Document:

EX-10.9

 Exhibit 10.9 
  

			
		 	 Confidential Materials omitted and filed separately with the

Securities and Exchange Commission. Double asterisks denote omissions.

  
 

 
 November 7, 2013 

Visterra, Inc. 
 One Kendall Square 

Suite B3301 
 Cambridge, MA 02139 

Re: Strategic Relationship between the Bill & Melinda Gates Foundation and Visterra, Inc. 

Ladies and Gentleman: 
 This amended and
restated letter agreement (including all appendices and attachments hereto, the “Letter Agreement”) is entered into on November 7, 2013 and effective as of September 12, 2012, in connection with the investment by the
Bill & Melinda Gates Foundation (the “Foundation”), a Washington charitable trust that is a tax-exempt private foundation, of a total of six million and eight hundred thousand dollars ($6,800,000) for Series A Preferred
Stock of Visterra, Inc. (the “Company”) at the per share price of $1.00 (the “Foundation Investment”). This Letter Agreement replaces the letter agreement, dated September 12, 2012, between the Company and the
Foundation in its entirety. The Foundation is making the Foundation Investment in accordance with the provisions of the investment documents executed in connection with the closing of the supplemental Series A Preferred Stock offering
(“Supplemental Closing”), including, without limitation, the Amended and Restated Series A Convertible Preferred Stock and Warrant Purchase Agreement, dated as of September 12, 2012, between the Company and certain persons and
entities listed therein (as amended from time to time, the “Series A Stock Purchase Agreement”) and related documents, in each case as amended from time to time (collectively, the “Investment Documents”). As further
detailed in the Investment Documents, the Foundation Investment will be made in three tranches (each a “Tranche”), with the first tranche of two million, two hundred and ninety thousand dollars ($2,290,000) delivered on the initial
Supplemental Closing, and each of the second tranche of two million and seven hundred and ten thousand dollars ($2,710,000) and the final tranche of one million and eight hundred thousand dollars ($1,800,000) due and payable as specified in the
Series A Stock Purchase Agreement. Capitalized terms not defined herein shall have the same meanings given to them in the Investment Documents. 

In consideration of the Foundation making the Foundation Investment on the terms and conditions stated herein and in the Investment Documents,
and for other good and valuable consideration, the undersigned hereby irrevocably agree as follows: 
  

	1	Charitable Purposes and Use of Funds 

 The Foundation is making the Foundation
Investment as a “program-related investment” within the meaning of Section 4944(c) of the U.S. Internal Revenue Code (the “Code”). The Foundation’s primary purpose in making the Foundation Investment is to further
significantly the accomplishment of the Foundation’s charitable purposes, including the relief of the poor and 

  

					
	                                   
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distressed or of the underprivileged, the advancement of science, or the promotion of health by seeking to (i) address global health challenges that disproportionately impact developing
countries, and (ii) increase the access of poor and distressed individuals and families in the developing world to life-saving and other important vaccines and drugs that can improve their health care (collectively, the “Charitability
Requirement”). 
 The Company agrees to use the proceeds from the Foundation Investment (1) for the [**] Program (as defined
below) to the extent set forth below, and (2) to generally further develop the Company’s proprietary platform useful for understanding and characterizing proteins as ‘networks’ of amino acids, enabling the identification of
unique epitopes – critical to structure and function and the directed design of antibodies against these target epitopes (the “Platform Technology”). For clarity, the Platform Technology shall only include intellectual property
owned or controlled by the Company and the Company will retain all rights to use the Platform Technology to develop any product as it sees fit, subject to compliance with the Global Access Commitments described below. 

In addition, the Company agrees to use a minimum of $[**] specifically to fund the development of [**] protein and potential vaccines and
therapeutics (the “[**] Program”) as outlined in Appendix 1, attached hereto, which may include vaccines and therapeutics under development by Foundation partners, to the extent mutually agreed by the Company, the Foundation and
such partners. The scope of work for the [**] Program will be as specified in Appendix 1. Within [**] months following the delivery by the Foundation of each Tranche, the Company agrees to provide a report to the Foundation detailing the progress
achieved to date on the [**] Program certifying as to the costs and expenses incurred by the Company for the [**] Program for such [**] month period (the “[**] Program Report”). The Company is not required to segregate the proceeds
of the Foundation’s investment from other Company funds. 
 The Foundation believes that the Platform Technology has potential broad
application in a variety of Foundation Priority Areas (defined below), and that applications of and improvements to the Platform Technology, in conjunction with the Global Access Commitments described below, will achieve the Charitability
Requirement. The Company understands and acknowledges that a primary organizational objective of the Foundation is to provide funding to support the development of drugs and vaccines to address diseases that have a disproportionate impact on people
within developing countries, and to ensure that such products can be made available and accessible at reasonable cost and with all due speed to people within developing countries (the “Global Access Objectives”). The Foundation is
forming a strategic relationship with the Company in order to further the Global Access Objectives by ensuring (i) access to the Platform Technology for application to products in Developing Countries (defined below), (ii) access to
Disease Information that may be requested by the Foundation and (iii) that resulting products are available and accessible at reasonable cost to people within Developing Countries, in particular, all as set forth in this Letter Agreement. For
the purposes of this Letter Agreement, “Developing Countries” means those countries listed on the attached Appendix 2, which list may be modified from time to time by mutual agreement between the Foundation and the Company. The
Foundation and the Company shall in good faith discuss the appropriate allocation and coordination of commercial distribution rights in Developing Countries that have both public and private markets, while ensuring that the Global Access Objectives
in Developing Countries are achieved. “Developed World” means all countries not included in the definition 

  

					
	                                   
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of Developing Countries. “Disease Information” means information generated by the Company or its research contractors related generally to diseases within Foundation Priority
Areas, and shall specifically exclude the Platform Technology. 
 The Foundation has identified certain areas of global health as
underinvested or disproportionately impacting poor and vulnerable populations. For purposes of this Letter Agreement, these areas are called “Foundation Priority Areas” and are currently the following: rotavirus, cholera, typhoid,
Escherichia coli, shigella, hepatitis A & E, geohelminths, HIV/AIDS, malaria, pneumonia causing infectious diseases (including respiratory syncytial virus), tuberculosis, polio, meningitis, measles, diphtheria, tetanus, pertussis, influenza,
Japanese encephalitis, dengue, African trypanosomiasis, visceral leishmaniasis, Guinea worm, onchocerciasis, lymphatic filariasis, cysticercosis, schistosomiasis, trachomoa, soil-transmitted helminthes, and human papillomavirus. The list of
Foundation Priority Areas may be modified from time to time by mutual agreement between the Foundation and the Company 
  

	2	Global Access Commitments 

 The following paragraphs ensure satisfaction of the
Global Access Objectives and represent the Company’s “Global Access Commitments.” Subject to the provisions of this Letter Agreement, the Company will not grant to a third-party any rights to or enter into any arrangements with
respect to, the Platform Technology that would prohibit, prevent or otherwise significantly restrict the Company (or any acquirer of the Platform Technology) from fulfilling these Global Access Commitments. 

 

	(a)	Unfunded Development Programs:  

 Other than with respect to the [**] Program and
the Future Development Programs (which are addressed in subsection (c)), the Company hereby grants to the Foundation non-exclusive, sub-licensable license rights to any antibodies and Disease Information requested by the Foundation that the Company
or its research contractors discover in Foundation Priority Areas within the longer of twelve (12) months following the consummation of a Sale Transaction (as such term is defined below) and the three (3) year period following the payment
of the last Tranche of the Foundation Investment, including, for the avoidance of doubt, but not limited to, the Visterra Influenza Antibody. The foregoing non-exclusive license may be used worldwide by or on behalf of the Foundation (or
Foundation–funded entities) and their respective sublicensees, in connection with (i) research and development (ii) manufacture, and (iii) regulatory approval processes so long as the principal focus of such activities is to
ensure satisfaction of the Global Access Objectives in Foundation Priority Areas. Any product that arises from or is subject to such research, development and manufacturing activities may only be sold or distributed by or on behalf of the Foundation
(or Foundation-supported Entities or sublicensee) in Developing Countries in Foundation Priority Areas without any milestone payments, royalties or other monetary or non-monetary restrictions imposed. For the purposes of this Letter Agreement, a
“Foundation-supported Entity” is a third party receiving funding from the Foundation, is collaborating with the Foundation, or both, for the purpose of accomplishing Global Access Objectives. 

  

					
	                                   
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 The Foundation will notify the Company in writing if it desires to receive Disease
Information. The Company will provide such Disease Information promptly to the Foundation and in a form and format to be mutually agreed. In the event the Company reasonably determines, in its good faith judgment, that any such Disease Information
is confidential information of the Company, it shall be eligible for protection as provided for in a confidentiality agreement to be negotiated between the Company and the Foundation. 

The Company will notify the Foundation in writing of the Company’s (alone or through a third party) intended development or
commercialization of antibodies in the Foundation Priority Areas (other than with respect to the [**] Program and the Future Development Programs, which are addressed in subsection (c)). 

In the event that the Company (alone or through a third party) is developing and commercializing the same antibodies in the Developed World as
the Foundation (alone or through a third party) is developing, the Foundation and the Company agree to notify each other of such activities and, to the extent feasible, coordinate all activities with each other to ensure no negative impact on the
research, development and commercialization of such antibodies being undertaken by the other party in the Developed World or Developing Countries, as the case may be. Notwithstanding the foregoing, (i) each of the Company and the Foundation
shall have ultimate decision-making authority over such development and commercialization activities but shall consider in good faith the views of the other party, and (ii) if the Company is developing and/or commercializing any such antibodies
with a major biopharmaceutical company (defined as a company which, together with its affiliates, had annual revenues in excess of $[**] in its latest fiscal year), and such biopharmaceutical company, in good faith, believes that such activities
would have a negative impact on its development and commercialization of such antibodies, the Company shall provide written notice to the Foundation, and the Foundation, the Company and such biopharmaceutical company shall meet to discuss the issues
raised by the biopharmaceutical company and such parties shall develop, acting in good faith, a written plan to resolve such issues. For the purpose of clarity, the Company and the Foundation agree that the sale or distribution of such antibodies or
vaccines, therapeutics or other products embodying such antibodies at low or zero price in Developing Countries is consistent with the Global Access Objectives and does not and will not negatively impact commercialization of such antibodies,
provided that the Foundation exercises diligent efforts to prevent the sale and distribution in the Developed World of antibodies intended for sale and distribution in Developing Countries. 

Notwithstanding the foregoing, in the event that the Company intends to enter into an agreement with a major biopharmaceutical company (as
defined above), with a demonstrable corporate commitment to serving patients in Developing Countries and a clear written plan for achieving the Global Access Objectives, for the development and commercialization of products in one or more Foundation
Priority Areas in a manner consistent with the Global Access Objectives, upon written request of the Company, the Foundation shall relinquish its non-exclusive rights in the applicable Foundation Priority Area(s). The Company shall provide the
Foundation with the applicable provisions of the agreement with such third party relating to the Global Access Objectives and shall consider in good faith suggestions from the Foundation relating to such agreement. Moreover, the Company shall report
(or cause such third party to report) to the Foundation on a semi-annual basis regarding the progress of the Company and 

  

					
	                                   
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such third party in connection with the Global Access Objectives in such Foundation Priority Area(s). If the Foundation believes that the Global Access Objectives are not being met, it shall
provide notice to the Company, and the Foundation, the Company and such third party shall meet to discuss the issues raised by the Foundation and such parties shall develop, acting in good faith, a written plan to resolve such issues. The
non-exclusive rights in the applicable Foundation Priority Area(s) specified in this section shall be considered to be in force in favor of the Foundation if and when the agreement between the Company and such major biopharmaceutical company is
terminated. 
  

	(b)	Funded Development Programs: 

 Currently, the [**] Program is the only Funded
Development Program. Subject to additional financial support from the Foundation and on more specific terms to be determined in connection with each program, which terms must be mutually acceptable to both the Company and the Foundation, the Company
will use the Platform Technology for antibody discovery efforts in mutually agreed upon Foundation Priority Areas, including, in particular, dengue and, potentially, further [**]-related programs (the “Future Development Programs”).

  

	(c)	[**] Program/Future Development Programs: 

 (i) Election: With
respect to the [**] Program and any Future Development Program (each, a “Program”) (on a Program-by-Program basis) the Company and the Foundation will mutually decide either (A) that the Company (alone or through a third party) will
accomplish the Global Access Objectives for such Program as provided in subsection (ii) below (the “Diligence Election”), or (B) to provide the Foundation with the rights set forth in subsection (iii) below for such Program
(the “Rights Grant Election”). Unless otherwise provided for in Appendix 1 or in similar appendices or documents pertaining to any Future Development Program, the Company and the Foundation shall make such election for each Program on or
before the completion of the first Phase 2 clinical trial in such Program, provided that if the Company and Foundation are unable to agree, in good faith, on such an election for such Program within such timeframe, then the Company shall have
the right to unilaterally make such election and shall notify the Foundation of such election in writing within thirty (30) days of making such election. In making such election, the Company shall consider in good faith the Foundation’s
views on such Program. 
 (ii) Diligence Election: If the Diligence Election is made for a Program, the Company (alone or
through a third party) shall use Reasonable Efforts to develop and commercialize at least one (1) product arising from such Program in Developing Countries in a manner consistent with the Global Access Objectives. The Company shall report to
the Foundation on a semi-annual basis regarding the progress of the Company and any partners/licensees in connection with the applicable Program. In the event the Company discontinues work to develop and commercialize the product, or fails to
exercise Reasonable Efforts to do so, the provisions of Sections 2(c)(iii) and (v) shall apply. As used herein, the term “Reasonable Efforts” means efforts that (a) are consistent with the Global Access Objectives and
(b) would typically be devoted to the diligent research, development and commercialization of products in the Developing Countries that have attributes similar to those of the potential products in the applicable Program, including scientific
attributes, safety and efficacy, product 

  

					
	                                   
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profile, availability of competitive products, proprietary position, regulatory pathways and manufacturing and cost considerations, all in the context of the Global Access Objectives. Efforts by
partners or licensees of the Company shall be considered to constitute efforts by the Company. 
 (iii) General Provisions Governing
Rights Grant Election: If the Rights Grant Election is taken, the following general provisions shall apply to the applicable Program: 
  

	A.	Any antibodies that the Company controls wholly or in part relating to such Program (together with any applicable Platform Technology necessary to develop or commercialize such antibodies) may be used on a
non-exclusive, worldwide basis (except as provided in subsection (iv)) by or on behalf of the Foundation (or Foundation-supported Entities) and their respective sublicensees in research, development, manufacture, sale, distribution, and regulatory
approval processes in Foundation Priority Areas with respect to products arising out of such Program, without any milestone payments, royalties or other monetary or non-monetary restrictions imposed. 

