Document:

LINE OF CREDIT AGREEMENT

 Exhibit 10.13 
  
 LINE OF CREDIT AGREEMENT 
 FOR THE ACQUISITION OF EQUIPMENT 
 AND LEASEHOLD IMPROVEMENTS 
 ($1,250,000.00 Line) 
  
 January 20, 2004 
  
 Curis, Inc. 
 61 Moulton Street 
 Cambridge, MA 02138 

	Attn:	Michael P. Gray, Vice President Finance and Chief Financial Officer 

  
 Gentlemen: 
  
 We, Boston Private Bank & Trust Company (hereinafter “Lender”) are pleased to advise Curis, Inc. (the “Borrower”) that Lender has established a line of credit of up to One Million
Two Hundred Fifty Thousand ($1,250,000.00) Dollars (subject to limitations contained herein) (hereinafter the “Credit Limit”) for Borrower to be used exclusively for the purchase of equipment, leasehold improvements and partial soft
costs; subject to Lender’s periodic review. This line of credit will be subject to the following terms and conditions: 
  
 1. Any advances, extensions of credit, or loan of funds pursuant to this line of credit (hereinafter collectively and separately referred to as the
“Loan”) will be made only if in the reasonable opinion of Lender there has been no material adverse change in the financial condition of Borrower and if there exists no Event(s) of Default (as hereinafter defined). No advances,
extensions of credit, or loan of funds will be made after the first to occur of (a) the date on which the outstanding principal balance of the Loan equals the Credit Limit; or (b) the date which is one year from the date hereof. Any sums prepaid may
not be readvanced absent consent of the Lender. 
  
 2. Borrower
agrees that each monthly or other statement of account mailed or delivered by Lender to Borrower pertaining to the outstanding balance of the Loan, the amount of interest due thereon, fees, and costs and expenses shall be final, conclusive and
binding on Borrower absent manifest error and shall constitute an “account stated” with respect to the matters contained therein unless within thirty (30) calendar days from when such statement is mailed or if not mailed, delivered to
Borrower, Borrower shall deliver to Lender written notice of any objections which it may have as to such statement of account and in such event, only the terms to which objection is expressly made in such notice shall be considered to be disputed by
Borrower. 
  
 3. Interest will be charged to Borrower at a rate
which is the daily equivalent to the Base Rate in effect from time to time, plus one (1.0%) percent per annum upon any balance owing to Lender at the close of each day. The rate of interest payable by Borrower shall be changed effective 

  

 
as of that date in which a change in the Base Rate becomes effective. Interest shall be computed on the basis of the actual number of days elapsed over a
year of three hundred sixty (360) days. Such interest shall be payable monthly in arrears on the first (1st) day of
each month, commencing on the first month following the first advance made hereunder. Upon the occurrence of an Event of Default hereunder, interest on unpaid balances shall thereafter be payable at a fluctuating interest rate per annum equal to
four percent (4%) greater than the applicable rate of interest in effect from time to time. 
  
 The term “Base Rate” as used herein shall mean the rate of interest announced by Lender from time to time in Boston as its Base Rate, it being understood that such rate is a reference rate and not
necessarily the lowest rate of interest charged by Lender to its customers. 
  
 4. The Borrower hereby authorizes Lender to charge the amount of all interest, principal payments and fees, when due and payable hereunder, against Borrower’s loan account. 
  
 5. The Loan may, but need not, be evidenced by notes in a form reasonably
satisfactory to Lender including the Secured Non-Revolving Time Note of even date herewith in the principal amount of up to $1,250,000.00, but in the absence of notes, shall be conclusively evidenced by Lender’s records of disbursements, absent
manifest error. The Loan, together with interest thereon, is secured pursuant to a Security Agreement (Specific Equipment) between the Lender and the Borrower of even date herewith. 
  
