Document:

Exhibit 10.1

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

 

License Agreement

 

by and among

 

F. Hoffmann-La Roche Ltd,

a Swiss corporation;

 

Hoffmann-La Roche Inc.,

a US corporation;

 

and

 

Clementia Pharmaceuticals Inc.,

a Canadian corporation

    	 

    	

    

	1. Definitions	2
	 	 
	2. Clementia Licenses	13
	 	 
	3. Roche’s Right to Negotiate	18
	 	 
	4. Diligence and Reporting	20
	 	 
	5. Development	20
	 	 
	6. Supply	21
	 	 
	7. Regulatory	21
	 	 
	8. Commercialization	22
	 	 
	9. Clementia Payment Obligations	22
	 	 
	10. General Payment Provisions	26
	 	 
	11. Intellectual Property	30
	 	 
	12. Trademarks and Labeling	34
	 	 
	13. Representations and Warranties	35
	 	 
	14. Confidentiality; Publication	37
	 	 
	15. Term and Termination	40
	 	 
	16. Indemnification	48
	 	 
	17. Dispute Resolution, Governing Law and Jurisdiction	50
	 	 
	18. General Provisions	51

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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License Agreement

 

This
License Agreement (“Agreement”) is entered into on January 4, 2013 and is effective only
as of the Effective Date and is by and among:

 

F.
Hoffmann-La Roche Ltd, a corporation organized and existing under the laws of Switzerland, with its principal
office at Grenzacherstrasse 124, CH-4070 Basel, Switzerland (“Roche Basel”) and Hoffmann-La Roche
Inc., with an office and place of business at 340 Kingsland Street, Nutley, New Jersey 07110, U.S.A. (“Roche
Nutley”; Roche Basel and Roche Nutley together referred to as “Roche”)

 

and

 

Clementia
Pharmaceuticals Inc., a corporation organized under the laws of Canada, with its principal office at 1000 De La Gauchetière
2500, Montreal, Quebec H3B 0A2, Canada (“Clementia”).

 

Recitals

 

Whereas,
Roche has conducted certain research related to, and possesses certain proprietary intellectual property rights with respect to
Palovarotene, also known as [*****], a retinoic acid receptor gamma agonist and other compounds Covered by the Roche Patents
(“Compound” as further defined below); and

 

Whereas,
Clementia desires to obtain, and Roche is willing to grant to Clementia, an exclusive, royalty-bearing license, with the right
to sublicense, under all relevant Patents and Know-How, to research, develop, make, have made, use, sell, have sold, offer for
sale and import the Compounds and Products, as appropriate, in the Field in the Territory, subject to the terms and conditions
hereof; and

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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Whereas,
Roche desires to obtain, and Clementia is willing to grant to Roche, certain rights with respect to Compounds and Products, subject
to the terms and conditions hereof.

 

Agreement

 

Now,
Therefore, in consideration of the foregoing premises and mutual promises, terms, conditions, and covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree
as follows:

 

		1.	Definitions

 

1.1     “Affiliate”
shall mean, with respect to either Party: (i) an entity which owns, directly or indirectly, a controlling interest in such
Party; (ii) an entity in which such Party owns, either directly or indirectly, a controlling interest; or (iii) an entity,
in which a controlling ownership, directly or indirectly, is common to the controlling ownership in such Party, whereby “controlling
interest” shall mean more than 50% (or if the jurisdiction where such entity is domiciled prohibits majority foreign ownership
of such entity, the maximum foreign ownership interest permitted under such laws, provided that such ownership actually allows
control of such entity) of the securities or other ownership interest representing the equity with the rights to vote in the designation
of the governing bodies of such entity, or any other agreement or arrangement allowing the factual or legal control of the decisions
of such entity or its governing bodies. Anything to the contrary in this paragraph notwithstanding (i) Chugai Pharmaceutical
Co., Ltd, 1-9, Kyobashi 2-chome, Chuo-ku, Tokyo, 104-8301, Japan (“Chugai”) shall not be deemed an Affiliate
of Roche unless Roche notifies Clementia that Roche wishes for Chugai to be deemed an Affiliate of Roche, and (ii) any shareholder
of Clementia that acquired its ownership in a financing transaction that did not involve any grant of rights to patents or technology
of Clementia shall not be deemed an Affiliate of Clementia.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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1.2     “Alliance
Manager” shall have the meaning provided in Section 2.6(a).

 

1.3     “Agreement”
shall mean this agreement together with its amendments and appendices.

 

1.4     “Appendix”
shall mean an appendix to this Agreement.

 

1.5     “Business
Day” shall mean 9.00am to 5.00pm CET on a day other than a Saturday, Sunday or bank or other public or federal holiday
in Switzerland or Canada.

 

1.6     “Calendar
Year” shall mean the period of time beginning on January 1 and ending December 31, except for the first year which
shall begin on the Effective Date and end on December 31, 2013.

 

1.7     “Calendar
Quarter” shall mean the four quarters of a Calendar Year, each Calendar Quarter starting on January 1, April 1,
July 1 and October 1.

 

1.8     “Change
of Control” shall mean with respect to Clementia, (i) a merger, reorganization or consolidation involving Clementia
in which the members or shareholders of Clementia, immediately prior to the merger, reorganization or consolidation, would not,
immediately after the merger, reorganization or consolidation, beneficially own (directly or indirectly) shares or membership interests
representing in the aggregate more than fifty percent (50%) of the combined voting power of the entity issuing cash or securities
in the merger, reorganization or consolidation (or of its ultimate parent entity, if any), or (ii) a person or entity other
than a member or shareholder immediately prior to such acquisition of voting securities, becomes the beneficial owner of more than
fifty percent (50%) of the voting securities of Clementia, other than directly from Clementia; however, “Change of Control”
will not include any transaction effected for equity or debt financing purposes pursuant to which Clementia

 

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receives cash therefor, provided Clementia
does not grant any sublicense of the rights granted to Clementia by Roche in Section 2.1 as part of such transaction.

 

1.9     “Clementia
Intellectual Property” shall mean the Clementia Know-How, the Clementia Patents and Clementia’s interest in the
Joint Intellectual Property.

 

1.10     “Clementia
Know-How” shall mean all Know-How relating to the Compounds or the Products that Clementia or any of its Affiliates Controls
on the Effective Date or during the Term. “Clementia Owned Know-How” shall mean Clementia Know-How owned by Clementia.
“Clementia Licensed Know-How” shall mean Clementia Know-How licensed to Clementia by a Third Party.

 

1.11     “Clementia
Patents” or “Clementia Patent Rights” shall mean all Patents Covering the Compounds or the Products
that Clementia or any of its Affiliates Controls as of the Effective Date or during the Term. “Clementia Owned Patents”
shall mean Clementia Patents owned by Clementia. “Clementia Licensed Patents” shall mean Clementia Patents licensed
to Clementia by a Third Party.

 

1.12     “Combination
Product” shall mean any pharmaceutical product that consists of a Product and other active compounds and/or active ingredients
or any combination of a Product sold together with another pharmaceutical product for a single invoiced price, whether packaged
together or in the same therapeutic formulation.

 

1.13     “Commercially
Reasonable Efforts” shall mean, with respect to Clementia’s obligation under this Agreement to develop or commercialize
Product, the level of efforts required to carry out such obligation in a sustained manner consistent with the efforts a similarly
situated biopharmaceutical company or pharmaceutical company, as the case may be, devotes to

 

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products of similar market potential, profit
potential or strategic value resulting from its own research efforts, based on conditions then prevailing, taking into consideration
the market conditions in particular markets of the Territory.

 

1.14     “Compound”
shall mean Palovarotene, also known as [*****] or [*****], and any other compound Covered by the Roche Patents including analogues, derivatives, active fragments and formulations thereof
of Palovarotene and such other compounds.

 

1.15     “Confidential
Information” shall have the meaning provided in Section 14.1.

 

1.16     “Control”
or “Controlled” shall mean, with respect to Compounds and Products or any Know-How, Patents or other intellectual
property rights, possession by a Party of the ability (whether by ownership, license or otherwise) to grant access to, to grant
use of, or to grant a license or a sublicense to the Compounds and Products under such Know-How, Patents or intellectual property
rights without violating the terms of any agreement or other arrangement with any Third Party.

 

1.17     “Cover”
shall mean (as an adjective or as a verb including conjugations and variations such as “Covered,” “Coverage”
or “Covering”) that the developing, making, using, offering for sale, promoting, selling, exporting or importing of
a given compound, formulation or product would infringe a Valid Claim in the absence of a license under the Patent Rights to which
such Valid Claim pertains. The determination of whether a compound, formulation, process or product is Covered by a particular
Valid Claim shall be made on a country-by-country basis.

 

1.18     “Data
Room” shall mean the due diligence data room containing all material data and information, including but not limited
to Clementia Patents, clinical data, regulatory

 

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correspondence, and CMC data related to
the Products generated since the Effective Date pursuant to Section 3.1.

 

1.19     “Effective
Date” shall have the meaning provided in Section 9.1.

 

1.20     “EMA”
shall mean the European Medicines Agency.

 

1.21     “EU”
shall mean the European Community and all its present and future member countries.

 

1.22     [*****]

 

1.23     “Expert”
shall mean a person with no less than fifteen (15) years of pharmaceutical industry experience and expertise having occupied
at least one senior position within a large pharmaceutical company relating to product development and/or licensing but excluding
any current or former employee or consultant of either Party. Such person shall be fluent in the English language.

 

1.24     “FDA”
shall mean the US Federal Food and Drug Administration and any successor agency thereof.

 

1.25     “FDCA”
shall mean the Food, Drug and Cosmetics Act of the US.

 

1.26     “Field”
shall mean all human pharmaceutical uses and indications.

 

1.27     “First
Commercial Sale” shall mean the first sale of a Product by Clementia or its Affiliates or Sublicensees to a Third Party
for end use or consumption of such Product in a country after the Regulatory Authority of such country has granted Regulatory Approval
or, if no such Regulatory Approval or similar marketing approval is required, the date upon which such Product first commercially
launched in such country, [*****].

 

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1.28     “Generic
Product” shall mean a generic version of a Product that (i) in the US, is approved under 21 U.S.C. 505(j) and has an
“AB” rating with respect to a Product, or (ii) in countries of the EU, is authorized to be placed on the market in
accordance with Article 10 (1)(a) (iii) of Directive 2001/83/EC, or (iii) in countries of the Territory other than countries
of the EU, a generic version of a Product that (x) contains the same active pharmaceutical ingredient as the Compound in the Product
and (y) is approved by an expedited process that relies in whole or in part on safety and efficacy data generated for the first
approval of the Product and (z) has the same or substantially the same labeling as the Product for at least one indication of the
Product.

 

1.29     “Indication”
shall mean those indications defined within a sub-block (e.g. sub-block M61.1 “fibrodysplasia ossificans progressiva”;
sub-block J44.0 “Chronic obstructive pulmonary disease with acute lower respiratory infection”) of the
then current International Classification of Diseases and Related Health Problems of the World Health Organization whereby, for
the purpose of this Agreement, each block within a chapter shall be understood to be one Indication.

 

1.30     “Initiation”
of a clinical trial shall mean the first administration of a Product to a patient in a clinical trial assessing a Compound or Product.

 

1.31     “Insolvency
Event” shall mean circumstances under which a Party (i) has a receiver or similar officer appointed over all or a material
part of its assets or undertaking; (ii) makes a general assignment for the benefit of its creditors or is the object of a
bankruptcy order following a petition into bankruptcy; (iii) passes a resolution for winding-up (other than a winding-up for the
purpose of, or in connection with, any solvent amalgamation or reconstruction) or a court makes an order for dissolution, liquidation
or winding-up (or any equivalent order in any jurisdiction); (iv) ceases to carry on business.

 

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1.32     “Invention”
shall mean an invention that is conceived or reduced to practice in connection with any activity carried out pursuant to this Agreement.
Under this definition, an Invention may be made by employees, agents or consultants of Clementia solely or jointly with a Third
Party (a “Clementia Invention”), by employees, agents or consultants of Roche or its Affiliates solely or jointly with
a Third Party (a “Roche Invention”), or jointly by employees, agents or consultants of Clementia and employees, agents
or consultants of Roche or its Affiliates with or without a Third Party (a “Joint Invention”).

 

1.33     “Joint
Intellectual Property” shall mean the Joint Know-How and Joint Patents.

 

1.34     “Joint
Know-How” means Know-How that is developed by one or more employees, agents or consultants of Clementia or any of its
Affiliates, on the one hand, and one or more employees, agents or consultants of Roche or any of its Affiliates, on the other hand,
under this Agreement.

 

1.35     “Joint
Patents” or “Joint Patent Rights” shall mean Patent Rights that claim and/or disclose a Joint
Invention.

 

1.36     “Know-How”
shall mean data, knowledge and information, including all tangible and intangible techniques, technology, practices, trade secrets,
unpatented Inventions (whether or not patentable), methods, knowledge, know-how, skill, experience, analytical and quality control
data, results, descriptions and compositions of matter, chemical manufacturing data, data and results from toxicological, pharmacological,
preclinical and clinical testing and studies, assays, platforms, materials, samples, formulations, specifications, quality control
testing data, that are necessary or useful for the discovery, manufacture, development or commercialization of the Compounds or
Products.

 

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1.37     “NDA”
or “MAA” (as applicable) shall mean a New Drug Application (as more fully defined in 21 CFR §
314.5 et seq.) and all amendments and supplements thereto filed with the FDA, a Marketing Authorization Application and
all amendments and supplements thereto filed with the EMA or the equivalent application filed with any other Regulatory Authority,
including all documents, data, and other information concerning a pharmaceutical product which are necessary for gaining Regulatory
Approval to market and sell such pharmaceutical product.

 

1.38     “Net
Sales” shall mean, with respect to each given country or jurisdiction, the gross amount invoiced for sales of Products
by or on behalf of Clementia or its Affiliates or Sublicensee to any Third Party, exclusive of [*****].

 

Such deductions have to be customary under
applicable IFRS (International Financial Reporting Standards) or GAAP (Generally Accepted Accounting Principles), as applicable,
to the extent actually incurred, allowed, accrued and paid.

 

1.39     “Partner
Agreement” shall mean any agreement between Clementia and a Third Party granting rights to develop and/or commercialise
the Compounds and/or the Products (including but not limited to a sub-license agreement with a Third Party or an assignment of
this Agreement to a Third Party and a Change of Control), other than a sub-contract pursuant to Section 2.4.

 

1.40     “Patent
Rights” or “Patents” shall mean (a) patents, re-examinations, reissues, renewals, extensions,
supplementary protection certificates, and term restorations, and (b) pending applications for patents, including, without limitation,
provisional applications, continuations, continuations-in-part, divisional and substitute applications, including, without limitation,
inventors’ certificates, and foreign counterparts thereof.

 

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1.41     “Pharmacovigilance
Agreement” shall mean an agreement entered into by the Parties to set forth the protocols and procedures for reporting
adverse events and complying with reporting requirements set forth by Regulatory Authorities.

 

1.42     “Phase
3 Trial” shall mean a human clinical trial that would satisfy the requirements for a Phase 3 study as defined in
21 CFR § 312.21(c) (or its successor regulation).

 

1.43     “Product”
shall mean any pharmaceutical or therapeutic product containing a Compound and/or all prodrugs, derivatives, analogs, metabolites,
and geometric isomers, regioisomers, stereoisomers including diastereoisomers, or salts of such Compound.

