclosure. To the extent that it is reasonably necessary or appropriate to fulfill
its obligations or exercise its rights under this Agreement, a Party may disclose Confidential Information belonging to the other Party in the following instances: 

 

	 	15.2.1	 filing, prosecuting and maintaining patent applications and patents in accordance with this Agreement;

  

	 	15.2.2	 communicating with Regulatory Authorities as necessary for the Development or Commercialization of a
Product in a country, in accordance with this Agreement and as required in connection with any filing, application or request for Approval; provided, however, that reasonable measures will be taken to assure confidential treatment of
such information; 

  

	 	15.2.3	 prosecuting or defending litigation; 

 

	 	15.2.4	 complying with Applicable Laws (including the rules and regulations of the Securities and Exchange
Commission or any national securities exchange, and compliance with tax laws and regulations) and with judicial process, if (a) in the reasonable opinion of the Receiving Party’s counsel, such disclosure is necessary for such
compliance and (b) such disclosure is made in accordance with Section 15.3 or Section 15.4 as applicable; 

  
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	 	15.2.5	 disclosure, in connection with the performance of this Agreement and solely on a need-to-know basis, to Affiliates, potential or actual collaborators (including potential Sublicensees), potential or actual investment bankers, investors, lenders, or
acquirers, or employees, independent contractors or agents, each of whom prior to disclosure must be bound by written obligations of confidentiality and non-use no less restrictive than the obligations set
forth in this ARTICLE 14; provided, however, that the Receiving Party will remain responsible for any failure by any Person who receives Confidential Information pursuant to this ARTICLE 14 to treat such Confidential
Information as required under this ARTICLE 14; 

  

	 	15.2.6	 in the case of Praxis, its Affiliates and Sublicensees, use and disclosure of Ionis Know-How and Ionis Manufacturing and Analytical Know-How licensed to Praxis under this Agreement in the ordinary course of the exercise of the rights and licenses granted to
Praxis hereunder; and 

  

	 	15.2.7	 in the case of Praxis, disclosure to RogCon in connection with Praxis’ performance of its
obligations and exercise of its rights under this Agreement and/or in connection with Praxis’ performance of its express obligations under the RogCon In-License Agreement. 

If Confidential Information is disclosed in accordance with this Section 15.2, such disclosure will not cause any such information
to cease to be Confidential Information except to the extent that such permitted disclosure results in a public disclosure of such information (other than by breach of this Agreement). Where reasonably possible and subject to
Section 15.3 and Section 15.4, the Receiving Party will notify the Disclosing Party of the Receiving Party’s intent to make such disclosure pursuant to the applicable subsection of this Section 15.2 before
making such disclosure to allow the Disclosing Party adequate time to take whatever action it may deem appropriate to protect the confidentiality of the information. 
  

	15.3	 Required Disclosure. A Receiving Party may disclose Confidential Information pursuant to
interrogatories, requests for information or documents, subpoena, civil investigative demand issued by a court or governmental agency or as otherwise required by Applicable Law; provided, however, that, unless legally prohibited from
doing so, the Receiving Party will notify the Disclosing Party promptly upon receipt thereof, giving (where practicable) the Disclosing Party sufficient advance notice to permit it to oppose, limit or seek confidential treatment for such disclosure,
and to file for patent protection if relevant; and provided, further, that the Receiving Party will furnish only that portion of the Confidential Information which it is advised by counsel is legally required, whether or not a
protective order or other similar order is obtained by the Disclosing Party. 

  

	15.4	 Securities Filings. If either Party proposes to file with the Securities and Exchange Commission
or the securities regulators of any state or other jurisdiction a registration statement, periodic report, or any other disclosure document which describes or refers to this Agreement under the Securities Act of 1933, as amended, the Securities
Exchange Act, of 1934, as amended, or any other applicable securities law, the Party will notify the other Party of such intention and will provide such other Party with a copy of relevant portions

  
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of the proposed filing not less than [***] prior to such filing, and will seek to obtain confidential treatment of any information concerning the Agreement that such other Party requests be kept
confidential (except to the extent advised by counsel that confidential treatment is not available for such information), and will only disclose Confidential Information which it is advised by counsel is legally required to be disclosed. No such
notice will be required under this Section 15.4 if the substance of the description of or reference to this Agreement contained in the proposed filing has been included in any previous filing made by either Party hereunder or otherwise
approved by the other Party. 

  

	15.5	 Injunctive Relief. The Parties understand and agree that remedies at law may be inadequate to
protect against any breach of any of the provisions of this ARTICLE 15 by either Party. Accordingly, each Party is entitled to seek injunctive relief by a court of competent jurisdiction against any action that constitutes a breach of this
ARTICLE 15. 

 ARTICLE 16. 

PRESS RELEASES AND PUBLICATIONS 
  

	16.1	 Press Releases; Public Disclosure. Each Party agrees not to issue any other press release or
other public statement disclosing other information relating to this Agreement or the transactions contemplated hereby without the prior written consent of the other Party, which consent will not be unreasonably withheld, conditioned or delayed,
provided, however, that each Party may make disclosures permitted by, and in accordance with, ARTICLE 15. Each Party agrees to provide to the other Party a copy of any public statement regarding this Agreement or the
transactions contemplated hereby as soon as reasonably practicable prior to its scheduled release. Except under extraordinary circumstances, each Party will provide the other with an advance copy of any such statement at least [***] prior to its
scheduled release. Each Party will have the right to expeditiously review and recommend changes to any such statement and, except as otherwise permitted by ARTICLE 15, the Party whose statement has been reviewed will remove any information
the reviewing Party reasonably deems to be inappropriate for disclosure. The contents of any statement or similar publicity that has been reviewed and approved by the reviewing Party can be re-released by
either Party without a requirement for re-approval. 

  

	16.2	 Praxis will promptly notify (and provide as much advance notice as reasonably possible to) Ionis of any
material event related to a Product, including but not limited to, the starting or stopping of a Clinical Trial, any Clinical Hold, the Clinical Trial data or results, material regulatory discussions, submission of any application for or receipt of
Approval, or a material change in Praxis’ sales projections for a Product (each, a “Significant Event”) so that the Parties may analyze the need to or desirability of publicly disclosing or reporting such event. In all
such cases, the Parties will agree on a communications strategy for such Significant Event and will make any such disclosure in accordance with Section 16.1. Notwithstanding Section 16.1 above, any press release or other
similar public communication by Praxis related to a Product’s (a) efficacy or safety data and/or results or (b) sales projections or results will be submitted to Ionis for review at least [***] in advance (if reasonably practicable
under the circumstances and if not reasonably practicable, as far in advance as possible) of such proposed public disclosure, and Praxis will give good faith consideration to any comments provided by Ionis as a result of such review.

  
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	16.3	 Scientific or Clinical Presentations. Regarding any proposed scientific or clinical publications
or public presentations related to summaries of results from any of the activities under this Agreement generated by Ionis or Praxis, the Parties acknowledge that scientific lead time is a key element of the value under this Agreement and further
agree to use Commercially Reasonable Efforts to control public scientific disclosures of the results of the activities under this Agreement to prevent any potential adverse effect of any premature public disclosure of such results. The Parties will
agree to a publication plan whereby each Party will first submit to the other Party an advanced draft of all such publications or presentations, whether they are to be presented orally or in written form, at least [***] prior to submission for
publication. Each Party will review such proposed publication to avoid the unauthorized disclosure of a Party’s Confidential Information and to preserve the patentability of Collaboration Know-How arising
under this Agreement. If, during such [***] period, the other Party informs such Party that its proposed publication contains Confidential Information of the other Party, then such Party will delete such Confidential Information from its proposed
publication, other than results of the Collaboration. In addition, if at any time during such [***] period, the other Party informs such Party that its proposed publication discloses Collaboration Know-How
made by either Party in the course of the research under this Agreement that has not yet been protected through the filing of a patent application, or the public disclosure of such proposed publication could be expected to have a material adverse
effect on any Collaboration Know-How solely owned or Controlled by such other Party, then such Party will either (a) delay such proposed publication for up to [***] from the date the other Party informed
such Party of its objection to the proposed publication, to permit the timely preparation and first filing of patent application(s) on the information involved or (b) remove the identified disclosures prior to publication. Notwithstanding the
foregoing, if the Parties mutually agree that public disclosure of such proposed publication could reasonably be expected to have a material adverse effect on the ability to develop an ASO as a therapeutic candidate, the Parties will delay
publication until a patent application covering such ASO is filed. 

  

	16.4	 Acknowledgement. 

 

	 	16.4.1	 Praxis will acknowledge in any press release, public presentation or publication regarding a Product
Ionis’ role in discovering and developing the Product, that the Product is under license from Ionis and otherwise acknowledge the contributions from Ionis, and Ionis’ stock ticker symbol (IONS). 

 

	 	16.4.2	 Praxis understands and acknowledges the importance to Ionis of continuing to be associated with the
drugs it discovers. As such, Praxis agrees that it will acknowledge Ionis’ role in the discovery of a Product in any scientific, medical and other Product-related communications to the extent such communications address the research, discovery
or commercialization of a Product, by prominently including the words “Discovered by Ionis” or equivalent language (collectively, the “Ionis Attribution Language”) in any such communications;
provided, however, that Praxis will have no obligation to include the Ionis Attribution Language in any 

  
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of the following: (a) communications or materials where such inclusion would be prohibited by Applicable Law or (b) other materials where Praxis branding is not prominently featured;
provided that, in each case, Praxis will use reasonable efforts to have the Ionis Attribution Language included in any such communication, consistent with the efforts that Praxis uses to have statements regarding its own contributions to the
Product included in such communication. 

  

	 	16.4.3	 Ionis may reference the Products (and identify Praxis as its partner for the Products) on its website,
in its SEC filings, and in presentations and other publications regarding Ionis’ drug pipeline. 

 ARTICLE 17.

 MISCELLANEOUS 
  

	17.1	 Assignment and Successors. 

 

	 	17.1.1	 Neither this Agreement nor any obligation of a Party hereunder may be assigned by either Party without
the consent of the other, which will not be unreasonably withheld, delayed or conditioned. 

  

	 	17.1.2	 Notwithstanding Section 17.1.1: 

 

	 	(a)	 each Party may assign this Agreement and the rights, obligations and interests of such Party, in whole
or in part, without the other Party’s consent, to any of its Affiliates, to any purchaser of all or substantially all of its business or assets to which this Agreement relates or to any successor corporation resulting from any merger,
consolidation, share exchange or other similar transaction; provided, if Praxis or any of its Affiliates or Sublicensees transfers or assigns this Agreement or a Sublicense to [***] described in this Agreement, then Praxis (or such Affiliate
or Sublicensee), will [***], “gross up”) [***]. [***]. To the extent Ionis [***] with respect to the [***]. 

  

	 	(b)	 At any time prior to [***], if Praxis wishes to assign this Agreement in its entirety, including all of the
rights, obligations and interests of Praxis hereunder, to RogCon, then Praxis will give Ionis at least [***] prior written notice of its intent to assign the Agreement to RogCon (the “Assignment Notice”), which notice
will include the information necessary for Ionis to determine whether the Assignment Criteria are satisfied. If Ionis, acting in good faith, believes that RogCon is not reasonably capable of fulfilling all of Praxis’ obligations under the
Agreement, then Ionis must notify Praxis of its determination within [***] after its receipt of Praxis’ notice of assignment, along with a reasonably detailed explanation of the factual basis for its determination. If Ionis fails to provide any
notice of objection within such [***] period, then Ionis will be deemed to have waived its right to contest the assignment to RogCon under this Section 17.1.2(b). If Ionis provides Praxis with timely notice of its objection to the

  
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assignment to RogCon, then the Parties will work together in good faith for a period of [***] to determine if there are any conditions under which Ionis would accept Praxis’ proposed
assignment of the agreement to RogCon. Any deadlines, including the Option Deadline, or time periods for performance which come due during such [***] period will be automatically extended until the last day of such [***] period. For purposes of this
Section 17.1.2(b), “Assignment Criteria” means (i) as of the date of the notice of assignment, RogCon has, and as of the proposed effective date of the assignment will have, the greater of (A) [***] in
working capital and (B) [***]; and (ii) as of the date of the notice of assignment, RogCon has, and as of the proposed effective date of the assignment will have, sufficient personnel to perform Praxis’ remaining obligations under the
Agreement. Praxis can only assign the Agreement to RogCon after (x) Praxis grants to RogCon a sublicensable, worldwide, royalty-free, fully paid up, nonexclusive license or sublicense, as the case may be, to (A) any Collaboration Patents
Controlled by Praxis and (B) any Praxis Background Patents that Cover any invention or technology that the Parties agreed to incorporate into the Development Candidate, to develop, manufacture and otherwise commercialize the Development
Candidate and any [***] in the Field and for the Treatment of [***], and (y) RogCon executes a direct sublicense to Ionis that is effective if RogCon does not exercise the Option prior to the Option Deadline (together, (x) and (y) the
“Assignment Conditions”). 

  

	 	(c)	 Ionis may assign or transfer its rights to receive payments under this Agreement (but, subject to any
right that Praxis may have under Applicable Law), without Praxis’ consent, to an Affiliate or to a Third Party in connection with a payment factoring transaction. 

 

	 	17.1.3	 Any purported assignment or transfer made in contravention of this Section 17.1 will be null
and void. 

  

	17.2	 Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable
by a court of competent jurisdiction, such adjudication will not affect or impair, in whole or in part, the validity, enforceability or legality of any remaining portions of this Agreement. All remaining portions will remain in full force and effect
as if the original Agreement had been executed without the invalidated, unenforceable or illegal part. The Parties agree to use good faith, reasonable efforts to replace the illegal, invalid or unenforceable provision with a legal, valid and
enforceable provision that achieves similar economic and non-economic effects as the severed provision. 

  

	17.3	 Governing Law; Jurisdiction; Venue. 

 

	 	17.3.1	 This Agreement will be governed by and construed and enforced in accordance with the laws of the State
of Delaware without reference to any rules of conflicts of laws. 

  
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	 	17.3.2	 Subject to Section 17.4, each Party hereby irrevocably and unconditionally submits, for
itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of California (or, if but only if such court lacks, or will not exercise, subject matter jurisdiction over the entirety of the
dispute, the Superior Court of the State of California sitting in the County of San Diego). 

  

	 	17.3.3	 Notwithstanding the foregoing or anything to the contrary herein, any dispute relating to the scope,
validity, enforceability or infringement of any Patent Rights will be governed by and construed and enforced in accordance with the patent laws of the applicable jurisdiction. 

 

	17.4	 Dispute Resolution. 

 

	 	17.4.1	 Resolution by Senior Representatives. The Parties will seek to settle amicably any and all
disputes, controversies or claims arising out of or in connection with this Agreement. Any such dispute between the Parties will, except to the extent expressly provided otherwise herein, be promptly presented to the Chief Executive Officer of
Praxis and the Chief Operating Officer of Ionis or the functional successor in their respective organizations, or their respective designees (who must be at the Vice President level or higher within the organization) (the “Senior
Representatives”), for resolution. Such Senior Representatives, will meet in person or by teleconference as soon as reasonably possible thereafter, and use their good faith efforts to agree on the resolution of the dispute, controversy
or claim. A senior representative of RogCon will be invited to attend, at his or her own expense, any meetings of the Senior Representatives and will be allowed to participate in such meetings as an observer. If any such dispute cannot be resolved
by the Senior Representatives within [***] of presentation to the Senior Representatives for resolution, then, except as stated otherwise in this Agreement, either Party may refer such dispute to binding arbitration to be conducted as set forth
below in this Section 17.4. For clarification, any dispute relating to the validity or scope of any Patent will not be subject to arbitration. 

  

	 	17.4.2	 Arbitration. 

 

	 	(a)	 Except to the extent that this Agreement identifies a Party who will have final decision-making
authority over the matter or otherwise specifies a different mechanism for dispute resolution, if the Parties fail to resolve the dispute through their Senior Representatives, then a Party may submit such dispute to arbitration by notifying the
other Party, in writing of such dispute. Within [***] after receipt of such notice the Parties will designate in writing a single arbitrator to resolve the dispute; provided, however, that if the Parties cannot agree on an arbitrator
within such [***] period, the arbitrator will be selected by the Chicago, Illinois office of JAMS. The arbitrator will be a lawyer or retired judge knowledgeable and experienced in the Applicable Law concerning the subject matter of the dispute. In
any case, the arbitrator will not be an Affiliate, employee, consultant, officer, director or stockholder of either Party, or otherwise have any current or previous 

  
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relationship with either Party or their respective Affiliates. The place of arbitration will be Chicago, Illinois. Either Party may apply to the arbitrator for the interim injunctive relief until
the arbitration award is rendered or the controversy is otherwise resolved. 

  

	 	(b)	 Within [***] after the appointment of the arbitrator, the arbitrator and the Parties will meet, and each
Party will provide to the arbitrator a written summary of all disputed issues, and such Party’s position on such disputed issues. 

  

	 	(c)	 The arbitrator will set a date for a hearing, which will be no later than [***] after the submission of
the Parties’ summary of issues under Section 17.4.2(b), for the presentation of evidence and legal argument concerning each of the issues identified by the Parties. The Parties will have the right to be represented by counsel.
Except as provided herein, the arbitration will be administered by JAMS in accordance with its Comprehensive Arbitration Rules and Procedures applicable at the time of the notice of arbitration pursuant to Section 17.4.2(a);
provided, however, that the Federal Rules of Evidence will apply with regard to the admissibility of evidence in such hearing. In any such arbitration proceeding, the Parties will be entitled to all remedies to which they would be
entitled in a United States District Court and to full discovery to the same degree permitted under the Federal Rules of Civil Procedure, including monetary damages, injunctive relief, termination of licenses or assignment of rights to a Product to
either of the Parties. 

  

	 	(d)	 The arbitrator will use his or her best efforts to rule on each disputed issue within [***] after
completion of the hearing described in Section 17.4.2(c). The determination of the arbitrator as to the resolution of any dispute will be binding and conclusive on all Parties. All rulings of the arbitrator will be in writing and will be
delivered to the Parties as soon as is reasonably possible. Nothing contained herein will be construed to permit the arbitrator to award punitive, exemplary or any similar damages. The arbitrator’s decision will include findings of fact and
conclusions of law. 

  

	 	(e)	 Each Party will bear its own attorneys’ fees, costs and disbursements arising out of the
arbitration, and will pay an equal share of the fees and cost of the arbitrator; provided, however, the arbitrator will be authorized to determine whether a Party is the prevailing party, and if so, to award to that prevailing party
reimbursement for any or all of its reasonable attorneys’ fees, cost and disbursements (including, for example, expert witness fees and expenses, photocopy charges, travel expenses, etc.), and/or the fees and costs of the administrator and the
arbitrator. 

  

	 	(f)	 Except to the extent necessary to confirm an award or as may be required by Applicable Law, neither
Party nor an arbitrator may disclose the existence, content or results of an arbitration without the prior written 

  
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consent of both Parties. No arbitration may be initiated after the date when a legal or equitable claim would otherwise be barred by the applicable statute(s) of limitations. 

 

	17.5	 Injunctive Relief; Court Actions. Notwithstanding anything to the contrary in this Agreement,
each Party will be entitled to seek from any court of competent jurisdiction, in addition to any other remedy it may have at law or in equity, injunctive or other equitable relief in the event of an actual or threatened breach of this Agreement by
the other Party, without the posting of any bond or other security, and such an action may be filed and maintained notwithstanding any ongoing discussions between the Parties or any ongoing arbitration proceeding. The Parties agree that in the event
of a threatened or actual material breach of this Agreement, injunctive or equitable relief would be an appropriate remedy. In addition, either Party may bring an action in any court of competent jurisdiction to resolve disputes pertaining to the
validity, construction, scope, enforceability, infringement or other violations of Patent Rights or other intellectual property rights, and no such claim will be subject to arbitration pursuant to Section 17.4.2. 

 

	17.6	 Force Majeure. No Party will be held responsible to the other Party nor be deemed to be in
default under, or in breach of any provision of, this Agreement for failure or delay in performing any obligation of this Agreement when such failure or delay is due to force majeure, and without the fault or negligence of the Party so failing or
delaying. For purposes of this Agreement, force majeure means a cause beyond the reasonable control of a Party, which may include acts of God, war, terrorism, civil commotion, fire, flood, earthquake, tornado, tsunami, explosion, storm, pandemic,
epidemic or failure of public utilities or common carriers. In such event the Party so failing or delaying will immediately notify the other Party of such inability and of the period for which such inability is expected to continue. The Party giving
such notice will be excused from such of its obligations under this Agreement as it is thereby disabled from performing for so long as it is so disabled for up to a maximum of one hundred eighty (180) days, after which time the Parties will
negotiate in good faith any permanent or transitory modifications of the terms of this Agreement that may be necessary to arrive at an equitable solution, unless the Party giving such notice has set out a reasonable timeframe and plan to resolve the
effects of such force majeure and executes such plan within such timeframe. To the extent possible, each Party will use reasonable efforts to minimize the duration of any force majeure. 

 

	17.7	 Notices. Any notice or request required or permitted to be given under or in connection with this
Agreement will be deemed to have been sufficiently given if in writing and personally delivered or sent by certified mail (return receipt requested), e-mail transmission (receipt verified), or overnight
express courier service (signature required), prepaid, to the Party for which such notice is intended, at the address set forth for such Party below: 

  

			
	
     If to Ionis, addressed to:      
          
	  	 Ionis Pharmaceuticals, Inc.
 2855 Gazelle
Court
 Carlsbad, CA 92010
 Attention: Chief Operating
Officer
 [***]@ionisph.com

  
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    If to Praxis, addressed to:       
         
	  	 Praxis Precision Medicines, Inc.
 One Broadway
Street
 16th Floor

Cambridge, MA 02142
 Attention: Chief Business Officer

stuart@praxismedicines.com

 or to such other address as the Party to whom notice is to be given may have furnished to the other Party in
writing in accordance herewith. Any notice given hereunder will be deemed to have been given (a) when delivered, if delivered personally or by e-mail, unless delivery occurs on a weekend or federal
holiday, in which case the date of delivery will be the next Business Day; (b) on the next Business Day after deposit, if sent by overnight express courier service; and (c) on the third Business Day after the date of mailing, if sent by
mail. 
  

	17.8	 Export Clause. Each Party acknowledges that the laws and regulations of the United States
restrict the export and re-export of commodities and technical data of United States origin. Each Party agrees that it will not export or re-export restricted
commodities or the technical data of the other Party in any form without the appropriate United States and foreign government licenses. 

  

	17.9	 Waiver. Neither Party may waive or release any of its rights or interests in this Agreement
except in writing. The failure of either Party to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement will not constitute a waiver of that right or excuse a similar subsequent failure to perform any
such term or condition. No waiver by either Party of any condition or term in any one or more instances will be construed as a continuing waiver or subsequent waiver of such condition or term or of another condition or term. 

 

	17.10	 Entire Agreement; Modifications. This Agreement (including the attached Appendices and
Schedules), sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter herein, and all prior agreements, understanding, promises and representations, whether written or oral, with respect
thereto are superseded hereby. Each Party confirms that it is not relying on any representations or warranties of the other Party except as specifically set forth in this Agreement. No amendment, modification, release or discharge will be binding
upon the Parties unless in writing and duly executed by an authorized representative of each Party. 

  

	17.11	 Independent Contractors. Nothing herein will be construed to create any relationship of employer
and employee, agent and principal, partnership or joint venture between the Parties. Each Party is an independent contractor of the other. Neither Party will assume, either directly or indirectly, any liability of or for the other Party. Neither
Party will have the authority to bind or obligate the other Party, and neither Party will represent that it has such authority. 

  

	17.12	 Interpretation. Except as otherwise explicitly specified to the contrary, (a) references to
a Section, exhibit, Appendix or Schedule means a Section of, or Schedule or exhibit or 

  
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Appendix to this Agreement, unless another agreement is specified, (b) the word “including” (in its various forms) means “including without limitation,” (c) the words
“will” and “shall” have the same meaning, (d) references to a particular statute or regulation include all rules and regulations thereunder and any predecessor or successor statute, rules or regulation, in each case as
amended or otherwise modified from time to time, (e) words in the singular or plural form include the plural and singular form, respectively, (f) references to a particular Person include such Person’s successors and assigns to the
extent not prohibited by this Agreement, (g) unless otherwise specified, is in reference to United States dollars, and (h) the headings contained in this Agreement, in any exhibit or Appendix or Schedule to this Agreement are for
convenience only and will not in any way affect the construction of or be taken into consideration in interpreting this Agreement. 

  

	17.13	 Further Actions. Each Party will execute, acknowledge and deliver such further instruments, and
do all such other acts, as may be necessary or appropriate to carry out the expressly stated purposes and the clear intent of this Agreement. 

  

	17.14	 Construction. The terms of this Agreement represent the results of negotiations between the
Parties and their representatives, each of which has been represented by counsel of its own choosing, and neither of which has acted under duress or compulsion, whether legal, economic or otherwise. Accordingly, the terms of this Agreement will be
interpreted and construed in accordance with their usual and customary meanings, and each of the Parties hereby waives the application in connection with the interpretation and construction of this Agreement of any rule of law to the effect that
ambiguous or conflicting terms contained in this Agreement will be interpreted or construed against the Party whose attorney prepared the executed draft or any earlier draft of this Agreement. 

 

	17.15	 Supremacy. In the event of any express conflict or inconsistency between this Agreement and any
Schedule or Appendix hereto, the terms of this Agreement will apply. 

  

	17.16	 Counterparts. This Agreement may be signed in counterparts, each of which will be deemed an
original, notwithstanding variations in format or file designation which may result from the electronic transmission, storage and printing of copies of this Agreement from separate computers or printers. Facsimile signatures and signatures
transmitted via electronic mail in PDF format will be treated as original signatures. 

  

	17.17	 No Benefit to Third Parties. The representations, warranties, covenants and agreements set forth
in this Agreement are for the sole benefit of the Parties hereto and their successors and permitted assigns, and they will not be construed as conferring any rights on any other parties. 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their representatives
thereunto duly authorized as of the Effective Date. 
 PRAXIS PRECISION MEDICINES, INC. 

 

			
	By:	 	 /s/ Kiran Reddy

			
		
	Name:	 	 Kiran Reddy

			
		
	Title:	 	 President & CEO

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their representatives
thereunto duly authorized as of the Effective Date. 
 IONIS PHARMACEUTICALS, INC. 

 

			
	By:	 	 /s/ Brett Monia

			
	Name:	 	Brett Monia, Ph.D.

			
	Title:	 	Chief Operating Officer

  
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 List of Appendices and Schedules 

APPENDIX 1—Definitions 

APPENDIX 2—Prior Agreements 

APPENDIX 3—Development Candidate Checklist 

APPENDIX 4—Ionis Product-Specific Patents 

APPENDIX 5—Ionis Core Technology Patents 

APPENDIX 6—Ionis Manufacturing and Analytical Patents 

SCHEDULE 3.7—Clinical Development Plan Requirements 

SCHEDULE 4.1.2—JSC Governance 

SCHEDULE 4.3—Alliance Management Activities 

SCHEDULE 8.2—Integrated Product Plan Requirements 

SCHEDULE 14.3—Transition Services 

  
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 APPENDIX 1 

DEFINITIONS 
 For purposes of this
Agreement, the following capitalized terms will have the following meanings: 
 “Additional Core IP” has the meaning set forth
in Section 9.3.3(a). 
 “Additional Ionis In-License
Agreements” has the meaning set forth in Section 9.3.1(a). 
 “Additional Milestone
Payment” has the meaning set forth in Section 9.1.3(a). 
 “Additional Product-Specific
Patents” has the meaning set forth in Section 9.3.2(a). 
 “Affiliate” of an
entity means any corporation, firm, partnership or other entity that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with a Party to this Agreement. An entity will be deemed to
control another entity if it (a) owns, directly or indirectly, at least fifty percent (50%) of the outstanding voting securities or capital stock of such other entity, or has other comparable ownership interest with respect to any entity other
than a corporation; or (b) has the power, whether pursuant to contract, ownership of securities or otherwise, to direct the management and policies of the entity. 

“Agreement” has the meaning set forth in the Preamble. 

“Agreement Term” has the meaning set forth in Section 13.1. 

“Annual” or “Annually” means the period covering a Calendar Year or occurring once
per Calendar Year, as the context requires. 
 “APP” means the bulk active pharmaceutical ingredient manufactured in
accordance with cGMP (unless expressly stated otherwise) for a Product. The quantity of API will be the as-is gross mass of the API after lyophilization (i.e., including such amounts of water,
impurities, salt, heavy, metals, etc. within the limits set forth in the API specifications) and before release, retention, stability or characterization samples are removed (if needed). 

“Applicable Law” means all applicable laws, statutes, rules, regulations and other pronouncements having the effect of law of
any federal, national, multinational, state, provincial, county, city or other political subdivision, agency or other body, domestic or foreign, including any applicable rules, regulations, guidelines, or other requirements of any Regulatory
Authority that may be in effect from time to time. 
 “Approval” means, with respect to a Product in a given jurisdiction,
approval sufficient for the manufacture, distribution, use, marketing and sale of such Product in such jurisdiction in accordance with Applicable Laws. 

“ASO” means an oligonucleotide compound, or analog, variant, mimic, or mimetic thereof, having a sequence that is at least six
bases long and is designed to specifically and selectively bind to a particular nucleic acid transcript via the binding, partially or wholly, of such compound to the nucleic acid transcript. 

  
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 “Assignment Conditions” has the meaning set forth in
Section 17.1.2(b). 
 “Assignment Criteria” has the meaning set forth in
Section 17.1.2(b). 
 “Assignment Notice” has the meaning set forth in
Section 17.1.2(b). 
 “[***]” means the [***]. 

“[***]” has the meaning set forth in Section 3.8. 

“[***]” has the meaning set forth in Section 3.8. 

“Business Day” means any day other than a Saturday or Sunday on which banking institutions in New York, New York are open for
business. 
 “Calendar Quarter” means the respective periods of three consecutive calendar months ending on March 31,
June 30, September 30, and December 31. 
 “Calendar Year” means a year beginning on January 1 (or, with
respect to 2019, the Effective Date) and ending on December 31. 
 “cGMP” means current Good Manufacturing Practices as
specified in the United States Code of Federal Regulations, ICH Guideline Q7A, or equivalent laws, rules, or regulations of an applicable Regulatory Authority at the time of manufacture. 

“Change of Control” means (a) the closing of a sale of all or substantially all of the assets of Praxis to which this
Agreement relates to a Third Party in one transaction or series of transactions; (b) the closing of a merger or other business combination or transaction that results in a Third Party owning (directly or indirectly) more than fifty percent
(50%) of the voting securities of Praxis or of its ultimate parent entity; (c) the closing of a transaction, following which a Third Party acquires direct or indirect ability or power to direct or cause the direction of the management and
policies of Praxis or of its ultimate parent entity or otherwise direct the affairs of Praxis or of its ultimate parent entity, whether through ownership of equity, voting securities, beneficial interest, by contract or otherwise; or (d) the
sale or disposition to a Third Party of all or substantially all of Praxis’ assets taken as a whole. Notwithstanding the foregoing, (i) a transaction solely to change domicile of Praxis; (ii) any merger or consolidation between Praxis
and one or more of its Affiliates (that is not an Affiliate specifically set up to facilitate a transaction contemplated by (a) through (d) above); or (iii) initiation of a public offering of Praxis’ capital stock or any other
financing transaction involving Praxis and one or more Third Parties whose business is primarily or principally that of financial investing, will not constitute a Change of Control. 

“Claims” has the meaning set forth in Section 12.1. 

“Clinical Development Plan” has the meaning set forth in Section 3.7. 

  
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 “Clinical Trial” or “Clinical Study” means,
with respect to a Product, a clinical study in humans that is conducted in accordance with good clinical practices and is designed to generate data in support or maintenance of a marketing application for such Product. 

“CMO” has the meaning set forth in Section 3.6.1. 

“Co-Chairperson” has the meaning set forth in Section 4.1.3.

 “Collaboration” means the conduct of the activities under the Research Plan, the Development Candidate Identification Plan
and the Clinical Development Plan in accordance with this Agreement. 
 “Collaboration
Know-How” has the meaning set forth in Section 10.1. 

“Collaboration Patents” has the meaning set forth in Section 10.1. 

“Collaboration IP” has the meaning set forth in Section 10.1. 

“Collaboration Term” has the meaning set forth in Section 3.10. 

“Commercialization” means activities and processes directed to obtaining pricing and reimbursement approvals, launching,
marketing, promoting, distributing, importing or selling a Product and all Manufacturing, supply and distribution of Product in support of such activities and processes. When used as a verb, “Commercialize”
or “Commercializing” means to engage in Commercialization. 
 “Commercially Reasonable
Efforts” means the level of effort, budget and resources normally used by a company in the pharmaceutical industry of similar size as the respective Party or in case there is no such industry standard, the level of effort, budget
and resources normally used by the respective Party for a product owned or controlled by it, which is of similar profitability and at a similar stage in its research, development or product life, taking into account with respect to a product any
issues of patent coverage, safety and efficacy, pricing, product profile, the proprietary position of the product, the competitive environment for the product and the likely timing of the product(s) entry into the market, the regulatory environment
of the product and all other relevant scientific, technical and commercial factors. 
 “Competing Field” means the Treatment of
[***], other than the Field. For clarity, the Competing Field includes the Treatment of [***] unless and until [***] is included in the Field pursuant to Section 7.2. 

“Completion” means, with respect to a Clinical Study, the point in time at which the primary database lock for such study has
occurred and, if such study has a statistical analysis plan, the data generated based on that primary database lock under the statistical analysis plan for such study are available. 

“Compound” means an ASO that is designed to bind to the mRNA or pre-mRNA and down-
regulate the expression of SCN2A gene products, where such ASO is discovered by Ionis prior to or during the Collaboration Term and which ASO meets the criteria set forth in the Development Candidate Identification Plan. 

  
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 “Confidential Information” means any confidential or proprietary information
or materials, patentable or otherwise, in any form (written, oral, photographic, electronic, magnetic, or otherwise) which is disclosed by or on behalf of the Disclosing Party or otherwise received or accessed by the Receiving Party from the
Disclosing Party in the course of performing its obligations or exercising its rights under this Agreement, including trade secrets, Know-How, inventions or discoveries, proprietary information, formulae,
processes, techniques and information relating to the past, present and future marketing, financial, and research and development activities of any product or potential product or useful technology of the Disclosing Party or its Affiliates and the
pricing thereof. “Confidential Information” does not include information or materials that: 
  

	 	(a)	 was in the lawful knowledge and possession of the Receiving Party or its Affiliates prior to the time it was
disclosed to, or learned by, the Receiving Party or its Affiliates, or was otherwise developed independently by the Receiving Party or its Affiliates without use of or reference to the Disclosing Party’s Confidential Information, as evidenced
by written records kept in the ordinary course of business, or other documentary proof of actual use by the Receiving Party or its Affiliates; 

  

	 	(b)	 was generally available to the public or otherwise part of the public domain at the time of its disclosure to
the Receiving Party or its Affiliates; 

  

	 	(c)	 became generally available to the public or otherwise part of the public domain after its disclosure and other
than through any act or omission of the Receiving Party or its Affiliates in breach of this Agreement; or 

  

	 	(d)	 was disclosed to the Receiving Party or its Affiliates, other than under an obligation of confidentiality, by a
Third Party who had no obligation to the Disclosing Party or its Affiliates not to disclose such information to others. 

