Document:

EX-10.2

 Certain information contained in this document, identified by [***], has been redacted because it is
both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 Exhibit 10.2 
  

 
 BIOPHARMACEUTICAL MANUFACTURING AGREEMENT 

Dated October 28, 2013 

By and between 
 DSM Biologics
Company Australia Pty Ltd 
 Brisbane, Australia 

and 
 DSM Biologics Company B.V.

 Groningen, The Netherlands 

and 
 OPTHEA Pty Ltd 

South Yarra, Victoria, Australia 

  

					
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 TABLE OF CONTENTS 
  

					
	 SECTION 1: PREAMBLE
	  	 	5	 
		
	 SECTION 2: DEFINITIONS
	  	 	6	 
		
	 SECTION 3: OBJECTIVES AND OBLIGATIONS OF THE PARTIES
	  	 	9	 
		
	 SECTION 4: EXECUTION OF THE SERVICES – DEVELOPMENT WORK
	  	 	9	 
		
	 SECTION 5: EXECUTION OF THE SERVICES – MANUFACTURING WORK
	  	 	12	 
		
	 SECTION 6: PRICE
	  	 	16	 
		
	 SECTION 7: MANAGEMENT OF THE SERVICES
	  	 	17	 
		
	 SECTION 8: RECORDS AND REPORTS
	  	 	18	 
		
	 SECTION 9: QUALITY AUDITS AND REGULATORY APPROVALS
	  	 	18	 
		
	 SECTION 10: SUBCONTRACTING
	  	 	19	 
		
	 SECTION 11: INTELLECTUAL PROPERTY RIGHTS
	  	 	19	 
		
	 SECTION 12: REPRESENTATIONS AND WARRANTIES
	  	 	21	 
		
	 SECTION 13: LIABILITY AND INDEMNIFICATION
	  	 	22	 
		
	 SECTION 14: CONFIDENTIALITY
	  	 	24	 

  

					
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	 SECTION 15: TERM AND TERMINATION
	  	 	26	 
		
	 SECTION 16: NOTICES
	  	 	29	 
		
	 SECTION 17: ASSIGNMENT
	  	 	30	 
		
	 SECTION 18: DISPUTES AND APPLICABLE LAW
	  	 	30	 
		
	 SECTION 19: FORCE MAJEURE
	  	 	30	 
		
	 SECTION 20: MISCELLANEOUS PROVISIONS
	  	 	31	 

  

					
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 LIST OF EXHIBITS: 
  

			
	 Exhibit 1:
	  	 Services Schedule

		
	 Exhibit 2:
	  	 Invoicing schedule

		
	 Exhibit 3:
	  	 Quality Agreement

		
	 Exhibit 4:
	  	 CCN Format

		
	 Exhibit 5:
	  	 Cancellation Scheme

		
	 Exhibit 6:
	  	 Draft Product Specifications

		
	 Exhibit 7:
	  	Designated Vendors

  

					
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 BIOPHARMACEUTICAL MANUFACTURING AGREEMENT 

This Biopharmaceutical Manufacturing Agreement is made and entered into on this 28th day of October, 2013 (the “Effective Date”): 

BY AND BETWEEN: 
 OPTHEA Pty Ltd., a company
incorporated under the laws of Australia having its registered address at Level 4, 650 Chapel Street, South Yarra, Victoria 3141, Australia; (hereinafter referred to as “OPTHEA”), of the one part; 

AND: 
 DSM Biologics Company Australia Pty, Ltd.
(A.B.N. 33 141 099 041), having its registered address at 37 Kent Street, Woolloongabba, QLD, 4102, Australia (“DSM Australia”) 

and 
 DSM Biologics Company B.V., a company incorporated
under Dutch law, having its registered address at Zuiderweg 72/2, Groningen, The Netherlands (hereinafter referred to as “DSM Netherlands”), of the other part; 

DSM Australia and DSM Netherlands are hereinafter referred to collectively as “DSM”. 

OPTHEA and DSM hereinafter sometimes individually referred to as “Party” and collectively as “Parties”. 

SECTION 1: PREAMBLE 
 WHEREAS 

 

	A.	 OPTHEA is the proprietor of a VEGFR-3 protein known as OPT-302; and 

  

	B.	 DSM has expertise and know-how in the area of development and cGMP
production of biopharmaceutical products; and 

  

	C.	 OPTHEA wishes to contract DSM to perform manufacturing and development work as specified in this Agreement in
connection with such protein; and 

  

	D.	 DSM is willing to perform such Services for OPTHEA; 

  

					
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 NOW THEREFORE, in consideration of the promises and the mutual covenants and agreements hereinafter
contained, the Parties agree as follows: 
 SECTION 2: DEFINITIONS 

In this Agreement the following terms, whether used in the singular or plural form, shall, as used herein, have the following respective meanings: 

“Acceptance” has the meaning ascribed thereto in Section 5.8. “Accept” and “Accepted” have the correlative meaning;

 “Affiliates” means any individual, company, partnership or other entity which directly or indirectly, at present or in the future,
controls, is controlled by or is under common control with a Party. For this purpose “control” shall mean direct or indirect beneficial ownership of at least fifty per cent (50%) of the voting share capital in such company or other
business entity; 
 “Agreement” means this Biopharmaceutical Manufacturing Agreement (including any amendment signed by the Parties
hereto), including all schedules and Exhibits attached hereto, and CCN’s entered into hereunder; 
 “Batch” shall mean a specific
quantity of Product that is intended to be of uniform character and quality and is produced during the same cycle of manufacture; 
 “Batch
Records” means in relation to a Batch of Product, the production records showing how the Batch was manufactured; 
 “Bill of
Testing” means the agreed upon written list of testing, methods, limits and specifications applicable to in-process bulk harvest and Product, applying to the manufacture and disposition of Product by
DSM, as defined in the Quality Agreement attached hereto as Exhibit 1, Annex 4, that may be amended by written agreement between the Parties; 

“CCN” means a contemplated change notification initiated by DSM in writing and provided to OPTHEA upon request of either Party, and
describing any material deviation from the Services, and which must be approved by OPTHEA in writing before entering into force. The standard format of a CCN is attached hereto as Exhibit 4; 

“Certificate of Analysis” or “CoA” means the certificate containing the outcome of the disposition tests on the Product as
performed by DSM or on behalf of DSM according to the Bill of Testing; 
 “cGMP” means current good manufacturing practices and general
biological products standards as promulgated under the United States Federal Food Drug and Cosmetic Act at 21 CFR (Chapters 210, 211, 600 and 610), the EEC Guide to Good Manufacturing Practices for Medicinal Products as promulgated under European
Directive 2003/94/EC (replacing 91/356/EEC) and PIC/S Guide to Good Manufacturing Practice for Medicinal Products PE-009-08 Part 2, including any amendments to such
regulations, to the extent these regulations relate to guidelines applicable for biopharmaceuticals and active pharmaceutical ingredients; 

  

					
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 “Claims” means any legal claim, demand, action, suit or proceedings made or brought by any
third party (other than an Affiliate of either Party); 
 ”Close Out Costs” shall have the meaning set forth in Section 15.5; 

“Confidential Information” means any scientific, technical or business information furnished by the disclosing Party to the receiving Party
in connection with the Services and this Agreement, whether orally, in writing or as a tangible sample of material; 
 “Cost” shall mean
the actual invoiced price paid by DSM to a third party in connection with the acquisition of materials and services in connection with the Services, including without limitation shipping and handling costs and customs duties. Costs for third party
service providers and vendors, and for media, feed, or any individual item having an invoice price [***] shall also be invoiced at Cost [***] to cover DSM’s procurement and inventory costs in connection therewith. 

“Defaulting Party” has the meaning ascribed thereto in Section 15.1.4; 

“Deliverable” means any deliverable to be provided to OPTHEA, by DSM, as further specified in Exhibit 1, any amendment thereto, or in
a CCN; 
 ”Designated Vendor” shall have the meaning set forth in Section 4.7 below and shall include those entities specified in
Exhibit 7. 
 “Development Work” means the activities as undertaken by DSM which relate to
non-cGMP manufacturing of the Product which are performed in the laboratory facilities and include technology transfer and any kind of development, scaling-up,
validation and testing activities including toxicology batches and engineering batches; 
 “Documents” means the documents on the basis of
which a Batch of Product is released by DSM which include but may not be limited to: the Certificate of Analysis, Statement of Compliance, production and testing records, analytical test data for release tests of the Bulk Harvest Product, Batch
dossier summary and deviation reports as agreed upon in the Quality Agreement; 
 “DSM Facilities” means the development and production
facilities of DSM located at [***] and [***]; 
 “EMA” means the European Medicines Agency; 

“EFFECTIVE DATE” means the date indicated on the first page of this Agreement; 

“FDA” means the U.S. Food and Drug Administration; 

“For Cause Audit” shall mean an audit to address a Major cGMP Deviation resulting in a failure of Product to meet Specification due to
DSM’s material breach of its obligations under this Agreement. 
 “Force Majeure” has the meaning ascribed thereto in
Section 19.1; 
 “Intellectual Property Right” shall mean inventions, Patents, and/or Know How, and all intellectual property rights
related thereto. 

  

					
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 “Know-How” shall mean any and all information not
covered by a Patent, including but not limited to materials, trade secrets, information, experience and data, formulae, procedures, results and specifications, regulatory filings and clinical and pre-clinical
data, in written or electronic form. 
 “Latent Defects” shall have the meaning set forth in Section 5.8.3; 

“Losses” means, in relation to a Claim, any and all losses, obligations, liabilities, damages, deficiencies, costs and expenses which a Party
incurs or suffers (including reasonable attorneys’ fees and legal fees incident thereto or in seeking indemnification from the other Party therefore) as a result of such Claim; 

“Manufacturing Work” means the activities as undertaken by DSM for manufacturing the Batch of Product, including all manufacturing activities
in compliance with cGMP (which for the purpose hereof shall include all operations of receipt of materials and products, production, quality control, release, storage); 

“Material Change” means any change in assumptions or scope that results in the necessity to modify the Manufacturing or Development Work
previously agreed to by the Parties in order to achieve a desired result; 
 “New General Application Intellectual Property” has the
meaning ascribed thereto in Section 11.2; 
 “New OPTHEA Intellectual Property” has the meaning ascribed thereto in Section 11.2;

 “Non-Defaulting Party” has the meaning ascribed thereto in Section 15.1.4; 

“Patent” means any and all granted patents, including without limitation utility models and certificates of invention, and reissues,
renewals, reexaminations, supplementary protection certificates, extensions, and term restorations thereof, and patent applications therefore, including any continuations,
continuations-in-parts, divisionals thereof, and the like, and foreign equivalents thereof; 

“Price” means, depending on the context, the total price for the Services or the price for any element of work in the Services as specified
in the Exhibit 2; 
 “Process” means the process for the development and manufacture of the Product as used in the Services,
including any improvements thereto; 
 “Product” means bulk purified OPT-302 drug substance
manufactured in accordance with the Process; 
 “Project Manager” means the individual assigned by a Party who will be responsible on
behalf of the respective Party for the scientific and technical components of the Services; 
 “Quality Agreement” means the agreement
jointly developed by the Parties during the Development Work, attached hereto as Exhibit 3, incorporating all relevant Quality Assurance and Quality Control obligations and aspects for the Parties; 

  

					
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 “Schedule” shall mean the description of the Services, as set forth in Exhibit 1,
incorporating the specific details of each Services phase and a time schedule mutually agreed upon by the Parties. 
 “Services” means all
the activities performed by DSM, as further described in Exhibit 1, and all amendments thereto, or in any CCNs entered hereunder; 
 “Service
Activity” means the [***] activities performed by DSM, as further described and identified in Annex 1 of Exhibit 1, and includes any CCNs or amendments entered hereunder; 

“Specifications” means the specifications, technical data and/or formulae of the Product manufactured during Manufacturing Work, and all
amendments thereto, to be agreed upon in writing between the Parties. The Specifications are set out in Exhibit 6. Any amendment to the Specifications must be in writing, signed by both Parties. 

“Statement of Compliance” or “SoC” means the confirmation to be issued by DSM contained in the Certificate of
Analysis stating that the Product meets the Specifications and was manufactured in accordance with cGMP. 
 “Steering Committee” has the
meaning as set forth in Section 7.6. 
 “Term” is defined in Section 15.1. 

SECTION 3: OBJECTIVES AND OBLIGATIONS OF THE PARTIES 
  

	3.1	 Services for Payment: Subject to the terms and conditions of this Agreement, OPTHEA hereby engages DSM
to carry out the Services; and DSM, subject to the terms and conditions of this Agreement, hereby undertakes to use commercially reasonable efforts to carry out the Services in accordance with this Agreement. 

 

	3.2	 CCN: Any Material Change to the scope of the Services shall not take effect unless approved in writing
through a CCN signed by both Parties. Subject to provisions under Section 4.4, DSM shall submit a CCN to OPTHEA in a timely manner. DSM shall not be responsible for any delay resulting from OPTHEA’s failure to timely execute a CCN
necessary for the completion of the Services or any portion of such Services. 

 SECTION 4: EXECUTION OF THE SERVICES –
DEVELOPMENT WORK 
  

	4.1	 Commencement: DSM shall begin the Services on or about
28th October 2013subject to DSM having timely received the appropriate payments in accordance with Section 6 and the necessary OPTHEA approvals, consents, information and materials necessary
for the commencement of the Services (or any part of the Services), as specified in this Agreement, and specifically without limitation in Exhibit 1, any amendment thereto, or in a CCN. The different stages of the Development Work are
estimated to require the periods of time identified in the Schedule to this Agreement. Any estimated timelines are dependent on OPTHEA’s timely provision of necessary approvals, consents, information and/or materials specified in Exhibit
1, any amendment thereto, in any CCN or other writing agreed to by the Parties. DSM shall timely notify OPTHEA if it expects execution of a part of the Services not to be possible within the timeframe as described in the Schedule, and, subject
to Section 4.5, shall take commercially reasonable efforts to perform that part of the Services as soon as possible thereafter.  

  

					
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	4.2	 In accordance with [***] set forth in the Schedule as described in Exhibit 1, the second Service
Activity being part of the Development Work will not commence unless the Parties have agreed in writing to [***] in respect thereof. DSM shall keep OPTHEA informed of the impact of any delays in commencing each Service Activity, and shall use
commercially reasonable efforts to minimize any such delays. 

  

	4.3	 Incremental Work: Within [***] after performance by DSM of each individual stage of the Development
Work, as described in the Schedule, DSM shall notify (electronically, in writing) OPTHEA (i) about the results of the stage and (ii) to what extent, in DSM’s opinion, the stage has been completed. Based on this information Parties
shall discuss in good faith whether to (i) proceed with the Services according to the Schedule, (ii) perform incremental work with regard to the stage (and agree on the consequences, e.g. in relation to previously agreed Manufacturing
Work) or (iii) terminate the Services. DSM shall employ its best efforts to incorporate incremental work into the existing Services as outlined in Exhibit 1. Any resulting agreement with respect to how to proceed shall be set forth in
writing. In the event that the incremental work leads to a change in the Schedule for the Manufacturing Work the consequences with respect to the change in the Schedule shall be negotiated, and the Parties shall set forth in the CCN the impact of
those consequences. 

  

	4.4	 CCN Discussion: In the event that the Parties agree that incremental work is necessary they shall
negotiate a CCN in good faith. If the Parties fail to reach agreement on the CCN within a [***] period after having started discussions on the CCN, the Services and this Agreement shall terminate automatically, unless the Parties agree to extend the
time for such negotiations, in writing. Any agreed CCN implemented for the Services shall include a discount in the amount of [***] to DSM’s standard rates. 

 

	4.5	 OPTHEA Responsibilities: In connection with any Development Work related to the Services, and subject to
Section 4.2, OPTHEA shall provide DSM with all required approvals, consents, information and other materials specified in Exhibit 1, on a timely basis, and no later than the time period specified in Exhibit 1 or such other time as
specifically agreed to by the project teams and set forth in approved meeting minutes. In the event that any delay of the Development Work results from OPTHEA’s failure to provide necessary consent, information and/or materials within the time
frame specified in Exhibit 1, subject to Section 4.2, or the time frame agreed upon by the project teams in writing, any other part of this Agreement, any amendment to this Agreement, any CCN, or as otherwise set forth in any writing
between the Parties, when required thereby, OPTHEA shall be solely responsible for such delay. Any unreasonable delay resulting from OPTHEA’s failure in accordance with this section 4.5 shall be considered a Postponement within the meaning of
Section 15.2. 

  

					
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	4.6	 DSM Responsibilites: In connection with any Development Work related to the Services, DSM shall use
reasonable efforts consistent with industry practice to execute all activities according to and in line with the timelines as specified in Exhibit 1 according to applicable guidelines and laws and to supply OPTHEA with all required materials
and information, subject to Sections 4.1 and 4.2. DSM will provide all required documentation requiring approval or action by OPTHEA in time to allow suitable time for approval. Each Party will take all reasonable efforts to prevent the loss of any
scheduled manufacturing slots. Nothing contained herein shall limit or otherwise modify Section 12.4 of this Agreement. 

  

	4.7	 Vendor’s Designated or Contracted by OPTHEA: If, in connection with the Development
Work performed pursuant to this Article 4, or the Manufacturing Work performed pursuant to Article 5, OPTHEA elects, at its sole discretion, to require DSM to procure raw materials, media, feed or other supplies (“raw materials”) from
vendors designated by OPTHEA which are not approved vendors under contract with DSM (hereinafter, “Designated Vendors”), then OPTHEA shall so advise DSM in writing, and DSM will establish supply arrangements with such Designated Vendors in
accordance with this Section 4.7. 

  

	 	4.7.1	 Cooperation on Supply Problems. DSM shall promptly advise OPTHEA if it encounters supply problems,
including delays and/or delivery of non-conforming products from Designated Vendors; and (ii) DSM and OPTHEA shall cooperate to reduce or eliminate any supply problems from such Designated Vendors.

  

	 	4.7.2	 Annual Certification. OPTHEA shall be obligated to certify its own Designated Vendors, as specified in
the Quality Agreement, on an annual basis, at its expense, and shall annually supply certification to DSM for such Designated Vendors. If DSM is required to certify such Designated Vendors, DSM’s certification expenses including, but not
limited to, quality audit visits to the Designated Vendors [***]. 