 

1.44     “Regulatory
Approval” shall mean any and all approvals (including price and reimbursement approvals, if required), licenses, registrations,
or authorizations of any country, federal, supranational, state or local regulatory agency, department, bureau or other government
entity that are necessary for the manufacture, use, storage, import, export, transport and/or sale of a Product in such jurisdiction.

 

1.45     “Regulatory
Authority” shall mean the FDA for the US and any equivalent governmental agency or body competent in a country (or group
of countries like the European Union) to grant Regulatory Approval or other authorizations or licenses required for the development,
manufacturing, marketing, reimbursement and/or pricing of pharmaceutical products in such country.

 

1.46     “Roche
Intellectual Property” shall mean the Roche Know-How, the Roche Patents and Roche’s interest in the Joint Intellectual
Property.

 

1.47     “Roche
Know-How” shall mean the Know-How Controlled by Roche as exhaustively listed in Appendix 2 of this Agreement, as amended
pursuant to Section 2.5.

 

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1.48     “Roche
Patents” or “Roche Patent Rights” shall mean the Patents or Patent Rights Controlled by Roche
as exhaustively listed in Appendix 1 of this Agreement, as amended pursuant to Section 2.5.

 

1.49     “Royalty
Term” shall mean, in the case of any Product in any country of the Territory, the period of time commencing on the date
of First Commercial Sale of such Product in such country and ending upon the later of:

 

		(a)	the expiration of the last-to-expire Valid Claim within the Roche Patents Covering the Product
in such country, or

 

		(b)	ten (10) years after the date of First Commercial Sale of such Product in such country.

 

1.50     “Section”
means a section of this Agreement.

 

1.51     “Sublicensees”
shall mean an entity to which Clementia has licensed rights pursuant to this Agreement.

 

1.52     “Term”
shall have the meaning provided in Section 15.1.

 

1.53     “Territory”
shall mean all countries and territories of the world.

 

1.54     “Third
Party” shall mean an entity or person other than (a) Roche or its Affiliates and (b) Clementia or its Affiliates.

 

1.55     “US”
or “United States” means the United States of America and its territories and possessions.

 

1.56     “Valid
Claim” shall mean a claim contained in:

 

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		(a)	an issued and unexpired Patent which has not been held unenforceable, unpatentable or invalid by
a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed
for appeal, and which has not been admitted to be invalid or unenforceable through abandonment, reissue, disclaimer or otherwise
or

 

		(b)	a patent application that has been pending for less than five (5) years from the priority date
applicable thereto. If a claim or a patent application that ceased to be a Valid Claim under this clause (b) because of the passage
of time later issues as a part of a patent within clause (a) of this Section, then it shall again be considered a Valid Claim effective
as of the issuance of such patent.

 

1.57     Each
of the following additional definitions is set forth in the Section of this Agreement indicated below:

 

	Definition	Section
	BIA	18.4
	Breaching Party	15.2(a)
	CCAA	18.4
	Change of Control	18.5
	Clementia Indemnities	16.1
	Confidential Information	14.1
	Decision Period	11.6(b)
	Development Plan	5.2
	End Date	3.2
	Exclusivity Period	9.1
	Filing	9.2(a)
	ICC	17.2

 

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	Definition	Section
	Indemnified Losses	16.1
	Indemnifying Party	16.3
	Initial Press Release	14.6
	Initiating Party	11.6(b)
	License Fee	9.1
	Negotiation Period	3.2
	Non-Breaching Party	15.2(a)
	Paying Party	10.5
	Peremptory Notice Period	15.2(a)
	Receiving Party	10.5
	Recipient	14.1
	Responsible Party	11.2
	Review Period	3.2
	Right of First Negotiation	3.1
	Definition Section Roche Indemnities	16.2
	Samples	16.2(a)
	Second Notice	3.2
	Signing Date	9.1
	Signing Fee	9.1
	Suit Notice	11.6(b)
	Transfer	2.6(c)
	VAT	10.4

 

		2.	Clementia Licenses

 

2.1     License grants.
Subject to the terms and conditions of this Agreement, Roche hereby grants to Clementia an exclusive (even as to Roche), royalty-bearing,
sublicensable license, under the Roche Intellectual Property to research, develop, make, have made, use, sell, have sold, offer
for sale and import the Compounds and/or Products in the Field in the Territory.

 

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2.2     Right to
Sublicense to its Affiliates. Subject to Roche’s rights under Section 3, Clementia shall have the right to grant written
sublicenses to its Affiliates under its rights granted under Section 2.1 without prior approval of Roche and solely to the
extent necessary or useful to research, develop, make, have made, use, offer for sale, sell, have sold or import the Compounds
and/or Products in the Territory for use in the Field. If Clementia grants such a sublicense, Clementia shall ensure that all of
the applicable terms and conditions of this Agreement shall apply to the Affiliate to the same extent as they apply to Clementia
for all purposes. Clementia assumes full responsibility for the performance of all obligations and observance of all terms so imposed
on such Affiliate and shall itself account to Roche for all payments due under this Agreement by reason of such sublicense.

 

2.3     Right to
Sublicense to Third Parties. Subject to Roche’s rights under Section 3, Clementia shall have the right to grant written
sublicenses to Sublicensees under its rights granted under Section 2.1 without prior approval of Roche and solely to the extent
necessary or useful to research, develop, make, have made, use, offer for sale, sell, have sold or import the Compounds and/or
Products in the Territory for use in the Field. Clementia shall inform Roche promptly after the signature of an agreement under
this Section 2.3. Roche shall receive a copy of such agreement with a Third Party which may be redacted to exclude financial
terms and confidential information of Clementia or the Sublicensee. If Clementia grants such a sublicense, Clementia shall ensure
that all of the applicable terms and conditions of this Agreement shall apply to the Sublicensee to the same extent as they apply
to Clementia for all purposes. Clementia assumes full responsibility for the performance of all obligations and observance of all
terms so imposed on such Sublicensee and shall itself account to Roche for all payments due under this Agreement by reason of such
sublicense.

 

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2.4     Right to
Subcontract. Clementia has the right to sub-contract the work performed under this Agreement. However, Clementia shall only
sub-contract the manufacture of the Compounds or Products to a Third Party with prior approval of Roche, such approval not to be
unreasonably withheld or delayed. Clementia will use Commercially Reasonable Efforts to include in any material sub-contract agreement
(e.g. contract manufacturing and supply agreements, clinical research agreements and clinical trial agreements) (i) the right
to disclose a copy of the sub-contract and confidential information to Roche in the Data Room, and (ii) the right to assign
the sub-contract to Roche, including the right to transfer of the ownership of data, information and results arising therefrom
to Roche, to the same extent as to Clementia, in the event Roche reacquires the right to develop and commercialise the Compounds
and the Products pursuant to Section 3.2.

 

2.5     Retained
Rights. Roche shall retain the right to use the Compounds for internal research purposes (e.g. as a reference model) with prior
written consent of Clementia, such consent not to be unreasonably withheld. If any research is conducted by Roche, any Know-How
or Patent Rights resulting from such research by Roche shall become part of the Roche Know-How and Roche Patents and shall be added
to Appendix 2 and Appendix 1 of this Agreement at no cost to Clementia.

 

2.6     Technology
transfer.

 

(a)     Alliance Manager.
To facilitate communication between the parties, each Party shall designate an “Alliance Manager” within thirty (30) days
after the Effective Date. The Roche Alliance Manager and his/her counterpart at Clementia shall be the primary points of contact
between the Parties with respect to all matters arising under this Agreement, including inter alia the technology transfer as per
this Section 2.6 or informational requests from Clementia

 

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to Roche during the Term. Each Party may
change its Alliance Manager from time to time in its sole discretion, effective upon notice to the other Party of such change.

 

(b)     Roche Know-How
transfer. Promptly after the Effective Date, Roche will transfer the Roche Know-How listed in Appendix 2 to Clementia
at no cost to Clementia. If Clementia identifies a need for additional Know-How Controlled by Roche during the period of ninety
(90) days following the Effective Date, Clementia shall notify Roche, and Roche will transfer such Know-How to Clementia,
charged at Roche’s standard commercial rate applicable at the time.

 

(c)     Regulatory
filings. Roche shall take such actions as reasonably necessary to transfer copies of, and assign to Clementia, the IND and
all other filings and correspondence with or to and from any Regulatory Authority (“Transfer”) with respect
to the Compounds or Products and shall take such actions as may be necessary to inform Regulatory Authorities of this Transfer.
For the avoidance of doubt, Clementia shall be obligated to accept the Transfer of the IND immediately after receiving the respective
written notice from a Regulatory Authority. Clementia and Roche shall determine the effective date of the Transfer and coordinate
the notification of such Transfer to the Regulatory Authority. All of the activities contemplated by this Section 2.6(c) shall
be conducted by Roche at no cost to Clementia. Upon request of Clementia, Roche shall provide technical assistance for up to ten
(10) working hours free of charge. If Clementia requests additional technical assistance, Roche will provide such technical
assistance for a period of sixty (60) days following the effective date of the Transfer, charged at Roche’s standard
commercial rate applicable at the time.

 

Promptly, but no later than [*****] after
the Effective Date, Roche shall transfer to Clementia the most updated version of the Clinical Investigator’s Brochure, all
final pre-clinical and clinical

 

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study reports and clinical study protocols,
all data (including clinical data) and all relevant historical clinical safety data (Safety information on serious adverse events
shall be provided in CIOMS format and Safety information on non-serious adverse events shall be provided in English Line Listing
format) at no charge to Clementia.

 

(d)     Transfer of
Manufacturing and Supply. Promptly after the Effective Date, Roche shall transfer the manufacture and supply to Clementia.
Such transfer shall be completed within [*****] after the Effective Date and Roche will provide manufacturing technical support
during the period of ninety (90) days after the Effective Date. Further technical support from Roche will be provided at Roche’s
discretion and, if such support is provided by Roche, charged at Roche’s standard commercial rate applicable at that time.
Subsequent to the transfer, Clementia will assume all responsibilities and costs for future manufacturing and related activities
pursuant to Section 6.

 

(e)     Palovarotene
Transfer. Roche will transfer approximately 6 kg non-GMP API and approximately 3.5 kg GMP API of the existing and available
Palovarotene to Clementia as is free of charge. Roche shall have no obligation to perform any additional activities (e.g. retesting,
analyses) concerning such supplies including the clinical supplies. Clementia will not use the non-GMP API in humans. Before using
the GMP API in humans, Clementia will retest the GMP API and will be responsible for determining whether such GMP API may be used
in humans.

 

(f)     Palovarotene
Handling and Storage. Palovarotene is classified as a BCS class 2 compound and has to be stored and handled under safe and
contained conditions. Promptly after the Effective Date, Roche shall provide Clementia with all relevant and specific

 

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documentation and information pertaining
to the proper storage and handling conditions for Palovarotene. Clementia shall assume all liability for the use of the Compounds.

 

		3.	Roche’s Right to Negotiate

 

3.1     Notice to
Roche by Clementia. (A) If Clementia, at any time during the term intends to (i) enter into a Partner Agreement relating to
the Products or (ii) undergo a Change of Control or (B) upon completion of Clementia’s first Phase II proof-of-concept human
clinical study involving a Product, then Clementia shall have the obligation to inform Roche in writing accordingly and give Roche
access to the Data Room whereupon, Roche shall have the rights set forth in Section 3.2 (the “Right of First Negotiation”).

 

3.2     Right to
Negotiate. Within forty-five (45) days following the receipt by Roche of such written notice and access to the Data Room,
Roche shall review the Data Room (“Review Period”). If Roche is interested in reacquiring the right to develop
and commercialize the Compounds and Products, then the Parties shall have [*****] from the date of the expiry of the Review Period
to exclusively negotiate the terms for Roche to regain the rights to the Compounds and Products (i.e., to terminate the license
granted to Clementia hereunder and obtain ownership of the Clementia Owned Patents and Clementia Owned Know-How and assignment
of any agreements related to Clementia Licensed Patents and Clementia Licensed Know-How, to the extent legally possible or, if
it is not legally possible, a sub-license under the Clementia Licensed Patents and Clementia Licensed Know-How, to the extent legally
possible) (the “Negotiation Period”). If (i) the Parties, after good faith discussions in the Negotiation Period,
do not agree on the terms of such agreement or (ii) Roche confirms in writing to Clementia that it is not interested in regaining
the rights to the Compounds and Products, then Clementia shall be free to enter into a Partner Agreement with a Third Party or
to undergo a

 

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Change of Control and Roche’s Right
of First Negotiation will have no further force or effect, subject to other terms of this Section 3.2. Notwithstanding the
foregoing, if Clementia (1) does not enter into a Partner Agreement relating to the Products or does not undergo a Change of Control
within six (6) months after the later (the “End Date”) of (i) the date on which Roche confirms in writing to
Clementia that it is not interested in regaining the rights to the Compounds and Products or (ii) the end of the Negotiation Period,
but continues the development and/or commercialisation of the Compounds and Products and (2) at any time during the Term after
the End Date there is additional material clinical data available as compared to the clinical data previously reviewed by Roche
in the Data Room, and (3) Clementia after the End Date intends to enter into a Partner Agreement relating to the Products
or undergo a Change of Control, then Clementia shall have the obligation to inform Roche in writing accordingly (a “Second
Notice”) and give Roche access to the Data Room and Roche’s Right of First Negotiation shall apply one more time
again on the same terms and conditions and for the same periods as the initial Right of First Negotiation set forth above. For
clarity, Roche’s Right of First Negotiation, as set forth above, shall not apply more than two (2) times.

 

If (a) Roche and Clementia do not agree
on the terms on which Roche will reacquire the rights to develop and commercialize the Compounds and the Products after a Second
Notice and second Right of First Negotiation and (b) Clementia thereafter intends to enter into a Partner Agreement or to undergo
a Change of Control after the second End Date, then Roche shall have a non-exclusive right to negotiate terms to regain the rights
to the Compounds and Products, but Clementia may negotiate simultaneously with other Parties and shall be free to enter into an
agreement with another Party on any terms deemed satisfactory to Clementia.

 

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For the avoidance of doubt, Roche’s
right to reacquire the Compounds and Products under this Section 3 include the right to reacquire the whole program at once, i.e.
Palovarotene and all other Compounds and Products Covered by the Roche Patents.

 

		4.	Diligence and Reporting

 

4.1     Diligence.
Clementia shall use Commercially Reasonable Efforts to perform the activities under this Agreement.

 

4.2     Reporting.
During the Term, Clementia shall have the obligation to electronically submit reasonably detailed annual reports to Roche summarizing
development progress, including but not limited to the Development Plan pursuant to Section 5.2, CMC activities, material
regulatory interactions with Regulatory Authorities, and, once commercialized, regarding the commercialization of Products in the
Territory by Clementia, its Affiliates and Sublicensees. Such annual report shall be provided within [*****] after the end of each
Calendar Year.

 

		5.	Development

 

5.1     Responsibility

 

Clementia, at its sole cost, shall use
Commercially Reasonable Efforts to conduct or have conducted the development of Palovarotene and a Product containing Palovarotene.

 

5.2     Development
Plan

 

Clementia will conduct the development
of the Compounds and Products in accordance with a written plan attached as Appendix 3 (“Development Plan”)
prepared by Clementia. Clementia shall send for information a then current version of the Development Plan to Roche as part of
the yearly reporting pursuant to Section 4.1.

 

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		6.	Supply

 

6.1     Clinical
Supply of Products. Subject to Section 2.6(e), Clementia shall be solely and exclusively responsible at its own expense
for the manufacture and supply of clinical supplies of the Products. Clementia shall supply at its own cost all clinical supply
of Products and placebo to be used in the Territory during the Term, either by itself, or through a Third Party.