 6. Borrower may draw upon this line of credit by presenting to Lender: (i) an invoice from the vendor of such equipment in a
form acceptable to Lender, which includes, without limitation, the purchase price of such equipment or improvement, including all accessions thereto, net of all discounts, rebates, and other dealer or manufacturer incentives; and (ii) for leasehold
improvements, evidence of completion of work (Item (i) is hereinafter referred to as the “Documentation”). The Documentation shall be delivered to the Lender accompanied by a Documentation Certification in the form of Exhibit
A annexed hereto. 
  
 7. The aggregate principal amount of any
Loan made against any Equipment Documentation shall not exceed one hundred percent (100%) of the net purchase price (inclusive of twenty-five (25%) percent of soft costs but exclusive of seventy-five (75%) percent of soft costs) of the equipment and
leasehold improvements referred to therein. 
  
 8. Lender agrees
that so long as there exists no Event of Default hereunder, and there has not occurred a material adverse change in the financial condition of Borrower, and the Borrower provides not less than twenty-four (24) hours notice of any proposed Loan,
Lender shall cause the amount of such Loan to be made available to Borrower at the time and in the manner requested by Borrower; provided, however, that Lender shall have no obligation to make the requested Loan if, after giving effect to the
requested Loan, the outstanding principal balance of all Loans under this Line of Credit Agreement will exceed the Credit Limit. 
  
 9. Borrower will pay or reimburse Lender for all reasonable expenses, including reasonable attorneys’ fees, which Lender may incur in connection with
this Line of Credit Agreement 

  

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between Borrower and Lender or with any Loan or which result from any claim or action by any third person against Lender which would not have been asserted
were it not for Lender’s relationship with Borrower hereunder. Any such payment shall be made within thirty (30) days of presentation to Borrower of an invoice for such amounts. 
  
 10. The Loan will be due and payable in full on the date which is one year from the date hereof unless Borrower elects to
convert the principal balance of the Loan into a term loan by execution of a Secured Term Note in substantially the form of Exhibit B attached hereto, with appropriate insertions in the space provided reflecting the actual amount of the Loan.
The Loan shall then mature and bear interest as provided in the applicable Secured Term Note (Equipment) and shall otherwise be subject to the terms and conditions of that note and of this Line of Credit Agreement. At the time of conversion of the
Loan into a Term Loan, the Borrower shall have the option to continue to pay interest at: (a) the variable rate of the Lender’s Base Rate plus one (1.0%) percent per annum or (b) to fix the interest rate at a rate equal to the three (3) year
Federal Home Loan Bank of Boston Advance Rate in effect as of that date plus three (3%) percent per annum (300 basis points). If the total collective deposits of the Borrower and Curis Securities Corporation with the Lender are less than Ten Million
($10,000,000.00) Dollars for two (2) consecutive calendar months, then the interest rate for the Secured Term Note shall change, effective as of the first day of the third month following such change, to either (a) if a variable interest rate was
selected for the Secured Term Note, then the interest rate for the Secured Term Note shall change to the Base Rate plus three (3.0%) percent per annum or (b) if a fixed rate of interest was selected for the Secured Term Note, the interest rate of
the Secured Term Note shall increase by an additional one and one half (1.5%) percent per annum from the fixed rate of interest selected. The principal balance of the Loan at the time of conversion to a term loan shall be paid in thirty-six (36)
monthly installments of principal (plus interest as aforesaid) in an amount equal to one-thirty sixth (1/36th) of the said principal balance of the Loan. There shall be no penalties or additional payments of any kind should the Borrower elect to
prepay all or any portion of the Loan at any time before or after conversion to a Term Note. 
  
 11. The Borrower will furnish the Bank quarterly, within forty-five (45) days after the close of each fiscal quarter, commencing with the quarterly period in which this Agreement is executed, a balance sheet and
income statement and statement of cash flows reflecting the financial condition of the Borrower at the end of each such period and the results of its operation during each such period. Each statement shall also contain comparative statements for the
same period during the prior fiscal year. Each balance sheet and income statement and statement of cash flows is to be certified by the President or Treasurer of the Borrower, such certification to state that such balance sheet and income and
statement of cash flows fairly present the financial condition and the result of operations of the Borrower at the end of such period and during such period in accordance with generally accepted accounting principles consistently applied, subject,
however, to ordinary year-end adjustments, none of which are reasonably expected to be materially adverse. 
  