  

	 	4.7.3	 Cancelled Manufacturing Runs. If scheduled manufacturing runs are required to be cancelled because a
Designated Vendor failed to supply acceptable materials on a timely basis, OPTHEA may be obligated to pay DSM a cancelled production fee as outlined in Section 15.2 and where appropriate, the cancellation scheme set forth in Exhibit 5.

  

	 	4.7.4	 Batch Failure Resulting from Designated Vendor Failure. If any Batch of Product fails because of defects
or other non-conformities in raw materials supplied by a Designated Vendor that could not have been discovered by DSM as a result of DSM’s obligations under this Agreement and the Quality Agreement, then
OPTHEA shall be obligated to pay DSM a failed Batch fee computed as [***] of the Batch Price including [***]. 

  

	 	4.7.5	 Rescheduled Runs. At the request of OPTHEA, DSM shall use reasonable efforts to
re-schedule any production run which is cancelled due to Designated Vendor problems, subject to its then existing production schedule. Upon the rescheduled production of the cancelled production, [***] Price
shall be charged for such rescheduled quantities upon completion, notwithstanding and in accordance with Section 15.2, OPTHEA’s prior payment of [***]. 

  

					
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	 	4.7.6	 Quality Issues. OPTHEA shall be responsible for compensating DSM for [***] to investigate and resolve
quality issues arising with the Designated Vendor. 

  

	 	4.7.7	 Direct Contracts with Vendor. If OPTHEA requires DSM to procure raw material from any Designated Vendor,
then DSM shall require that such Designated Vendor enter into a supply contract directly with DSM; otherwise, and until execution of such supply contract, OPTHEA shall be solely responsible for the supply of raw materials, and for any liability
arising as a result thereof. 

  

	 	4.7.8	 For avoidance of doubt, the provisions of this Section 4.7 shall equally apply to Article 5 of the
Agreement. 

  

	4.8	 Engineering Batch Failure due to not Using Diligent and Commercially Reasonable Efforts: If any non-cGMP manufacturing of an engineering batch fails because DSM has not used diligent and commercially reasonable efforts to perform such manufacturing, OPTHEA and DSM shall agree on one of the following as the
[***] for OPTHEA and the [***] for DSM: 

  

	 	4.8.1	 to [***] for such batch; 

 

	 	4.8.2	 to obtain, at [***] and [***] as soon as reasonably possible; 

 

	 	4.8.3	 to [***] in such a way that it can be deemed to have been manufactured diligently and using commercially
reasonable efforts. 

 SECTION 5: EXECUTION OF THE SERVICES – MANUFACTURING WORK 

 

	5.1	 Performance: It is understood by the Parties that the [***] Service Activities are optional to OPTHEA
and may be requested by OPTHEA at its discretion, no time slot being reserved by DSM for any part of the [***] Service Activities including the Manufacturing Work. The [***] Service Activities including the Manufacturing Work will thus not commence
unless they are authorized by OPTHEA in writing. If and when OPTHEA provides such written approval, DSM shall reserve a time slot for OPTHEA for performing the [***] Service Activities including the Manufacturing Work. DSM shall perform the
Manufacturing Work under the Services in the DSM Facilities, subject to DSM having received in due time the appropriate payment(s) in accordance with Section 6 and the necessary OPTHEA approvals, consent, information and materials necessary for
the commencement of the Services (or any part of the Services), as specified in Exhibit 1, any amendment thereto, or in a CCN. The different parts of the Manufacturing Work are estimated to require the periods of time identified in the
Schedule to this Agreement. DSM shall timely notify OPTHEA if it expects execution of a part of the Manufacturing Work not to be possible within the timeframe as described in the Schedule, and subject to Section 5.2 shall take commercially
reasonable efforts to perform that part of such Manufacturing Work as soon as possible thereafter. 

  

					
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	5.2	 OPTHEA Responsibilities: In connection with any Manufacturing Work in connection with the Services,
OPTHEA shall provide DSM with all required approvals, consents, information and other materials specified in Exhibit 1 or the Quality Agreement, on a timely basis, and no later than the time period specified therein once the Manufacturing
Work is approved to commence by OPTHEA. OPTHEA’s responsibility to provide consents, information and other materials includes the requirement to approve Documents, supply or order OPTHEA supplied materials, or provide information in accordance
with the schedule set forth in Exhibit 1 or in the Quality Agreement or such other time as specifically agreed to by the project teams and set forth in approved meeting minutes. In the event that any delay of the Manufacturing Work results
from OPTHEA’s failure to provide necessary approvals, consent, information and/or materials within the time frame specified in Exhibit 1, any other part of this Agreement, any amendment to this Agreement, any CCN, or as otherwise set
forth in any writing between the Parties, when required thereby, OPTHEA shall be solely responsible for such delay. Any such unreasonable delay shall be [***]. 

 

	5.3	 Quality Agreement: In relation to the Manufacturing Work, each Party shall perform their
respective obligations and responsibilities set forth in the Quality Agreement. 

  

	5.4	 Manufacture in accordance with cGMP: The Product to be manufactured during the Manufacturing Work (as
described in the Schedule) shall be manufactured in accordance with all applicable cGMP requirements. 

  

	5.5	 Testing: Each Batch of Product will be sampled and tested by or on behalf of DSM against the
Specifications according to the Bill of Testing. The Bill of Testing shall be approved, in writing, by the Parties, and signed by each Party. Any modifications to the Bill of Testing shall only be effective when approved in writing by the Parties.
In connection with Manufacturing Work, the quality assurance department of DSM will review the Documentation and will assess if the manufacture has taken place in compliance with cGMP regulations. 

 

	5.6	 Statement of Compliance: If, based upon such tests, the Batch conforms to the Specifications and was
manufactured according to cGMP, a Statement of Compliance will be completed and approved by the Quality Assurance Department of DSM in connection with Manufacturing Work. The Certificate of Analysis including the Statement of Compliance and all
other Documents will be delivered to OPTHEA for each Batch. In the event OPTHEA has not received all Documents at the time of delivery of the Certificate of Analysis it will promptly notify DSM in writing and DSM shall, within [***], send such
Documents to OPTHEA. In the event that OPTHEA requires additional copies of the Documents, or copies of any other documents concerning the Manufacturing Work, these will be provided by DSM at Cost. 

 

	5.7	 Shipment: When OPTHEA requests DSM to ship Product to OPTHEA or a third party, DSM shall do so in
accordance with OPTHEA’s instructions but at [***] of OPTHEA. Product shall be shipped, [***] from the DSM Facilities (in accordance with Incoterms 2000) with responsibility for and title to the Product passing to OPTHEA in accordance with the
applicable Incoterms. 

  

					
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	5.8	 Acceptance: OPTHEA will notify DSM in writing of its acceptance or rejection of the Batch of Product
within [***] of delivery of all Documents; and such acceptance or rejection shall be based solely on OPTHEA’s review of the Documents (“Acceptance”). 

 

	 	5.8.1	 OPTHEA shall be obligated to accept the Batch in all instances other than where the Batch fails to meet the
Specifications and/or was not manufactured in compliance with cGMP. OPTHEA shall notify DSM of any rejection of the Batch of Product pursuant to this Section 5.8.1 within the [***] period set forth in Section 5.8. In the absence of any
such written confirmation to DSM of rejection of the Batch or any material substantiation of the underlying reasons for such rejection, the Batch of Product shall be deemed to comply with the Specifications and manufactured in compliance with cGMP
and shall be deemed Accepted by OPTHEA. 

  

	 	5.8.2	 During the aforementioned [***] and thereafter, OPTHEA shall have and retain full control and title to the
Product, but unless otherwise requested by OPTHEA, DSM shall store the Batch until delivery pursuant to Section 5.7 or shipment pursuant to the Section 5.8.4 under controlled conditions compliant with cGMP requirements and according to the
agreed upon storage instructions. Any other use or processing of the Product by or on behalf of OPTHEA prior to Acceptance shall be [***]. 

  

	 	5.8.3	 Upon Acceptance by OPTHEA of the Batch of Product, OPTHEA shall [***] in respect of the Batch vis-à -vis DSM save for [***]. Latent Defects (as defined hereafter) shall be reported in writing promptly after discovery but in no event more than [***] after
delivery of the respective Batch of Product. “Latent Defects” shall mean a non-compliance of the Product with the Specifications caused by a provable failure by DSM to comply with cGMP, which
defect was already present at the time of delivery and which could not have been identified by or on behalf of OPTHEA prior to Acceptance by review of the Certificate of Analysis and other Documents supplied to OPTHEA on delivery of the
Batch.

 Without limitation of anything to the contrary set forth in this Agreement, including but not limited to
Section 4.7, OPTHEA’s sole and exclusive remedy for Latent Defects for which DSM is responsible under the terms of this Agreement shall be the remedies set forth in Section 5.12 and DSM shall only be liable upon OPTHEA’s
proof that DSM failed to comply with cGMP. In the event of any attempted rejection of Product by OPTHEA due to an alleged Latent Defect, OPTHEA shall either dispose of the Product or return the Product to DSM, in accordance with DSM’s
instructions and applicable laws. Where it is established that a Latent Defect exists, all Costs of disposal or return shall be borne by DSM. Otherwise, OPTHEA shall bear the Costs of return or disposal. 

  

					
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	 	5.8.4	 Shipment to Third Party: When OPTHEA requests DSM to ship Product to a third party, DSM shall do so in
accordance with OPTHEA’s instructions but at the sole risk, responsibility and expense of OPTHEA. In such event and subject to the other terms of this Agreement, responsibility for and title to the Product shall pass to OPTHEA along with the
risk when the Product is placed [***]. Following such shipment, if OPTHEA claims that such Product does not comply with Specifications, then it must demonstrate by clear evidence that such non-compliance is
caused solely by the failure by DSM to comply with cGMP and that such defect was already present prior to shipment. 

  

	5.9	 Dispute on Specifications: If during the aforementioned [***] period (or, in the case of Latent Defects,
the aforementioned [***] period), there is any dispute concerning whether Product complies with the Specifications or whether such failure is due (in whole or in part) to acts or omissions of OPTHEA (or a third party to whom OPTHEA has requested
that DSM ship Product) after delivery of Product, a sample of the Product received by OPTHEA and a sample retained by DSM shall be exchanged between OPTHEA and DSM for a counter-check. If such counter-check does not resolve the dispute, the Parties
agree to act in good faith to arrive at a solution and, in doing so, may mutually agree to submit a sample of the Product received by OPTHEA and a sample retained by DSM to an independent, qualified third-party laboratory that is mutually acceptable
and selected by the Parties promptly in good faith. Such laboratory shall provide the Parties with a recommendation regarding whether the rejected Product met the Specifications at the time of delivery by DSM to the carrier; and the Parties shall,
based on such recommendations, negotiate an appropriate resolution of their dispute. 

  

	5.10	 Dispute on cGMP: If during the aforementioned [***] period (or, in the case of Latent Defects, the
aforementioned [***] period), there is any dispute concerning whether Product was manufactured in compliance with cGMP, the QA-managers of the Parties shall discuss in good faith to attempt to resolve such
dispute. If the QA-managers of the Parties fail to reach agreement in due time, such dispute shall be submitted to the Steering Committee. If the Steering Committee fails to reach agreement in due time, such
dispute shall be submitted to an independent, qualified third-party expert that is mutually acceptable and selected by the Parties promptly in good faith. Such expert shall determine whether the Product was manufactured in compliance with cGMP; and
such expert’s determinations shall be final and determinative for purposes of this Agreement save for manifest error on the face of decision. [***] shall bear all fees and costs of the expert’s activities. 

 

	5.11	 Remedy on Failed Specification: If the Batch of Product does not conform to the Specifications, provided
the nonconformity is not due to DSM’s failure to comply with cGMP, and OPTHEA subsequently does not Accept the Batch, OPTHEA shall have to pay the Price for this failed Batch of Product. DSM shall at OPTHEA’s request either obtain new raw
materials and produce a new Batch of Product as soon as reasonably possible or investigate and rework the Batch with the Price of any replacement Batch to be paid by OPTHEA. 

  

					
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	5.12	 Remedy on Failed cGMP: 

 

	 	5.12.1	 Regardless of whether the Batch of Product conforms to the Specifications or not, if this Batch was not
manufactured according to cGMP (if applicable) and the Batch is subsequently not Accepted by OPTHEA, OPTHEA and DSM shall agree on one of the following [***] for OPTHEA and the [***] for DSM: 

 

	 	5.12.1.1	 to refund the Price and Costs paid for this Batch of Product; 

 

	 	5.12.1.2	 to obtain, at DSM’s cost and expense, new raw materials and Manufacture a new Batch of Product as soon as
reasonably possible; 

  

	 	5.12.1.3	 to rework, at DSM’s cost and expense, the Product in such a way that the Batch can be deemed to have been
manufactured according to cGMP. 

  

	 	5.12.2	 Regardless of the decision made pursuant to Section 5.12.1, the Parties shall meet to discuss, evaluate
and analyze the reasons for and implications of the failure to comply with cGMP and shall discuss in good faith whether to proceed with or to amend the Services, or to terminate the Services. 

 

	5.13	 [***]: Subject to the indemnification obligations under this Agreement, [***] under this Agreement with
respect to Product (i) not complying with the Specifications shall be limited to the remedy as provided for in Section 5.11 and (ii) not being manufactured in compliance with cGMP shall be limited to the remedy and liability as
provided for in Section 5.12. 

  

	5.14	 Indemnity for subsequent Purchasers: OPTHEA shall indemnify, defend and hold DSM and its Affiliates
harmless from and against any and all Losses resulting from claims made by any subsequent purchasers of the Product against DSM for loss or damage arising out of the performance or non-performance of Product
provided under this Agreement, if OPTHEA cannot obtain for DSM from the subsequent purchasers the limitation of liability protections in this Agreement. 

SECTION 6: PRICE 
  

	6.1	 Price Assumptions: It is understood between the Parties that the Prices for the Services shall be based
upon [***] hereto. If, during the execution of the Services, it becomes clear that [***] and have consequences for the Services, which cannot be addressed by a CCN, the Parties shall adjust the Price for those parts of the Services so effected
accordingly. In addition, OPTHEA agrees that it shall bear any adjustment to the Price due to subsequent regulatory changes relevant to the Services, Product, and/or the Process, or any delay by OPTHEA in providing required consents, information and
other materials specified in Exhibit 1, on a timely basis. 

  

	6.2	 Invoicing Schedule: The invoicing schedule for the Services undertaken under this Agreement is set out
in Exhibit 2. 

  

					
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	6.3	 Invoices: All invoices shall be payable by OPTHEA within [***] of receipt of the invoice with payment
being made as specified on the invoice. Any delay in the payment by OPTHEA of the Price shall carry an interest rate as of the first day of such delayed payment, which interest rate shall be based on an annual interest rate of [***] above the base
lending rate at the time as set by the Reserve Bank of Australia. In the event of a failure to pay within the required time frame, DSM shall notify OPTHEA of such failure, and OPTHEA shall advise of the reasons for the failure to pay. If the failure
to pay has not been resolved within not less than [***] of such notice by DSM, DSM shall have the right, in its sole discretion, to suspend or discontinue any scheduled commencement of or continuation of work to be performed, or being performed,
even if such discontinuance or suspension results in the loss of a time slot that was reserved for OPTHEA. DSM shall notify OPTHEA of any such decision in writing. DSM shall not be held responsible or liable for any
non-commencement or discontinuation of the Services or missed time slot as a result of any suspension or discontinuance of work pursuant to this Section 6.3. Any loss of timeslot hereunder shall be
considered a Postponement pursuant to Section 15.2. DSM may also, in its sole discretion, treat the failure to pay the invoice as a cancellation by OPTHEA, and OPTHEA shall be responsible for payment for such cancellation in accordance with the
terms of the cancellation scheme of Exhibit 5. 

 SECTION 7: MANAGEMENT OF THE SERVICES 

 

	7.1	 The Parties hereby agree that the Services shall be under the day-to-day supervision of the DSM Project Manager. 

  

	7.2	 The Parties shall work together through the respective Project Managers to ensure the satisfactory execution of
the Services. 

  

	7.3	 Each Project Manager shall be entitled to propose recommendations to the Parties to ensure that the Services
meet their objectives. 

  

	7.4	 Each Project Manager shall be in charge of all scientific and technical components of the Services within its
own organization and shall maintain communication with the other Party in connection therewith. 

  

	7.5	 Each Party intends and shall use reasonable efforts not to replace its Project Manager and, in case of
replacement, to timely notify the other Party of such replacement. 

  

	7.6	 The Parties shall also nominate a Steering Committee (“Steering Committee”), which Steering
Committee shall be in charge of (i) monitoring the overall progress, timelines, results and Price of the Services; (ii) taking the relevant decisions as described in Sections 5.10 and 5.12; (iii) discussing the forward planning of the
Services for the upcoming 12 months insofar as this is not yet firmly agreed upon between the Parties, and (iv) attempt to settle any disputes according to Section 18. Unless otherwise provided for or agreed upon in writing, all decisions
of the Steering Committee shall be taken on the basis of unanimity. 

  

					
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	7.7	 DSM shall permit a reasonable number of persons authorized by OPTHEA, including but not limited to OPTHEA
employees, representatives, contractors or employees, representatives or contractors of an Affiliate of OPTHEA, licensees or potential licensees of OPTHEA, under appropriate confidentiality provisions acceptable to DSM, to visit the DSM Facilities
during regular business hours where the Services are being conducted to evaluate the progress of the Services, unless such visit would conflict with a prearranged visit by another client or an inspection by or for another client or by a regulatory
authority. Unless otherwise agreed, such visits shall only be made subject to [***] prior written notice of the request for such visit, such notice to be given to DSM by OPTHEA and such notice to identify the persons who will be visiting and the
nature of their association with OPTHEA. Nothing contained in this Section 7.7 shall be construed to permit OPTHEA employees, representatives, contractors or employees, representatives or contactors of an Affiliate of OPTHEA, licensees or
potential licensees of OPTHEA to be present in restricted cGMP suites or locations of the facility. 