 

6.2     Commercial
Supply of Products. Clementia shall be solely and exclusively responsible at its own expense for the commercial manufacture
and commercial supply of Products for sale in the Territory, either by itself or through Third Parties.

 

		7.	Regulatory

 

7.1     Responsibility

 

Clementia, at its sole cost, shall use
Commercially Reasonable Efforts to pursue or have pursued regulatory affairs related to a Product containing Palovarotene in the
Territory including the preparation and filing of applications for Regulatory Approval, as well as any or all governmental approvals
required to develop, have developed, make, have made, use, have used, manufacture, have manufactured, import, have imported, sell
and have sold a Product containing Palovarotene. Clementia shall be responsible for pursuing, compiling and submitting all regulatory
filing documentation, and for interacting with regulatory agencies, for Products in the Territory. Clementia shall own and file
or have filed in their discretion all regulatory filings and Regulatory Approvals for the Product in the Territory.

 

7.2     Pharmacovigilance
Agreement

 

Promptly after the Effective Date, Clementia
and Roche shall negotiate in good faith and enter into a Pharmacovigilance Agreement in accordance with all Applicable Laws which
sets forth,

 

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among other things, the responsibilities
and obligations of the Parties with respect to the procedures and timeframes for compliance with all Applicable Laws (and each
of the Party’s policies) pertaining to safety reporting and their related activities, with respect to activities related
to the Products under this Agreement. The transfer of historical Safety Data together with the responsibility for Pharmacovigilance
activities will be part of the Pharmacovigilance Agreement.

 

		8.	Commercialization

 

Clementia or through Affiliates and/or
Sublicensees, at its own expense, shall have sole responsibility for the marketing, promotion, sale and distribution of Products
in the Territory and will use Commercially Reasonable Efforts to commercialize, or have commercialized, a Product containing Palovarotene.

 

		9.	Clementia Payment Obligations

 

9.1      Signing Fee,
License Fee and Effective Date

 

Clementia shall pay, or cause to be paid,
to Roche a non-refundable signing fee of USD totaling [*****] (“Signing Fee”) within [*****] from the date of the last
signature of this Agreement (“Signing Date”).

 

At any time from the Signing Date until
[*****], Clementia shall pay, or cause to be paid, to Roche a non-refundable additional license fee of USD totaling [*****], bringing
the total paid to USD [*****] (“License Fee”). The date on which all of the total License Fee has been paid to Roche
shall be the “Effective Date.”

 

From the Signing Date until [*****], Roche
shall not grant any rights related to the Compounds and/or the Products or provide any quantity of Compounds or Products to any
Third Party

 

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(“Exclusivity Period”). If
Roche has not received the License Fee from Clementia by [*****], then (i) the Exclusivity Period shall expire, (ii) this
Agreement shall be void and not become effective and (iii) Roche shall be free to grant rights related to the Compounds and/or
the Products to any Third Party without any restriction, (iv) such non-payment of the License Fee by Clementia shall not constitute
a breach of this Agreement by Clementia pursuant to Section 15.3(a), and Section 15.3(a) shall not apply. Section 14
(Confidentiality; Publication), Section 16 (Indemnification) and Section 17 (Dispute Resolution, Governing Law and Jurisdiction)
shall apply during the Exclusivity Period.

 

For clarity, neither Party shall have any
rights or obligations under this Agreement prior to the Effective Date, except as expressly stated in this Section 9.1.

 

9.2      Development
and Sales Based Event Payments

 

(a)     Development
event payments.

 

Clementia shall pay up to a total of USD
twelve million (US$12 million) and potential payments for subsequent additional Indications in relation to the achievements of events with respect to
the development of a first Product reaching such events. The development event payments under this Section 9.2 shall be paid
to Roche according to the following schedule of development events.

 

[*****]

 

Each development event payment shall only
be paid once under this Agreement, the first time a Product reaches such development event, regardless of the number of times such
events are thereafter subsequently reached through the development of subsequent Products. For example, the [*****] shall each
only be paid once, the first time this event occurs for the development of a first Product in a first Indication, and the Regulatory
Approval payments shall be paid at the

 

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respective applicable amount, only once
for a given Indication, the first time a Product receives Regulatory Approval for the applicable Indication, irrespective of whether
or not such Product has previously received Regulatory Approval for a different Indication. For the avoidance of doubt, the first
Regulatory Approval of each subsequent additional Indication shall trigger the payment of [*****] for each of such event, irrespective
of the Product triggering such event i.e. three payments of [*****] if there are three subsequent additional Indications. For clarity,
a [*****] event payment for each subsequent additional Indication shall not only be paid once but for each additional Indication
that reaches [*****].

 

If the [*****], then the milestone for
[*****].

 

[*****].

 

(b)     Sales based
event payments. Clementia shall, promptly after Clementia is informed about such event, notify Roche in writing the first time
the relevant sales based event mentioned in the table below is achieved and with respect to a Product. Clementia will pay Roche
within [*****] of the respective written notice, and subject to receipt of a respective invoice from Roche, the following one-time
sales based event payments with respect to the first Product to achieve such event based on Calendar Year Net Sales of such Product
in the Territory the first time the respective event occurs.

 

	Annual Net Sales in the Territory	Payment
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	TOTAL	USD37,500,000

 

Each sales event payment shall only be
paid the first time the first Product reaches such sales event, regardless of the number of times such events are reached for any
Product.

 

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9.3      Royalties.
Clementia shall pay to Roche a royalty of [*****] on Net Sales of Products on a country-by-country and Product-by-Product basis
until the expiry of the Royalty Term applicable to such country. Thereafter, the licenses shall be fully paid up and royalty-free.

 

9.4      Generic Product.
lf, for a given Product, the entry of one or more Generic Products in a country has resulted in sales in a decline of the Net Sales
of such Product in such country in any [*****].

 

9.5      Third Party
Payments. Clementia shall be responsible for and pay or have paid any consideration owed to any Third Party in relation to
Third Party intellectual property rights Covering the Compounds and/or Products. Clementia shall have the right to deduct [*****]
of such consideration actually paid to a Third Party from royalty payments otherwise due and payable by Roche to Clementia under
this Agreement. Any such deduction shall be permitted on a Product-by-Product and country-by-country basis.

 

9.6      Combination
Product. If Clementia or its Affiliates or its Sublicensees intend to sell a Combination Product, then the Parties shall meet
approximately [*****] prior to the anticipated First Commercial Sale of such Combination Product to negotiate in good faith and
agree to an appropriate adjustment to Net Sales to reflect the relative fair market value of the Product and the other pharmaceutically
active agent(s) contained in the Combination Product. If, after such good faith negotiations not to exceed [*****], the Parties
cannot agree to an appropriate adjustment, the dispute shall be initially referred to the executive officers of the Parties in
accordance with Section 17.1. Should the Parties fail to agree within [*****] of such referral, then the Net Sales shall equal
[*****].

 

9.7      Maximum Deductions.
In no event shall the royalty paid to Roche in a Calendar Quarter for Net Sales of a given Product in the Territory hereunder be
reduced by more than an

 

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amount equal [*****] of the royalties otherwise
due for Net Sales of such Product in the Territory for such Calendar Quarter, per the applicable royalty rates set forth above.

 

		10.	General Payment Provisions

 

10.1     Royalty
Term. Royalties under Section 9.3 shall be payable on a Product-by-Product and country-by-country basis for the period
equal to the Royalty Term for such Product in such country.

 

10.2     Payment
and reports. Reports regarding sales of Products and royalty payments thereon in accordance with this Agreement shall be calculated
on a Product-by-Product and country-by-country basis and reported for each Calendar Quarter within [*****] following the end of
the quarter. All payments due under this Agreement shall be paid within [*****] after the end of each Calendar Quarter, unless
otherwise specifically provided herein. Each royalty payment shall be accompanied by a report with the following information provided
on a country-by-country basis:

 

(a)     gross sales
in local currency;

 

(b)     the exchange
rates used in determining the amount of USD (or CHF as applicable);

 

(c)     gross sales
in USD (or CHF as applicable);

 

(d)     deductions
from sales to calculate Net Sales pursuant to the definition of Net Sales;

 

(e)     adjustments
made pursuant to Sections 9.4, 9.5, 9.6, and 9.7;

 

(f)     royalty
rate applied to calculate royalties due hereunder;

 

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(g)     Net Sales
in USD (or CHF as applicable);

 

(h)     the royalties,
payable in USD (or CHF as applicable), which shall have accrued hereunder in respect to such Net Sales;

 

(i)     withholding
taxes, if any, required by law to be deducted in respect of such sales.

 

10.3     Exchange
rate; Manner and place of payment. Royalties for Net Sales in the Territory shall be payable in US Dollars (USD) for sales
in the United States and in Swiss Francs (CHF) for sales in the Territory outside the US. With respect to each Calendar Quarter,
for countries other than the United States, whenever conversion of sales of a Product or Net Sales or payments from any foreign
currency shall be required, such conversion shall be made at the average of the rates of exchange reported by Thomson Reuters (or
any other qualified source that is acceptable to both Parties) at the last working day of the applicable Calendar Quarter. All
payments owed under this Agreement shall be made by wire transfer to a bank and account designated in writing by Roche, unless
otherwise specified in writing by Roche.

 

10.4     Value added
tax (“VAT”). The payments to be made under this Agreement do not include any VAT (or equivalent tax). The
Parties shall cooperate with each other using their reasonable best efforts to ensure that the transactions hereunder are not subject
to VAT (or equivalent tax). If nevertheless VAT (or equivalent tax) is levied and it cannot be settled by filing a notification
instead of paying the VAT, VAT (or equivalent tax) shall be added to the applicable payment and it shall be paid by the Party performing
the applicable payment. If VAT (or equivalent tax) is payable, the Parties shall cooperate with each other to allow to the extent
possible under applicable laws and regulations recovery of any such VAT (or equivalent tax) paid.

 

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10.5     Income tax
withholding. If provision is made in law or regulation of any country for withholding of taxes of any type, levies or other
charges with respect to any royalty or other amounts payable under this Agreement to a Party (“Receiving Party”),
then the other Party (“Paying Party”) shall promptly pay such tax, levy or charge for and on behalf of Receiving
Party to the proper governmental authority, and shall promptly furnish Receiving Party with receipt of payment. Paying Party shall
be entitled to deduct any such tax, levy or charge actually paid from royalty or other payment due Receiving Party. Each Party
agrees to reasonably assist the other Party in claiming exemption from such deductions or withholdings under double taxation or
similar agreement or treaty from time to time in force and in minimizing the amount required to be so withheld or deducted. If
any such withholding of taxes is required, the Parties shall cooperate with each other to allow to the extent possible under applicable
laws and regulations recovery of any such taxes withheld and paid.

 

Receiving Party shall
pay all income and revenue taxes levied on any payments made under this Agreement.

 

10.6     Records,
audits, adjustments. During the Term and for a period of [*****] thereafter, Clementia shall keep (and shall cause its Affiliates
and Sublicensees to keep) complete and accurate records pertaining to the purchase, storage, sale, or other disposition of Products
in sufficient detail to permit Roche to confirm the accuracy of all royalty and other payments due hereunder. [*****]. Records
will include, at a minimum, master files, product numbers, description, and quantities shipped and sold, and Sublicensee audit
reports carried out by or on behalf of Clementia. Roche shall have the right to cause an independent, certified public accountant
to audit the Clementia records to confirm Net Sales, royalty payments, and sales based event payments related to annual total Net
Sales for a period covering not more than

 

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[*****]. Such audits may be exercised no
more than [*****] during normal business hours upon reasonable prior written notice to Clementia. Prompt adjustments shall be made
to reflect the results of such audit. Roche shall bear the full cost of such audit unless such audit discloses an underpayment
by Clementia of more than [*****] of the amount of royalty or other payments due with regard to the audited period, in which case,
Clementia shall bear the full cost of such audit and shall promptly remit to Roche the amount of any underpayment, plus interest
calculated in accordance with Section 10.8. In the event of any overpayment, the amount of overpayment, plus interest calculated
in accordance with Section 10.8 shall be offset against future payments, and if this is not possible, Roche shall promptly
remit to Clementia the amount of the overpayment, plus interest calculated in accordance with Section 10.8.

 

10.7     Prohibited
payments. Notwithstanding any other provision of this Agreement, if a Party is prevented from paying any payments due hereunder
by virtue of the mandatorily applicable statutes, laws, codes or governmental regulations of the country from which the payment
is to be made, then such payments may be paid by depositing funds in the currency in which accrued to the other Party account in
a bank acceptable to such other Party in the country whose currency is involved.

 

10.8     Late payments.
In the event that any payment due hereunder is not made when due, the payment shall accrue interest from the date due at the rate
of [*****]; provided, however, that in no event shall such rate exceed the maximum legal annual interest rate; and
provided, further, that no such interest shall accrue until the other Party has provided written notice of such lateness
of payment. The payment of such interest shall not limit a Party from exercising any other rights it may have as a consequence
of the lateness of any payment.

 

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		11.	Intellectual Property

 

11.1     Ownership
of Patent Rights. Clementia shall own all Clementia Inventions and Clementia Intellectual Property, Roche shall own all Roche
Inventions and Roche Intellectual Property, and Clementia and Roche shall jointly own all Joint Inventions and Joint Intellectual
Property. Clementia and Roche each shall require all of its employees to assign all inventions related to Compounds and Products
made by them to Roche and/or Clementia, as the case may be. The determination of inventorship for Inventions shall be in accordance
with US inventorship laws, as if the invention was made in the US. Notwithstanding anything to the contrary contained herein or
under applicable law, except to the extent expressly set forth herein, the Parties hereby agree that (i) neither Party may use
or license or sublicense to Affiliates or Third Parties all or any portion of its interest in Joint Inventions and Joint Intellectual
Property for the discovery, development, manufacture, use, sale or importation of a retinoic acid receptor gamma agonist, for use
in the Field, without the prior written consent of the other Party, which may be granted or withheld in its sole discretion (ii)
either Party may use or license or sublicense to Affiliates or Third Parties all or any portion of its interest in Joint Inventions
and Joint Intellectual Property for any purposes inside or outside the Field other than the discovery, development, manufacture,
use, sale or importation of a retinoic acid receptor gamma agonist, for use in the Field, without the prior written consent of
the other Party, without restriction and without the obligation to provide compensation to the other Party.

 

11.2     Patent prosecution
and maintenance. Subject to Section 11.3, Roche shall have the first right (but not the obligation) to prepare, file,
prosecute and maintain all Roche Patents at Roche’s sole expense. Clementia shall have the first right (but not the obligation)
to prepare, file, prosecute and maintain all Clementia Owned Patents at Clementia’ sole expense. The Party

 

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responsible for the filing, prosecution
and maintenance of any Roche Patents or Clementia Owned Patents (the “Responsible Party”) shall provide the
other Party with a reasonable opportunity to review drafts of proposed patent applications with respect to Patents owned solely
by the Responsible Party that claim the manufacture, use or sale of Compounds or Products being developed or commercialized by
either Party, if appropriate, depending on the content of the submission, provided that Roche’s right of review shall end
after the second Right of First Negotiation in the event that Roche has not reacquired the right to develop and commercialize the
Compounds and Products. The Responsible Party shall consider in good faith the requests and suggestions of the other Party with
respect to the content and strategies for such patent applications.