“Control” or “Controlled” means possession of the ability to grant a right,
license or sublicense hereunder without violating the terms of any agreement with any Third Party in effect as of the date such right, license or sublicense is granted hereunder; provided, however, that if a Party has a right to grant
a license or sublicense with respect to an item of intellectual property to the other Party only upon payment of compensation (including milestones or royalties) to a Third Party that would not have been payable had a license or sublicense not been
granted or exercised under this Agreement (“Third Party Compensation”), then the first Party will be deemed to have “Control” of the relevant item of intellectual property only if the other Party
agrees to bear the cost of such Third Party Compensation (subject to any permitted reductions under Section 9.3). The granting Party will provide the other Party with written notice promptly after becoming aware that any
such license or sublicense could require the payment of any Third Party Compensation. Notwithstanding anything to the contrary under this Agreement, with respect to any Third Party that becomes an Affiliate of a Party after the Effective Date
(including a Third Party acquirer), no intellectual property of such Third Party will be included in the licenses granted hereunder by virtue of such Third Party becoming an Affiliate of such Party, except to the extent that such Third Party
directly participates in the performance of any activities under this Agreement. 

  
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 “Cover,” “Covered,”
ox “Covering” means, with respect to a patent, that, but for rights granted to a Person under such patent, the act of making, using or selling by such Person would infringe a Valid Claim included in such
patent, or in the case of a patent that is a patent application, would infringe a Valid Claim in such patent application if it were to issue as a patent. 

“Development” means, with respect to a Product, nonclinical and clinical development activities reasonably related to the
development and submission of information to a Regulatory Authority, including the performance of chemical synthesis, toxicology, pharmacology, test method development and stability testing, manufacturing process development, formulation
development, delivery system development, quality assurance and quality control development, statistical analysis, IND-Enabling Studies and Clinical Trials and any and all Manufacturing, supply and
distribution of such Product in support of such activities. When used as a verb, “Develop” or “Developing” means to engage in Development. 

“Development Candidate” means the Compound that is reasonably designated by Ionis’ Research Management Committee for
further Development and Commercialization in the Field in accordance with Ionis’ standard procedures for designating development candidates as ready to start IND-Enabling Studies and
Section 3.5. 
 “Development Candidate Data Package” means the data package [***]; provided
that such package contains [***]. Such package will also contain [***] relating to such Development Candidate and a list of the Ionis Core Technology Patents and Ionis Manufacturing and Analytical Patents that Cover such Development Candidate
and that have not previously been disclosed to Praxis. The checklist Ionis uses as of the Effective Date when reviewing potential development candidates for approval is attached hereto as APPENDIX
3. 
 “Development Candidate Identification Plan” has the meaning set forth in Section 3.5.1.

 “Disclosing Party” has the meaning set forth in Section 15.1. 

“Discontinued Patent” has the meaning set forth in Section 10.2.4. 

“Discontinued Product” has the meaning set forth in Section 14.2. 

“Discovery” means, with respect to a product containing an ASO (including a Product), a scope of work that includes human
clinical lead optimization with the goal of identifying a development candidate. 
 “Dollar” or
“$” means the lawful currency of the United States 
 “Draft Report” means, with
respect to an IND-Enabling Toxicology Study, an integrated, audited draft report containing the toxicology data generated from such IND-Enabling Toxicology Study. 

“Effective Date” has the meaning set forth in the Preamble. 

  
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 “EMA” means the European Medicines Agency, or any successor agency thereto.

 “Expert” has the meaning set forth in Section 7.2.2(a). 

“Expert Evaluation Commencement Date” has the meaning set forth in Section 7.2.2(a). 

“External Expenses” means the actual cost on a Dollar for Dollar basis with no mark-up.

 “FDA” means the U.S. Food & Drug Administration, or any successor agency thereto. 

“Field” means the Treatment of any and all forms of epilepsy and/or neurodevelopmental disorders in each case caused by any
mutation of the SCN2A gene, other than [***], including as such definition may be amended pursuant to Section 7.2. 

“First Commercial Sale” means, with respect to a Product, the first sale of such Product by Praxis, its Affiliates or
Sublicensees to a Third Party in a particular country after Approval of the Product has been obtained in such country. 
 “FTE
Costs” means the cost of Ionis’ time incurred at performing work under this Agreement at the then-applicable FTE Rate. 

“FTE Rate” means for a given Calendar Year the rate that a Party charges for a full time equivalent with the appropriate
technical skill (such Calendar Year consisting of at least a total of [***] per year of dedicated effort, excluding vacations and holidays). The rate is based on [***]. 

“Full Royalty Rate” has the meaning set forth in Section 9.2.1. 

“GAAP” means generally accepted accounting principles of the United States consistently applied, or for any non-US entity (a) international financial reporting standards (IFRS) consistently applied, or (b) for such non-US entity that does not use IFRS, the generally
accepted accounting rules in its home jurisdiction for entities of a similar size in the same industry, consistently applied throughout its organization. 

“Generic Product” means, with respect to a Product, one or more Third Party products having the same or substantially the same
active pharmaceutical ingredient as such Product and for which in the U.S. an ANDA has been filed naming such Product as the reference listed drug, or outside of the U.S., an equivalent process to the ANDA has been filed where bioequivalence to such
Product has been asserted, and such product(s) taken in the aggregate has a market share (measured in number of prescriptions during a Calendar Quarter with the numerator of such fractional share being the Generic Products taken in the aggregate,
and the denominator being the total of the Generic Products taken in the aggregate plus the Product taken in the aggregate, as provided by IQVIA) during the applicable Calendar Quarter in such country of [***]. 

“IFRS” means the International Financial Reporting Standards, the set of accounting standards and interpretations and the
framework in force on the Effective Date and adopted by the European Union as issued by the International Accounting Standards Board (IASB) and the International Financial Reporting Interpretations Committee (IFRIC), as such accounting standards may
be amended from time to time. 

  
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 “Incremental Tax Cost” has the meaning set forth in
Section 17.1. 
 “IND” means an Investigational New Drug Application (as defined in the Food, Drug
and Cosmetic Act, as amended) filed with the FDA or any equivalent application for authorization to commence human clinical trials in other countries or regulatory jurisdictions. 

“IND-Enabling Toxicology Study” or
“IND-Enabling Toxicology Studies” means the non-human primate toxicology studies designed or otherwise required to meet the
requirements for filing an IND. 
 “IND-Enabling Toxicology Costs” has the meaning
set forth in Section 3.6.2. 
 “IND-Enabling Toxicology Plan”
has the meaning set forth in Section 3.6.1. 
 “[***]” has the meaning set forth in
Section 9.1.3(b). 
 “[***]” has the meaning set forth in Section 9.1.3(b). 

“Initiation” means, (i) with respect to any Clinical Study, dosing of the first human subject in such Clinical Study; and
(ii) with respect to a nonclinical study, the dosing of the first nonhuman animal in such nonclinical study. When used as a verb, “Initiate” means (i) with respect to a Clinical Study, to dose the first human
subject in such Clinical Study; and (ii) with respect to a nonclinical study, to dose the first non-human animal in such nonclinical study. 

“Integrated Product Plan” or “IPP” has the meaning set forth in
Section 8.2. 
 “Ionis Attribution Language” has the meaning set forth in
Section 16.4.2. 
 “Ionis Core Technology Know-How” means
all Know-How Controlled by Ionis or its Affiliates on the Effective Date or at any time during the Agreement Term necessary or reasonably useful to Research, Develop or Commercialize a Product that relates
generally to ASOs, other than Ionis Product-Specific Know-How and Ionis Manufacturing and Analytical Know-How. 

“Ionis Core Technology Patents” means all Patent Rights Controlled by Ionis or its Affiliates on the Effective Date or at any
time during the Agreement Term, necessary or reasonably useful to Research, Develop or Commercialize a Product claiming subject matter generally applicable to ASOs, other than Ionis Product-Specific Patents and Ionis Manufacturing and Analytical
Patents. A list of Ionis Core Technology Patents as of the Effective Date is set forth on APPENDIX 5. 

“Ionis Indemnitee” has the meaning set forth in Section 12.1. 

“Ionis Internal ASO Safety Database” has the meaning set forth in Section 8.4.7(a). 

“Ionis Know-How” means the Ionis Core Technology
Know-How and the Ionis Product-Specific Know-How. 
 “Ionis
Manufacturing and Analytical Know-How” means Know-How that relates to the synthesis or analysis of a Product regardless of sequence or chemical
modification, owned, used, developed 

  
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by, or licensed to Ionis or its Affiliates, in each case to the extent Controlled by Ionis or its Affiliates on the Effective Date or at any time during the Agreement Term. Ionis Manufacturing
and Analytical Know-How do not include the Ionis Know-How. 

“Ionis Manufacturing and Analytical Patents” means Patent Rights that claim Manufacturing Technology owned, used, developed by,
or licensed to Ionis or its Affiliates, in each case to the extent Controlled by Ionis or its Affiliates on the Effective Date or at any time during the Agreement Term. Ionis Manufacturing and Analytical Patents do not include any Ionis
Product-Specific Patents or Ionis Core Technology Patents. A list of Ionis Manufacturing and Analytical Patents as of the Effective Date is set forth on APPENDIX 6. 

“Ionis Negotiation Notice” has the meaning set forth in Section 7.2. 

“Ionis Product-Specific Know-How” means all
Know-How Controlled by Ionis or its Affiliates on the Effective Date or at any time during the Agreement Term necessary or reasonably useful to Research, Develop or Commercialize a Product in the Field or
disclosed by Ionis to Praxis and specifically relating to (a) the composition of matter of a Product or (b) methods of using a Product for the Field; provided however, Know-How Controlled by
Ionis or any of its Affiliates that (i) consists of subject matter applicable to ASO compounds or products in general or (ii) relates to an ASO compound that does not specifically down-regulate expression of SCN2A gene products via the
binding, partially or wholly, of such compound to mRNA or pre-mRNA encoded by SCN2A, will not be considered Ionis Product-Specific Know-How, and in each case of
(i) and (ii), such Know-How will be considered Ionis Core Technology Know-How. 

“Ionis Product-Specific Patents” means all Patent Rights Controlled by Ionis or its Affiliates on the Effective Date or at any
time during the Agreement Term Covering (a) the composition of matter of a Product, or (b) methods of using a Product as a prophylactic or therapeutic in the Field; provided however, Patent Rights Controlled by Ionis or any of its
Affiliates that include only claims that are directed to (i) subject matter applicable to ASO compounds or Products in general or (ii) an ASO compound that does not specifically down-regulate expression of SCN2A gene products via the
binding, partially or wholly, of such compound to mRNA or pre-mRNA that encodes SCN2A, will not be considered Ionis Product-Specific Patents, and in each case of (i) and (ii), such Patent Rights will be
considered Ionis Core Technology Patents. A list of Ionis Product-Specific Patents as of the Effective Date is set forth on APPENDIX 4. 

“Ionis Research Costs” has the meaning set forth in Section 3.2. 

“Ionis Supported Pass-Through Costs” means [***]. 

“JAMS” has the meaning set forth in Section 7.2.2(a). 

“JSC” has the meaning set forth in Section 4.1.1. 

“Know-How” means inventions, technical information,
know-how and materials, including technology, data, compositions, formulas, biological materials, assays, reagents, constructs, compounds, discoveries, procedures, processes, practices, protocols, methods,
techniques, results of experimentation or testing, knowledge, trade secrets, skill and experience, in each case whether or not patentable or copyrightable, and in each case that are unpatented. 

  
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 “License Fee” means the amount set forth in
Section 9.1.1. 
 “Licensed IP” means the Licensed
Know-How, the Licensed Patents and Ionis’ interest in any jointly owned Collaboration IP. 

“Licensed Know-How” means Ionis Know-How, Ionis
Manufacturing and Analytical Know-How and Ionis’ interest in any jointly owned Collaboration Know-How. 

“Licensed Patents” means the Ionis Product-Specific Patents, Ionis Core Technology Patents, Ionis Manufacturing and Analytical
Patents and Ionis’ interest in any jointly owned Collaboration Patents. For clarity, Licensed Patents that are jointly owned by Ionis and Praxis will count toward the calculation of the Royalty Period and the applicable royalty rates under
Section 9.2. 
 “Losses” has the meaning set forth in Section 12.1. 

“Major Market” means [***]. 

“Manufacturing” means any activity involved in or relating to the manufacturing, quality control testing (including in-process, release and stability testing), releasing, storage or packaging, for nonclinical, clinical or commercial purposes, of API component or the bulk active pharmaceutical ingredient for a Product in finished
form. When used as a verb, “Manufacture” means to engage in Manufacturing. 
 “Manufacturing
Technology” means (a) methods and materials used in the synthesis or analysis of an ASO regardless of sequence or chemical modification, and (b) methods of Manufacturing components of an ASO. 

“Minimum Third Party Payments” means [***]. 

“NDA” means, with respect to a Product, (a) a new drug application, including all amendments and supplements thereto,
filed with the FDA in the United States to obtain Approval of such Product in the United States, or (b) the equivalent application filed with any other Regulatory Authority in any other jurisdiction to obtain Approval for such Product in such
jurisdiction. 
 “Negotiation Period” has the meaning set forth in Section 7.2. 

“Net Sales” means, with respect to any Product, the amount billed by Praxis or its Affiliates (each a “Selling
Party”) for sales of such Product in arm’s length transactions to Third Parties in all countries worldwide, after deduction (if not already deducted in the amount invoiced) of the following items with respect to sales of
such Product: 
  

	 	(a)	 trade, cash, and/or quantity discounts, retroactive price reductions, charge back payments, reimbursements and
rebates actually taken and allowed, including discounts or rebates to governmental or managed care organizations; 

  

	 	(b)	 credits or allowances given or recorded for rejection or return of previously sold product (including, without
limitation, returns of such Product in connection with recalls or withdrawals); 

  
 69 

 CONFIDENTIAL 

 

	 	(c)	 freight out, postage, shipping and insurance charges actually incurred for delivery of such Product;

  

	 	(d)	 any tax, tariff, duty or government charge (including any tax such as a value added or similar tax or
government charge other than an income tax) levied on the sale, use, transportation or delivery of such Product and borne by the seller thereof without reimbursement from any Third Party; and 

 

	 	(e)	 amounts written off by reason of uncollectible debt. 

Net Sales and all of the foregoing deductions from the gross invoiced sales prices of Product will be determined in accordance with the Selling Party’s
standard accounting procedures and in accordance with GAAP. In the event that a Selling Party makes any adjustments to such deductions after the associated Net Sales have been reported pursuant to this Agreement, the adjustments will be reported and
reconciled with the next report and payment of any royalties due. 
 Net Sales will not include (i) any payments among Selling Parties, unless such
paying party is the end user of the relevant Product or (ii) any payments in consideration of supplies of the applicable Product for use in clinical trials. 

The Parties agree that any reasonable definition of “net sales” customarily used in pharmaceutical industry technology licensing or research
collaboration contracts that is subsequently agreed to by a Party (or a Third Party acquirer or assignee) and a Sublicensee in an arms-length transaction under a particular sublicense will replace the definition of Net Sales in this Agreement and
will be used in calculating the royalty payment to the other Party on sales of Products sold pursuant to such sublicense and due under this Agreement, in each case subject to Section 9.3. 

“Option” has the meaning set forth in Section 5.1. 

“Option Deadline” has the meaning set forth in Section 5.1. 

“Patent Rights” means (a) patents, patent applications and similar government-issued rights protecting inventions in any
country or jurisdiction however denominated, (b) all priority applications, divisionals, continuations, substitutions, continuations-in-part of and similar
applications claiming priority to any of the foregoing, and (c) all patents and similar government- issued rights protecting inventions issuing on any of the foregoing applications, together with all registrations, reissues, renewals, re-examinations, confirmations, supplementary protection certificates, and extensions of any of (a), (b) or (c). 

“Payment Trigger” has the meaning set forth in Section 9.1.3(a). 

“Performance Milestone” has the meaning set forth in Section 8.3. 

“Permitted Licenses” means (a) licenses granted by Ionis after the Effective Date to any Third Party under the Ionis Core
Technology Patents or Ionis Manufacturing and Analytical Patents solely to (i) conduct nonclinical research, or (ii) enable such Third Party to manufacture or formulate ASOs, where such Third Party is engaged in providing contract
manufacturing services; and (b) material transfer agreements with academic collaborators or non-profit institutions in connection with Ionis’ activities under the Research Plan approved by Praxis,
such approval not to be unreasonably withheld or delayed. 

  
 70 

 CONFIDENTIAL 

 

 “Person” means any corporation, limited or general partnership, limited
liability company, joint venture, trust, unincorporated association, governmental body, authority, bureau or agency, any other entity or body, or an individual. 

“Phase 1/2 Study” means, with respect to a Product, a first Clinical Study in humans of such Product, as further defined in 21
C.F.R. § 312.21(a) or the corresponding regulation in jurisdictions other than the United States. 
 “Phase 3 Study”
or “Phase 3 Trial” means a human clinical trial of a Product on a sufficient number of patients that is designed to establish that the Product is safe and efficacious for its target patient population,
and to determine warnings, precautions and adverse reactions that are associated with such Product in the dosage range to be prescribed, which trial is intended to generate data sufficient for the filing of an NDA and Approval of the Product, as
described in 21 C.F.R. 312.21(c) for the United States, or a similar Clinical Trial prescribed by the Regulatory Authorities in a foreign country. 

“Pivotal Study” means (a) a Phase 3 Trial, or (b) a human clinical trial of a Product that satisfies the requirements
of 21 C.F.R. § 312.21(c) and is a registration trial designed to establish statistically significant efficacy and safety of such Product for the purpose of enabling the preparation and submission of application for an NDA, MAA, JNDA or similar
application for marketing approval to the competent Regulatory Authorities in a given country, as evidenced by (i) an agreement with or statement from the FDA on a Special Protocol Assessment or equivalent in another country, or (ii) other
guidance or minutes issued by the FDA for such registration trial or equivalent in another country, or (iii) Praxis’ public statements, in each case where the results of such clinical trial are intended (if supportive) to be used to
establish both safety and efficacy of such Product in patients that are the subject of such trial and serve as the basis for obtaining initial or supplemental Approval in the United States of such Product. For clarity, any compassionate use dosing
with respect to a Product will not be considered the Initiation of a Pivotal Study with respect to such Product. 
 “Praxis”
has the meaning set forth in the Recitals. 
 “Praxis Background Patents” means any Patent Rights Controlled by Praxis or
its Affiliates (i) as of the Effective Date or (ii) at any time during the Agreement Term that are developed by Praxis or its Affiliates outside the scope of this Agreement, in each case of (i) and (ii), Covering (a) the
composition of matter of a Product, or (b) any ASO compound that specifically down- regulates expression of SCN2A gene products via the binding, partially or wholly, of such compound to mRNA or pre-mRNA
that encodes SCN2A, including any method of using such ASO compound. For clarity, Praxis Background Patents do not include any Patent Rights licensed by Ionis from RogCon under a separate agreement. 

“Praxis Background Patents ROFN Period” has the meaning set forth in Section 5.3.3(b). 

“Praxis Indemnitee” has the meaning set forth in Section 12.2. 

  
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 CONFIDENTIAL 

 

 “Praxis Negotiation Notice” has the meaning set forth in
Section 7.2. 
 “Praxis Supported Pass-Through Costs” means [***]. 

“Prior Agreements” means the agreements 1 isted on APPENDIX 2. 

“Product” means any product containing the Development Candidate or the [***] as an active pharmaceutical ingredient regardless
of its finished form, formulation, dosage, packaging or labeling. For clarity, all products with the same active pharmaceutical ingredient(s) will be deemed a single “Product” hereunder. 

“Proposal” has the meaning set forth in Section 7.2. 

“Prosecuting Party” has the meaning set forth in Section 10.2.1(b). 

“Rebuttal” has the meaning set forth in Section 7.2.2(a). 

“Receiving Party” has the meaning set forth in Section 15.1. 

“Regulatory Authority” means any governmental authority, including the FDA or EMA, that has responsibility for regulating or
otherwise exercising authority with respect to the Development, Manufacture, marketing, sale or other Commercialization of a Product in any country. 

“Regulatory Authority Incentive” has the meaning set forth in Section 9.5. 

“Related Compounds” has the meaning set forth in Section 3.5.2. 

“Research” means conducting research activities with Compounds, including nonclinical research, gene function, gene expression
and target validation research, lead optimization, and which may include small pilot toxicology studies but excludes Development, and Commercialization. When used as a verb, “Researching” means to engage in Research.

 “Research Plan” has the meaning set forth in Section 3.1. 

“RMC” has the meaning set forth in Section 3.5.2. 

“RogCon” means “RogCon Inc.” or any successor entity thereto. 

“RogCon In-License Agreement” means that certain License Agreement between Praxis and
RogCon, effective as of September 11, 2019, including as it may be amended from time to time. 
 “Royalty Period” has
the meaning set forth in Section 9.2.3. 
 “Royalty Rate Buy-Down
Payment” has the meaning set forth in Section 9.2.2. 
 “SCN2A” means sodium
voltage-gated channel alpha subunit 2; Gene ID 6326. 
 “Second Interest Payment” has the meaning set forth in
Section 9.1.3(b). 

  
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 CONFIDENTIAL 

 

 “Selected Proposal” has the meaning set forth in
Section 7.2.2(b). 
 “Selected Proposal ROFNPeriod” has the meaning set forth in
Section 7.2.2(d)(i). 
 “Senior Representatives” has the meaning set forth in
Section 17.4.1. 
 “Sublicense” means an agreement or series of agreements or transactions pursuant
to which Praxis or a Praxis Affiliate grants a Third Party the right to practice an Ionis Patent Right (whether by license, covenant not to sue or other right or immunity) or an option to obtain such a right, in either case, to Develop or
Commercialize a Product. Any such series of agreements or transactions with the same Third Party or related Third Parties will be aggregated to constitute a single Sublicense for the purpose of determining Sublicense Revenue.
“Sublicense” excludes a right granted to a Third Party solely to distribute or resell a Product sold to it by Praxis or its Affiliate, provided that Praxis pays royalties to Ionis on the sale of Product by Praxis or its
Affiliate to such Third Party for consideration and provided further that such Third Party is not responsible for the marketing or promotion of the Product. 

“Sublicensee” means any Third Party that enters into a Sublicense with Praxis or its Affiliate to Develop and/or Commercialize
a Product. For purposes of the royalty obligations set forth in Section 9.2, “Sublicensee” will not include any CMO, contract research organization or other contract service provider acting for the benefit
of Praxis that does not sell Product. 
 “Sublicense Revenue” means any consideration, cash or nonmonetary, that Praxis
receives from a Sublicensee under any agreement or series of agreements that include the grant of any Sublicense (or right to receive a Sublicense), including but not limited to license fees, option fees,
up-front payments, milestone payments, royalties, royalty pre-payments, profit sharing, license maintenance fees and payments for Praxis equity above the fair market
value of such equity, other than: (a) [***], (b) [***], (c) [***], (d) [***], (e) [***] and (f) [***]. If Praxis receives any non-cash Sublicense Revenue, Praxis will [***] (i) [***] or (ii) [***]. To the
extent that Sublicense Revenue represents an unallocated combined payment for amounts received for more than one product, such Sublicense Revenue for calculating payments due to Ionis will be [***]. For clarity, any consideration that RogCon
receives from Praxis under any agreement or series of agreements related to the right to receive a share of profits based on the Commercialization of any Products hereunder will not be deemed “Sublicense Revenue” for purposes
of this Agreement. 
 “Supporting Memorandum” has the meaning set forth in Section 7.2.2(a). 

“Technology Transfer Activities” has the meaning set forth in Section 7.8.2. 

“Technology Transfer Plan” has the meaning set forth in Section 7.8.1. 

“Third Party” means a Person or entity other than the Parties or their respective Affiliates. 

“Transition Services” has the meaning set forth in Section 14.2. 

“Treatment” means, with respect to a condition, the cure, reduction, mitigation, prevention, slowing or halting the progress
of, or otherwise management of such condition or the symptoms thereof. 

  
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 CONFIDENTIAL 

 

 “Valid Claim” means a claim (a) of any issued, unexpired United States or
foreign Patent Right, which will not, in the country of issuance, have been donated to the public, disclaimed, nor held invalid or unenforceable by a court of competent jurisdiction in an unappealed or unappealable decision, or (b) of any
United States or foreign patent application within a Patent Right, which will not, in the country in question, have been cancelled, withdrawn, abandoned nor been pending for more than [***] from the date of filing of the earliest patent application
to which such patent application claims priority in the country of question, not including in calculating such [***] period of time in which such application is in interference or opposition or similar proceedings or time in which a decision of an
examiner is being appealed. Notwithstanding the foregoing, on a country-by-country basis, a patent application pending for more than [***] will not be considered to have
any Valid Claim for purposes of this Agreement unless and until a patent meeting the criteria set forth in clause (a) above with respect to such application issues. 

  
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 CONFIDENTIAL 

 

 APPENDIX 2 

[***] 

  
 75 

 CONFIDENTIAL 

 

 APPENDIX 3 

[***] 

  
 76 

 CONFIDENTIAL 

 

 APPENDIX 4 

[***] 

  
 77 

 CONFIDENTIAL 

 

 APPENDIX 5 

[***] 

  
 78 

 CONFIDENTIAL 

 

 APPENDIX 6 

[***] 

  
 79 

 CONFIDENTIAL 

 

 SCHEDULE 3.7 

[***] 

  
 80 

 CONFIDENTIAL 

 

 SCHEDULE 4.1.2 

[***] 

  
 81 

 CONFIDENTIAL 

 

 SCHEDULE 4.3 

[***] 

  
 82 

 CONFIDENTIAL 

 

 SCHEDULE 8.2 

[***] 

  
 83 

 CONFIDENTIAL 

 

 SCHEDULE 14.3 

[***] 

  
 84EX-10.17

 Exhibit 10.17 

SUBLEASE 
 THIS SUBLEASE (this
“Sublease”) is made as of the 4TH day of October, 2018, by and between Highland Capital Partners, LLC, a Delaware limited liability company
(“Sublandlord”), with an address of One Broadway, 16th Floor, Cambridge, Massachusetts 02142, and Praxis Precision Medicines, Inc., a Delaware corporation
(“Subtenant”), with an address of 101 Main Street, #1210, Cambridge, Massachusetts 02142. 
 RECITALS 

A. Sublandlord is the Tenant under that certain Indenture of Lease with MIT One Broadway LLC, as Landlord (“Master
Landlord”), dated May 31, 2011, a copy of which is attached hereto as Exhibit 1 (the “Master Lease”), of certain premises consisting of approximately 18,751 rentable square feet consisting of the entire sixteenth
(16th) floor (the “Premises”), located in the building (the “Building”) situated at One Broadway, Cambridge, Massachusetts 02142 and more particularly described in the Master Lease (the “Property”).

 B. Subtenant wishes to sublease from Sublandlord and Sublandlord wishes to sublease to Subtenant a portion of the Premises, subject to
the terms and conditions of this Sublease. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows: 
 1. Demise; Capitalized Terms 

(a) Sublandlord hereby subleases to Subtenant and Subtenant hereby subleases from Sublandlord the premises consisting of a portion of the
Premises containing approximately 6,374 rentable square feet located on the sixteenth (16th) floor of the Building and substantially as shown and referred to on Exhibit 2 attached hereto as “Subleased Premises” (the “Subleased
Premises”), together with the right to use the Shared Areas (as hereinafter defined) and exercise, in common with Sublandlord and others entitled thereto, Sublandlord’s right to use the Common Areas of the Building and the Property
under the Master Lease necessary or appropriate to Subtenant’s use of the Subleased Premises, subject to the terms of the Master Lease and any rules and regulations established from time to time by Master Landlord with respect to the use of
such Common Areas. For avoidance of doubt, Subtenant’s rental obligations under this Sublease shall be based on a total of 8,777 square feet (6,374 square feet representing the Subleased Premises, and 2,403 square feet representing 46.8% of the
Shared Areas). Subtenant agrees that during the Sublease Term (as defined hereafter), it shall cap the number of Subtenant’s employees working in the Subleased Premises at any one time at thirty-six
(36) people. 
 (b) All articles of personal property and all business and trade fixtures, furniture, moveable partitions, freestanding
cabinet work, machinery and equipment owned or installed by Subtenant or any party claiming by, through or under Subtenant, solely at its expense in the 

 
Subleased Premises (“Subtenant’s Removable Property”) shall remain the property of Subtenant and shall be removed by Subtenant at any time prior to the expiration or earlier
termination of the Sublease Term, provided that Subtenant, at its expense, shall repair any damage to the Building caused by such removal. 

(c) Any provision of this Sublease to the contrary notwithstanding, Subtenant shall be solely responsible for the ordering, delivery and
installation of any telephone, data cabling and wiring (“Cable”), and Subtenant’s Removable Property to be installed by or on behalf of Subtenant in the Subleased Premises and for the removal of all telephone and data cabling
and telephone and cabling wiring. Subtenant shall have access to and have the right to use Sublandlord’s data cabling and wiring (collectively, the “Wiring”). The Wiring is not part of Subtenant’s Removable Property and
shall not be removed by Subtenant at the end of the Sublease Term; however, if Subtenant shall expand or increase the Wiring beyond the Wiring that exists on the date of this Sublease (“Subtenant’s Wiring”), then
Subtenant’s Wiring shall constitute Subtenant’s Removable Property that shall be removed by Subtenant at the end of the Sublease Term. 

(d) Subtenant shall remove all of Subtenant’s Removable Property and all Cable installed in the Building by or on behalf of Subtenant or
anyone claiming by, through or under Subtenant at the expiration or earlier termination of the Sublease Term. 
 (e) Sublandlord will
deliver the Subleased Premises to Subtenant with the existing furniture in the Subleased Premises as of the Commencement Date (the “Existing Furniture”). A list of the Existing Furniture is set forth in Exhibit 3 attached hereto.
Subtenant shall have, as appurtenant to the Subleased Premises, the use of the Existing Furniture during the Sublease Term. Subtenant shall accept the Existing Furniture in their “AS IS,” condition and without representation or warranty by
Sublandlord and Sublandlord makes absolutely no representation or warranty of any kind to Subtenant with respect to the Existing Furniture (including the condition or suitability thereof). Subtenant shall be responsible to repair and maintain the
Existing Furniture in the same condition as of the Commencement Date, subject only to ordinary wear and tear (and excluding damage). Subtenant shall coordinate and cooperate with Sublandlord at the end of the Sublease Term to permit Sublandlord to
remove all of the Existing Furniture by not later than the Termination Date. Subtenant shall not pay the Sublandlord additional rent or remuneration for the use and/or possession of the Existing Furniture during the Sublease Term. 

(f) All capitalized terms not otherwise modified or defined herein shall have the respective same meanings ascribed to them in the Master
Lease. 
 2. Condition of Subleased Premises. 

(a) Sublandlord shall deliver the Subleased Premises to Subtenant in broom clean condition, free and clear of all tenants and occupants, and
free of all of Sublandlord’s property, except the Existing Furniture (the “Delivery Condition”), and otherwise “AS IS” with all faults and without any obligation on the part of Sublandlord to modify, improve or
otherwise prepare the Subleased Premises for Subtenant’s occupancy. Subtenant hereby warrants and represents 

  
 2 

 
that it is fully familiar with the physical condition of the Subleased Premises, that it has inspected them and found them to be satisfactory. Subtenant acknowledges that no representations have
been made to Subtenant with respect to the condition of the Subleased Premises and that Subtenant relied upon its own examination of the Subleased Premises in entering into this Sublease and that Sublandlord shall not be liable for any latent or
patent defects, if any, existing therein. Sublandlord has made no warranty or representation, express or implied, as to the present or future condition of the Subleased Premises or the fitness and availability of the Subleased Premises for any
particular use. Sublandlord shall not be responsible for making any improvements, alterations or repairs therein or for spending any money to prepare the Subleased Premises for Subtenant’s occupancy. 

3. Term. The term of this Sublease (the “Sublease Term”) shall be approximately thirty nine (39) months,
commencing on the later to occur of: (i) October 1, 2018, (ii) the date that Master Landlord has granted its Consent (as defined in Paragraph 27 of this Sublease) to this Sublease, or (iii) the date that Sublandlord delivers the
Subleased Premises to Subtenant in the Delivery Condition (such later date is referred to as the “Commencement Date”), and terminating on December 30, 2021 (the “Termination Date”), unless earlier terminated in
accordance with this Sublease. 
 4. Base Rent. 

(a) Beginning on the Commencement Date, Subtenant shall pay base rent (“Base Rent”) to Sublandlord for the Subleased Premises
and Subtenant’s use of the Shared Areas (as hereinafter defined) (collectively referred to herein as the “Entire Premises”) as set forth below: 
  

					
	 Sublease Years
	  	Monthly Base Rent	 
	Commencement Date -10/31/18	  	$	64,364.66	 
	11/1/19-10/31/19	  	$	65,096.08	 
	11/1/20-10/31/21	  	$	65,827.50	 
	11/1/21-Termination Date	  	$	66,558.92	 

 (b) Base Rent shall be payable in equal monthly installments, in advance, on the second to last business day
of each and every calendar month during the term of this Sublease immediately preceding the date that payment of the Monthly Base Rent is due from Sublandlord to Master Landlord under the Master Lease for the corresponding month. By way of example
of the foregoing, if the Monthly Base Rent under the Master Lease for the month of November, 2018 is due from Sublandlord to Master Landlord on November 1, 2018, then the monthly installment of Base Rent due under this Sublease from Subtenant
to Sublandlord for the month of November, 2018 shall be due on October 30, 2018. All such payments shall be paid to Sublandlord without deduction, offset, abatement, notice or demand, at Sublandlord’s address set forth above, or at such
other place as Sublandlord shall from time to time designate, in lawful currency of the United States. Base Rent for any partial month shall be pro-rated on a daily basis. 

  
 3 

 5. Subtenant’s Proportionate Share. For purposes of this Sublease,
“Subtenant’s Proportionate Share” shall be equal to 46.81% representing the ratio of the rentable area of the Entire Premises to the entire rentable area of the Premises (8,777/18,751). 

6. Additional Rent. 
 (a)
Commencing on July 1, 2019, Subtenant shall pay Subtenant’s Proportionate Share of (1) all Building Operating Costs, Property Operating Costs and Taxes (as such terms are defined in the Master Lease) assessed or charged to Sublandlord
pursuant to Sections 5.2 and 5.3 of the Master Lease which are in excess of the Building Operating Costs, Property Operating Costs and Taxes paid by Sublandlord under the Master Lease during fiscal year ending June 30, 2019 (the
“Sublease Base Year”), (2) all other additional rent or charges payable by Sublandlord under the Master Lease, including, but not limited to, any utilities that are separately metered to the Premises, (3) all costs incurred by
Sublandlord in operating (including the costs of utilities consumed in such operation), repairing, maintaining and replacing any supplementary or additional mechanical systems or equipment installed by Sublandlord in the Premises and which service
the Subleased Premises, and (4) all costs of utilities supplied to the Premises which are not separately metered to the Subleased Premises (collectively, “Additional Rent”), in the manner and at the same time as set forth in
Paragraph 4 above with respect to the payment of Base Rent. Base Rent and Additional Rent may be referred to collectively in this Sublease as “Rent.” 

(b) Subtenant shall install its own telephone system and data and internet systems prior to occupancy of the Subleased Premises and establish
direct billing for its telephone services and for its data and internet systems. Subtenant shall pay directly and on time all billings for its data and internet systems. 