  

	7.8	 The Parties may use electronic mail to communicate during the execution of the Services. The Parties shall use
all reasonable measures to ensure the confidentiality of information so communicated. 

  

	7.9	 DSM shall, throughout the Services, use its commercially reasonable efforts to maintain adequate resources
(including suitable equipment and facilities and qualified, trained and experienced staff) to perform the Services as currently planned and as may be modified by agreement between the Parties. 

SECTION 8: RECORDS AND REPORTS 
 DSM hereby
undertakes that it shall submit to OPTHEA, at the times identified in the Schedule, a report detailing the progress and results of (the relevant part of) the Services and highlighting any major issues encountered during the previous period. If no
times are identified in the Schedule, then reports shall be issued [***] and final reports shall be issued promptly after completion of the relevant part of the Services. In any event, as soon as DSM becomes aware of any major issues that may impact
on the time for completion of the Services or any part thereof, or that may have an effect on a deliverable or impact the Product, such major issues shall be reported promptly to OPTHEA, as well as being highlighted in the next report that is due on
that part of the Services. 
 SECTION 9: QUALITY AUDITS AND REGULATORY APPROVALS 

 

	9.1	 All audits shall be governed by the Quality Agreement attached as Exhibit 3 to this Agreement.

  

	9.2	 The “Annual Audit” as set forth in the Quality Agreement and “For Cause Audits” will be
[***] to OPTHEA. 

  

					
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	9.3	 For any other Audits other than those outlined under Section 9.2 of this Agreement
during the same calendar year or twelve month period (as applicable), DSM’s expenses (including DSM’s internal costs, such as, without limitation, labor which for the purpose hereof shall be charged at [***] in accordance with the terms of
Exhibit 1) associated with such audits or inspections shall be borne by OPTHEA. 

  

	9.4	 DSM shall permit inspections of DSM’s facilities by governmental authorities (such as the FDA and
equivalent EMA regulatory authorities) in connection with any registration or pending registration for manufacturing of Product. All DSM’s and such subcontractors’ expenses (including internal costs, such as, without limitation, labor
costs) associated with such audits or inspections shall be borne by [***] and shall be in accordance with [***]. 

  

	9.5	 DSM and OPTHEA agree to promptly inform each other on the outcome of other inspections by governmental
regulatory authorities potentially connected with the Product(s). 

 SECTION 10: SUBCONTRACTING 

Unless to an Affiliate in relation to an activity which is not covered by cGMP, DSM shall not be entitled to subcontract portions of the
Services to any third party without OPTHEA’s prior written permission thereto, which permission shall not be unreasonably or untimely withheld. 

SECTION 11: INTELLECTUAL PROPERTY RIGHTS 
  

	11.1	 Neither Party will, as a result of this Agreement, acquire any right, title or interest in any Intellectual
Property Rights that the other party owns or controls as of the Effective Date, or that the other Party obtains ownership or control of separate and apart from the performance of the Services under this Agreement. 

 

	11.2	 OPTHEA shall exclusively own all right, title and interest in the Intellectual Property Rights that DSM and/or
its Affiliates, contractors or agents develop, conceive, invent, reduce to practice or make, solely or jointly with OPTHEA, in the course of performance of the Services or as a result of receipt of OPTHEA Intellectual Property Rights and that [***]
(“New OPTHEA Intellectual Property”). 

 DSM shall exclusively own all right, title and interest in the
Intellectual Property Rights that DSM and/or its Affiliates, contractors or agents develop, conceive, invent, reduce to practice or make, solely or jointly with OPTHEA in the course of performance of the Services or as a result of receipt of OPTHEA
Intellectual Property Rights and that [***] (“New General Application Intellectual Property”). By way of example, process changes to DSM’s standard platform process based on and/or in connection with the Product and/or the
Process, shall be deemed to be New General Application Intellectual Property. 

  

					
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 For the avoidance of doubt, the Parties agree that New OPTHEA Intellectual Property shall not
under any circumstances be interpreted or defined to include any New General Application Intellectual Property, and that New General Application Intellectual Property shall not under any circumstances be interpreted or defined to include any New
OPTHEA Intellectual Property. 
  

	11.3	 DSM hereby assigns to OPTHEA and shall continue to assign to OPTHEA all of its right, title and interest in any
New OPTHEA Intellectual Property. DSM shall promptly disclose to OPTHEA in writing all New OPTHEA Intellectual Property. DSM shall execute, and shall require DSM’s personnel involved in the performance of the Services to execute, any documents
required to confirm OPTHEA’s ownership of the New OPTHEA Intellectual Property, and any documents required to apply for, maintain and enforce any patent or other right in the New OPTHEA Intellectual Property. Upon OPTHEA’s request and at
OPTHEA’s reasonable expense, and at no cost to DSM, DSM shall assist OPTHEA as may be necessary to apply for, maintain and enforce any patent or other right in the New OPTHEA Intellectual Property. 

OPTHEA hereby assigns to DSM and shall continue to assign to DSM all of its right, title and interest in any New General Application
Intellectual Property. OPTHEA shall execute, and shall require OPTHEA’s personnel involved in the performance of the Services to execute, any documents required to confirm DSM’s ownership of the New General Application Intellectual
Property, and any documents required to apply for, maintain and enforce any patent or other right in the New General Application Intellectual Property. Upon DSM’s request and at DSM’s reasonable expense, and at no cost to OPTHEA, OPTHEA
shall assist DSM as may be necessary to apply for, maintain and enforce any patent or other right in the New General Application Intellectual Property. 
  

	11.4	 DSM hereby grants to OPTHEA a perpetual, royalty-free, fully paid-up, non-exclusive, worldwide, transferable license, with the right to grant and authorize sublicenses, to use any and all Intellectual Property Rights proprietary to DSM, including New General Application Intellectual
Property, embedded in the Process, solely for the purpose of and to the extent necessary for developing, conducting clinical trials for, formulating, making, testing, seeking regulatory approval for, marketing, commercializing, using, selling,
importing and distributing the Product. 

 It is agreed between the Parties that such license to OPTHEA shall not include a
license to [***], it being understood by the Parties that the technology embedded in these DSM Intellectual Property Rights shall not be used by DSM to perform the Services. If, due to an amendment of the Services, such DSM Intellectual Property
Rights will be used to perform the Services, DSM may require a separate license, including provisions for payment of royalties under certain circumstances as set forth in such license. Any amendment of the Services which may lead to the use of such
DSM Intellectual Property Rights will be discussed between the Parties. In the event that OPTHEA does not enter into a license agreement on terms acceptable to DSM, DSM shall not (and shall have no obligation to) include the use of such Intellectual
Property Rights in the performance of the Services. 

  

					
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	11.5	 OPTHEA hereby grants to DSM, for the Term of this Agreement only, a
non-exclusive, royalty-free license, without the right to sublicense, to use any and all Intellectual Property Rights proprietary to OPTHEA, including New OPTHEA Intellectual Property, solely for the purpose
of performing the Services and to the extent necessary to perform the Services. 

  

	11.6	 The rights and obligations set forth in this Section 11 shall survive any termination of this Agreement
for any reason. 

 SECTION 12: REPRESENTATIONS AND WARRANTIES 

 

	12.1	 DSM hereby represents and warrants to OPTHEA that on the Effective Date of this Agreement:

  

	 	12.1.1	 it is a corporation duly organized, validly existing and in good standing under the laws of The
Netherlands, and has full corporate power to conduct the business in which it is presently engaged and to enter into and perform its obligations under this Agreement; 

 

	 	12.1.2	 it has taken all necessary corporate action under the applicable laws and its articles of incorporation and
bylaws to authorize the execution by its undersigned officers and consummation of this Agreement. This Agreement shall constitute a valid and legally binding agreement, enforceable against it in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 

 

	 	12.1.3	 to the best of its knowledge, the execution by it of the activities contemplated by the Services in accordance
with this Agreement will not infringe upon the rights of any third party, nor conflict with any law or regulation applicable to DSM; 

  

	 	12.1.4	 it has the capabilities to perform the Services. 

 

	12.2	 OPTHEA hereby represents and warrants to DSM that on the Effective Date of this Agreement:

  

	 	12.2.1	 it is a corporation duly organized, validly existing and in good standing under the laws of Australia, and has
full corporate power to conduct the business in which it is presently engaged and to enter into and perform its obligations under this Agreement; 

  

	 	12.2.2	 it has taken all necessary corporate action under the applicable laws and its articles of incorporation and
bylaws to authorize the execution by its undersigned officers and consummation of this Agreement. This Agreement shall constitute a valid and legally binding agreement, enforceable against it in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 

  

					
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	 	12.2.3	 it has sufficient right to the Product for the execution of the Services; 

 

	 	12.2.4	 to the best of its knowledge, as known to OPTHEA on the Effective Date, the Product does not infringe upon the
rights of any third party, nor conflict with any law or regulation applicable to OPTHEA and there are no third party rights to a process which is exclusive and specific to the manufacture of the Product; 

 

	 	12.2.5	 non-cGMP Product will not be for human use. 

 

	12.3	 Disclaimer of Warranties. Subject to 12.1.3, DSM EXPRESSLY DISCLAIMS (i) all implied warranties
[***]; (ii) any warranties that the Product will not [***]; (iii) any warranties in respect of [***] of the Product or in respect of the [***] the Product to third parties, and (iv) any warranty, either express or implied, legal or
conventional, with regard to the Services or Product other than [***] in this Agreement. 

  

	12.4	 With respect to DEVELOPMENT WORK performed under Section 4, DSM shall use diligent and commercially
reasonable efforts to perform its obligations as set forth in the Agreement. It is recognized and agreed by and between DSM and OPTHEA, however, that since the services being performed by DSM as part of the DEVELOPMENT WORK are of a developmental or
research nature, there can be no guarantee that the DEVELOPMENT WORK will be successfully completed or successfully completed with the contemplated time period, despite DSM’s diligent and commercially reasonable efforts to do so.

  

	12.5	 The Parties hereby acknowledge and agree that there is no representation nor guarantee: 

 

	 	12.5.1	 that the Product or the Process [***] of OPTHEA, commercially exploitable, profitable or approved by any
regulatory authority; 

  

	 	12.5.2	 that the results identified in Exhibit 1 can be achieved or can be achieved within the set time limit;

  

	 	12.5.3	 that, unless otherwise agreed upon in writing, any Product resulting from the Services will [***] or will be
delivered [***] for any further use or clinical programs intended therefore by OPTHEA. 

 SECTION 13: LIABILITY AND INDEMNIFICATION

  

	13.1	 Limitation of Liability. Notwithstanding anything herein to the contrary, except for [***] the total
aggregate liability of either Party to the other Party, on all claims of any kind, whether in contract, tort or strict liability, arising out of the performance or breach of this Agreement shall not exceed the sum which is equal to [***] under this
Agreement at the time a claim is made, provided that in any event each Party’s aggregate liability under this Agreement ([***]) shall not exceed the amount of [***]. Without limiting the foregoing, and except as set forth in [***], in no event
shall a Party’s liability for any particular Development Work stage or Batch of Product exceed [***]. 

  

					
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	13.2	 Advice / Assistance. If DSM furnishes OPTHEA with advice or assistance concerning any products, systems
or work which is not required pursuant to this Agreement, the furnishing of such advice or assistance will not subject DSM to any liability, whether in contract, tort or strict liability. 

 

	13.3	 For the purposes of this Section 13, the term “DSM” shall mean DSM, its affiliates,
subcontractors and suppliers of any tier, and its and their respective directors, officers, employees, agents and/or representatives, whether individually or collectively. 

 

	13.4	 The provisions of this Article 13 shall prevail over any conflicting or inconsistent provisions contained in
any of the documents comprising this Agreement. For the avoidance of doubt however, the limitation of liability set forth in Section 13.1 shall not in any way [***] if and when applicable. 

 

	13.5	 Non-Direct Damages. In no event, whether as a result of breach
of contract, warranty, indemnity, tort (including negligence), strict liability, or otherwise, shall either Party or its subcontractors or suppliers be liable to the other Party for loss of profit or revenues, lost business opportunity, loss of use
of the Product or any equipment, claims of the other Party’s customers for such damages, or for any special, consequential, incidental, punitive, indirect or exemplary damages. In no event shall DSM be liable to OPTHEA, or any direct or
indirect third party customers of OPTHEA, for [***] of Product. For the avoidance of doubt however, the limitation of liability set forth in this Section 13.5 shall not in any way [***] if and when applicable. 

 

	13.6	 Indemnity. DSM hereby agrees to indemnify and hold harmless OPTHEA from any Losses resulting from Claims
arising from [***], to the extent arising from [***] and resulting directly from DSM’s or its officers, servants, agents, employees, and/or assigns breach while engaged in activities under this Agreement, except to the extent in each case
caused by the negligence or misconduct of OPTHEA. OPTHEA shall likewise indemnify and hold harmless DSM from any Losses resulting from Claims arising from [***] (except to the extent caused by DSM’s breach while engaged in activities under this
Agreement and for which DSM has an indemnification obligation pursuant to this Article 13.6), or to the extent resulting from the breach of obligations or warranties hereunder or the negligence of OPTHEA, its officers, servants, agents, employees,
and/or assigns, while engaged in activities relating to this Agreement, except to the extent caused by the negligence or misconduct of DSM. In the event such damage or injury is caused by joint or concurrent negligence of DSM and OPTHEA, the loss
shall be borne [***]. 

  

	13.7	 In addition to 13.6 OPTHEA shall assume full responsibility and liability for, and shall indemnify and hold DSM
harmless against, any and all Losses resulting from Claims caused by or relating to [***], or [***] in the performance of the Services and in accordance with the terms of this Agreement. 

 

	13.8	 The indemnities contained in this Agreement are subject to the following conditions. The indemnified party
shall promptly notify the indemnifying party in writing of any Claim with respect to which indemnification is sought (which notice shall include copies of any pleadings or other documents served on the indemnified party in relation to

  

					
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such Claim) and will permit the indemnifying party, at the indemnifying party’s cost, to handle and control the investigation, conduct and defense of such Claim and select counsel of the
indemnifying party’s choice. Neither Party shall settle any such Claim without the prior written approval of the other party (such approval not to be unreasonably withheld or delayed). The indemnified party shall neither accept nor make any
admission in respect of any such Claim or take any action relating to any such Claim which is prejudicial to the defense of any such Claim without the prior written approval of the indemnifying party (such approval not to be unreasonably withheld).
The indemnified party shall keep the indemnifying party fully informed of any developments of which it becomes aware that may give rise to such a Claim and fully cooperate with the indemnifying party in the investigation, conduct and defense of such
Claim. However, the failure of the indemnified party to adhere to any of the above conditions will not relieve the indemnifying party from its indemnification obligations, except to the extent that (i) such
non-adherence has given rise to such Claim or increase of Losses resulting from such Claim; or (ii) the indemnifying has been prejudiced by such non-adherence.

  

	13.9	 Each Party shall at all times maintain all necessary insurance coverage with sound and reputable independent
insurers at commercially reasonable levels of coverage or shall be self-insured having regard to the nature, type, scope and size of the business it conducts and all its respective activities and obligations under this Agreement. General liability
coverage in the amount of at least [***] shall be maintained by each Party. Each Party shall, upon reasonable request of the other Party, produce satisfactory evidence that all insurance premiums have been paid and kept up to date and are kept in
accordance with local insurance laws or regulations from time to time in force, or shall furnish appropriate certificates of insurance showing proof of coverage. The insurance coverage may be provided through a combination of primary,
excess/umbrella or self-insured retention, and shall not serve to operate as a limitation on the recovery of any claim. Each Party shall include the other Party as a named insured on its policies of insurance, as the other Party’s interests may
be affected pursuant to this Agreement. 

 SECTION 14: CONFIDENTIALITY 

 

	14.1	 Each Party shall maintain all Confidential Information it has received in strict confidence, except that the
receiving Party may disclose or permit the disclosure of any Confidential Information to its Affiliates and its Affiliates directors, officers, employees, consultants, advisors who are obligated to maintain the confidential nature of such
Confidential Information and who need to know such Confidential Information for the execution of the Services. 

  

	14.2	 Each Party shall use the Confidential Information it has received solely for the purpose of executing the
Services. 

  

	14.3	 Each Party shall be responsible for any breaches of this Section 14 by any of its Affiliates, directors,
officers, employees, consultants, advisors and Third Party contractors. 

  

					
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	14.4	 The obligations contained in Section 14.1 shall not apply to Confidential Information which:

  

	 	14.4.1	 at the time of disclosure either is or was part of the public knowledge or literature; 

 

	 	14.4.2	 after disclosure becomes part of the public knowledge or literature through no fault or action of the receiving
Party; 

  

	 	14.4.3	 the receiving Party can establish by competent proof either is or was at the time of disclosure in its lawful
possession from a source other than the disclosing Party; 

  

	 	14.4.4	 after disclosure is acquired by receiving Party from a third party who was not known to have obtained such
Confidential Information, directly or indirectly, from the disclosing Party; or 

  

	 	14.4.5	 is or has been independently developed by the receiving Party without the use of disclosing Party’s
Confidential Information. 

  

	14.5	 The obligations set forth in this Section 14 shall also not apply to Confidential Information which is
required to disclose in prosecuting or defending litigation or in complying with applicable governmental regulations, provided that such disclosure is subject to all applicable governmental or judicial protection available for like material and that
reasonable advance notice is given to the other Party. In addition, the obligations set forth under Section 14.1 shall not apply to Confidential Information that is reasonably required to be disclosed in connection with any regulatory
submission relating to the Product. For the sake of clarity it is understood between the Parties that the obligations set forth in this Section 14 shall otherwise remain applicable. 