 

	B.	The Company agrees to use reasonable efforts to enable the Foundation, Foundation-supported Entities or others engaged in work on the Program on behalf of the Foundation to exercise their non-exclusive rights to use
intellectual property in the manner provided for in Sections 2(c)(iii) and (iv). Such steps may include, as required, licensing of relevant intellectual property or agreements to not assert such intellectual property. 

(iv) Company Continues Program Activities Post-Election: In the event the Company (alone or through a third party) continues to develop
or commercialize a product after the Rights-Grant Election, products arising out of such Program may be sold or distributed by or on behalf of the Foundation (or Foundation-supported Entities) worldwide in Foundation Priority Areas in a manner that
furthers the Global Access Objectives. The Foundation hereby grants to the Company non-exclusive license rights (with rights to sublicense) to any product that arises from or is subject to such research, development and manufacturing activities by
or on behalf of the Foundation (“Foundation Products”) for research, development, manufacturing, regulatory approval processes, sale and distribution world-wide without any milestone payments, royalties or other monetary or
non-monetary restrictions imposed on the Company (or any of its licensees or sublicensees) by the Foundation. In the event that the Company (alone or through a third party) is developing and commercializing the same product in the Developed World as
that being sold or distributed by the Foundation in Developing Countries, the Foundation and the Company will, to the extent feasible, coordinate all activities with each other to ensure no negative impact on the research, development and
commercialization of such Foundation Product by the Company or the Foundation in the Developed World or Developing Countries, respectively. For the purpose of clarity, the Company and the Foundation agree that the sale or distribution of such a
product at low or zero prices in Developing Countries is consistent with the Global Access Objectives and would not negatively impact commercialization of such antibodies, provided that the Foundation exercises diligent efforts to prevent the
sale and distribution in the Developed World of Foundation Products intended for sale and distribution in Developing Countries. In the event the Company discontinues Program activities to develop and commercialize the product or

  

					
	                                   
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fails to exercise Reasonable Efforts to do so, the provisions of Sections 2(c)(iii) and (v) shall apply. 

(v) Company Discontinues Program Activities Post-Election: In the event that the Company (alone or through a third party) does not
continue to develop or commercialize at least one product from a Program after a Rights-Grant Election, the Products from such Program may be sold or distributed by or on behalf of the Foundation or Foundation-supported Entities, and each of their
respective licensees), exclusively world-wide. Sales and distribution in Developing Countries in Foundation Priority Areas will be on terms and conditions that meet the Global Access Objectives. 

(vi) Third Party Costs: The Foundation shall be solely responsible for all costs and liabilities arising out of its exercise of
the licenses granted under Section 2 of this Letter Agreement, including all costs for intellectual property licenses. The Foundation agrees that it will, as a condition to the grant of any sublicense, obtain agreement by its sub-licensees to
indemnify the Company for all costs, liabilities and expenses arising from the conduct of activities by or on behalf of such sub-licensees in exercising such sub-licenses. 
  

	3	Obligations in the Event of Acquisition of Platform Technology or Company by Another 

In the event the Platform Technology is acquired directly or through an acquisition of the Company by a third party, the Global Access
Commitments applicable to the Company’s Platform Technology (and intellectual property rights and proprietary information owned or controlled by the Company and developed in the course of and resulting from any Funded Development Program
subsequently entered into by the Company and the Foundation) in existence at the time of the acquisition (and the licenses granted to the Foundation under this Letter Agreement) will survive and be assumed by the acquirer. 

 

	4	Withdrawal Right 

 The withdrawal right described in this section will be
triggered only as a result of actions taken by the Company that are inconsistent with restrictions herein on the use of funds from the Foundation Investment or related U.S. tax obligations, including without limitation the requirements set forth in
Sections 5 and 8 below, or are in material breach of the Global Access Commitments (a “Material Breach”) provided that for the avoidance of doubt the parties agree that a breach of the Global Access Commitments that could reasonably
result in the Foundation Investment failing to qualify as a “program related investment” under the Code will constitute a material breach of the Global Access Requirements. For the avoidance of doubt, the withdrawal right will not be
triggered by the inability, for technical or scientific reasons, to successfully develop vaccines and other products for Foundation Priority Areas, so long as the Company has not materially breached its obligations under this Letter Agreement. 

In the event the Company fails to comply with the restrictions on the use of funds from the Foundation Investment, or the other related U.S.
tax obligations set forth herein or is in Material Breach (a “Charitability Default”), the Foundation will have the rights set forth below (the “Withdrawal Right”). Each party agrees to promptly notify the other
party in writing of 

  

					
	                                   
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the occurrence of such event and the Company shall thereafter provide to the Foundation a proposed strategy to remedy the Charitability Default. 

If the Company fails to cure the Charitability Default within [**] days of receipt of the above described notice, the Company shall have the
obligation to (i) redeem all of the Series A Preferred Stock held by the Foundation or any Common Stock held by the Foundation issued upon conversion of the Series A Preferred Stock (collectively, the “Foundation Stock”),
provided that such redemption shall be made only to the extent permitted by applicable law and not to the extent that it renders the Company insolvent or causes the Company to be in material breach of a third party financial covenant or contractual
obligation, or (ii) locate a third party that will purchase the Foundation Stock. If the Company is unable to redeem all of the Foundation Stock, and no third party purchases the Foundation Stock, then the Company shall use its best efforts to
effect the Withdrawal Right, consistent with the Code and applicable law, as soon as practicable. During the period when the Company is unable to exercise its obligation to redeem or find a purchaser of the Foundation Stock, the Company shall not
pay dividends on any of its capital stock, redeem the capital stock of any other stockholder of the Company or otherwise make any other distribution to any other stockholder of the Company. Upon the transfer of any Foundation Stock to any one or
more transferees that are tax-exempt organizations as described in Section 501(c)(3) of the Code, the Foundation may assign to any such transferee all of its rights attached to such Foundation Stock. 

For redemption or purchase by a third party, Foundation Stock shall be valued at the greater of the Original Purchase Price or the fair market
value thereof as determined in good faith by the Board of Directors of the Company. If the Foundation disagrees with such Board determination, it may seek an independent appraisal, in which case the then current fair market value of the Foundation
Stock shall be determined by a mutually agreed upon (such agreement not unreasonably withheld) third-party appraiser. The Foundation shall be responsible for the payment of the appraisal fees. 

If the Foundation’s shares are sold or redeemed due to a Charitability Default, commencing upon the date of such sale or redemption, the
Foundation or a Foundation Affiliate will have a twelve (12) month look back right by which, in the event of (i) a sale of all or substantially all of the shares of the Company, or a sale of all or substantially all of its assets
(“Sale Transaction”), that results in cash proceeds, or (ii) upon the closing of a firmly underwritten public offering (“Public Offering”) of shares of Common Stock of the Company pursuant to a registration
statement under the Securities Act of 1933, as amended (“Securities Act”), representing a per share valuation for the Company in excess of 200% of the valuation used for the sale or redemption of the Foundation Stock from the
Foundation, the Foundation will receive compensation equal to the excess of what it would have received in such transaction if it still held the Foundation Stock at the time of such Sale Transaction or Public Offering over what it actually received
in the sale or redemption of the Foundation Stock had the Charitability Default not occurred. 

  

					
	                                   
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	5	Required Reporting 

 In addition to any and all reports required to be delivered
to the Foundation under the Investment Documents, the Company shall furnish, or cause to be furnished, to the Foundation the following reports and certifications: 

a. Within ninety days after the end of the Company’s fiscal year during which the Foundation owns any shares in the Company, a certificate
from the Company signed by an officer or director of the Company and substantially in the form attached to this Letter Agreement, certifying that the requirements of the Foundation Investment set forth in this Letter Agreement were met during the
immediately preceding fiscal year, describing the use of the proceeds of the Foundation Investment and evaluating the Company’s progress toward achieving the Global Access Commitments and, if applicable for the period, the [**] Program Report;

 b. Within ninety days after the end of the Company’s fiscal year during which the Foundation ceases to own any shares in the Company,
a certificate from the Company signed by an officer or director of the Company and substantially in the form attached to this Letter Agreement, certifying that the requirements of the Foundation Investment set forth in this Letter Agreement were met
during the term of the Foundation Investment, describing the use of the proceeds of the Foundation Investment and evaluating the Company’s progress toward achieving the Global Access Commitments and, if applicable for the period, the [**]
Program Report; 
 c. Any other information respecting the operations, activities and financial condition of the Company as the Foundation
may from time to time reasonably request to discharge any expenditure responsibility, within the meaning of Sections 4945(d)(4) and 4945(h) of the Code, of the Foundation with respect to the Foundation Investment, and to otherwise monitor the
charitable benefits intended to be served by the Foundation Investment (which shall be at the Foundation’s expense); and 
 d. Full and
complete financial reports of the type ordinarily required by commercial investors under similar circumstances, which requirement may be satisfied by the Company by delivery to the Foundation of the audits and reports specified in Section 6 of
the Series A Stock Purchase Agreement (as it may be amended or restated). If the Company merges with, is acquired by or becomes a reporting company under the Securities Exchange Act of 1934, as amended, the filing of quarterly and annual reports
with the S.E.C. shall be deemed to satisfy these financial reporting obligations. Notwithstanding the lead-in paragraph of Section 6.1 of the Series A Stock Purchase Agreement, so long as the Foundation owns any shares in the Company, the
Company shall provide and deliver to the Foundation copies of the reports and audits specified in Section 6 of the Series A Stock Purchase Agreement. 

All information included in the foregoing reports shall constitute the confidential information of the Company and shall be eligible for
protection as provided for in a confidentiality agreement to be negotiated between the Company and the Foundation, subject to the right of the Foundation to disclose such information as may be required to satisfy its reporting requirements under the
Code. 

  

					
	                                   
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	6	Access to Records 

 The Company shall maintain books and records adequate to
provide the information ordinarily required by commercial investors under similar circumstances and provide the Foundation access to such books and records. Such reports shall be maintained for a minimum of four years after the Foundation Investment
has terminated. 
  

	7	Public Reports 

 The Foundation may include information about the Company in its
periodic public reports to the extent such information is not confidential. 
  

	8	Prohibited Uses 

 The Company shall not expend any proceeds of the
Foundation’s Investment to carry on propaganda or otherwise to attempt to influence legislation, to influence the outcome of any specific public election or to carry on, directly or indirectly, any voter registration drive, or to participate or
intervene in any political campaign on behalf of or in opposition to any candidate for public office within the meaning of Section 4945(d) of the Code. The proceeds of the Foundation’s Investment shall not (i) be earmarked to be used
for any activity, appearance or communication associated with the activities described in the foregoing sentence, nor (ii) be intended for benefit, and will not benefit, any person having a personal or private interest in the Foundation,
including without limitation, descendants of the founders of the Foundation, or persons related to or controlled by, directly or indirectly, such private interests. 
  

	9	Disqualified Person 

 Neither the Company nor (to the best knowledge of the
Company) any shareholder of the Company is a “disqualified person” with respect to the Foundation (as the term “disqualified person” is defined in Section 4946(a) of the Code). The Foundation does not, and one or more
disqualified persons with respect to the Foundation do not, directly or indirectly, control the Company. 
  

	10	Promotion of Terrorist Activities 

 In compliance with the provisions of the
Patriot Act and Executive Order 13224, the Company represents that it will not promote or support terrorist activities and that it will not provide any proceeds of the Foundation Investment to any entity or individual that promotes or engages in
such activities. 
  

	11	Use of Name 

 The Foundation may include information on this investment in its
periodic public reports and may make the investment public at any time on its web page and as part of press releases, public reports, speeches, newsletters and other public documents. Any announcement of the Foundation Investment by any other party,
including the Company, its representatives, directors, stockholders and agents, or any investor, will require the Foundation’s prior written approval. Such parties shall also obtain the Foundation’s prior written approval for any
other use 

  

					
	                                   
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of the Foundation’s name or logo in any respect; provided, however, that the Company may use the Foundation’s name for any uses that have been pre-approved in writing by the
Foundation. Notwithstanding the foregoing, the Foundation’s name and logo will not be used by any party in any manner to market, sell or otherwise promote the Company, its products, services and/or business. 

 

	12	Entire Agreement; Modification 

 The terms and conditions set forth in this Letter
Agreement are in addition to the provisions stated in the Investment Documents. No change, modification or waiver of any term or condition of this Letter Agreement shall be valid unless it is in writing, it is signed by the party to be bound, and it
expressly refers to this Letter Agreement. In the event of a conflict, this Letter Agreement shall take precedence over any agreement or contract entered into by the Company and a third party and over any provisions in or modifications to the
Company’s articles of incorporation, by-laws or similar corporate documents. The Company will not take any action or enter into any agreement or arrangement that is reasonably likely to prohibit, restrict or limit the Company from honoring the
rights of the Foundation, or the obligations or commitments of the Company, under this Letter Agreement or any other Investment Document. 
  