(c) Subtenant shall, within five (5) business days after receipt of an invoice from Sublandlord, reimburse Sublandlord for any after-hours
heating, ventilation and air-conditioning and all other extra costs for services requested by Subtenant and provided or furnished to the Subleased Premises or to Subtenant. The amount paid by Subtenant shall
constitute the same rate paid by Sublandlord to the Master Landlord for such after-hours heating, ventilation and air-conditioning. 

(d) If Master Landlord charges Sublandlord for any excess costs of providing electrical service to the Premises, Subtenant shall reimburse
Sublandlord for Subtenant’s Proportionate Share of the excess electrical charges. If, however, no portion of such excess usage is reasonably attributable to the Subleased Premises, then Subtenant shall have no liability for any portion of such
excess electrical charges. 
 7. Late Charges. If Subtenant fails to pay any installment of Base Rent or Additional Rent on or before
its due date, Subtenant shall pay to Sub landlord a late charge of five percent (5%) of the amount of such installment, and, in addition, such unpaid installment shall bear 

  
 4 

 
interest at the rate per annum which is four percent (4%) greater than the “prime rate” then in effect listed in The Wall Street Journal, or the highest rate permitted by law, whichever
may be less; with it being the express intent of the parties that nothing herein contained shall be construed or implemented in such manner as to allow Sublandlord to charge or receive interest in excess of the maximum legal rate then allowed by
law. Such late charge and interest shall constitute Additional Rent hereunder due and payable with the next monthly installment of Base Rent due under this Sublease. 

8. Incorporation of Master Lease by Reference. 

(a) Except to the extent such terms and provisions are inconsistent with or are specifically contrary to the express written provisions of this
Sublease and except as provided in this Paragraph 8 of this Sublease, all of the terms, covenants and conditions of the Master Lease, as may be redacted, are by this reference incorporated herein and made a part of this Sublease with the same force
and effect as if fully set forth herein, provided, however, that for purposes of such incorporation, (i) the term “Lease” as used in the Master Lease shall refer to this Sublease; (ii) the term “Landlord” as used in the
Master Lease shall refer to Sublandlord; (iii) the term “Tenant” as used in the Master Lease shall refer to Subtenant; (iv) the term “Term” as used in the Master Lease shall refer to the Sublease Term defined herein;
(v) the term “Premises” as used in the Master Lease shall refer to the Subleased Premises; (vi) the term “Tenant’s Building Share” and “Tenant’s Property Share” as used in the Master Lease shall
refer to Subtenant’s Proportionate Share; and (vii) the term “Operating Costs Base Year” and “Tax Base Year” shall refer to the Sublease Base Year. In the event of any inconsistency between the provisions set forth in
this Sublease and the provisions of the Master Lease, as incorporated herein, the provisions of this Sublease shall control as between Sublandlord and Subtenant. 

(b) The following provisions of the Master Lease are expressly not incorporated into this Sublease: Sections 1.2, 1.3, 1.4(b) and (c), 1.7,
5.1, 5.4, 21.3 and 25.3, and the first sentence of Section 11.2, Articles 3, 7 and 12, Exhibit 3 and Exhibits 4 and 8 of the Master Lease and all references to “Security Deposit”, “Extension Term”, “Tenant’s
Work”, “Landlord’s Contribution”, and “Space Plan Allowance”. 
 (c) Master Landlord shall have all of the
same rights and remedies with respect to the Subleased Premises as Master Landlord has with respect thereto under the Master Lease. This Sublease is expressly subject and subordinate to any mortgages or deeds of trust to which the Master Lease is
now or hereafter subject and subordinate pursuant to Section 22.1 of the Master Lease without the requirement of delivering any so-called non-disturbance agreement
to Subtenant. 
 (d) Without limiting any other term or provision of this Sublease, Subtenant shall not have the right to exercise any
rights or options, if any, set forth in the Master Lease to extend or renew the term, to expand the Premises or lease any expansion space, or to terminate the Sublease earlier than the Termination Date. Subtenant shall have no right to audit Master
Landlord’s records pursuant to Section 5.2(1) of the Master Lease nor to request Master Landlord seek an abatement of real estate taxes pursuant to Section 5.3(d) of the Master Lease. 

  
 5 

 (e) All rights of termination, if any, of the Tenant set forth in Article 15 of the Master
Lease entitled “Casualty; Taking,” are reserved to Sublandlord, to be exercised or waived in its sole discretion and Subtenant shall have no right to terminate this Sublease pursuant to the provisions of Section 1.7 and Exhibit 8 of
the Master Lease. 
 (f) Any capitalized terms not otherwise defined in this Sublease shall have the meanings ascribed thereto in the Master
Lease. 
 9. Permitted Use. Subtenant shall use the Subleased Premises solely for the uses specified in Section 4.1 of the
Master Lease in accordance with all of the terms, conditions, restrictions, covenants and other provisions of the Master Lease, and not for any other uses. 

10. Covenants of the Parties. 

(a) With respect to the Subleased Premises, Subtenant covenants and agrees to assume, perform and observe all the terms, covenants and
conditions required to be performed by Sublandlord, as Tenant under the Master Lease except to the extent such terms, covenants and conditions conflict with the terms of this Sublease in which event the terms of the Sublease shall control and
specifically excluding the obligations to pay rent, which obligation shall be governed by the terms of this Sublease. Subtenant further agrees that Subtenant’s performance of all such obligations shall be performed by Subtenant for the benefit
of Sublandlord as well as for the benefit of Master Landlord, and that Sublandlord shall have, with respect to Subtenant, this Sublease and the Subleased Premises, all of the rights and benefits provided to Master Landlord by the Master Lease. 

(b) Subtenant covenants and agrees that this Sublease is expressly made subject and subordinate in all respects to (i) the Master Lease
and to all of its terms, covenants and conditions (including without limitation those provisions not incorporated herein by reference, as set forth in Paragraph 8 above of this Sublease); and (ii) any and all matters to which the tenancy of Sub
landlord, as tenant under the Master Lease, is or may be subordinate. Subtenant shall not do, or permit or suffer to be done, any act or omission by Subtenant, its agents, employees, contractors or invitees which is prohibited by the Master Lease,
or which would constitute a violation or default thereunder, or result in a forfeiture or termination of the Master Lease or render Sublandlord liable for damages, fines, penalties, costs or expenses under the Master Lease. Should the Master Lease
expire or terminate during the Sublease Term for any reason, this Sublease shall terminate on the date of such expiration or termination of the Master Lease, with the same force and effect as if such expiration or termination date had been specified
in this Sublease as the Termination Date and Sublandlord shall have no liability to Subtenant in the event of any such expiration or termination. 

(c) As long as this Sublease is in full force and effect, Subtenant shall be entitled, with respect to the Subleased Premises, to the benefit
of Master Landlord’s obligations and agreements to furnish utilities and other services to the Subleased Premises and to repair and maintain the Common Areas, roof, building systems and all other obligations of Master Landlord under the Master
Lease. Notwithstanding anything provided herein or the Master Lease to the contrary, Subtenant covenants and agrees that Sublandlord shall not be obligated to furnish any 

  
 6 

 
services or utilities of any nature whatsoever or be responsible for the performance of any of Master Landlord’s obligations under the Master Lease, and shall not be liable in damages or
otherwise for any negligence of Master Landlord or for any damage or injury suffered by Subtenant as a result of any act or failure to act by Master Landlord, or any default by Master Landlord in the performance of its obligations under the Master
Lease, nor shall any such action, failure to act, or default by Master Landlord constitute a constructive eviction or default by Sublandlord hereunder. Notwithstanding anything to the contrary contained in this Sublease or the Master Lease,
Sublandlord shall not be bound by and expressly does not make any of the indemnifications, representations or warranties, if any, made by Master Landlord under the Master Lease. If Master Landlord shall default in the performance of its obligations
under the Master Lease, Sublandlord, upon receipt of written notice thereof from Subtenant, shall use commercially reasonable efforts to cause Master Landlord to perform its obligations under the Master Lease and to enforce the terms thereof,
provided such commercially reasonable efforts shall not require Sublandlord to expend any money to cause Master Landlord to perform its obligations under the Master Lease unless Subtenant shall reimburse Sublandlord for Subtenant’s
Proportionate Share of any costs incurred by Sublandlord, including, without limitation, reasonable attorney’s fees. As a condition to Sublandlord exercising any efforts to enforce Master Landlord’s obligations, Sublandlord may require
Subtenant to make an advance deposit with Sublandlord of an amount reasonably estimated to reimburse Sublandlord for Subtenant’s Proportionate Share of Sublandlord’s costs in connection with such efforts. 

(d) Sublandlord shall not incur any liability whatsoever to Subtenant for any injury, inconvenience, incidental or consequential damages
incurred or suffered by Subtenant as a result of the exercise by Master Landlord of any of the rights reserved to Master Landlord under the Master Lease, nor shall such exercise constitute a constructive eviction or a default by Sublandlord
hereunder. Subtenant’s obligations to pay Base Rent, Additional Rent and any other charges due under this Sublease shall not be reduced or abated in the event that Master Landlord fails to provide any service, to perform any maintenance or
repairs, or to perform any other obligation of Master Landlord under the Master Lease, except if and only to the extent that Sublandlord’s obligation to pay Annual Base Rent, Additional Rent and other charges under the Master Lease with respect
to the Subleased Premises is actually abated as a result of Master Landlord’s failure. 
 (e) In all provisions of the Master Lease
requiring the approval or consent of, or notice to, Master Landlord, Subtenant shall be required to obtain the approval or consent of, or provide notice to, both Master Landlord and Sublandlord. If Sublandlord’s consent shall be required under
the terms of this Sublease, Sublandlord shall not be deemed to be unreasonable in withholding such consent if Master Landlord withholds its consent thereto and Sublandlord shall have no liability to Subtenant for any loss, damage or injury in the
event that Master Landlord withholds its consent. 
 (f) Sublandlord covenants that, subject to the terms and conditions of the Master Lease
and this Sublease, if and so long as Subtenant keeps and performs each term and condition herein contained on its part to be kept and performed, Subtenant shall not be disturbed in the enjoyment of the Subleased Premises by Sublandlord or by anyone
claiming by, through or under Sublandlord. 

  
 7 

 (g) Whenever a notice is given or received pursuant to the Master Lease by or to Sublandlord
or Subtenant which has relevance to the Subleased Premises, Sublandlord and Subtenant each agree promptly to provide the other with a copy of such notice. 

(h) Sublandlord covenants and agrees that Sublandlord: (i) shall cause all rent to be paid under the Master Lease as and when due and
payable under the Master Lease; (ii) shall observe and perform the other terms, provisions, covenants and conditions of the Master Lease to be observed and performed by Sublandlord, except and to the extent that such terms, provisions,
covenants and conditions are assumed by Subtenant hereunder; (iii) shall not voluntarily terminate the Master Lease except pursuant to a right of termination arising out of casualty or condemnation expressly set forth in the Master Lease and
shall not amend the Master Lease in a manner adverse to Subtenant in any material respect; (iv) shall not take any action or fail to perform any act that results in a breach or default under the Master Lease to the extent any such failure to
perform such act adversely affects the rights of Subtenant under this Sublease (unless such breach or default under the Master Lease was caused by Subtenant’s breach of its obligations under this Sublease). Sublandlord shall not be deemed to
have made any representation made by Master Landlord in any of the incorporated provisions. 
 (i) Sublandlord represents and warrants to
Subtenant that: 
  

	 	(i)	 Sublandlord has not received any written notice of default under the Master Lease, except for any defaults that
Sublandlord has cured and Master Landlord is no longer claiming to exist, and to the actual knowledge, without any investigation, of Sublandlord, Sublandlord is not in default of any of Sublandlord’s obligations under the Master Lease;

  

	 	(ii)	 Sublandlord has not sent to Master Landlord any written notice stating that Master Landlord is in default of
any of Master Landlord’s obligations under the Master Lease, and to the actual knowledge, without any investigation, of Sublandlord, Master Landlord is not in default of any of Master Landlord’s obligations under the Master Lease;

  

	 	(iii)	 Sublandlord has not received any written notice that any work is required under the Master Lease or by
applicable law to be done in the Subleased Premises; and 

  

	 	(iv)	 Sublandlord has not received any written notice of violation of any laws, ordinances, codes, rules, regulations
or requirements affecting the Subleased Premises. 

 11. Assignment and Subletting. Subtenant covenants and agrees
this Sublease shall not be assigned, voluntarily or by operation of law or otherwise, or the Subleased Premises further sublet, in whole or in part, or any part thereof suffered or permitted by Subtenant to be used or

  
 8 

 
occupied by others without Master Landlord’s and Sublandlord’s prior written consent and any such assignment or sublease shall be subject to all of the terms and conditions of Article
13 of the Master Lease, including, without limitation, the provisions thereof which define what activities will constitute an assignment or sublease and the standards for Master Landlord and Sublandlord to grant or withhold consent thereto. No
consent to any assignment or subletting shall be deemed to be a consent to any further assignment or subletting, and no assignment or subletting or consent thereto shall release or subordinate the primary liability of Subtenant under this Sublease
in any regard whatsoever. If Sublandlord enters into a sublease with another subtenant requiring Master Landlord’s consent pursuant to the Master Lease for any of Sublandlord’s remaining portion of the Premises, then Sublandlord will
inform Subtenant of the name of such subtenant. 
 12. Insurance. Subtenant shall obtain and maintain all insurance types and
coverage for the Subleased Premises as specified in the Master Lease to be obtained and maintained by Sublandlord, as Tenant, in amounts not less than those specified in the Master Lease. All such policies of insurance shall be subject to and comply
with the terms and provisions of the Master Lease and shall, in addition, name Sublandlord as an additional insured thereunder. Section 14.5 of the Master Lease shall govern the waiver of subrogation rights among Sublandlord and Subtenant.
Subtenant hereby agrees that the property damage insurance carried by Subtenant hereunder shall provide for the waiver by the insurance carrier of any right of subrogation against Sublandlord and Master Landlord. 

13. Indemnification of Master Landlord and Sublandlord. Notwithstanding any other provision of this Sublease or the Master Lease to the
contrary, other than acts by the Master Landlord and/or Sublandlord that are grossly negligent or intentional, Subtenant will save Master Landlord and Sublandlord harmless, and will defend and indemnify Master Landlord and Sublandlord, from and
against any and all costs, expenses (including reasonable attorneys’ fees), damages, claims, liabilities, losses, fines or penalties asserted by or on behalf of any person, firm, corporation or public authority arising from or based upon
(i) any injury to person, or loss of or damage to property, sustained or occurring in the Subleased Premises; (ii) any injury to person, or loss of or damage to property sustained or occurring elsewhere (other than in the Subleased
Premises) in or about the Building (including the Shared Areas), to the extent arising out of Subtenant’s use or occupancy of the Subleased Premises or the Shared Areas, or caused by the act or omission of any person for whose conduct Subtenant
is legally responsible; or (iii) any work or thing whatsoever done (other than by Sublandlord or Master Landlord or their contractors, agents or employees) in the Subleased Premises or the Shared Areas by Subtenant, its agents, contractors or
employees during the Sublease Term; (iv) the act, omission, fault, willful act, negligence or other misconduct of Subtenant or any of Subtenant’s agents, employees, licensees, contractors, customers or invitees; or (v) any failure of
Subtenant to perform and discharge any of its covenants and obligations under the Master Lease or this Sublease, or (vi) any failure of Subtenant to surrender the Subleased Premises to Sublandlord at the expiration or earlier termination of
this Sublease in the condition required pursuant to the provisions of this Sublease. In case any action or proceeding is brought against Sublandlord for which Subtenant has covenanted under this Sublease to indemnify Sublandlord, Subtenant will, at
its sole expense, defend such action or proceeding and employ counsel reasonably satisfactory to Sublandlord. 

  
 9 

 In addition to the foregoing, Subtenant shall not do or permit anything to be done which
would cause a default under the Master Lease, or termination or forfeiture by reason of any right of termination or forfeiture, reserved or vested in the Master Landlord under the Master Lease, and Subtenant shall indemnify and hold Sublandlord
harmless from and against all claims of any kind whatsoever by reason of breach or default on the part of Subtenant, or termination or forfeiture which is the consequence of any such breach or default, including without limitation, any claims of
other subtenants of the Premises. The indemnities set forth in this Paragraph 13 shall survive the expiration or earlier termination of this Sublease. 

14. Sublandlord’s Approval of the Subtenant’s Alterations and Improvements. Subtenant shall not perform any changes,
alterations, additions or improvements to the Subleased Premises or the Shared Areas without the prior written consent of Master Landlord and Sublandlord. Any such changes, alterations, additions or improvements shall be subject to and performed in
accordance with all of the terms and conditions of the Master Lease, including, without limitation, Article 11 of the Master Lease. Notwithstanding the foregoing, Sublandlord may withhold its consent to any request by Subtenant with respect to any
proposed changes, alterations, decorations, installations, removals, additions or improvements in or to the Subleased Premises or Shared Areas in Sublandlord’s sole discretion, whether or not Master Landlord has granted its approval. 

15. Surrender; and Holding Over. 

(a) At the expiration or earlier termination of this Sublease, Subtenant shall quit and surrender the Subleased Premises in as good condition
as it was at the beginning of the Sublease Term or as thereafter improved, reasonable wear and tear and damage by casualty excepted, and shall, to the extent not inconsistent with any specific provision of this Sublease, comply with all of the terms
and conditions of the Master Lease regarding surrender of the Premises. Without limitation of any of the foregoing, Subtenant shall on or before the expiration or earlier termination of this Sublease, (i) remove all of Subtenant’s personal
property and repair any damage caused by such removal; (ii) at Sublandlord’s request, or if required by Master Landlord, remove all additions, alterations and changes made to the Subleased Premises by or on behalf of Subtenant and repair
any damage caused thereby; and (iii) remove all trash and broom sweep the Subleased Premises. If any personal property of Subtenant shall remain in the Subleased Premises after the termination of this Sublease, at the election of Sublandlord,
(x) it shall be deemed to have been abandoned by Subtenant and may be retained by Sublandlord as its own property; or (y) such property may be removed and disposed of by Sublandlord at the expense of Subtenant. Subtenant’s obligation
to observe or perform under this Paragraph 15 shall survive the expiration or earlier termination of this Sublease. 
 (b) If Subtenant
fails to surrender the Subleased Premises in the condition required hereunder on the expiration or earlier termination of the Sublease, such holding over shall render Subtenant a
tenant-at-sufferance only, and shall be subject to all of the terms and provisions of this Sublease, and Subtenant shall pay to Sublandlord the greater of (i) any
amounts owed by Sublandlord to Master Landlord as a result of Subtenant’s holding over; or (ii) monthly holdover Base Rent equal to 200% of the Base Rent payable in the last month of the 

  
 10 

 
Sublease Term plus any Additional Rent as set forth in this Sublease; provided, however, that if Subtenant’s holdover shall be the sole cause of Sublandlord’s holdover under the Master
Lease, Subtenant shall pay as use and occupation each month an amount equal to twice the monthly Base Rent plus Additional Rent and all other charges due for the Entire Premises under the Master Lease for the last full calendar month preceding the
expiration or earlier termination of the term of the Master Lease, plus any and all other costs and expenses incurred by Sub landlord in connection with such holdover. 

16. Default. 
 (a) For
purposes of this Sublease, the following shall constitute a material breach of this Sublease and a “default” by Subtenant: (a) failure to pay Rent or any other amount within two (2) days after written notice from
Sublandlord to Subtenant of such late payment (provided however that a default shall occur hereunder without any obligation of Sublandlord to give any notice if (i) Subtenant fails to make any payment within two (2) days after the due
date, and (ii) Sublandlord has given Subtenant written notice under this Section 16(a) on more than two (2) occasions during the twelve (12) month interval preceding such failure by Subtenant); (b) all those items of default set forth in
Article 20 of the Master Lease which remain uncured after the cure period provided in the Master Lease, less ten (10) business days; and/or (c) Subtenant’s failure to perform timely and subject to any cure periods any other material
provision of this Sublease or the Master Lease as incorporated herein. 
 (b) In the event that Subtenant shall default in the payment of
Base Rent or Additional Rent hereunder, or default in the performance or observance of any of the terms, conditions and covenants of this Sublease, which default shall not be cured within the grace periods set forth in this Sublease, Sub landlord,
in addition to and not in limitation of any rights otherwise available to it, shall have the same rights and remedies with respect to such default as are provided to Master Landlord under the Master Lease with respect to defaults by the Tenant
thereunder, with the same force and effect as though all such provisions relating to any such default or defaults were herein set forth in full, and Subtenant shall have all of the obligations of the Tenant under the Master Lease with respect to
such default. 
 17. Letter of Credit. 

(a) It is agreed that Subtenant will provide Sublandlord at the time of the execution of this Sublease, an unconditional, irrevocable letter of
credit, in the amount of Six Hundred Thousand and 00/100 Dollars ($600,000.00) (the “Letter of Credit”). Subtenant shall be responsible, at its sole cost, for paying any and all letter of credit or other fees due to the issuer of
the Letter of Credit. Such Letter of Credit shall be provided by a bank that is reasonably acceptable to Sublandlord, shall permit partial draws, shall be assignable by Sublandlord (without any cost to Sublandlord) and shall be for an initial term
of one year and be automatically renewable (i.e. “Evergreen”) for successive one year periods (unless Sublandlord receives notice of non-renewal at least ten (10) days prior to the expiration of the
Letter of Credit), so that it remains outstanding for as long as the Sublease is in effect, and shall otherwise be in a form that is reasonably acceptable to Sublandlord. The Letter of Credit must be able to be drawn upon in Boston, Massachusetts or
elsewhere if approved by Sublandlord. In the event 

  
 11 

 of any default by Subtenant under this Sublease, Sublandlord shall be entitled to draw upon the Letter of
Credit to the extent of, and to reimburse Sublandlord for, any and all damages owed to Sublandlord by Subtenant as a result of such default. If at any time the Letter of Credit is due to expire or Sublandlord receives notice that it will expire and
Sublandlord has not received written evidence of the renewal thereof at least ten (10) days before such expiration, Sublandlord may draw upon the Letter of Credit for the full amount thereof in which event the proceeds shall become a cash security
deposit subject to the terms of this Paragraph 17. 
 (b) In the event that Subtenant shall fully and faithfully comply with all of the
terms, provisions, covenants and conditions of this Lease, the Letter of Credit (or cash deposit, if drawn), except as same may have been applied by Sublandlord in accordance with this Sublease, shall be returned to Subtenant within thirty
(30) days after the Termination Date or such earlier termination date of this Sublease and after Subtenant has delivered entire possession of the Subleased Premises to Sublandlord in accordance with all of the terms and provisions of this
Sublease. 
 (c) Subtenant agrees that in the event Sublandlord draws upon the Letter of Credit in accordance with the provisions of this
Sublease, Subtenant will immediately upon demand of Sublandlord replace the drawn upon Letter of Credit with a new Letter of Credit in the full amount of the drawn upon Letter of Credit, or reimburse or pay Sublandlord for the amount so applied so
that the amount constituting the Letter of Credit during the term of this Sublease shall always be equal to the required amount of the Letter of Credit. 

(d) Subtenant further agrees that it will not assign or encumber or attempt to assign or encumber the moneys constituting the Letter of
Credit, and that neither Sublandlord nor its successors or assigns shall be bound by any such assignment, encumbrance or attempted assignment or encumbrance. 

18. Signage. Subtenant may install one (1) sign or lettering identifying Subtenant on the glass wall at the entry to the Subleased
Premises (and within the Premises) subject to Master Landlord’s and Sublandlord’s approval (not to be unreasonably withheld by Sublandlord) of the size, color, location and style of such signs. If and only so long as Master Landlord
maintains a tenant directory in the main lobby of the Building, Sublandlord shall use commercially reasonable efforts to cause Subtenant’s name to be listed on such tenant directory; provided, however, that Master Landlord approves such listing
and any changes or replacements of such lobby listing after the initial installation shall be at Subtenant’s expense. Subject to Master Landlord’s consent and Sublandlord’s reasonable approval of the color, size, and style of such
sign, Subtenant’s name may also be included under the elevator lobby sign on the sixteenth (16th) floor elevator lobby identifying Sublandlord; provided that Subtenant’s lobby signage shall not be larger than the dimensions of
Sublandlord’s sign in such elevator lobby and so long as Master Landlord permits two (2) elevator lobby signs on the 16th floor elevator lobby. 

19. Shared Areas. 
 (a)
Notwithstanding anything to the contrary in the Master Lease or contained herein, Subtenant shall have the right to shared use of the reception area (“Reception”) with 

  
 12 

 Sublandlord’s reception services provided at no additional cost, café
(“Café”), the two (2) videoconference rooms on the sixteen (16th) floor (the “Cambridge Room” and the “Menlo Park Room”, respectively) and the two (2) shower rooms
(“Shower”) (collectively, Reception, Café, Cambridge Room, Menlo Park Room and Shower are referred to herein as the “Shared Areas”). The Shared Areas contain approximately 5,134 square feet of space.
Sublandlord and Subtenant agree to coordinate their respective usage of the Shared Areas; however, the scheduling and use of the Cambridge Room and Menlo Park Room shall be on a first come, first served basis, except that Sublandlord shall have the
right to exclusive use of the Cambridge Room on Mondays throughout the Sublease Term. 
 (b) At any time during the Sublease Term, to the
extent that Sublandlord shall, in its sole and absolute discretion, determine that Subtenant’s consumption or use of the Shared Areas, including, but not limited to, telephone and videoconferencing services, constitutes an excessive use beyond
those normally consumed in Sublandlord’s business operations (including above-normal long distance charges), then Subtenant shall be responsible for the charges for such excessive use being furnished, and Subtenant agrees to pay Sublandlord
within ten (10) business days after receipt of an invoice therefor. 
 (c) Commencing on the Commencement Date, Subtenant shall pay $100.00
per month per employee operating in the Subleased Premises (the “Café Charge”) for Subtenant’s use of the Café. Thereafter, Sublandlord will invoice Subtenant for the Café Charge for such applicable
calendar month, and on or before the first day of each calendar month during the Sublease Term, Subtenant’s office manager will provide Sublandlord or its designated representative with the number of employees that Subtenant employees at the
Subleased Premises for the following month together with the Café Charge for that month based on such number of employees and certifying to the accuracy thereof. Sublandlord has the right to verify the number of Subtenant’s employees
submitted by Subtenant or its agent. 
 (d) To the fullest extent permitted by applicable law, Sublandlord shall not be liable for any
personal injury to Subtenant, Subtenant’s employees, agents, invitees, customers, clients, family members, guests or licensees arising from the use and condition of the Shared Areas or any parts of the Building and the Property (as such term is
defined in the Master Lease) upon which the Building is located in connection with the use of and access to the Shared Areas, except to the extent caused by Sublandlord’s or Sublandlord’s agents, contractors and employees gross negligence
or willful misconduct, and in no event shall Sublandlord ever be liable for any indirect or consequential damages or loss of profits or the like from any cause whatsoever. 

(e) Subtenant agrees that neither Sublandlord nor any successor of Sublandlord nor any beneficiary, trustee, member, manager, partner,
director, officer, employee or shareholder of Sublandlord or such successor shall ever be personally liable for any such judgment, or for the payment of any monetary obligation to Subtenant. 

20. Notice. Any notice, consent, request, bill, demand or statement hereunder by either party to the other party shall be in writing
and delivered or served in accordance with Article 24 of the Master Lease and addressed as follows: if to Sublandlord: One Broadway, Cambridge, 

  
 13 

 
Massachusetts 02142, Attn: Jessica Pelletier, Chief Financial Officer; if to Subtenant: at the address set forth above, or to such other address and attention as any of the above shall notify the
others in writing. 
 21. Rules and Regulations. Subtenant shall abide by any rules and regulations from time to time established by
Master Landlord under the Master Lease. 
 22. Recording. In the event that this Sublease or a copy hereof or any notice hereof shall
be recorded by Subtenant, then such recording shall constitute a default by Subtenant entitling Sublandlord to immediately terminate this Sublease, without notice or opportunity to cure such default. 

23. Brokers. Each party represents to the other that it has not dealt with any real estate broker, finder or other person with respect
to this Sublease in any manner other than The Columbia Group, CBRE and Cresa (collectively, the “Brokers”). Each party shall hold harmless the other party from all damages resulting from any claims that may be asserted against the
other party by any broker, finder or other person with whom the indemnifying party has or purportedly has dealt other than the Brokers. 

24. Governing Law; Interpretation and Partial Invalidity. This Sublease shall be governed and construed in accordance with the laws of
the Commonwealth of Massachusetts. If any term of this Sublease, or the application thereof to any person or circumstances, shall to any extent be invalid or unenforceable, the remainder of this Sublease, or the application of such term to persons
or circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby, and each term of this Sublease shall be valid and enforceable to the fullest extent permitted by law. The titles for the paragraphs are for
convenience only and are not to be considered in construing this Sublease. This Sublease contains all of the agreements of the parties with respect to the subject matter hereof, and supersedes all prior dealings between them with respect to such
subject matter. No delay or omission on the part of either party to this Sublease in requiring performance by the other party or exercising any right hereunder shall operate as a waiver of any provision hereof or any rights hereunder, and no waiver,
omission or delay in requiring performance or exercising any right hereunder on any one occasion shall be construed as a bar to or waiver of such performance or right on any future occasion. 

25. Binding Agreement. This document shall become effective and binding only upon the mutual execution and delivery of this Sublease by
both Sublandlord and Subtenant. This Sublease shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, subject to the provisions of the Master Lease and this Sublease regarding assignment and
subletting. 
 26. Counterparts and Authority. This Sublease may be executed in multiple counterparts, each of which shall be deemed
an original and all of which together shall constitute one and the same document. Sublandlord and Subtenant each represent and warrant to the other that the person or persons executing this Sublease on its behalf has or have authority to do so and
that such execution has fully obligated and bound such party to all terms and provisions of this Sublease. 

  
 14 

 27. Master Landlord’s Approval of this Sublease. Notwithstanding anything in
this Sublease to the contrary, this Sublease shall be of no force or effect whatsoever, or be binding in any way, unless and until Master Landlord has given its written consent to this Sublease in accordance with the terms of the Master Lease. 

28. Non-Compete for Future Leasing of Premises. Subtenant covenants and agrees that until such
time as Sublandlord has terminated any discussions or negotiation with Master Landlord for the leasing of the Premises (or any portion thereof) for the period commencing on January 1, 2022 (or has confirmed in writing to Subtenant that it has
elected not to remain in the Premises (or any portion thereof) after the expiration of the Master Lease), that Subtenant shall not enter into any negotiations with Master Landlord for the leasing of any portion of the Premises. The provisions of
this Paragraph 28 shall survive the expiration or earlier termination of this Sublease. 
 [Signatures commence on following page] 

  
 15 

 EXECUTED as an instrument under seal as of the day and year first set forth above. 

 

					
	SUBLANDLORD:
	
	HIGHLAND CAPITAL PARTNERS, LLC
		
	 By:
	 	/s/ Jessica Healey
		 	      Name: Jessica Healey
		 	      Title: Chief Financial Officer
	
	SUBTENANT:
	
	PRAXIS PRECISION MEDICINES, INC.
		
	 By:
	 	/s/ Stuart Chaffee
		 	      Name: Stuart Chaffee
		 	      Title: Chief Business Officer

  
 16 

 EXHIBIT 1 

MASTER LEASE 
 [SEE ATTACHED] 

 ONE BROADWAY 

CAMBRIDGE, MASSACHUSETTS 

LEASE SUMMARY SHEET 
  

			
	Execution Date:	  	May 31, 2011
		
	Tenant:	  	Highland Capital Partners LLC, a Delaware limited liability company
		
	Tenant’s Mailing Address Prior to Occupancy:	  	92 Hayden Avenue, Lexington, Massachusetts 02421
		
	Landlord:	  	MIT One Broadway LLC, a Massachusetts limited liability company
		
	Building:	  	One Broadway, Cambridge, Massachusetts. The Building consists of approximately 312,704 rentable square feet. The land or which the Building is located is more particularly described in Exhibit 2 attached hereto and made
a part hereof.
		
	Premises:	  	Approximately 18,751 rentable square feet of space consisting of the entire sixteenth (16th) floor of the Building, as more particularly shown as hatched, highlighted or outlined
on the plan attached hereto as Exhibit 1 and made a part hereof (the “Lease Plan”).
		
	Term Commencement Date:	  	The date on which Landlord delivers the Premises to Tenant in the condition required pursuant to Section 3.1 hereof.
		
	Rent Commencement Date:	  	The date which is one hundred fifty (150) days following the Term Commencement Date.
		
	Expiration Date:	  	The last day of the tenth (10th) Rent year1.
		
	Extension Term:	  	Subject to Section 1.2 below, one (1) extension term of five (5) years.
		
	Landlord’s Contribution:	  	Subject to Section 3.3 below, One Million Five Hundred Thousand Eighty Dollars ($1,500,080.00).
		
	Permitted Uses:	  	General office use.
		
	Base Rent:	  	    Period of Time             Annual Base Rent             Monthly
Payment
		
		  	Rent Year 1, Period
12                                
                    $51,958.33

  

	1 	 For the purposes of this Lease, the first “Rent Year” shall be defined as the
twelve-(12)-month period commencing as of the Rent Commencement Date and ending on the last day of the month in which the first (1st) anniversary of the Rent Commencement Date occurs; provided,
however, that if the Rent Commencement Date occurs on the first of a calendar month, then the first Rent Year shall expire on the day immediately preceding the first (1st) anniversary of the Rent
Commencement Date. Thereafter, “Rent Year” shall be defined as any subsequent twelve (12) month period during the term of this Lease. 

	2 	 Period 1 shall mean the period commencing on the Rent Commencement Date and ending on the last day of the
fourth (4th) full calendar month thereafter 

  
 1 

 
									
	 Rent Year 1, Period 23
	  				  	$	67,191.08	 
	 Rent Year 2
	  	$	825,044.00	 	  	$	68,753.67	 
	 Rent Year 3
	  	$	843,795.00	 	  	$	70,316.25	 
	 Rent Year 4
	  	$	862,546.00	 	  	$	71,878.83	 
	 Rent Year 5
	  	$	881,297.00	 	  	$	73,441.42	 
	 Rent Year 6
	  	$	900,048.00	 	  	$	75,004.00	 
	 Rent Year 7
	  	$	918,799.00	 	  	$	76,566.58	 
	 Rent Year 8
	  	$	937,550.00	 	  	$	78,129.17	 
	 Rent Year 9
	  	$	956,301.00	 	  	$	79,691.75	 
	 Rent Year 10
	  	$	975,052.00	 	  	$	81,254.33	 

			
	 Operating Costs and Taxes:
	  	See Sections 5.2 and 5.3
		
	 Tenant’s Building Share:
	  	A fraction, the numerator of which is the number of rentable square feet in the Premises and the denominator of which is the number of rentable square feet in the Building. As of the Execution Date, Tenant’s Building Share
is 6.0%.
		
	 Tenant’s Property Share:
	  	A fraction, the numerator of which is the number of rentable square feet in the Premises and the denominator of which is the number of rentable square feet in the buildings (including the Building) located on the Property
(hereinafter defined). As of the Execution Date, Tenant’s Property Share is 6.0%.
		