 12. The Borrower will furnish the Bank annually, within one hundred twenty (120) days after the close of each fiscal year, a balance sheet and income
statement and statement of cash flows reflecting the financial condition of the Borrower at the end of each such fiscal year and the results of its operation during such fiscal year. Each such statement shall also contain comparative statements

  

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for the prior fiscal year. Each such balance sheet and income statement and statement of cash flows is to be audited by an independent certified public
accountant reasonably satisfactory to the Bank with an unqualified audit letter. Borrower shall submit with its annual statements, its annual projections in form and substance satisfactory to Bank, together with any “management
letters” or “letters of recommendation” to and from Borrower’s accountants. 
  
 13. The Borrower shall continue to maintain its primary operating account at the Bank. 
  
 14. Upon the occurrence of any one or more of the following events
(hereinafter “Events of Default”), any and all obligations of Borrower to Lender shall become immediately due and payable at the option of Lender and without notice or demand. The occurrence of any such Event of Default shall also
constitute, without notice or demand, a default under all other indebtedness agreements between Lender and Borrower and instruments and papers given Lender by Borrower, whether such indebtedness agreements, instruments, or papers now exist or
hereafter arise. 
  
 (a) The failure by Borrower to pay when due
any amount due under this Line of Credit Agreement, the Secured Non-Revolving Time Note or any related Secured Term Note (Equipment/Leasehold Improvements), provided that (i) an Event of Default shall not be deemed to have occurred if it is the
Lender’s responsibility to automatically debit Loan payments directly from Borrower’s accounts (to the extent Borrower has funds in its accounts to make such payment), and (ii) the Borrower shall be given a ten (10) day grace period from
payment due date until an Event of Default is deemed to have occurred. 
  
 (b) The occurrence of a non-monetary Event of Default shall have occurred and be continuing after the expiration of thirty (30) days from such Event of Default. 
  
 (c) The failure of the Borrower to maintain the ratio of its current assets to its current liabilities of at least 2.0
times, as at the end of any fiscal quarter of Borrower. Short-term deferred revenue shall be excluded for purposes of this calculation, so long as Borrower warrants to the Lender that such short-term deferred revenue does not represent a cash
liability of the Borrower. Any portion of short-term deferred revenue, as determined by Borrower in its sole discretion, that does constitute a cash liability shall be included in this calculation. 
  
 15. The execution, delivery and performance of this Line of Credit Agreement,
any Note or any other instrument or document at any time required in respect hereof or of the Loan are within the corporate powers of Borrower, and not in contravention of law, the Articles of Organization or By-Laws of Borrower or any amendment
thereof, or of any material indenture, agreement or undertaking to which Borrower is a party, and each such instrument and document represents a valid and binding obligation of Borrower and is fully enforceable according to its terms. 
  
 16. This Line of Credit Agreement is supplementary to each and every other
agreement between Borrower and Lender and shall not be so construed as to limit or otherwise derogate from any of the rights or remedies of Lender or any of the liabilities, obligations or undertakings of Borrower under any such agreement, nor shall
any contemporaneous or subsequent agreement between Borrower and Lender be construed to limit or otherwise derogate from any of the rights or 

  

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remedies of Lender or any of the liabilities, obligations or undertakings of Borrower hereunder unless such other agreement specifically refers to this Line
of Credit Agreement and expressly so provides. 
  