 

11.3     Assignment
of Patents. (i) If [*****] is no longer interested in prosecuting or maintaining any of the [*****] Patents, then [*****] shall
notify [*****] thereof and (ii) if the first Right of First Negotiation occurs under Section 3 and the Parties do not reach agreement
on the terms for [*****] to reacquire the right to develop and commercialize the Compounds and Products, then in either case [*****]
shall assign the [*****] Patents to [*****]; provided, however, that no assignment shall take place before the date envisaged in
Section 3.1. Notwithstanding the foregoing, if [*****] notifies [*****] that it does not wish to have one or more [*****] Patents
assigned to it, [*****]. [*****] shall bear the costs for such assignments and for all future costs and should [*****] wish to
assign any [*****] Patents before the date envisaged in Section 3.1, then [*****] shall bear the maintenance costs for such [*****]
Patents [*****]. All Patent Rights so assigned from [*****] to [*****] shall continue to be treated as [*****] Patents for purposes
of determining the Royalty Term.

 

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11.4     Prosecution
of Joint Patents Rights. [*****] shall be the Responsible Party for preparing, filing, prosecuting or maintaining Joint Patents.
[*****] shall not discontinue prosecution or maintenance of Joint Patents without at least [*****] prior written notice to [*****].
If [*****] decides to discontinue prosecution or maintenance of any Joint Patents, [*****]
shall have the option to continue to prosecute or maintain such Joint Patent, at [*****] sole expense, and in such case, except
for the change in responsibility for prosecuting or maintaining such Joint Patents under this Section 11.4, no changes in ownership
or licensing terms pertaining to such Joint Patents shall occur.

 

11.5     Cooperation
of the Parties. Each Party agrees to cooperate in the preparation, filing and prosecution of any Patents under this Agreement
and in the obtaining of any patent extensions, supplementary protection certificates and the like with respect to any such Patent.
Such cooperation includes, but is not limited to: (a) executing all papers and instruments, or requiring its employees or contractors,
to execute such papers and instruments and to enable the Responsible Party to apply for and to prosecute patent applications in
any country; and (b) promptly informing the Responsible Party of any matters coming to such Party’s attention that may
affect the preparation, filing, prosecution or maintenance of any such patent applications; and (c) the Responsible Party regularly
updating the other Party on the status of all Patents, including any dates for action required or due dates for payments.

 

11.6     Infringement
by Third Parties.

 

(a)     Infringement.
[*****] shall promptly provide written notice to [*****] during the Term of any known infringement or suspected infringement by
a Third Party of any Roche Patents, Clementia Owned Patents (if any) or Joint Patents (if any), and shall provide

 

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[*****] with all evidence in its possession
supporting such infringement or unauthorized use or misappropriation.

 

(b)     Defense and
Enforcement. Within a period of [*****] after [*****] provides or receives such written notice with respect to its Patents
(“Decision Period”), [*****], in its sole discretion, shall decide whether or not to initiate a suit or take
other appropriate action and shall notify [*****] of its decision in writing (“Suit Notice”). Responsibility
for protecting or otherwise enforcing Joint Patents shall be determined [*****].

 

If [*****] decides
to bring a suit or take action and provides a respective Suit Notice, then [*****] may immediately commence such suit or take such
action. If [*****] (i) does not in writing advise [*****] within the Decision Period that it will commence suit or take action,
or (ii) fails to commence suit or take action within a reasonable time after providing Suit Notice, then [*****] shall thereafter
have the right to commence suit or take action and shall provide written notice to [*****] of any such suit commenced or action
taken by [*****].

 

Upon written request,
[*****] (“Initiating Party”) shall keep [*****] informed of the status of any such suit or action and shall
provide [*****] with copies of all substantive documents and communications filed in such suit or action. [*****] shall have the
sole and exclusive right to select counsel for any such suit or action.

 

[*****] shall, except
as provided below, pay all expenses of the suit or action, including, without limitation, [*****] attorneys’ fees, damages
and court costs.

 

If [*****] believes
it reasonably necessary, upon written request [*****] shall join as a Party to the suit or action, but shall be under no obligation
to participate, except to the extent that such participation is required as the result of its being a named Party to the suit or

 

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action. At [*****] written request, [*****]
shall offer reasonable assistance to [*****] in connection therewith at no charge to [*****] except for reimbursement of reasonable
out-of-pocket expenses incurred by [*****] in rendering such assistance. [*****] shall have the right to participate and be represented
in any such suit or action by its own counsel at its own expense.

 

[*****] shall not settle,
agree to a consent judgment or otherwise voluntarily dispose of the suit or action without the written consent of [*****], which
consent shall not be unreasonably withheld.

 

Except as otherwise
agreed by the Parties in connection with a cost-sharing arrangement, any recovery realized as a result of litigation described
in this Section 11.6 (whether by way of settlement or otherwise) will be first allocated to reimbursement of unreimbursed
legal fees and expenses incurred by [*****], then toward reimbursement of any unreimbursed legal fees and expenses of [*****],
and then the remainder will be [*****].

 

		12.	Trademarks and Labeling

 

Clementia shall have
the right to choose the trademark(s) for the Products Clementia shall own all trademarks used on or in connection with Products
in the Territory, and shall, at its sole cost, be responsible for procurement, maintenance, enforcement and defense of all trademarks
used on or in connection with Products in the Territory.

 

Clementia shall use
the Product trademarks in accordance with sound trademark and trade name usage principles and in accordance with all applicable
laws and regulations as reasonably necessary to maintain the validity and enforceability of the Product trademarks.

 

Clementia shall not
use the Housemark of Roche for any purposes.

 

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If requested by Roche
and to the extent permitted by applicable law, all packaging and labeling shall display that the Product has been “licensed
from Roche”.

 

		13.	Representations and Warranties

 

13.1     Mutual representations
and warranties. Each Party represents and warrants to the other that, as of the Effective Date: (a) it is duly organized
and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other power and
authority to enter into this Agreement and to carry out the provisions hereof; (b) it is duly authorized to execute and deliver
this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement on its behalf has been
duly authorized to do so by all requisite corporate or partnership action; and (c) this Agreement is legally binding upon it, enforceable
in accordance with its terms, and does not conflict with any agreement, instrument or understanding, oral or written, to which
it is a Party or by which it may be bound, nor violate any material law or regulation of any court, governmental body or administrative
or other agency having jurisdiction over it.

 

13.2     Roche representations
and warranties. Roche represents and warrants to Clementia that, as of the Effective Date: (a) Roche owns the Roche Intellectual
Property and has full right and power to grant the rights to Clementia set forth in this Agreement, (b) has not received written
notice from any Third Party claiming that the manufacture, use or sale of Compounds or Products infringes the Patents of any Third
Party, (c) Roche is not a Party to any legal action, suit or proceeding relating to Compounds or Products, (d) to the best of its
knowledge is not aware that a third Party makes, uses or sells product that infringes the Roche Patent Rights, (e) to the best
of its knowledge, the Roche Patents have been filed and prosecuted in accordance with the rules and regulations of the relevant
patent offices and to Roche’s

 

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knowledge are valid and enforceable, (f) none
of the Roche Patents is currently involved in any reexamination, reissue, interference, opposition or cancellation proceeding,
and none of the foregoing have been threatened in writing, (g) Roche and its Affiliates do not own or Control any Patent Rights
other than the Roche Patents that would be infringed by the manufacture, use, sale or import of Compounds or Products, and (h) to
the best of its knowledge, Roche has disclosed to Clementia all material preclinical and clinical data relating to the safety of
the Compounds and Products.

 

13.3     Disclaimer.
Except as expressly set forth herein and elsewhere in this Agreement, THE INTELLECTUAL PROPERTY RIGHTS PROVIDED BY EACH PARTY HEREUNDER
ARE PROVIDED “AS IS” AND EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING
WITHOUT LIMITATION THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THE INTELLECTUAL
PROPERTY RIGHTS OF THIRD PARTIES, OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICES.

 

13.4     Limited
Liability. Except in the event of a breach of a representation set forth in this Article 13, NOTWITHSTANDING ANYTHING
TO THE CONTRARY IN THIS AGREEMENT, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES FOR (I) ANY SPECIAL,
PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS OR LOST REVENUES, OR (II)
COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY OR SERVICES, WHETHER UNDER ANY CONTRACT, WARRANTY, NEGLIGENCE, STRICT LIABILITY
OR OTHER LEGAL OR EQUITABLE THEORY.

 

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		14.	Confidentiality; Publication

 

14.1     Confidential
Information. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the Parties, each
Party agrees that, during the Term and for five (5) years thereafter, such Party shall keep confidential and shall not publish
or otherwise disclose and shall not use for any purpose other than as expressly provided for in this Agreement any Know-How related
to the Compounds or Products furnished to it by the other Party pursuant to this Agreement or any Know-How related to the Compounds
or Products exclusively licensed to the other Party, as well as other confidential information of the Parties, including information
from any audit of Sublicensees, under this Agreement (collectively, “Confidential Information”). Such Party
(the “Recipient”) may use such Confidential Information only to the extent required to accomplish the purposes
of this Agreement. The Recipient will use at least the same standard of care as it uses to protect proprietary or confidential
information of its own to ensure that its employees, agents, contractors, consultants and other representatives do not disclose
or make any unauthorized use of the Confidential Information. The Recipient will promptly notify the other Party upon discovery
of any unauthorized use or disclosure of the Confidential Information.

 

14.2     Exceptions.
Confidential Information shall not include any information which the Recipient can prove by competent written evidence or relevant
records: (a) is now, or hereafter becomes, through no act or failure to act on the part of the Recipient, generally known or available;
(b) is known by the Recipient at the time of receiving such information; (c) is hereafter furnished to the Recipient by a
Third Party, as a matter of right and without restriction on disclosure; or (d) is independently discovered or developed by
the Recipient without the use of Confidential Information of the other Party. Notwithstanding the foregoing, any specific

 

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combination of items found in the Confidential
Information shall not be deemed to fall within the foregoing exclusions merely because such combination can be pieced together
from multiple public sources, none of which shows the whole combination, unless the combination itself is published or available
to the general public or are in the rightful possession of the Recipient.

 

14.3     Authorized
disclosure. Each Party may disclose Confidential Information of the other Party as expressly permitted by this Agreement or
if and to the extent such disclosure is reasonably necessary in the following instances:

 

(a)     filing
or prosecuting Patents as permitted by this Agreement;

 

(b)     prosecuting
or defending litigation as permitted by this Agreement;

 

(c)     complying
with applicable court orders or governmental regulations;

 

(d)     disclosure
to Third Parties in connection with due diligence or similar investigations by such Third Parties, and disclosure to potential
Sublicensees, Third Party acquirers, investors or financial institutions or advisors in confidential financing or acquisition documents,
provided, in each case, that any such Third Party agrees to be bound by obligations of confidentiality and non-use, such obligations
of confidentiality to contain a confidentiality period of at least five (5) years; and

 

(e)     disclosure,
if any, required pursuant to relevant stock exchange rules and regulations to which any of the Parties is, or may be, subject during
the Term.

 

Disclosure pursuant
to Section 14.3(a) is only allowed upon prior written approval of the Party owning such Confidential Information (which approval
shall not be unreasonably withheld).

 

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Notwithstanding the
foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to
Sections 14.3(b) or 14.3(c) or 14.3(e), it will give reasonable advance notice to the other Party of such disclosure and use
Commercially Reasonable Efforts to secure confidential treatment of such information at least as diligently as such Party would
use to protect its own confidential information, but in no event less than reasonable efforts. In any event, the Parties agree
to take all reasonable action to avoid disclosure of Confidential Information hereunder. The Parties will consult with each other
on the provisions of this Agreement to be redacted in any filings made by the Parties with the Securities and Exchange Commission
(or any other relevant agency or body related to a regulated stock exchange) or as otherwise required by law.

 

14.4     Publications.
Each Party shall have the right to publish any papers regarding results and other information regarding the Compounds and/or Products,
including oral presentations and abstracts. The publishing Party shall provide the non-publishing Party with a copy of any proposed
papers at least thirty (30) days prior to submission for publication so as to provide the non-publishing Party with an opportunity
to review drafts of the proposed papers. The publishing Party shall consider in good faith the requests and suggestions of the
non-publishing Party provided that Roche’s right of review as non-publishing Party under this Section 14.4 shall end
after the Second Right of First Negotiation in the event that Roche has not reacquired the right to develop and commercialize the
Compounds and Products.

 

14.5     Use of name
or trademarks. Neither Party shall use the other Party’s or its Affiliates’ names or trademarks for publicity or
advertising purposes, except with the prior written consent of the other Party.

 

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14.6     Publicity.
It is understood that the Parties intend to issue a joint press release announcing the execution of this Agreement at a mutually
agreed upon time (the “Initial Press Release”). Thereafter both Parties may desire or be required to issue subsequent
press releases relating to the Agreement or activities thereunder. The Parties agree to consult with each other reasonably and
in good faith with respect to the text and timing of such subsequent press releases prior to the issuance thereof, provided that
a Party may not unreasonably withhold or delay consent to such subsequent releases, and that either Party may issue such subsequent
press releases as it determines, based on advice of counsel, are reasonably necessary to comply with laws or regulations or for
appropriate market disclosure. In addition, following the Initial Press Release announcing this Agreement, either Party shall be
free to disclose, without the other Party’s prior written consent, the existence of this Agreement, the identity of the other
Party and those terms of the Agreement which have already been publicly disclosed in accordance herewith.

 

		15.	Term and Termination

 

15.1     Commencement
and Term

 

This Agreement shall
commence upon the Effective Date and continue until no payments are due under this Agreement or until terminated in accordance
with Article 15 or by agreement of the Parties. Upon expiration of this Agreement at the time no payments are due hereunder,
the license granted to Clementia in Section 2.1 shall become fully-paid.

 

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15.2     Termination

 

(a)     Termination
For Breach

 

A Party (“Non-Breaching Party”)
shall have the right to terminate this Agreement in its entirety or on a country-by-country or Product-by-Product basis in the
event the other Party (“Breaching Party”) is in breach of any of its material obligations under this Agreement.
The non-Breaching Party shall provide written notice to the Breaching Party, which notice shall identify the breach and the countries
in which the Non-Breaching Party intends to have this Agreement terminate. The Breaching Party shall have a period of ninety (90)
days after such written notice is provided to cure such breach (“Peremptory Notice Period”) to cure such breach.
If the Breaching Party has a bona fide dispute as to whether such breach occurred or has been cured, it will so notify the Non-Breaching
Party, and the expiration of the Peremptory Notice Period shall be tolled until such dispute is resolved pursuant to Section 17.
Upon a determination of breach or failure to cure, the Breaching Party may have the remainder of the Peremptory Notice Period to
cure such breach. If such breach is not cured within the Peremptory Notice Period, as extended, then absent withdrawal of the Non-Breaching
Party’s request for termination, this Agreement shall effectively terminate in such countries effective as of the expiration
of the extended Peremptory Notice Period, unless there exists a bona fide dispute as to whether such breach occurred or has been
cured or Section 17 applies.

 

(b)     Insolvency

 

A Party shall have the right to terminate
this Agreement, if the other Party incurs an Insolvency Event; provided, however, in the case of any involuntary proceeding, such
right to terminate shall only become effective if the Party that incurs the Insolvency Event consents to the involuntary proceeding
or such proceeding is not dismissed within ninety (90) days after the filing thereof.

 

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(c)     Termination
by Clementia without a Cause

 

Clementia shall have the right to terminate
this Agreement at any time on a Product-by-Product and country-by-country basis upon three (3) months prior written notice before
First Commercial Sale of the Product or upon six (6) months prior written notice after the First Commercial Sale of the Product.
The effective date of termination under this Section shall be the date three (3) months (or six (6) months as the case
may be) after Clementia provides such written notice to Roche.