	 Operating Costs Base Year:
	  	Fiscal Year 2012 (i.e. 7/1/11 – 6/30/12)
		
	 Tax Base Year:
	  	Fiscal Year 2012 (i.e. 7/1/11 – 6/30/12)
		
	 Security Deposit:
	  	One Hundred Fifty Thousand Dollars ($150,000)

  

	3 	 Period 2 shall mean the period commencing on the day immediately after the end of Period 1 and ending on the
last day of Rent Year 1 

  
 -2- 

 TABLE OF CONTENTS 

 

									
	1.	 	 LEASE GRANT; TERM: APPURTENANT RIGHTS; EXCLUSIONS
	  	 	1	 
				
		 	1.1	  	Lease Grant	  	 	1	 
		 	1.2	  	Extension Term 	  	 	1	 
		 	1.3	  	Notice of Lease	  	 	9	 
		 	1.4	  	Appurtenant Rights	  	 	3	 
		 	1.5	  	Tenant’s Access	  	 	5	 
		 	1.6	  	Exclusions	  	 	5	 
		 	1.7	  	Termination Option	  	 	5	 
			
	 2.
	 	 RIGHTS RESERVED TO LANDLORD
	  	 	5	 
				
		 	2.1	  	Additions and Alterations	  	 	5	 
		 	2.2	  	Additions to the Property	  	 	6	 
		 	2.3	  	Name and Address of Building	  	 	6	 
		 	2.4	  	Landlord’s Access	  	 	6	 
		 	2.5	  	Pipes, Ducts and Conduits	  	 	6	 
		 	2.6	  	Minimize Interference	  	 	6	 
			
	 3.
	 	 CONDITION OF PREMISES; CONSTRUCT ION
	  	 	6	 
				
		 	3.1	  	Condition of Premises	  	 	7	 
		 	3.2	  	Tenant’s Work	  	 	7	 
		 	3.3	  	Landlord’s Contribution	  	 	8	 
		 	3.4	  	Space Plan Allowance	  	 	9	 
			
	 4.
	 	 USE OF PREMISES
	  	 	9	 
				
		 	4.1	  	Permitted Uses	  	 	9	 
		 	4.2	  	Prohibited Uses	  	 	9	 
			
	 5.
	 	 RENT; ADDITIONAL RENT
	  	 	10	 
				
		 	5.1	  	Base Rent	  	 	10	 
		 	5.2	  	Operating Costs	  	 	10	 
		 	5.3	  	Taxes	  	 	14	 
		 	5.4	  	Late Payments	  	 	15	 
		 	5.5	  	No Offset; Independent Covenants; Waiver	  	 	16	 
		 	5.6	  	Survival	  	 	17	 
			
	 6.
	 	 INTENTIONALLY OMITTED
	  	 	17	 
			
	 7.
	 	 SECURITY DEPOSIT/ LETTER OF CREDIT
	  	 	17	 
				
		 	7.1	  	Amount	  	 	17	 
		 	7.2	  	Application of Proceeds of Letter of Credit	  	 	17	 
		 	7.3	  	Transfer of Letter of Credit	  	 	17	 
		 	7.4	  	Credit of Issuer of Letter of Credit	  	 	18	 
		 	7.5	  	Security Deposit	  	 	18	 
		 	7.6	  	Return of Security Deposit or Letter of Credit	  	 	18	 

  
 -i- 

									
	 8.
	 	 INTENTIONALLY OMITTED
	  	 	18	 
			
	9.	 	UTILITIES, HVAC; WASTE REMOVAL	  	 	18	 
				
		 	9.1	  	Electricity	  	 	18	 
		 	9.2	  	Water	  	 	18	 
		 	9.3	  	Heat, Ventilating and Air Conditioning	  	 	18	 
		 	9.4	  	Other Utilities	  	 	19	 
		 	9.5	  	Interruption or Curtailment of Utilities	  	 	19	 
		 	9.6	  	Telecommunications Providers	  	 	19	 
		 	9.7	  	Landlord Services	  	 	20	 
			
	 10.
	 	MAINTENANCE AND REPAIRS	  	 	20	 
				
		 	10.1	  	Maintenance and Repairs by Tenant	  	 	20	 
		 	10.2	  	Maintenance and Repairs by Landlord	  	 	20	 
		 	10.3	  	Accidents to Sanitary and Other Systems	  	 	20	 
		 	10.4	  	Floor Load-Heavy Equipment	  	 	20	 
		 	10.5	  	Noise	  	 	21	 
			
	 11.
	 	 ALTERATIONS AND IMPROVEMENTS BY TENANT
	  	 	21	 
				
		 	11.1	  	Landlord’s Consent Required	  	 	21	 
		 	11.2	  	After-Hours	  	 	21	 
		 	11.3	  	Harmonious Relations	  	 	22	 
		 	11.4	  	Liens	  	 	22	 
		 	11.5	  	General Requirements	  	 	22	 
			
	 12.
	 	 SIGNAGE
	  	 	22	 
				
		 	12.1	  	Restrictions	  	 	22	 
		 	12.2	  	Building Directory	  	 	23	 
			
	 13.
	 	 ASSIGNMENT, MORTGAGING AND SUBLETTING
	  	 	23	 
				
		 	13.1	  	Landlord’s Consent Required	  	 	23	 
		 	13.2	  	Landlord’s Recapture Right	  	 	23	 
		 	13.3	  	Standard of Consent to Transfer	  	 	24	 
		 	13.4	  	Listing Confers no Rights	  	 	24	 
		 	13.5	  	Profits In Connection with Transfers	  	 	24	 
		 	13.6	  	Prohibited Transfers	  	 	24	 
		 	13.7	  	Permitted Transfers	  	 	24	 
			
	 14.
	 	 INSURANCE; INDEMNIFICATION; EXCULPATION
	  	 	25	 
				
		 	14.1	  	Tenant’s Insurance	  	 	25	 
		 	14.2	  	Indemnification	  	 	26	 
		 	14.3	  	Property of Tenant	  	 	26	 
		 	14.4	  	Limitation of Landlord’s Liability for Damage or Injury	  	 	26	 
		 	14.5	  	Waiver of Subrogation; Mutual Release	  	 	27	 
		 	14.6	  	Tenant’s Acts—Effect on Insurance	  	 	27	 
			
	 15.
	 	 CASUALTY; TAKING
	  	 	27	 
				
		 	15.1	  	Damage	  	 	27	 
		 	15.2	  	Termination Rights	  	 	28	 
		 	 15.3
	  	 Taking for Temporary Use
	  	 	28	 
		 	 15.4
	  	 Disposition of Awards
	  	 	28	 

  
 -ii- 

									
	 16.
	 	 ESTOPPEL CERTIFICATE
	  	 	29	 
			
	 17.
	 	 HAZARDOUS MATERIALS
	  	 	29	 
				
		 	 17.1
	  	 Prohibition
	  	 	29	 
		 	 17.2
	  	 Environmental Laws
	  	 	29	 
		 	 17.3
	  	 Hazardous Material Defined
	  	 	.29	 
			
	 18.
	 	 RULES AND REGULATIONS
	  	 	29	 
				
		 	 18.1
	  	 Rules and Regulations
	  	 	30	 
		 	 18.2
	  	 Energy Conservation
	  	 	30	 
		 	 18.3
	  	 Recycling
	  	 	30	 
			
	 19.
	 	 LEGAL REQUIREMENTS
	  	 	30	 
			
	 20.
	 	 DEFAULT
	  	 	30	 
				
		 	 20.1
	  	 Events of Default
	  	 	30	 
		 	 20.2
	  	 Remedies
	  	 	32	 
		 	 20.3
	  	 Damages - Termination
	  	 	32	 
		 	 20.4
	  	 Landlord’s Self-Help; Fees and Expenses
	  	 	33	 
		 	 20.5
	  	 Waiver of Redemption, Statutory Notice and Grace Periods
	  	 	33	 
		 	 20.6
	  	 Landlord’s Remedies Not Exclusive
	  	 	33	 
		 	 20.7
	  	 No Waiver
	  	 	34	 
		 	 20.8
	  	 Restrictions or Tenant’s Rights
	  	 	34	 
		 	 20.9
	  	 Landlord Default
	  	 	34	 
			
	 21.
	 	 SURRENDER; ABANDONED PROPERTY; HOLD-OVER
	  	 	34	 
				
		 	 21.1
	  	 Surrender
	  	 	34	 
		 	 21.2
	  	 Abandoned Property
	  	 	35	 
		 	 21.3
	  	 Holdover
	  	 	35	 
			
	 22.
	 	 MORTGAGEE RIGHTS
	  	 	35	 
				
		 	 22.1
	  	 Subordination
	  	 	35	 
		 	 22.2
	  	 Notices
	  	 	35	 
		 	 22.3
	  	 Mortgagee Consent
	  	 	35	 
		 	 22.4
	  	 Mortgagee Liability
	  	 	36	 
			
	 23.
	 	 QUIET ENJOYMENT
	  	 	36	 
			
	 24.
	 	 NOTICES
	  	 	36	 
			
	 25.
	 	 MISCELLANEOUS
	  	 	37	 
				
		 	 25.1
	  	 Separability
	  	 	37	 
		 	 25.2
	  	 Captions
	  	 	37	 
		 	 25.3
	  	 Broker
	  	 	37	 
		 	 25.4
	  	 Entire Agreement
	  	 	37	 
		 	 25.5
	  	 Governing Law
	  	 	37	 
		 	 25.6
	  	 Representation of Authority
	  	 	37	 

  
 -iii- 

									
		 	 25.7
	  	 Expenses Incurred by Landlord Upon Tenant Requests
	  	 	37	 
		 	 25.8
	  	 Survival
	  	 	38	 
		 	 25.9
	  	 Limitation of Liability
	  	 	38	 
		 	 25.10
	  	 Binding Effect
	  	 	38	 
		 	 25.11
	  	 Landlord Obligations upon Transfer
	  	 	38	 
		 	 25.12
	  	 No Grant of Interest
	  	 	38	 

  

			
	EXHIBIT 1	  	LEASE PLAN
	EXHIBIT 2	  	LEGAL DESCRIPTION
	EXHIBIT 3	  	CONDITION OF PREMISES ON TERM COMMENCEMENT DATE
	EXHIBIT 4	  	FORM OF LETTER OF CREDIT
	EXHIBIT 5	  	ALTERATIONS CHECKLIST
	EXHIBIT 6	  	RULES AND REGULATIONS
	EXHIBIT 7	  	LANDLORD’S SERVICES
	EXHIBIT 8	  	AMOUNT OF TERMINATION PAYMENT
	EXHIBIT 9	  	FORM OF RECOGNITION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT

  
 -iv- 

 THIS INDENTURE OF LEASE (this “Lease”) is hereby made and entered
into on the Execution Date by and between Landlord and Tenant. 
 This Lease and all of its terms, covenants, representations, warranties,
agreements and conditions are in all respects subject and subordinate to that certain Master Lease Agreement dated as of December 1, 2008 by and between MIT One Broadway Fee Owner LLC, as landlord (the “Master
Landlord”), and Landlord, as tenant (as it may be amended from time to time, the “Master Lease”), a redacted copy of which has been delivered to Tenant. Tenant acknowledges notice and full knowledge of all of the
terms, covenants and conditions of the Master Lease. Prior to the Term Commencement Date, Landlord, Master Landlord and Tenant shall enter into a Recognition, Non-Disturbance and Attornment Agreement as to
such Master Lease, substantially in the form attached hereto as Exhibit 9 and made a part hereof, which may be recorded by Tenant at Tenant’s sole expense with the Registry (hereinafter defined). 

Each reference in this Lease to any of the terms and titles contained in any Exhibit attached to this Lease shall be deemed and construed to
incorporate the data stated under that term or title in such Exhibit. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them as set forth in the Lease Summary Sheet which is attached hereto and incorporated
herein by reference. 
  

	1.	 LEASE GRANT; TERM; APPURTENANT RIGHTS; EXCLUSIONS 

1.1    Lease Grant. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the Premises upon and subject
to terms and conditions of this Lease, for a term of years commencing on the Term Commencement Date and, unless earlier terminated or extended pursuant to the terms hereof, ending on the Expiration Date (the “Initial Term”;
the Initial Term and, if duly exercised, the Extension Term are hereinafter collectively referred to as the “Term”). 

1.2    Extension Term. 

(a)    Provided (i) Tenant, an Affiliate, its Affiliated Funds and/or its Portfolio Companies (as such terms are
hereinafter defined) is/are then occupying at least sixty-five percent (65%) of the Premises; and (ii) there is no Event of Default nor an event which, with the passage of time and/or the giving of notice would constitute an Event of Default
(1) as of the date of the Extension Notice (hereinafter defined), and (2) at the commencement of the applicable Extension Term (hereinafter defined) (it being understood and agreed that if Tenant shall cure any default within applicable
notice and/or cure periods, then Tenant shall thereafter be entitled to exercise such option), Tenant shall have the option to extend the Term for one (1) additional term of five (5) years (the “Extension Term”),
commencing as of the expiration of the Initial Term, or the prior Extension Term, as the case may be. Tenant must exercise such option to extend by giving Landlord written notice (the “Extension Notice’’) on or before
the date that is thirteen (13) months prior to the expiration of the then-current term of this Lease, time being of the essence. Upon the timely giving of such notice, the Term shall, subject to Tenant’s right to withdraw the Extension
Notice in accordance with Section 1.2(b) below, be deemed extended upon all of the terms and conditions of this Lease, except that Base Rent during the Extension Term shall be calculated in accordance with this Section 1.2, Landlord shall
have no obligation to construct or renovate the Premises and Tenant shall have no further right to extend the Term. If Tenant fails to give timely notice, as aforesaid, Tenant shall have no further right to extend the Term. Notwithstanding the fact
that Tenant’s proper and timely exercise of such option to extend the Term shall be self executing, the parties shall promptly execute a lease amendment reflecting such Ext1nsion Term after Tenant exercises such option. The execution of such
lease amendment shall not be deemed to waive any of the conditions to Tenant’s exercise of its rights under this Section 1.2. 

  
 PAGE 1 

 (b)    The Base Rent during the Extension Term (the
“Extension Term Base Rent”) shall be determined in accordance with the process described hereafter. Extension Term Base Rent shall be the greater of (i) Base Rent for the last Rent Year of the prior term, or
(ii) ninety-five percent (95%) of the fair market rental value of the Premises then demised to Tenant as of the commencement of the Extension Term as determined in accordance with the process described below, for leases of office space in the
East Cambridge/Kendall Square area of equivalent quality, size, utility and location, with the length of the Extension Term, the credit standing of Tenant and all other relevant factors to be taken into account. Within thirty (30) days after
receipt of the Extension Notice, Landlord shall deliver to Tenant written notice of its determination of the Extension Term Base Rent for the Extension Term. Tenant shall, within thirty (30) days after receipt of such notice, notify Landlord in
writing (“Tenant’s Response Notice”) that either (A) Tenant elects to withdraw its Extension Notice, in which event the Lease shall expire on the Expiration Date, or (B) Tenant accepts Landlord’s
determination of the Extension Term Base Rent, or (C) Tenant rejects Landlord’s determination of the Extension Term Base Rent. If Tenant fails timely to deliver Tenant’s Response Notice, Tenant shall be deemed to have accepted
landlord’s determination of the Extension Term Base Rent. 
 (c)    If and only if Tenant’s Response Notice is
timely delivered to Landlord and indicates both, that Tenant rejects Landlord’s determination of the Extension Term Base Rent and desires to submit the matter to arbitration, then the Extension Term Base Rent shall be determined in accordance
with the procedure set forth in this Section 1.2(c). In such event, within ten (10) days after receipt by Landlord of Tenant’s Response Notice indicating Tenant’s desire to submit the determination of the Extension Term Base Rent
to arbitration, Tenant and Landlord shall each notify the other, in writing, of their respective selections of an appraiser (respectively, “Landlord’s Appraiser” and “Tenant’s Appraiser”).
Landlord’s Appraiser and Tenant’s Appraiser shall then jointly select a third appraiser (the “Third Appraiser”) within ten (10) days of their appointment. All of the appraisers selected shall be individuals
with at least five (5) consecutive years’ commercial appraisal experience in the area in which the Premises are located, shall be members of the Appraisal Institute (M.A.I.), and, in the case of the Third Appraiser, shall not have acted in
any capacity for either Landlord or Tenant within five (5) years of his or her selection. The three appraisers shall determine the Extension Term Base Rent in accordance with the requirements and criteria set forth in Section 1.2(b) above,
employing the method commonly known as Baseball Arbitration, whereby Landlord’s Appraiser and Tenant’s Appraiser each sets forth its determination of the Extension Term Base Rent as defined above, and the Third Appraiser must select
one or the other (it being understood that the Third Appraiser shall be expressly prohibited from selecting a compromise figure). Landlord’s Appraiser and Tenant’s Appraiser shall deliver their determinations of the Extension Term Base
Rent to the Third Appraiser within five (5) days of the appointment of the Third Appraiser and the Third Appraiser shall render his or her decision within ten (10) days after receipt of both of the other two determinations of the Extension
Term Base Rent. The Third Appraiser’s decision shall be binding on both Landlord and Tenant. Each party shall bear the cost of its own appraiser and shall share equally in the cost of the Third Appraiser. 

1.3    Notice of Lease. Each of the parties hereto agrees to join in the execution, in recordable form, of a statutory
notice of lease and/or written declaration in which shall be stated the Term Commencement Date, the Rent Commencement Date, the number and length of the Extension Term and the Expiration Date, which notice of lease may be recorded by Tenant with the
Middlesex South Registry of Deeds and/or filed with the Registry District of the Land Court, as appropriate (collectively, the “Registry”) at Tenant’s sole cost and expense. If a notice of lease was previously recorded
with the Registry, upon the expiration or earlier termination of this Lease, Landlord shall deliver to Tenant a notice of termination of lease and Tenant shall promptly execute and deliver the same to Landlord for Landlord’s execution and
recordation with the Registry. If Tenant fails to deliver the executed notice of termination of lease within ten (10) days of receipt thereof, time being of the essence, Tenant hereby appoints Landlord as Tenant’s attorney-in-fact to execute the same, such appointment being coupled with an interest. 

  
 PAGE 2 

 1.4    Appurtenant Rights. 

(a)    Common Areas. 

Subject to the terms of this Lease and the Rules and Regulations (hereinafter defined), Tenant shall have, as appurtenant to the Premises,
rights to use in common with others entitled thereto, the following areas (such areas are hereinafter referred to as the “Common Areas”): (i) the common lobbies, loading docks, hallways and stairways of the Building serving
the Premises, (ii) common walkways necessary for access to the Building, (iii) if the Premises include less than the entire rentable area of any floor, the common toilets and other common facilities of such floor; and (iv) other areas designated by
Landlord from time to time for the common use of tenants of the Building; and no other appurtenant rights or easements. 

(b)    Parking. 

(i)    During the Term, commencing on the Rent Commencement Date, Landlord shall, subject to the terms hereof, make
available the number of parking spaces equal to Tenant’s Allocated Parking Spaces (hereinafter defined) for Tenant’s use in the parking garage/parking areas serving the Building and Tenant shall lease such spaces from Landlord throughout
the Term, subject to Landlord’s rights under this Section 1.4(b). For purposes hereof, “Tenant’s Allocated Parking Spaces” shall mean a whole number (i) that is no less than the result determined by
dividing the rentable square footage of the Premises by 1,000 and rounding up any remainder equal to or greater than 0.5 (as it may be reduced pursuant to this Section 1.4(b), the “Parking Minimum”) (e.g., for the period
commencing on the Execution Date, the Parking Cap shall be nineteen (19), (ii) that is no greater than thirty-two (32), and (iii) specified by Tenant in a written notice to Landlord on or before the date
which is sixty (60) days after the Term Commencement Date (it being understood and agreed that if Tenant fails to timely deliver such written notice, Tenant’s Allocated Parking Spaces shall be deemed to equal the Parking Minimum). The
number of parking spaces in the parking garage/areas allocated to Tenant, as modified pursuant to this Lease or as otherwise permitted by Landlord, are hereinafter referred to as the “Parking Spaces.” Upon at least sixty
(60) days’ written notice to Landlord, Tenant shall have the right, exercisable no more than once per Rent Year, to reduce the number of Parking Spaces allocated to Tenant under this Section 1.4(b); provided, however, at all times
during the Term hereof, subject to Landlord’s right to terminate Tenant’s rights for non-payment as hereinafter described, the number of Parking Spaces shall be equal to or greater than the Parking
Minimum. 
 (ii)    Tenant shall have no right to hypothecate or encumber the Parking Spaces, and shall not sublet,
assign, or otherwise transfer the Parking Spaces other than to employees of Tenant, its Affiliated Funds and/or its Portfolio Companies occupying the Premises or to an Affiliate or a transferee pursuant to an approved Transfer under Section 13
of this Lease. 
 (iii)    Throughout the Term, Tenant shall pay Landlord (or at Landlord’s election, directly to
the parking operator) for all of the Parking Spaces at the then-current prevailing rate, as such rate may vary from time to time. As of the Execution Date, the monthly charge lot parking is Two Hundred Twenty-Five Dollars ($225.00) per Parking Space
per month. 1 for any reason. Tenant shall fail timely to pay the charge for any of said Parking Spaces, and if such default continues for ten (10) days after written notice thereof, Tenant shall have no further right to the Parking Spaces for
which Tenant failed to pay the charge under this Section 1.4(b) and Landlord may allocate such Parking Spaces for use by others free and clear of Tenant’s rights under this Section 1.4(b) and the Parking Minimum shall be reduced
accordingly. 
 (iv)    Said Parking Spaces will be on an unassigned,
non-reserved basis, and shall be subject to such reasonable rules and regulations as may be in effect for the use of the parking garage/areas from time to time (including, without limitation, Landlord’s
right, without additional charge to Tenant above the prevailing rate for Parking Spaces, to institute a valet or attendant-managed parking system). 

  
 PAGE 3 

 (v)    Notwithstanding anything to the contrary contained herein, in
connection with the exercise of Landlord’s rights pursuant to Section 2.2 below, Landlord shall have the right to relocate the Parking Spaces from time to time (but in no event for more than two (2) years in any instance) to other
property owned or controlled by Landlord or its affiliates, so long as such other property is within 500 feet of the Land. Landlord hereby agrees that the number of Parking Spaces relocated pursuant to the previous sentence shall not exceed
Tenant’s Parking Share of the total number of parking spaces relocated (for purposes of this Section 1.4(b), “Tenant’s Parking Share” shall mean a fraction, the numerator of which is the number of Parking
Spaces allocated to Tenant pursuant to this Section 1.4(b) and the denominator of which is the total number of parking spaces in the garage/surface lots serving the Building on the Execution Date). Notwithstanding anything to the contrary
contained herein, if Landlord elects to relocate any of Tenant’s Parking Spaces, then Tenant shall have the right, by written notice to Landlord delivered on or before the date that Landlord notifies Tenant that such Parking Spaces are being
relocated back to the Property, to permanently terminate Tenant’s rights with respect to all or any portion of the relocated Parking Spaces, which termination shall be effective as of the last day of the next following full calendar month after
such notice from Tenant. 
 (c)    Use of Riser Space. During the Term, Landlord grants to Tenant a non-exclusive revocable license to use a portion (specified by Landlord) of the Building risers (“Pathways”) for the installation, maintenance, operation, replacement and/or removal at
Tenant’s sole expense of certain cables, conduits, innerducts and connecting hardware approved by Landlord (any such cables, conduits, innerducts and connecting hardware installed within the Communications Pathways, as the same may be modified,
altered or replaced during the Term, are collectively referred to herein as the “Cables”). Any such installation must be performed in accordance with the terms of Section 11 below. With respect to each Cable placed in
the Pathways, Tenant shall label such Cable (at the floor of the Building where the Cable originates and the floor where such Cable terminates and at each access point in between at which such Cable is pulled) with identification information as
required by Landlord. Landlord makes no warranties or representations to Tenant as to the suitability of the Pathways for the installation and operation of the Cables and Tenant hereby accepts the same in their as is, where is condition with all
faults on the date hereof. In the event that at any time during the Term, Landlord determines, in its sole but bona fide business judgment, that the operation of the Cables interferes with the operation of the Building or the business operations of
any of the occupants of the Building, then Tenant shall, upon notice from Landlord, upon the expiration of a 24-hour period during which Tenant may attempt to correct any such interference, cease all further operation of the Cables other than
testing reasonably necessary to remedy such interference, which testing shall occur after normal business hours. Landlord may, in its sole and absolute discretion, require Tenant, at Tenant’s sole expense, to relocate within, on or in the
Building any or all of the Cables within ninety (90) days of such request. In addition, if Landlord so elects, the same may be accomplished, at Landlord’s sole expense, upon thirty (30) days’ notice. Tenant is expressly forbidden
to serve other tenants or occupants of the Building, to serve any locations outside the Building, or to resell any communications services without the prior written consent of Landlord, which consent may be granted in Landlord’s sole
discretion. If Tenant attempts to resell, license, lease or otherwise provide use of the Pathways or Cables to any person other than as permitted hereunder without Landlord’s prior written consent, then Tenant’s rights to use the Pathways
shall immediately cease, Landlord shall have the right to disconnect power to the Cables and Tenant shall remove the Cables from the Pathways and restore the Building to its condition prior to the installation thereof, all at Tenant’s sole
expense. Tenant’s rights under this Section 1.4(c) are personal to Tenant and may not be assigned or otherwise transferred to any party. Upon the expiration or earlier termination of this license, Tenant shall remove the Cables from the
Pathways and restore the Building to its condition immediately prior to the installation thereof, which obligations shall survive the expiration or earlier termination of this Lease. Landlord may terminate this

  
 PAGE 4 

 
license if there is an Event of Default under the Lease. In addition, Landlord may, upon written notice (which notice shall not be required in the event of an emergency), suspend this license
and/or relocate the Cables in the event of any repair or construction affecting the Pathways, provided, however, after the completion of such repair and/or construction, this license shall be reinstated with such reasonable modifications as Landlord
may require to ensure consistency with the new use of the Pathways. Subject to earlier termination pursuant to the provisions of this Section 1.4(c), this license shall be coterminous with the Lease. 

1.5    Tenant’s Access. From and after the Term Commencement Date and until the end of the Term, Tenant shall have
access to the Premises twenty-four (24) hours a day, seven (7) days a week, subject to Legal Requirements, the Rules and Regulations, the terms of this Lease and matters of record. 

1.6    Exclusions. The following are expressly excluded from the Premises and reserved to Landlord: all the perimeter
walls of the Premises (except the inner surfaces thereof), the Common Areas, and any space in or adjacent to the Premises used for shafts, stacks, pipes, conduits, wires and appurtenant fixtures, fan rooms, ducts, electric or other utilities, sinks
or other Building facilities, and the use of all of the foregoing, except as expressly permitted pursuant to Section 1.4(a) above. 

1.7    Termination Option. Notwithstanding anything to the contrary contained herein, provided there is no Event of
Default nor any event which, with the passage of time and/or the giving of notice would constitute an Event of Default (i) as of the date of Tenant’s Termination Notice (hereinafter defined), nor (ii) as of the Early Expiration Date
(hereinafter defined) (it being understood and agreed that if Tenant shall cure any default within applicable notice and/or cure periods, then Tenant shall thereafter be entitled to exercise such option), Tenant shall have a one-time option, exercisable by at least twelve (12) months’ advance written notice to Landlord (“Tenant’s Termination Notice”) to terminate this Lease. For purposes hereof,
the “Early Expiration Date” shall mean the date specified in Tenant’s Termination Notice, it being understood and agreed that in no event shall such date occur prior to the last day of the seventh (7th) Rent Year. 
 (b)    Simultaneously with the delivery of
Tenant’s Termination Notice, Tenant shall pay to Landlord, in lawful money of the United States which shall be legal tender for payment of all debts and dues, public and private, at the time of payment, all of Landlord’s unamortized costs
and expenses as of the Early Expiration Date (including without limitation Landlord’s Contribution, the Space Plan Allowance, broker’s commissions, and legal fees) incurred by Landlord in connection with this Lease (the amount of such
unamortized costs is hereinafter referred to as the “Termination Payment”). The amount of the Termination Payment applicable to each month beginning with the first month of the eighth (8th) Rent Year through the Expiration Date is set forth on Exhibit 8 attached hereto and made a part hereof. 

(c)    Provided Tenant complies with the notice and payment requirements of this Section 1.7, this Lease shall
terminate as of the Early Expiration Date, and all Rent shall be apportioned as of the Early Expiration Date. It is expressly understood and agreed that this Lease shall not be terminated and shall continue in full force and effect in accordance
with its terms if Tenant does not comply with the notice and payment obligations set forth in this Section 1.7. 
  

	2.	 RIGHTS RESERVED TO LANDLORD 

2.1    Additions and Alterations. Landlord reserves the right, at any time and from time to time, to make such changes,
alterations, additions, improvements, repairs or replacements in or to the Building and the parking areas serving the Building (including the Premises but, with respect to the Premises, only for purposes of repairs, maintenance, replacements and
other rights expressly reserved to Landlord herein) and the fixtures and equipment therein, as well as in or to the street entrances and/or the 

  
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Common Areas, as it may deem necessary or desirable, provided, however, that there be no material obstruction of access to, or material interference with the use and enjoyment of, the Premises by
Tenant Subject to the foregoing, Landlord expressly reserves the right to temporarily close all, or any portion, of the Common Areas for the purpose of making repairs or changes thereto. 

2.2    Additions to the Property. Landlord may at any time or from time to time construct additional improvements in all
or any part of the Property (hereinafter defined), including, without limitation, adding additional buildings or changing the location or arrangement of any improvement in or on the Property or all or any part of the common areas thereof, or add or
deduct any land to or from the Property; provided that there shall be no material increase in Tenant’s obligations or material interference with Tenant’s rights under this Lease in connection with the exercise of the foregoing reserved
rights. 
 2.3    Name and Address of Building. Landlord reserves the right at any time and from time to time to change
the name or address of the Building and/or the Property, provided Landlord gives Tenant at least three (3) months’ prior written notice thereof. Within thirty (30) days after receipt of a reasonably detailed invoice, Landlord shall
reimburse Tenant for up to $5,000 of the reasonable out-of-pocket costs incurred by Tenant in connection with any such change. 

2.4    Landlord’s Access. Subject to the terms hereof, Tenant shall (a) upon as much advance notice as is
practical under the circumstances, and in any event at least twenty-four (24) hours’ prior written notice (except that no notice shall be required in emergency situations), permit Landlord and any holder of a Mortgage (hereinafter defined)
(each such holder, a “Mortgagee”), and their agents, employees and contractors, to have access to and to enter upon the Premises at all reasonable hours for the purposes of
inspection, making repairs, replacements or improvements in or to the Premises or the Building or equipment therein (including, without limitation, sanitary, electrical, heating, air conditioning or other systems), complying with all applicable
laws, ordinances, rules, regulations, statutes, by-laws, court decisions and orders and requirements of all public authorities (collectively, “Legal Requirements”),
or exercising any right reserved to Landlord under this Lease (including without limitation the right to take upon or through, or to keep and store within the Premises all necessary materials, tools and equipment); and (b) permit Landlord and
its agents and employees, at reasonable times, upon reasonable advance notice, to show the Premises during normal business hours (i.e. Monday – Friday 8 A.M. - 8 P.M., Saturday 8 A.M. - 3 P.M., excluding holidays) to any prospective Mortgagee
or purchaser of the Building and/or the Property or of the interest of Landlord therein, and, during the last twelve (12) months of the Term, prospective tenants. The parties agree and acknowledge that, despite reasonable and customary
precautions (which Landlord agrees it shall exercise), any property or equipment in the Premises of a delicate, fragile or vulnerable nature may nevertheless be damaged in the course of cleaning and maintenance services being performed. Accordingly,
Tenant shall take reasonable protective precautions with unusually fragile, vulnerable or sensitive property and equipment. Tenant shall have the right to have its representative present during any access by Landlord, Mortgagee or other agents,
employees or contractors pursuant to this Section 2.4. 
 2.5    Pipes, Ducts and Conduits. Tenant shall permit
Landlord to erect, use, maintain and relocate pipes, ducts and conduits in and through the Premises, provided the same do not materially reduce the floor area or materially adversely affect the appearance thereof. 

2.6    Minimize Interference. Except in the event of an emergency, Landlord shall use commercially reasonable efforts to
minimize any interference with Tenant’s business operations and use and occupancy of the Premises in connection with the exercise any of the foregoing rights under this Section 2. 

  
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	3.	 CONDITION OF PREMISES; CONSTRUCTION. 

3.1     Condition of Premises. Subject to Landlord’s obligation to deliver the Premises to Tenant in the condition
described in Exhibit 3 attached hereto and made a part hereof, Tenant acknowledges and agrees that Tenant is leasing the Premises in their “AS IS,” “WHERE IS” condition and with all faults on the
Execution Date, without representations or warranties, express or implied, in fact or by law, of any kind, and without recourse to Landlord. 

3.2     Tenant’s Work. 

(a)    Tenant’s Plans. In connection with the performance of the work necessary to prepare the Premises for
Tenant’s occupancy and business operations, including without limitation, the construction of a corridor within the Premises and the installation of all furniture and fixtures (“Tenant’s Work”), Tenant shall submit
to Landlord for Landlord’s approval (i) the name of and other reasonably requested information regarding Tenant’s proposed architect, HVAC and MEP engineers and general contractor, Landlord hereby
pre-approving AHA Consulting Engineers (“AHA”) as the MEP engineer (and if AHA is not selected by Tenant, Landlord reserves the right to require that Tenant use a MEP engineer selected
by Landlord); (ii) a set of design/ development plans sufficient for Landlord to approve Tenant’s proposed design of the Premises (the “Design/ Development Plans”), and (iii) a full set of construction drawings
(“Final Construction Drawings”) for Tenant’s Work. The Design/ Development Plans and the Final Construction Drawings are collectively referred to herein as the “Plans.” Landlord’s approval of
the architect, HVAC and MEP engineers and general contractor shall not be unreasonably withheld, conditioned or delayed. Landlord’s approval of the Design/Development Plans (and the Final Construction Drawings, provided that the Final
Construction Drawings are consistent with the Design/Development Plans), shall not be unreasonably withheld, conditioned or delayed provided the Plans comply with the requirements to avoid aesthetic or other conflicts with the design and function of
the balance of the Building and the Property. Landlord’s approval is solely given for the benefit of Landlord and Tenant under this Section 3.4(a) and neither Tenant nor any third party shall have the right to rely upon Landlord’s
approval of the Plans for any other purpose whatsoever. Landlord agrees to respond to any request for approval of the Plans within twenty (20) business days after receipt thereof. 

(b)    Landlord Delay. A “Landlord Delay” shall be defined as any act or omission by
Landlord or any agent, employee, consultant, contractor or subcontractor of Landlord which causes an actual delay in the completion of Tenant’s Work. Notwithstanding the foregoing, no event shall be deemed to be a Landlord Delay until and
unless Tenant has given Landlord written notice (the “Landlord Delay Notice”) advising Landlord (i) that a Landlord Delay is occurring, (ii) of the basis on which Tenant has determined that a Landlord Delay is
occurring, and (iii) the actions which Tenant believes that Landlord must take to eliminate such Landlord Delay, and Landlord has failed to correct the Landlord Delay specified in the Landlord Delay Notice within forty-eight (48) hours
following receipt thereof. No period of time prior to expiration of such 48-hour period shall be included in the period of time charged to Landlord pursuant to such Landlord Delay Notice. 