 17. This Line
of Credit Agreement and the covenants and agreements herein contained shall continue in full force and effect and shall be applicable not only in respect of the Loan, but also to all other obligations, liabilities and undertakings of Borrower to
Lender whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising or acquired, until all such obligations, liabilities and undertakings have been paid or otherwise satisfied in full. No delay or
omission on the part of Lender in exercising any right hereunder shall operate as a waiver of such right or any other right and waiver on any one or more occasions shall not be construed as a bar to or waiver of any right or remedy of Lender on any
future occasion. This Line of Credit Agreement is intended to take effect as a sealed instrument, shall be governed by and construed according to the laws of the Commonwealth of Massachusetts, shall be binding upon Borrower’s successors and
assigns and shall inure to the benefit of Lender’s successors and assigns. 
  

			
	 Very truly yours,
  
 BOSTON PRIVATE BANK & TRUST COMPANY

		
	By:	 	/s/    ANDREW K. MICHAUD        
	 	 	

	 	 	Andrew K. Michaud, Vice President

  

			
	CURIS, INC.
		
	By:	 	/s/    MICHAEL P. GRAY        
	 	 	

	 	 	 Michael P. Gray, Vice President,
 Finance and Chief Financial Officer

  
 COMMONWEALTH OF
MASSACHUSETTS 
  

			
	 Middlesex, ss:
	 	January 20, 2004

  
 Then personally
appeared the above named, Michael P. Gray, Vice President, Finance and Chief Financial Officer of Curis, Inc. and acknowledged the foregoing instrument to be his free act and deed and the free act and deed of such corporation, before me 

 

	
	
	/s/    MARY ELIZABETH POTTHOFF        
	

	Mary Elizabeth Potthoff, Notary Public
	
	 My Commission Expires: 1/26/07

  

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 EXHIBIT A 
  
 DOCUMENTATION CERTIFICATION 
  

The undersigned, Michael P. Gray, the Vice President, Finance, and Chief Financial Officer, of Curis, Inc. (the “Borrower”) hereby
certifies to Boston Private Bank & Trust Company that: 
  

	 	1.	The attached copy of the Documentation (as defined in Paragraph 6 of the Borrower’s Line of Credit Agreement for the Acquisition of Equipment dated January 20, 2004 is a true,
correct and complete copy of the Documentation; 

  

	 	2.	The net purchase price (inclusive of twenty-five (25%) percent of the soft costs, but exclusive of seventy-five (75%) percent of soft costs) of the equipment referred to in the
attached Documentation is in the amount of $                    ; 

  

	 	3.	The soft costs of the equipment referred to in the attached Equipment Documentation is in the amount of
$                    ; 

  

	 	4.	The total purchase price of the equipment referred to in the attached Equipment Documentation (the net purchase price, plus the soft costs) is in the amount of
$                    ; and 

  

	 	5.	The aggregate principal amount of the Loan requested in connection with the attached Equipment Documentation does not exceed one hundred (100%) percent of the net purchase price of
the equipment set forth in Item 2 above. 

  

			
	CURIS, INC.
		
	By:	 	 
	 	 	

	 Name:
	 	Michael P. Gray
	 Title:
	 	 Vice President,
 Finance and Chief Financial Officer

  
 Date:
                    , 200   
  

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 EXHIBIT B 
  
 SECURED TERM NOTE 
 (Equipment/Leasehold Improvements) 
  

			
	 $                    
	 	                          ,
        
Boston, Massachusetts

  
 For value received,
the undersigned promises to pay to Boston Private Bank & Trust Company (“Lender”), or order, at its office, the principal sum of (insert amount due pursuant to the Line of Credit Agreement for the Acquisition of
Equipment) in thirty-six (36) installments as follows: $                     [1/36th of the principal balance] on
                    ,             , and the same amount (except the last
installment which shall be the unpaid balance) on the              day of each month thereafter until this Note is fully paid, with interest from the date hereof on the said
principal sum from time to time outstanding at the Base Rate plus one (1.0) percent per annum [or at a fixed rate equal to the three (3) year Federal Home Loan Bank of Boston Advance Rate as in effect on the date of this Note plus three (300
basis points) percent per annum.] 
  