 

	14.6	 The obligations as set forth in this Section 14 shall expire [***] from the date this Agreement
terminates. 

  

	14.7	 Press Releases. After signing of this Agreement, neither Party shall issue a press release or use any
other form of publication regarding the entering into this Agreement or its content without the written consent of the other Party, not to be unreasonably withheld. Any such press release or other form of publication shall be in a form mutually
agreed upon by the Parties. Notwithstanding the foregoing, however, if in the reasonable opinion of a Party’s legal counsel a public announcement concerning its entry into this Agreement or its content is legally required by applicable laws,
regulations or judicial order, or the rules or regulations of any stock or securities exchange to which that Party or its Affiliates is subject, then the Party shall be entitled to make such announcement provided that (i) it provides the other
Party notice reasonable under the circumstances of such intended announcement, and to the extent feasible under the circumstances consults with the other Party relative to the nature and scope of such intended announcement, and (ii) shall not
mention the name or identity of the other Party in such announcement, unless in the reasonable opinion of the first mentioned Party’s legal counsel inclusion of the other Party’s name or identity is legally required by applicable laws,
regulations or judicial order, or required under the rules or regulations of any stock or securities exchange to which that Party or its Affiliates is subject, in which case such Party shall be entitled to include the other Party’s name or
identity in the announcement. 

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

	14.8	 To the extent they relate to the same subject matter, the provisions of this Section 14 replace in their
entirety, as of the Effective Date, the terms and conditions of any mutual confidential disclosure agreement previously entered into by the Parties, which agreement(s) shall be of no further force or effect, provided, however, that information
previously disclosed under the terms of such prior agreement shall be deemed to have been disclosed pursuant to the terms of this Section 14. 

SECTION 15: TERM AND TERMINATION 
  

	15.1	 This Agreement shall become effective as of the Effective Date and shall remain in force and effect until the
earlier date of (i) the Services being completed or (ii) the Agreement being terminated by either Party as provided herein. 

  

	 	15.1.1	 Mutual Agreement. This Agreement may be terminated at any time upon mutual written agreement of both
Parties. 

  

	 	15.1.2	 OPTHEA right to terminate. OPTHEA shall have the right to terminate this Agreement upon [***] prior
written notice of termination to DSM if OPTHEA, at its sole discretion, elects not to proceed with the Services. 

  

	 	15.1.3	 DSM Right to Terminate. DSM has the right to terminate this Agreement upon [***] prior written notice of
termination to OPTHEA if, at OPTHEA’s request or solely due to OPTHEA’s fault or negligence, DSM has not, at the time of providing such notice, performed any activities under this Agreement in the previous [***]. This Agreement may also be
terminated by DSM upon [***] written notice to OPTHEA in the event that, despite the commercially reasonable best efforts of DSM, DSM determines that the Services cannot be completed according to the Specifications approved by OPTHEA, or cannot be
completed within a reasonable time after the conclusion of the period originally planned in the Program. 

  

	 	15.1.4	 Material Breach. Either Party (the “Non-Defaulting
Party”) may terminate this Agreement if the other Party (the “Defaulting Party”) fails to perform any material obligation, warranty, duty or responsibility and such failure or default continues for a period of [***] after
written notice thereof by the Non-Defaulting Party to the Defaulting Party; provided that where such breach is curable but cannot be reasonably cured within [***], such breach shall be deemed cured if the
Defaulting Party provides the Non-Defaulting Party with a plan to cure such breach and commences to cure such breach in accordance with the plan within such [***] period and diligently continues such cure.

  

	 	15.1.5	 Insolvency, Bankruptcy. Either Party may terminate this Agreement upon the occurrence of either of the
following: (i) The entry of a decree or order for 

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

	 	
relief by a court having jurisdiction in respect of the other Party in an involuntary case under the applicable bankruptcy code, as now constituted or hereafter amended, or under any other
applicable insolvency or other similar law and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days; or (ii) the filing by the other Party of a petition for relief under the
applicable bankruptcy code, as now constituted or hereafter amended, or any other applicable federal or state insolvency or other similar law. 

  

	 	15.1.6	 Other Grounds. This Agreement may be terminated pursuant to Sections 4.3, 4.4 or 5.12.2

  

	15.2	 In the event of any cancellation or postponement of Development Work or Manufacturing Work by OPTHEA. including
any deemed postponement pursuant to Section 4.5 or 5.2 (“Postponement”), DSM shall use commercially reasonable efforts to fill the capacity which becomes available as a result of such Postponement. Where DSM is capable of
filling the capacity which has become available as a result of the Postponement of certain Development Work or Manufacturing Work by OPTHEA and there is no negative revenue recognition impact for DSM in the current European financial year (running
from each January 1 through December 31), no Close Out Costs for this Postponed Development Work or Manufacturing Work will apply. Where there is a negative revenue recognition impact for DSM caused by Postponement of Development Work or
Manufacturing Work then Close Out Costs shall apply up to the amount of [***]. For the avoidance of doubt, Close Out Costs shall be applicable to the [***] Services Activities but shall not be applicable to the [***] Services Activities unless and
until the [***] Services Activities have been authorized by OPTHEA in accordance with Section 5.1. 

  

	15.3	 In the event of any form of termination OPTHEA shall compensate and/or pay to DSM for the following (to the
extent not already paid to DSM): 

  

	 	15.3.1	 the Price for all work properly performed pursuant to the terms of this Agreement in connection with the
Services up to the date of termination; 

  

	 	15.3.2	 Costs incurred in performing the Services up to the date of termination (including without limitation the Costs
of raw materials and supplies already ordered on a non-cancellable basis by DSM) other than those Costs that have arisen with respect to that part of the Services in which DSM has committed a material breach
of its obligations under this Agreement; and 

  

	 	15.3.3	 non-cancellable Costs in respect of third party commitments, such as in
respect of external testing, already entered into by DSM, other than those Costs that have arisen with respect to that part of the Services in which DSM has committed a material breach of its obligations under this Agreement. 

 

	15.4	 In the event of any form of termination except termination by OPTHEA as per Section 15.1.4, and subject to
Section 15.2 last sentence, Close Out Costs as defined in Section 15.5 shall also be payable under Section 15.3, but only to the extent that DSM cannot recoup its lost revenue as outlined in 15.2. In no event shall the aggregate
amount paid by OPTHEA to DSM as outlined in 15.2, 15.3 and 15.5, exceed the total amount for each stage which is being terminated. 

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

	15.5	 “Close Out Costs” shall mean: 

 

	 	15.5.1	 with respect to Development Work: the Price and Costs as defined in Exhibit 5, under the heading
“Development Work”. and 

  

	 	15.5.2	 with respect to Manufacturing Work, the Price and Costs as defined in Exhibit 5 for each cancelled
Batch, under the heading “Manufacturing Work”. 

  

	15.6	 The effective date of termination will be the date stated in any termination notice given hereunder, which date
will not be before the expiration of any applicable cure period provided for in this Agreement. 

  

	15.7	 Termination of this Agreement will not affect the rights and obligations of the Parties accrued under this
Agreement prior to termination nor the provisions contained in this Agreement, which by their purpose have a term beyond the termination of this Agreement. 

  

	15.8	 Upon any termination of this Agreement: 

 

	 	15.8.1	 at OPTHEA’s first request, any and all Confidential Information disclosed by OPTHEA which is in DSM’s
possession and all documents containing such Confidential Information or any part thereof, and all copies and extracts made thereof shall be returned to OPTHEA, provided however that DSM may keep one (1) copy of all Confidential Information
received by it for its legal files to enable it to determine its obligations hereunder and for regulatory compliance; 

  

	 	15.8.2	 OPTHEA shall return to DSM or destroy, immediately upon DSM’s first request, any and all Confidential
Information disclosed by DSM which is in OPTHEA’s possession and all documents containing such Confidential Information or any part thereof, and all copies and extracts made thereof, provided however that OPTHEA may keep one (1) copy of
all Confidential Information received by it for its legal files to enable it to determine its obligations hereunder and for regulatory compliance; 

  

	 	15.8.3	 DSM shall at OPTHEA’s request, risk and expense (in so far as it has not resulted directly from a material
breach of the obligations of DSM), transport to OPTHEA or OPTHEA’s designee any and all capital investment equipment or other assets and raw materials purchased prior to or in the course of and for the Services and paid for or whose Costs have
been reimbursed by OPTHEA; 

  

	 	15.8.4	 DSM shall at OPTHEA’s request, risk and expense (in so far as it has not resulted directly from a material
breach of the obligations of DSM), transport to OPTHEA or OPTHEA’s designee any and all work-in-progress and samples arising from the Services and all materials
being held by DSM on OPTHEA’s behalf. 

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 SECTION 16: NOTICES 

All notices, requests, demands and other communications to be given in accordance with this Agreement shall be given in writing and shall be given by prepaid
registered mail, receipt return requested, to the other Party at the following addresses: 
  

			
	 if to OPTHEA:
	  	
		  	 OPTHEA Pty. Ltd.

		  	 Level 4,

		  	 650 Chapel Street,

		  	 South Yarra,

		  	 Victoria 3141,

	 	  	Australia

 Attention: CEO 
  

			
	if to DSM:	  	DSM Biologics Company B.V.
	 	  	[***]
		
		  	 Attention: [***]

		  	 With a copy to: [***]

		
		  	 Attention: [***]

 or at such other address as a Party may have previously indicated to the other Party in writing in conformity with the
foregoing. Any such notice, request, demand or other communication shall be deemed to have been received on the [***] following the date of its mailing if sent by registered mail. 

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 SECTION 17: ASSIGNMENT 

This Agreement will be to the benefit of the permitted successors and assigns of the Parties hereto. Except to Affiliates, neither Party will be entitled to
assign its rights under this Agreement to any individual, partnership or other entity without the prior written consent of the other Party hereto; and any attempted assignments without such written consent shall be of no effect. In addition, either
Party shall be entitled, without the prior written consent of the other Party, to assign all or part of its rights under this Agreement to a purchaser of all or substantially all of its assets, or an entity with which it may merge. Notwithstanding
the foregoing, any such assignment shall be under the conditions that (i) the assignee agrees in writing to assume all obligations undertaken by its assignor in this Agreement; and (ii) the assignor guarantees unconditionally and in
writing the proper compliance by the assignee of all obligations under this Agreement. 
 SECTION 18: DISPUTES AND APPLICABLE LAW 

 

	18.1	 In the event of a dispute between the Parties, the Parties shall first make every effort to find an amicable
settlement to such dispute. If the Parties cannot so settle such dispute, the Steering Committee shall, within [***] (which time may be extended by mutual agreement) from a request by either Party, meet and use its best efforts to resolve any
disputes. Failing such settlement, the Chief Executive Officers of the Parties, or their nominees, shall within [***] (which time may be extended by mutual agreement) from the date of expiration of the [***] (or extended) period provided for in the
previous sentence, meet and use their best efforts to resolve any disputes. In the event that the Chief Executive Officers of the Parties or their nominees fail to reach a settlement, the provisions of Section 18.2 shall apply. Notwithstanding
the foregoing, any dispute with respect to Quality Assurance issues shall be settled according to the relevant provisions of Sections 5.9 and 5.10. 

  

	18.2	 This Agreement shall be governed by and interpreted in accordance with the laws of the Australia without regard
to conflicts of laws principles. 

 SECTION 19: FORCE MAJEURE 

 

	19.1	 The obligations of either Party (other than the obligation of payment) hereunder shall be suspended during the
time and circumstance beyond the reasonable control and without the fault of that Party so affected, which prevents or hinders the execution of the relevant Party’s obligations under this Agreement (“Force Majeure”) including but not
limited to: inevitable accidents, perils of navigation, floods, fire, storms, epidemics, acts of God, earthquakes, explosions, hostilities, civil commotion, war (declared or undeclared), orders, requisitions, regulations or acts of any government or
governmental authority, whether de jure or de facto or any official purporting to act under the authority of any such government, illegality arising from domestic or foreign laws or regulations, insurrections, failure or slowdown of public utilities
or common carriers, inability to procure raw materials or other circumstances or conditions of a 

  

					
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 Strictly Confidential 

 

	 	
similar nature, quarantine or custom restrictions, damage in factories or warehouses, strikes, lockouts or any other labor difficulty at the Parties and/or suppliers of goods, raw materials
and/or excipients, lack of conveyance, breakdown of machinery or instruments or other disturbances at the Parties or their suppliers. 

  

	19.2	 As soon as possible after being affected by a Force Majeure, the Party so affected shall furnish to the other
Party all particulars of the Force Majeure and the manner in which its execution is thereby prevented or delayed. 

  

	19.3	 In the event that any Force Majeure cannot be removed, overcome or abated within [***] (or such other period as
the Parties jointly shall determine) from the date the Party affected first became affected, then either Party may, at the expiration of such period, by written notice to the other Party [***]. 

SECTION 20: MISCELLANEOUS PROVISIONS 
  

	20.1	 Laws: DSM shall comply with all applicable laws and regulations in performing its activities under this
Agreement, including without limitation Dutch, EU and Australian Health and Safety and Environmental laws and regulations in so far as they pertain to the development and/or manufacture of Product. 

 

	20.2	 Permits: DSM warrants that it has obtained all permits and governmental or other licenses required in
connection with its activities under this Agreement and shall maintain all such permits and governmental or other licenses until completion of the Services. 

  

	20.3	 Cumulative /Indivisible Rights: All rights and recourses of a Party under this Agreement are cumulative;
and the exercise by a Party of any of its rights or recourses will not prevent it from exercising any other right or recourse available under this Agreement or at law. All obligations of the Parties under this Agreement are indivisible.

  

	20.4	 Severability: If any covenant, obligation or term hereunder or the application of any part of this
Agreement to any person, party or circumstance shall, to any extent, be illegal, invalid or unenforceable, the remainder of this Agreement or the application of such covenants, agreements or obligations other than those which are held to be invalid
or unenforceable shall not be affected thereby; and each covenant, obligation and agreement contained herein shall be separately valid and enforceable to the full extent permitted by law. 

 

	20.5	 No partnership: This is an agreement between separate entities; and neither entity is the agent,
representative, master or servant of or possesses the power to obligate the other or to make any warranties or representations on behalf of the other. Nothing in this Agreement will be interpreted so as to create a relationship of partners, joint
ventures, agents, mandate, fiduciaries or any other similar relationship between the Parties. 

  

					
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 Strictly Confidential 

 

	20.6	 No Waiver: Failure by either Party to take action against the other Party shall not affect its right to
require full performance of this Agreement at any time thereafter. The waiver by either Party of the breach of any term of this Agreement by the other Party will not operate or be interpreted as a waiver of any subsequent breach by such Party. No
term of this Agreement will be deemed to have been waived by either Party unless such waiver is in writing. 

  

	20.7	 Entire Agreement: This Agreement and the documents referred to in it or attached to this Agreement
constitute the entire agreement between the Parties with respect to the subject matter hereof and supersede all prior discussions, negotiations and agreements with respect thereto. No amendment of, change to or variance from this Agreement will be
binding on either Party unless in writing and signed by the Parties. 

  

	20.8	 Agreement Prevails: In case of any discrepancy between this Agreement and any of the Exhibits hereto,
this Agreement will prevail. In the event that a discrepancy between this Agreement and any Quality Agreement subsequently entered into between the Parties, the terms of the Quality Agreement shall prevail as to matters that are primarily quality
related and the terms of this Agreement shall prevail as to all other matters. 

  

	20.9	 Validity and Effect: Each of the Parties agrees to perform such acts, sign and deliver such other
agreements, cause such meetings to be held, resolutions passed and by-laws enacted, exercise their vote and influence as may be necessary or desirable from time to time in order to give full effect to this
Agreement. 

  

	20.10	 Counterparts: This Agreement may be executed in two (2) counterparts, each of which shall be an
original and all of which shall constitute together but one and the same document. 

  

	20.11	 Headings for Convenience: The headings and subheadings of the sections of this Agreement have been
included solely for ease of reference and do not form part of this Agreement. 

  

	20.12	 Number/Gender: All words and personal pronouns relating thereto shall be read and construed as the
number and gender of the Party or Parties referred to in each case require and the verb shall be construed as agreeing with the required word and/or pronoun. 

  

	20.13	 Writing Necessary: This Agreement will not be binding upon the Parties until it has been signed below on
behalf of each Party, in which event it shall be effective as of the date of signing. 

  

	20.14	 No Employee Solicitation: During the Term of this Agreement and for [***] thereafter, neither Party
will, without the prior written consent of the other Party, directly solicit [***]. 

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

	20.15	 Documentation Control: OPTHEA shall not make any changes to
DSM-owned or DSM-controlled cGMP Documentation without prior consent of DSM, in order to ensure that all cGMP Documentation, which is maintained at DSM and subject to
regulatory review, matches or is consistent with information filed with regulatory authorities. 

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 IN WITNESS WHEREOF, the Parties have signed this Agreement by and through their respective and duly
authorized officers: 
 OPTHEA Pty Ltd 
  

									
					
	By:	 	/s/ Megan Baldwin	 		 	By:	 	/s/ Robert Klupacs
			
	Name: Megan Baldwin	 		 	Name: Robert Klupacs
	Title: CEO	 		 	Title: Director

 DSM Biologics Company Australia Pty Ltd 
  

									
					
	By:	 	 /s/ Scott Lorimer
	 		 	By:	 	 /s/ Amgad Hanna

			
	Name: Scott Lorimer	 		 	Name: Amgad Hanna
	Director: 	 		 	Director/Secretary: Director, Quality Affairs

 DSM Biologics Company B.V. 
  

									
					
	By:	 	 /s/ Scott Lorimer
	 		 	By:	 	/s/ Marc Gurman
			
	Name: Scott Lorimer	 		 	Name: Marc Gurman
	Title: Director	 		 	Title: VP

  

					
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 Strictly Confidential 

 

 EXHIBIT 1: SERVICES SCHEDULE 

 

	1	 Annex 1: Timing of the Project 

[***] 
 The following Gantt chart outlines the
initial estimated timeline for the program. Agreement on the timing of key activities will be dependent on development and manufacturing slot availability within DSM Biologics planning schedules. 