	13	Authority 

 Each of the signatories below covenants, represents and warrants that
he, she or it had all authority necessary to execute this Letter Agreement and that, on execution, this Letter Agreement will be fully binding and enforceable in accordance with its terms, and that no other consents or approvals of any other person
or third parties are required or necessary for this Letter Agreement to be so binding. This Letter Agreement shall be governed by the laws of the State of Delaware, excluding its conflicts of laws provisions. 

 

	14	Charitability Opinion 

 As a condition to making the Foundation investment, the
Foundation must obtain a written legal opinion from its tax counsel (to be provided at the Foundation’s expense), that the Foundation Investment will qualify as a program-related investment under the Code. 

 

	15	Counterparts 

 This Letter Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, but all of which shall be deemed to be and constitute one and the same instrument. 

  

					
	                                   
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 IN WITNESS WHEREOF, the parties have caused this Letter Agreement to be executed on November 7, 2013,
effective as of September 12, 2012. 
  

									
	Visterra, Inc.	 		 	Bill & Melinda Gates Foundation
					
	By:	 	/s/ David Arkowitz	 		 	By:	 	/s/ Richard Henriques

									
	Name:	 	 DAVID ARKOWITZ
	 		 	Name:	 	 Richard Henriques

									
	Title:	 	 COO & CFO
	 		 	Title:	 	 Chief Financial Officer

  

					
	                                   
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 Appendix 1 

Visterra [**] Workplan with BMGF 

Contents 
 Confidential Materials omitted and filed separately
with the Securities and Exchange Commission. A total of 22 pages were omitted. [**] 

  

					
	                                   
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 Addendum to [**] Workplan: 

[**] 
 Confidential Materials omitted and filed
separately with the Securities and Exchange Commission. A total of 5 pages were omitted. [**] 

  

					
	                                   
CONFIDENTIAL	  	 	Page 14 of 41	  

 BMGF – Visterra Side Letter Agreement 

 

 Appendix 2 

Developing Countries 
 Developing Country
– A country eligible for GAVI support, plus Thailand and South Africa, currently including: Afghanistan, Bangladesh, Benin, Burkina Faso, Burundi, Cambodia, Cameroon, Central African Republic, Chad, Comoros, Democratic Republic of Congo,
Côte d’Ivoire, Djibouti, East-Timor, Eritrea, Ethiopia, Gambia, Ghana, Guinea, Guinea Bissau, Haiti, India, Kenya, DPR Korea, Kyrgyz Republic, PDR Lao, Lesotho, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Myanmar, Nepal,
Nicaragua, Niger, Nigeria, Pakistan, Papua New Guinea, Rwanda, São Tomé e Príncipe, Senegal, Sierra Leone, Solomon Islands, Somalia, South Africa, Thailand, North Sudan, South Sudan, Tajikistan, Tanzania, Togo, Uganda,
Uzbekistan, Viet Nam, Yemen, Zambia, and Zimbabwe. 

  

					
	                                   
CONFIDENTIAL	  	 	Page 15 of 41	  

 AMENDMENT 1 

TO 
 AMENDED AND RESTATED

 LETTER AGREEMENT 

This Amendment 1, effective September 4, 2014 (the “Effective Date”), is to the amended and restated letter agreement entered
into on November 7, 2013 and effective as of September 12, 2012 (the “Letter Agreement”), between Visterra, Inc. (the “Company”) and the Bill & Melinda Gates Foundation (“Foundation”), together, the
Parties. 
 Pursuant to this Amendment, the Parties agree as follows; 

 

	 	1.	The Letter Agreement is hereby amended by replacing in its entirety the third full paragraph in Section 4., Withdrawal Right, of the Letter Agreement with the following: 

 

	 	    	 If the Company fails to cure the Charitability Default within [**] days of receipt of the above described notice, the Company shall have the
obligation to (i) redeem all of the Series A Preferred Stock held by the Foundation or any Common Stock held by the Foundation issued upon conversion of the Series A Preferred Stock (collectively, the “Foundation Stock”),
provided that such redemption shall be made only to the extent permitted by applicable law and not to the extent that it renders the Company insolvent or causes the Company to be in material breach of a third party financial covenant or contractual
obligation (including, without limitation, any prohibition on redemptions contained in that certain Loan and Security Agreement between the Company, Square 1 Bank and Oxford Finance, as it may be amended from time to time (the “Loan
Agreement”)), or (ii) locate a third party that will purchase the Foundation Stock. In the event the Company redeems the Foundation Stock by incurring indebtedness to the Foundation (the “Foundation Debt”), the
Foundation shall enter into a subordination agreement with the Company’s lenders under the Loan Agreement pursuant to which the Foundation Debt is subordinated to the Company’s indebtedness under the Loan Agreement to such lenders (the
“Subordination Agreement”). The Subordination Agreement shall substantially be in the form agreed upon by lenders and the Foundation on or prior to the effective date of the Loan Agreement, attached to this amendment as Exhibit A. The
Company shall repay the Foundation Indebtedness as soon as practicable and consistent with the terms of the subordination agreement. If the Company is unable to redeem all of the Foundation Stock, and no third party purchases the Foundation Stock,
then the Company shall use its best efforts to effect the Withdrawal Right, consistent with the Code and applicable law, as soon as practicable. During the period when the Company is unable to satisfy its obligation to redeem or find a purchaser of
the Foundation Stock, the Company shall not pay dividends on any of its capital stock, redeem the capital stock of any 

	 	
other stockholder of the Company or otherwise make any other distribution to any other stockholder of the Company. Upon the transfer of any Foundation Stock to any one or more transferees that
are tax-exempt organizations as described in Section 501(c)(3) of the Code, the Foundation may assign to any such transferee all of its rights attached to such Foundation Stock. 

 

	 	2.	All other terms and conditions set forth in the Letter Agreement shall remain in full force and effect. 

IN WITNESS WHEREOF, the Parties have signed this Amendment as of the Effective Date. 

 

									
	VISTERRA, INC.	 		 	BILL & MELINDA GATES FOUNDATION
					
	By:	 	 /s/ David Arkowitz
	 		 	By:	 	 /s/ Julie Sunderland

	Name:	 	 DAVID ARKOWITZ
	 		 	Name:	 	 Julie Sunderland

	 Title:
	 	 COO & CFO
	 		 	 Title:
	 	 Director, Program-Related Investments

	 Date:
	 	 Sept. 3, 2014
	 		 	 Date:
	 	 September 4, 2014

 EXHIBIT A 

SUBORDINATION AGREEMENT 

This Subordination Agreement (the “Agreement”) is made as of
                    , 2014, by and among
                             (“Creditor”), OXFORD FINANCE LLC, a Delaware limited
liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314, in its capacity as Collateral Agent (as hereinafter defined) for the Lenders (as hereinafter defined), OXFORD FINANCE LLC, a Delaware
limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314, in its capacity as a Lender, and SQUARE 1 BANK, a North Carolina corporation with its principal office located at 406 Blackwell Street,
Suite 240, Durham, NC 27701. 
 Recitals 
  

	A.	Pursuant to a Loan and Security Agreement (such agreement as it may be amended from time to time, the “Loan Agreement”), dated as of
                    , among OXFORD FINANCE LLC (in its capacity as Collateral Agent for the Lenders (the “Collateral Agent”),
the Lenders from time to time a party thereto, including, without limitation, Oxford Finance LLC and Square 1 Bank (each a “Lender” and collectively the “Lenders”), and V1STERRA, INC., a Delaware corporation with an office
located at One Kendall Square, Suite B3301, Cambridge, MA 02139 (“Borrower”), Borrower has requested and/or obtained certain loans or other credit accommodations from Lenders to Borrower which are or may be from time to time secured by
assets and property of Borrower. 

  

	B.	Creditor has extended loans or other credit accommodations to Borrower, and/or may extend loans or other credit accommodations to Borrower from time to time. 

 

	C.	In order to induce Lenders to extend credit to Borrower and, at any time or from time to time, at Lenders’ option, to make such further loans, extensions of credit, or other accommodations to or for the account of
Borrower, or to purchase or extend credit upon any instrument or writing in respect of which Borrower may be liable in any capacity, or to grant such renewals or extension of any such loan, extension of credit, purchase, or other accommodation as
Lenders may deem advisable, Creditor is willing to subordinate: (i) all of Borrower’s indebtedness to Creditor (including, without limitation, principal, premium (if any), interest, fees, charges, expenses, costs, professional fees and
expenses, and reimbursement obligations), whether presently existing or arising in the future (the “Subordinated Debt”) to all of Borrower’s indebtedness and obligations to the Collateral Agent and/or the Lenders; and (ii) all of
Creditor’s security interests, if any, to all security interests in Borrower’s property in favor of the Collateral Agent and/or the Lenders. 

NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 
  

	1.	Creditor hereby acknowledges and agrees that (i) Creditor does not have any lien on or security interest in any property of Borrower, whether now owned or hereafter acquired, including, without limitation, the
“Collateral” as defined in the Loan Agreement, (ii) Borrower is prohibited from granting to Creditor any lien on or security interest in any property of Borrower, whether now owned or hereafter acquired, including, without limitation,
the Collateral and (iii) Creditor shall not take any lien on or security interest in any property of Borrower whether now owned or hereafter acquired, including without limitation, the Collateral. In furtherance of the foregoing, Creditor
hereby subordinates to the Collateral Agent and the Lenders any security interest or lien that Creditor may have in any property of Borrower, including without limitation, the Collateral. Notwithstanding the respective dates of attachment or
perfection of any security interest of Creditor and the security interest of the Collateral Agent and the Lenders, the lien and security interest of the Collateral Agent and the Lenders in any property of Borrower, whether now owned or hereafter
acquired, including, without limitation, the Collateral, shall at all times be senior to the lien and security interest of Creditor. 

  

	2.	 All Subordinated Debt is subordinated in right of payment to all obligations of Borrower to the Collateral Agent and the Lenders now existing or
hereafter arising, together with all costs of collecting such 

  
 1 

	 	
obligations (including attorneys’ fees), including, without limitation, all interest accruing after the commencement by or against Borrower of any bankruptcy, reorganization or similar
proceeding, and all obligations under the Loan Agreement (the “Senior Debt”). 

  

	3.	Creditor will not demand or receive from Borrower (and Borrower will not pay to Creditor) all or any part of the Subordinated Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor will Creditor exercise
any remedy with respect to the Subordinated Debt or any property of Borrower, whether now owned or hereafter acquired, including, without limitation, the Collateral, nor will Creditor accelerate the Subordinated Debt, or commence, or cause to
commence, prosecute or participate in any administrative, legal or equitable action against Borrower, until such time as (i) the Senior Debt is fully paid in cash, and (ii) the Lenders have no commitment or obligation to lend any further
funds to Borrower, and (iii) all financing agreements among the Collateral Agent and the Lenders and Borrower are terminated. Nothing in the foregoing paragraph shall prohibit Creditor from converting all or any part of the Subordinated Debt
into equity securities of Borrower which do not have any call, put or other conversion features that would obligate Borrower to pay any money (including the payment of any dividends or other distributions for so long as the Senior Debt remains
outstanding) or deliver any other securities or consideration to the holder. 

  

	4.	Creditor shall hold in trust for the Collateral Agent and the Lenders and promptly deliver to the Collateral Agent in the form received (except for endorsement or assignment by Creditor where required by the Collateral
Agent), for application to the Senior Debt, any payment, distribution, security or proceeds received by Creditor with respect to the Subordinated Debt other than in accordance with this Agreement. 

 

	5.	In the event of Borrower’s insolvency, reorganization or any case or proceeding under any bankruptcy or insolvency law or laws relating to the relief of debtors, these provisions shall remain in full force and
effect, and the Collateral Agent’s and the Lenders’ claims against Borrower and the estate of Borrower shall be paid in full before any payment is made to Creditor. 

 

	6.	Until the Senior Debt is fully paid in cash and Lenders’ arrangements to lend any funds to Borrower have been terminated, Creditor irrevocably appoints the Collateral Agent as Creditor’s attorney-in-fact, and
grants to the Collateral Agent a power of attorney with full power of substitution, in the name of Creditor or in the name of the Collateral Agent and/or the Lenders, for the use and benefit of the Collateral Agent and the Lenders, without notice to
Creditor, to perform at the Collateral Agent’s option the following acts in any bankruptcy, insolvency or similar proceeding involving Borrower: 

  

	 	(i)	To file the appropriate claim or claims in respect of the Subordinated Debt on behalf of Creditor if Creditor does not do so prior to 30 days before the expiration of the time to file claims in such proceeding and if
the Collateral Agent elects, in its sole discretion, to file such claim or claims; 

  

	 	(ii)	To accept or reject any plan of reorganization or arrangement on behalf of Creditor and to otherwise vote Creditor’s claims in respect of any Subordinated Debt in any manner that the Collateral Agent deems
appropriate for the enforcement of its rights hereunder. 

  

	7.	Creditor shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the instruments are subject to the terms of this Agreement. By the execution of this Agreement, Creditor hereby
authorizes the Collateral Agent and the Lenders to amend any financing statements filed by Creditor against Borrower as follows: “In accordance with a certain Subordination Agreement by and among the Secured Party, the Debtor and Oxford Finance
LLC, in its capacity as Collateral Agent, the Secured Party has subordinated any security interest or lien that Secured Party may have in any property of the Debtor to the security interest of Oxford Finance LLC and the Lenders identified therein in
all assets of the Debtor, notwithstanding the respective dates of attachment or perfection of the security interest of the Secured Party and Oxford Finance LLC and the Lenders.” 