 If the total collective
deposits of the undersigned and Curis Securities Corporation with the Lender are less than Ten Million ($10,000,000.00) Dollars for two (2) consecutive calendar months, then the interest rate on this Note shall change, effective as of the first day
of the third month following such change to the Base Rate plus three (3.0%) percent per annum [or the current fixed rate of interest on the Note, plus one and one half (1.5%) percent per annum.]  
  
 Such interest shall be payable monthly in arrears on the first day of each
month, commencing on the first of such dates next succeeding the date hereof. Interest shall be calculated on the basis of actual days elapsed and a 360-day year. If this Note is not paid in full on the date of maturity or upon the exercise by
Lender of its rights in the event of the undersigned’s default, interest on unpaid balances shall thereafter be payable at a fluctuating interest rate per annum equal to four percent (4%) greater than the applicable rate hereunder. 

 
 [The term “Base Rate” as used herein shall mean the rate
of interest announced by Lender from time to time in Boston as its Base Rate, it being understood that such rate is a reference rate and not necessarily the lowest rate of interest charged by Lender to its customers.] 
  
 There shall be no penalties or additional payments of any kind should the
Borrower prepay any portion of the Loan at any time before or after conversion to a Term Note. 
  
 The undersigned hereby authorizes Lender to charge the amount of all monthly interest and principal payments, when due and payable hereunder, against the undersigned’s loan account. 
  

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 This Note represents amounts loaned to Borrower pursuant to a Line of Credit Agreement for the
Acquisition of Equipment dated January 20, 2004 and that remain unpaid as of the date hereof (the “Agreement”). 
  
 At the option of the Lender, this Note shall become immediately due and payable without notice or demand upon the occurrence at any time of: (i) the
failure to pay in full and when due any installment of principal or interest hereunder provided that (a) an Event of Default shall not be deemed to have occurred if it is the Lender’s responsibility to automatically debit loan payments directly
from Borrower’s accounts (to the extent Borrower has funds in its accounts to make such payment), (b) the Borrower shall be given a ten (10) day grace period from payment due date until Event of Default is deemed to have occurred; (ii) a
non-monetary Event of Default shall have occurred and be continuing after the expiration of thirty (30) days from such Event of Default or (iii) termination of the Agreement. 
  
 Any deposits or other sums at any time credited by or due from Lender to the undersigned or any guarantor hereof, and any
securities or other property of the undersigned or any such guarantor, in the possession of Lender, may at any and all times be held and treated as security for the payment of the liabilities hereunder; and Lender may upon the occurrence and during
the continuation of an Event of Default apply or set off such deposits or other sums, at any time after default hereunder, and without notice to the undersigned or to any such guarantor, against any of such liabilities, whether or not the same have
matured, and whether or not other collateral is available to Lender. 
  
 The undersigned agrees to pay all costs of collection including reasonable fees of attorney within thirty (30) days of presentation of an invoice therefore. 
  
 No delay or omission on the part of the Lender in exercising any right hereunder shall operate as a waiver of such right or
of any other right of such Lender, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other right on any future occasion. Every one of the undersigned and every indorser or guarantor of this
Note regardless of the time, order or place of signing waives presentment, demand, protest and notices of every kind and assents to any one or more extensions or postponements of the time of payment or any other indulgences, to any substitutions,
exchanges or releases of collateral if at any time there be available to the Lender collateral for this Note, and to the additions or releases of any other parties or persons primarily or secondarily liable. 
  
 This Note is secured pursuant to a Security Agreement (Specific Equipment)
between the Lender and the undersigned dated January 20, 2004. 
  

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 All rights and obligations hereunder shall be governed by the law of the Commonwealth of Massachusetts
and this Note shall be deemed to be under seal. 
  

									
	 WITNESS:
	 	 	 	 CURIS, INC.