To meet the timelines outlined below, it is assumed that: 
  

	 	-	 [***] 

	 	[***]	 

  

					
		 	Page 35 of 63	 	

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 Strictly Confidential 

 

	2	 Annex 2: Description of the Different Activities within the Project 

Module 1 [***] 
  

	2.1	 Project Kick-off meeting 

[***] 
  

	2.2	 Cell culturing - development and implementation of a CHO cell culture fed batch process

 [***] 
  

	2.2.1	 Transfer of a qualified Research Cell Bank for a CHO cell line 

[***] 
  

	2.2.2	 [***] 

  

	2.3	 Purification Implementation 

 

	2.3.1	 [***] 

  

	2.4	 Analytics – Implementation Product Specific Assays 

 

	            [***]	 

  

							
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 
	[***]	  	[***]	  	[***]	  	[***]

 Assumptions 

[***] 

  

					
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 Strictly Confidential 

 

	2.5	 Pre-Production Reference Standard 

[***] 
  

	2.6	 Evaluation of Formulations for Drug Substance 

[***] 
  

											
	 	 	 	 	 	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 	 	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 	 	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]
	 	 	 	 	 	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	[***]	  	[***]

 [***] 

Module 2 
  

	2.7	 [***] Confirmation & Material Supply Batch [***] 

[***] 
  

	2.8	 Analytics Verification [***] 

[***] 
  

							
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	
[***]

	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]

  

					
		 	Page 37 of 63	 	

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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

							
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]
	 	 	 	 
	
[***]
	  	
[***]
	  	
[***]
	  	[***]

 [***] 
  

	2.9	 Production of a Manufacturing Cell Bank (MCB) [***] 

[***] 
  

	2.10	 Production of an Engineering Batch using Fed Batch
at 250L Scale [***] 

 [***] 

	2.11	 Drug Substance Real-Time Stability Study on Engineering Batch [***] 

[***] 
  

	2.12	 Virus Clearance Validation [***] 

[***] 
  

	2.13	 Master Reference Standard 

[***] 
 Module 3
[***] 
  

	2.14	 Production of a cGMP Batch using Fed-Batch at [***]

 [***] 
  

	2.15	 Drug Substance Stability Study on cGMP Batch 

 

	2.15.1	 Real-Time Drug Substance Stability Study 

[***] 
  

	2.15.2	 Accelerated Drug Substance Stability Study 

[***] 
  

	2.16	 Drug Product Testing 

[***] 
  

	2.17	 Drug Product Stability Study 

 

	2.17.1	 Drug Product Real-Time Stability Study 

[***] 

  

					
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 Strictly Confidential 

 

	2.17.2	 Drug Product Accelerated Stability Study 

[***] 
  

	2.17.3	 Freeze/Thaw Study (as part of the Drug Product Stability Study) 

[***] 
  

	2.18	 Regulatory Dossier [***] 

[***]. 
  

			
	 Section
	  	Title
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	[***]	  	[***]
	 [***]
	  	[***]

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

	3	 Annex 3: Assumptions for the Program 

Financial Assumptions 

[***]. 
 Technical
assumptions: 
 [***]. 

Service assumptions: 

[***]. 
 Safety, Health and Environment (SHE)

 [***]. 

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

	4	 Annex 4: Bill of Testing 

Bill of Testing for MCB 
  

					
	 	 	 
	Test	  	Method	  	Performed by
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]

 [***] 
 Safety
Testing on Crude Harvest 
  

					
	 	 	 
	Test	  	Method	  	Performed by
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]

 Bill of Testing for Drug Substance 
  

					
	 	 	 
	Test	  	Method	  	Performed by
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]

  

					
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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

					
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]
	 	 	 
	[***]	  	[***]	  	[***]

  

					
		 	Page 42 of 63	 	

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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 EXHIBIT 2: INVOICING SCHEDULE 

Annex 1: Pricing Overview 
  

									
	Circadian
	 		 	 	 
	Description	  	Stage	  	  	  	 Price

Estimated Raw
Materials & External
Testing Costs
	  	Comments
	 	 	 	 
	[***]	  		  	 Price in

AUD
	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	[***]
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	 	  	 	  	 	  	 	  	 
	
[***]
	  	 	  	 	  	 	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	[***]
	
[***]
	  	[***]	  	[***]	  	[***]	  	[***]
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	 	  	 	  	 	  	 	  	 
	
[***]
	  	 	  	 	  	 	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	[***]
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	
[***]
	  	[***]	  	[***]	  	[***]	  	 
	 	  	 	  	 	  	 	  	 

 Notes: [***] 
 Annex 2:
Invoicing 
 [***] 

  

					
		 	Page 43 of 63	 	

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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 All invoices are payable [***]. All prices or other sums payable or consideration to be provided under this
Agreement are also [***]. 

  

					
		 	Page 44 of 63	 	

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both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 EXHIBIT 3: QUALITY AGREEMENT 

Left intentionally blank. Execution version of the Quality Agreement appended below. 

  

					
		 	45 of 63	 	

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because it is both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
  

							
	 

	  	Quality Agreement
	 Quality Agreement No.: [***]
	  	Version: 1.0	  	Date Issued: 25/Oct/2013	  	Review Period: [***]

 CONTRACT 
  

	
	
Title:

	QUALITY AGREEMENT

 By and Between 
  

			
	DSM DETAILS	 	CUSTOMER DETAILS
	 DSM
Biologics Company Australia Pty Ltd
	 	 OPTHEA Pty. Ltd.

	 Referred
to below as “DSM”
	 	Referred to below as “OPTHEA”
	
[***]
	 	[***]
	
[***]
	 	Registered Address:
	
[***]
	 	 Suite 0403, Level 4, 650 Chapel St, South Yarra, VIC 3141

	APPROVED BY
	 

Approved By:

DSM Biologics
 
By: /s/ Amgad
Hanna                     Date: 30 Oct 2013    

Amgad Hanna
 Director, Quality Affairs
	 	 
Approved By:

Opthea Pty. Ltd.
 
By: /s/ Michael Gerometta
             Date: 30 Oct 13            

Michael Gerometta
 Head of CMC Development

	 
By: /s/ Scott
Lorimer                     Date: 30 Oct 2013    

Scott Lorimer
 Vice President for Global Affairs
	 	 

 This Quality Agreement shall be incorporated within and constitute a part of the Biologics Manufacturing
Agreement (BMA) between the Parties and becomes effective upon signature by all Parties. In the event of inconsistencies between this Quality 

  

			
	Attachment 2 to PRC-BRN-00238	 	Page 46 of 63

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because it is both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
  

 
Agreement and other sections of the BMA, this Quality Agreement shall prevail with regard to quality compliance and related regulatory matters, and the other sections of the BMA shall prevail
with respect to all other matters. 
 Unless separately defined in the Glossary at the end of this
Quality Agreement, the definition and interpretation of terms, acronyms and abbreviations used in the Quality Agreement shall have the same meaning as the BMA. 

This Quality Agreement may be amended from time to time by mutual agreement in writing and signed between the Parties. 

  

			
	Attachment 2 to PRC-BRN-00238	 	47 of 63

 Certain information contained in this document, identified by [***], has been redacted
because it is both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

	1.	 Purpose 

The purpose of this Quality Agreement is to define and formalize quality responsibilities and obligations between the Parties in relation to
quality-related services and the manufacture, supply and testing of cGMP Batches of Product by DSM to OPTHEA. 
  

	2.	 Scope 

This Quality Agreement is applicable to the manufacture, supply and testing of cGMP Batches of Product and quality-related services as defined
in the Biopharmaceutical Manufacturing Agreement (“BMA”) between the Parties. 
  

	3.	 Responsibilities 

DSM is responsible for ensuring that Product is manufactured, tested and stored in compliance with cGMP requirements in accordance with the
United States Federal Food Drug and Cosmetic Act at 21 CFR (Chapters 210, 211, 600 and 610), the EEC Guide to Good Manufacturing Practices for Medicinal Products as promulgated under European Directive 2003/94/EC (replacing 91/356/EEC) and PIC/S
Guide to Good Manufacturing Practice for Medicinal Products PE-009-08 Part 2, including any amendments to such regulations, to the extent these regulations relate to
guidelines applicable for biopharmaceuticals and active pharmaceutical ingredients and as applicable to the manufacture of Product (Bulk Drug Substance) which will be further processed by OPTHEA at a third party Drug Product contractor. Detailed
responsibilities are defined below. 
  

	4.	 Procedure 

  

					
	 	  	DSM Responsibilities	  	OPTHEA Responsibilities
	Basic cGMP Contract Responsibilities	  	 ○   Shall maintain a Quality Department, Quality System, and manufacturing operations to be in compliance with cGMP requirements;

○
   Shall manufacture, test and supply cGMP Batches of Product and cGMP Services to be in compliance with cGMP requirements

○
   Shall test Drug Product as defined in the BMA Exhibit 1, Annex 2.
	  	 ○   Shall be responsible for taking delivery of Product and any subsequent processing thereafter, including but not limited to storage,
testing not assigned to DSM (as defined in the BMA Exhibit 1, Annex 2), further processing into Drug Product, use and distribution.

	  	
○
   Responsibility for communication and implementation of this Quality Agreement between OPTHEA and DSM rests with the management of DSM’s Quality Department and OPTHEA’s nominated representative for quality
related matters.

  

					
	Personnel, Premises and equipment	  	
○
   Ensure that there are adequate numbers and suitably trained and skilled personnel to manufacture and test Product.

○
   DSM shall perform required operations for manufacturing cGMP Batches of 
	  	
○
   Evaluate DSM by audit according to the allowances outlined below

  

					
		 	Page 48 of 63	 	

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	 	  	 DSM Responsibilities
	  	OPTHEA Responsibilities
	 	  	 the Product and performing cGMP Services at either or both its Groningen or Brisbane facilities.

○
   The premises, utilities and equipment used to perform cGMP Batches and Services shall be designed, validated and maintained as applicable to cGMP requirements and in accordance with DSM controlled documentation.

○
   The performance of cGMP Batch and Services shall be conducted in a suitably controlled environment; and such facilities shall be regularly monitored for parameters critical to the process in order to demonstrate and
maintain compliance with applicable cGMP guidelines.
 ○   Ensure appropriate separation and controls between products to prevent cross contamination, including use of disposables, cleaning
procedures and labeling of any product dedicated equipment.
 ○   DSM shall maintain controlled access to the premises.

○
   All visitors shall comply with applicable facility control procedures.
	  	 
	 	  	 	  	 
	Audits	  	
○
   DSM shall permit OPTHEA or authorized quality representatives of OPTHEA, to perform one (1) standard annual cGMP compliance audit for the services contracted, upon minimum [***] written notification from
OPTHEA, with actual audit dates subject to mutual agreement between the Parties and based upon the availability of DSM’s personnel.
	  	
○
   Notify DSM in writing at least [***] prior to intended standard annual cGMP compliance audit.

○
   Such audit shall not exceed [***] and the auditing party shall have no more than [***] auditors.

○
   In the event that OPTHEA is accompanied by a third party, a total of three auditors can join such an audit for no more than [***] so long as no more than [***] audit items are addressed during such audit at any one
time.

○
   OPTHEA shall provide an audit agenda at least [***] prior to the agreed audit date.

	  	
○
   OPTHEA representatives will be escorted by DSM personnel at all times and will only have access to the facility and records relating to the services and Products under contract with OPTHEA.

  

			
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	 	  	DSM Responsibilities	  	OPTHEA Responsibilities
	 	  	
○
   Notwithstanding the foregoing, DSM shall permit OPTHEA or OPTHEA’s authorized quality representatives to conduct additional audits pursuant to the terms of the BMA, including For Cause Audits.

	 	  	 ○   DSM shall formally respond to observations made by OPTHEA’s quality representatives requiring corrective action.

○
   DSM’s response shall include corrective actions, preventative actions, and remedial actions, where appropriate, and shall include a timeline for completion of each action.

○
   The response shall be sent to OPTHEA’s auditor within [***] of the receipt of the audit report.
	  	 ○   OPTHEA shall report audit findings verbally at the close of the audit and will provide a written report within [***] of the
audit.

○
   In no event shall photos or videography be permitted within DSM’s facility without prior written authorization of DSM.

	 	  	 	  	 
	Person in Plant	  	
○
   DSM shall allow OPTHEA reasonable access, by means of ‘Person in Plant’ (PiP) to observe and review operations related to the manufacturing and testing of Product, subject to reasonable restriction to
preserve the confidentiality of DSM and its clients.
 ○   The PiP will be supervised by DSM personnel at all times during the stay.

○
   Visits to the cGMP production area and laboratories will be restricted to areas where a PiP can view the operation of a Product being processed or tested without disturbing the operation, under supervision and
limited to [***] in the cleanrooms a day as pre-scheduled during the PiP’s stay on site.

○
   To limit the disturbance of production activities, the PiP will have one point of DSM contact and is not permitted to disturb the operators in the clean room.

○
   The PiP is not permitted to perform any operations within the cGMP facility nor review documentation during operation.
	  	
○
   OPTHEA will provide a minimum [***] prior written notice of intention for PiP attendance at DSM.

○
   OPTHEA shall comply with the terms of PiP access and behavior and with the instructions of DSM.

○
   OPTHEA will undertake relevant cGMP facility training and safety/security training before being allowed PiP access.

	 	  	 	  	 
	Regulatory Agency Inspections	  	
○
   DSM shall promptly inform OPTHEA of any regulatory agency action involving DSM that may materially affect Product.
	  	
○
   OPTHEA shall promptly inform DSM of any regulatory agency action that may materially affect the contracted services for Product.

○
   OPTHEA shall notify DSM of any regulatory agency inspection 

  

			
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	 	  	DSM Responsibilities	  	OPTHEA Responsibilities
	 	  	 ○   DSM shall notify OPTHEA of any regulatory agency inspection concerning the Product within [***] of the initiation, or notification, of the audit by the regulatory agency,
whichever occurs first.
 ○   In circumstances where the inspection pertains to OPTHEA’s Product, DSM shall be responsible for responding to the regulatory agency and DSM shall provide OPTHEA with an
opportunity to review and provide advice on such responses to the extent they pertain to OPTHEA’s Product and DSM will incorporate reasonable changes where possible prior to DSM submitting or disclosing the responses to the regulatory
agency.

○
   DSM reserves the right to present site data and/or procedures during such an inspection
	  	 specifically impacting Product within [***] of the initiation,
or notification, of the audit by the regulatory agency, whichever occurs first.
 ○   OPTHEA reserves the right to be available on site during an agency inspection when the inspection pertains to Product.

○
   Review and provide advice on the responses drafted by DSM pertaining to OPTHEA’s Product.

	 	  	 	  	 
	Change Management	  	 ○   All changes to Product and related documents shall be managed by DSM in accordance with DSM’s Change Control procedures.

○
   Major Changes that do not directly impact Product and related processes will be communicated to OPTHEA according to DSM’s change control procedures.

○
   Minor Changes that do not directly impact Product and related processes will not be communicated.

○
   Rework or reprocessing will be agreed with OPTHEA and governed through DSM’s Change Control procedures.

○
   Major Changes impacting Product and related processes and documentation shall be reviewed and approved by OPTHEA prior to implementation of the change.
	  	 ○   Major Changes impacting Product and related processes and documentation shall be reviewed and approved by OPTHEA prior to
implementation of the change. This should occur within [***] of receipt of a Change notice or a mutually acceptable time frame.

	 	  	 	  	 
	Documentation	  	 ○   Prepare, approve and maintain documents relating to general and Product specific processing and testing, including the Bill of
Testing.
	  	 ○   OPTHEA shall supply the most recent batch records and/or process development specifications for
development or manufacture of Product which shall be translated into 

  

			
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	 	  	DSM Responsibilities	  	OPTHEA Responsibilities
	 	  	
○
   In the event that there is an inconsistency between the DSM generated and OPTHEA approved Master Documents (Tech Transfer Reports, Production Protocols, Buffer Protocols and Bill of Testing) and OPTHEA batch
records and specifications, the DSM generated and OPTHEA approved Master Documents shall prevail.
 ○   DSM will address each comment and return one consolidated reply to OPTHEA for
consideration.
	  	
the relevant DSM documents including but not limited to:

Technology Transfer Reports, Production Protocols, Buffer Protocols and Bill of Testing (“DSM Documents”).

○
   DSM Documents shall be signed off by OPTHEA in order to document that all information required for manufacturing Product is present, correct, and cross checked against the original OPTHEA or DSM
development documentation, at which time the translated DSM documents will be considered the Master Documents.
 ○   Documents shall be reviewed by OPTHEA within [***], or a mutually acceptable time frame, of receipt
from DSM providing one consolidated set of comments.
 ○   OPTHEA will review and return one consolidated reply for each subsequent revision of the documents within [***] of receipt from
DSM, or a mutually acceptable time frame.

	 	  	
○
   A joint final check and approval on content will be performed within [***] of the review reply of the final revised version of the document.

	 	  	 	  	 
	Raw Material /Packaging Components	  	
○
   DSM shall use raw material and packaging components from approved vendors.
 ○   Prior to use, all raw material and packaging components must be found to be acceptable against pre-established standards and appropriate for Product processing.
 ○   Changes to test methods or deviations from existing raw materials, packaging components, packaging
component specifications or vendors shall follow DSM Change Control procedures in accordance with the requirements of Documentation & Change Management.

○
   Any animal derived components should be avoided where possible or otherwise tested and sourced in line with current regulatory guidances.
	  	
○
   Evaluate DSM by audit according to the allowances outlined above
 ○   Provide DSM with applicable information regarding any required animal derived
components

  

			
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	 	  	DSM Responsibilities	  	OPTHEA Responsibilities
	Retention of Samples	  	
○
   DSM shall retain samples of Product and any applicable precursors according to cGMP requirements

○
   DSM shall notify OPTHEA prior to destruction of any Product Samples at the completion of the retention period and upon written request shall provide such samples to OPTHEA.
	  	
○
   Evaluate DSM by audit according to the allowances outlined above

	 	  	 	  	 
	Validation	  	
○
   Where applicable, DSM shall be responsible for ensuring that the equipment used for manufacture of the Product will be validated to support the operational ranges of the Process.
	  	
○
   Evaluate DSM by audit according to the allowances outlined above

	  	
○
   DSM shall be responsible for ensuring that adequate cleaning is performed to prevent contamination of Product.

○
   Data shall be available to support the effectiveness of cleaning performed between manufacturing of batches of both the same Product and different products.
	  	
○
   OPTHEA will provide information required by DSM to establish adequate cleaning procedures for their Product where this information is known to OPTHEA.

	  	
○
   DSM shall be responsible for ensuring that all laboratories are in compliance with applicable cGMP guidelines.