 

15.3     Consequences
of Termination

 

(a)     Termination
by Roche for Breach by Clementia

 

Upon any termination of this Agreement
in its entirety or in a country by Roche for a Clementia Insolvency Event or for breach by Clementia, all rights and licenses granted
by Roche to Clementia under this Agreement shall terminate in their entirety or on a country-by-country and Product-by-Product
basis, as applicable, on the effective date of termination.

 

Any existing, permitted sublicense granted
by Clementia under this Agreement shall continue in full force and effect, provided that the permitted Sublicensee did not cause
the breach that gave rise to a termination and agrees to be bound by all the terms and conditions of this Agreement that are applicable
to such permitted Sublicensee including rendering directly to Roche all payments and other obligations due to Roche related to
such sublicense (including all event payments and royalty payments).

 

After the effective date of termination
Clementia shall, upon Roche’s written request, to the extent Clementia has the right to do so, assign and transfer to Roche,
at no expense to Roche, all regulatory filings and approvals, all final pre-clinical and clinical study reports and clinical study
protocols, Product Trademarks, and all data, including clinical data, materials and information, in

 

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Clementia’s possession and control
related to Product(s) in the country necessary for Roche to continue to develop and commercialize the Product(s). All documents
shall be transferred in the form and format in which such materials are maintained by Clementia. Original paper copies shall only
be transferred, if legally required. Clementia shall not be required to prepare or finalize any new data, reports or information
solely for purposes of transfer to Roche. In connection with research studies or clinical trials, Clementia may have collected
human samples and related clinical information for additional limited research and development programs (“Samples”).

 

Clementia will, to the extent it has the
right to do so, transfer existing and available aliquots of the Samples to Roche for the sole purpose of developing and commercializing
the Product. Roche is responsible for the correct use of the Samples in line with the informed consent forms (including but not
limited to potential re-consenting of the patients at Roche’s costs). Clementia shall not be required to provide any additional
work for Roche relating to the Samples.

 

Clementia shall assign all clinical trial
agreements, to the extent such agreements have not been cancelled and are assignable without Clementia paying any consideration
or commencing litigation in order to effect an assignment of any such agreement.

 

Roche shall, upon such transfer, have the
right to disclose such filings, approvals and data to (i) governmental agencies of the country to the extent required or desirable
to secure government approval for the development, manufacturing or sale of Product(s) in the country, (ii) Third Parties
acting on behalf of Roche, its Affiliates or licensees, to the extent reasonably necessary for the development, manufacture, or
sale of Product(s) in the country, and (iii) Third Parties to the extent reasonably necessary to market Product(s) in the
country.

 

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Roche shall have (i) an exclusive license
(even as to Clementia), with the right to sub-license, under the Clementia Owned Patent Rights and Clementia Know-How, including
Clementia’s interest in the Joint Patent Rights and Joint Know-How to develop, manufacture, and have manufactured, use, offer
to sell, sell, promote, export and import the applicable Product(s) in the Field in the applicable country(ies),) and (ii) to the
extent necessary for the development and or commercialization of the Product(s) by Roche, Clementia shall also grant Roche a non-exclusive
license, with the right to sublicense, under pre-existing Clementia owned Patent Rights and pre-existing Clementia know-how. [*****]
for a Product on the date the notice of termination is given, Roche’s licenses under clauses (i) and (ii) shall be fully
paid and royalty-free. [*****] for a Product on the date the notice of termination is given, Roche’s licenses under clauses
(i) and (ii) shall be on terms to be negotiated in good faith by the Parties.

 

(b)     Termination
by Clementia for Breach by Roche or Roche Insolvency

 

Upon breach by Roche or Roche’s Insolvency
Event, Clementia shall have the right to terminate this Agreement in accordance with Section 15.2(b) of this Agreement. If
Clementia does not practice its aforementioned right to terminate, then Clementia may retain the rights and licenses granted by
Roche under this Agreement after the expiration of the Peremptory Notice Period; provided, however, that Roche will either (i)
reduce the payments and royalties payable by Clementia specified in Section 9, or (ii) compensate damages caused by such Roche’s
breach. Both Parties shall discuss in good faith and agree on the extent of damages caused by Roche’s breach of its obligations
under this Agreement, and appropriate payment and royalty adjustments and compensation for damages as may be applicable. Clementia
shall notify Roche its decision on whether or not it shall terminate this Agreement (i) in the case of breach, within ninety

 

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(90) days after the expiration of
the Peremptory Notice Period or (ii) in the case of an Insolvency Event, the date such termination would have become effective.

 

(c)     Termination
by Clementia without Cause

 

Upon any termination by Clementia without
cause, all rights and licenses granted by Roche to Clementia under this Agreement shall terminate in its entirety or on a country-by-country
and Product-by Product basis, as applicable, on the effective date of termination.

 

(i)     After
the effective date of termination Clementia shall, upon Roche’s written request, to the extent Clementia it has the right
to do so, transfer to Roche, at no expense to Roche, all regulatory filings and approvals, all final pre-clinical and clinical
study reports and clinical study protocols, Product Trademarks, and all data, including clinical data, materials and information,
in Clementia’s possession and control related to Product(s) in the country necessary for Roche to continue to develop and
commercialize the Product(s). All documents shall be transferred in the form and format in which such materials are maintained
by Clementia. Original paper copies shall only be transferred, if legally required. Clementia shall not be required to prepare
or finalize any new data, reports or information solely for purposes of transfer to Roche. Clementia will, to the extent it has
the right to do so, transfer existing and available aliquots of the Samples to Roche for the sole purpose of developing and commercializing
the Product. Roche is responsible for the correct use of the Samples in line with the informed consent forms (including but not
limited to potential re-consenting of the patients at Roche’s costs). Clementia shall not be required to provide any additional
work for Roche relating to the Samples.

 

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(ii)     Clementia
shall assign all clinical trial agreements, to the extent such agreements have not been cancelled and are assignable without Clementia
paying any consideration or commencing litigation in order to effect an assignment of any such agreement.

 

(iii)     Roche
shall, upon such transfer, have the right to disclose such filings, approvals and data to (i) governmental agencies of the country
to the extent required or desirable to secure government approval for the development, manufacture or sale of Product(s) in the
country; (ii) Third Parties acting on behalf of Roche, its Affiliates or licensees, to the extent reasonably necessary solely for
the development, manufacture, or sale of Product(s) in the country, or (ii) Third Parties to the extent reasonably necessary to
market Product(s) in the country.

 

(iv)     Roche
shall have (i) a fully paid-up exclusive license (even as to Clementia), with the right to sub-license, under the Clementia Owned
Patent Rights and Clementia Know-How, including Clementia’s interest in the Joint Patent Rights and Joint Know-How for Roche,
its Affiliates or licensees each solely to develop, manufacture, and have manufactured, use, offer to sell, sell, promote, export
and import the applicable Product(s) in the Field in the applicable country(ies). To the extent necessary for the development and
or commercialization of the Product(s) by Roche, Clementia shall also grant Roche a non-exclusive license, with the right to sublicense,
under pre-existing Clementia Owned Patent Rights and pre-existing Clementia know-how, if any.

 

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(d)     Obligations
Related to Manufacturing

 

(i)     Clinical
Supplies

 

In the case of termination by Roche under
Section 15.2(a) or 15.2(b) or by Clementia under Section 15.2(c), Clementia shall transfer all existing and available clinical
material to Roche [*****]. Clementia shall have no obligation to perform any additional activities concerning the clinical supplies
(e.g. retesting, analyses). Roche shall assume all liability for the use of such material.

 

(ii)     Commercial
Supplies

 

In the case of termination by Roche under
Section 15.2(a), if a Product is marketed in any country of Territory on the date of the notice of termination of this Agreement,
upon the request of Roche, Clementia shall continue to manufacture and supply such Product to Roche, [*****]. Roche shall use Commercially
Reasonable Efforts to take over the responsibility for manufacturing as soon as possible after the effective date of termination.

 

In the case of termination by Clementia
under Section 15.2(c), if a Product is marketed in any country of Territory on the date of the notice of termination of this
Agreement, upon the request of Roche, Clementia shall continue to manufacture and supply such Product to Roche free of charge until
such time as Clementia can transfer the process to Roche and/or a third party CMO acceptable to Roche but in no event for longer
than six (6) months following the effective date of termination. Roche shall use Commercially Reasonable Efforts to take over the
responsibility for manufacturing as soon as possible after the effective date of termination.

 

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(e)     Ancillary Agreements

 

Unless otherwise agreed by the Parties,
the termination of this Agreement shall cause the automatic termination of all ancillary agreements related hereto.

 

(f)     Royalty and
Payment Obligations

 

Termination of this Agreement by a Party,
for any reason, shall not release Clementia from any obligation to pay royalties or make any payments to Roche that are due and
payable prior to the effective date of termination. Termination of this Agreement by a Party, for any reason, will release Clementia
from any obligation to pay royalties or make any payments to Roche that would otherwise become due or payable on or after the effective
date of termination.

 

15.4     Survival

 

Section 11.1 (Ownership of Patent
Rights), Section 11.4 (Prosecution of Joint Patent Rights), Section 11.6 (Infringement by Third Parties (solely with respect
to Joint Patent Rights), Article 13 (Representations and Warranties), Article 16 (Indemnification), Article 14 (Confidentiality;
Publication), Article 15 (Term and Termination), Section 17 (Dispute Resolution, Governing Law and Jurisdiction) and
Article 18 (General Provisions) shall survive any expiration or termination of this Agreement for any reason.

 

		16.	Indemnification

 

16.1     Roche indemnification.
Roche hereby agrees to save, defend, indemnify and hold harmless Clementia and its officers, directors, employees, consultants
and agents (“Clementia lndemnitees”) from and against any and all losses, damages, liabilities, expenses and
costs, including reasonable legal expense and attorneys’ fees (“Indemnified Losses”), to which any such
Clementia Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party to the
extent such Indemnified Losses arise

 

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directly out of the material breach by
Roche of any obligation, representation, warranty, covenant or agreement made by it under this Agreement, except to the extent
such Indemnified Losses result from the negligence or willful misconduct of any Clementia Indemnitee.

 

16.2     Clementia
indemnification. Clementia hereby agrees to save, defend, indemnify and hold harmless Roche and its officers, directors, employees,
consultants and agents (“Roche Indemnitees”) from and against any and all Indemnified Losses, to which any such
Roche Indemnitee may become subject as a result of any claim, demand, action or other proceeding by any Third Party to the extent
such Indemnified Losses arise directly out of (i) the material breach by Clementia of any representation, warranty, covenant or
agreement made by it under this Agreement, or (ii) the development, manufacture, use, handling, storage, sale or other disposition
of the Compounds and/or any Products by Clementia or any of its Affiliates or Sublicensees (other than Roche and its Affiliates
or Sublicensees), except to the extent such Indemnified Losses result from the negligence or willful misconduct of any Roche Indemnitee.

 

16.3     Control
of defense. In the event a Clementia Indemnitee or Roche Indemnitee (as the case may be) seeks indemnification under Section 16.1
or 16.2, it shall inform the other Party (the “Indemnifying Party”) of a claim as soon as reasonably practicable
after it receives notice of the claim, shall permit the Indemnifying Party to assume direction and control of the defense of the
claim (including the right to settle the claim solely for monetary consideration), and shall cooperate as requested (at the expense
of the Indemnifying Party) in the defense of the claim, provided that the Indemnifying Party shall not settle any such claim without
the prior written consent of any affected Roche Indemnitee or Clementia Indemnitee (as the case may be), if such settlement contains
any admission of fault of such Clementia Indemnitee or Roche Indemnitee (as the case may be) or imposes any liability on such Clementia
Indemnitee or Roche

 

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Indemnitee or requires any action or inaction
by such Clementia Indemnitee or Roche Indemnitee.

 

		17.	Dispute Resolution, Governing Law and Jurisdiction

 

17.1     Dispute
resolution. Any dispute arising under or relating to the Parties’ rights and obligations under this Agreement will be
referred to the Chief Executive Officer of Clementia and the Head of Roche Partnering of Roche with authority to resolve such dispute,
for resolution. In the event the two individuals referred to in the preceding sentence are unable to resolve such dispute within
[*****] of such dispute being referred to the officers, then, upon the written request of either Party to the other Party, the
dispute shall be settled by the competent courts as provided in Section 17.2.

 

17.2     Governing
law and jurisdiction.

 

This Agreement shall be governed by and
construed in accordance with the laws of Switzerland, without reference to its conflict of laws principles and shall not be governed
by the United Nations Convention of International Contracts on the Sale of Goods (the Vienna Convention).

 

If a dispute cannot be resolved in application
of Section 17.1, then such dispute shall be finally settled under the rules of arbitration of the International Chamber of
Commerce (“ICC”) by three arbitrators.

 

Each Party shall nominate one arbitrator.
Should the claimant fail to appoint an arbitrator in the request for arbitration within [*****] of being requested to do so, or
if the respondent should fail to appoint an arbitrator in its answer to the request for arbitration within [*****] of being requested
to do so, the other Party shall request the ICC court to make such appointment.

 

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The arbitrators nominated by the Parties
shall, within [*****] from the appointment of the arbitrator nominated in the answer to the request for arbitration, and after
consultation with the Parties, agree and appoint a third arbitrator, who will act as a chairman of the arbitral tribunal. Should
such procedure not result in an appointment within the [*****] time limit, either Party shall be free to request the ICC court
to appoint the third arbitrator.

 

Where there is more than one claimant and/or
more than one respondent, the multiple claimants or respondents shall jointly appoint one arbitrator. In other respects the provisions
of this Section shall apply.

 

If any Party-appointed arbitrator or the
third arbitrator resigns or ceases to be able to act, a replacement shall be appointed in accordance with the arrangements provided
for in this Section.

 

The arbitration panel shall use its best
efforts (i) to complete the process of arbitration including the arbitration hearing within [*****] of nomination and (ii) to render
a decision or an award within [*****] after the close of arbitration hearings.

 

Zurich, Switzerland, shall be the seat
of the arbitration.

 

The language of the arbitration shall be
English. Documents submitted in the arbitration (the originals of which are not in English) shall be submitted together with an
English translation.

 

In the event that any issue shall arise
which is not clearly provided for in this arbitration agreement the matter shall be resolved in accordance with the ICC arbitration
rules.

 

		18.	General Provisions

 

18.1     No implied
licenses. No right or license under any Patents or Know-How is granted or shall be granted by implication. All such rights
or licenses are or shall be granted only as expressly provided in the terms of this Agreement.

 

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18.2     Relationship
between the Parties. The Parties’ relationship, as established by this Agreement, is solely that of independent contractors.
This Agreement does not create any Partnership, joint venture or similar business relationship between the Parties. Neither Party
is a legal representative of the other Party and neither Party can assume or create any obligation, representation, warranty or
guarantee, express or implied, on behalf of the other Party for any purpose whatsoever.

 

18.3     Non-waiver.
The failure of a Party to insist upon strict performance of any provision of this Agreement or to exercise any right arising out
of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or right, in whole or
in part, in that instance or in any other instance Any waiver by a Party of a particular provision or right shall be in writing,
shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed by such Party.