				
	 	 	 	 	By:	 	 
	
	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Michael P. Gray, Vice President, Finance and
 Chief Financial Officer

  

 9SECURITY AGREEMENT

 Exhibit 10.14 
  
 BOSTON PRIVATE BANK & TRUST COMPANY 
  
 SECURITY AGREEMENT 
 (SPECIFIC EQUIPMENT) 
  
 Curis, Inc., a Delaware
corporation with a principal place of business at 61 Moulton Street, Cambridge, Massachusetts 02138 and locations at 25 and 45 Moulton Street (hereinafter called “Borrower”), hereby grants to Boston Private Bank & Trust Company,
a Massachusetts trust company with a principal place of business at Ten Post Office Square, Boston, Massachusetts 02109 (hereinafter called “Bank”), to secure the payment of $1,250,000.00 as provided in the Borrower’s Line of
Credit Agreement for the Acquisition of Equipment and Leasehold Improvements, as amended from time to time, and all Notes executed pursuant thereto and all obligations of Borrower hereunder and thereunder (all hereinafter called the
“Obligations”), a security interest in the following personal property of Borrower and any and all additions, substitutions, accessions and proceeds thereto or thereof including all insurance proceeds (all of the same being
hereinafter called the “Collateral”): 
  
 See
Schedule A attached hereto, as amended, supplemented or superceded from time to time. 
  
 The assets of Curis Securities Corporation are specifically excluded from this Security Agreement. 
  
 Borrower hereby warrants and covenants that: 
  
 1. The Collateral will be kept at any of the Borrower’s leased/owned locations. These locations currently include 25, 45 and 61 Moulton Street,
Cambridge, Massachusetts 02138. Borrower will not move the Collateral from its leased/owned locations until such time as written consent to a change of location is obtained from Bank, which consent shall not be unreasonably withheld. 
  
 2. Except for the security interest granted hereby, Borrower is the owner of
the Collateral free from all encumbrances and will defend the same against the claims and demands of all persons. Borrower will not pledge, mortgage or create, or suffer to exist, a security interest in the Collateral in favor of any person other
than Bank, and will not sell or transfer the Collateral or any 

  

 
interest therein without the prior written consent of Bank, which consent shall not be unreasonably withheld. 
  
 3. The Collateral shall remain personal property irrespective of the manner
of its attachment of any real estate. If the Collateral is attached to real estate prior to the perfection of the security interest granted hereby, Borrower will, on demand of Bank, use reasonable efforts to furnish to Bank a disclaimer or
disclaimers, signed by all persons having an interest in the real estate, of any interest in the Collateral which is prior to Bank’s interest. Failure to obtain such disclaimers shall not constitute a default or material breach of this
Agreement. 
  
 4. Borrower will immediately notify Bank in writing
of any change in addresses from those shown in this agreement. Borrower shall, no more than two (2) times per year (absent an Event of Default and the expiration of any applicable grace period) at the Borrower’s sole expense, allow Bank, by or
through any of its officers, agents, attorneys or accountants, to examine, inspect or make extracts from Borrower’s books and records (provided such activities shall occur during normal business hours and with at least 24 hours advance notice),
and shall do, make, execute and deliver all such additional and further acts, things, deeds, assurances and instruments as Bank may reasonably require to more completely vest in and assure Bank of its rights hereunder or in any of the Collateral.

  
 5. Borrower will keep the Collateral at all times insured by
such insurance as Bank may from time to time reasonably require, and in any event and without specific request by Bank, will insure the Collateral against fire, including so-called extended coverage and theft, all insurance to be with such insurance
companies as shall be reasonably acceptable to Bank, with loss on any Collateral to be payable to Bank and Borrower as their respective interest may appear. All policies of insurance shall provide for not less than twenty (20) days’ notice of
cancellation and, if requested by Bank, shall be delivered to and held by it until all of the Obligations have been fully performed. 
  