 

	8.	 Neither Borrower nor Creditor may amend the terms of any Subordinated Debt without the prior written consent of the Collateral Agent and the Lenders.
Without limiting the foregoing, no amendment of the documents evidencing or relating to the Subordinated Debt shall directly or indirectly modify the provisions of this Agreement in any manner which might terminate or impair the subordination of the
Subordinated Debt or the subordination of any security interest or lien that Creditor may have in any property of Borrower. By way of 

  
 2 

	 	
example, such instruments shall not be amended to (i) increase the rate of interest with respect to the Subordinated Debt, or (ii) accelerate the payment of the principal or interest or
any other portion of the Subordinated Debt. The Collateral Agent and the Lenders shall have the sole and exclusive right to restrict or permit, or approve or disapprove, the sale, transfer or other disposition of any of the property or assets of
Borrower, including, without limitation, the Collateral, except in accordance with the terms of the Senior Debt. Upon written notice from the Collateral Agent of the Collateral Agent’s and the Lenders’ agreement to release its lien on all
or any portion of the Collateral in connection with the sale, transfer or other disposition thereof by the Collateral Agent and the Lenders (or by Borrower with consent of the Collateral Agent and the Lenders), Creditor shall be deemed to have also,
automatically and simultaneously, released any lien or security interest on such Collateral, and Creditor shall upon written request by the Collateral Agent, immediately take such action as shall be necessary or appropriate to evidence and confirm
such release. All proceeds resulting from any such sale, transfer or other disposition shall be applied first to the Senior Debt until payment in full thereof, with the balance, if any, to the Subordinated Debt, or to any other entitled party. If
Creditor fails to release any lien or security interest as required hereunder, Creditor hereby appoints the Collateral Agent as attorney in fact for Creditor with full power of substitution to release Creditor’s liens and security interests as
provided hereunder. Such power of attorney being coupled with an interest shall be irrevocable. 

  

	9.	All necessary action on the part of Creditor, its officers, directors, partners, members and shareholders, as applicable, necessary for the authorization of this Agreement and the performance of all obligations of
Creditor hereunder has been taken. This Agreement constitutes the legal, valid and binding obligation of Creditor, enforceable against Creditor in accordance with its terms. The execution, delivery and performance of and compliance with this
Agreement by Creditor will not (i) result in any material violation or default of any term of any of the Creditor’s charter, formation or other organizational documents (such as Articles or Certificate of Incorporation, bylaws, partnership
agreement, operating agreement, etc.) or (ii) violate any material applicable law, rule or regulation. 

  

	10.	If, at any time after payment in full of the Senior Debt any payments of the Senior Debt must be disgorged by the Collateral Agent or the Lenders for any reason (including, without limitation, the bankruptcy of
Borrower), this Agreement and the relative rights and priorities set forth herein shall be reinstated as to all such disgorged payments as though such payments had not been made and Creditor shall immediately pay over to the Collateral Agent all
payments received with respect to the Subordinated Debt to the extent that such payments would have been prohibited hereunder. At any time and from time to time, without notice to Creditor, the Collateral Agent and the Lenders may take such actions
with respect to the Senior Debt as the Collateral Agent and the Lenders, in their sole discretion, may deem appropriate, including, without limitation, terminating advances to Borrower, increasing the principal amount, extending the time of payment,
increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any documents affecting the Senior Debt and any collateral securing the Senior Debt, and enforcing or failing to enforce any rights against Borrower or
any other person. No such action or inaction shall impair or otherwise affect the Collateral Agent’s and the Lenders’ rights hereunder. 

  

	11.	This Agreement shall bind any successors or assignees of Creditor and shall benefit any successors or assigns of the Collateral Agent and the Lenders. This Agreement shall remain effective until terminated in writing by
the Collateral Agent. This Agreement is solely for the benefit of Creditor and the Collateral Agent and the Lenders and not for the benefit of Borrower or any other party. Creditor further agrees that if Borrower is in the process of refinancing any
portion of the Senior Debt with a new lender, and if the Collateral Agent and/or the Lenders makes a request of Creditor, Creditor shall agree to enter into a new subordination agreement with the new lender on substantially the terms and conditions
of this Agreement. 

  

	12.	Creditor hereby agrees to execute such documents and/or take such further action as the Collateral Agent and the Lenders may at any time or times reasonably request in order to carry out the provisions and intent of
this Agreement, including, without limitation, ratifications and confirmations of this Agreement from time to time hereafter, as and when requested by the Collateral Agent. 

 

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

  
 3 

	14.	This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of laws principles. Each party hereto submits to the exclusive jurisdiction of
the state and federal courts located in New York, New York in any action, suit, or proceeding of any kind, against it which arises out of or by reason of this Agreement. CREDITOR, COLLATERAL AGENT, AND EACH LENDER WAIVE THEIR RESPECTIVE RIGHTS TO A
JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN. 

This Agreement represents the entire agreement with respect to the subject matter hereof, and supersedes all prior negotiations, agreements
and commitments. Creditor is not relying on any representations by the Collateral Agent, the Lenders or Borrower in entering into this Agreement and Creditor has kept and will continue to keep itself fully apprised of the financial and other
condition of Borrower. This Agreement may be amended only by written instrument signed by Creditor, the Collateral Agent, and each Lender. 

  
 4 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written. 
  

			
	OXFORD FINANCE LLC, as Collateral Agent
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

  
 5 

 
			
	OXFORD FINANCE LLC, as a Lender
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

  

			
	SQUARE 1 BANK, as a Lender
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

  
 6 

 
			
	 CREDITOR:
  

[            ]

		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

  
 7 

 The undersigned approves of the terms of this Agreement. 

 

			
	 BORROWER: 
 VISTERRA,
INC.

		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

  
 8 

 AMENDMENT 2 

TO 
 AMENDED AND RESTATED

 LETTER AGREEMENT 

This Amendment 2, effective October 28, 2014 (the “Effective Date”), is to the amended and restated letter agreement entered
into on November 7, 2013, amended as of September 4, 2014 and effective as of September 12, 2012 (the “Letter Agreement”), between Visterra, Inc. (the “Company”) and the Bill & Melinda Gates Foundation
(“Foundation”), together, the Parties. 
 Pursuant to this Amendment, the Parties agree as follows: 

 

	 	1.	The Letter Agreement is hereby amended by replacing in its entirety the third full paragraph on page four of the Letter Agreement with the following: 

In the event the Company (alone or through a third party) is developing and commercializing the same antibodies in the Developed World as the
Foundation (alone or through a third party) is developing, the Foundation and the Company agree to notify each other of such activities and, to the extent feasible, coordinate all activities with each other to ensure no negative impact on the
research, development, and commercialization of such antibodies being undertaken by the other party in the Developed World or Developing Countries, as the case may be. Notwithstanding the foregoing, (i) each of the Company and the Foundation
shall have ultimate decision-making authority over such development and commercialization activities but shall consider in good faith the views of the other party, and (ii) if the Company is developing and/or commercializing any such antibodies
with a biopharmaceutical company, and such biopharmaceutical company, in good faith, believes that such activities would have a negative impact on its development and commercialization of such antibodies, the Company shall provide written notice to
the Foundation, and the Foundation, the Company and such biopharmaceutical company shall meet to discuss the issues raised by the biopharmaceutical company and such parties shall develop, acting in good faith, a written plan to resolve such issues.
For the purpose of clarity, the Company and the Foundation agree that the sale or distribution of such antibodies or vaccines, therapeutics or other products embodying such antibodies at low or zero price in Developing Countries is consistent with
the Global Access Objectives and does not and will not negatively impact commercialization of such antibodies, provided that the Foundation exercises diligent efforts to prevent the sale and distribution in the Developed World of antibodies
intended for sale and distribution in Developing Countries. 

	 	2.	The Letter Agreement is hereby further amended by replacing in its entirety the paragraph which bridges page four and page five of the Letter Agreement with the following: 

Notwithstanding the foregoing, in the event that the Company intends to enter into an agreement with a major biopharmaceutical company
(defined as a company which, together with its affiliates, had annual revenues in excess of $[**] in its latest fiscal year; provided that such $[**] annual revenue requirement will not apply in the case of a biopharmaceutical company that intends
to develop and commercialize a product for dengue fever with the Company), with a demonstrable corporate commitment to serving patients in Developing Countries and a clear written plan for achieving the Global Access Objectives, for the development
and commercialization of products in one or more Foundation Priority Areas in a manner consistent with the Global Access Objectives, upon written request of the Company, the Foundation shall relinquish its non-exclusive rights in the applicable
Foundation Priority Area(s). The Company shall provide the Foundation with the applicable provisions of the agreement with such third party relating to the Global Access Objectives and shall consider in good faith suggestions from the Foundation
relating to such agreement. Moreover, the Company shall report (or cause such third party to report) to the Foundation on a [**] basis regarding the progress of the Company and such third party in connection with the Global Access Objectives in such
Foundation Priority Area(s). If the Foundation believes that the Global Access Objectives are not being met, it shall provide notice to the Company, and the Foundation, the Company and such third party shall meet to discuss the issues raised by the
Foundation and such parties shall develop, acting in good faith, a written plan to resolve such issues. The non-exclusive rights in the applicable Foundation Priority Area(s) specified in this section shall be considered to be in force in favor of
the Foundation if and when the agreement between the Company and such major biopharmaceutical company is terminated. 
  

	 	3.	All other terms and conditions set forth in the Letter Agreement shall remain in full force and effect. 

IN WITNESS WHEREOF, the Parties have signed this Amendment as of the Effective Date. 

									
	VISTERRA, INC.	 		 	BILL & MELINDA GATES FOUNDATION
					
	By:	 	 /s/ Brian J. G. Pereira
	 		 	By:	 	 /s/ Julie Sunderland

	Name:	 	 Brian J. G. Pereira
	 		 	Name:	 	 Julie Sunderland

	 Title:
	 	 CEO
	 		 	 Title:
	 	 Director, Program-Related Investments

	 Date:
	 	 October 29, 2014
	 		 	 Date:
	 	 October 28, 2014EX-10.10

 Exhibit 10.10 

Confidential Materials omitted and filed separately with the 

Securities and Exchange Commission. Double asterisks denote omissions. 

DATED the 27th day of April, 2015 

 
 BETWEEN 

D3 (Drug Discovery & Development) 

AND 
 Visterra Inc.

  
  

AGREEMENT FOR RESEARCH COLLABORATION 
  

 
 Ref: NN/SW/096/0115/D3 

 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 1 of 40

 AGREEMENT FOR RESEARCH COLLABORATION 

THIS AGREEMENT is made on the 27th day of April, 2015. 

BETWEEN 
 D3 (Drug Discovery & Development),
Biomedical Sciences Institutes (Co. Registration No. 53239949L), a company incorporated in Singapore and having its principal office at 31 Biopolis Way, 01-02A Nanos, Singapore, 138669 (hereinafter referred to as “D3”) of the first
part; 
 AND 
 Visterra, Inc a company
incorporated under the laws of the United States of America, of One Kendall Square, Suite B3301, Cambridge, MA 02139 (hereinafter referred to as “COLLABORATOR” or “Visterra”) of the second part. 

RECITALS 
  

	(A)	D3 is a national research institution based in Singapore and funded by the Agency for Science, Technology And Research (“A*STAR”) and has considerable knowledge, expertise and experience in, inter alia, the
field of drug discovery and development. 

  

	(B)	COLLABORATOR is a commercial company and has an interest, expertise and proprietary technologies and know-how in the fields of monoclonal antibodies for the treatment and prevention of infectious diseases.

  

	(C)	D3 and COLLABORATOR wish to collaborate in research and development in the area of interest referred to above by undertaking the Project (as defined below) on the terms and conditions set out below. 

NOW IT IS HEREBY AGREED as follows: - 
  

	1.	DEFINITIONS 

  

	    	In this Agreement, unless otherwise expressly provided, the following terms shall have meanings ascribed to them below. 

  

	    	“Affiliates” means: (i) an organisation, which directly or indirectly controls either Party; or (ii) an organisation which is directly or indirectly controlled by either Party; or
(iii) an organisation, which is controlled, directly or indirectly, by the ultimate parent company of either Party. The term “control” as used herein means the possession of the power to direct or cause the direction of the management
and the policies of an entity, whether through the ownership of a majority of the outstanding voting security or by contract or otherwise. The term ‘Affiliate’ with regards to D3 shall include A*STAR, ETPL and all research institutes and
centres funded and managed by A*STAR. 

  

	    	“A*STAR” means the Agency for Science, Technology and Research. 

  

	    	 “Confidential Information” means the terms of this Agreement and any and all information, data, designs, memoranda, models,
prototypes, and/or other material whether of scientific, technical, commercial, financial or other nature, furnished to or obtained by a Party from the other Party under this Agreement in written, oral or other tangible form clearly marked or
designated as “Confidential” or by words of similar import. Information communicated by a disclosing Party orally or visually shall be summarized in writing, marked “Confidential” and delivered to the receiving Party within

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 2 of 40

	 	
fourteen (14) days of such communication failing which such information shall not constitute Confidential Information. 

 

	    	“Data” means Pre-clinical study data and Phase 1 and 2 clinical trial data on VIS513 

  

	    	“Effective Date” means the date first written above. 

  

	    	“ETPL” means Exploit Technologies Pte Ltd, the commercialization and marketing arm of A*STAR and D3. 

  

	    	“Intellectual Property (IP)” means all Know-How and intellectual property rights (including without limitation patents, copyrights, designs, semiconductor layout designs, and trade secrets) worldwide
arising under statutory or common law, and whether or not perfected. 