(c)    Completion of Tenant’s Work. Tenant shall Substantially Complete (hereinafter defined) Tenant’s
Work on or before the date that is eighteen (18) months after the Term Commencement Date (the “Outside Tenant Work Completion Date”), provided that if Tenant is delayed in the performance of Tenant’s Work by reason
of a Landlord Delay or other causes beyond Tenant’s reasonable control, the Outside Tenant Work Completion Date shall be extended by the period of time which Tenant is so delayed. For purposes hereof, Tenant’s Work shall be deemed
“Substantially Complete” and “Substantial Completion” shall be deemed to have occurred if Tenant has obtained a certificate of occupancy from the City of Cambridge, Massachusetts. 

(d)    Cost of Tenant’s Work; Priority of Work. Except for Landlord’s Contribution (hereinafter defined)
and the Space Plan Allowance (hereinafter defined), all of Tenant’s Work shall be 

  
 PAGE 7 

 
performed at Tenant’s sole cost and expense, and shall be performed in accordance with the provisions of this Lease (including, without limitation, Section 11). Tenant shall pay to
Landlord, as additional rent, within thirty (30) days after demand, any reasonable out-of-pocket costs or expenses incurred by Landlord (which shall be reasonably
based on Tenant’s usage) for the use of elevators and/or hoisting in connection with the performance of Tenant’s Work. In addition, Tenant shall pay to Landlord, as additional rent, within thirty (30) days after demand, any out of
pocket costs and expenses incurred by Landlord in connection with the review and/or approval of Tenant’s Plans. Landlord shall notify Tenant in advance if Landlord will engage third parties in connection with such review and/or approval 

3.3     Landlord’s Contribution. 

(a)    Amount. As an inducement to Tenant’s entering into this Lease, Landlord shall, subject to
Section 3.3(c) below and the last sentence of this Section 3.3(a), provide to Tenant a special tenant improvement allowance equal to One Million Five Hundred Thousand Eighty Dollars ($1,500,080.00) (“Landlord’s
Contribution”) to be used by Tenant solely for costs incurred by Tenant for Tenant’s Work (except as expressly set forth in Section 3.3(c) below). For the purposes hereof, the cost to be so reimbursed by Landlord shall not
include: (i) the cost of any of Tenant’s Property (hereinafter defined) other than the cost of telephone or data wiring, including without limitation telecommunications and computer equipment, any
de-mountable decorations, artwork and partitions (other than floor to ceiling “moveable” walls), signs, and trade fixtures, (ii) the cost of any fixtures or Alterations that will be removed at
the end of the Term, (iii) any fees paid to Tenant or any Affiliate, and (iv) any so-called “soft costs” other than the cost of Tenant’s Plans. Furthermore, in the event that Tenant does not build out all of the Premises on
or before the Outside Requisition Date (hereinafter defined), Landlord’s Contribution shall be limited to a maximum of Seventy-five and 00/100 Dollars ($75.00) per rentable square foot of the Premises actually built out by Tenant as of the
Outside Requisition Date. 
 (b)    Requisitions. Subject to Section 3.3(c) below, Landlord shall pay
Landlord’s Proportion (hereinafter defined) of the cost shown on each requisition (hereinafter defined) submitted by Tenant to Landlord within thirty (30) days of submission thereof by Tenant to Landlord until the entirety of
Landlord’s Contribution has been exhausted. “Landlord’s Proportion” shall be a fraction, the numerator of which is Landlord’s Contribution and the denominator of which is the total contract price for
Tenant’s Work for the Premises (as evidenced by reasonably detailed documentation delivered to Landlord with the requisition first submitted by Tenant). A “requisition” shall mean written documentation (including,
without limitation, invoices from Tenant’s contractors, vendors, service providers and consultants (collectively, “Contractors”) and partial lien waivers and subordinations of lien, as specified in M.G.L. Chapter 254,
Section 32 (“Lien Waivers”) with respect to the prior month’s requisition, and such other documentation as Landlord or any Mortgagee may reasonably request) showing in reasonable detail the costs of the item in
question or of the improvements installed to date in the Premises, accompanied by certifications executed by the Chief Executive Officer, Chief Financial Officer, Chief Operations Officer, or Vice President of Tenant that the amount of the
requisition in question does not exceed the cost of the items, services and work covered by such requisition. Notwithstanding the foregoing, Tenant shall not be required to deliver Lien Waivers at the time of the first requisition, but shall deliver
the Lien Waivers and evidence of payment of the first requisition in full within thirty (30) days following payment of Landlord’s Contribution with respect to such first requisition. Landlord shall have the right, upon reasonable advance
notice to Tenant, to inspect Tenant’s books and records relating to each requisition in order to verify the amount thereof. Tenant shall submit requisition (s) no more often than monthly. 

(c)    Notwithstanding anything to the contrary herein contained: (i) Landlord shall have no obligation to advance
funds on account of Landlord’s Contribution more than once per month; (ii) If Tenant fails to pay to Tenant’s contractors the amounts paid by Landlord to Tenant in connection with 

  
 PAGE 8 

 
any previous requisition(s), Landlord shall thereafter have the right to have Landlord’s Contribution paid directly to Tenant’s contractors; (iii) Landlord shall have no obligation
to pay any portion of Landlord’s Contribution with respect to any requisition submitted after the date (the “Outside Requisition Date”) which, subject to Landlord Delays, is the earlier of: (A) three (3) months
after the completion of Tenant’s Work, or (B) eighteen (18) months after the Term Commencement Date; provided, however, that (1) if Tenant certifies to Landlord that it is engaged in a good faith dispute with any contractor, such
Outside Requisition Date shall be extended while such dispute is ongoing, so long as Tenant is diligently prosecuting the resolution of such dispute, and (2) Tenant shall have the right to submit, after the Outside Requisition Date but in no
event later than the fifth (5th) anniversary of the Term Commencement Date, time being of the essence, requisitions for up to Three Hundred Forty Thousand Dollars ($340,000) of
Landlord’s Contribution to pay for the costs of Alterations other than Tenant’s Work performed in accordance with Section 11 below; (iv) Tenant shall not be entitled to any unused portion of Landlord’s Contribution;
(v) Landlord’s obligation to pay any portion of Landlord’s Contribution shall be conditioned upon there existing no default by Tenant in its obligations under this Lease at the time that Landlord would otherwise be required to make
such payment; and (vi) In addition to all other requirements hereof, Landlord’s obligation to pay the final requisition of Landlord’s Contribution shall be subject to simultaneous delivery of all Lien Waivers relating to items,
services and work performed in connection with Tenant’s Work. 
 3.4    Space Plan Allowance. In addition to
Landlord’s Contribution, and as a further inducement to Tenant’s entering into this Lease, Landlord shall, subject to this Section 3.4, provide to Tenant a special tenant improvement allowance equal to no more than Two Thousand Eight
Hundred Twelve and 65/100 Dollars ($2,812.65) (the “Space Plan Allowance”) to be used by Tenant solely for costs incurred by Tenant for preparation of an initial space plan for all of the Premises. Provided there is no Event
of Default nor any event which, with the passage of time and/or the giving of notice would constitute an Event of Default, Landlord shall pay the Space Plan Allowance to Tenant within thirty (30) days after receipt of a reasonably detailed
invoice therefor, which invoice must be delivered to Landlord on or before the Outside Requisition Date. Tenant shall not be entitled to any unused portion of the Space Plan Allowance. 

4.    USE OF PREMISES 

4.1    Permitted Uses. During the Term, Tenant shall use the Premises only for the Permitted Uses and for no other
purposes. Service and utility areas (whether or not a part of the Premises) shall be used only for the particular purpose for which they are designed. 

4.2    Prohibited Uses 

(a)    Notwithstanding any other provision of this Lease, Tenant shall not use the Premises or the Building, or any part
thereof, or suffer or permit the use or occupancy of the Premises or the Building or any part thereof by Tenant, its Portfolio Companies, and/or their agents, servants, employees, consultants, contractors, subcontractors, licensees and/or subtenants
(collectively with Tenant, the “Tenant Parties”) (i) in a manner which would violate any of the covenants, agreements, terms, provisions and conditions of this Lease or otherwise applicable to or binding upon the Premises;
(ii) for any unlawful purposes or in any unlawful manner; (iii) which, in the reasonable judgment of Landlord (taking into account the use of the Building as a combination office and retail building and the Permitted Uses) shall
(a) impair the appearance or reputation of the Building; (b) impair, interfere with or otherwise diminish the quality of any of the Building services or the proper and economic heating, cleaning, ventilating, air conditioning or other
servicing of the Building or Premises, or the use or occupancy of any of the Common Areas; (c) occasion discomfort, inconvenience or annoyance in any material respect, or cause any injury or damage to any occupants of the Premises or other
tenants or occupants of the Building 

  
 PAGE 9 

 
or their property; or (d) cause harmful air emissions or any unusual or other objectionable odors, noises or emissions to emanate from the Premises; (iv) in a manner which is
inconsistent with the operation and/or maintenance of the Building as a first-class combination office and retail facility; (v) for any fermentation processes whatsoever; or (vi) in a manner which shall increase such insurance rates on the
Building or on property located therein over that applicable when Tenant first took occupancy of the Premises hereunder. 

(b)    With respect to the use and occupancy of the Premises and the Common Areas, Tenant will not: (i) place or
maintain any signage (except as permitted by Section 12 below), trash, refuse or other articles in any vestibule or entry of the Premises, on the footwalks or corridors adjacent thereto or elsewhere on the exterior of the Premises, nor obstruct
any driveway, corridor, footwalk, parking area, mall or any other Common Areas; (ii) permit undue accumulations of or burn garbage, trash, rubbish or other refuse within or without the Premises; (iii) permit the parking of vehicles so as to
interfere with the use of any driveway, corridor, footwalk, parking area, or other Common Areas; (iv) receive or ship articles of any kind outside of those areas reasonably designated by Landlord; (v) conduct or permit to be conducted any
auction, going out of business sale, bankruptcy sale (unless directed by court order), or other similar type sale in or connected with the Premises; (vi) use the name of the Building, the Property, Landlord, or any of Landlord’s affiliates
or subsidiaries or any photograph, film, drawing, or other depiction or representation of the Building and/or the Property or any part thereof, which contains signage or distinctive architectural characteristics that cause the scene photographed,
filmed, drawn, depicted, or represented to be identifiable as being the Building and/or the Property, in any publicity, promotion, trailer, press release, advertising, printed, or display materials without Landlord’s prior written consent; or
(vii) except in connection with Tenant’s Work and/or Alterations (hereinafter defined) approved by Landlord, cause or permit any hole to be drilled or made in any part of the Building. 

5.    RENT; ADDITIONAL RENT 

5.1    Base Rent. During the Term, Tenant shall pay to Landlord Base Rent in equal monthly installments, in advance and
without demand on the first day of each month for and with respect to such month. Unless otherwise expressly provided herein, the payment of Base Rent, additional rent and other charges reserved and covenanted to be paid under this Lease with
respect to the Premises (collectively, “Rent”) shall commence on the Rent Commencement Date, and shall be prorated for any partial months. Rent shall be payable to Landlord or, if Landlord shall so direct in writing, to
Landlord’s agent or nominee, in lawful money of the United States which shall be legal tender for payment of all debts and dues, public and private, at the time of payment. 

5.2    Operating Costs. 

(a)    “Building Operating Costs” shall mean all reasonable costs incurred and expenditures of
whatever nature made by Landlord in the operation and management of the Building or allocated to the Building, including without limitation any costs for utilities supplied to the Common Areas of the Building, and any costs for repair and
replacements, cleaning and maintenance of the Common Areas of the Building, related equipment, facilities and appurtenances and HVAC equipment. For costs and expenditures made by Landlord in connection with the operation, management, repair,
replacement, maintenance and insurance of the Building as a whole, Landlord shall make a reasonable allocation thereof between the retail and non-retail portions of the Building, if applicable. Building
Operating Costs shall not include Excluded Costs (hereinafter defined). 
 (b)    “Property Operating
Costs” shall mean all reasonable costs incurred and expenditures of whatever nature made in the operation, management, repair, replacement, maintenance and insurance of the Building and the parking areas serving the Building
(collectively, the “Property”), including without limitation a commercially reasonable management fee paid to Landlord’s property 

  
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manager not to exceed one and three-quarters percent (13⁄4%) of gross revenues from the Property, the costs of
Landlord’s management office for the Property, the cost of operating any amenities in the Property available to all tenants of the Property and any subsidy provided by Landlord for or with respect to any such amenity. To the extent that a cost
included in Property Operating Costs is also allocable to property other than the Property, such cost shall be equitably allocated to each parcel of property which benefits from such cost. Property Operating Costs shall not include Excluded Costs.

 (c)    “Excluded Costs” shall be defined as (i) any Mortgage charges (including
interest, principal, points and fees, and ground rent); (ii) costs in connection with leasing space in the Building, including advertising, brokerage commissions; lease concessions, rental abatements and construction allowances granted to specific
tenants; (iii) salaries of executives and owners or other employees not directly employed in the management/operation of the Property; (iv) the cost of work done by Landlord for or on behalf of a particular tenant; (v) subject to
Subsection 5.2(i) below, such portion of expenditures as are not properly chargeable against income; (vi) the costs of any contributions made by Landlord to any tenant of the Property in connection with the
build-out of its premises; (vii) franchise or income taxes imposed on Landlord or Taxes; (viii) costs paid directly by individual tenants to suppliers, including tenant electricity, telephone and
other utility costs or for which Tenant is separately metered; (ix) increases in premiums for insurance when such increase is caused by the use of the Building by Landlord or any other tenant of the Building; (x) maintenance and repair of
capital items not a part of the Property; (xi) depreciation of the Building; (xii) costs relating to maintaining Landlord’s existence as a corporation, partnership or other entity; (xiii) advertising and other fees and costs
incurred in procuring tenants; (xiv) the cost of any items for which Landlord is reimbursed by insurance, condemnation awards, refund, rebate or otherwise, and any expenses for repairs or maintenance to the extent covered by warranties,
guaranties and service contracts; (xv) costs incurred in connection with any disputes between Landlord and its employees, between Landlord and Building management, or between Landlord and other tenants or occupants; (xvi) costs incurred in
connection with the sale, financing or refinancing of the Building; (xvii) fines, interest and penalties incurred due to the late payment of Taxes or Operating Costs; (xviii) costs of any building additions to or expansions of the Property
or the Building; (xix) amounts paid to subsidiaries or affiliates of Landlord for goods and/or services rendered to the Property to the extent such amounts exceed the competitive costs for delivery of such services were they not provided by
such related parties; (xx) payments for rented equipment, the cost of which equipment would constitute a capital expenditure if the equipment were purchased, to the extent that such payments exceed the amount which could have been included in
Operating Costs had Landlord purchased such equipment rather than leasing such equipment; (xxi) charitable or political contributions; (xxii) replacement or contingency reserves or any bad debt loss, rent loss or reserves for bad debts or rent
loss; (xxiii) costs associated with retail leases at the Property to the extent such cost would exceed that of an office tenant; (xxiv) the cost of testing, remediation or removal, transportation or storage of Hazardous Materials
(hereinafter defined) in the Building or on the Property required by Environmental Laws (hereinafter defined), provided however, that with respect to the testing, remediation or removal of (A) any material or substance located in the Building
on the Execution Date and which, as of the Execution Date, is not considered, as a matter of law, to be a Hazardous Material, but which is subsequently determined to be a Hazardous Material as a matter of law, and (B) any material or substance
located in the Building after the Execution Date and which, when placed in the Building, was not considered, as a matter of law, to be a Hazardous Material, but which is subsequently determined to be a Hazardous Material as a matter of law, the
costs thereof may be included in Operating Costs, subject, however, to Section 5.2(i), to the extent that such cost is treated as a capital expenditure; or (xxv) costs to make improvements, alterations, additions or replacements to the
Property which are required in order to render the same in compliance with Legal Requirements in effect as of the Execution Date. 

(d)    “Capital Interest Rate” shall be defined as an annual rate of either one percentage point
over the AA Bond rate (Standard & Poor’s corporate composite or, if unavailable, its 

  
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equivalent) as reported in the financial press at the time the capital expenditure is made or, if the capital item is acquired through third party financing, then the actual (including
fluctuating) rate paid by Landlord in financing the acquisition of such capital item. 
 (e)    “Annual
Charge Off” shall be defined as the annual amount of principal and interest payments which would be required to repay a loan (“Capital Loan”) in equal monthly installments over the Useful Life (hereinafter
defined), of the capital item in question on a direct reduction basis at an annual interest rate equal to the Capital Interest Rate, where the initial principal balance is the cost of the capital item in question. 

(f)    “Useful Life” shall be reasonably determined by Landlord in accordance with sound
accounting principles and practices consistently applied. Notwithstanding the foregoing, if Landlord reasonably concludes on the basis of engineering estimates that a particular capital expenditure will effect savings in Building Operating Costs
and/or Property Operating Costs including, without limitation, energy related costs, and that such annual projected savings will exceed the Annual Charge Off of Capital Expenditures computed as aforesaid, then and in such event, the Annual Charge
Off shall be determined based upon a Useful Life which would cause the principal and interest payments in a full repayment of the Capital Loan in question to equal the amount of projected savings of such Useful Life. 

(g)    Payment of Operating, Costs. If, with respect to any fiscal year in which occurs any part of the Term (an
“Operating Year”) during the Term after the Operating Costs Base Year, Building Operating Costs exceeds the Building Operating Costs for the Operating Costs Base Year, then Tenant shall pay to Landlord, as additional rent,
Tenant’s Building Share of such excess (the “Building Operating Costs Excess”). If, with respect to any Operating Year during the Term after the Operating Costs Base Year, Property Operating Costs exceeds the Property
Operating Costs for the Operating Costs Base Year, then Tenant shall pay to Landlord, as additional rent, Tenant’s Property Share of such excess (the “Property Operating Costs Excess” and together with Building Operating
Costs Excess, the “Operating Costs Excess”). Landlord shall make a good faith estimate of the Operating Costs Excess for any Operating Year or part thereof during the term, and Tenant shall pay to Landlord, on the first (1st)
day of each subsequent calendar month, an amount equal to Tenant’s Building Share of the Building Operating Costs Excess and Tenant’s Property Share of the Property Operating Costs Excess (collectively, “Tenant’s Share of
the Operating Costs Excess”) for such Operating Year and/or part thereof divided by the number of months therein. Landlord may estimate and re-estimate Tenant’s Share of the Operating Costs
Excess and deliver a copy of the estimate or re-estimate to Tenant. Thereafter, the monthly installments of Tenant’s Share of the Operating Costs Excess shall be appropriately adjusted in accordance with
the estimations so that, by the end of the fiscal year in question, Tenant shall have paid all of Tenant’s Share of the Operating Costs Excess as estimated by Landlord. Any amounts paid based on such an estimate shall be subject to adjustment
as herein provided when the actual Operating Costs Excess is available for each Operating Year. 
 (h)    Annual
Reconciliation. Landlord shall, within one hundred twenty (120) days after the end of each Operating Year, deliver to Tenant a reasonably detailed statement of the actual amount of Building Operating Costs and Property Operating Costs for
such Operating Year (“Year End Statement”). Failure of Landlord to provide the Year End Statement within the time prescribed shall not relieve Tenant from its obligations hereunder. If the total of such monthly remittances on
account of any Operating Year is greater than Tenant’s Share of the Operating Costs Excess actually incurred for such Operating Year, then, provided there is no Event of Default nor any event which, with the passage of time and/or the giving of
notice would constitute an Event of Default, Tenant may credit the difference against the next installment of additional rent on account of Operating Costs due hereunder, except that if such difference is determined after the end of the Term,
Landlord shall refund such difference to Tenant within thirty (30) days after such determination to the extent that such difference exceeds any amounts then due 

  
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from Tenant to Landlord (it being understood and agreed that if Tenant shall cure any default within applicable notice and/or cure periods, then Tenant shall thereafter be entitled to take such
credit or receive such refund, as applicable). If the total of such remittances is less than Tenant’s Share of the Operating Costs Excess actually incurred for such Operating Year, Tenant shall pay the difference to Landlord, as additional rent
hereunder, within thirty (30) days of Tenant’s receipt of an invoice therefor. Landlord’s estimate of the Operating Costs Excess for the next Operating Year shall be based upon the Operating Costs Excess actually incurred for the
prior Operating Year as reflected in the Year-End Statement plus a reasonable adjustment based upon estimated increases in Building Operating Costs and/or Property Operating Costs. The provisions of this
Section 5.2(h) shall survive the expiration or earlier termination of this Lease. 
 (i)    Capital
Expenditures. If, during the Term, Landlord shall replace any capital items or make any capital expenditures (collectively, “Capital Expenditures”) the total amount of which (net of any warranty claims) is not properly
includable in Building Operating Costs and/or Property Operating Costs for the Operating Year in which they were made, in accordance with sound accounting principles and practices consistently applied in effect at the time of such replacement, there
shall nevertheless be included in such Building Operating Costs and/or Property Operating Costs (and in Building Operating Costs and/or Property Operating Costs for each succeeding Operating Year) the amount, if any, by which the Annual Charge Off
(determined as hereinafter provided) of such Capital Expenditure (less insurance proceeds, if any, collected by Landlord by reason of damage to, or destruction of the capital item being replaced) exceeds the Annual Charge Off of the Capital
Expenditure for the item being replaced. If a new capital item is acquired which does not replace another capital item, and such new capital item being acquired is either (i) required by any Legal Requirements enacted after the Execution Date
or (ii) reasonably projected to reduce Building Operating Costs and/or Property Operating Costs, then (there shall be included in Building Operating Costs and/or Property Operating Costs for each Operating Year in which and after such capital
expenditure is made the Annual Charge Off of such capital expenditure. 
 (j)    Part Years. If the Rent
Commencement Date or the Expiration Date occurs in the middle of an Operating Year, Tenant shall be liable for only that portion of the Building Operating Costs and Property Operating Costs with respect to such Operating Year within the Term. 

(k)    Gross-Up. If, during any Operating Year, less than all of the
Building is occupied by tenants or if Landlord was not supplying all tenants with the services being supplied to Tenant hereunder, actual Operating Costs incurred shall be reasonably extrapolated by Landlord on an item-by-item basis to the reasonable Operating Costs that would have been incurred if the Building was 95% occupied and such services were being supplied to all tenants, and such extrapolated Operating Costs
shall, for all purposes hereof, be deemed to be the Operating Costs for such Operating Year. It is not the intent of this provision to permit Landlord to charge Tenant for any Operating Costs attributable to unoccupied space, or to seek
reimbursement from Tenant for costs Landlord never incurred. Rather, the intent of this provision is to allow Landlord to recover only those increases in Operating Costs properly attributable to occupied space in the Building and this provision is
designed to calculate the actual cost of providing a variable operating cost service to the portions of the Building receiving such service. This “gross-up” treatment shall be applied only with
respect to variable Operating Costs arising from services provided to Common Areas or to space in the Building being occupied by lessees (which services are not provided to vacant space or may be provided only to some lessees) in order to allocate
equitably such variable Operating Costs to the occupants receiving the benefits thereof. 
 (l)    Audit Right.
Provided no Event of Default has occurred nor any event which, with the passage of time and/or the giving of notice would constitute an Event of Default (it being understood and agreed that if Tenant shall cure any default within applicable notice
and/or cure periods, 

  
 PAGE 13 

 
then Tenant shall thereafter be entitled to conduct such inspection or audit)), Tenant may, upon at least sixty (60) days’ prior written notice, inspect or audit Landlord’s records
relating to Building Operating Costs and/or Property Operating Costs for any periods of time within the previous fiscal year before the audit or inspection. However, no audit or inspection shall extend to periods of time before the Operating Costs
Base Year. If Tenant fails to object to the calculation of Tenant’s Share of the Operating Costs Excess on the Year-End Statement within one hundred twenty (120) days after such statement has been
delivered to Tenant and/or fails to complete any such audit or inspection within one hundred eighty (180) days after receipt of the Year End Statement, then Tenant shall be deemed to have waived its right to object to the calculation of
Tenant’s Share of the Operating Costs Excess for the year in question and the calculation thereof as set forth on such statement shall be final. Tenant’s audit or inspection shall be conducted only at Landlord’s offices or the offices
of Landlord’s property manager during business hours reasonably designated by Landlord. Tenant shall pay the cost of such audit or inspection; provided, however, that if such audit discloses that Tenant has been overcharged by more than five
percent (5%), Landlord shall reimburse Tenant for up to $5,000 of Tenant’s reasonable out-of pocket costs incurred in connection with such audit. Tenant may not conduct an inspection or have an audit
performed more than once during any fiscal year. If such inspection or audit reveals that an error was made in the calculation of Tenant’s Share of the Operating Costs Excess previously charged to Tenant, then, provided no Event of Default has
occurred nor an event which, with the passage of time and/or the giving of notice would constitute an Event of Default (it being understood and agreed that if Tenant shall cure any default within applicable notice and/or cure periods, then Tenant
shall thereafter be entitled to such credit or refund, as applicable), Tenant may credit the difference against the next installment of additional rent on account of Operating Costs due hereunder, except that if such difference is determined after
the end of the Term, Landlord shall refund such difference to Tenant within thirty (30) days after such determination to the extent that such difference exceeds any amounts then due from Tenant to Landlord. If such inspection or audit reveals
an underpayment by Tenant, then Tenant shall pay to Landlord, as additional rent hereunder, any underpayment of any such costs, as the case may be, within thirty (30) days after receipt of an invoice therefor. Tenant shall maintain the results
of any such audit or inspection confidential and shall not be permitted to use any third party to perform such audit or inspection, other than an independent firm of certified public accountants (A) reasonably acceptable to Landlord,
(B) which is not compensated on a contingency fee basis or in any other manner which is dependent upon the results of such audit or inspection, and (C) which executes Landlord’s standard confidentiality agreement whereby it shall
agree to maintain the results of such audit or inspection confidential. The provisions of this Section 5.2(1) shall survive the expiration or earlier termination of this Lease. 

5.3     Taxes. 

(a)    “Taxes” shall mean the real estate taxes and other taxes, levies and assessments imposed
upon the Property, and upon any personal property of Landlord used in the operation thereof, or on Landlord’s interest therein or such personal property (provided that to the extent the Property is not a separate tax parcel, such amounts shall
be allocated among the buildings located on the tax parcel of which the Property is a part and shall be based on the assessor’s records or, if the records do not provide a separate allocation, based on square footage of the buildings in
question unless Landlord reasonably determines that such allocation should be made on another basis); charges, fees and assessments for transit, housing, police, fire or other services or purported benefits to the Property, including without
limitation community preservation assessments; service or user payments in lieu of taxes; and any and all other taxes, levies, betterments, assessments and charges arising from the ownership, leasing, operation, use or occupancy of the Property or
based upon rentals derived therefrom, which are or shall be imposed by federal, state, county, municipal or other governmental authorities. Taxes shall not include any inheritance, estate, succession, gift, franchise, rental, income or profit tax,
capital stock tax, capital levy or excise, or any income taxes arising out of or related to the ownership and operation of the Property, provided, however, that any of the same and any other tax, excise, fee, levy, charge or assessment,

  
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however described, that may in the future be levied or assessed as a substitute for or an addition to, in whole or in part, any tax, levy or assessment which would otherwise constitute Taxes,
whether or not now customary or in the contemplation of the parties on the Execution Date of this Lease, shall constitute Taxes, but only to the extent calculated as if the Property were the only real estate owned by Landlord. “Taxes”
shall also include reasonable expenses (including without limitation legal and consultant fees) of tax abatement or other proceedings contesting assessments or levies. 

(b)    “Tax Period” shall be any fiscal/tax period in respect of which Taxes are due and payable
to the appropriate governmental taxing authority (i.e., as mandated by the governmental taxing authority), any portion of which period occurs during the Term of this Lease. 

(c)    Payment of Taxes. If, with respect to any Tax Period during the Term after the Tax Base Year, the aggregate
amount of Taxes exceeds the Taxes for the Tax Base Year, Tenant shall pay to Landlord, as additional rent, Tenant’s Property Share of such excess (the “Tax Excess”). Landlord may make a good faith estimate of the Taxes
to be due by Tenant for any Tax Period or part thereof during the Term, and Tenant shall pay to Landlord, on the Rent Commencement Date and on the first (1st) day of each calendar month thereafter, an amount equal to Tenant’s Property Share of
the Tax Excess for such Tax Period or part thereof divided by the number of months therein. Landlord may estimate and re-estimate Tenant’s Property Share of the Tax Excess and deliver a copy of the
estimate or re-estimate to Tenant. Thereafter, the monthly installments of Tenant’s Property Share of the Tax Excess shall be appropriately adjusted in accordance with, the estimations so that, by the end
of the Tax Period in question, Tenant shall have paid all of Tenant’s Property Share of the Tax Excess as estimated by Landlord. Any amounts paid based on such an estimate shall be subject to adjustment as herein provided when actual Taxes are
available for each Tax Period. If the total of such monthly remittances is greater than Tenant’s Property Share of the Tax Excess actually due for such Tax Period, then, provided no Event of Default has occurred nor any event which, with the
passage of time and/or the giving of notice would constitute an Event of Default, Tenant may credit the difference against the next installment of additional rent on account of Taxes due hereunder, except that if such difference is determined after
the end of the Term, Landlord shall refund such difference to Tenant within thirty (30) days after such determination to the extent that such difference exceeds any amounts then due from Tenant to Landlord. If the total of such remittances is
less than Tenant’s Property Share of the Tax Excess actually due for such Tax Period, Tenant shall pay the difference to Landlord, as additional rent hereunder, within ten (10) days of Tenant’s receipt of an invoice therefor.
Landlord’s estimate for the next Tax Period shall be based upon the actual Tax Excess attributable to the Property for the prior Tax Period plus a reasonable adjustment based upon estimated increases in Taxes. In the event that Payments in Lieu
of Taxes (“PILOT”), instead of or in addition to Taxes, are separately assessed to certain portions of the Property including the Premises, Tenant agrees, except as otherwise expressly provided herein to the contrary, to pay
to Landlord, as additional rent, the excess of the portion of such PILOT attributable to the Premises over the Tax Base Year in the same manner as provided above for the payment of Taxes. The provisions of this Section 5.3(c) shall survive the
expiration or earlier termination of this Lease. 
 (d)    Effect of Abatements. Appropriate credit against Taxes
or PILOT shall be given for any refund obtained by reason of a reduction in any Taxes by the assessors or the administrative, judicial or other governmental agency responsible therefor after deduction of Landlord’s expenditures for reasonable
legal fees and for other reasonable expenses incurred in obtaining the Tax or PILOT refund. 
 (e)    Part Years.
If the Rent Commencement Date or the Expiration Date occurs in the middle of a Tax Period, Tenant shall be liable for only that portion if the Taxes, as the case may be, with respect to such Tax Period within the Term. 

  
 PAGE 15 

 5.4     Late Payments. 

(a)    Any payment of Rent due hereunder not paid when due shall bear interest for each month or- fraction thereof from the due date until paid in full at the annual rate of twelve percent (12%), or at any applicable lesser maximum legally permissible rate for debts of this nature (the
“Default Rate”). 
 (b)    Additionally, if Tenant fails to make any payment within ten
(10) days after the due date therefor, Landlord may charge Tenant a fee, which shall constitute liquidated damages, equal to One Thousand and NO/100 Dollars ($1,000.00) for each such late payment; provided, however, if Tenant fails to make two
(2) or more payments within ten (10) days after the due dates therefor within any twelve (12) month period, then Landlord may charge a fee, which shall constitute liquidated damages, equal to One Thousand and NO/100 Dollars
($1,000.00) with respect to any payment thereafter that is not paid within five (5) days after the due date therefor. 

(c)    For each Tenant payment check to Landlord that is returned by a bank for any reason, Tenant shall pay a returned
check charge equal to the amount as shall be customarily charged by Landlord’s bank at the time. 
 (d)    Money
paid by Tenant to Landlord shall be applied to Tenant’s account in the following order: first, to any unpaid additional rent, including without limitation late charges, returned check charges, legal fees and/or court costs chargeable to Tenant
hereunder; and then to unpaid Base Rent. 
 (e)    The parties agree that the late charge referenced in
Section 5.4(b) represents a fair and reasonable estimate of the costs that Landlord will incur by reason of any late payment by Tenant, and the payment of late charges and interest are distinct and separate in that the payment of interest is to
compensate Landlord for the use of Landlord’s money by Tenant, while the payment of late charges is to compensate Landlord for Landlord’s processing, administrative and other costs incurred by Landlord as a result of Tenant’s
delinquent payments. Acceptance of a late charge or interest shall not constitute a waiver of Tenant’s default with respect to the overdue amount or prevent Landlord from exercising any of the other rights and remedies available to Landlord
under this Lease or at law or in equity now or hereafter in effect. 
 5.5     No Offset; Independent Covenants; Waiver.
Rent shall be paid without notice or demand, and without setoff, counterclaim, defense, abatement, suspension, deferment, reduction or deduction, except as expressly provided herein. TENANT WAIVES ALL RIGHTS (I) TO ANY ABATEMENT, SUSPENSION,
DEFERMENT, REDUCTION OR DEDUCTION OF OR FROM RENT, AND (II) TO QUIT, TERMINATE OR SURRENDER THIS LEASE OR THE PREMISES OR ANY PART THEREOF, EXCEPT AS EXPRESSLY PROVIDED HEREIN. TENANT HEREBY ACKNOWLEDGES AND AGREES THAT THE OBLIGATIONS OF
TENANT HEREUNDER SHALL BE SEPARATE AND INDEPENDENT COVENANTS AND AGREEMENTS, THAT RENT SHALL CONTINUE TO BE PAYABLE IN ALL EVENTS AND THAT THE OBLIGATIONS OF TENANT HEREUNDER SHALL CONTINUE UNAFFECTED, UNLESS THE REQUIREMENT TO PAY OR PERFORM THE
SAME SHALL HAVE BEEN TERMINATED PURSUANT TO AN EXPRESS PROVISION OF THIS LEASE. LANDLORD AND TENANT EACH ACKNOWLEDGES AND AGREES THAT THE INDEPENDENT NATURE OF THE OBLIGATIONS OF TENANT HEREUNDER REPRESENTS FAIR, REASONABLE, AND ACCEPTED COMMERCIAL
PRACTICE WITH RESPECT TO THE TYPE OF PROPERTY SUBJECT TO THIS LEASE, AND THAT THIS AGREEMENT IS THE PRODUCT OF FREE AND INFORMED NEGOTIATION DURING WHICH BOTH LANDLORD AND TENANT WERE REPRESENTED BY COUNSEL SKILLED IN NEGOTIATING AND DRAFTING
COMMERCIAL LEASES IN MASSACHUSETTS, AND THAT THE ACKNOWLEDGEMENTS AND AGREEMENTS CONTAINED HEREIN ARE MADE WITH FULL KNOWLEDGE OF THE HOLDING IN WESSON V. LEONE ENTERPRISES, INC., 437

  
 PAGE 16 

 MASS. 708 (2002). SUCH ACKNOWLEDGEMENTS, AGREEMENTS AND WAIVERS BY TENANT ARE A MATERIAL INDUCEMENT TO
LANDLORD ENTERING INTO THIS LEASE. 
 5.6     Survival. Any obligations under this Section 5 which shall not have
been paid at the expiration or earlier termination of the Term shall survive such expiration or earlier termination and shall be paid when and as the amount of same shall be determined and be due. 