 6. Borrower will keep the Collateral in good order and repair, and will not use the same in violation of law or any policy of insurance thereon. Bank may
inspect the Collateral no more than two (2) times per year (absent an Event of Default and the expiration of any applicable grace period) at the Borrower’s sole expense during normal business hours, wherever located; provided that Bank provides
24 hours advance notice and shall comply with Borrowers safety and security policies. 

  

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Borrower will pay promptly when due all taxes and assessments upon the Collateral or for its use or operation or upon this agreement, except where disputed
in good faith. 
  
 7. Upon an Event of Default, Bank may discharge
taxes and other encumbrances at any time levied or placed on the Collateral, make repairs, thereof and place and pay for insurance thereon and pay any necessary filing fees. Borrower agrees to reimburse Bank on demand for any and all expenditures
made, and until paid the amount thereof shall be a debt secured by the Collateral. Bank shall have no obligation to Borrower to make any such expenditures nor shall the making thereof relieve Borrower of any default. Bank may act as attorney for
Borrower in making, adjusting and settling claims under any insurance covering the Collateral. 
  
 8. Borrower shall pay to Bank within thirty (30) days of presentation of invoice to the Bank any and all reasonable counsel fees and other expenses incurred by the Bank in connection with the preparation of this
Agreement, documents relating thereto or modifications thereof, and any and all reasonable expenses, including, but not limited to, a collection charge on all accounts collected, all reasonable attorneys’ fees and expenses, and all other
reasonable expenses of like or unlike nature which may be expended by the Bank to obtain or enforce payment of any amount either as against Borrower, or any guarantor or surety of Borrower or in the prosecution or defense of any action or concerning
any matter growing out of or connected with the subject matter of this Agreement, the Obligations or the Collateral or any of Bank’s rights or interests therein or thereto, including, without limiting the generality of the foregoing, any
reasonable counsel fees or expenses incurred in any bankruptcy or insolvency proceedings. 
  
 9. Borrower may have possession and use of the Collateral until an Event of Default. Upon the happening of any of the following events or conditions (each an “Event of Default”), namely: (a) the
failure to pay in full and when due any installment of principal or interest provided that: (i) an Event of Default shall not be deemed to have occurred if it is the Bank’s responsibility to automatically debit loan payments directly from
Borrower’s accounts (to the extent Borrower has funds in its accounts to make such payments), (ii) the Borrower shall be given a ten (10) day grace 

  

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period from payment due date until the Event of Default is deemed to have occurred; (iii) a non-monetary Event of Default shall have occurred and be
continuing after the expiration of thirty (30) days from such Event of Default; (b) any representation or warranty of Borrower in this Agreement or made to Bank by Borrower to induce it to enter into this Agreement or to make a loan to Borrower
proving false or erroneous in any material respect when made or deemed to be made; (c) uninsured and material loss, theft, damage, destruction, or sale or encumbrance of or to the Collateral, or the making of any levy thereon, or seizure or
attachment thereof by legal process; or (d) death, dissolution, termination of existence, insolvency, appointment of a receiver of any of the Collateral, assignment for the benefit of creditors by, or the commencement of any proceeding under any
bankruptcy or insolvency laws by the Borrower or any commencement of any proceeding under any bankruptcy or insolvency laws against the Borrower which has not been dismissed within ninety (90) days thereof, a bankruptcy or insolvency proceeding is
commenced by or against any indorser, guarantor or surety of or for any Obligation; thereupon, and as long as such Event of Default continues, Bank may without notice or demand declare all of the Obligations to be immediately due and payable, and
Bank shall then have in any jurisdiction where enforcement hereof is sought, in addition to all other rights and remedies, the rights and remedies of a secured party under the Uniform Commercial Code of Massachusetts, including without limitation
thereto the right to take immediate possession of the Collateral, and for that purpose Bank may, so far as Borrower can give authority therefor, enter upon any premises on which the Collateral, or any part thereof, may be situated and remove the
same therefrom. Borrower will upon demand make the Collateral available to Bank at a place and time designated by Bank which is reasonably convenient to both parties. Bank 

  

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will give Borrower at least ten (10) business days’ prior written notice of the time and place of any public sale of the Collateral or of the time after
which any private sale thereof is to be made. From the proceeds of the sale, Bank shall be entitled to retain (i) all outstanding loan amounts secured hereby, (ii) its reasonable expenses of retaking, holding, preparing for sale and selling, and
(iii) reasonable legal expenses incurred by it in connection herewith and with such sale. No waiver by Bank of any default shall be effective unless in writing nor operate as a waiver of any other default or of the same default on another occasion.