 

18.4     Assignment.
Except as expressly provided hereunder, neither this Agreement nor any rights or obligations hereunder may be assigned or otherwise
transferred by either Party without the prior written consent of the other Party (which consent shall not be unreasonably withheld);
provided, however, that either Party may assign this Agreement and its rights and obligations hereunder without the
other Party’s consent: (a) in connection with the transfer or sale of all or substantially all of the business of such Party
to which this Agreement relates to a Third Party, whether by merger, sale of stock, sale of assets or otherwise, provided that
in the event of a transaction (whether this Agreement is actually assigned or is assumed by the acquiring Party by operation of
law (e.g., in the context of a reverse triangular merger)), intellectual property rights of the acquiring Party to such
transaction (if other than one of the Parties to this Agreement) shall not be included in the licenses to the other Party granted

 

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hereunder or otherwise subject to this
Agreement; or (b) to an Affiliate, provided that the assigning Party shall remain liable and responsible to the non-assigning Party
hereto for the performance and observance of all such duties and obligations by such Affiliate. The rights and obligations of the
Parties under this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties,
and the name of a Party appearing herein will be deemed to include the name of such Party’s successors and permitted assigns
to the extent necessary to carry out the intent of this section. Any assignment not in accordance with this Agreement shall be
void.

 

Insolvency.
All rights and licenses granted under this Agreement are, and shall be deemed to be, for purposes of the Canadian Bankruptcy and
Insolvency Act (the “BIA”) or the Canadian Companies’s Creditors Arrangement Act (the “CCAA”)
and similar statutes in other jurisdictions, licenses of rights to intellectual property as provided under subparagraphs 65.11(7) BIA
or 32(6) CCAA. In the event either party believes it will undergo an Insolvency Event, such party will give the other party
reasonable notice of such anticipated event, and to the extent permitted by law, negotiate in good faith with the other with respect
to an arrangement to avoid subjecting this Agreement to the effect of the BIA and the CCAA or similar statutes in other jurisdictions.

 

18.5     No Third
Party beneficiaries. This Agreement is neither expressly nor impliedly made for the benefit of any Party other than those executing
it.

 

18.6     Severability.
lf, for any reason, any part of this Agreement is adjudicated invalid, unenforceable or illegal by a court of competent jurisdiction,
then such adjudication shall not, to the extent feasible, affect or impair, in whole or in part, the validity, enforceability or
legality of any remaining portions of this Agreement. All remaining portions shall remain in full force and

 

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    	53

    	

    

effect as if the original Agreement had
been executed without the invalidated, unenforceable or illegal part.

 

18.7     Notices.
Any notice to be given under this Agreement must be in writing and delivered either in person, by any method of mail (postage prepaid)
requiring return receipt, or by overnight courier or facsimile confirmed thereafter by any of the foregoing, to the Party to be
notified at its address(es) given below, or at any address such Party has previously designated by prior written notice to the
other. Notice shall be deemed sufficiently given for all purposes upon the earliest of: (a) the date of actual receipt; (b) if
mailed, three (3) days after the date of postmark; or (c) if delivered by overnight courier, the next Business Day the overnight
courier regularly makes deliveries.

 

Day to day correspondence, such as reports,
may be provided by e-mail to identified contacts at the other Party with confirmation of receipt, as appropriate.

 

If to Clementia, notices must be addressed
to:

 

Clementia Pharmaceuticals Inc.

1000 De La Gauchetière 2500

Montreal, Quebec H3B 0A2

Canada Attention: Chief Executive
Officer

 

If to Roche, notices must be addressed
to:

 

Hoffmann-La Roche Inc.

340 Kingsland Street

Nutley, NJ 07110, USA

Attention: Corporate Secretary

 

And:

 

F. Hoffmann-La Roche Ltd

Grenzacherstrasse 124

CH-4070 Basel

Switzerland

Attention: Legal Department

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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In the event of a change of notice address,
recipient or both, a Party shall provide the other Party written notice pursuant to this Section 18.7 setting forth the new
address and/or recipient, as appropriate.

 

18.8     Force majeure.
Except for the obligation to make payment when due, each Party shall be excused from liability for the failure or delay in performance
of any obligation under this Agreement by reason of any event beyond such Party’s reasonable control including but not limited
to Acts of God, fire, flood, explosion, earthquake, or other natural forces, war, civil unrest, acts of terrorism, accident, destruction
or other casualty, any lack or failure of transportation facilities, any lack or failure of supply of raw materials, any strike
or labor disturbance, or any other event similar to those enumerated above. Such excuse from liability shall be effective only
to the extent and duration of the event(s) causing the failure or delay in performance and provided that the Party has not caused
such event(s) to occur. Notice of a Party’s failure or delay in performance due to force majeure must be given to the other
Party within 10 days after its occurrence. All delivery dates under this Agreement that have been affected by force majeure shall
be tolled for the duration of such force majeure. In no event shall any Party be required to prevent or settle any labor disturbance
or dispute.

 

18.9     Interpretation.
All references to days in this Agreement shall mean calendar days, unless otherwise specified. This Agreement has been prepared
in the English language and the English language shall control its interpretation. In addition, all notices required or permitted
to be given hereunder, and all written, electronic, oral or other communications between the Parties regarding this Agreement shall
be in the English language.

 

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18.10     Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original document, and all of which,
together with this writing, shall be deemed one instrument.

 

[Remainder of this page intentionally
left blank.]

 

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In
Witness Whereof, the Parties have executed this License
Agreement as of the date first above written.

 

	Hoffmann-La Roche Inc.	 	Clementia Pharmaceuticals Inc.
	 	 	 	 	 
	By:	/s/ Joseph S. McCracken	 	By:	/s/ Clarissa Desjardins
	Name:	Joseph S. McCracken	 	Name:	Clarissa Desjardins
	Title:	Vice President	 	Title:	CEO
	Date:	17-January-2013	 	Date:	January 23, 2013
	 	 	 	 	 
	F. Hoffmann-La Roche Ltd	 	 	 
	 	 	 	 	 
	By:	/s/ Stefan Arnold	 	By:	/s/ Dr. Melanie Frey Wick
	Name:	Stefan Arnold	 	Name:	Dr. Melanie Frey Wick
	Title:	Head Legal Pharma	 	Title:	Legal Counsel
	Date:	17/01/2013	 	Date:	January 7, 2013

 

[Remainder of this page intentionally
left blank.]

 

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Appendix 1

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 2 pages were omitted.

 

[*****]

    	58

    	

    

Appendix 2

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 2 pages were omitted.

 

[*****]

    	59

    	

    

Appendix 3

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 9 pages were omitted.

 

[*****]

    	60Exhibit 10.2

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

 

Execution Version

 

Exclusive License Agreement

 

Between

 

Thomas Jefferson University

 

And

 

Clementia Pharmaceuticals, Inc.

 

		Re:	[*****], titled “Muscle Repair and Regeneration Elicited by a Gamma-Retinoid Agonist”

 

This Exclusive License Agreement between
Thomas Jefferson University and Clementia Pharmaceuticals, Inc. is effective as of February 10, 2014 (the “Effective Date”).

 

For and in consideration of the mutual promises and covenants
set forth below, the parties, intending to be legally bond, hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

As used in this Agreement,
the following terms shall have the following meanings:

 

		1.1	ACADEMIC RESEARCH PURPOSES shall mean use of PATENT RIGHTS for internal, educational, academic,
non-commercial and non-commercially sponsored research purposes on a non-transferable and non-sublicenseable basis or other not-for-profit
scholarly purposes which are undertaken at a non-profit or governmental institution that does not use, directly or indirectly,
the PATENT RIGHTS in the production or manufacture of products for commercial sale or the performance of services for a fee.

 

		1.2	AFFILIATE shall mean any entity which controls, is controlled by, or is under common control with
LICENSEE. For the purposes of this definition, “control” shall mean beneficial ownership (direct or indirect) of more
than fifty percent (50%) of the shares of the subject entity entitled to vote in the election of directors (or, in the case of
an entity that is not a corporation, for the election of the corresponding managing authority). Unless otherwise specified, the
term LICENSEE includes AFFILIATES.

 

		1.3	CONSIDERATION shall mean and include without limitation, money, services, property and any other
thing of value such as payment of costs, cancellation or forgiveness of indebtedness, discounts, stocks, rebates, barter and like
exchanges for value. If any such CONSIDERATION is in a form other than cash (such as in kind, equity interests, indebtedness earn-outs,
or other deferred payments, consulting fees, etc.) then the value of such CONSIDERATION shall be determined in good faith by the
Parties.

 

		1.4	FIELD shall mean all fields of use.

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Execution Version

 

		1.5	LICENSED PROCESSES shall mean processes, the performance or conduct of which would infringe one
or more VALID CLAIMs included within the PATENT RIGHTS within the FIELD.

 

		1.6	LICENSED PRODUCTS shall mean any product (i) the composition of matter of which infringes one or
more VALID CLAIMS included within the PATENT RIGHTS, or (ii) that is labeled for a method of use that infringes one or more VALID
CLAIMs included within the PATENT RIGHTS within the FIELD; in each case determined on a country by country basis in the country
of sale.

 

		1.7	LICENSEE shall mean Clementia Pharmaceuticals, Inc., and its AFFILIATES, a company organized under
the laws of Canada and having an office at 1375 Transcanadian Highway, Suite 200, Dorval, Quebec, H9P 2W8, Canada.

 

		1.8	NET RESEARCH AND DEVELOPMENT INCOME shall mean RESEARCH AND DEVELOPMENT INCOME less LICENSEE’s
actual direct and indirect cost for research, development and/or research development services provided in the generation of such
income.

 

		1.9	NET SALES shall mean the gross amount collected or received (whichever is greater) by LICENSEE,
its SUBLICENSEES or any of its or their AFFILIATES for sales, leases, or other transfers (other than sublicenses) of LICENSED PRODUCTS
and/or LICENSED PROCESSES, less:

 

[*****]

 

NET SALES also includes the fair
market value of any CONSIDERATION whatsoever received by LICENSEE or SUBLICENSEES for the sale, lease, or transfer of LICENSED
PRODUCTS and/or LICENSED PROCESSES, other than NON-ROYALTY SUBLICENSE INCOME; provided, however that any transfers among LICENSEE,
its AFFILIATE, SUBLICENSEES or third party resellers shall not be considered a sale and shall be excluded from NET SALES, and only
the subsequent sales of LICENSED PRODUCTS and/or LICENSED PROCESSES to unrelated third parties shall be deemed NET SALES hereunder.

 

		1.10	NON-ROYALTY SUBLICENSE INCOME shall mean the amount paid to LICENSEE by a SUBLICENSEE (other than
an AFFILIATE of LICENSEE) in consideration of the granting of a sublicense under Section 3.2 hereinafter, including but not limited
to (i) license fees, (ii) milestone payments, (iii) the fair market value in cash of any non-cash CONSIDERATION of any kind for
such sublicense, (iv) in the event that LICENSEE receives any payment for equity in connection with such sublicense that included
a premium over the fair market value of such equity, then in addition to the amounts included under subsection for such equity,
the amount of such premium, and (v) NET RESEARCH AND DEVELOPMENT INCOME.

 

		1.11	PATENT RIGHTS shall mean (i) the patent applications and patents listed in Appendix A of this Agreement,
or (ii) the VALID CLAIMs of such patent applications and patents, or (iii) the inventions described and claimed therein, or (iv)
any divisions, or

 

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Execution Version

 

	 	 	continuations of the patent applications
and patents as listed in Appendix A, or (v) specific claims of any continuations-in-part of such patent applications and patents
to the extent the specific claims are directed to subject matter described in the patent applications and patents listed in Appendix
A in a manner sufficient to support such specific claims under 35 U.S.C., or (vi) patents issuing thereon or reissues thereof,
or (vii) any and all foreign patents and patent applications corresponding to any of the foregoing, or the combination of the above,
all to the extent owned or controlled by TJU.
	 	 	 
		1.12	RESEARCH AND DEVELOPMENT INCOME shall mean the total financial CONSIDERATION of any kind (excluding
amounts taken into account for purposes of calculating NET SALES) received as a result of the utilization of LICENSED PRODUCTS
or LICENSED PROCESSES by LICENSEE as a result of a contract with a third party.

 

		1.13	SUBLICENSEE shall mean any third party to whom LICENSEE has granted a license to make, have made,
use and sell the LICENSED PRODUCT or perform or conduct a LICENSED PROCESS under PATENT RIGHTS, provided said third party has agreed
in writing with LICENSEE to accept the conditions and restrictions agreed to by LICENSEE in this Agreement.

 

		1.14	TERRITORY shall mean worldwide.

 

		1.15	TJU shall mean Thomas Jefferson University, a nonprofit Pennsylvania educational corporation having
offices at 1020 Locust Street, Suite M34, Philadelphia, PA 19107.

 

		1.16	VALID CLAIM shall mean either (a) a claim of an issued patent that has not been held unenforceable
or invalid by an agency or a court of competent jurisdiction in any unappealable or unappealed decision or (b) a claim of a pending
patent application that has not been abandoned or finally rejected without the possibility of appeal or refiling and that has been
pending for less than seven (7) years from its priority date.

 

		1.17	The terms “Public Law 96-517” and “Public Law 98-620” include all amendments
to those statutes.

 

		1.18	The terms “sold” and “sell” include, without limitation, leases and other
legal transfers and similar transactions involving CONSIDERATION.

 

ARTICLE
II

REPRESENTATIONS

 

		2.1	TJU is the owner by assignment from inventors of their entire right, title and interest in the
PATENT RIGHTS, and in the inventions described and claimed therein as listed in Appendix A.

 

		2.2	TJU has the authority to issue licenses under PATENT RIGHTS. TJU has not granted any license under
PATENT RIGHTS to any third party and has no obligation to do so except as required by TJU’s obligations in Section 3.3(a)
or as permitted in Section 3.3(b).

 

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Execution Version

 

		2.3	TJU is committed to the policy that ideas or creative works produced at TJU should be used for
the greatest possible public benefit, and believes that every reasonable incentive should be provided for the prompt introduction
of such ideas into public use, all in a manner consistent with the public interest.

 

		2.4	LICENSEE is prepared and intends to diligently develop the LICENSED PRODUCTS and/or LICENSED PROCESSES
and to bring LICENSED PRODUCTS and/or LICENSED PROCESSES to market which are subject to this Agreement.

 

		2.5	LICENSEE is desirous of obtaining an exclusive license in the TERRITORY within the FIELD in order
to practice the above-referenced inventions covered by PATENT RIGHTS in the TERRITORY, and to manufacture, use and sell in the
commercial market the products made in accordance therewith, and TJU is desirous of granting such a license to LICENSEE in accordance
with the terms of this Agreement.

 

ARTICLE
III

GRANT OF RIGHTS

 

		3.1	TJU hereby grants to LICENSEE and LICENSEE accepts, subject to the terms and conditions hereof,
in the TERRITORY and within the FIELD an exclusive license under PATENT RIGHTS to make and have made, to use and have used, to
sell and have sold, to offer for sale, to import, to export, to research, develop and improve the LICENSED PRODUCTS, and to practice,
perform and conduct the LICENSED PROCESSES, for the term of the PATENT RIGHTS. In order to provide LICENSEE with commercial exclusivity,
for as long as the license under the PATENT RIGHTS remains exclusive, TJU agrees that, unless LICENSEE has defaulted under this
Agreement, TJU has given a notice of such default as set forth in Section 9.2, and LICENSEE has not cured or taken reasonable steps
to cure such default within the relevant time period set forth in Section 9.2, it will not grant licenses under PATENT RIGHTS in
the TERRITORY and within the FIELD to any third party except as required by TJU’s obligations in Section 3.3(a) or as permitted
in Section 3.3(b).

 

		3.2	The foregoing license to LICENSEE includes the right to issue sublicenses in the TERRITORY and
within the FIELD to third parties to make, have made, use and have used, to sell and have sold, to offer for sale, to import, to
export, to research, develop and improve the LICENSED PRODUCTS and to practice LICENSED PROCESSES, providing LICENSEE has current
exclusive rights thereto under this Agreement at the time the sublicense is granted. LICENSEE shall within thirty (30) days following
execution of any sublicense provide TJU a copy of such sublicense agreement for review. To the extent applicable, such sublicenses
shall include all of the rights of and obligations due to TJU (and, if applicable, the United States Government) that are contained
in this Agreement. LICENSEE shall collect and guarantee payment of all royalties due TJU from SUBLICENSEES, and summarize and deliver
all reports due TJU from SUBLICENSEES.