6.    INTENTIONALLY OMITTED. 

7.    SECURITY DEPOSIT/LETTER OF CREDIT 

7.1    Amount. 

(a)    Contemporaneously with the execution of this Lease, Tenant shall deliver to Landlord either (i) cash in an
amount specified in the Lease Summary Sheet (the “Cash Security Deposit”), which shall be held by Landlord in accordance with Section 7.5 below, or (ii) an irrevocable letter of credit which shall (a) be in the
amount specified in the Lease Summary Sheet and otherwise in the form attached hereto as Exhibit 4; (b) issued by a bank reasonably acceptable to Landlord upon which presentment may be made in Boston, Massachusetts (if Landlord so requires at
the time of its approval thereof); and (c) be for a term of one (1) year, subject to extension in accordance with the terms hereof (the “Letter of Credit”). At any time during the Term, Tenant shall have the option
of replacing any Cash Security Deposit with a Letter of Credit in an equivalent amount and otherwise meeting the requirements of this Section 7. 

(b)    The Letter of Credit shall be held by Landlord, without liability for interest, as security for the faithful
performance by Tenant of all of the terms, covenants and conditions of this Lease by the Tenant to be kept and performed during the Term. In no event shall the Letter of Credit be deemed to be a prepayment of Rent nor shall it be considered a
measure of liquidated damages. Unless the Letter of Credit is automatically renewing, at least thirty (30) days prior to the maturity date of the Letter of Credit (or any replacement Letter of Credit), Tenant shall deliver to Landlord a
replacement Letter of Credit which shall have a maturity date no earlier than the next anniversary of the Term Commencement Date or one (1) year from its date of delivery to Landlord, whichever is later. 

7.2    Application of Proceeds of Letter of Credit. Upon an Event of Default, or if any proceeding shall be instituted by
or against Tenant pursuant to any of the provisions of any Act of Congress or State law relating to bankruptcy, reorganizations, arrangements, compositions or other relief from creditors (and, in the case of any proceeding instituted against it, if
Tenant shall fail to have such proceedings dismissed within sixty (60) days) or if Tenant is adjudged bankrupt or insolvent as a result of any such proceeding, Landlord at its sole option may draw down all or a part of the Letter of Credit. The
balance of any Letter of Credit cash proceeds shall be held in accordance with Section 7.5 below. Should the entire Letter of Credit, or any portion thereof, be drawn down by Landlord, Tenant shall, upon the written demand of Landlord, deliver
a replacement Letter of Credit in the amount drawn, and Tenant’s failure to do so within ten (10) days after receipt of such written demand shall constitute an additional Event of Default hereunder. The application of all or any part of
the cash proceeds of the Letter of Credit to any obligation or default of Tenant under this Lease shall not deprive Landlord of any other rights or remedies Landlord may have nor shall such application by Landlord constitute a waiver by Landlord.

 7.3    Transfer of Letter of Credit. In the event that Landlord transfers its interest in the Premises, Tenant shall
upon notice from and at no cost to Landlord, deliver to Landlord an amendment to the Letter of Credit or a replacement Letter of Credit naming Landlord’s successor as the beneficiary thereof. If Tenant fails to deliver such amendment or
replacement within thirty (30) days after written notice from Landlord, Landlord shall have the right to draw down the entire amount of the Letter of Credit and hold the proceeds thereof in accordance with Section 7.5 below. 

  
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 7.4    Credit of Issuer of Letter of Credit. In event of a material
adverse change in the financial position of any bank or institution which has issued the Letter of Credit or any replacement Letter of Credit hereunder, Landlord reserves the right to require that Tenant change the issuing bank or institution to
another bank or institution reasonably approved by Landlord. Tenant shall, within fifteen (15) days after receipt of written notice from Landlord, which notice shall include the basis for Landlord’s reasonable belief that there has been a
material adverse change in the financial position of the issuer of the Letter of Credit, replace the then-outstanding Letter of credit with a like Letter of Credit from another bank or institution approved by Landlord. 

7.5    Security Deposit. Landlord shall hold the Cash Security Deposit and/or the balance of proceeds remaining after a
draw on the Letter of Credit (each hereinafter referred to as the “Security Deposit”) as security for Tenant’s performance of all its Lease obligations. After an Event of Default, Landlord may apply the Security
Deposit, or any part thereof, to Landlord’s damages without prejudice to any other Landlord remedy. Tenant shall have the right to deliver a replacement Letter of Credit in the form and amount required hereunder, and upon receipt of such
replacement Letter of Credit, Landlord shall return the Security Deposit to Tenant. Landlord has no obligation to pay interest on the Security Deposit and may co-mingle the Security Deposit with
Landlord’s funds. If Landlord conveys its interest under this Lease, the Security Deposit, or any part not applied previously, shall be turned over to the grantee in which case Tenant shall look solely to the grantee for the proper application
and return of the Security Deposit. 
 7.6    Return of Security Deposit or Letter of Credit. Should Tenant comply with
all of such terms, covenants and conditions and promptly pay all sums payable by Tenant to Landlord hereunder, the Security Deposit and/or Letter of Credit or the remaining proceeds therefrom, as applicable, shall be returned to Tenant within
forty-five (45) days after the end of the Term, less any portion thereof which may have been utilized by Landlord to cure any default or applied to any actual damage suffered by Landlord. 

8.    INTENTIONALLY OMITTED. 

9.    UTILITIES, HVAC; WASTE REMOVAL 

9.1    Electricity. Commencing on the Term Commencement Date, Tenant shall pay all charges for electricity furnished to the
Premises and/or any equipment exclusively serving the Premises as additional rent, based on applicable metering equipment. Landlord shall, at Landlord’s sole cost and expense but subject to reimbursement pursuant to Section 5.2 above,
maintain and keep in good order, condition and repair any such metering equipment. Tenant shall pay the full amount of any charges attributable to such metering equipment on or before the due date therefor either to Landlord or directly to the
supplier thereof, at Landlord’s election. 
 9.2    Water. The costs of water and sewer are included in Building
Operating Costs. 
 9.3    Heat, Ventilating and Air Conditioning. Landlord shall provide to the Premises during normal
business hours (as set forth in Section 2.4 above) (a) heat during the normal hearing season, and (b) air conditioning during the normal cooling season to maintain comfortable temperatures consistent with a first class office building
and at all times between 68° and 74° Fahrenheit. Whenever the air conditioning systems are in operation, Tenant agrees to use reasonable efforts to lower and close the blinds or drapes when necessary because of the sun’s position, and
to cooperate fully with Landlord with regard 

  
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 to, and to abide by all the reasonable regulations and requirements which Landlord may prescribe for
the proper functioning and protection of the air conditioning systems. Landlord shall use reasonable efforts, upon no less than one (1) business day’s advance written notice from Tenant, to furnish, at Tenant’s sole cost and expense,
additional heat or air conditioning services to the Premises on days and at times other than as above provided at Landlord’s standard rates from time to time. Such standard rate as of the Execution Date is $65.00 per hour. 

9.4    Other Utilities. Subject to Landlord’s reasonable rules and regulations governing the same, Tenant shall
obtain and pay, as and when due, for all other utilities and services consumed in and/or furnished to the Premises, together with all taxes, penalties, surcharges and maintenance charges pertaining thereto. 

9.5    Interruption or Curtailment of Utilities. 

(a)    When necessary by reason of accident or emergency, or for repairs, alterations, replacements or improvements which
in the reasonable judgment of Landlord are desirable or necessary to be made, Landlord reserves the right, upon as much prior notice to Tenant as is practicable under the circumstances and no less than twenty-four (24) hours’ notice except
in the event of an emergency, to interrupt, curtail, or stop (i) the furnishing of hot and/or cold water, and (ii) the operation of the plumbing and electric systems. Landlord shall exercise reasonable diligence to eliminate the cause of
any such interruption, curtailment, stoppage or suspension, but, subject to Section 9.5(b) below, there shall be no diminution or abatement of Rent or other compensation due from Landlord to Tenant hereunder, nor shall this Lease be affected or
any of Tenant’s obligations hereunder reduced, and Landlord shall have no responsibility or liability for any such interruption, curtailment, stoppage, or suspension of services or systems. 

(b)    Notwithstanding anything to the contrary in this Lease contained, if the Premises or a portion thereof are
substantially untenantable such that, for the duration of the Interruption Cure Period (hereinafter defined), the continued operation in the ordinary course of Tenant’s business in any portion of the Premises is materially and adversely
affected, and if Tenant ceases to use the affected portion of the Premises (the “Affected Portion”) during the period of untenantability then, provided that Tenant ceases to use the Affected Portion during the entirety of the
Landlord Service Interruption Cure Period and that such untenantability and Landlord’s inability to cure such condition is not caused by the fault or neglect of any of the Tenant Parties, Base Rent, Operating Costs and Taxes shall thereafter be
abated in proportion to such untenantability until the day such condition is completely corrected. For purposes hereof, the “Interruption Cure Period” shall be defined as seven (7) consecutive business days after
Landlord’s receipt of written notice from tenant of the condition causing untenantability in the Affected Portion. The provisions of this Section 9.5(b) shall not apply in the event of untenantability caused by fire or other casualty, or
Taking (hereinafter defined), which shall be governed by Section 15 below, or in the event of untenantability caused by causes beyond Landlord’s control or if Landlord is unable to cure such condition as the result of causes beyond
Landlord’s control 
 9.6    Telecommunications Providers. Notwithstanding anything to the contrary herein or in
this Lease contained, Landlord has no obligation to allow any particular telecommunications service provider to have access to the Building or to Premises other than Verizon, AboveNet and Hightower (f/k/a Veroxity) (collectively, the
“Approved Providers”). If Landlord permits such access, Landlord may condition such access upon (a) the execution of Landlord’s standard telecommunications agreement (which shall include a provision requiring the
payment of fair market rent for any space in the Property dedicated, licensed and/or leased to such provider), and (b) the payment to Landlord by Tenant or the service provider of any costs incurred by Landlord in facilitating such access.
Subject to the preceding sentence, Landlord’s consent to providing access to the Building to any service provider other than the 

  
 PAGE 19 

 
Approved Providers shall not be unreasonably withheld, conditioned or delayed provided such access does not require any street opening permits or approvals (unless otherwise agreed to by the City
of Cambridge) or would unreasonably interfere with the use of the common areas of the Property. 
 9.7    Landlord
Services. Subject to reimbursement pursuant to Section 5.2 above, Landlord shall provide the services described in Exhibit 7 attached hereto and made a part hereof (“Landlord’s Services”). 

10.    MAINTENANCE AND REPAIRS 

10.1    Maintenance and Repairs by Tenant. Tenant shall keep all and singular the Premises neat and clean and free
of insects, rodents, vermin and other pests and, subject to Section 9.7 above, Trash, and in such good repair, order and condition as the same are in on the Term Commencement Date or in such better condition as the Premises may be put in during
the Term, reasonable wear and tear and damage by insured Casualty excepted. Tenant shall be solely responsible, at Tenant’s sole cost and expense, for the proper maintenance of all equipment and appliances installed and/or operated by Tenant
and/or exclusively serving the Premises. 
 10.2    Maintenance and Repairs by Landlord. Except as otherwise provided in
Section 15, and subject to Tenant’s obligations in Section 10.1 above, Landlord shall keep and maintain the roof, Building structure, structural floor slabs, columns and the equipment installed by Landlord (including, without
limitation, all base building systems, sanitary, electrical, heating, air conditioning, plumbing, security or other systems) in good repair, order and condition. In addition, Landlord shall be responsible, subject to reimbursement pursuant to
Section 5.2 above, for the maintenance and repair (and, if necessary, the replacement) of the VAV boxes located in the Premises on the Execution Date. Landlord shall operate and maintain the Common Areas in substantially the same manner as
other first-class combination office and retail facilities in the East Cambridge/ Kendall Square area. 

10.3    Accidents to Sanitary and Other Systems. Tenant shall give to Landlord prompt notice of any fire or accident in
the Premises or in the Building and of any damage to, or defective condition in, any part or appurtenance of the Building including, without limitation, sanitary, electrical, ventilation, heating and air conditioning or other systems located in, or
passing through, the Premises. Except as otherwise provided in Section 15, and subject to Tenant’s obligations in Section 10.1 above, such damage or defective condition shall be remedied by Landlord with reasonable diligence, but, subject
to Section 14.5 below, if such damage or defective condition was caused by any of the Tenant Parties, the cost to remedy the same shall be paid by Tenant. 

10.4    Floor Load--Heavy Equipment. Tenant shall not place a load upon any floor of the Premises exceeding the floor load
per square foot of area which such floor was designed to carry and which is allowed by Legal Requirements. Landlord reserves the right to prescribe the weight and position of all safes, heavy machinery, heavy equipment, freight, bulky matter or
fixtures (collectively, “Heavy Equipment”), which shall be placed so as to distribute the weight. Heavy Equipment shall be placed and maintained by Tenant at Tenant’s expense in settings sufficient in Landlord’s
reasonable judgment to absorb and prevent vibration, noise and annoyance. Tenant shall not move any Heavy Equipment into or out of the Building without giving Landlord prior written notice thereof and observing all of Landlord’s Rules and
Regulations with respect to the same. If such Heavy Equipment requires special handling, Tenant agrees to employ only persons holding a Master Rigger’s License to do said work, and that all work in connection therewith shall comply with Legal
Requirements. Any such moving shall be at the sole risk and hazard of Tenant and Tenant will defend, indemnify and save Landlord and Landlord’s agents (including without limitation its property manager), contractors and employees (collectively
with Landlord, the “Landlord Parties”) harmless from and against any and all claims, damages, losses, 

  
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penalties, costs, expenses and fees (including without limitation reasonable legal fees) (collectively, “Claims”) resulting directly or indirectly from such moving. Proper
placement of all Heavy Equipment in the Premises shall be Tenant’s responsibility. 
 10.5    Noise. Provided
Tenant installs a ceiling throughout the Premises that is equal to conventional mineral fiber acoustical panel ceilings achieving at least CAC-35, Landlord will be responsible for ensuring that the equipment
located in the seventeenth floor penthouse will not cause (a) NC-35 noise levels to be exceeded in enclosed areas within the Premises by more than three (3) NC points, nor (b) NC-40 noise levels to be exceeded in open plan or circulation areas within the Premises by more than three (3) NC points. NC (“Noise Criteria”) levels shall be determined per ANSI S12.2-2008 standard. 
 11.    ALTERATIONS AND IMPROVEMENTS BY TENANT 

11.1    Landlord’s Consent Required. Tenant shall not make any alterations, decorations, installations, removals,
additions or improvements (including, without limitation, Tenant’s Work) (collectively, “Alterations”) in or to the Premises without Landlord’s prior written approval of the contractor(s), written plans and
specifications, a time schedule therefor and the items listed in Exhibit 5 attached hereto and made a part hereof. Landlord reserves the right to require that Tenant use Landlord’s preferred vendor(s) for any Alterations that involve
roof penetrations, alarm tie-ins, sprinklers, fire alarm and other life safety equipment. Tenant shall not make any amendments or additions to plans and specifications approved by Landlord without
Landlord’s prior written consent. Landlord’s approval of non-structural Alterations shall not be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, Landlord may withhold
its consent in its sole discretion (a) to any Alteration to or affecting the roof and/or building systems, (b) with respect to matters of aesthetics relating to Alterations to or affecting the exterior of the Building, and (c) to any
Alteration affecting the Building structure. Notwithstanding the foregoing, Landlord’s consent shall not be required with respect to non-structural Alterations costing less than $10,000 in any one
instance (and $50,000 in the aggregate per year) so long as such Alterations do not affect the roof, Building systems or Building exterior (each, a “Permitted Alteration”), provided Tenant shall provide Landlord with written
notice thereof. Tenant shall be responsible for all elements of the design of Tenant’s plans (including, without limitation, compliance with Legal Requirements, functionality of design, the structural integrity of the design, the configuration
of the Premises and the placement of Tenant’s furniture, appliances and equipment), and Landlord’s approval of Tenant’s plans shall in no event relieve Tenant of the responsibility for such design. Landlord shall have no liability or
responsibility for any claim, injury or damage alleged to have been caused by the particular materials (whether building standard or non-building standard), appliances or equipment selected by Tenant in
connection with any work performed by or on behalf of Tenant. Except as otherwise expressly set forth herein, all Alterations shall be done at Tenant’s sole cost and expense and at such times and in such manner as Landlord may from time to time
reasonably designate. Tenant shall provide Landlord with reproducible record drawings (in CAD format) of all Alterations within sixty (60) days after completion thereof. If Tenant shall make any Alterations, then Landlord may elect to require
Tenant at the expiration or sooner termination of the Term to restore the Premises to substantially the same condition as existed immediately prior to the Alterations. If requested by Tenant, Landlord shall make such election at the time Landlord
approves such Alteration or, for Permitted Alterations, at the time Tenant notifies Landlord of Tenant’s intent to make such Permitted Alteration. If Landlord does not so elect, then any such Alteration shall become part of the Premises upon
installation, and shall be surrendered with the Premises at the end of the Term. 
 11.2    After-Hours. Landlord and
Tenant recognize that to the extent Tenant elects to perform some or all of the Alterations during times other than normal construction hours (i.e., Monday-Friday, 7:00 a.m. to 3:00 p.m., excluding holidays), Landlord will need to make arrangements
to have supervisory personnel on site. Accordingly, Landlord and Tenant agree as follows: Tenant shall give Landlord at least 

  
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two (2) business days’ prior written notice of any time outside of normal construction hours when Tenant intends to perform portions of Alterations (the “After-Hours
Work”). Tenant shall reimburse Landlord, within ten (10) days after demand therefor, for the cost of Landlord’s supervisory personnel overseeing the After-Hours Work. In addition, if construction during normal construction
hours unreasonably disturbs other tenants of the Property, in Landlord’s sole discretion, Landlord may require Tenant to stop the performance of Alterations during normal construction hours and to perform the same after hours, subject to the
foregoing requirement to pay for the cost of Landlord’s supervisory personnel. 
 11.3    Harmonious Relations.
Tenant agrees that it will not, either directly or indirectly, use any contractors and/or materials if their use will create any difficulty, whether in the nature of a labor dispute or otherwise, with other contractors and/or labor engaged by Tenant
or Landlord or others in the construction, maintenance and/or operation of the Property or any part thereof. In the event of any such difficulty, upon Landlord’s request, Tenant shall cause all contractors, mechanics or laborers causing such
difficulty to leave the Property immediately. 
 11.4    Liens. No Alterations shall be undertaken by Tenant until
(i) Tenant has made provision for written waiver of liens from all contractors for such Alteration and taken other appropriate protective measures approved and/or required by Landlord; and (ii) Tenant has procured appropriate surety
payment and performance bonds which shall name Landlord as an additional obligee and has filed lien bond(s) (in jurisdictions where available) on behalf of such contractors. Any mechanic’s lien filed against the Premises or the Building for
work claimed to have been done for, or materials claimed to have been furnished to, Tenant shall be discharged by Tenant within ten (10) days thereafter, at Tenant’s expense by filing the bond required by law or otherwise.

 11.5    General Requirements. Unless Landlord and Tenant otherwise agree in writing, Tenant shall (a) procure or
cause others to procure on its behalf all necessary permits before undertaking any Alterations in the Premises and provide copies thereof to Landlord; (b) perform all of such Alterations in a good and workmanlike manner, employing materials of
good quality and in compliance with Landlord’s construction rules and regulations, all insurance requirements of this Lease, and Legal Requirements; and (c) defend, indemnify and hold the Landlord Parties harmless from and against any and
all Claims occasioned by or growing out of such Alterations. Tenant shall cause contractors employed by Tenant to (i) carry Worker’s Compensation Insurance in accordance with statutory requirements, (ii) carry Automobile
Liability Insurance and Commercial General Liability Insurance (A) naming Landlord as an additional insured, and (B) covering such contractors on or about the Premises in the amounts stated in Section 14 hereof or in such other
reasonable amounts as Landlord shall require, and (iii) submit binders evidencing such coverage to Landlord prior to the commencement of any such Alterations. 

12.    SIGNAGE 

12.1    Restrictions. Tenant shall have the right to install at the entrance to the Premises Building standard signage
naming Tenant and any of its Affiliated Funds and/or Portfolio Companies occupying space in the Premises (it being understood and agreed that such occupancy is subject to Section 13 below), which signage shall be subject to Landlord’s
prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed). Subject to the foregoing, Tenant shall not place or suffer to be placed or maintained on the exterior of the Premises, or any part of the interior
visible from the exterior thereof, any sign, banner, advertising matter or any other thing of any kind (including, without limitation, any hand-lettered advertising), and shall not place or maintain any decoration, letter or advertising matter on
the glass of any window or door of the Premises without first obtaining Landlord’s written approval. No signs or blinds may be put on or in any window or elsewhere if visible from the exterior of the Building. Landlord may provide Tenant with
building standard blinds for each window within the Premises and Tenant shall install the same at Tenant’s sole cost and expense. Tenant may not remove the building standard blinds without Landlord’s prior written consent. Tenant may hang
its own drapes, provided that they shall not in any way interfere with any building standard drapery or blinds provided by Landlord or be visible from the exterior of the Building, and that such drapes are so hung and installed that, when drawn, the
building standard drapery or blinds are automatically also drawn. 

  
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 12.2    Building Directory. Landlord shall, at Landlord’s sole cost
and expense, list within the directory in the Building lobby Tenant and at Tenant’s written request, any of its Affiliated Funds and/or Portfolio Companies and/or any permitted subtenant occupying space in the Premises (it being understood and
agreed that such occupancy is subject to Section 13 below and that Tenant must notify Landlord if any such Affiliated Fund or Portfolio Company thereafter ceases to occupy space in the Premises). Subject to reasonable limits on the number of
lines on the directory Landlord can provide and all such additional signage in the lobby directory, Landlord shall add the names of any approved subtenants or licensees occupying any portion of the Premises at Tenant’s sole cost and expense.

 13.    ASSIGNMENT, MORTGAGING AND SUBLETTING 

13.1    Landlord’s Consent Required. Except as expressly otherwise set forth herein, Tenant shall not, without
Landlord’s prior written consent, assign, sublet, mortgage, license, transfer or encumber this Lease or the Premises in whole or in part whether by changes in the ownership or control of Tenant, or any direct or indirect owner of Tenant,
whether at one time or at intervals, by sale or transfer of stock, partnership or beneficial interests, operation of law or otherwise, or permit the occupancy of all or any portion of the Premises by any person or entity other than Tenant’s
employees (each of the foregoing, a “Transfer”). Any purported Transfer made without Landlord’s consent, if required hereunder, shall be void and confer no rights upon any third person, provided that if there is a
Transfer, Landlord may collect rent from the transferee without waiving the prohibition against Transfers, accepting the transferee, or releasing Tenant from full performance under this Lease. No Transfer shall relieve Tenant of its primary
obligation as party Tenant hereunder, nor shall it reduce or increase Landlord’s obligations under this Lease. 

13.2    Landlord’s Recapture Right 

(a)    Tenant shall, prior to offering or advertising more than fifty percent (50%) of the Premises or any portion thereof
for a Transfer, give a written notice (the “Recapture Notice”) to Landlord which: (i) states that Tenant desires to make a Transfer, (ii) identifies the affected portion of the Premises (the “Recapture
Premises”), (iii) identifies the period of time (the “Recapture Period”) during which Tenant proposes to sublet the Recapture Premises, or indicates that Tenant proposes to assign its interest in this Lease, and
(iv) offers to Landlord to terminate this Lease with respect to the Recapture Premises (in the case of a proposed assignment of Tenant’s interest in this Lease or a subletting for the remainder of the term of this Lease) or to suspend the Term
for the Recapture Period (i.e. the Term with respect to the Recapture Premises shall be terminated during the Recapture Period and Tenant’s rental obligations shall be proportionately reduced). Landlord shall have fifteen (15) business
days within which to respond to the Recapture Notice. 
 (b)    If Tenant does not enter into a Transfer on the terms
and conditions contained in the Recapture Notice on or before the date which is one hundred eighty (180) days after the earlier of: (x) the expiration of the 15-business day period specified in
Section 13.2(a) above, or (y) the date that Landlord notifies Tenant that Landlord will not accept Tenant’s offer contained in the Recapture Notice, time being of the essence, then prior to entering into any Transfer after such
180-day period, Tenant must deliver to Landlord a new Recapture Notice in accordance with Section 13.2(a) above 

  
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 (c)    Notwithstanding anything to the contrary contained herein, if
Landlord notifies Tenant that it accepts the offer contained in the Recapture Notice or any subsequent Recapture Notice, Tenant shall have the right, for a period of fifteen (15) days following receipt of such notice from Landlord, time being of
the essence, to notify Landlord in writing that it wishes to withdraw such offer and this Lease shall continue in full force and effect. 

13.3    Standard of Consent to Transfer. If Landlord does not timely give written notice to Tenant accepting a Recapture
Offer or declines to accept the same, or if the Transfer in question relates to fifty percent (50%) or less of the Premises, then Landlord agrees that, subject to the provisions of this Section 13, Landlord shall not unreasonably withhold,
condition or delay its consent to a Transfer (on the terms contained in the Recapture Notice, if applicable) to an entity which will use the Premises for the Permitted Uses and, in Landlord’s reasonable opinion: (a) has a tangible net
worth and other financial indicators sufficient to meet the Transferee’s obligations under the Transfer instrument in question; (b) has a business reputation compatible with the operation of a first-class combination office and retail
building; and (c) the intended use of such entity does not violate any exclusive or restrictive use provisions of any leases then in effect with respect to space in the Property. 

13.4    Listing Confers no Rights. The listing of any name other than that of Tenant, whether on the doors of the Premises
or on the Building directory, or otherwise, shall not operate to vest in any such other person, firm or corporation any right or interest in this Lease or in the Premises or be deemed to effect or evidence any consent of Landlord, it being expressly
understood that any such listing is a privilege extended by Landlord revocable at will by written notice to Tenant. 

13.5    Profits In Connection with Transfers. Tenant shall, within thirty (30) days of receipt thereof, pay to
Landlord fifty percent (50%) of any rent, sum or other consideration to be paid or given in connection with any Transfer, either initially or over time, after deducting the reasonable, actual out-of-pocket costs incurred by Tenant (and not reimbursed by Landlord) in connection with such Transfer4, including, without limitation, legal, brokerage
and tenant improvement expenses (but not including the unamortized cost of any improvements made by Tenant to the applicable space not made solely in connection with the particular Transfer), in excess of Rent hereunder as if such amount were
originally called for by the terms of this Lease as additional rent. 
 13.6    Prohibited Transfers. Notwithstanding
any contrary provision of this Lease, Tenant shall have no right to make a Transfer unless on both (i) the date on which Tenant notifies Landlord of its intention to enter into a Transfer and (ii) the date or which such Transfer is to take
effect, Tenant is not in default of any of its obligations under this Lease (it being understood and agreed that if Tenant cures a default within applicable notice and/or cure periods, then Tenant may thereafter make such Transfer in accordance with
this Section 13). Notwithstanding anything to the contrary contained herein, Tenant agrees that in no event shall Tenant make a Transfer to (a) any government agency; (b) any tenant, subtenant or occupant of other premises in the
Property unless Landlord states in writing that there is no appropriate space in the Property available for such tenant, subtenant or occupant; or (c) any entity with whom Landlord shall have entered into a term sheet for space in the Property
in the six (6) months immediately preceding such proposed Transfer. 
 13.7    Permitted Transfers. Notwithstanding
the foregoing provisions of this Section 13, Tenant shall have the right, without Landlord’s consent, but with prior written notice to Landlord, to (a) make a Transfer to an Affiliate (hereinafter defined), (b) sublease or license or
otherwise allow occupancy of up to twenty percent (20%) of the Premises to/by one or more Portfolio Companies, and/or (c) make a Transfer to one (1) or more Affiliated Funds with respect to up to twenty-five percent (25%) of the Premises.
For the purposes hereof, (i) an “Affiliate” shall be defined as any entity (A) that has the 
  

 

	4 	 which expenses shall be amortized on a straight-line basis over the term of the Transfer in question

  
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financial wherewithal to meet its obligations under the Transfer instrument; and (B) which is controlled by, is under common control with, or which controls Tenant; (ii)
“control” means direct or, either together with others acting as a group or otherwise, indirect ownership or possession of the right or power, by vote of stockholders or directors, or by contract, agreement or other
arrangements, or otherwise, to direct, determine, prevent or otherwise dictate managerial, operational or other actions or activities of any such person, firm or corporation; (iii) “Portfolio Company” means a company in which
Tenant has invested and continues to hold such investment; and (iv) “Affiliated Fund” means Highland Consumer Fund or any other fund for which Tenant performs the primary management and administration functions. Promptly
following any Transfer made without Landlord’s consent pursuant to this Section 13.7, Tenant shall deliver to Landlord a copy of the documentation evidencing such Transfer and, in the case of an assignment, an agreement pursuant to which
the assignee assumes and agrees to perform, fulfill and observe Tenant’s obligations, covenants and agreements set forth herein. 

14.    INSURANCE; INDEMNIFICATION; EXCULPATION 

14.1    Tenant’s Insurance. 

(a)    Tenant shall procure, pay for and keep in force throughout the Term (and for so long thereafter as Tenant remains in
occupancy of the Premises) commercial general liability insurance insuring Tenant on an occurrence basis against all claims and demands for personal injury liability (including, without limitation, bodily injury, sickness, disease, and death) or
damage to property which may be claimed to have occurred from and after the time any of the Tenant Parties shall first enter the Premises, of not less than One Million Dollars ($1,000,000) per occurrence and Two Million Dollars ($2,000,000) in the
aggregate, and from time to time thereafter shall be not less than such higher amounts, if procurable, as may be reasonably required by Landlord. Tenant shall also carry umbrella liability coverage in an amount of no less than Five Million Dollars
($5,000,000). Such policy shall also include contractual liability coverage. Such insurance policy(ies) shall name Landlord, Landlord’s managing agent and persons claiming by, through or under them, if any, as additional insureds. 

(b)    Tenant shall take out and maintain throughout the Term a policy of fire, vandalism, malicious mischief, extended
coverage and so-called “all risk” coverage insurance in an amount equal to one hundred percent (100%) of the replacement cost insuring (i) all items or components of Tenant’s Work and
Alterations (collectively, the “Tenant-Insured Improvements”), and (ii) Tenant’s furniture, equipment, fixtures and property of every kind, nature and description related or arising out of Tenant’s leasehold estate
hereunder, which may be in or upon the Premises or the Building (collectively, “Tenant’s Property”). Such insurance shall insure the interests of both Landlord and Tenant as their respective interests may appear from
time to time. 
 (c)    Tenant shall take out and maintain a policy of business interruption insurance throughout the
Term sufficient to cover at least twelve (12) months of Base Rent due hereunder and Tenant’s business losses during such 12-month period. 

(d)    The insurance required pursuant to Sections 14.1(a), (b), and (c) (collectively, “Tenant’s
Insurance Policies”) shall be effected with insurers approved by Landlord, with a rating of not less than “A-Xl” in the current Best’s Insurance Reports, and authorized to do
business in the Commonwealth of Massachusetts under valid and enforceable policies. Tenant’s Insurance Policies shall each provide that the insurance carrier shall endeavor to provide to each named insured at least thirty (30) days’
prior written notice of cancellation. Tenant’s Insurance Policies may include deductibles in an amount no greater than the greater of $25,000 or commercially reasonable amounts. On or before the date on which any of the Tenant Parties shall
first enter the Premises and thereafter not less than fifteen (15) days prior to the expiration date of each expiring policy, Tenant shall deliver to Landlord certificates of insurance evidencing the requirements hereof together with evidence
satisfactory to Landlord of the payment of all premiums for such policies. In the event of any claim, and upon Landlord’s request, Tenant shall deliver to Landlord complete copies of Tenant’s Insurance Policies. Upon request of Landlord,
Tenant shall deliver to any Mortgagee copies of the foregoing documents. No deductible carried by Tenant with respect to any of the policies required under this Section 14.1 shall exceed $25,000. 

  
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 14.2     Indemnification. Except to the extent caused by the gross
negligence or willful misconduct of any of the Landlord Parties, Tenant shall defend, indemnify and save the Landlord Parties harmless from and against any and all Claims asserted by or on behalf of any person, firm, corporation or public authority
arising from: 
 (a)    Tenant’s breach of any covenant or obligation under this Lease; 

(b)    Any injury to or death of any person, or loss of or damage to property, sustained or occurring in, upon, at or
about the Premises; 
 (c)    Any injury to or death of any person, or loss of or damage to property arising out of the
use or occupancy of the Premises by or the negligence or willful misconduct of any of the Tenant Parties; and 

(d)    On account of or based upon any work or thing whatsoever done (other than by Landlord or any of the Landlord
Parties) at the Premises during the Term and during the period of time if any, prior to the Term Commencement Date that any of the Tenant Parties may have been given access to the Premises. 

14.3    Property of Tenant. Tenant covenants and agrees that, to the maximum extent permitted by Legal Requirements, all
of Tenant’s Property at the Premises shall be at the sole risk and hazard of Tenant, and that if the whole or any part thereof shall be damaged, destroyed, stolen or removed from any cause or reason whatsoever, no part of said damage or loss
shall be charged to, or borne by, Landlord, except, subject to Section 14.5 hereof, to the extent such damage or loss is due to the gross negligence or willful misconduct of any of the Landlord Parties. 

14.4    Limitation of Landlord’s Liability for Damage or Injury, Landlord shall not be liable for any injury or
damage to persons or property resulting from fire, explosion, falling plaster, steam, gas, air contaminants or emissions, electricity, electrical or electronic emanations or disturbance, water, rain or snow or leaks from any part of the Building or
from the pipes, appliances, equipment or plumbing works or from the roof, street or sub-surface or from any other place or caused by dampness, vandalism, malicious mischief or by any other cause of whatever
nature, except to the extent caused by or due to the gross negligence or willful misconduct of any of the Landlord Parties, and then, where notice and an opportunity to cure are appropriate (i.e., where Tenant has an opportunity to know or should
have known of such condition sufficiently in advance of the occurrence of any such injury or damage resulting therefrom as would have enabled Landlord to prevent such damage or loss had Tenant notified Landlord of such condition) only after
(i) notice to Landlord of the condition claimed to constitute gross negligence or willful misconduct, and (ii) the expiration of a reasonable time after such notice has been received by Landlord without Landlord having commenced to take
all reasonable and practicable means to cure or correct such condition; and pending such cure or correction by Landlord, Tenant shall take all reasonably prudent temporary measures and safeguards to prevent any injury, loss or damage to persons or
property. Notwithstanding the foregoing, in no event shall any of the Landlord Parties be liable for any loss which is covered by insurance policies actually carried or required to be so carried by this Lease; nor shall any of the Landlord Parties
be liable for any such damage caused by other tenants or persons in the Building or caused by operations in construction of any private, public, or quasi-public work; nor shall any of the Landlord Parties be liable for any latent defect in the
Premises or in the Building. 

  
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 14.5    Waiver of Subrogation; Mutual Release. Landlord and Tenant each
hereby waives on behalf of itself and its property insurers (none of which shall ever be assigned any such claim or be entitled thereto due to subrogation or otherwise) any and all rights of recovery, claim, action, or cause of action against the
other and its agents, officers, servants, partners, shareholders, or employees (collectively, the “Related Parties”) for any loss or damage (other than rights of recovery, claims, actions, and causes of action relating to
damage to the roof of the Building caused by Tenant) that may occur to or within the Premises or the Building or any improvements thereto, or any personal property of such party therein which is insured against under any property insurance policy
actually being maintained by the waiving party from time to time, even if not required hereunder, or which would be insured against under the terms of any insurance policy required to be carried or maintained by the waiving party hereunder, whether
or not such insurance coverage is actually being maintained, including, in every instance, such loss or damage that may be caused by the negligence of the other party hereto and/or its Related Parties. Landlord and Tenant each agrees to cause
appropriate clauses to be included in its property insurance policies necessary to implement the foregoing provisions. 