○
   If DSM subcontracts work to a third party vendor, DSM shall be responsible for ensuring any such vendor is sufficiently qualified to perform such work and will audit such vendors in accordance with the supplier
qualification procedure
 ○   For vendors selected solely by DSM or recommended to OPTHEA by DSM, DSM shall be responsible for the vendor satisfying cGMP requirements where applicable.
	  	
○
   If analytical work is performed by DSM, OPTHEA shall supply any available analytical documentation to assist in methods transfer and/or methods validation.

○
   For vendors selected solely by OPTHEA, OPTHEA shall qualify the vendor and OPTHEA shall be responsible for the vendor satisfying cGMP requirements where
applicable.

  

					
	Deviations	  	
○
   DSM shall inform OPTHEA of any Major deviation relating to Product and corresponding manufacturing Process within [***] after recognizing such deviation, and shall provide to OPTHEA the details of the deviation
available at that time.
	  	
○
   When a deviation may potentially impact purity, safety or potency of an already distributed Product, OPTHEA shall be responsible for reporting such deviations to the relevant regulatory bodies.

  

			
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	 	  	DSM Responsibilities	  	OPTHEA Responsibilities
	 	  	
○
   If any problems are discovered that may impact Batches previously shipped, DSM shall notify OPTHEA within [***] of becoming aware in order to assure regulatory reporting guidelines are met.
	  	
○
   OPTHEA shall inform DSM of any deviation reported to regulatory authorities when such deviation is in any form related to the activities performed by or under responsibility of DSM.

	 	  	
○
   Additional investigations and/or testing requirements shall be agreed by DSM’s Quality Department.
	  	
○
   OPTHEA reserves the right to provide input into any Major deviation report pertaining to Product prepared by DSM and further reserves the right to request DSM to perform any additional investigations or tests to
finalize an investigation relating to such deviation.

  

					
	 Product Release
	  	
○
   DSM shall release Product to OPTHEA.
	  	
○
   Product released by DSM is for shipment and further processing which shall become the responsibility of OPTHEA upon delivery of Product for shipping Ex Works.

	  	
○
   DSM shall provide a documentation package with each Batch of released Product to OPTHEA.

○
   The package shall include, as a minimum, the following documents:
 ➣
Copies of all Production Protocols;
 ➣ Certificate of Analysis indicating the test results and
including a Statement of Compliance;
 ➣ Copies of all Batch related deviations; and

➣ Copies of all Analytical Protocols for release tests mentioned on CoA

○
   DSM shall release Product only if all release criteria are satisfied as pre-defined in the Bill of Testing for such Product and cGMP compliance for Batch manufacture has been
met.
	  	
○
   Evaluate DSM by audit according to the allowances outlined above
 ○   Executed Production Protocols shall be reviewed by OPTHEA for cGMP compliance within [***] of
receipt or a mutually acceptable time frame.
 ○   OPTHEA will review and return one consolidated reply for each subsequent revision of the documents within [***] of receipt from
DSM, or a mutually acceptable time frame.

  

					
	 	 	 
	 Quality
Control
	  	 ○   Perform release testing against Product Bill of Testing.

○
   Notify OPTHEA of confirmed Out of Specification (OOS) results within [***] of confirmation of the OOS.

○
   Resolve OOS within a [***] target or as mutually agreed.
	  	 ○   Review and resolve any questions with a target approval time of [***] upon issue of a draft OOS
report or as mutually agreed.

  

			
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	 	  	DSM Responsibilities	  	OPTHEA Responsibilities
	 	 	 
	 	  	 ○   Use only approved vendors for any contract testing of Product.

○
   Notify OPTHEA of any contract testing laboratories used for testing of Product.
	  	 ○   OPTHEA to approve vendors used for contract testing of Product.

○
   OPTHEA to request use of alternative contract testing laboratories if required.

	 	 	 
	 	  	 ○   Agree with OPTHEA on Product testing strategy (in-process
and release), as well as method transfer and qualification requirements.
 ○   Agree with OPTHEA on Product-specific raw materials intake strategy for materials which impact or may reasonably impact Product
Specification.
 ○   Prepare and characterise reference standard, or accept OPTHEA reference standard as appropriate.
	  	 ○   Agree with DSM on Product testing strategy (in-process and
release), as well as method transfer and qualification requirements.
 ○   Agree with DSM on Product-specific raw materials intake strategy for materials which impact or may reasonably impact Product
Specification.
 ○   Agree with DSM on preparation and characterisation of reference standard, or supply DSM with information on OPTHEA reference standard.

	 	 	 
	 	  	 ○   Perform stability testing as agreed with OPTHEA.

○
   Notify OPTHEA of any OOS as defined above.
	  	 ○   Review and agree with DSM pre-defined stability protocol and
specifications.

	 	  	 	  	 
	 	 	 
	Storage and Shipment	  	 ○   DSM shall label and store Product under conditions specified by product label requirements as
supplied by OPTHEA.
 ○   Ensure that during storage of Product before shipment from DSM’s site, appropriate controls are in place to ensure that there is no interference, theft, contamination, or
mixture with any other products or materials.
 ○   Ship Product to locations nominated in writing by OPTHEA.
	  	 ○   OPTHEA shall provide details of any container sealing and integrity requirements, and storage and
shipping conditions for the Product.

○
   The Product shall be labelled and packaged for transit in accordance with instructions and destination as defined by OPTHEA in writing and complying with cGMP and other applicable regulations.

	  	
○
   A shelf life for Product will not be defined by DSM until sufficient data is available from stability studies to support such storage.
	  	 
	  	
○
   DSM shall not ship any Product that is under Quarantine unless in accordance with applicable regulatory guidelines, and then, only according to controlled procedures which fully comply with such regulatory
requirements and where such shipment is mutually agreed between the Parties.

  

			
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	 	  	DSM Responsibilities	  	OPTHEA Responsibilities
	 	 	 
	 	  	 ○   In the event that OPTHEA requests DSM to ship Product under Quarantine, DSM shall only ship Product
after written approval of OPTHEA.
	  	 ○   OPTHEA is responsible for ensuring that the third party can accept shipment of
Product.

	 	  	 	  	 
	 	 	 
	Document Retention	  	 ○   DSM shall retain, at a minimum, Batch production and test records for Product and materials in
accordance with regulatory requirements in the region within which the Product will enter clinical trials.
 ○   DSM shall notify OPTHEA prior to destruction of any Batch, Product related documentation or
materials at the completion of the retention period and, if requested in writing, DSM shall provide such records or materials to OPTHEA.
	  	 ○   Evaluate DSM by audit according to the allowances outlined above

○
   OPTHEA will approve destruction of records of request receipt following the storage period.

	 	  	 	  	 
	 	 	 
	Regulatory	  	 ○   DSM shall be responsible for registering and maintaining DSM’s facilities with the proper regulatory agencies and to update
the registration according to the requirements of those agencies.
 ○   If requested by OPTHEA under the Services, DSM will draft and review the relevant C&MC sections of a regulatory dossier.

○
   Following submission of a regulatory data pack dossier by OPTHEA to a regulatory authority, DSM will support update and review of relevant C&MC sections as required.

○
   DSM shall forward all appropriately redacted regulatory agency documentation (e.g. FDA-483) and responses that have specific impact on Product to OPTHEA within [***] of
receipt, or earlier in accordance with Regulatory Agency Inspections section above.
	  	 ○   OPTHEA shall review and approve the C&MC sections of a regulatory dossier as drafted by DSM
including any updates as required.
 ○   OPTHEA shall be responsible for ensuring all appropriate regulatory filings and import/export documentation are filed with regulatory agencies and other applicable government
agencies prior to shipment of Product.
 ○   OPTHEA shall also be responsible for filing and obtaining approvals from all relevant regulatory agencies and other applicable
government agencies prior to administration of Product to humans.

	 	  	 	  	 
	 	 	 
	Complaints	  	 ○   Upon receipt of such written notification from OPTHEA, DSM shall promptly perform appropriate

	  	 ○   OPTHEA shall be responsible for receiving and initially investigating any Product
complaints.

  

			
	Attachment 2 to PRC-BRN-00238	 	Page 56 of 63

 Certain information contained in this document, identified by [***], has been redacted
because it is both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
  

					
	 	  	DSM Responsibilities	  	OPTHEA Responsibilities
	 	 	 
	 	  	 investigations that may be due to manufacture of
Product to identify and confirm cause of such problem.
 ○   Investigation report(s) shall be forwarded to OPTHEA within [***] following the date of receipt of notification by DSM.

○
   Any Product Quality related complaint received by DSM shall be immediately forwarded to OPTHEA within [***] of receiving such information.
	  	 ○   OPTHEA shall notify DSM in writing of any problems that may be due to manufacture of Product, which
are found during the distribution of Product within [***] of receiving such information.
 ○   OPTHEA shall review and agree with DSM on investigation reports provided by DSM.

○
   OPTHEA shall be responsible for reporting the results of any Product complaint investigation to the relevant authority.

	 	  	 	  	 
	 	 	 
	Recalls	  	 ○   In the event that DSM has reason to believe that Product should be recalled or withdrawn from
distribution, DSM shall inform OPTHEA in writing within [***] of receiving such information.
	  	 ○   OPTHEA shall inform DSM in writing of any intention to recall Product within [***] of agreeing such
action.

○
   OPTHEA, with data and assistance provided by DSM, shall be responsible for filing documentation that may be required by regulatory authorities and initiating Product recalls due to any Product defect considered
sufficiently serious.
 ○   OPTHEA shall provide DSM with a copy of any regulatory correspondence related to recalls.

○
   OPTHEA shall notify the appropriate regulatory agencies of any recall, and OPTHEA shall be responsible for coordinating all necessary activities regarding the action taken.

	  	
○
   DSM and OPTHEA agree to cooperate fully regarding any proposed recall or Product withdrawal; and the Parties further agree to keep each other advised, and to exchange copies of such documentation as may be required,
to ensure regulatory compliance.

	 	  	 	  	 
	 	 
	Periodic Review of Quality Agreement	  	
○
   DSM and OPTHEA to jointly review Quality Agreement and revise, as necessary, every [***] if there are ongoing Product manufacture or cGMP Service Activities or otherwise within an agreed timeframe.

  

			
	Attachment 2 to PRC-BRN-00238	 	Page 57 of 63

 Certain information contained in this document, identified by [***], has been redacted
because it is both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
  

	5.	 Glossary 

  

			
	Glossary
	Change:	  	Any prospective addition, modification or deletion with respect to Product, material, method, equipment
(including computerised systems), specification, labelling, packaging, responsibility, facility or license involved with GMP manufacturing.
	Batch:	  	A specific quantity of Product that is intended to be of uniform character and quality and is produced
during the same cycle of manufacture.
	Batch Records or Production Protocols	  	Means in relation to a Batch of Product, the production records showing how the Batch was
manufactured.
	Bill of Testing:	  	The agreed upon written list of testing, methods, limits and specifications applicable to in-process bulk harvest and Product, applying to the manufacture and disposition of Product by DSM, that may be amended by written agreement between the Parties
	C&MC	  	Chemistry and manufacturing controls.
	Certificate of Analysis (CoA)	  	The certificate containing the outcome of the disposition tests on the Product as performed by DSM or on
behalf of DSM according to the Bill of Testing
	cGMP:	  	Current good manufacturing practices and general biological products standards as promulgated under the
United States Federal Food Drug and Cosmetic Act at 21 CFR (Chapters 210, 211, 600 and 610), the EEC Guide to Good Manufacturing Practices for Medicinal Products as promulgated under European Directive 2003/94/EC (replacing 91/356/EEC) and PIC/S
Guide to Good Manufacturing Practice for Medicinal Products PE-009-08 Part 2, including any amendments to such regulations, to the extent these regulations relate to
guidelines applicable for biopharmaceuticals and active pharmaceutical ingredients.
	cGMP Services:	  	Any cGMP activity performed by DSM under this Agreement other than the manufacture of a cGMP Batch of
Product (e.g. creation of a MCB)
	Deviation:	  	An excursion from cGMP principles. Excursions may be defined as either a Major Excursion or a Minor
Excursion.
	FDA	  	The U.S. Food and Drug Administration.
	For Cause Audit	  	An audit to address a Major cGMP Deviation resulting in a failure of Product to meet Specification due to
DSM’s material breach of its obligations under this Agreement.
	Quarantine	  	The status assigned to Product prior to final release under conditions established by the
manufacturer
	Major Change:	  	 A Change that may
affect:
 •   the production, control and/or quality of the BDS (including corresponding
intermediate products or raw materials)
 •   the validation status of related
systems/activities
 •   the content of any of the licenses of DSM Australia or DSM Groningen
depending on the site that has manufactured or is planning to manufacture Product

•   Regulatory filings of OPTHEAs

•   business critical processes/applications

	Minor Change:	  	 Change that has
no potential impact on the quality of a material, system or activity, or on the content of any of the licenses of DSM Australia or DSM Groningen depending on the site that has manufactured or is planning to manufacture Product. Examples of minor
changes are:
 •   Like for like replacement of equipment parts to repair initial validated
state
 •   Adaptation of procedures without modification of critical steps in the work
process described
 Organisational changes not affecting names or responsibilities of the key personnel mentioned in a
license.

  

			
	Attachment 2 to PRC-BRN-00238	 	Page 58 of 63

 Certain information contained in this document, identified by [***], has been redacted
because it is both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
  

			
	Major Deviation:	  	Any excursion that is not a Minor Excursion. A deficiency of the material, documentation, Process, facility,
validation status and/or equipment which questions the quality and / or efficacy of the Batch, Lot and / or an item which may result in batch reworking, reprocessing or rejection.
	Minor Deviation:	  	An excursion considered to be an incident with no (potential) impact on Product, Process, and facility,
utilities, equipment and/or validation status.
	Process	  	Means the process for the development and manufacture of the Product as used in the Services, including any
improvements thereto.
	Product or Bulk Drug Substance (BDS)	  	Bulk purified OPT-302 drug substance manufactured in accordance with
the Process which is supplied to OPTHEA for further processing to Drug Product.
	Product Quality:	  	Product which conforms with the Specification as pre-defined between
both Parties
	Qualification:	  	An action proving that any equipment, Process, facility, utility, vendors, performs according to pre-defined specifications and meets the user requirements.
	Quality Department:	  	The authorised quality representatives within DSM that are responsible for maintaining, improving and
implementing the organisation’s Quality System and Quarantine, release or rejection of Product.
	Quality System:	  	The management system administered by DSM to control, maintain and comply with pre-defined specifications and standards.
	Specification	  	Means the specifications, technical data and/or formulae of the Product manufactured during a Batch, and all
amendments thereto.
	Statement of Compliance (SoC)	  	Means the confirmation to be issued by DSM contained in the Certificate of Analysis stating that the Product
meets the Specifications and was manufactured in accordance with cGMP.
	Validation	  	An action proving, in accordance with the principles of current Good Manufacturing Practice (cGMP), that any
procedure, process, equipment, material, activity or system actually consistently leads to the expected results.

 Note: Definitions not included in this Glossary are defined in the BMA.] 

  

			
	Attachment 2 to PRC-BRN-00238	 	Page 59 of 63

 Certain information contained in this document, identified by [***], has been redacted because it is
both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 EXHIBIT 4: CCN FORMAT 

CONTEMPLATED CHANGE NOTIFICATION/REQUEST 

(EXAMPLE - FOR ADDITIONAL ACTIVITIES) 

Drug Substance name    : 

Client name                    : 

Services number             : 

Form number                  : 

Date of issue                   : 

Change requested by      : 

Contract                      
    : 
 TITLE: 

With reference to: 

Content: 
 The following
is included in CCN: 
 Price:                 

[***]. 
 Effects of change: 

 

									
	 1.   Payment
	 	[***].	  		  		  	
	 2.   Schedule
	 	:	  		  		  	
	 3.   Other
	 	:	  		  		  	
					
	Signatures:	 	 	  	(name)	  	(signature)	  	(date)
					
	PM	 	:	  		  		  	
	Site Director	 	:	  		  		  	
	Client approval	 	:	  		  		  	

  

					
		 	Page 60 of 63	 	

 Certain information contained in this document, identified by [***], has been redacted because it is
both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 EXHIBIT 5: CANCELLATION SCHEME 

In the event of Termination, cancellation or Postponement by OPTHEA of one or more of the stages of the Services, the following amounts (“Close Out
Costs”) shall be due by OPTHEA in accordance with Section 15: 
 Termination, cancellation or Postponement of a stage of the Development Work:

 For Development Work scheduled to be performed [***] the date of Termination, cancellation or Postponement: [***]. 

For Development Work scheduled to be performed [***] the date of Termination, cancellation or Postponement and [***] the date of Termination,
cancellation or Postponement: [***]. 
 Termination, cancellation or Postponement of engineering batches included in the Development Work and each Batch
being part of the Manufacturing Work: 
  

	(i)	 If Termination, cancellation or Postponement occurs [***] the Scheduled Starting Date(s): [***].

  

	(ii)	 If Termination, cancellation or Postponement occurs [***] the Scheduled Starting Date(s): [***].

  

	(iii)	 If Termination, cancellation or Postponement occurs [***] the Scheduled Starting Date(s): [***];

  

	(iv)	 If Termination, cancellation or Postponement occurs [***] the Scheduled Starting Date(s) or [***] the scheduled
starting date: [***] 

  

					
		 	Page 61 of 63	 	

 Certain information contained in this document, identified by [***], has been redacted because it is
both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 EXHIBIT 6: DRAFT PRODUCT SPECIFICATIONS 

Product Specifications for Batch release will be proposed and mutually agreed once sufficient data is available following Development Work. 

The following tests are anticipated: 
  

			
	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

	 [***]
	  	
[***]

 Additional tests may be required following process development and/or regulatory agency discussions. 

  

					
		 	Page 62 of 63	 	

 Certain information contained in this document, identified by [***], has been redacted because it is
both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed. 
 Strictly Confidential 

 

 EXHIBIT 7: DESIGNATED VENDORS 

[***]. 