 

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Execution Version

 

		3.3	The granting and exercise of this license is subject to the following conditions:

 

		(a)	TJU’s “Patent Policy”, Public Law 96-517, Public Law 98-620, and TJU’s
obligations under agreements with other sponsors of research. Any right granted in this Agreement greater than that permitted under
Public Law 96- 517 or Public Law 98-620, shall be subject to modification as may be required to conform to the provisions of those
statutes.

 

		(b)	TJU reserves the right to make and use, and grant to others non-exclusive licenses to make and
use for ACADEMIC RESEARCH PURPOSES the subject matter described and claimed in PATENT RIGHTS.

 

		(c)	LICENSEE shall use commercially reasonable diligent efforts, consistent with those efforts used
by developers of pharmaceutical products and services of similar size and resources under similar circumstances, to effect introduction
of the LICENSED PRODUCTS and/or LICENSED PROCESSES into the commercial market as soon as practicable, consistent with sound and
reasonable business practice and judgment; thereafter, until the expiration of this Agreement, LICENSEE shall endeavor to keep
LICENSED PRODUCTS and/or LICENSED PROCESSES reasonably available to the public.

 

		(d)	At any time after three (3) years from the Effective Date of this Agreement, TJU may terminate
or render this license non-exclusive if, in TJU’s reasonable judgment, the progress reports furnished by LICENSEE substantially
demonstrate that LICENSEE has neither:

 

		(i)	used commercially reasonable efforts, consistent with those efforts used by developers of pharmaceutical
products and services of similar size and resources under similar circumstances, to put the licensed subject matter into commercial
use in the country or countries hereby licensed, directly or through a sublicense, and/or is not keeping the licensed subject matter
reasonably available to the public; nor

 

		(ii)	engaged in research, development, manufacturing, marketing or sublicensing activity, consistent
with those efforts used by developers of pharmaceutical products and services of similar size and resources under similar circumstances,
reasonably appropriate to achieving 3.3(d)(i).

 

		(e)	In all sublicenses granted by LICENSEE hereunder, LICENSEE shall include a requirement that the
SUBLICENSEE(s) use its commercially reasonable efforts, consistent with those efforts used by developers of pharmaceutical products
and services of similar size and resources under similar circumstances, to bring the subject matter of the sublicense into commercial
use as quickly as is reasonably possible. LICENSEE shall further provide in such sublicenses that such sublicenses are subject
and subordinate to the terms and conditions of this Agreement, except: [*****]. Copies of all executed sublicense agreements shall
be provided to TJU within thirty (30) days of execution. TJU agrees to maintain

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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Execution Version

 

any information contained in such
provisions in confidence, except as otherwise required by law, however, TJU may include in its usual reports annual amounts of
royalties paid.

 

		(f)	TJU understands and acknowledges that LICENSEE will be spending considerable resources, both human
and financial on the development of the LICENSED PRODUCTS and/or LICENSED PROCESSES in an effort to obtain the necessary approvals
of LICENSED PRODUCTS and/or LICENSED PROCESSES within the FIELD and in the TERRITORY. LICENSEE further acknowledges that it is
TJU’s mission to endeavor to make the LICENSED PRODUCTS and/or LICENSED PROCESSES available to the public, where feasible.

 

		(g)	To the extent that federal funds have been used to support research leading to a patent or patent
application in the PATENT RIGHTS, LICENSEE shall cause any LICENSED PRODUCT produced for sale or LICENSED PROCESSES used by LICENSEE
or SUBLICENSEES in the United States to be manufactured or utilized substantially in the United States during the period of exclusivity
of this license in the United States, in the absence of a waiver of such requirement.

 

		3.4	All rights reserved to the United States Government and others under Public Law 96-517, and Public
Law 98-620, shall remain and shall in no way be affected by this Agreement.

 

ARTICLE
IV

ROYALTIES

 

		4.1	LICENSEE shall pay to TJU a one-time, non-creditable, non-refundable license fee in the sum of
[*****] within thirty [*****] from the Effective Date of the Agreement. If this Agreement is executed and terminated prior to TJU
receiving the above-mentioned non-creditable, non-refundable license fee in the sum of [*****], LICENSEE is still responsible to
pay such license fee to TJU upon the termination of this Agreement.

 

		4.2	(a)	LICENSEE shall pay to TJU during the term of this
Agreement a royalty on annual NET SALES by LICENSEE and SUBLICENSEE as follows.

 

[*****]

 

No royalty stacking is allowed
under this Agreement.

 

		(b)	LICENSEE shall pay to TJU a percentage of all NON-ROYALTY SUBLICENSE INCOME as follows.

 

[*****]

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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Execution Version

 

		4.3	As consideration for the exclusive rights granted hereunder, LICENSEE shall pay to TJU during the
term of this Agreement the following cash milestone payments [*****] of the first occurrence of such milestone event (time of payment
is of the essence) as follows:

 

[*****]

 

		4.4	Notwithstanding anything herein to the contrary, if the license pursuant to this Agreement is converted
to a non-exclusive one and if other non-exclusive licenses in the same field and territory are granted, the above royalties shall
not exceed [*****].

 

		4.5	On sales between LICENSEE and its AFFILIATES or SUBLICENSEES for resale, the royalty shall be paid
by LICENSEE on the NET SALES of the subsequent resale by the LICENSEE, its AFFILIATES, or SUBLICENSEES, as appropriate, and not
on the sales between LICENSEE and its AFFILIATES or SUBLICENSEES.

 

		4.6	No later than [*****] of each calendar year, LICENSEE shall pay to TJU a non-refundable license
maintenance royalty as an advance on royalties payable under Section 4.2(a). To the extent such payments exceed actual royalties
owing in such calendar year, such payments may be credited against running royalties due and owing for future calendar years, and
royalty reports shall reflect such a credit as and when applied. Such credits shall not be credited against milestone payments
under Section 4.3 and NON-ROYALTY SUBLICENSEE INCOME (as listed in Section 4.2(b)) nor for any other payments made pursuant to
this license.

 

[*****]

 

Payments in excess of actual earned
royalties will be carried forward and applied to royalty payable in future years.

 

ARTICLE
V

REPORTING

 

		5.1	[*****] after the Effective Date of this Agreement, LICENSEE shall provide to TJU a written research
and development plan under which LICENSEE intends to undertake efforts to bring the subject matter of the licenses granted hereunder
into commercial use following execution of this Agreement. Such plan shall include projections of sales and proposed marketing
efforts, but shall not be binding on LICENSEE with respect to the conduct of its research and development efforts.

 

		5.2	No later than [*****] of each calendar year, LICENSEE shall provide to TJU a detailed written annual
progress report describing progress on research and development, regulatory approvals, manufacturing, sublicensing, marketing and
sales during the most recent twelve (12) month period ending [*****] and plans for the forthcoming year. If progress differs from
that anticipated in the plan required under Section 5.1, LICENSEE shall explain the reasons for the difference and propose a modified
research and development plan for TJU’s review. LICENSEE shall also provide any reasonable additional data TJU reasonably
requires to evaluate LICENSEE’s performance.

 

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		5.3	LICENSEE shall report to TJU the date of first sale of LICENSED PRODUCTS or LICENSED PROCESSES in each country within [*****] of occurrence.
		 	 	 
		5.4	(a)	LICENSEE
shall submit to TJU within sixty (60) days after each calendar year ending December 31, a Royalty Report setting forth for such
year at least the following information:

 

 

		(i)	the number of LICENSED PRODUCTS sold by LICENSEE, its AFFILIATES and SUBLICENSEEs in each country;

 

		(ii)	total billings and amounts actually received for such LICENSED PRODUCTS;

 

		(iii)	an accounting for all LICENSED PROCESSES used or sold;

 

		(iv)	deductions applicable to determine the NET SALES of any of the foregoing;

 

		(v)	the amount of NON-ROYALTY SUBLICENSE INCOME received by LICENSEE; and

 

		(vi)	the amount of royalty due on each of the foregoing, or, if no royalties are due to TJU for any
reporting period, the statement that no royalties are due.

 

Such report shall be certified
on behalf of LICENSEE as correct by an officer of LICENSEE and shall include a detailed listing of all deductions from royalties.

 

		(b)	LICENSEE shall pay to TJU with each such Royalty Report the amount of royalty due with respect
to such year.

 

		(c)	All payments due hereunder shall be deemed received, if
paid by check, on delivery of the check to TJU and credited to TJU’s bank account, or, if paid by wire transfer, when funds
are credited to TJU’s bank account. All amounts due shall be payable in United States dollars. Conversion of foreign currency
to U.S. dollars shall be made at the conversion rate existing in the United States (as reported in the New York Times or the Wall
Street Journal) on the last working day of each royalty period.No transfer, exchange, collection or other charges shall be
deducted from such payments.

 

		(d)	All such reports shall be maintained in confidence by TJU except as required by law; however, TJU
may include in its usual reports annual amounts of royalties paid.

 

		(e)	Late payments shall be subject to a charge of [*****], whichever is greater.

 

		5.5	In the event of acquisition, merger, change of corporate name, or reorganization of LICENSEE, LICENSEE
shall notify TJU in writing within thirty (30) days of such event

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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and provide TJU with reasonable
assurance that such changes shall not effect payment to TJU or the commercialization of the LICENSED PRODUCT and/or LICENSED PROCESS,
and any other factors that may be relevant to TJU’s evaluation of its consent to certain assignments pursuant to Section
10.5.

 

		5.6	If LICENSEE or any AFFILIATE or SUBLICENSEE does not qualify as a “small entity” as
provided by the United States Patent and Trademark Office, LICENSEE must notify TJU in writing immediately.

 

ARTICLE
VI

RECORD KEEPING

 

		6.1	LICENSEE shall keep, and shall require its AFFILIATES and SUBLICENSEEs to keep, accurate records
(together with supporting documentation) of LICENSED PRODUCTS and/or LICENSED PROCESSES made, used or sold under this Agreement,
appropriate to determine the amount of royalties due to TJU hereunder. Such records shall be retained for at least [*****] following
the end of the reporting period to which they relate. They shall be available during normal business hours for examination by an
accountant selected by TJU, for the sole purpose of verifying reports and payments hereunder. In conducting examinations pursuant
to this Section, TJU’s accountant shall have access to all records which TJU reasonably believes to be relevant to the calculation
of royalties under Article IV.

 

		6.2	TJU’s accountant shall give a written report of its finding to both TJU and LICENSEE at substantially
the same time and shall not disclose to TJU any information other than information relating to the accuracy of reports and payments
made hereunder unless required by law, regulation or pursuant to court order.

 

		6.3	Such examination by TJU’s accountant shall be at TJU’s expense, except that if such
examination shows an underreporting or underpayment in excess of [*****], or in excess of [*****], whichever is less, then LICENSEE
shall pay the cost of such examination as well as any additional sum that would have been payable to TJU had the LICENSEE reported
correctly, plus interest on said sum at the rate of [*****]. Any overpayment by LICENSEE shall be creditable by LICENSEE against
future payment obligations, or shall be refunded by TJU.

 

ARTICLE
VII

DOMESTIC AND FOREIGN PATENT FILING AND MAINTENANCE

 

		7.1	[*****].

 

[*****].

 

		7.2	[*****] shall be responsible for the preparation, filing, prosecution and maintenance of any and
all patent applications and patents included in PATENT RIGHTS. [*****] will instruct counsel to directly notify [*****] and its
patent counsel and provide them copies

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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of any official communications
from the United States and foreign patent offices relating to said prosecution, and to provide [*****] and its counsel with advance
copies of all relevant communications to the various patent offices, so that [*****] may be informed and apprised of the continuing
prosecution of patent applications in PATENT RIGHTS. [*****] shall have reasonable opportunities to participate in decision making
on all key decisions affecting filing, prosecution and maintenance of patents and patent applications in PATENT RIGHTS. [*****]
will use reasonable efforts to incorporate [*****] reasonable suggestions regarding said prosecution. [*****] shall use all reasonable
efforts to amend any patent application to include claims reasonably requested by [*****] to obtain patent protection for LICENSED
PRODUCTS and/or LICENSED PROCESSES. [*****] will provide thirty (30) days’ notice of the intended final abandonment of any
claim in any patent application included in PATENT RIGHTS and at the written request of [*****] will pursue such claim in a divisional
or continuation application.

 

		7.3	TJU and LICENSEE shall cooperate fully in the preparation, filing, prosecution and maintenance
of PATENT RIGHTS and of all patents and patent applications licensed to LICENSEE hereunder, executing all papers and instruments
or requiring members of TJU to execute such papers and instruments so as to enable [*****]. Each party shall provide to the other
prompt notice as to all matters which come to its attention and which may affect the preparation, filing, prosecution or maintenance
of any such patent applications or patents.

 

		7.4	[*****] may elect to surrender its PATENT RIGHTS in any country upon sixty (60) days written notice
to [*****]. Such notice shall not relieve [*****] from responsibility to pay the patent prosecution law firm for patent-related
expenses incurred prior to the expiration of the sixty (60) day notice period. [*****] shall not have any further obligations to
[*****] in such country after the expiration of such sixty (60) day notice period.

 

ARTICLE
VIIi

INFRINGEMENT

 

		8.1	[*****] shall have the right to prosecute in its own name and at its own expense any infringement of the PATENT RIGHTS, [*****]. [*****] agrees to notify [*****] promptly of each infringement of such patents of which [*****] has knowledge or becomes aware. Before [*****] commences an action with respect to any infringement of such patents, [*****] shall give careful consideration to the views of [*****] and to potential effects on the public interest in making its decision whether or not to sue.
		 	 	 
		8.2 	(a)	If
[*****] elects to commence an action as described above, [*****] may, to the extent permitted by law, elect to join as a party
in that action. Regardless of whether [*****] elects to join as a party, [*****] shall cooperate fully with [*****] in connection
with any such action. [*****] may require [*****] to join as a party to any such action, provided that before [*****] names [*****]
as a party, [*****] shall consult with [*****] and give careful consideration to the

 

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views of [*****] in making its
decision whether or not to name [*****] as a party.

 

		(b)	If [*****] elects to join as a party pursuant to Subsection (a), [*****] will give careful consideration
to [*****] input regarding the infringement action.

 

		(c)	If [*****] joins as a party to any action at [*****] request, [*****].

 

		8.3	If [*****] elects to commence an action as described above, [*****].[*****].[*****].

 

		8.4	No settlement, consent judgment or other voluntary final disposition of the suit that materially
adversely affects TJU’s rights may be entered into without the prior written consent of TJU, which consent shall not be unreasonably
withheld. An admission of liability on the part of TJU shall be reasonable grounds to withhold consent.

 

		8.5	Recoveries or reimbursements from actions commenced pursuant to this Article shall first be applied
to reimburse LICENSEE and TJU, for litigation costs not deducted from royalties and then [*****]. Any additional recoveries shall
be treated as though such amount represented [*****].

 

		8.6	If [*****] elects not to exercise its right to prosecute an infringement of the PATENT RIGHTS pursuant
to this Article, [*****] may do so at its own expense, controlling such action and retaining all recoveries therefrom. [*****]
shall cooperate fully with [*****] in connection with any such action at [*****] expense.