  
 10. Borrower waives demand notice, protest, notice of
acceptance of this agreement, notice of loans made, credit extended, Collateral received or delivered or other action taken in reliance hereon and all other demands and notices of any description except as expressly provided herein. With respect
both to the Obligations and the Collateral, Borrower assents to any extension or postponement of the time of payment, to any substitution, exchange or release of Collateral, to the addition or release of any party or person primarily or secondarily
liable, to the acceptance of partial payment thereon and the settlement, compromising or adjusting of any thereof, all in such manner and at such time or times as Bank may deem advisable. Bank shall have no duty as to the collection or protection of
the Collateral or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of any rights pertaining thereto beyond the safe custody thereof. Bank may exercise its rights with respect to the
Collateral without resorting or regard to other Collateral or sources of reimbursement for liability. Bank shall not be deemed to have waived any of its rights upon or under the Obligations or the Collateral unless such waiver be in writing and
signed by Bank. No delay or omission on the part of Bank in exercising any right shall operate as a waiver of such right or any other right. A waiver on any one occasion shall not be construed as a bar to or waiver of any right on any future
occasion. All rights and remedies of Bank on the Obligations or the Collateral, whether evidenced hereby or by any other instrument or papers, shall be cumulative and may be exercised separately or concurrently. 
  

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 11. This agreement and all rights and obligations hereunder, including matters of construction, validity
and performance, shall be governed by the law of Massachusetts. This agreement is intended to take effect as a sealed instrument. 
  
 IN WITNESS WHEREOF, Borrower has caused this instrument to be executed on this 20th day of January, 2004. 
  

									
	 Signed and Sealed in the Presence of
	 	 	 	 CURIS, INC.

				
	/s/    SHEILA MURPHY        	 	 	 	By:	 	/s/    MICHAEL P. GRAY        
	
	 	 	 	 	 	

	 	 	 	 	 	 	 	 	 Michael P. Gray, Vice President, Finance and
 Chief Financial Officer

			
	 	 	 	 	 BOSTON PRIVATE BANK & TRUST COMPANY

				
	/s/    JANICE ESCOTT        	 	 	 	By:	 	/s/    ANDREW K/ MICHAUD        
	
	 	 	 	 	 	

	 	 	 	 	 	 	 	 	Andrew K. Michaud, Vice President

  
 COMMONWEALTH OF
MASSACHUSETTS 
  

			
	 Middlesex, ss:
	 	January 20, 2004

  
 Then personally
appeared the above named, Michael P. Gray, Vice President, Finance and Chief Financial Officer of Curis, Inc. and acknowledged the foregoing instrument to be his free act and deed and the free act and deed of such corporation, before me 

 

	
	
	/s/    MARY ELIZABETH POTTHOFF        
	

	Mary Elizabeth Potthoff, Notary Public
	
	 My Commission Expires: 01/26/07

  

 6 

 SCHEDULE A 
  
 Purchase Money Financed Equipment 
  
 All of Borrower’s equipment which is financed by Bank under the Borrower’s Line of Credit Agreement (in the amount of $1,250,000)
for the Acquisition of Equipment and Leasehold Improvements, dated January 20, 2004, whether now or in the future including, without limitation, any equipment specifically delineated on this Schedule A as the same may be amended from time to time,
together with all substitutions, replacements, exchanges, accessories and accessions thereto and thereof and all proceeds (including insurance proceeds) thereof. 
  

 7

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