  

					
		 	Page 63 of 63EX-10.3

 Exhibit 10.3 
  

			
		  	 Deed of Indemnity,
Access and Insurance

 

		  	 Opthea Limited (Company)

                   
        (Director)
  

  
  

			
		  	 

   www.minterellison.com

 Deed of Indemnity 

 
  

					
		
	 Details
	  	3
		
	 Agreed terms
	  	4
			
	 1.
	  	Defined terms & interpretation	  	4
			
	 2.
	  	Indemnity	  	6
			
	 3.
	  	Obligations in relation to events and Claims	  	7
			
	 4.
	  	Conduct of events and Claims	  	8
			
	 5.
	  	Failure to comply	  	10
			
	 6.
	  	Other indemnity or insurance	  	10
			
	 7.
	  	Insurance	  	11
			
	 8.
	  	Access to Board Documents	  	12
			
	 9.
	  	Confidentiality	  	14
			
	 10.
	  	Expert determination	  	15
			
	 11.
	  	General provisions	  	16
		
	 Signing page
	  	18

  

			
	  
 ME_85539103_3 (W2003)
	  	Deed of Indemnity, Access and Insurance | page 2

 Details 

 
 Date 

Parties 
  

			
	 Name
	  	Opthea Limited
	 ABN
	  	
	 Short form name
	  	Company
	 Notice details
	  	  
 Suite 0403 Level 4 650
Chapel St
 South Yarra, Victoria, 3141

AUSTRALIA

Facsimile:

Email:

	 Name
	  	
	 Short form name
	  	Director
	 Notice details
	  	  
 Email:

 Background 
 To ensure
that the Director agrees to act or continues to act (as the case may be) as an officer of a Group Company, the Company considers it reasonable and in the best interests of the Company to: 

 

	(i)	 indemnify the Director to the extent permitted by law and the Constitution against certain liabilities and
legal costs incurred by the Director as an officer of any Group Company; 

  

	(ii)	 maintain, and pay the premium for, a D&O Policy in respect of the Director; and 

 

	(iii)	 provide the Director with access to particular papers and documents requested by the Director for a Permitted
Purpose, 

 both during the time that the Director holds office and for a seven year period after the Director ceases to be an officer of
any Group Company, on the terms and conditions contained in this Deed. 

  

			
	  
 ME_85539103_3 (W2003)
	  	Deed of Indemnity, Access and Insurance | page 3

 Agreed terms 

 
  

	1.	 Defined terms & interpretation 

 

	1.1	 Defined terms 

In this Deed, except where the context otherwise requires: 

Authorised Person means any person authorised in writing by the Director and approved by the Company, which approval cannot be
unreasonably withheld. 
 Authority means: 
  

	 	(a)	 a Royal Commission, Board of Inquiry, Parliamentary Committee or similar body; 

 

	 	(b)	 the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority, the
Australian Competition and Consumer Commission, the Australian Securities Exchange and any other regulatory authority or investigative body, whether in Australia or elsewhere; 

 

	 	(c)	 a department of any Australian government or of any other jurisdiction; 

 

	 	(d)	 a public authority; 

  

	 	(e)	 an instrumentality agent or appointee of the Crown in right of the Commonwealth, in right of a State or in
right of a Territory or the equivalent of any of them in any other jurisdiction; and 

  

	 	(f)	 any other body exercising statutory or prerogative power. 

Board, in relation to a Group Company, means: 
  

	 	(a)	 the board of directors of the Group Company; or 

 

	 	(b)	 any committee of the board of directors of the Group Company. 

Board Documents means the Books of a Group Company to which the Director did, or was entitled to, have access (or receive a copy) during
the Director’s term of office as an officer of the Group Company and Board Document means any of those Books. 
 Board
Papers means: 
  

	 	(a)	 originals or copies of all documents (including, without limitation, board papers, committee papers,
correspondence, legal advice, memoranda, submissions, reports and minutes of meetings) provided to, or tabled at any meeting of, the Board of a Group Company during the Director’s term of office as an officer of that Group Company;

  

	 	(b)	 copies of resolutions and minutes of meetings of the Board of a Group Company held during the Director’s
term of office as an officer of that Group Company; and 

  

	 	(c)	 copies of resolutions and minutes of meeting of members of a Group Company held during the Director’s term
of office as an officer of that Group Company. 

 Books has the meaning given to that word in section 9 of the
Corporations Act and includes, without limitation, Board Papers. 
 Business Day means a day that is not a Saturday, Sunday, bank
holiday or public holiday in Victoria, Australia. 
 Business Hours means from 9.00am to 5.00pm on a Business Day. 

  

			
	  
 ME_85539103_3 (W2003)
	  	Deed of Indemnity, Access and Insurance | page 4

 Claim means: 

 

	 	(a)	 any writ, summons, cross-claim, counterclaim, application or other originating legal or arbitral process to
which the Director is or might be a party; 

  

	 	(b)	 any hearing, complaint, inquiry, investigation, proceeding or application however commenced or originating
which does or might involve the Director, including any investigation or inquiry by any Authority or External Administrator; or 

  

	 	(c)	 any written or oral demand or threat that might result in any such process, hearing, complaint, inquiry,
investigation, proceeding or application referred to in (a) or (b) above, 

 arising out of, or in connection with, or
resulting from any act, omission or conduct of the Director in the capacity of an officer of a Group Company or in connection with the affairs of a Group Company. 

Constitution means the constitution of the Company as it existed on the date of this Deed as modified or replaced from time to time
thereafter but excluding any modification or replacement to the extent that it limits the scope of the indemnity available under this Deed. 

Corporations Act means the Corporations Act 2001 (Cth). 

D&O Policy means a contract or contracts: 
  

	 	(a)	 insuring the Director against liabilities incurred by the Director as an officer of a Group Company; and

  

	 	(b)	 allowing the Company to obtain reimbursement for certain claims paid by it to the Director under this Deed.

 Deed means this deed of indemnity, access and insurance. 

Expenses means all costs and expenses and includes, without limitation, legal costs and disbursements (on a full indemnity basis)
relating to a Claim or Notified Event. 
 External Administrator means a liquidator, provisional liquidator, controller or an
administrator. 
 Group Company means: 
  

	 	(a)	 the Company; or 

  

	 	(b)	 any Subsidiary of the Company. 

Information, in clause 9, means all or any part of information contained in or related to the affairs or a transaction of a Group
Company, a Board Document or a discussion at a meeting of a Group Company. 
 Independent Expert means an expert appointed under
clause 10. 
 Notified Event means an event or circumstance that may give rise to a Claim that is notified in writing by the Director
to the Company in the Relevant Period. 
 Permitted Purpose has the meaning given to that term in clause 8.1. 

Privileged Document means any document in respect of which any form of legal privilege applies solely in favour of a Group Company,
jointly in favour of a Group Company and the Director, or jointly in favour of the Director and one or more directors of a Group Company. 

Relevant Period means the period: 
  

	 	(a)	 beginning on the date of this Deed; and 

  

			
	  
 ME_85539103_3 (W2003)
	  	Deed of Indemnity, Access and Insurance | page 5

	 	(b)	 ending on the seventh anniversary of the date on which Director ceases to be an officer of any Group Company.

 Requested Documents has the meaning given to that term in clause 8.1. 

Subsidiary has the meaning given to that term in the Corporations Act. 

 

	1.2	 Interpretation 

In this Deed, except where the context otherwise requires, references to: 

 

	 	(a)	 a title or expression defined in the Corporations Act is to that title or expression as defined and without
limitation, ‘officer’ has the meaning given to it in section 9 of the Corporations Act; 

  

	 	(b)	 one gender includes each other gender; 

 

	 	(c)	 the singular includes the plural and the plural includes the singular; 

 

	 	(d)	 a person includes a natural person, partnership, body corporate, association, governmental or local authority
or agency or other entity; 

  

	 	(e)	 a party are to a party to this Deed, and includes the party’s executors, administrators, successors and
permitted assigns and substitutes; and 

  

	 	(f)	 a statute, regulation or provision of a statute or regulation (Statutory Provision) include:

  

	 	(i)	 that Statutory Provision as amended or re-enacted from time to time;
and 

  

	 	(ii)	 a statute, regulation or provision enacted in replacement of that Statutory Provision. 

 

	1.3	 Headings 

Headings are for convenience only and do not form part of this Deed or affect its interpretation. 

 

	2.	 Indemnity 

  

	2.1	 Company indemnity 

Subject to this clause 2, the Company indemnifies the Director to the maximum extent permitted by law and the Constitution against: 

 

	 	(a)	 all liability in respect of a Claim in the Relevant Period or any Claim later arising out of a Notified Event;
and 

  

	 	(b)	 all Expenses relating to such a Claim or to any Notified Event, including costs and expenses reasonably and
necessarily incurred to mitigate any liability for such a Claim or any Claim which may arise from such a Notified Event. 

  

	2.2	 Indemnity extends to certain proceedings 

Without limiting clause 2.1 and subject to clauses 2.5 and 6.3, the indemnity provided applies to the maximum extent permitted by law and the
Constitution to: 
  

	 	(a)	 the defence of a criminal proceeding (whether or not the Director is convicted), but not to any criminal
penalty imposed; and 

  

	 	(b)	 the defence of a civil proceeding (whether or not any pecuniary or civil penalty or disqualification order is
made or any relief or remedy is granted), but not to any pecuniary penalty imposed. 

  

			
	  
 ME_85539103_3 (W2003)
	  	Deed of Indemnity, Access and Insurance | page 6

	2.3	 Conduct not in good faith 

The Company is not liable to indemnify the Director against any amount, including any amount of Expenses, in the event that, and to the extent
that, the liability of the Director for that amount: 
  

	 	(a)	 is found by a court or other judicial body; or 

 

	 	(b)	 is agreed by the Director, 

to arise from conduct of the Director that was not in good faith. 
  

	2.4	 Claim by the Company or related body corporate 

Notwithstanding any other clause of this Deed, the Company is not liable to indemnify the Director against, or advance to or on behalf of the
Director, any amount, including any amount of Expenses, in respect of any Claim by the Company or a related body corporate of the Company. 
  

	2.5	 When Expenses are to be paid or advanced 

Expenses are to be paid under clause 2.1 as and when they are incurred by or on behalf of the Director. Expenses are to be advanced by the
Company to or on behalf of the Director (in advance of payment under clause 2.1) on terms, including as to security, as the Company reasonably requires, where: 
  

	 	(a)	 clause 2.3 may apply—and will continue to be advanced until any conduct of the Director referred to in
clause 2.3 is established in accordance with that clause; or 

  

	 	(b)	 the Company may not be permitted by law or the Constitution to indemnify the Director for those Expenses by
reason of an adverse outcome of a proceeding (including where the Director is convicted of a criminal offence) but the Company is permitted by law or the Constitution to advance payment of those Expenses – and will continue to be advanced until
the final outcome of the proceeding, including any appeal, is determined. 

  

	2.6	 Nature and scope of indemnity 

Subject to the other provisions of this Deed, the indemnity provided by clause 2.1: 

 

	 	(a)	 has effect in respect of any act, omission or conduct occurring or arising prior to, on or after the date of
this Deed and in respect of liabilities incurred prior to, on or after the date of this Deed; 

  

	 	(b)	 is irrevocable except on 20 Business Days notice in writing to the Director, and then only in respect of
conduct of the Director after expiry of the 20 Business Days; 

  

	 	(c)	 continues irrespective of one or more previous applications of clause 2.1; 

 

	 	(d)	 continues in full force and effect without limitation in relation to any Claim, even if the Director has ceased
to be a director, officer or employee of the relevant Group Company before such Claim is made against the Director and/or before a claim is made under this Deed; and 

 

	 	(e)	 is separate and independent from any indemnity in favour of any other director, officer or employee of any
Group Company. 

  

	3.	 Obligations in relation to events and Claims 

 

	3.1	 Director’s obligations 

The Director must: 
  

	 	(a)	 give notice in writing to the Company promptly upon becoming aware of any Claim or any event or circumstance
that may give rise to a Claim; 

  

			
	  
 ME_85539103_3 (W2003)
	  	Deed of Indemnity, Access and Insurance | page 7

	 	(b)	 take such action as the Company reasonably requests to avoid, dispute, resist, appeal against, compromise or
defend any Claim or any adjudication of a Claim; 

  

	 	(c)	 not make any admission of liability in respect of, or settle, any Claim without the prior written consent of
the Company; 

  

	 	(d)	 where the Company assumes the conduct, negotiation or defence of any Claim, render all reasonable assistance
and cooperation to the Company in the conduct, negotiation or defence of the Claim including, without limitation, providing the Company with any documents, authorities and directions that the Company may reasonably require for the prosecution or
advancement of any counterclaim or cross claim; 

  

	 	(e)	 upon request by the Company, do everything necessary or desirable which the Company reasonably requests to
enable the Company (so far as it is possible) to be subrogated to and enjoy the benefits of the Director’s right in relation to any counterclaims or cross-claims or any claims against any person and render such assistance as may be reasonably
requested by the Company for that purpose; 

  

	 	(f)	 if the Company has not assumed conduct of a Claim, keep the Company fully informed in relation to the status
and conduct of that Claim; and 

  

	 	(g)	 notify any Claim to an insurer or any other person who may be liable to indemnify the Director in respect of
that Claim, promptly take all reasonable steps to enforce all the Director’s rights against the insurer or other person and comply with all obligations under the terms of the insurance or other indemnity. 

 

	3.2	 Company’s obligations 

The Company must immediately notify the Director if any investigation or proceeding is anticipated, threatened or commenced against it that may
involve or result in a Claim against the Director. 
  

	3.3	 Costs 

The Director is entitled to be reimbursed by the Company for all costs and expenses including, without limitation, legal costs and
disbursements (on a full indemnity basis) in taking any action pursuant to clause 3.1. 
  

	4.	 Conduct of events and Claims 

 

	4.1	 Request or election 

 

	 	(a)	 Where the Director is or may be entitled to be indemnified by the Company under this Deed in respect of a Claim
(including a Claim which may arise from a Notified Event), the Director may request the Company, or the Company may elect, to do one or more of the following: 

 

	 	(i)	 assume the conduct, negotiation or defence of the Claim or Notified Event; 

 

	 	(ii)	 institute a cross-claim or a counterclaim; and 

 

	 	(iii)	 subject to clause 4.2, retain lawyers in relation to the Claim or Notified Event to act on behalf of both the
Director and a Group Company (and/or another officer or other officers of a Group Company) to the extent that the Company reasonably considers their interests to be in common. 

 

	 	(b)	 If the Director makes a request under paragraph (a), the Company must, within 20 Business Days of the request,
notify the Director in writing whether the Company accepts the Director’s request. The Company is under no obligation to accept any such request. If the Company refuses the Director’s request, the Company may, at its discretion,
nevertheless later make an election to do one or more of the things set out in paragraph (a). 

  

			
	  
 ME_85539103_3 (W2003)
	  	Deed of Indemnity, Access and Insurance | page 8

	 	(c)	 If the Company accepts the Director’s request under paragraph (b) or the Company makes the election
under paragraph (a), the conduct of the Claim or Notified Event will be under the management and control of the Company, unless and until the Company elects to pass conduct of the Claim or Notified Event back to the Director. 

 

	4.2	 Disputes 

  

	 	(a)	 If the Director disputes the Company’s decision to retain lawyers in relation to a Claim or Notified Event
under clause 4.1(a)(iii), because the Director does not consider their interests to be in common with others for whom the lawyers are retained, the Director must notify the Company of that dispute in writing. 

 

	 	(b)	 During the period of 5 Business Days after notice is given under paragraph (a), the Director and the Company
must use reasonable efforts to resolve the dispute. 

  

	 	(c)	 If the dispute is not resolved in accordance with paragraph (b), the Company must refer the matter to an
Independent Expert (in accordance with clause 10) who must decide whether, in relation to the Claim or Notified Event, the interests of the Director and others for whom the lawyers are retained are sufficiently in common for common legal
representation to be appropriate in all the circumstances. If the Independent Expert decides that their interests are not sufficiently in common, the Director may engage separate legal or other representation in relation to the Claim or Notified
Event and reasonable Expenses incurred by the Director in relation to such legal or other representation shall be borne by the Company under clause 2.1. 

  

	4.3	 Own representation 

If the Company elects not to retain lawyers in relation to a Claim or Notified Event under clause 4.1(a)(iii), the Director may engage separate
legal or other representation and participate in the Claim or Notified Event as the Director sees fit and reasonable Expenses incurred by the Director in relation to such legal or other representation or participation shall be borne by the Company
under clause 2.1. 
  

	4.4	 Reasonableness of Expenses 

 

	 	(a)	 The Director may instruct a ‘top tier’ law firm and/or senior counsel and the Company agrees that the
normal charges by any such firm or counsel are reasonable for the Director to incur. Where legal costs are advanced or paid pursuant to a D&O Policy or other insurance and there is a shortfall between the costs incurred by the Director and the
amount that the relevant insurer advances or pays, the Company will meet that shortfall amount. 

  

	 	(b)	 In the event that the Company considers that any amount of Expenses borne by the Company under clause 4.2(c) or
4.3 is unreasonable (other than by reason of the rates charged per clause (a)), the Company may refer the matter for determination by an Independent Expert, in accordance with clause 10. If the Independent Expert finds that any such amount was
unreasonable (other than by reason of the rates charged per clause (a)), the Company is only liable for the amount which the Independent Expert finds to be reasonable and the Director will refund the difference between that amount and the amount
paid by the Company. 

  

	4.5	 Consultation 

Where a Claim is under the management and control of the Company, the Company must: 

  

			
	  
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	 	(a)	 consult with the Director about material decisions regarding the Claim; 

 

	 	(b)	 take into account the Director’s interests (including the Director’s reputation) in making material
decisions about the Claim, including in relation to settlement or compromise of the Claim; and 

  

	 	(c)	 keep the Director reasonably informed of developments regarding the Claim. 

 

	4.6	 Settlement of a Claim 

 

	 	(a)	 If the Company proposes that a Claim be settled or compromised, the Company must: 

 

	 	(i)	 provide to the Director details of the proposed offer of settlement or compromise; and 

 

	 	(ii)	 allow the Director a reasonable period (to be specified in the notice) in which the Director may object to the
offer. 

  

	 	(b)	 If the Director does not object to the offer within the period allowed under paragraph (a)(ii), the offer of
settlement or compromise may be made or accepted, as the case may be. 