  

	    	“Know-How” means any methods, techniques, processes, discoveries, inventions, innovations, unpatentable processes, specifications, recipes, formulae, designs, plans, documentation, drawings, data and
other technical information which is secret, and identified or identifiable in a tangible form. 

  

	    	“Party” means either D3 or COLLABORATOR. 

  

	    	“Parties” means both D3 and COLLABORATOR. 

  

	    	“Pre-Collaboration IP” means all IP owned or controlled by each Party and which was conceived or reduced to practice either (a) prior to the Effective Date of this Agreement or (b) outside the
scope of this Agreement and which is introduced to or disclosed for the Project or otherwise supplied by each Party. D3 shall expressly document all Pre-Collaboration IP of D3 which is made available to COLLABORATOR. The Product shall constitute
Pre-Collaboration IP of COLLABORATOR. 

  

	    	“Product” means Visterra dengue antibody, VIS513. 

  

	    	“Project” means the research and development activities to be conducted by the Parties as specified in the Project Plan. 

 

	    	“Project Plan” means the statement of work set out in Schedule 1 annexed hereto. 

  

	    	“Related Know-How” means Know-How generated in the course of the Project which is related or applicable to the Product but has other potential applications and is necessary for the commercialisation of
the Product, and as listed in the licence agreement to be entered into in the form set out in Schedule 2. 

  

	    	“Results” means all Data, Specific Know-How and Related Know-How, arising from performance under the Project. 

  

	    	“Specific Know-How” means Know-How specific to VIS513 which applies only to VIS513 as listed in the licence agreement to be entered into in the form set out in Schedule 2. 

 

	    	“Term” means the period as specified in Clause 4. 

  

	2.	STATEMENT OF WORK 

  

	2.1	The Parties hereby agree to collaborate in the Project. 

  

	2.2	 The Parties recognize that the Project is research in nature and hence completion within the period of performance, or within the limits of financial
support allocated, or the achievement of the deliverables and/or milestones specified in the Project within or outside the time schedule specified therein cannot be guaranteed. The Parties shall

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 3 of 40

	 	exercise commercially reasonable efforts in the performance of the Agreement in accordance with the agreed Project Plan. 

  

	2.3	The Parties shall negotiate in good faith and enter into a separate written clinical research agreement to govern the specifics of COLLABORATOR’S and D3’s conduct of the clinical research contemplated by the
Project, which agreement shall contain customary and commercially reasonable terms, including allocation of liability, for an agreement of such type (the “Clinical Research Agreement”) consistent with the terms set out in Schedule 4. The
Clinical Research Agreement will provide that all Data, Specific Know-How and Related Know-How arising from performance thereunder will be included as Results for purposes of the license agreement contemplated by Section 8.4. COLLABORATOR and
D3 acknowledge that the Clinical Research Agreement shall further provide the mutually agreed terms, conditions and mechanism regarding D3 entering into a clinical trial agreement (the “Clinical Trial Agreement”) with one or more
healthcare institution(s) (each an “Institution”) as agreed by the Parties. The Clinical Research Agreement shall further provide that any disagreements between the Parties in the course of negotiations on the form of clinical trial
agreement shall be referred to the JRC. 

  

	2.4	The Parties agree and declare that the obligations of each Party shall cease (except as otherwise set forth in Clause 14.1) upon the end of the Term. 

 

	2.5	Each Party shall obtain all relevant ethics and other approvals as may be relevant for its participation in the Project. 

  

	3.	CO-ORDINATORS; JRC 

  

	3.1	The Project shall be supervised and coordinated by [**] from D3 (hereinafter referred to as “D3 Co-ordinator”) and [**] from COLLABORATOR (hereinafter referred to as “COLLABORATOR Co-ordinator”).

  

	3.2	If for any reason the D3 Co-ordinator is unable to continue to serve under the Project, D3 agrees to appoint a successor within thirty (30) days of the unavailability of the D3 Coordinator, failing which (after
having used best efforts to find a replacement) the provisions of Clause 13.2 shall apply. 

  

	3.3	Promptly after the Effective Date, the Parties shall establish a joint research committee (the “JRC”), composed of an equal number of representatives of each Party to monitor and coordinate the conduct of the
Project under the Project Plan and provide a forum for and facilitate discussions between the Parties with respect to the Project and certain other matters the Parties may agree upon. The Parties may agree upon third party experts to participate
with the JRC. 

  

	4.	PERIOD OF PERFORMANCE 

  

	    	This Agreement shall come into force on the Effective Date and shall continue for a period of sixty (60) months unless earlier terminated in accordance with the terms of this Agreement or extended by the
Parties’ agreement in writing. 

  

	5.	PROJECT CONTRIBUTIONS 

  

	5.1	Each Party will make such contributions in terms of manpower deployment, equipment, facilities, cash funding and other contributions as specified in Schedule 1, or as agreed from time to time by the Parties in writing.

  

	5.2	D3 shall fund research and development activities in connection with the Project, and shall reimburse COLLABORATOR, in accordance with the procedures set forth in Schedule 3 hereto, for all reasonable costs and expenses
incurred by COLLABORATOR and/or its Affiliates in performance of its obligations under the Project Plan, which shall be limited to (a) reasonable third party costs and expenses attributable to manufacture of VIS513 required for the Project;
(b) reasonable third party consultancy costs and 

  

			
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expenses directly related to the manufacture of VIS513 for the Project; and (c) reasonable costs incurred, with the prior written approval of D3, by COLLABORATOR directly related to the
manufacture of VIS513 and non-clinical activities (that D3 requests COLLABORATOR to undertake), in each case as reflected in the relevant invoices, within thirty (30) days from the date of Invoice for such costs and expenses by COLLABORATOR.
Travel expenses will be reimbursed by D3 only where D3 has given its prior written approval to COLLABORATOR incurring, and D3 approving, such expense. 

  

	5.3	D3 shall properly keep and maintain adequate and current records (in the form of notes, sketches, drawings or in any other form that may be required by COLLABORATOR) of all work performed relating to the Project,
including all Results, and such records shall be made available to COLLABORATOR at all times. 

  

	6.	PUBLICATIONS 

  

	6.1	COLLABORATOR may publish at any symposia, national, international or regional professional meeting or in any journal, thesis, dissertation, newspaper or otherwise of its own choosing, the findings, methods and Results
derived from the Project, but always subject to due observance of this Clause 6. D3 shall not publish, or permit the publication of, any findings, methods, Data and/or Specific Know-How derived from the Project or in connection with this Agreement,
except that D3 may release a public announcement solely to the extent that the contents of such public announcement are consistent with a previous publication of information by COLLABORATOR hereunder, provided that such information remains accurate
as of such time, but always subject to due observance of this Clause 6. 

  

	6.2	The Party intending to make the publication in accordance with this Clause 6 (“the Publishing Party”) shall furnish the other Party (“the Other Party”) copies of such proposed publication or
presentation in advance of the submission of such proposed publication or presentation to a journal, editor, or other third party. The Other Party shall within fourteen (14) days of receipt of the proposed publication or presentation forward
its written objections to the same either because there is patentable subject matter that needs protection and/or there is Confidential Information (as defined In Clause 1 herein) or patentable information of the Other Party contained in the
proposed publication or presentation. If no objection is made to the proposed publication or presentation within the stipulated time, the Publishing Party shall be free to proceed with the publication or presentation. 

 

	6.3	Confidential Information identified by the Other Party, which is governed by Clause 7, shall be deleted from the proposed publication or presentation unless the Other Party considers the Confidential Information to be
patentable information, in which case it will be treated as set forth in the following sub-Clause. 

  

	6.4	In the event that the Other Party objects to any such publication or presentation on the basis that the same would disclose patentable information belonging to the Other Party, the Publishing Party shall refrain from
making such publication or presentation for a further period of sixty (60) days from date of receipt of such objection in order for the relevant patent application(s) to be filed. 

 

	6.5	Each Party shall, in any publications it makes in relation to the Project in accordance with this Clause 6, acknowledge the other Party’s contributions to the Project and all publications must have at least one
author from D3. 

  

	7.	CONFIDENTIALITY 

  

	7.1	 Each Party agrees, for the Term and for a period of five (5) years after the termination or expiration of the Agreement, to treat the
Confidential Information of the other Party as strictly confidential and not to disclose it to any third party (other than contractors 

  

			
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performing its obligations under this Agreement on its behalf who are bound by duties of confidentiality and non-use at least as stringent as those set forth in this Agreement, solely for the
purposes of this Agreement) for any purpose whatsoever and not make use of the Confidential Information or any part thereof other than for the Project and to treat it with at least the same care and in the same manner as its own secret and valuable
information, but in no event less than reasonable care. The receiving Party shall ensure that its employees, contractors, agents and representatives to whom Confidential Information is disclosed covenant to keep such information confidential to the
extent that the receiving Party is bound by this Agreement and that such covenants on the part of such persons are strictly observed. 

  

	7.2	The provisions of Clause 7.1 above shall not apply to any: 

  

	 	7.2.1	information which is or was already known to the receiving Party at time of disclosure to it free of any duty of confidentiality, or 

 

	 	7.2.2	information which after disclosure to the receiving Party under this Agreement is published or otherwise generally available to the public otherwise than through any act, default or omission by the receiving Party of
its obligations hereunder, or 

  

	 	7.2.3	information which can be established by tangible evidence was independently developed by the receiving Party without the use of or reference to the disclosing Party’s Confidential Information; or 

 

	 	7.2.4	information which is disclosed to the receiving Party by a third party without restriction and without breach of the confidentiality obligations under this Agreement by the receiving Party. 

 

	7.3	It is agreed that each receiving Party may disclose all or any part of the Confidential Information of the disclosing Party to its Affiliates, consultants, contractors and advisors where such persons need to know such
information and on the basis that the receiving Party shall procure that such Affiliates, consultants, contractors and advisors shall also agree to treat the information as confidential. 

 

	7.4	The receiving Party acknowledges that unauthorized disclosure or use of Confidential Information could cause great or irreparable injury to disclosing Party and that pecuniary compensation would not afford adequate
relief or it would be extremely difficult to ascertain the amount of compensation which would afford adequate relief. Therefore, the receiving Party agrees that, in the event of such unauthorized disclosure or use of Confidential Information, the
disclosing Party will have the right to seek and obtain injunctive relief in addition to any other rights and remedies it may have. 

  

	7.5	Except for the disclosure of the existence of this Agreement, including the title and identification of the Parties, which information shall not be deemed confidential, neither Party shall disclose the specific terms
and conditions of this Agreement without the express permission of the other Party. 

  

	7.6	Each Party shall have the right to disclose Confidential Information received by it from the other Party to the extent required to be disclosed by law, regulation, rule, act or order of any governmental authority or
agency, provided that notice is promptly delivered to the other Party (to the extent permitted) in order to provide an opportunity to seek a protective order or other similar order with respect to such Confidential Information and thereafter the
receiving Party discloses to the requesting entity only the minimum information required to be disclosed in order to comply with the request, whether or not a protective order or other similar order is obtained by the other Party. 

 

	7.7	 COLLABORATOR and its Affiliates shall have the right to disclose Confidential Information received by it from D3 to (i) any institutional review
board of any entity conducting clinical trials with respect to the Project, or (ii) any governmental or other regulatory agencies in order to obtain patents or to gain approval to conduct clinical

  

			
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trials, provided that such disclosure may be made only to the extent reasonably necessary to obtain such patents or authorizations; or (iii) to any bonafide potential or actual investor,
investment banker, acquirer, merger partner, or other potential or actual financial partner; provided that in connection with such disclosure, COLLABORATOR shall require each disclosee to enter into a confidentiality agreement with respect to such
Confidential Information. 

  

	8.	INTELLECTUAL PROPERTY 

  

	8.1	COLLABORATOR agrees that if any licenses to third party’s IP are required by D3 or COLLABORATOR in the conduct of the Project under this Agreement, COLLABORATOR shall be solely and fully responsible for procuring
all such licenses and D3 will not be responsible for procuring the same, provided that notwithstanding the foregoing, any licenses required for third party IP contained within D3’s Pre- Collaboration IP shall be the responsibility of D3.

  

	8.2	All rights, title and interests to Pre-Collaboration IP shall remain with the Party introducing or disclosing the same and shall remain unfettered by this Agreement. Each Party grants to the other Party a non-exclusive,
non-transferrable, non-sublicenseable, limited right to use its Pre-Collaboration IP solely for the purposes of the Project during the Term and for no other purposes except as expressly provided in this Agreement. 

 

	8.3	All rights, title and interests to Results shall be solely owned by D3. COLLABORATOR agrees that it shall and shall procure that its employees shall assign all rights, title and interest that it might have in the
Results to D3 or its designee as the case may be. It is agreed that D3 shall be entitled to assign all its rights, title and interests in the Results to A*STAR or its nominee, and shall ensure that A*STAR or its nominee shall appoint ETPL to
undertake all patenting, commercial and/or licensing activities relating to the same on its behalf. 