14.6    Tenant’s Acts--Effect on Insurance. Tenant shall not do or permit any Tenant Party to do any act or thing
upon the Premises or elsewhere in the Building which will invalidate or be in conflict with any insurance policies covering the Building and the fixtures and property therein; and shall not do, or permit to be done, any act or thing upon the
Premises which shall subject Landlord to any liability or responsibility for injury to any person or persons or to property by reason of any business or operation being carried on upon said Premises or for any other reason. If by reason of the
failure of Tenant to comply with the provisions hereof the insurance rate applicable to any policy of insurance shall at any time thereafter be higher than it otherwise would be, Tenant shall reimburse Landlord upon demand for that part of any
insurance premiums which shall have been charged because of such failure by Tenant, together with interest at the Default Rate until paid in full, within ten (10) days after receipt of an invoice therefor. 

15. CASUALTY; TAKING 

15.1    Damage. If the Premises are damaged in whole or part because of fire or other insured casualty
(“Casualty”), or if the Premises are subject to a taking in connection with the exercise of any power of eminent domain, condemnation, or purchase under threat or in lieu thereof (any of the foregoing, a
“Taking”), then unless this Lease is terminated in accordance with Section 15.2 below, Landlord shall restore the Building and/or the Premises to substantially the same condition as existed on the Term Commencement Date,
or in the event of a partial Taking which affects the Building and the Premises, restore the remainder of the Building and the Premises not so Taker to substantially the same condition as is reasonably feasible. If, in Landlord’s reasonable
judgment, any element of the Tenant-Insured Improvements can more effectively be restored as an integral part of Landlord’s restoration of the Building or the Premises, such restoration shall also be made by Landlord, but at Tenant’s sole
cost and expense. Subject to rights of Mortgagees, delays caused by any of the Tenant Parties, Legal Requirements then in existence and to delays for adjustment of insurance proceeds or Taking awards, as the case may be, and instances of force
majeure, Landlord shall substantially complete such restoration within one (1) year after Landlord’s receipt of all required permits therefor with respect to substantial reconstruction of at least 50% of the Building, or, within one
hundred eighty (180) days after Landlord’s receipt of all required permits therefor in the case of restoration of less than 50% of the Building. Upon substantial completion of such restoration by Landlord, Tenant shall use diligent efforts
to complete restoration of the Premises to substantially the same condition as existed immediately prior to such Casualty or Taking, as the case may be, as soon as reasonably possible. Tenant agrees to cooperate with Landlord in such manner as
Landlord may reasonably request to assist Landlord in collecting insurance proceeds due in connection with any Casualty which affects the Premises or the Building. In no event shall Landlord he required to expend more than the Net (hereinafter
defined) insurance proceeds Landlord receives for damage to the Premises and/or the Building or the Net Taking award attributable to the Premises and/or the Building. “Net” means the insurance proceeds or Taking award actually paid to
Landlord (and not paid over to a Mortgagee) less all costs and expenses, including adjusters and attorney’s fees, of obtaining the same. In the Operating Year in which a Casualty occurs, there shall be included in Building Operating Costs
Landlord’s deductible under its property insurance policy. Except as Landlord may elect pursuant to this Section 15.1, under no circumstances shall Landlord be required to repair any damage to, or make any repairs to or replacements of, any
Tenant-Insured Improvements. 

  
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 15.2    Termination Rights. 

(a)    Landlord’s Termination Rights. Landlord may terminate this Lease upon thirty (30) days’ prior
written notice to Tenant if: 
 (i)    any material portion of the Building or any material means of access thereto is
taken; 
 (ii)    more than thirty-five percent (35%) of the Building is damaged by Casualty; or 

(iii)    if the estimated time to complete restoration exceeds one (1) year from the date on which Landlord receives
all required permits for such restoration. 
 (b)    Tenant’s Termination Right. If the estimated timeframe
to complete Landlord’s restoration exceeds one (1) year, or if Landlord is so required but fails to complete restoration of the Premises within the time frames and subject to the conditions set forth in Section 15.1 above, then Tenant
may terminate this Lease upon thirty (30) days’ written notice to Landlord; provided, however, that if Landlord completes such restoration within thirty (30) days after receipt of any such termination notice, such termination notice
shall be null and void and this Lease shall continue in full force and effect. The remedies set forth in this Section 15.2(b) and in Section 15.2(c) below are Tenant’s sole and exclusive rights and remedies based upon Landlord’s
failure to complete the restoration of the Premises as set forth herein. 
 (c)    Either Party May Terminate. In
the case of any Casualty or Taking affecting the Premises and occurring during the last twelve (12) months of the Term, then (i) if such Casualty or Taking results in more than twenty-five percent (25%) of the floor area of the Premises being
unsuitable for the Permitted Uses, or (ii) the damage to the Premises costs more than $250,000 to restore, then either Landlord or Tenant shall have the option to terminate this Lease upon thirty (30) days’ written notice to the
other. 
 (d)    Automatic Termination. In the case of a Taking of the entire Premises, then this Lease shall
automatically terminate as of the date of possession by the Taking authority. 
 15.3    Taking for Temporary Use. If
the Premises are Taken for temporary use, this Lease and Tenant’s obligations, including without limitation the payment of Rent, shall continue. For purposes hereof, a “Taking for temporary use” shall mean a Taking of
ninety (90) days or less. 
 15.4    Disposition of Awards. Except for any separate award for Tenant’s movable
trade fixtures, relocation expenses, and unamortized leasehold improvements paid for by Tenant (provided that the same may not reduce Landlord’s award), all Taking awards to Landlord or Tenant shall be Landlord’s property without
Tenant’s participation, and Tenant hereby assigns to Landlord Tenant’s interest, if any, in such award. Tenant may pursue its own claim against the Taking authority. 

  
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 16.    ESTOPPEL CERTIFICATE. Tenant shall at any time and from time to time upon not
less than fifteen (15) business days’ prior notice from Landlord, execute, acknowledge and deliver to Landlord a statement in writing certifying that this Lease is unmodified and in full force and effect (or if there have been
modifications, that the same is in full force and effect as modified and stating the modifications), and the dates to which Rent has been paid in advance, if any, stating whether or not Landlord is in default in performance of any covenant,
agreement, term, provision or condition contained in this Lease and, if so, specifying each such default, and such other facts as Landlord may reasonably request, it being intended that any such statement delivered pursuant hereto may be relied upon
by any prospective purchaser of the Building or of any interest of Landlord therein, any Mortgagee or prospective Mortgagee thereof, any lessor or prospective lessor thereof, any lessee or prospective lessee thereof, or any prospective assignee of
any mortgage thereof. Time is of the essence with respect to any such requested certificate, Tenant hereby acknowledging the importance of such certificates in mortgage financing arrangements, prospective sales and the like. If Tenant shall
fail to execute and deliver to Landlord any such statement within such 15-business day period, Tenant hereby appoints Landlord as Tenant’s
attorney-in-fact in its name and behalf to execute such statement, such appointment being coupled with an interest. 

17.    HAZARDOUS MATERIALS 

17.1    Prohibition. Except for de minimis quantities of standard office supplies and cleaning materials stored in
compliance with Environmental Laws (hereinafter defined) and in proper containers, Tenant shall not, without the prior written consent of Landlord, which may be withheld in Landlord’s sole discretion, bring or permit to be brought or kept in or
on the Premises or elsewhere in the Building (i) any inflammable, combustible or explosive fluid, material, chemical or substance; or (ii) any Hazardous Material (hereinafter defined). Landlord shall have the right, from time to time, to
inspect the Premises for compliance with the terms of this Section 17.1 at Tenant’s sole cost and expense. 

17.2    Environmental Laws. For purposes hereof, “Environmental Laws” shall mean all laws,
statutes, ordinances, rules and regulations of any local, state or federal governmental authority having jurisdiction concerning environmental, health and safety matters, including but not limited to any discharge by any of the Tenant Parties into
the air, surface water, sewers, soil or groundwater of any Hazardous Material (hereinafter defined) whether within or outside the Premises, including, without limitation (a) the Federal Water Pollution Control Act, 33 U.S.C. Section 1251
et seq., (b) the Federal Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., (c) the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., (d) the Toxic Substances Control
Act of 1976, 15 U.S.C. Section 2601 et seq., and (e) Chapter 21E of the General Laws of Massachusetts. Tenant, at its sole cost and expense, shall comply with (i) Environmental Laws, and (ii) any rules, requirements and safety
procedures of the Massachusetts Department of Environmental Protection, the City of Cambridge and any insurer of the Building or the Premises with respect to Tenant’s use, storage and disposal of any Hazardous Materials. 

17.3    Hazardous Material Defined. As used herein, the term “Hazardous Material” means asbestos,
oil or any hazardous, radioactive or toxic substance, material or waste or petroleum derivative which is or becomes regulated by any Environmental Law. The term “Hazardous Material” includes, without limitation, oil and/or
any material or substance which is (i) designated as a “hazardous substance,” “hazardous material,” “oil,” “hazardous waste” or toxic substance under any Environmental Law. 

  
 PAGE 29 

 18.    RULES AND REGULATIONS. 

18.1    Rules and Regulations. Tenant will faithfully observe and comply with all rules and regulations promulgated from
time to time with respect to the Building, the Property and construction within the Property (collectively, the “Rules and Regulations”). The current version of the Rules and Regulations is attached hereto as Exhibit
6. In the case of any conflict between the provisions of this Lease and any future rules and regulations, the provisions of this Lease shall control. Nothing contained in this Lease shall be construed to impose upon Landlord any duty or
obligation to enforce the Rules and Regulations or the terms, covenants or conditions in any other lease as against any other tenant and Landlord shall not be liable to Tenant for violation of the same by any other tenant, its servants, employees,
agents, contractors, visitors, invitees or licensees. 
 18.2    Energy Conservation. Notwithstanding anything to the
contrary contained herein, Landlord may institute upon written notice to Tenant such policies, programs and measures as may be necessary, required, or expedient for the conservation and/or preservation of energy or energy services (collectively, the
“Conservation Program”), provided however, that the Conservation Program does not, by reason of such policies, programs and measures, reduce the level of energy or energy services being provided to the Premises below the
level of energy or energy services then being provided in comparably aged, first-class combination office and retail buildings in the East Cambridge/ Kendall Square area, or as may be necessary or required to comply with Legal Requirements or
standards or the other provisions of this Lease. Upon receipt of such notice, Tenant shall comply with the Conservation Program. 

18.3    Recycling. Upon written notice, Landlord may establish policies, programs and measures for the recycling of paper,
products, plastic, tin and other materials (a “Recycling Program”). Upon receipt of such notice, Tenant will comply with the Recycling Program at Tenant’s sole cost and expense. 

19.    LEGAL REQUIREMENTS. Tenant shall be responsible at its sole cost and expense for complying with (and keeping the Premises in
compliance with) all Legal Requirements which are applicable to Tenant’s particular use or occupancy of, or Tenant’s Work or Alterations made by or on behalf of Tenant to, the Premises. Tenant shall furnish all data and information to
governmental authorities, with a copy to Landlord, as required in accordance with Legal Requirements as they relate to Tenant’s use or occupancy of the Premises or the Building. If Tenant receives notice of any violation of Legal Requirements
applicable to the Premises or the Building, it shall give prompt notice thereof to Landlord. Nothing contained in this Section 19 shall be construed to expand the uses permitted hereunder beyond the Permitted Uses. Landlord shall comply with
any Legal Requirements and with any direction of any public office or officer relating to the maintenance or operation of the Building as a combination office and retail building, and the costs so incurred by Landlord shall be included in Building
Operating Costs in accordance with the provisions of Section 5.2. 
 20.    DEFAULT 

20.1 Events of Default. The occurrence of any one or more of the following events shall constitute an “Event of
Default” hereunder by Tenant: 
 (a)    If Tenant fails to make any payment of Rent or any other payment
required hereunder, as and when due, and such failure shall continue for a period of three (3) days after notice thereof from Landlord to Tenant; provided, however, an Event of Default shall occur hereunder without any obligation of Landlord to
give any notice if (i) Tenant fails to make any payment within three (3) days after the due date therefor, and (ii) Landlord has given Tenant written notice under this Section 20.1(a) on more than two (2) occasions during
the twelve (12) month interval preceding such failure by Tenant; 
 (b)    Intentionally omitted; 

  
 PAGE 30 

 (c)    If Tenant shall fail to execute and deliver to Landlord an
estoppel certificate pursuant to Section 16 above or a subordination and attornment agreement pursuant to Section 22 below, within the timeframes set forth therein and such failure continues for ten (10) days after notice thereof;

 (d)    If Tenant shall fail to maintain any insurance required hereunder; 

(e)    If Tenant shall fail to restore the Security Deposit to its original amount or deliver a replacement Letter of
Credit as required under Section 7 above; 
 (f)    If Tenant causes or suffers any release of Hazardous Materials
in or on the Property; 
 (g)    If Tenant shall make a Transfer in violation of the provisions of Section 13
above, or if any event shall occur or any contingency shall arise whereby this Lease, or the term and estate thereby created, would (by operation of law or otherwise) devolve upon or pass to any person, firm or corporation other than Tenant, except
as expressly permitted under Section 13 hereof; 
 (h)    The failure by Tenant to observe or perform any of the
material covenants or provisions of this Lease to be observed or performed by Tenant, other than as specified above, and such failure continues for more than thirty (30) days after notice thereof from Landlord; provided, further, that if the
nature of Tenant’s default is such that more than thirty (30) days are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant shall commence such cure within said thirty (30) day period and
thereafter diligently prosecute such cure to completion, which completion shall occur not later than ninety (90) days from the date of such notice from Landlord; 

(i)    Tenant shall be involved in financial difficulties as evidenced by an admission in writing by Tenant of
Tenant’s inability to pay its debts generally as they become due, or by the making or offering to make a composition of its debts with its creditors; 

(j) Tenant shall make an assignment or trust mortgage, or other conveyance or transfer of like nature, of all or a substantial part of its
property for the benefit of its creditors, 
 (k)    an attachment on mense process, on execution or otherwise, or other
legal process shall issue against Tenant or its property and a sale of any of its assets shall be held thereunder; 

(l)    any judgment, attachment or the like in excess of $1,000,000 shall be entered, recorded or filed against Tenant in
any court, registry, etc. and Tenant shall fail to pay such judgment within thirty (30) days after the judgment shall have become final beyond appeal or to discharge or secure by surety bond such lien, attachment, etc within thirty
(30) days of such entry, recording or filing, as the case may be; 
 (m)    the leasehold hereby created shall be
taken on execution or by other process of law and shall not be revested in Tenant within thirty (30) days thereafter; 

(n)    a receiver, sequesterer, trustee or similar officer shall be appointed by a court of competent jurisdiction to take
charge of all or any part of Tenant’s Property and such appointment shall not be vacated within thirty (30) days; or 

(o)    any proceeding shall be instituted by or against Tenant pursuant to any of the provisions of any Act of Congress or
State law relating to bankruptcy, reorganizations, arrangements, compositions or other relief from creditors, and, in the case of any proceeding instituted against it, if Tenant shall fail to have such proceedings dismissed within thirty
(30) days or if Tenant is adjudged bankrupt or insolvent as a result of any such proceeding. 

  
 PAGE 31 

 Wherever Tenant “is used in subsections (i), (j), (k), (l), (n) or (o) of this Section 20.1,
it shall be deemed to include any parent entity of Tenant and any guarantor of any of Tenant’s obligations under this Lease. 

20.2    Remedies. Upon an Event of Default, Landlord may, by notice to Tenant, elect to terminate this Lease; and
thereupon (and without prejudice to any remedies which might otherwise be available for arrears of Rent or preceding breach of covenant or agreement and without prejudice to Tenant’s liability for damages as hereinafter stated), upon the giving
of such notice, this Lease shall terminate as of the date specified therein as though that were the Expiration Date. Upon such termination, Landlord shall have the right to utilize the Security Deposit or draw down the entire Letter of Credit, as
applicable, and apply the proceeds thereof to its damages hereunder. Without being taken or deemed to be guilty of any manner of trespass or conversion, and without being liable to indictment, prosecution or damages therefor, Landlord may, by
lawful process, enter into and upon the Premises (or any part thereof in the name of the whole); repossess the same, as of its former estate; and expel Tenant and those claiming under Tenant. The words
“re-entry” and “re-enter” as used in this Lease are not restricted to their technical legal meanings. 

20.3    Damages - Termination. 

(a)    Upon the termination of this Lease under the provisions of this Section 20, Tenant shall pay to Landlord Rent
up to the time of such termination, shall continue to be liable for any preceding breach of covenant, and in addition, shall pay to Landlord as damages, at the election of Landlord, either: 

(i)    the amount (discounted to present value at the rate of five percent (5%) per annum) by which, at the time of the
termination of this Lease (or at any time thereafter if Landlord shall have initially elected damages under Section 20.3(a)(ii) below), (x) the aggregate of Rent projected over the period commencing with such termination and ending on the
Expiration Date, exceeds (y) the aggregate projected rental value of the Premises for such period, taking into account a reasonable time period during which the Premises shall be unoccupied, plus all Reletting Costs (hereinafter defined); or

 (ii)    amounts equal to Rent which would have been payable by Tenant had this Lease not been so terminated, payable
upon the due dates therefor specified herein following such termination and until the Expiration Date, provided, however, if Landlord shall re-let the Premises during such period, that Landlord shall
credit Tenant with the net rents received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the
expenses incurred or paid by Landlord in terminating this Lease, as well as the expenses of re-letting, including altering and preparing the Premises for new tenants, brokers’ commissions, and all other
similar and dissimilar expenses properly chargeable against the Premises and the rental therefrom (collectively, “Reletting Costs”), it being understood that any such re-letting may be
for a period equal to or shorter or longer than the remaining Term; and provided, further, that (x) in no event shall Tenant be entitled to receive any excess of such net rents over the sums payable by Tenant to Landlord hereunder and
(y) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this Section 20.3(a)(ii) to a credit in respect of any net rents from a re-letting except to the extent
that such net rents are actually received by Landlord prior to the commencement of such suit. If the Premises or any part thereof should be re-let in combination with other space, then proper apportionment on
a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. 

  
 PAGE 32 

 (b)    In calculating the amount due under Section 20.2(a)(i),
above, there shall be included, in addition to the Base Rent, all other considerations agreed to be paid or performed by Tenant, including without limitation Tenant’s Share of the Operating Costs Excess and Tenant’s Property Share of the
Tax Excess, on the assumption that all such amounts and considerations would have increased at the rate of three percent (3%) per annum for the balance of the full term hereby granted. 

(c)    Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from
time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the Term would have expired if it had not been terminated hereunder. 

(d)    Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of
any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any Event of Default hereunder. 

(e)    In lieu of any other damages or indemnity and in lieu of full recovery by Landlord of all sums payable under all
the foregoing provisions of this Section 20.3, Landlord may, by written notice to Tenant, at any time after this Lease is terminated under any of the provisions herein contained or is otherwise terminated for breach of any obligation of Tenant
and before such full recovery, elect to recover, and Tenant shall thereupon pay, as liquidated damages, an amount equal to the aggregate of (x) an amount equal to the lesser of (1) Rent accrued under this Lease in the twelve (12) months
immediately prior to such termination, or (2) Rent payable during the remaining months of the Term if this Lease had not been terminated, plus (y) the amount of Rent accrued and unpaid at the time of termination, less (z) the amount of any
recovery by Landlord under the foregoing provisions of this Section 20.3 up to the time of payment of such liquidated damages. 

20.4    Landlord’s Self-Help; Fees and Expenses. If Tenant shall default in the performance of any covenant on
Tenant’s part to be performed in this Lease contained, including without limitation the obligation to maintain the Premises in the required condition pursuant to Section 10.1 above, Landlord may, upon reasonable advance written notice,
except that no notice shall be required in an emergency, immediately, or at any time thereafter, perform the same for the account of Tenant. Tenant shall pay to Landlord upon demand therefor any costs incurred by Landlord in connection therewith,
together with interest at the Default Rate until paid in full. In addition, Tenant shall pay all of Landlord’s costs and expenses, including without limitation reasonable attorneys’ fees, incurred (i) in enforcing any obligation of
Tenant under this Lease or (ii) as a result of Landlord or any of the Landlord Parties, without its fault, being made party to any litigation pending by or against any of the Tenant Parties. 

20.5    Waiver of Redemption, Statutory Notice and Grace Periods. Tenant does hereby waive and surrender all rights and
privileges which it might have under or by reason of any present or future Legal Requirements to redeem the Premises or to have a continuance of this Lease for the Term hereby demised after being dispossessed or ejected therefrom by process of law
or under the terms of this Lease or after the termination of this Lease as herein provided. Except to the extent prohibited by Legal Requirements, any statutory notice and grace periods provided to Tenant by law are hereby expressly waived by
Tenant. 
 20.6    Landlord’s Remedies Not Exclusive. The specified remedies to which Landlord may resort hereunder
are cumulative and are not intended to be exclusive of any remedies or means of redress to which Landlord may at any time be lawfully entitled, and Landlord may invoke any remedy (including the remedy of specific performance) allowed at law or in
equity as if specific remedies were not herein provided for. 

  
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 20.7    No Waiver. Landlord’s failure to seek redress for
violation, or to insist upon the strict performance, of any covenant or condition of this Lease, or any of the Rules and Regulations promulgated hereunder, shall not prevent a subsequent act, which would have originally constituted a violation, from
having all the force and effect of an original violation. The receipt by Landlord of Rent with knowledge of the breach of any covenant of this Lease shall not be deemed a waiver of such breach. The failure of Landlord to enforce any of such Rules
and Regulations against Tenant and/or any other tenant in the Building shall not be deemed a waiver of any such Rules and Regulations. No provisions of this Lease shall be deemed to have been waived by either party unless such waiver be in writing
signed by such party. No payment by Tenant or receipt by Landlord of a lesser amount than the Rent herein stipulated shall be deemed to be other than on account of the stipulated Rent, nor shall any endorsement or statement or any check or any
letter accompanying any check or payment as Rent be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such Rent or pursue any other remedy in this
Lease provided. 
 20.8    Restrictions on Tenant’s Rights. During the continuation of any Event of Default, (a)
Landlord shall not be obligated to provide Tenant with any notice pursuant to Sections 2.3 and 2.4 above; and (b) Tenant shall not have the right to make, nor to request Landlord’s consent or approval with respect to, any Alterations or
Transfers. 
 20.9    Landlord Default. Notwithstanding anything to the contrary contained in the Lease, Landlord shall
in no event be in default in the performance of any of Landlord’s obligations under this Lease unless Landlord shall have failed to perform such obligations within thirty (30) days (or such additional time as is reasonably required
to correct any such default, provided Landlord commences cure within 30 days) after notice by Tenant to Landlord properly specifying wherein Landlord has failed to perform any such obligation. Except as expressly set forth in this Lease, Tenant
shall not have the right to terminate or cancel this Lease or to withhold rent or to set-off or deduct any claim or damages against rent as a result of any default by Landlord or breach by Landlord of its
covenants or any warranties or promises hereunder, except in the case of a wrongful eviction of Tenant from the Premises (constructive or actual) by Landlord, unless same continues after notice to Landlord thereof and a opportunity for Landlord to
cure the same as set forth above. In addition, Tenant shall not assert any right to deduct the cost of repairs or any monetary claim against Landlord from rent thereafter due and payable under this Lease. 

21.    SURRENDER; ABANDONED PROPERTY; HOLD-OVER 

21.1    Surrender 

(a)    Upon the expiration or earlier termination of the Term, Tenant shall (i) peaceably quit and surrender to
Landlord the Premises broom clean, in good order, repair and condition excepting only ordinary wear and tear and damage by fire or other insured Casualty; (ii) remove all of Tenant’s Property (except for such items of Tenant’s
Property paid for in whole or in part with Landlord’s Contribution, including without limitation the floor to ceiling “moveable” walls, which items shall be surrendered with the Premises unless Landlord otherwise directs Tenant in
writing), and, to the extent specified by Landlord in accordance with, Section 11 above, Alterations made by Tenant, and (iii) repair any damages to the Premises or the Building caused by the installation or removal of Tenant’s
Property and/or such Alterations. Tenant’s obligations under this Section 21.1(a) shall survive the expiration or earlier termination of this Lease. 

(b)    No act or thing done by Landlord during the Term shall be deemed an acceptance of a surrender of the Premises, and
no agreement to accept such surrender shall be valid, unless in writing signed by Landlord. Unless otherwise agreed by the parties in writing, no employee of Landlord or of Landlord’s agents shall have any power to accept the keys of the
Premises prior to the expiration or earlier termination of this Lease. The delivery of keys to any employee of Landlord or of Landlord’s agents shall not operate as a termination of this Lease or a surrender of the Premises. 

  
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 (c)    Notwithstanding anything to the contrary contained herein, Tenant
shall, at its sole cost and expense, remove from the Premises, prior to the end of the Term, any item installed by or for Tenant and which, pursuant to Legal Requirements, must be removed therefrom before the Premises may be used by a subsequent
tenant. 
 21.2    Abandoned Property. After the expiration or earlier termination hereof, if Tenant fails to remove any
property from the Building or the Premises which Tenant is obligated by the terms of this Lease to remove within five (5) business days after written notice from Landlord, such property (the “Abandoned Property”) shall
be conclusively deemed to have been abandoned, and may either be retained by Landlord as its property or sold or otherwise disposed of in such manner as Landlord may see fit. If any item of Abandoned Property shall be sold, Tenant hereby agrees that
Landlord may receive and retain the proceeds of such sale and apply the same, at its option, to the expenses of the sale, the cost of moving and storage, any damages to which Landlord may be entitled under Section 20 hereof or pursuant to law,
and to any arrears of Rent. 
 21.3    Holdover. If any of the Tenant Parties holds over after the end of the Term,
Tenant shall be deemed a tenant-at-sufferance subject to the provisions of this Lease; provided that whether or not Landlord has previously accepted payments of Rent
from Tenant, (i) Tenant shall pay Base Rent at 150% of the highest rate of Base Rent payable during the Term with respect to the first 30 days of such holdover, (ii) Tenant shall pay Base Rent at 175% of the highest rate of Base Rent
payable during the Term with respect to any such holdover beyond 30 days, (iii) Tenant shall continue to pay to Landlord all additional rent, and (iv) Tenant shall be liable for all damages, including without limitation lost business and
consequential damages, incurred by Landlord as a result of such holding over if such holding over exceeds 15 days, Tenant hereby acknowledging that Landlord may need the Premises after the end of the Term for other tenants and that the damages which
Landlord may suffer as the result of Tenant’s holding over cannot be determined as of the Execution Date. Nothing contained herein shall grant Tenant the right to holdover after the expiration or earlier termination of the Term. 

22.    MORTGAGEE RIGHTS 

22.1    Subordination. Subject to the applicable Mortgagee entering into a commercially reasonable subordination, non-disturbance and attornment agreement with respect to this Lease, Tenant’s rights and interests under this Lease shall be (i) subject and subordinate to any ground lease, and to any mortgages, deeds of
trust, overleases, or similar instruments covering the Premises, the Building and/or the Land and to all advances, modifications, renewals, replacements, and extensions thereof (each of the foregoing, a “Mortgage”) including
without limitation the Master Lease, or (ii) if any Mortgagee elects, prior to the lien of any present or future Mortgage. Tenant further shall attorn to and recognize any successor landlord, whether through foreclosure or otherwise, as if the
successor landlord were the originally named landlord. Tenant agrees to execute, acknowledge and deliver such commercially reasonable instruments, confirming such subordination and attornment within fifteen (15) days of request therefor. 

22.2    Notices. Tenant shall give each Mortgagee the same notices given to Landlord concurrently with the notice to
Landlord, and each Mortgagee shall have a reasonable opportunity thereafter to cure a Landlord default, and Mortgagee’s curing of any of Landlord’s default shall be treated as performance by Landlord. 

  
 PAGE 35 

 22.3    Mortgagee Consent. Tenant acknowledges that, where applicable,
any consent or approval hereafter given by Landlord may be subject to the further consent or approval of a Mortgagee; and the failure or refusal of such Mortgagee to give such consent or approval shall, notwithstanding anything to the contrary in
this Lease contained, constitute reasonable justification for Landlord’s withholding its consent or approval. 

22.4    Mortgagee Liability. Tenant acknowledges and agrees that if any Mortgage shall be foreclosed, (a) the
liability of the Mortgagee and its successors and assigns shall exist only so long as such Mortgagee or purchaser is the owner of the Premises, and such liability shall not continue or survive after further transfer of ownership; and (b) such
Mortgagee and its successors or assigns shall not be (i) liable for any act or omission of any prior lessor under this Lease; (ii) liable for the performance of Landlord’s covenants pursuant to the provisions of this Lease which arise
and accrue prior to such entity succeeding to the interest of Landlord under this Lease or acquiring such right to possession; (iii) subject to any offsets or defense which Tenant may have at any time against Landlord; (iv) bound by any
base rent or other sum which Tenant may have paid previously for more than one (1) month; or (v) liable for the performance of any covenant of Landlord under this Lease which is capable of performance only by the original Landlord. 

23.    QUIET ENJOYMENT. Landlord covenants that so long as Tenant keeps and performs each and every covenant, agreement, term, provision
and condition herein contained on the part and on behalf of Tenant to be kept and performed, Tenant shall peaceably and quietly hold, occupy and enjoy the Premises during the Term from and against the claims of all persons lawfully claiming by,
through or under Landlord subject, nevertheless, to the covenants, agreements, terms, provisions and conditions of this Lease, any matters of record or of which Tenant has knowledge and to any Mortgage to which this Lease is subject and subordinate,
as hereinabove set forth. 
 24.    NOTICES. Any notice, consent, request, bill, demand or statement hereunder (each, a
“Notice”) by either party to the other party shall be in writing and shall be deemed to have been duly given when either delivered by hand or by nationally recognized overnight courier (in either case with evidence of
delivery or refusal thereof) addressed as follows: 
  

					
	If to Landlord:	 		  	 MIT One Broadway LLC
 c/o Massachusetts
Institute of Technology
 238 Main Street, Suite 200
 Cambridge,
MA 02142
 Attention: Steven C. Marsh

			
	With copies to:	 		  	 Goulston & Storrs
 400 Atlantic
Avenue
 Boston, MA 02110
 Attention: Daniel D. Sullivan,
Esquire

			
	and:	 		  	 Colliers Meredith & Grew
 12 Emily
Street
 Cambridge, MA 02139
 Attention: Kristina
Descoteaux

			
	if to Tenant:	 		  	 Highland Capital Partners, LLC
 One
Broadway
 Cambridge, MA 02421
 Attention: Kathy
Barry

  
 PAGE 36 

			
	 with a copy to:
	  	Sherin and Lodgen LLP
		  	101 Federal Street
		  	Boston, MA 02110
		  	Attention: Douglas M. Henry, Esquire

 Notwithstanding the foregoing, any notice from Landlord to Tenant regarding ordinary business operations (e.g., exercise of a
right of access to the Premises, maintenance activities, invoices, etc.) may also be given by written notice delivered by facsimile to any person at the Premises whom Landlord reasonably believes is authorized to receive such notice on behalf of
Tenant without copies as specified above. Either party may at any time change the address or specify an additional address for such Notices by delivering or mailing, as aforesaid, to the other party a notice stating the change and setting forth the
changed or additional address, provided such changed or additional address is within the United States. Notices shall be effective upon the date of receipt or refusal thereof. 

25.    MISCELLANEOUS 

25.1    Separability. If any provision of this Lease or portion of such provision or the application thereof to any person
or circumstance is for any reason held invalid or unenforceable, the remainder of this Lease (or the remainder of such provision) and the application thereof to other persons or circumstances shall not be affected thereby. 

25.2    Captions. The captions are inserted only as a matter of convenience and for reference, and in no way define, limit
or describe the scope of this Lease nor the intent of any provisions thereof. 
 25.3    Broker. Tenant and Landlord
each warrants and represents that it has dealt with no broker in connection with the consummation of this Lease other than Meredith & Grew, Incorporated dba Colliers International and Cushman & Wakefield (collectively,
“Broker”). Tenant and Landlord each agrees to defend, indemnify and save the other harmless from and against any Claims arising in breach of the representation and warranty set forth in the immediately preceding sentence.
Landlord shall be solely responsible for the payment of any brokerage commissions to Broker. 
 25.4    Entire
Agreement. This Lease, Lease Summary Sheet and Exhibits 1-7 attached hereto and incorporated herein contain the entire and only agreement between the parties and any and all statements and
representations, written and oral, including previous correspondence and agreements between the parties hereto, are merged herein. Tenant acknowledges that all representations and statements upon which it relied in executing this Lease are contained
herein and that Tenant in no way relied upon any other statements or representations, written or oral. This Lease may not be modified orally or in any manner other than by written agreement signed by the parties hereto. 

25.5    Governing Law. This Lease is made pursuant to, and shall be governed by, and construed in accordance with, the
laws of the Commonwealth of Massachusetts and any applicable local municipal rules, regulations, by-laws, ordinances and the like. 

25.6    Representation of Authority. By his or her execution hereof, each of the signatories on behalf of the respective
parties hereby warrants and represents to the other that he or she is duly authorized to execute this Lease on behalf of such party. Upon Landlord’s request, Tenant shall provide Landlord with evidence that any requisite resolution, corporate
authority and any other necessary consents have been duly adopted and obtained. 
 25.7    Expenses Incurred by Landlord
Upon Tenant Requests. Tenant shall, upon 

  
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demand, reimburse Landlord for all reasonable expenses, including, without limitation, legal fees, incurred by Landlord in connection with all requests by Tenant for consents, approvals or
execution of collateral documentation related to this Lease, including, without limitation, costs incurred by Landlord in the review and approval of Tenant’s plans and specifications in connection with proposed Alterations (other than
Tenant’s Work) to be made by Tenant to the Premises or in connection with requests by Tenant for Landlord’s consent to make a Transfer. Such costs shall be deemed to be additional rent under this Lease. 

25.8    Survival. Without limiting any other obligation of Tenant which may survive the expiration or prior termination of
the Term, all obligations on the part of Tenant to indemnify, defend, or hold Landlord harmless, as set forth in this Lease shall survive the expiration or prior termination of the Term. 

25.9    Limitation of Liability. Tenant shall neither assert nor seek to enforce any claim against Landlord or any of the
Landlord Parties, or the assets of any of the Landlord Parties, for breach of this Lease or otherwise, other than against Landlord’s interest in the Building and in the uncollected rents, issues and profits thereof, and Tenant agrees to look
solely to such interest for the satisfaction of any liability of Landlord under this Lease. This Section 25.9 shall not limit any right that Tenant might otherwise have to obtain injunctive relief against Landlord. Landlord and Tenant
specifically agree that in no event shall any officer, director, trustee, employee or representative of Landlord, Tenant or any of the other Landlord Parties or Tenant Parties ever be personally liable for any obligation under this Lease, nor shall
Landlord or any of the other Landlord Parties be liable for consequential or incidental damages or for lost profits whatsoever in connection with this Lease. 