  

	 	(c)	 If, within the period allowed under paragraph (a)(ii), the Director gives notice that the Director objects to
the offer, the Company may (at its sole discretion, acting reasonably): 

  

	 	(i)	 if the Claim is under the management and control of the Company: 

 

	 	(A)	 relinquish to the Director the control of the conduct of the Claim (to the extent that it relates to the
Director); or 

  

	 	(B)	 continue the conduct of the Claim without making or accepting the offer, or 

 

	 	(ii)	 permit the Director to continue the conduct of the Claim without making or accepting the offer, and

 in any case, the liability of the Company under this Deed in respect of that Claim (to the extent that it relates to
the Director) will not exceed the amount of the offer specified in the notice given to the Director under clause 4.6(a) together with Expenses reasonably and properly incurred by or on behalf of the Director up to that time. 

 

	4.7	 Role of the insurer under the D&O Policy 

The obligations of the Company under this clause 4 are subject to the rights and obligations of the Company and the insurer under the D&O
Policy relating to the management, control and settlement of any Claim. 
  

	5.	 Failure to comply 

If the Director fails to comply with any obligation referred to in clause 3.1 or another provision of this Deed to the material prejudice of
the Company, the Director is liable to reimburse the Company to the extent of such prejudice. The Company may set off any such liability against the liability of the Company to the Director under this Deed. 

 

	6.	 Other indemnity or insurance 

 

	6.1	 Precedence 

The Company is not liable under clause 2.1 for any amount (including any amount of Expenses) to the extent that the Director is also entitled
to be indemnified in respect of that amount under an insurance policy (including a D&O Policy) or other indemnity. However, if the insurer or other indemnifying party fails to pay any such amount within 20 Business Days, the Company will advance
that amount to or on behalf of the Director. 

  

			
	  
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	6.2	 Director must claim 

If the Director is insured or entitled to any other indemnity for any Claim, the Director must claim under the applicable insurance policy or
other indemnity. The Director is not required to await the outcome of a claim under the insurance policy or other indemnity before being indemnified under this Deed. However, if indemnification under this Deed may enable an insurer or other person
to deny insurance cover or other indemnity to the Director for any Claim, any payment made by the Company under this Deed is to be taken to be an advance. 
  

	6.3	 Reimbursement of the Company 

The Director must account to the Company for any amount: 
  

	 	(a)	 which the Director receives under an insurance policy or other indemnity available to the Director in respect
of a payment which has already been made by the Company; 

  

	 	(b)	 advanced under clause 6.1 or taken to have been advanced under clause 6.2 if and when and to the extent that
the amount is received by the Director from the relevant insurer or other person; and 

  

	 	(c)	 of Expenses that were advanced to the Director under clause 2.5 and for which the Company is not:

  

	 	(i)	 liable to indemnify the Director by reason of conduct referred to in clause 2.3 being established in accordance
with that clause; or 

  

	 	(ii)	 permitted by law or the Constitution to indemnify the Director by reason of an adverse determination of a
proceeding (including where the Director is convicted of a criminal offence), 

 such amount to be reimbursed within 20
Business Days of the Company providing to the Director details of each such amount. 
  

	7.	 Insurance 

  

	7.1	 Obligation to insure 

To the extent permitted by law and the Constitution, the Company must at all times during the Relevant Period, maintain and pay the premium on
a D&O Policy that complies with clause 7.2. 
  

	7.2	 Terms and conditions of D&O Policy 

The D&O Policy must: 
  

	 	(a)	 cover (but only to the extent required by paragraph (b)) liabilities incurred by the Director (or the Company
under the indemnities granted to the Director under clause 2.1) in respect of, or arising out of any Claim; 

  

	 	(b)	 be for an amount and on terms and conditions (including premium, insuring clauses, exclusions, excess amounts
and extended reporting provisions) as are appropriate for a reasonably prudent company in the Company’s circumstances acting reasonably and fairly; and 

  

	 	(c)	 be on terms and conditions that, taken as a whole, are not materially less favourable to the D&O Policy
taken out at the same time by the Company in respect of any other director or officer of the Company. 

  

			
	  
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	7.3	 Notice to Director 

The Company must notify the Director immediately on the Company becoming aware that: 

 

	 	(a)	 the D&O Policy required to be maintained under clause 7.1 has been cancelled or not renewed; or

  

	 	(b)	 there is a material diminution in the terms of the D&O Policy maintained under clause 7.1 for the Director.

  

	7.4	 Company to take reasonable steps 

The Company must take all steps and provide all notices reasonably required under the terms of the D&O policy (including without limitation
any extended reporting provisions), to avail the Director of the full benefit of the D&O policy. 
  

	7.5	 Parties’ obligations 

The Company and the Director must: 
  

	 	(a)	 not do or permit to be done anything which prejudices or renders any part of the D&O Policy void, voidable
or unenforceable, and immediately rectify anything reasonably within the control of the Company or the Director (as the case may be) which might prejudice or render any part of the D&O Policy void, voidable or unenforceable; and

  

	 	(b)	 immediately notify the other in writing on becoming aware of anything done or omitted to be done which could
prejudice the D&O Policy. 

  

	8.	 Access to Board Documents 

 

	8.1	 Request for access to Board Documents 

The Director (or any Authorised Person) may make a request to the Company for access to Board Documents, which must: 

 

	 	(a)	 be in writing addressed and given to the Company; 

 

	 	(b)	 include particulars of the Board Documents to which access is sought by the Director (Requested
Documents); and 

  

	 	(c)	 state the purpose for which access to the Requested Documents is sought, which must be for one of the following
purposes: 

  

	 	(i)	 to discharge the Director’s duties as an officer of a Group Company; or 

 

	 	(ii)	 the investigation or defence of any Claim or any other investigation or proceeding that is anticipated,
threatened or commenced that may involve or result in a Claim against the Director; or 

  

	 	(iii)	 any other purpose in respect of which the Company gives its written consent, 

(Permitted Purpose). 
  

	8.2	 Inspection of Board Documents 

The Company must permit, and must procure that each other Group Company permits, the Director to inspect at the offices of the Company or
relevant Group Company and copy each Requested Document during Business Hours subject to such conditions as the Group Company reasonably requires, unless: 
  

	 	(a)	 the Company considers that access to the Requested Document is not for a Permitted Purpose, in which case:

  

			
	  
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	 	(i)	 the Company must notify the Director that it will not permit the Director to have access to the Requested
Document on the basis that it is not for a Permitted Purpose; 

  

	 	(ii)	 if the Director disputes the Company’s decision to refuse access to the Requested Document, the Director
must notify the Company of that dispute in writing; 

  

	 	(iii)	 during the period of 5 Business Days after notice is given under paragraph (ii), the Director and the Company
must use reasonable efforts to resolve the dispute; and 

  

	 	(iv)	 if the dispute is not resolved in accordance with paragraph (iii), the Company must refer the matter to an
Independent Expert (in accordance with clause 10) who must decide whether access to the Requested Document is for a Permitted Purpose and, if the Independent Expert so decides, the Company must permit the Director to inspect the Requested Document
during Business Hours; or 

  

	 	(b)	 the Requested Document is or refers to a Privileged Document, in which case clauses 8.4 to 8.5 will apply.

  

	8.3	 Return of Board Documents 

The Director: 
  

	 	(a)	 subject to paragraph (b), must deliver any Board Documents that the Director holds to the company secretary of
the relevant Group Company at the conclusion or as soon as possible following the conclusion of each board meeting; and 

  

	 	(b)	 in the case of any Board Documents copied and provided to the Director for a Permitted Purpose, must return
those Board Documents to the company secretary of the relevant Group Company as soon as possible after they are no longer required for the Permitted Purpose. 

  

	8.4	 Privileged Documents 

If a Director requests access to any Board Document under clause 8.1 or 8.2 which in the Company’s opinion is or refers to a Privileged
Document, the Company must notify the Director that privilege exists and: 
  

	 	(a)	 if the Company believes it reasonably practicable, provide access in such a way that privilege is not lost or
waived; or 

  

	 	(b)	 subject to paragraph (c), waive, and procure that each other Group Company which is entitled to claim privilege
in respect of that Privileged Document waives, such privilege; or 

  

	 	(c)	 if access to that Board Document would, in the reasonable opinion of the Company, jeopardise the ability of a
Group Company to claim legal privilege in respect of a Privileged Document resulting in material prejudice to the Group Company: 

  

	 	(i)	 impose such conditions on the Director’s access to that Board Document as it determines, in good faith,
are appropriate to ensure that the ability of a Group Company to claim privilege in respect of that Board Document is not jeopardised by such access; or 

  

	 	(ii)	 refuse to permit the Director to have access to that Board Document if the Company determines in good faith and
acting reasonably that it is not possible to ensure, by the imposition of conditions, that the Group Company’s claim to privilege in respect of that Board Document would not be jeopardised by such access. 

  

			
	  
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	8.5	 Disputes in relation to Privileged Documents 

	 	(a)	 If the Director disputes the Company’s decision to refuse access to a Board Document, or to impose
conditions on access to a Board Document in accordance with clause 8.4, the Director must notify the Company of that dispute in writing. 

  

	 	(b)	 During the period of 5 Business Days after notice is given under paragraph (a), the Director and the Company
must use reasonable efforts to resolve the dispute. 

  

	 	(c)	 If the dispute is not resolved in accordance with paragraph (b), the Company must refer the matter to an
Independent Expert (in accordance with clause 10) who must weigh up the interests of the Director in having access to the document against the risks to the Company of waiving privilege to determine whether and, if so, on what terms, access should be
granted to the Director. 

 8.6 Director’s obligations 

 

	 	(a)	 The Director must not waive any privilege of a Group Company nor do or omit to do anything that will cause that
privilege to be waived or lost, without the prior written consent of the Company. 

  

	 	(b)	 Where the Director obtains access to Documents subject to conditions imposed by the Company under clause 8.4,
the Director must comply with those conditions. 

  

	8.7	 Access permitted under Corporations Act 

Despite any other provision of this Deed, if and to the extent that the Corporations Act gives the Director the right to inspect a Board
Document that is, or refers to, a Privileged Document, the Company must allow, and must procure that each Group Company allows, the Director to inspect that Board Document in accordance with the Corporations Act. 

 

	9.	 Confidentiality 

 

	9.1	 Obligations of confidentiality 

Without limiting the Director’s duties as an officer of any Group Company, the Director (both during the period in which the Director is
an officer of a Group Company and after the Director ceases to be an officer of a Group Company) must: 
  

	 	(a)	 keep all Information confidential (except to the extent that disclosure is permitted under clause 9.2);

  

	 	(b)	 not disclose Information to any person unless and to the extent permitted to do so under clause 9.2; and

  

	 	(c)	 not use Information for any purpose other than a Permitted Purpose. 

 

	9.2	 Exceptions 

The obligations in clause 9.1 do not apply to Information if and to the extent that: 

 

	 	(a)	 the Information is or comes into the public domain (other than as a result of a contravention by the Director
of this Deed or any other obligation of confidence); 

  

	 	(b)	 disclosure of the Information is required by law; 

 

	 	(c)	 disclosure of the Information is either: 

 

	 	(i)	 reasonably necessary for a Permitted Purpose; or 

 

	 	(ii)	 made in confidence to the legal, financial or taxation advisers of the Director, 

  

			
	  
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 and either: 
  

	 	(iii)	 no Group Company has a right to claim legal privilege in respect of some or all of that Information or the
proposed disclosure of the Information could not reasonably be expected to jeopardise a Group Company’s ability to claim such privilege; or 

  

	 	(iv)	 each Group Company that has the right to claim privilege in respect of all or any of that Information has
waived, in writing, its right to claim legal privilege in respect of all or any of that; or 

  

	 	(d)	 disclosure of the Information is reasonably necessary for the purposes of the discharge of the duties of the
Director as an officer of a Group Company; or 

  

	 	(e)	 the Company has given its prior written consent to the disclosure of the Information. 

 

	9.3	 Limitation 

If the Director is permitted to disclose Information under clause 9.2, the Director must: 

 

	 	(a)	 disclose only the minimum Information reasonably necessary in the circumstances; 

 

	 	(b)	 disclose the Information only to persons who have a need to know and only to the extent that they have a need
to know; and 

  

	 	(c)	 comply with any conditions imposed by the Company under clause 8.4(c)(i). 

 

	10.	 Expert determination 

 

	10.1	 Referral to expert 

Any matter which is expressly required in this Deed to be referred to an Independent Expert must be dealt with in accordance with this clause
10. 
  

	10.2	 Independent Expert 

The Company must refer the matter for determination by a lawyer mutually acceptable to the Director and the Company or, in default of
agreement, a lawyer nominated by the President for the time being of the Law Institute of Victoria. The seniority of the lawyer should reflect the complexity and significance of the issues which the lawyer is to be asked to determine. 

 

	10.3	 Determination by Expert 

The Independent Expert appointed under clause 10.2 will: 
  

	 	(a)	 make a determination based on the information made available by the parties; 

 

	 	(b)	 make a determination having regard to the obligations of the parties under this Deed; and

  

	 	(c)	 notify the parties in writing of his or her determination within 10 Business Days of his or her appointment.

  

	10.4	 Independent Expert not arbitrator 

The Independent Expert must act as an expert not as an arbitrator and his or her decision will be final and binding on the parties. 

 

	10.5	 Cost of Independent Expert 

The cost of the Independent Expert’s determination must be borne by the Company. 

  

			
	  
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	11.	 General provisions 

 

	11.1	 Service of notices 

A notice, demand, consent, approval or communication under this Deed (Notice) must be: 

 

	 	(a)	 in writing, in English and signed by a person duly authorised by the sender; and 

 

	 	(b)	 hand delivered or sent by prepaid post or facsimile to the recipient’s address for Notices specified in
the Details, as varied by any Notice given by the recipient to the sender. 

  

	11.2	 Notices sent by email 

A Notice may also be sent by email if the Notice is: 
  

	 	(a)	 authorised by the sender in accordance with a procedure agreed between the parties; and 

 

	 	(b)	 sent to the email address specified in the Details or the email address last notified by the intended recipient
to the sender. 

  

	11.3	 Notices effective on receipt 

A Notice given in accordance with clause 11.1 or 11.2 takes effect when taken to be received (or at a later time specified in it), and is taken
to be received: 
  

	 	(a)	 if hand delivered, on delivery; 

 

	 	(b)	 if sent by prepaid post, on the second Business Day after the date of posting (or on the seventh Business Day
after the date of posting if posted to or from a place outside Australia); 

  

	 	(c)	 if sent by facsimile, when the sender’s facsimile system generates a message confirming successful
transmission of the entire Notice unless, within eight Business Hours after the transmission, the recipient informs the sender that it has not received the entire Notice; or 

 

	 	(d)	 in the case of delivery by email, the first to occur of: 

 

	 	(i)	 receipt by the sender of an email acknowledgment from the intended recipient’s information system showing
that the Notice has been delivered to the email address of that recipient; 

  

	 	(ii)	 the time that the Notice enters an information system which is under the control of the intended recipient; and

  

	 	(iii)	 the time that the Notice is first opened or read by an employee or officer of the intended recipient,

 but if the delivery, receipt or transmission is not on a Business Day or is after 5.00pm on a Business Day, the Notice
is taken to be received at 9.00am on the next Business Day. 
  

	11.4	 Severability 

If anything in this Deed is unenforceable, illegal or void then it is severed and the rest of this Deed remains in force. 

 

	11.5	 Governing law and jurisdiction 

	 	(a)	 The law of Victoria governs this Deed. 

 

	 	(b)	 The parties submit to the exclusive jurisdiction of the courts of Victoria and the Commonwealth of Australia
and agree that any law suit may be heard in those courts. 

  

	11.6	 Amendment 

This Deed may only be amended by a further deed. 

  

			
	  
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	11.7	 Waiver and exercise of rights 

 

	 	(a)	 A waiver by a party of a provision of or a right under this Deed is binding on the party granting the waiver
only if it is in writing signed by the party or an authorised officer of the party granting the waiver. 

  

	 	(b)	 A waiver is effective only in a specific instance and for the specific purpose for which it is given.

  

	 	(c)	 A single or partial exercise of a right by a party does not preclude another exercise of that right or the
exercise of another right. 

  

	 	(d)	 Failure by a party to exercise or delay in exercising a right does not prevent its exercise or operate as a
wavier. 

  

	11.8	 Counterparts 

This Deed may be executed in counterparts and both counterparts taken together constitute one document. 

 

	11.9	 Assignment 

Neither party can assign, novate or otherwise transfer any of their rights or obligations under this Deed without the prior written consent of
the other party. 
  

	11.10	 Further action 

Each party must promptly do all things necessary or desirable to give full effect to this Deed. 

 

	11.11	 GST 

The intention of this Deed is that, to the maximum extent possible, as between the Director and the Company, neither is to be adversely
affected or advantaged by the operation of tax payable under A New Tax System (Goods and Services Tax) Act 1999 (Cth). If either party requires a tax invoice or the assistance of the other party to obtain an input tax credit, the other party
will provide such invoice or assistance promptly upon being requested to do so. 
  

	11.12	 Costs and stamp duty 

The Company must pay the costs of negotiating, preparing and executing this Deed and any stamp duty on this Deed. 

 

	11.13	 Survival 

Each indemnity in this Deed is independent and survives termination of this Deed. Any other provision by its nature intended to survive
termination of this Deed survives termination of this Deed. 
  

	11.14	 Entire agreement 

This Deed constitutes the entire agreement between the parties in connection with its subject matter and supersedes all previous agreements or
understandings between the parties in connection with its subject matter. 

  

			
	  
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 Signing page 

 
 EXECUTED as a deed. 

 

							
	 Executed by Opthea Limited
	  		 		  	
				
	 	  	f	 	 	  	f
	Signature of director	  		 	 Signature of director/company secretary
 (Please
delete as applicable)
	  	
				
	 	  		 	 	  	
	Name of director (print)	  		 	Name of director/company secretary (print)	  	

  

							
	 Signed sealed and delivered

 
 in the presence of
	  		 		  	
	 	  	f	 	 	  	f
	Signature of witness	  		 	Signature of Director	  	
				
	 	  		 		  	
	Name of witness (print)	  		 		  	

  

			
	  
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