  

	8.4	 COLLABORATOR shall have an option (“the Option”) to obtain from ETPL (a) an exclusive, world-wide, transferrable, sublicenseable
(through multiple tiers), royalty bearing (subject to Sections 8.5 and 8.6 below), perpetual license to use the Results (save for Related Know-How comprised in the Results) for their research, development and commercial activities; and (b) a
non-exclusive, world-wide, transferable, sublicenseable (through multiple tiers), royalty bearing (subject to Sections 8.5 and 8.6 below), perpetual license to use the Related Know-How comprised in the Results for their research, development and
commercial activities in the field of VIS513 therapeutics only, on the terms set out in Schedule 2. For the avoidance of doubt, D3 shall be under the obligation to procure that ETPL grant and ETPL shall be under the obligation to grant the said
license to the Results, as they exist as of the effective date of termination of this Agreement, if this Agreement is terminated by D3 pursuant to Section 13.3 or by COLLABORATOR pursuant to Section 13.1.1 or 13.1.2 in accordance with
Sections 8.5 and 8.6 respectively. Except for the foregoing sentence, D3 shall be under no other obligation to procure that ETPL grant, and ETPL shall be under no obligation to grant, the said license to the Results where this Agreement is
terminated under any other circumstances whatsoever though this shall not in any way affect any rights either Party may have at law. The Option shall be exercisable by COLLABORATOR (1) at any time during the Term of this Agreement upon mutual
agreement of the Parties (not to be unreasonably withheld, conditioned or delayed) or (2) within [**] days upon the end of the Term, and in each of (1) or (2) a license agreement shall be concluded between COLLABORATOR and ETPL in the
form attached as Schedule 2 as soon as practicable and in any event, within [**] days of the exercise of the Option. D3 shall take all actions necessary to enable and cause ETPL to execute such license with COLLABORATOR and give effect to this
Section 8.4. D3 shall, for the duration of the Option, keep the Results (save for Related Know-How) confidential and not disclose them to any third party. For purposes of this Agreement, any reference to ETPL shall refer to ETPL or any other
designee of A*STAR in the event that ETPL is no longer authorized by A*STAR to grant such rights with respect to the Results. In the event that ETPL has entered into the license agreement with COLLABORATOR as contemplated by

  

			
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this Section 8.4 and ETPL’s rights to grant such license are subsequently terminated, then D3 shall immediately procure that A*STAR designate a replacement entity and procure that such
replacement entity designated by A*STAR promptly enter into an agreement with COLLABORATOR on the same terms and conditions as those of Schedule 2. 

  

	8.5	[**]. 

  

	8.6	[**]. 

  

	9.	COLLABORATION 

  

	    	For the avoidance of doubt, it is agreed that subject to a Party’s compliance with the terms and conditions of this Agreement, nothing shall restrict a Party from doing the following and each Party will have the
right: 

  

	 	(a)	to conduct any research or development work in any field (including work in the same area of research as the research contemplated under this Agreement) independently of the other Party, whether by itself or in
collaboration with any other party subject to each Party observing its obligations under this Agreement, including the provisions of Clauses 7 and 8 hereof; 

  

	 	(b)	to continue existing commitments or to make new ones; and 

  

	 	(c)	to use, exploit (including sub-licensing) or otherwise take advantage of its own Intellectual Property (other than the Results which shall be subject to the terms and conditions of this Agreement). 

 

	10.	WARRANTIES AND LIABILITIES 

  

	10.1	Each Party represents and warrants that it has the right to enter into this Agreement and provide the materials and services described herein. 

 

	10.2	D3 covenants that it will comply with all applicable laws, rules and regulations in its performance under this Agreement. 

  

	10.3	Except for the foregoing, D3 does not make any representations, conditions or warranties, either express or implied with respect to any information, its Pre-Collaboration IP, the work performed pursuant to the terms of
this Agreement, or the Data generated under this Agreement. Without limiting the generality of the foregoing, D3 expressly disclaims any implied warranty, condition or representation that the said information, its Pre-Collaboration IP, Data
developed under this Agreement: 

  

	 	10.3.1	shall correspond with a particular description; 

  

	 	10.3.2	is of a merchantable satisfactory quality; 

  

	 	10.3.3	is fit for a particular purpose; or 

  

			
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	 	10.3.4	is durable for a reasonable period of time. 

  

	    	COLLABORATOR expressly disclaims any representation or warranty, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose and/or non-infringement.

  

	10.4	Nothing in this Agreement shall be construed as: 

  

	 	10.4.1	a warranty by D3 that anything made, used, sold or otherwise disposed of in connection with its Pre-Collaboration IP disclosed or introduced hereunder or that the Results developed are or will be free from infringement
of patents, copyrights, trademarks, industrial designs or other intellectual property rights of any third party; or 

  

	 	10.4.2	an obligation on D3 to bring or prosecute or defend actions or suits against or by third parties for infringement of patents, copyrights, trademarks, industrial designs or other intellectual property or contractual
rights, whether in connection with its Pre-Collaboration IP or Results developed under this Agreement or otherwise. 

  

	10.5	No action whether in contract or tort (including negligence) or otherwise arising out of or in connection with this Agreement may be brought by a Party against the other more than three (3) years after the cause of
action has accrued. 

  

	10.6	Save for death or personal injuries caused by negligence, in no event shall D3 or COLLABORATOR, whether as a breach of contract, tort or otherwise, have any liability to the other Party or to a third party for any
indirect, special, incidental, consequential damages, loss of profits or pure economic loss. 

  

	10.7	Except in the case of breach of (a) a Party’s confidentiality obligations under Section 7; (b) D3’s obligation to grant the Option under Section 8.4; or (c) a Party’s obligation
to reimburse third party expenses, notwithstanding anything to the contrary, each of D3’s and COLLABORATOR’S total and cumulative liability under this Agreement, however arising, shall not exceed [**]. 

 

	10.8	Notwithstanding anything to the contrary, each of D3’s and COLLABORATOR’S total and cumulative liability under this Agreement, however arising, shall not exceed [**] which shall be inclusive of, and not in
addition to, the liability cap stated in Section 10.7. 

  

	11.	Intentionally omitted. 

  

	12.	USE OF NAMES 

  

	    	Neither Party shall issue any press release relating to this Agreement without obtaining the prior written consent of the other Party. Prior to being released or made, a copy of all press releases which a Party intends
to issue or make regarding this Agreement shall be provided to the other Party for approval, which approval shall not be unreasonably withheld. 

  

	13.	TERMINATION 

  

	13.1	Either of the Parties shall be entitled to terminate this Agreement immediately by notice in writing to the other Party (but without prejudice to any rights either Party may have against the other arising prior to such
termination) if any of the events set out below shall occur. The said events are: 

  

	 	13.1.1	if the other Party shall commit any material breach of any of its obligations under this Agreement and shall fail to remedy such breach (if capable of remedy) within [**] days after being given notice by the first Party
so to do; or 

  

			
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	 	13.1.2	if the other Party (being a company) shall go into liquidation whether compulsory or voluntary (except for the purposes of a bona fide reconstruction or amalgamation with the consent of the first Party, such consent not
to be unreasonably withheld) or if the other Party shall have an administrator appointed or if a receiver, administrative receiver or manager shall be appointed over any part of the assets or undertaking of the other Party. 

 

	 	13.1.3	if [the Parties do not execute the Clinical Research Agreement within [**] days of the Effective Date, or such extension thereof as mutually agreed by the Parties or the Clinical Research Agreement is terminated by
either Party. 

  

	13.2	Pursuant to Clause 3.2, D3 shall be entitled to terminate this Agreement upon thirty (30) days written notice to COLLABORATOR, if the events specified in Clause 3.2 hereof occur. 

 

	13.3	Each Party shall be entitled to terminate this Agreement without assigning any reason therefor on sixty (60) days written notice to the other Party. 

 

	13.4	Each Party shall be entitled to terminate this Agreement on thirty (30) days written notice to the other Party in the event of any material safety concerns with respect to the Project or the Product.

  

	14.	CONSEQUENCE OF TERMINATION 

  

	14.1	The provisions of Clauses 6, 7, 8, 9, 10, 11, 12, 14, 15, 17, 18, 19, 20, 21 and 22 shall continue in full force and in accordance with their terms, notwithstanding the expiration or termination of this Agreement for
any reason. 

  

	14.2	Without prejudice to any claims for damages that either Party may be entitled to, upon termination or expiration of this Agreement, each Party shall promptly return all materials of the other Party in its possession,
including, without limitation, Confidential Information of the other Party, upon the request of the other Party. 

  

	14.3	In the event of termination by D3 pursuant to Section 13.3, D3 will promptly pay COLLABORATOR in full for all reasonable costs and expenses incurred as at the effective date of termination, including all
non-cancellable expenses and any early termination penalties incurred by COLLABORATOR resulting therefrom, in connection with the Project Plan and as contemplated by this Agreement, which shall be limited to amounts set out in Section 5.2.
[**]. 

  

	14.4	In the event of termination by COLLABORATOR pursuant to Section 13.3, COLLABORATOR will promptly pay D3 in full for all work done and expenses incurred as at the effective date of termination in connection with the
Project Plan (which shall include work under the Clinical Trial Agreement) and as contemplated by this Agreement, including all non-cancellable expenses and any early termination penalties incurred by D3 in respect of the pre-clinical work and the
work under the Clinical Trial Agreement resulting therefrom. 

  

	14.5	In the event of termination by either Party pursuant to Section 13.1.1 or 13.1.2, the Parties shall submit the matter to be determined in accordance with the dispute resolution procedures described in
Section 17. Where COLLABORATOR terminates this Agreement pursuant to Section 13.1.1 or 13.1.2, D3 shall procure that ETPL grant to COLLABORATOR the license contemplated by Section 8.6. 

  

			
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	14.6	In the event of termination by either Party pursuant to Section 13.1.3 or Section 13.4 or by D3 pursuant to Section 13.2, each Party shall be relieved of its obligations herein (except for the obligations
stated in Section 14.1 and any other obligations that are expressed to survive termination of this Agreement) and shall have no liability whatsoever in respect of such termination. In such case, the Parties shall negotiate in good faith and,
upon agreement, enter into a license agreement as regards the Results generated as at the effective date of termination. In no event shall the economic terms of any such license exceed those set forth in Schedule 2. 

 

	15.	ASSIGNMENT 

  

	15.1	Save as expressly provided in this Agreement, neither of the Parties shall assign this Agreement or otherwise transfer its rights or obligations, or any part thereof, under this Agreement without the prior written
consent of the other Party. 

  

	15.2	It is agreed that if at any time after the date of this Agreement the functions and operations of D3 are assigned, merged, transferred into or otherwise forms part of another Affiliated organization of A*STAR (“the
New Entity”), such that the New Entity takes over the whole or substantially the whole of D3’s operations, then it is agreed that D3 may: 

  

	 	15.2.1	at its option, assign this Agreement in its entirety to the New Entity which will then assume all of D3’s rights and obligations hereunder; or 

 

	 	15.2.2	assign all or any part of its rights hereunder to the New Entity. 

  

	15.3	COLLABORATOR shall have the right, upon notification to D3, to assign this Agreement or otherwise transfer its rights under this Agreement to COLLABORATOR’S Affiliate or to a third party acquirer or successor in
connection with a merger, acquisition or sale of all or substantially all of COLLABORATOR’S assets pertaining to this Agreement on condition that all obligations to D3 under this Agreement shall be undertaken by such Affiliate, acquirer or
successor, as the case may be. 

  

	16.	FORCE MAJEURE 

  

	16.1	Neither Party shall be liable for delays in delivery or performance when caused by any of the following which are beyond the actual control of the delayed Party: (i) acts of God, (ii) acts of the public enemy,
(iii) acts or failure to act by the other Party, (iv) acts of civil or military authority, (v) governmental priorities, (vi) hurricanes, (vii) earthquakes, (viii) fires, (ix) floods, (x) epidemics or
pandemics, (xi) embargoes, (xii) war, and (xiii) riots (hereinafter referred to as the “Force Majeure Event”). 

  

	16.2	The respective obligations of either Party hereunder shall be suspended during the time and to the extent that such Party is prevented from complying therewith by a Force Majeure Event provided that such Party shall
have given written notice thereof, specifying the nature and details of such event and the probable extent of the delay to the other Party. 

  

	16.3	In case of a Force Majeure Event, the time for performance required by either Party under this Agreement shall be extended for any period during which the performance is prevented by the event. However, the other Party
may terminate this Agreement by notice if such an event prevents performance continuously for more than sixty (60) days. 

  

	17.	DISPUTE RESOLUTION 

  

	17.1	 The Parties agree to attempt to settle any claim or controversy arising out of this Agreement through consultation and negotiation in good faith and
spirit of mutual cooperation. Any dispute between the Parties relating to this Agreement will first be submitted in writing to one senior executive from each Party, who will promptly meet

  

			
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	 	and confer in an effort to resolve such dispute. Each Party’s senior executive will be identified by notice to the other Party, and may be changed at any time thereafter by notice to the other Party. Any agreed
decisions of the senior executives will be final and binding on the Parties. In the event the senior executives are unable to resolve any dispute within thirty (30) days after submission to them, either Party may then refer such dispute to
arbitration in accordance with Clause 17.2. Notwithstanding the foregoing, any disputes with respect to intellectual property rights shall be submitted to the courts and not be subject to the provisions of Clause 17.2. 

 

	17.2	Any dispute which cannot be resolved by amicable settlement by the process described in Clause 17.1 above shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of
Singapore International Arbitration Centre for the time being in force which rules are deemed to be incorporated by reference to this clause. The tribunal shall consist of a single arbitrator. The language of the arbitration shall be in English. Any
award made hereunder shall be final and binding upon the Parties and judgment on such award may be entered into any court of tribunal having jurisdiction hereof. 

 

	18.	GOVERNING LAW 

  

	    	The validity and interpretation of this Agreement and the legal relation of the Parties to it shall be governed by the laws of Singapore and the Parties submit to the jurisdiction of the Singapore Courts.

  

	19.	NOTICE 

  

	19.1	Any notice to be given by any Party to this Agreement shall be in writing and shall be deemed duly served if delivered personally or sent by facsimile transmission or by prepaid registered post to the addressee at the
address as stated above or (as the case may be) the facsimile number of that Party or at such other address (or facsimile number) as the Party to be served may have notified the other Party for the purposes of this Agreement. 