25.10    Binding Effect. The covenants, agreements, terms, provisions and conditions of this Lease shall bind and benefit
the successors and assigns of the parties hereto with the same effect as if mentioned in each instance where a party hereto is named or referred to, except that no violation of the provisions of Section 13 hereof shall operate to vest any
rights in any successor or assignee of Tenant. 
 25.11    Landlord Obligations upon Transfer. Upon any sale, transfer
or other disposition of the Building, Landlord shall be entirely freed and relieved from the performance and observance thereafter of all covenants and obligations hereunder on the part of Landlord to be performed and observed, it being understood
and agreed in such event (and it shall be deemed and construed as a covenant running with the land) that the person succeeding to Landlord’s ownership of said reversionary interest shall thereupon and thereafter assume, and perform and observe,
any and all of such covenants and obligations of Landlord, except as otherwise agreed in writing. 
 25.12    No Grant
of Interest. Tenant shall not, without the consent of Landlord, grant any interest whatsoever in (a) any fixtures within the Premises or (b) any item paid in whole or in part with Landlord’s Contribution. 

[SIGNATURES ON FOLLOWING PAGE] 

  
 PAGE 38 

 IN WITNESS WHEREOF the parties hereto have executed this Lease as a sealed instrument as of
the Execution Date. 
 LANDLORD 
 MIT ONE BROADWAY LLC,
a Massachusetts limited liability company 
 By:         Massachusetts Institute of Technology, its manager 

By:         MIT Investment Management Company, its authorized agent 

 

							
	           	 	By:	 	  

/s/ Seth D. Alexander

		 		 	Name:	 	Seth D. Alexander
		 		 	Title:	 	President
		 		 		 	MIT Investment Management Company

 TENANT 
 HIGHLAND CAPITAL
PARTNERS LLC 
  

					
	
           
	 	 By:
	 	/s/ Sean M. Dalton
		 		 	Name: Sean M. Dalton
		 		 	Title: Manager

  
 SIGNATURE PAGE 

 Exhibit 1 

Lease Plan 
  

 
 

 
 Floor 16 

 Exhibit 2 

LEGAL DESCRIPTION 
 PARCEL ONE 

That certain parcel of land in Cambridge, Middlesex County, Massachusetts with the buildings thereon, bounded and described as follows: 

 

			
	 NORTHWESTERLY
	  	by Third Street, 183.22 feet;
	NORTHWESTERLY,
WESTERLY and
SOUTHWESTERLY	  	by a curved line forming the intersection of Third Street and Broadway, 23.6 feet;
	SOUTHWESTERLY	  	by Broadway, 274.06 feet;
	SOUTHERLY	  	by Main Street, 187.03 feet;
	EASTERLY	  	by land formerly of Eugene R. Luke, 224.71 feet; and
	SOUTHEASTERLY	  	by Broad Canal, 377.82 feet.

 The Parcel is shown on a plan entitled “Broadway and Third Street Cambridge Mass. Mass Wharf Fuel Oil
Terminal Property Lie and Topographic Survey” dated November 24, 1965 and filed with the Middlesex South District Registry of Deeds as Plan No. 3 of 1966 at the End of Book 11021 and containing, according to the plan, 97,652 square feet.

 PARCEL TWO 
 The parcel of land in
the City of Cambridge, Middlesex County, Massachusetts, shown as Parcel I on a plan entitled “Cambridge Redevelopment Authority, Broad Canal Project Area, Subdivision Plan of Land, Parcels I and II” by Fay, Spofford &
Thorndike, Inc., Engineers, dated April 1971 and filed as Plan No. 966 of 1972 in Book 12268, Page 606, and bounded and described as follows: 

Beginning at a point on the easterly sideline of Third Street, said point being 183.22 feet N 29°37’59” E of the northerly end of
a curved line forming the easterly junction of Broadway and Third Street, and said point being the intersection of the easterly sideline of Third Street and the northerly boundary of land now or formerly of Adrian J. Broggini, William C. Rousseau
and John C. Starr, Trustees of Cambridge Enterprises; 
 Thence, running N°29 37’59” E along the easterly sideline of Third
Street, 52.37 feet to a point; 
 Thence, turning and running S 72°29’51” E by Parcel II, 365.41 feet to a point; 

Thence, turning and running S 15°50’38” W by Broad Canal, 46.32 feet to a point; 

Thence, turning and running N 74°09’02” W by land now or formerly of Adrian J. Broggini, William C. Rousseau and John C. Starr,
Trustees of Cambridge Enterprises, 153.99 feet to a point; 
 Thence, turning and running N 73°02’45” W again by land now or
formerly of Adrian J. Broggini, William C. Rousseau and John C. Starr, Trustees of Cambridge Enterprises, 47.29 feet to a point; 

  
 EXHIBIT 2, PAGE 1 

 Thence, turning and running N 72°29’51” W again by land now or formerly of Adrian J. Broggini, William C. Rousseau and John C. Starr, Trustees of Cambridge Enterprises, 176.54 feet to the point of
beginning. 
 Containing 18,606 square feet, more or less, according to the aforementioned plan. 

Said Second Parcel is conveyed subject to the covenants, agreements, and easements contained or referred to in the 1972 Deed, to the extent
still in force and effect. 

  
 EXHIBIT 2, PAGE 2 

 EXHIBIT 3 

DESCRIPTION OF CONDITION ON THE TERM COMMENCEMENT DATE 

The Premises shall be delivered in clean shell condition with the existing HVAC system (including the VAV boxes and ducting) and the sprinkler system
remaining in place. All Building systems serving the Premises, including without limitation the HVAC and sprinkler systems, as well as the VAV boxes, shall be delivered in good operating condition and repair. 

In addition, Landlord shall correct any deficiencies in vibration isolators located in the seventeenth floor penthouse of the Building by adjusting equipment
springs and ensuring that spaces under equipment are cleared of any obstructions so that there is no direct or indirect contact between isolated systems and Building structure. 

  
 EXHIBIT 3, PAGE 1 

 EXHIBIT 4 

FORM OF LETTER OF CREDIT 
  

			
	 BENEFICIARY
	  	 ISSUANCE DATE:

	  
 MIT BROADWAY LLC

[LANDLORD]
	  	
		
		  	 IRREVOCABLF STANDBY
 LETTER OF CREDIT
NO.

		
	ACCOUNTEE/APPLICANT:	  	 MAXIMUM/AGGREGATE
 CREDIT AMOUNT:

USD: $

		
	 HIGHLAND CAPITAL PARTNERS, LLC

[TENANT]
	  	

 LADIES AND GENTLEMEN: 

We hereby establish our irrevocable letter of credit in your favor for account of the applicant up to an aggregate amount not to exceed
                 and     /100 US Dollars ($            .    )
available by your draft(s) drawn on ourselves at sight bearing the clause “Drawn under Irrevocable Standby Letter of Credit Number
                    ” and indicating the amount to be drawn down and whether payment should be made by wire transfer (including wiring
instructions) or by certified check (including mailing address) accompanied by the original of this Letter of Credit and all amendments, if any. The original Letter of Credit and all amendments, if any, shall be returned to you unless fully
utilized. 
 Unless otherwise stated, all correspondence, documents and sight drafts are to be sent via facsimile to
(        )          -         with originals to follow by hand delivery with receipted delivery, nationally recognized overnight
courier with receipted delivery or certified mail, return receipt requested to our counters at                  <address>. The date of presentment of any draw
shall be the date copies of the Letter of Credit and sight draft are faxed by Beneficiary to          <bank>. 

You shall have the right to make partial draws against this Letter of Credit, from time to time. 

You shall be entitled to assign your interest in this Irrevocable Standby Letter of Credit from time to time to your lender(s) and/or your
successors in interest without our approval and without charge. In the event of an assignment, we reserve the right to require reasonable evidence of such assignment as a condition to any draw hereunder. 

Except as otherwise expressly stated herein, this Letter of Credit is subject to the “International Standby Practices 1998”
promulgated jointly by the Institute for International Banking Law and Practice and the International Chamber of Commerce, effective January 1, 1999. 

This Letter of Credit shall expire at our office on
                , 20     (the “Stated Expiration Date”). It is a condition of this Letter of Credit that the Stated
Expiration Date shall be deemed automatically extended without amendment for successive one (1) year periods from such Stated Expiration Date, unless at least sixty (60) days prior to such Stated Expiration Date (or any anniversary

  
 EXHIBIT 4, PAGE 1 

 
thereof) we shall send a written notice to you, with a copy to Goulston & Storrs, 400 Atlantic Avenue, Boston, MA 02110, Attention: Colleen P. Hussey and to the Accountee/Applicant, by hand
delivery, nationally recognized overnight courier with receipted delivery or by certified mail (return receipt requested) that we elect not to consider this Letter of Credit extended for any such additional one (1) year period. In the event
that this Letter of Credit is not extended for an additional period as provided above, you may draw the entire amount available hereunder. 

If at any time prior to presentation of documents for payment hereunder, we receive a notarized certificate signed by one who purports to be a
duly authorized representative on your behalf to execute and deliver such certificate, stating that this Letter of Credit has been lost, stolen, damaged or destroyed, we will mail you a “Certified True Copy” of this Letter of Credit, which
shall be treated by us as an original. 
 In order to cancel this Letter of Credit prior to expiration, you must return this original Letter
of Credit and any amendments hereto to our counters with a statement signed by you stating that the Letter of Credit is no longer required and is being returned to the issuing bank for cancellation. 

We hereby agree with the drawers, endorsers and bonafide holders that the drafts drawn under and in accordance with the terms and condition of
this Letter of Credit shall be duly honored within two (2) business days after the date of presentment. 

  
 EXHIBIT 4, PAGE 2 

 EXHIBIT 5 

ALTERATIONS CHECKLIST 
 Scope letter
describing project, design/construction team, and appropriate vendors. 
 Insurance certificate(s) for Contractors. 

Construction Documents (CDs) - Plans and Specificatios - stamped by licensed AIA. 

Code Review by licensed code engineer incorporated in CDs and/or by stamped letter. 

Code specific - accessibility. 

Code specific - egress paths/exits (numbers, locations, distance). 

Code specific - fire protection, sprinkler distribution, horns/strobes/signage locations. 

Landlord Approved architect, MEPFP engineer, code engineer, structural engineer. 

Building permit application. 
 Signatures by
Architect, Licensed Construction Supervisor. 
 Cost Affidavit with backup estimate from contractor. 

Architect Affidavit. 
 MEP Affidavit. 

FP Affidavit. 
 Structural Affidavit. 

Construction Cost Affidavit. 
 Low Voltage Wiring Within
Premises: 
 Insurance certificate(s) for Contractor, if applicable 

If installer is employee, copy of valid government issued electrical license 

Code Review by licensed code engineer 

permit application as requested by Inspectional Services Department. 

Signature by Licensed Professional (electrician) 

Ethernet wiring within Premises: 
 Insurance
certificate(s) for Contractor, if applicable 
 If installer is employee, copy of valid government issued electrical license (to the extent
legally required) 
 Code Review by licensed code engineer 

permit application as requested by Inspectional Services Department. 

Signature by Licensed Professional (electrician) to the extent legally required 

  
 EXHIBIT 5, PAGE 1 

 EXHIBIT 6 

RULES AND REGULATIONS 
 Tenants
and their employees, shall not in any way obstruct the sidewalks, halls, stairways, or elevators of the Building, and shall use the same only as a means of passage to and from their respective offices. Tenants will not place or allow to be placed in
the Building corridors or public stairways any waste paper, dust, refuse, or anything whatever. At no time shall tenants permit their employees to loiter in Common Areas or elsewhere in and about the Building or the Land. 

 

	2.	 No signs, advertisements or notices shall be inscribed, painted or affixed where they can be seen from the
outside the leased premises without prior written consent of Building management. Management reserves the right to prohibit the posting of any sign which it finds objectionable and to remove any which has already been placed, at the tenant’s
expense. 

  

	3.	 All contractors, contractor’s representatives, and installation technicians performing work in the
Building shall be subject to Landlord’s prior approval which shall not be unreasonably withheld or delayed and shall be required to comply with Landlord’s standard rules, regulations, policies and procedures, as the same may be revised
from time to time. Tenants shall be solely responsible for complying with all applicable laws, codes and ordinances pursuant to which said work shall be performed. 

 

	4.	 All electric and telephone wiring shall be installed as directed by Landlord. No boring or cutting for wires
shall be executed and no new pipes or wires shall be introduced without the prior written consent of Landlord. 

  

	5.	 Tenants shall not install or use any machinery in the demised premises which may cause any noise, jar, or
tremor to the floors or walls, or which by its weight might damage the floors of the Building. 

  

	6.	 Tenants shall not bring in or take out, position construct, install or move any safe, or business machine or
other heavy equipment weighing over 100 pounds without the prior written consent of Landlord. 

  

	7.	 All furniture, safes, equipment and freight shall be moved into and out of the Building only at certain hours
approved by and under the supervision of Landlord and according to these rules and regulations. All damage to the Building caused by installing or removing any safe, furniture; equipment or other property shall be repaired at the expense of the
Tenant. Landlord will not be responsible for loss or damage to any furniture, equipment or freight from any cause. 

  

	8.	 Corridor doors, when not in use, shall be kept closed. 

 

	9.	 Tenant, Tenant’s agents and employees shall not: play any musical instruments, other than radio and
television; make or permit any improper noises in the Building; interfere with other lessees or those having business with them. 

  

	10.	 No animals, except Seeing Eye dogs, shall be brought into or kept in, on or about the Premises.

  

	11.	 The restroom fixtures shall be used only for the purpose for which they were constructed and no rubbish, ashes,
or other substances of any kind shall be thrown into them. Tenant will bear the expense of any damage resulting from misuse. 

  
 EXHIBIT 6, PAGE 1 

	12.	 Tenant shall not place any additional lock or locks on any exterior door in the Premises or Building or on any
door in the Building core within the Premises, including doors providing access to the telephone and electric closets and the slop sink, without Landlord’s prior written content. A reasonable number of keys to the locks on the doors in the
Premises shall be furnished by Landlord to Tenant at the cost of Tenant, and Tenant shall not have any duplicate keys made. All keys shall be returned to Landlord at the expiration or earlier termination of this Lease. 

 

	13.	 The directory board in the entrance lobby of the Building is provided for the exclusive display of the name and
location of each tenant at the tenant’s expense. Landlord reserves the right to allocate space in the directory and to design style of such identification. 

 

	14.	 Landlord reserves the right to exclude or expel from the Building any persons who, in the judgment of Landlord,
is intoxicated under the influence of liquor or drugs, or shall do any act in violation of the rules and regulations of the Building. 

  

	15.	 Rooms used in common by tenants shall be subject to such regulations as are posted therein.

  

	16.	 Landlord reserves the right to close and keep locked all entrance and exit doors of the Building during the
hours Landlord may deem advisable for the adequate protection of the property. Use of the Building and the leased premises before 8 AM or after 6 PM, or any time during Sundays or legal holidays shall be allowed only to persons with a key/card key
to the premises or guests accompanied by such persons. At these times, all occupants and their guests must sign in at the concierge when entering and exiting the building. Any persons found in the Building after hours without such keys/card keys are
subject to the surveillance of building staff. 

  

	17.	 Landlord shall have the right to prohibit any advertising by an agent which, in Landlord’s opinion, tends
to impair the reputation of the Building or its desirability as a Building for offices, and upon written notice from Landlord, such tenant shall refrain from or discontinue such advertising. 

 

	18.	 No tenant will install blinds, shades, awnings, or other form of inside or outside window covering, or window
ventilators or similar devices without the prior consent of Landlord. Tenant will not interfere with or obstruct any perimeter heating, air conditioning or ventilating units. 

 

	19.	 Tenants shall give Landlord prompt notice of any accidents to or defects in water pipes, gas pipes, electric
lights and fixtures, heating apparatus, or any other service equipment. 

  

	20.	 Tenants shall not perform improvements or alterations within the Building or their premises, if the work has
the potential of disturbing the fireproofing which has been applied on the surfaces of structural steel members, without the prior written consent of Landlord. 

 

	21.	 Tenants shall not take any action which would violate Landlord’s labor contracts affecting the Building or
which would cause any work stoppage, picketing, labor disruption or dispute, or any interference with the business of Landlord or any other tenant or occupant of the Building or with the right and privileges of any person lawfully in the Building.
Tenants shall take any actions necessary to resolve any such work stoppage, picketing, labor disruption, dispute or interference and shall have pickets removed and, at the request of Landlord, immediately terminate at any time any construction work
being performed in the Premises giving rise to such labor problems, until such time as Landlord shall have given its written consent for such work to resume. Tenants shall have no claim for damages of any nature against Landlord in connection
therewith, nor shall the date of the commencement of the Term be extended as a result thereof. 

  
 EXHIBIT 6, PAGE 2 

	22.	 Tenants shall utilize the termite and pest extermination service designated by Landlord to control termites and
pests in the Premises. Except as included in Landlord’s Services, tenants shall bear the cost and expense of such extermination services. 

  

	23.	 Tenants shall not install, operate or maintain in the Premises or in any other area of the Building, any
electrical equipment which does not bear the U/L (Underwriters Laboratories) seal of approval, or which would overload the electrical system or any part thereof beyond its capacity for proper, efficient and safe operation as determined by Landlord,
taking into consideration the overall electrical system and the present and future requirements therefore in the Building. Tenants shall not furnish any cooling or heating to the Premises, including, without limitation, the use of any electronic or
gas heating devices, without Landlord’s prior written consent. Tenants shall not use more than its proportionate share of telephone lines available to service the Building. 

 

	24.	 Tenants shall not operate or permit to be operated on the Premises any coin or token operated vending machine
or similar device (including, without limitation, telephones, lockers, toilets, scales, amusement devices and machines for sale of beverages food, candy, cigarettes or other goods), except for those vending machines or similar devices which are for
the sole and exclusive use of tenant’s employees, and then only if such operation does not violate the lease of any other lessee of the Building. 

  

	25.	 Bicycles and other vehicles are not permitted inside or on the walkways outside the Building, except in those
areas specifically designated by Landlord for such purposes. Landlord shall provide bicycle racks in the garage. 

  

	26.	 Landlord may from time to time adopt appropriate systems and procedures for the security or safety of the
Building, its occupants, entry and use, or its contents, provided that Tenant shall have access to the Building 24 hours per day, 7 days a week. Tenant, Tenant’s agents, employees, contractors, guests and invitees shall comply with
Landlord’s reasonable requirements relative thereto. 

  

	27.	 Tenants shall carry out Tenant’s permitted repair, maintenance, alterations, and improvements in the
Premises only during times agreed to in advance by Landlord and in a manner which will not interfere with the rights of other lessees in the Building. 

  

	28.	 Canvassing, soliciting, and peddling in or about the Building is prohibited. Tenants shall cooperate and use
best efforts to prevent the same. 

  

	29.	 At no time shall Tenants permit or shall Tenant’s agents, employees, contractors, guests, or invitees
smoke in any Common Area of the Building, unless such Common Area has been declared a designated smoking area by Landlord. 

  

	30.	 All deliveries to or from the Premises shall be made only at such times, in the areas and through the entrances
and exits designated for such purpose by Landlord. Tenant shall not permit the process of receiving deliveries to or from the Premises outside of said areas or in a manner which may interfere with the use by any other lessee of its premises or of
any Common Areas, any pedestrian use of such area, or any use which is inconsistent with good business practice. 

  

	31.	 The work of cleaning personnel shall not be hindered by tenants after 5:30 PM, and such cleaning work may be
done at any time when the offices are vacant. Windows, doors and fixtures may be cleaned at any time. Tenants shall provide adequate waste and rubbish receptacles necessary to prevent unreasonable hardship to Landlord regarding cleaning service.

  
 EXHIBIT 6, PAGE 3 

	32.	 Tenant shall, at its sole cost and expense: keep any garbage, trash, rubbish and refuse (collectively,
“Trash”) in vermin-proof containers within the interior of the Premises until removed. 

  
 EXHIBIT 6, PAGE 4 

 EXHIBIT 7 

LANDLORD’S SERVICES 
  

	1.	 Landlord shall provide cleaning of the Premises and the Common Areas in a manner substantially comparable to
other first-class combination office and retail facilities in the East Cambridge/ Kendall Square area. 

  

	2.	 Extermination of all public and tenanted areas of the Building as reasonably necessary. 

 

	3.	 Trash removal. Such trash removal shall not include removal of excessive trash generated when an occupant moves
in or out of the Building, when equipment is discarded, when files are purged, or construction related trash and debris. 

  

	4.	 Snow and ice removal from the sidewalks and driveways appurtenant to the Building as reasonably necessary for
the normal operation of the Building. 

  

	5.	 Security for the Building as reasonably determined by Landlord. 

  
 EXHIBIT 7, PAGE 1 

 EXHIBIT 8 

AMOUNT OF TERMINATION PAYMENT 
  

					
	MONTH	  	AMOUNT OF TERMINATION PAYMENT	 
		
	 Rent Year 8, Month 1
	  	 	[$555,123.20	] 
		
	 Rent Year 8, Month 2
	  	 	[$539,703.11	] 
		
	 Rent Year 8, Month 3
	  	 	[$524,283.02	] 
		
	 Rent Year 8, Month 4
	  	 	[$508,862.93	] 
		
	 Rent Year 8, Month 5
	  	 	[$493,442.84	] 
		
	 Rent Year 8, Month 6
	  	 	[$478,022.75	] 
		
	 Rent Year 8, Month 7
	  	 	[$462,602.66	] 
		
	 Rent Year 8, Month 8
	  	 	[$447,182.57	] 
		
	 Rent Year 8, Month 9
	  	 	[$431,762.49	] 
		
	 Rent Year 8, Month 10
	  	 	[$416,342.40	] 
		
	 Rent Year 8, Month 11
	  	 	[$400,922.31	] 
		
	 Rent Year 8, Month 12
	  	 	[$385,502.22	] 
		
	 Rent Year 9, Month 1
	  	 	[$370,082.13	] 
		
	 Rent Year 9, Month 2
	  	 	[$354,662.04	] 
		
	 Rent Year 9, Month 3
	  	 	[$339,241.95	] 
		
	 Rent Year 9, Month 4
	  	 	[$323,821.86	] 
		
	 Rent Year 9, Month 5
	  	 	[$308,401.78	] 
		
	 Rent Year 9, Month 6
	  	 	[$292,981.69	] 
		
	 Rent Year 9, Month 7
	  	 	[$277,561.60	] 
		
	 Rent Year 9, Month 8
	  	 	[$262,141.51	] 
		
	 Rent Year 9, Month 9
	  	 	[$246,721.42	] 
		
	 Rent Year 9, Month 10
	  	 	[$231,301.33	] 

  
 EXHIBIT 8, PAGE 1 

					
		  	 	                                  
                                         
                 	 
	 Rent Year 9, Month 11
	  	 	[$215,881.24	] 
		
	 Rent Year 9, Month 12
	  	 	[$200,461.15	] 
		
	 Rent Year 10, Month 1
	  	 	[$185,041.06	] 
		
	 Rent Year 10, Month 2
	  	 	[$169,620.98	] 
		
	 Rent Year 10, Month 3
	  	 	[$154,200.89	] 
		
	 Rent Year 10, Month 4
	  	 	[$138,780.80	] 
		
	 Rent Year 10, Month 5
	  	 	[$123,360.71	] 
		
	 Rent Year 10, Month 6
	  	 	[$107,940.62 	] 
		
	 Rent Year 10, Month 7
	  	 	[$92,520.53	] 
		
	 Rent Year 10, Month 8
	  	 	[$77,100.44	] 
		
	 Rent Year 10, Month 9
	  	 	[$61,680.36	] 
		
	 Rent Year 10, Month 10
	  	 	[$46,260.27	] 
		
	 Rent Year 10, Month 11
	  	 	[$30,840.18	] 
		
	 Rent Year 10, Month 12
	  	 	[$15,420.09	] 

  
 EXHIBIT 8, PAGE 2 

 EXHIBIT 9 

FORM OF RECOGNITION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT 

THIS RECOGNITION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (this “Agreement”) is made and
entered into as of the          day of                     ,
20         by and between                     , a
         with an address of
                                         
    (“Subtenant”), MIT ONE BROADWAY FEE OWNER LLC, a Massachusetts limited liability company with an address c/o MIT Investment Management Company, 238 Main Street, Suite 200, Cambridge, MA 02142
(“Master Lessor”) and MIT ONE BROADWAY LLC, a Massachusetts limited liability company with an address c/o MIT Investment Management Company, 238 Main Street, Suite 200, Cambridge, MA 02142 (“Master
Tenant”). 
 W I T N E S S E T H 

REFERENCE is hereby made to that certain Master Lease Agreement dated as of December 1, 2008 by and between Master Lessor, as landlord,
and Master Tenant, as tenant (as it may be amended from time to time, the “Master Lease”) with respect to the property commonly known as One Broadway, Cambridge, Massachusetts (as more particularly described in the Master
Lease, the “Property”). 
 REFERENCE is also hereby made to that certain lease dated
                    ,20         by and between Master Tenant, as landlord, and Subtenant, as
tenant (the “Sublease”), with respect to a portion of the Property consisting of approximately                     
rentable square feet on the                      (    ) floor (the “Subleased Premises”);
and 
 WHEREAS, subject to the terms and conditioned hereinafter set forth, Master Lessor has agreed (a) to recognize the rights of
Subtenant under the Sublease, and (b) not to disturb Subtenant’s use and enjoyment of the Subleased Premises. 
 NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.    Incorporation of Recitals: Capitalized Terms. The foregoing recitals are hereby incorporated by reference. All
capitalized terms not otherwise defined herein shall have the meanings ascribed to them as set forth in the Master Lease. 

2.    Sublease. Subtenant hereby warrants and represents that the copy of the Sublease delivered to Master Lessor is a true,
complete and accurate copy of the Sublease, and that there are no other agreements, contracts or documents relating to Subtenant’s occupancy of the Subleased Premises. 

3.    Subtenant Not To Be Disturbed. So long as Subtenant is not in default (beyond any period given Subtenant by the terms of the
Sublease to cure such default) in the payment of rent or additional rent or of any of the terms, covenants or conditions of the Sublease on Subtenant’s part to be performed, (a) Subtenant’s possession of the Subleased Premises, and its
rights and privileges under the Sublease, including but not limited to any extension or renewal rights, if any, shall not be diminished or interfered with by Master Lessor, and (b) Master Lessor will not join Subtenant as a party defendant in
any action or proceeding terminating Master Tenant’s possession of the Property unless such joinder is necessary to terminate such possession and then only for such purpose and not for the purpose of terminating the Sublease. 

4.    Tenant To Attorn To Master Lessor. If the Master Lease is terminated pursuant to the terms 

  
 EXHIBIT 9, PAGE 1 

 thereof, or if Master Tenant rejects the Sublease in the course of a bankruptcy proceeding, then
(a) the Sublease shall continue in full force and effect as a direct lease between Master Lessor and Subtenant (subject to Section 8 below); provided, however, that Master Lessor and its assigns shall not be (i) liable for any
misrepresentation, act or omission of Master Tenant, (ii) subject to any counterclaim, demand or offset which Subtenant may have against Master Tenant; (iii) liable for the return of any security deposit or letter of credit not actually
received by Master Lessor and with respect to which Subtenant agrees to look solely to Master Tenant for refund or reimbursement; (iv) unless delivered by Master Tenant to Master Lessor, bound by any advance payment of rent or additional rent
or any other sums made by Subtenant to Master Tenant, except for rent or additional rent applicable to the then-current month; (v) obligated to cure any defaults under the Sublease of Master Tenant which occurred prior to the termination of the
Master Lease, provided, however, that the foregoing shall not release Master Lessor from liability for any default of its obligations under the Lease continuing after the date on which such Mortgagee succeeds to Landlord’s interest hereunder,
including without limitation any maintenance obligations; or (vi) bound by any covenant to undertake, complete, or pay for any improvements to the Subleased Premises; and (b) Subtenant shall attorn to Master Lessor as its landlord, said
attornment to be effective and self-operative without the execution of any further instruments. Master Lessor and Subtenant each hereby agrees to execute an instrument in form and substance reasonably acceptable to both parties acknowledging the
continuation of the Sublease for the Subleased Premises as a direct lease for the Subleased Premises on the terms and conditions set forth in this Agreement. In addition, Subtenant shall execute and deliver, upon the request of Master Lessor, an
instrument or certificate regarding the status of the Sublease consisting of statements, if true (and if not true, specifying in what respect), in the case of the Sublease by Subtenant (A) that the Sublease is in full force and effect,
(B) the amounts and date through which rentals have been paid, (C) the commencement date, rent commencement date and duration of the term of the Sublease, (D) that no default, or state of facts, which with the passage of time, or
notice, or both, would constitute a default, exists on the part of either party to the Sublease, and (E) the dates on which payments of additional rent, if any, are due under the Sublease. 

5.    Sublease Amendments. Subtenant shall not amend the Sublease without the prior written consent of Master Lessor which may be
withheld by Master Lessor in its sole and absolute discretion if such amendment (a) reduces the rent payable under the Sublease, (b) provides for any expansion rights, (c) extends the term of the Sublease in addition to
Subtenant’s current right(s) to extend the term under the Sublease, if any, (d) reduces any of the liabilities and obligations of Subtenant under the Sublease, or (e) increases any of the obligations of Master Tenant thereunder. Any
such amendement made without Master Lessor’s consent shall not be binding on Master Lessor. 
 6.    Landlord’s Right to
Notice and Cure. Subtenant covenants and agrees to: (a) concurrently give Master Lessor the same notices given to Master Tenant under the Sublease at the following address(es) until otherwise specified in writing by Master Lessor: MIT One
Broadway Fee Owner LLC, c/o MIT Investment Management Company, 238 Main Street, Suite 200, Cambridge, MA 02142, Attention: Managing Director of Real Estate, with a copy to Goulston & Storrs, P.C., 400 Atlantic Avenue, Boston, MA 02110,
Attention: Daniel D. Sullivan, Esq.; (b) provide Master Lessor with at least ten (10) days plus the number of days (and the same opportunities and rights) as are available to Master Tenant under the Sublease to cure any of Master Tenant’s
defaults thereunder; and (c) accept Master Lessor’s curing of any of Master Tenant’s defaults under the Sublease as performance by Master Tenant thereunder. 

7.    Amendments. This Agreement may not be waived, changed, or discharged orally, but only by agreement in writing and signed by
Master Lessor, Master Tenant and Subtenant, and any oral waiver, change, or discharge of this Agreement or any provisions hereof shall be without authority and shall be of no force and effect. 

  
 EXHIBIT 9, PAGE 2 

 8.    Revisions to Sublease. Notwithstanding anything contained in this Agreement
or the Sublease to the contrary, in the event that the Master Lease is terminated pursuant to the terms thereof, or if Master Tenant rejects the Sublease in the course of a bankruptcy proceeding: 

(a) As of the date of such termination or rejection, all representations and warranties on the part of “Landlord” contained in the
Lease, if any, shall be deemed deleted and of no further force and effect. 
 (b) Master Lessor shall not have any liability or obligations
pursuant to the brokerage provision of the Sublease. 
 9.    Security Deposit. If the Master Lease is terminated pursuant to the
terms thereof, or if Master Tenant rejects the Sublease in the course of a bankruptcy proceeding, then Master Tenant shall deliver to Master Lessor the cash security deposit and the original letter of credit (including any amendments thereto), if
any. In the event that Master Tenant fails to deliver the same, Subtenant shall, at Subtenant’s sole cost and expense, use commercially reasonably efforts (including, without limitation, the payment of any fees required by the issuer of any
such letter of credit and the execution of such reasonable documents as Master Lessor may deem necessary) in order to (a) cause Master Tenant to deliver to Master Lessor any cash security deposit, and (b) cause the original letter of
credit issued to Master Tenant to be (i) assigned to Master Lessor or (ii) terminated or canceled. If such letter of credit is so terminated or canceled, Master Tenant shall deliver to Master Lessor a new original letter of credit naming Master
Lessor as beneficiary and otherwise meeting the requirements set forth in the Sublease. 
 10.    Ratification. Master Lessor and
Master Tenant each confirms and ratifies that, as of the date hereof, and to its actual knowledge, (a) the Master Lease is and remains in good standing and in full force and effect, and (b) neither party has any claims, counterclaims, set-offs or defenses against the other party arising out of the Master Lease. 

11.    Miscellaneous. This Agreement shall be deemed to have been executed and delivered within the Commonwealth of Massachusetts,
and the rights and obligations of Landlord and Tenant hereunder shall be construed and enforced in accordance with, and governed by, the laws of the Commonwealth of Massachusetts without regard to the laws governing conflicts of laws. If any term of
this Agreement or the application thereof to any person or circumstances shall be invalid and unenforceable, the remaining provisions of this Agreement, the application or such term to persons or circumstances other than those as to which it is
invalid or unenforceable, shall not be affected. This Agreement is binding upon and shall inure to the benefit of Master Lessor, Master Tenant and Subtenant, their respective agents, employees, representatives, officers, directors, divisions,
subsidiaries, affiliates, assigns, heirs, successors-in-interest and shareholders. Each party has cooperated in the drafting and preparation of this Agreement and,
therefore, in any construction to be made of this Agreement, the same shall not be construed against either party. In the event of litigation relating to this Agreement, the prevailing party shall be entitled to reimbursement from the other party of
its reasonable attorneys’ fees and costs. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous oral and written agreements and discussions, and may
not be amended, waived, discharged or terminated except by a written instrument signed by all the parties hereto. 
 [signatures on following
page] 

  
 EXHIBIT 9, PAGE 3 

 • IN WITNESS WHEREOF, the parties hereto have each caused this Agreement to be executed as an
instrument under seal as of the date first above written. 
  

							
	                MASTER LESSOR:
	
	                MIT ONE BROADWAY FEE OWNER LLC
	
	                By: Massachusetts Institute of Technology, its manager 
	
	                      By: MIT Investment Management Company, its authorized agent

							
				
		 		 	By:	 	  

	  	 	      	 		 	Name:
		 		 		 	Title:

  

							
	                MASTER TENANT:
	                MIT ONE BROADWAY LLC

							
		
	                By:	 	Massachusetts Institute of Technology, its manager
			
		 	By:	 	MIT Investment Management Company, its authorized agent
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

                 SUBTENANT: 

                < > 

 

			
	                By:	 	
	                Name:	 	
	                Title:	 	

  
 EXHIBIT 9, PAGE 4 

 EXHIBIT A 

COPY OF SUBLEASE 
 [SEE ATTACHED]

 EXHIBIT 2 

SUBLEASED PREMISES 
 [SEE ATTACHED]

 

 

 EXHIBIT 3 

LIST OF EXISTING FURNITURE 
 (10)
“typical” private office installations consisting of: 
 Haworth Masters Series Work wall with Overhead cabinets, wardrobe closet, peninsula
surface & rolling pedestal file 
 (1) Haworth Very Task Chair 

(2) Arper Catifa Sled Base guest chairs 
 (4) Typical Cubicle
Workstations installations consisting of: 
 Haworth “Patterns” Desk & rolling pedestal file 

(1) Haworth Very Task Chair 
 (2) conference room setups
consisting of: 
 (1) Haworth Table (84” x 60”) 
 (8)
Arper Catifa Rolling conference Chairs (Grey) 
 (2) additional Haworth Conference Tables (84” x 48”) 

(4) Arper Bar Height Sled Base chairs (Green) 
 (1) Haworth
Elements Bar Height Surface 

  
 Exhibit 3 – Page 1

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