 

		8.7	Without limiting the generality of Section 8.6, [*****] may, at its election and by notice to [*****],
establish a time limit of [*****] to decide whether to prosecute any infringement or otherwise attempt to abate such infringement
of which [*****] has knowledge or becomes aware. If, by the end of such [*****] period, [*****] has not commenced such an action
or otherwise undertaken an attempt to abate such infringement, [*****] may prosecute such an infringement at its own expense, controlling
such action and retaining all recoveries therefrom. With respect to any such infringement action prosecuted by [*****] in good
faith in which [*****] has not recovered an amount equal to or greater than its litigation expenses, [*****].

 

		8.8	If a declaratory judgment action is brought naming [*****] as a defendant and alleging invalidity
of any of the PATENT RIGHTS, [*****] may elect to take over the sole defense of the action at its own expense. [*****] shall cooperate
fully with [*****] in connection with any such action at [*****] expense.

 

ARTICLE
IX

TERMINATION OF AGREEMENT

 

		9.1	This Agreement, unless terminated as provided herein, shall remain in effect until the last patent
or patent application containing a VALID CLAIM in the PATENT RIGHTS has expired or been abandoned.

 

		9.2	TJU may terminate this Agreement as follows:

 

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		(a)	If LICENSEE does not make a payment due hereunder and fails to cure such non-payment (including
the payment of interest in accordance with Section 5.4(e)) within thirty (30) days after the date of notice in writing of such
non-payment by TJU.

 

		(b)	If LICENSEE defaults in its obligations under Sections 10.3(c) to procure and maintain insurance
and if LICENSEE fails to cure such default within thirty (30) days after the date of notice in writing of such default by TJU.

 

		(c)	If, at any time after three (3) years from the Effective Date of this Agreement, LICENSEE has defaulted
under its obligations pursuant to Section 3.3(d) and LICENSEE fails to cure such default within sixty (60) days after the date
of notice in writing of such default by TJU, or taken steps reasonably intended to cure such default where such default is, by
its nature, not susceptible to cure during such sixty day period.

 

		(d)	If LICENSEE shall become insolvent, shall make an assignment for the benefit of creditors, shall
have been declared bankrupt by a court of competent jurisdiction, makes use of any law or regulation for relief from creditors,
or reorganizations or restructures in order to avoid creditors. Such termination shall be effective immediately upon TJU giving
written notice to LICENSEE.

 

		(e)	If an examination by TJU’s accountant pursuant to Article VI shows an underpayment by LICENSEE
in excess of [*****] period or in excess of [*****], whichever is less, and LICENSEE has not paid the amount of the underpayment
to TJU within fifteen (15) days after receipt of the report from the accountant.

 

		(f)	If LICENSEE is convicted of a felony relating to the manufacture, use, or sale of LICENSED PRODUCTS
and/or LICENSED PROCESSES.

 

		(g)	Except as provided in Subsections (a), (b), (c), (d), (e), and (f) above, if LICENSEE defaults
in a material respect in the performance of any obligations under this Agreement and the default has not been remedied within sixty
(60) days after the date of notice in writing of such default by TJU.

 

		9.3	LICENSEE shall provide, in all sublicenses granted by it under this Agreement, that LICENSEE’s
interest in such sublicense shall, at TJU’s option, be terminated, provided that, at TJU’s option, such sublicensee
may enter into a direct license with TJU on the terms and conditions hereunder, as applied mutatis mutandis to such sublicensee.

 

		9.4	LICENSEE may terminate this Agreement by giving ninety (90) days advance written notice of termination
to TJU. Upon termination, LICENSEE shall submit a final royalty report to TJU and any royalty payments and unreimbursed legal expenses
due to TJU shall become immediately payable. Upon termination by LICENSEE, all obligations and duties under this license shall
cease and terminate and LICENSEE agrees to execute all reasonable documentations requested evidencing such termination.

 

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		9.5	Sections 6.1, 6.2, 6.3, 7.1, 8.5, 9.3, 9.4, 9.5, 10.2, 10.3, 10.4, 10.5, 10.8, 10.9 and 10.11 of
this Agreement and all other provisions of this Agreement which are intended to have effect after termination of this Agreement
shall survive termination of this Agreement for the respective durations stated therein, and where no duration is stated, shall
survive indefinitely.

 

ARTICLE
X

GENERAL

 

		10.1	TJU does not warrant the validity of the PATENT RIGHTS within the FIELD licensed hereunder and
makes no representations whatsoever with regard to the scope of the licensed PATENT RIGHTS within the FIELD or that such PATENT
RIGHTS may be exploited by LICENSEE, an AFFILIATE, or a SUBLICENSEE without infringing other patents.

 

		10.2	TJU EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES AND MAKES NO EXPRESS OR IMPLIED WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF THE PATENT RIGHTS WITHIN THE FIELD OR INFORMATION SUPPLIED BY TJU,
LICENSED PROCESSES OR LICENSED PRODUCTS CONTEMPLATED BY THIS AGREEMENT. IN NO EVENT WILL TJU BE LIABLE FOR ANY INCIDENTAL, SPECIAL
OR CONSEQUENTIAL DAMAGES RESULTING FROM EXERCISE OF THIS LICENSE OR THE USE OF THE INVENTIONS, LICENSED PRODUCTS AND/OR LICENSED
PROCESSES. EVEN IF ADVISED OF THE POSSIBILITY THEREOF, AND IN NO EVENT SHALL TJU’S LIABILITY EXCEED AMOUNTS PAID BY LICENSEE
TO TJU HEREUNDER DURING [*****] PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM.

 

	10.3	(a)	LICENSEE
shall indemnify, defend and hold harmless TJU and its current or former directors, governing board members, trustees, officers,
faculty, medical and professional staff, employees, students, and agents and their respective successors, heirs and assigns (collectively,
the “Indemnitees”), from and against any claim, liability, cost, expense, damage, deficiency, loss or obligation of
any kind or nature (including, without limitation, reasonable attorney’s fees and other costs and expenses of litigation)
(collectively, “Claims”), based upon, arising out of, or otherwise relating to any cause of action relating to product
liability concerning any LICENSED PRODUCT or LICENSED PROCESS made, used, sold, performed or provided pursuant to any right or
license granted under this Agreement.

 

		(b)	LICENSEE shall, at its own expense, assume the defense of any Claims brought against Indemnitees
using attorneys reasonably acceptable to TJU hereunder with respect to the subject of indemnity contained herein, whether or not
such actions are rightfully brought.

 

		(c)	Beginning at the time any such LICENSED PRODUCT or LICENSED PROCESS is being commercially distributed
or sold (other than for the purpose of

 

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obtaining regulatory approvals)
by LICENSEE or by a SUBLICENSEE, an AFFILIATE or an agent of LICENSEE, LICENSEE shall, at its sole cost and expense, procure and
maintain commercial general liability insurance in amounts not less than [*****] per incident and [*****] annual aggregate and
naming Indemnitees as additional insured. During clinical trials of any such product, process or service, LICENSEE shall, at its
sole cost and expense, procure and maintain commercial general liability insurance in such equal or lesser amount as TJU shall
require, naming Indemnitees as additional insured. Such commercial general liability insurance shall provide: (i) product
liability coverage; and (ii) broad form contractual liability coverage for LICENSEE’s indemnification under this Agreement.
If LICENSEE elects to self-insure all or part of the limits described above (including deductibles or retentions which are in excess
of [*****] annual aggregate) LICENSEE must notify TJU at least sixty (60) days in advance of commencing any such self-insurance
program and such self-insurance program must be acceptable to TJU. The minimum amounts of insurance coverage required shall not
be construed to create a limit of LICENSEE’s liability with respect to its indemnification or other obligations under this
Agreement.

 

		(d)	LICENSEE shall provide TJU with written evidence of such insurance upon request of TJU. LICENSEE
shall provide TJU with written notice at least fifteen (15) days prior to the cancellation, non-renewal or material change in such
insurance; if LICENSEE does not obtain replacement insurance providing comparable coverage within such fifteen (15) day period,
TJU shall have the right to terminate this Agreement effective at the end of such fifteen (15) day period without notice or any
additional waiting periods.

 

		(e)	LICENSEE shall maintain such commercial general liability insurance beyond the expiration or termination
of this Agreement during: (i) the period that any product, process, or service, relating to, or developed pursuant to, this Agreement
is being commercially distributed or sold by LICENSEE or by a SUBLICENSEE, an AFFILIATE or agent of LICENSEE; and (ii) a reasonable
period after the period referred to in Subsection (e)(i) above which in no event shall be less than [*****].

 

		10.4	LICENSEE shall not use TJU’s name or insignia, or any adaptation of them, or the name of
any of TJU’s inventors in any advertising, publicity, promotional activities or sales literature without the prior written
approval of TJU except in announcing to the public the existence of this Agreement. Nothing contained in this Agreement shall be
construed as conferring any right to use in advertising, publicity, or other promotional activities any name, trade name, trademark,
or other designation of either party hereto (including contraction, abbreviation or simulation of any of the foregoing). Unless
required by law, the use by LICENSEE of the name, “Thomas Jefferson University” or the name of any campus of Thomas
Jefferson University in advertising, publicity, or other promotional activities is expressly prohibited.

 

		10.5	This Agreement and the rights and duties hereunder may not be assigned by either party without
first obtaining the written consent of the other which consent will not be

 

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unreasonably withheld. Any such
purported assignment, without the written consent of the other party, will be null and of no effect. Notwithstanding the foregoing,
LICENSEE may assign this Agreement to a purchaser, or successor in-interest or acquirer of substantially all of the LICENSEE’s
assets or business and/or pursuant to any reorganization or merger.

 

		10.6	The interpretation and application of the provisions of this Agreement shall be governed by the
laws of the Commonwealth of Pennsylvania. All rights and licenses granted under this Agreement are, and shall be deemed to be,
for purposes of Section 365(n) of the United States Bankruptcy Code, licenses of rights to “intellectual property”
as defined under Section 101(56) of the United States Bankruptcy Code

 

		10.7	LICENSEE shall comply with all applicable laws and regulations. In particular, it is understood
and acknowledged that the transfer of certain commodities and technical data is subject to United States laws and regulations controlling
the export of such commodities and technical data, including all Export Administration Regulations of the United States Department
of Commerce. These laws and regulations among other things, prohibit or require a license for the export of certain types of technical
data to certain specified countries. LICENSEE hereby agrees and gives written assurance that it will comply with all United States
laws and regulations controlling the export of commodities and technical data, that it will be solely responsible for any violation
of such by LICENSEE or its AFFILIATES or SUBLICENSEES, and that it will defend and hold TJU harmless in the event of any legal
action of any nature occasioned by such violation.

 

		10.8	LICENSEE agrees: [*****]. LICENSEE also agrees to register or record this Agreement as is required
by law or regulation in any country where the license is in effect.

 

		10.9	Any notices to be given hereunder shall be sufficient if signed by the party (or party’s
attorney) giving same and either: (i) delivered in person; (ii) mailed certified mail return receipt requested; or (iii) faxed
to other party if the sender has evidence of successful transmission and if the sender promptly sends the original by ordinary
mail, in any event to the following addresses:

 

If to LICENSEE:

Clementia Pharmaceuticals, Inc.

1375 Transcanadian Highway, Suite 200

Dorval, Quebec, H9P 2W8

Canada

Attention:

Phone: [*****]

 

With a copy to:

Mintz Levin Cohn Ferris Glovsky and Popeo, PC

One Financial Center

Boston, MA 02111

Attn: John A. Dellapa

Tel [*****]

Fax: [*****]

 

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If to TJU:

Office of Technology Transfer & Business Development

Thomas Jefferson University

1020 Locust Street, Suite M34

Philadelphia, PA 19107 U.S.A.

Attention: Executive Director, Office of Technology Transfer & Business Development

Phone: [*****]

Fax: [*****]

 

With a copy to
TJU University Counsel at

Office of University Counsel

Thomas Jefferson University

1020 Walnut Street, 6th Floor

Philadelphia, PA 19107

U.S.A.

Phone: [*****]

Fax: [*****]

 

By such notice either party may
change their address for future notices. Notices delivered in person shall be deemed given on the date delivered. Notices sent
by fax shall be deemed given on the date faxed. Notices mailed shall be deemed given five (5) days following the date postmarked
on the envelope. Notices sent by reputable express courier shall be deemed given one (1) day following the date delivered to the
courier.

 

		10.10	Should a court of competent jurisdiction later hold any provision of this Agreement to be invalid,
illegal, or unenforceable, and such holding is not reversed on appeal, it shall be considered severed from this Agreement. All
other provisions, rights and obligations shall continue without regard to the severed provision, provided that the remaining provisions
of this Agreement are in accordance with the intention of the parties.

 

		10.11	In the event of any controversy or claim arising out of or relating to any provision of this Agreement
or the breach thereof, the parties shall try to settle such conflict amicably between themselves. Subject to the limitations expressly
stated in this section, any such conflict which the parties are unable to resolve promptly shall be settled through arbitration
conducted in accordance with the rules of the American Arbitration Association. The demand for arbitration shall be filed within
a reasonable time after the controversy or claim has arisen, and in no event after the date upon which institution of legal proceedings
based on such controversy or claim would be barred by the applicable statute of limitation. Such arbitration shall be held in Philadelphia,
Pennsylvania. The award through arbitration shall be final and binding. Either party may enter any such award in a court having
jurisdiction or may make application to such court for judicial acceptance of the award and an order of enforcement, as the case
may be. Notwithstanding the foregoing, either party may, without recourse to arbitration, assert against the other party a third-party
claim or cross-claim in any action brought by a third

 

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party, to which the subject matter
of this Agreement may be relevant. The prevailing party in any arbitration shall be afforded reasonable costs and attorney fees.
Notwithstanding any other provision of this Agreement to the extent any other provision is inconsistent herewith, no arbitrator(s)
or any other third party involved in resolving or otherwise addressing any dispute may limit, expand or otherwise modify the terms
of this Agreement. The provisions of this Section shall not apply to:

 

		(i)	prevent a party from seeking a temporary restraining order or injunctive or other equitable relief
with respect to a breach (or attempted breach) of this Agreement by the other party;

 

		(ii)	prevent a party from instituting litigation or other formal proceedings to the extent necessary
(i) to avoid the expiration of any applicable limitations period or (ii) to preserve a superior position with respect to other
creditors; or

 

		(iii)	to any claim with respect to ownership or infringement or PATENT RIGHTS.

 

Such claims (described in subsections
(i) through (iii) above) will not be subject to arbitration or other alternate dispute resolution and instead will be subject to
judicial resolution, and either party may apply to any court of competent jurisdiction for such relief.

 

		10.12	This Agreement constitutes the entire understanding between the parties and neither party shall
be obligated by any amendment, modifications, condition or representation other than those expressly stated herein or as may be
subsequently agreed to by the parties hereto in writing.

 

		10.13	This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
and all of which shall together be deemed to constitute one Agreement.

 

		10.14	The failure of any party at any time to enforce its rights hereunder strictly in accordance with
the same shall not be construed as having created a custom contrary to the specific provisions hereof or as having in any way modified
or waived same.

 

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

 

	Thomas Jefferson University	 	Clementia Pharmaceuticals, Inc.
	 	 	 
	/s/ Theodore Taraschi	 	/s/ Clarissa Desjardins
	Theodore Taraschi, PhD	 	Clarissa Desjardins, Ph.D.
	Vice President for Research	 	Chief Executive Officer
	 	 	 
	2/19/2014	 	Feb. 19, 2014
	Date	 	Date

 

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    	Page 17 of 18

    	

    
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Appendix A

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 1 page was omitted.

 

[*****]

    	Page 18 of 18

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