 

	19.2	Any notice sent by facsimile shall be deemed served when despatched and any notice served by prepaid registered post shall be deemed served forty-eight (48) hours after despatch thereof. In proving the service of
any notice it will be sufficient to prove in the case of a letter that such letter was properly stamped addressed and place in the post or delivered or left at the current address if delivered personally and in the case of a facsimile transmission
was duly despatched to the facsimile number of the addressee given above or subsequently notified for the purposes of this Agreement. 

  

	20.	ENTIRE AGREEMENT 

  

	    	Unless otherwise expressly specified, this Agreement embodies the entire understanding between the Parties in respect of the Project and any prior or contemporaneous representations, either oral or written, are hereby
superseded. No amendments or changes to this Agreement shall be effective unless made in writing and signed by authorized representatives of the Parties. 

  

	21.	GENERAL 

  

	21.1	All deliverables, information, and other subject matter made available to COLLABORATOR shall be used for commercial and/or civilian purposes only. COLLABORATOR shall ensure that it and its end-users comply with all
applicable laws, rules and regulations governing the use, export and disposal of the deliverables, information, and other subject matter. 

  

	21.2	No exercise or failure to exercise or delay in exercising any right power or remedy vested in any Party under or pursuant to this Agreement shall constitute a waiver by that Party of that or any other right power or
remedy. 

  

	21.3	The Parties shall co-operate with each other and execute and deliver to the other Party 

  

			
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	21.4	such instruments and documents and take such other action as may be reasonably requested from time to time in order to carry out and confirm the rights and the intended purpose of this Agreement. 

 

	21.5	In the event that any term, condition or provision of this Agreement is held to be a violation of any applicable law, statute or regulation the same shall be deemed to be deleted from this Agreement and shall be of no
force and effect and this Agreement shall remain in full force and effect as if such term condition or provision had not originally been contained in this Agreement. Notwithstanding the above in the event of any such deletion the Parties shall
negotiate in good faith in order to agree the terms of a mutually acceptable and satisfactory alternative provision in place of the provision so deleted. 

  

	21.6	This Agreement may be executed in any number of counterparts or duplicates each of which shall be an original but such counterparts or duplicates shall together constitute but one and the same agreement.

  

	21.7	The recitals and schedules of this Agreement shall form an integral part of this Agreement. 

  

	21.8	It is agreed that for the purposes of this Agreement, “D3” shall mean D3 (Drug Discovery & Development) only and shall not extend to any other research institute, center or division of the Biomedical
Sciences Institutes. For avoidance of doubt, no research institute, center or division within the Biomedical Sciences Institutes (other than D3) shall have any obligation under this Agreement to the COLLABORATOR or to disclose to or receive from the
COLLABORATOR any information unless expressly agreed in writing. 

  

	22.	THIRD PARTY CONTRACTS ACT 

  

	    	Save for the parties identified in Clauses 7, 8 and 15, the Parties do not intend that any term of this Agreement should be enforceable by virtue of the Contracts (Rights of Third Parties) Act (Cap. 53B) or otherwise,
by any person or entity who is not a party to this Agreement. 

  

			
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 AS WITNESS the hands of the Parties hereto the day and year first above written. 

 

					
	SIGNED by	 	)	 	
		 	)	 	
	for and on behalf of	 	)	 	
	D3 (Drug Discovery & Development)	 	)	 	
		 	)	 	/s/ Dr Alex Matter
		 	)	 	Dr Alex Matter, CEO, D3
	In the presence of:	 		 	
			
	/s/ Dr Louise Sarup	 		 	
	 Dr Louise Sarup, Head of BD&L
	 		 	
		 		 	
	SIGNED by	 	)	 	
		 	)	 	
	for and on behalf of Visterra, Inc	 	)	 	
		 	)	 	/s/ Dr Brian Pereira
		 	)	 	Dr Brian Pereira, CEO, Visterra, Inc.
	In the presence of:	 		 	
			
	/s/ Gregory Miller	 		 	
	Gregory Miller, VP BD & Strategic Planning	 		 	

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 14 of 40

 SCHEDULE 1 

PROJECT PLAN 
 I. Background: 

[**]. 
 II. Research collaboration: 

[**]. 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 15 of 40

 III. Project Goals: 

[**]. 
 IV. Project Responsibilities: 

VISTERRA 
 [**]. 

D3 
 [**] 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 16 of 40

 V. Expected project outcomes and deliverables: 

[**]. 
 VI. Draft work plan

 [**] 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 17 of 40

 ESTIMATED TIMEFRAME             [**] 

[**]. 
 VII. Governance Structure: Joint Steering Committee

 [**] 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 18 of 40

 SCHEDULE 2 

FORM OF LICENSE AGREEMENT 

DATED this          day of
                 
 EXPLOIT TECHNOLOGIES PTE LTD

 AND 
 VISTERRA
INC. 
  
  

FORM OF LICENSE AGREEMENT 
  

 
 Ref: 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 19 of 40

 LICENSE AGREEMENT 

This Agreement is made on the              day of
                                         
   ,. 
 Between 

EXPLOIT TECHNOLOGIES PTE LTD (Registration. No. 199503187D), a company incorporated in Singapore and having its place of
business at 30, Biopolis Street, #09-02, Matrix, Singapore 138671 (hereinafter referred to as “ETPL”) of the first part; 
 And 

VISTERRA INC. (Registration No. [Insert]), having its place of business at [Insert address] (hereinafter referred to as
“Licensee”) of the second part. 
 RECITAL 

ETPL has agreed to grant Licensee a right and license to use the Results within the Field of Use for the Term and in the
Territory upon the terms and conditions hereinafter contained. 
 NOW, THEREFORE, in consideration of the mutual covenants and conditions set
forth herein, ETPL and Licensee hereby agree as follows: 
  

	1.	

  

	1.1	Definitions. 

  

	    	In this Agreement 

  

	    	“Affiliate” means: (i) an organisation, which directly or indirectly controls either Party; or (ii) an organisation, which is directly or indirectly controlled by either Party; or
(iii) an organisation, which is controlled, directly or indirectly, by the ultimate parent of either Party. For purposes of this Clause, control is defined as owning fifty percent (50%) or more of the voting stock of Licensee or having
otherwise the power to govern the financial and the operating policies or to appoint the management of an organisation. The term “Affiliate” of ETPL shall include A*STAR and the research institutes and centres funded and managed by A*STAR,
their respective employees and professional and legal advisors for the time being. 

  

	    	“A*STAR” means the Agency for Science, Technology and Research. 

  

	    	“Clinical Research Agreement” or “CRA” means the clinical research agreement entered into between D3 (Drug Discovery and Development) and Licensee on [ ]. 

 

	    	“Combination Product” means a product combining the Product together with another active pharmaceutical ingredient (API). 

 

	    	 “Commercially Reasonable Efforts” means efforts consistent with the efforts and resources a party normally uses in the exercise of
its reasonable business discretion consistent with industry practices relating to the discovery, development and/or commercialization of a pharmaceutical product with similar product characteristics and that is of similar market potential at a
similar stage 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 20 of 40

	 	
of development or commercialization, taking into account issues of efficacy, safety, patent and regulatory exclusivity, product profile, anticipated or approved labeling, present and future
market potential, competitive market conditions, the regulatory structure involved, and other technical, legal, scientific, medical or commercial factors, including pricing and reimbursement issues in any applicable market. 

 

	    	“Confidential Information” shall mean any and all proprietary or confidential information of one Party which may be disclosed to the other Party at any time and from time to time during the term of this
Agreement and which is expressly marked “Confidential” or with words of similar import. Information disclosed which is not capable of being so marked shall be summarized in writing, marked “Confidential” or with words of similar
import and sent to the disclosing party within fourteen (14) days of such communication provided that the information shall be treated as confidential upon its disclosure. 

 

	    	[**] 

  

	    	“Documentation” means the reports in which the Results are contained. 

  

	    	“Effective Date” means the date first above written. 

  

	    	“Field of Use” means any and all fields of use without limitation. 

  

	    	[**]. 

  

	    	[**]. 

  

	    	“Indian Subcontinent” means India, Pakistan, Nepal, Bhutan, Burma, Bangladesh, Sri Lanka and Maldives. 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 21 of 40

	    	“Intellectual Property” means patent(s), know-how and intellectual property rights (including without limitation patents, copyrights, designs, trade secrets, and rights in Confidential Information)
worldwide arising under statutory or common law, and whether or not perfected, and any applications of the foregoing. 

  

	    	“Investment Threshold” means the total research & development, investment and allocable manufacturing and research and development operating expenses in the research and development of the
Product amounting to US$[**] by Licensee, any sublicensees and external investors in the Product from and after the effective date of Research Collaboration Agreement. 

 

	    	“Net Sales” shall mean the gross amount billed or invoiced for the Products by (a) Licensee or its Affiliates; (b) Licensee’s purchasers or distribution agents; and
(c) Licensee’s Sublicensee Developers, in each case to end-users less: 

  

	    	(i) deductions for returns (including allowances actually given for spoiled, damaged, out-dated, rejected, returned Products, withdrawals and recalls); 

 

	    	(ii) volume/quantity or other commercially reasonable trade discounts granted at the time of invoicing; 

  

	    	(iii) value added or sales taxes directly linked to and included in the gross sales amount. 

  

	    	If any Product is distributed in a transaction that is not at arms-length for a discounted price that is substantially lower than the customary price charged by Licensee or its Affiliate, purchaser, distribution agent
or Sublicensee Developer, as the case may be, or distributed for a non-cash consideration (whether or not for a discount), Net Sales shall be calculated based on the non-discounted price amount of the Product charged to an independent party during
the same reporting period or in the absence of such sales, on the fair market value of the Product. 

  

	    	In the event the Product is sold as a Combination Product, the Net Sales of the Product, for the purposes of determining royalty payments, shall be determined by multiplying the Net Sales of the Combination Product by
the fraction A/(A+B), where A is the standard market price in a particular Country of the Product when sold separately in finished form and B is the weighted average sale price in that Country of the other product(s) sold separately in finished
form. In the event that such standard market price cannot be determined for both the Product and the other product(s) in combination, Net Sales for purposes of determining royalty payments shall be agreed by the Parties based on the relative value
contributed by each component, such agreement not to be unreasonably withheld. Disposition of Product for, or use of the Product in, clinical trials or other scientific testing, as free samples, or under compassionate use, patient assistance, or
test marketing programs or other similar programs or studies where Product is supplied without charge shall not result in any Net Sales. 

  

	    	“Payment Cap” means the overall cap on Royalties and Sublicensing Revenue Share as set forth in Schedule 1. 

  

	    	“Product” means the dengue monoclonal antibody VIS513 investigated in the course of the Research Collaboration Agreement and Clinical Research Agreement. 

 

	    	“Research Collaboration Agreement” means the research collaboration agreement between D3 (Drug Discovery and Development) and Licensee dated [insert date of RCA]. 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 22 of 40

	    	“Results” shall have the meaning set forth in the Research Collaboration Agreement. 

  

	    	“Royalties” means the amounts payable by Licensee to ETPL as calculated in Sections 1(a)(ii), 1(b)(ii), 2(a)(ii) and 2(b)(ii) of Schedule 1, of which 2(a)(i\) and 2(b)(ii) are subject to the
Payment Cap. 

  

	    	“Sales Report” means the sales report as set out in Schedule 2 to be submitted by Licensee to ETPL pursuant to this Agreement. 

 

	    	“Sublicense Agreement” means any agreement entered into by Licensee or any of its Affiliates with a Sublicensee Developer for the purposes of licensing the Product to be developed and/or commercialised
by the Sublicensee Developer. 

  

	    	“Sublicensee Developer” means a third party to whom Licensee out-licenses the Product for the purposes of further development before commercialization. For the avoidance of doubt, third parties who have
entered into agreements with Licensee or any of its Affiliates whereby such third party is granted the right or option to purchase the Products in finished form for resale to the market shall not constitute “Sublicensee Developers”.

  

	    	“Sublicensee Revenue” means any and all consideration received and receivable by Licensee from Sublicensee Developers pursuant to Sublicense Agreements, including but not limited to all revenue, any
upfront payments, milestone payments, royalties (except for those payments/royalties that Schedule 1 expressly states are excluded from Sublicensee Revenue), shares, bonds, and any such other payment received by Licensee in respect of any sale,
distribution, use or other disposition of Product. Sublicensee Revenue excludes (i) payments for research, development and manufacturing services provided with a commensurate budget; (ii) payments to fund further research and development
of the Products; (iii) equity investments into Licensee at fair market value which are not referred to in any Sublicense Agreement; (iv) loans; (v) patent reimbursement, (vi) reimbursement of fees paid to governmental agencies
which are incurred after the date of the sublicense and actually paid. 

  

	    	“Sublicensing Revenue Share” means the share of Sublicensee Revenue payable to ETPL as calculated in accordance with Sections 1(a)(i), 1(b)(i), 2(a)(i) and 2(b)(i) of Schedule 1, subject to the Payment
Cap. 

  

	    	“Term” means from the Effective Date, the period of twenty (20) years. 

  

	    	“Territory” means worldwide. 

  

	    	“Year” means each period of 365 (or, in the case of a leap year, 366) days from the Effective Date and any subsequent anniversary of that date during the Term. 

 

	1.2	Interpretation. 

  

	    	Any reference in this Agreement to: 

  

	    	 “writing” or any cognate expression includes a reference to any communication effected by facsimile or e-mail transmission or similar
means. 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 23 of 40

	 	
words importing the singular shall include the plural and vice versa, and words which are gender specific or neuter shall include the other gender and the neuter. 

 

	    	References to a person shall be construed as references to an individual, corporation, Licensee, firm, incorporated body of persons of any country or any agency thereof. 

 

	2.	GRANT OF LICENSE 

  

	2.1	ETPL hereby grants to Licensee, during the Term, (a) an exclusive, transferable, sublicensable in accordance with Clause 2.2, perpetual, royalty-bearing (subject to Section 6.1) license to use the Results
(save for Related Know-How (as defined in the Research Collaboration Agreement) comprised in the Results) within the Field of Use and within the Territory for its research, development and commercial activities and to use, research, develop, make,
have made, distribute, market, import, export, distribute, sell and have sold the Products, and (b) a non-exclusive, transferable, sublicenseable in accordance with Clause 2.2, perpetual, royalty-bearing (subject to Section 6.1) license to
use the Related Know-How (as defined in the Research Collaboration Agreement) comprised in the Results within the Field of VIS513 therapeutics only and within the Territory for their research, development and commercial activities in relation to the
Product only. ETPL shall not grant any license or rights in or to the Results to any third party with respect to the research, development, manufacture or commercialization of any product, service or offering. ETPL and its Affiliates shall keep the
Results (save for Related Know-How as defined in the Research Collaboration Agreement) in strict confidence and shall not disclose them to any third party or use Results (other than such Related Know-How) for any purpose other than as necessary for
ETPL’s performance under this Agreement during the Term without Licensee’s prior written consent in each instance. 

  

	2.2	Licensee shall have the right to sublicense the Results (through multiple tiers), including to Sublicensee Developers, without ETPL’s prior written consent. Each Sublicense Agreement will be consistent with this
Agreement, and shall include indemnification obligations in favour of ETPL and its Affiliates. Further, such Sublicense Agreement shall include reasonable reporting, record keeping and inspection provisions appropriate to enable Licensee to comply
with Licensee’s reporting and record keeping obligations under this Agreement. 

  

	2.3	Licensee shall use Commercially Reasonable Efforts and diligence to make the Product commercially viable as promptly as is reasonably and commercially practicable, and thereafter to produce and sell Products.

  

	3.	SUPPLY AND ACCEPTANCE OF THE RESULTS AND DOCUMENTATION 

  

	3.1	ETPL shall deliver the Results and the Documentation to an authorised person of Licensee as at such time and place to be agreed on between the Parties in writing. Upon such delivery being made, Licensee confirms ETPL
has effected full delivery of the Results and Documentation and all information relating thereto in sufficient detail to enable Licensee to use the Results as contemplated under Clause 2.1. 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 24 of 40

	3.2	The Results and the Documentation supplied to Licensee shall be at Licensee’s risk from the time of its respective delivery but shall remain the property of ETPL. 

 

	3.3	Nothing in this Agreement shall be construed as requiring ETPL to prepare or deliver to Licensee any further information, documents or data relating thereto (other than that which reasonably ought to have been disclosed
pursuant to Section 3.1) or engage in any technical studies or research or development or other obligation with regards to the use and operation of any part of the Results. 

 

	4.	RESERVED 

  

	5.	INDEMNITIES, WARRANTIES AND LIABILITY 

  

	5.1	Licensee shall indemnify ETPL and/or its Affiliates (as the case may be) against:- 

  

	 	5.1.1	any third party claim that Licensee’s use of the Results infringes the Intellectual Property rights of any third party, save where the claim is caused directly by ETPL’s breach of Section 5.8 or the gross
negligence or willful misconduct by ETPL in respect of the Results, or 

  

	 	5.1.2	all and any proceedings, costs, expenses, liabilities, injury, death, loss or damage arising out of any third party claim against ETPL and/or its Affiliates or Licensee resulting from the material breach or negligent
performance or failure in performance by Licensee of the terms of this Agreement or from the use of the Results or the Documentation or the exercise of the rights set out in clause 2.1 by Licensee or for any product liability or any third party
Intellectual Property claims or otherwise, howsoever caused, except to the extent where the same is caused directly by ETPL’s breach of Section 5.8 or the gross negligence or willful misconduct of ETPL. 

 

	5.2	Except as expressly set forth in Section 5.8 below, ETPL does not make or give any representation, warranty or undertaking:- 

  

	 	5.2.1	as to the effectiveness, quality, fitness for any purpose or merchantability of the Results and the Documentation, 

  

	 	5.2.2	that the Results and/or the Documentation supplied is free from defect or error, or 

  

	 	5.2.3	that the use of the Results or the Documentation (all of which are provided on an “as is” basis) will not infringe any rights in Intellectual Property or any other rights belonging to or alleged to belong to
any third party. 

  

	5.3	For the avoidance of doubt, in no event shall ETPL be liable hereunder:- 

  

	 	5.3.1	for any infringement of third party rights or error in the Results or failure of the Results to fulfill its functions and specifications whether such infringement or error or failure occurs in or is caused by any part
of the Results as aforesaid or otherwise, or 

  

	 	5.3.2	 to Licensee or any third party by reason of any representation or the 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 25 of 40

	 	
breach of any implied condition, warranty or other term or any duty at common law or under any statute, or under any express term of this Agreement for any loss, damages, costs, expenses or other
claim for compensation whatsoever, whether occasioned by the negligence of ETPL, its servants or agents or otherwise, which arises out of or in connection with this Agreement, or which in any way relates to the Results or the Documentation or the
Products, or its use by Licensee or any other party. 

  

	 	5.3.3	for any incidental, consequential or special damages arising out of or related to this Agreement, including, but not limited to, loss of business opportunity, lost profits or pure economic loss. 

 

	5.4	Notwithstanding anything to the contrary, ETPL’s total and cumulative liability under this Agreement, however arising, shall not exceed all amounts actually paid by Licensee to ETPL pursuant to this Agreement.

  

	5.5	Licensee warrants that it has full right to enter into this Agreement. 

  

	5.6	Licensee acknowledges that the Results and Documentation have not been prepared to meet Licensee’s or any particular party’s requirements and that it is therefore the responsibility of Licensee to ensure that
the Results meet their requirements. ETPL shall not be liable for any failure or inaccuracy of the Results or Documentation. 

  

	5.7	Licensee warrants and undertakes that during the Term or the continuance of the license granted under this Agreement: 

  

	 	5.7.1	the Results and Documentation shall be used solely by Licensee and no other third party (except as permitted by Clause 2) and only for the purposes contemplated by Clause 2 of this Agreement; 

 

	 	5.7.2	it may make only so many copies of the Documentation as it reasonably requires for operational security and use. Such copies and the media on which they are stored shall be the property of ETPL and this Agreement shall
apply to all such copies. 

  

	5.8	[**]: 

  

	 	5.8.1	[**]. 

  

	 	5.8.2	[**]. 

  

	 	5.8.3	[**]. 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 26 of 40

	6.	CONSIDERATION AND FINANCIAL PROVISIONS 

  

	6.1	In consideration of rights granted under Clause 2.1 and the work done and resources expended by ETPL’s Affiliates in obtaining the Results, Licensee shall pay ETPL the Royalties and Sublicensing Revenue Share set
out in Schedule 1 of this Agreement during the applicable payment period, together with Licensee’s submission of Sales Reports, copies of invoices from third party manufacturers of the Product, relevant agreements eg. sublicense
agreements and audited financial statements (as available), in respect of the Product, provided always that Licensee may redact information contained in such documents to the extent it does not relate to the Product or is not necessary to ascertain
Licensee’s, its Affiliates’ or a sublicensee’s compliance with the terms and conditions of this Agreement (including, without limitation, Licensee’s payment and reporting obligations). [**]. 

 

	6.2	All Royalties or Sublicensing Revenue Share payable under this Agreement shall be paid in Singapore Dollars on a six-monthly basis, within 30 days of the end of each six-month period, commencing with the six-month
period of first commercial sale of the Product. 

  

	6.3	All payments made to ETPL hereunder shall exclude any goods and services tax, sale and use tax or any similar tariff, impost, duty, fees or assessments (including the amount of interest and penalties in connection
therewith) or governmental charges, which shall be borne by the Licensee. Payment shall be made in cleared funds to such bank account or in such other manner as ETPL may specify from time to time to Licensee, without any set-off, deduction or
withholding. 

  

	6.4	Timing of payments required hereunder shall be “of the essence”. 

  

	6.5	If Licensee fails to make any payment due to ETPL, ETPL shall have the right to charge Licensee, in respect of any and all overdue payments, interest at the rate of [**] percent ([**]%) per annum above the annual prime
lending rate of the Development Bank of Singapore from such date until said amount is paid in full to ETPL. 

  

	6.6	The Parties hereby agree that ETPL’s acceptance of any purported payment of Royalties and Sublicensing Revenue Share from Licensee shall not be deemed to be ETPL’s acceptance of the validity and accuracy of
any record, statement and document in support thereof. For the avoidance of doubt, ETPL reserves the right to reject any such record, statement or document as valid or accurate subsequent to its acceptance of any purported payment of Royalties and
Sublicensing Revenue Share in accordance with Section 7.4 and in such event, ETPL shall have the right to recover the balance of any sums thereby 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 27 of 40

	 	
found due and unpaid. Any payment hereunder not disputed by ETPL within [**] years from the date of its receipt thereof shall be deemed irrevocably accepted (including with respect to any audit
rights), provided that following any Public Offering, such [**] year dispute period shall be reduced to [**] months from the date of receipt of such payment, and further provided that with respect to any payments made prior to the Public Offering,
such dispute period shall be until the earlier of (i) [**] months from the date of the Public Offering or (ii) [**] years from the date of receipt of such payment. For purposes of this Agreement “Public Offering” means a
bona fide, firm commitment underwritten public offering by the Licensee pursuant to an effective registration statement filed under the Securities Act of 1933, as amended, covering the offer and sale of the Licensee’s common stock.

  

	7.	ACCOUNTS 

  

	7.1	Licensee shall keep true and accurate accounts and records in sufficient detail to enable the amount of all Royalties or Sublicensing Revenue Share payable under this Agreement to be determined. ETPL has the right to
request for Licensee to submit details of its accounts, records, invoices from third party manufacturers, and audited financial statements (as available) to support the information provided in the Sales Report, provided always that Licensee may
redact information contained in such documents to the extent it does not relate to the Product or is not necessary to ascertain Licensee’s, its Affiliates’ or a sublicensee’s compliance with the terms and conditions of this Agreement
(including, without limitation, Licensee’s payment and reporting obligations). 

  

	7.2	Sales Reports shall be signed by the chief financial officer (or equivalent) or a director of Licensee. 

  

	7.3	Licensee shall provide to ETPL a true and complete copy of each Sublicense Agreement, sale and purchase agreement relating to the Product, invoice from third party manufacturer of the Product, each amendment thereto and
(upon the Investment Threshold being met) reasonable supporting documentation relating to external investment in the Product, provided that Licensee may redact from all such copies/documentation any sensitive or proprietary information that is not
necessary to ascertain Licensee’s, its Affiliates’ or a sublicensee’s compliance with the terms and conditions of this Agreement (including, without limitation, Licensee’s payment and reporting obligations). 

 

	7.4	ETPL may, annually and at its own cost, appoint an independent auditor to examine Licensee’s books and records from the previous [**] Years to verify Licensee’s fulfillment of its payment obligations under
this Agreement. Notwithstanding the foregoing, the cost of such audit conducted shall be borne in full by Licensee if any discrepancy exceeding [**] percent ([**]%) is found in the Royalties and Sublicensing Revenue Share stated. 

 

	7.5	The provisions of this Clause 7 shall remain in full force and effect after the termination of this Agreement for any reasons until the settlement of all subsisting claims or dispute brought by ETPL under this
Agreement. 

  

	8.	RIGHTS IN INTELLECTUAL PROPERTY 

  

	8.1	 Licensee shall not do anything which might bring into question ETPL or its 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 28 of 40

	 	
Affiliates’ ownership of the Results or Documentation. [**]. 

  

	8.2	Each Party acknowledges that it may receive Confidential Information of the other Party or its Affiliates and the receiving Party shall not at any time use, except for the purpose of this Agreement, or disclose to any
person except its authorised employees, contractors, agents and representatives who need to have access to the information. The confidentiality obligations under this Agreement shall apply both during the Term and for a period of five (5) years
thereafter. 

  

	8.3	Each Party shall take all reasonable steps, including, but not limited to, those steps taken to protect its own information, data or other tangible or intangible property that it regards as proprietary or confidential,
to ensure that the Confidential Information of the other Party is not disclosed or duplicated for the use of any third party (except as permitted herein). The receiving Party shall take all reasonable steps to prevent its officers and employees, or
any other persons having access to the disclosing Party’s Confidential Information, from disclosing or making unauthorised use of any Confidential Information, or from committing any acts or omissions that may result in a violation of this
Agreement. 

  

	8.4	Notwithstanding the foregoing, “Confidential Information” shall not include any information or material that is: (i) already in the possession of the receiving Party without prior restriction;
(ii) independently developed by receiving Party without use of or access to disclosing Party’s Confidential Information; (iii) publicly disclosed by disclosing Party; (iv) rightfully received by receiving Party from a third party
free of any duty of confidentiality; (v) approved for release by written agreement of disclosing Party or (vi) made available by disclosing Party to others without restriction. 

 

	8.5	Receiving Party shall have the right to disclose Confidential Information received by it from disclosing Party to the extent required to be disclosed by law, regulation, rule, act or order of any governmental authority
or agency to be disclosed, provided that notice is promptly delivered to disclosing Party (to the extent permitted) in order to provide an opportunity to seek a protective order or other similar order with respect to such Confidential Information
and thereafter receiving Party discloses to the requesting entity only the minimum information required to be disclosed in order to comply with the request, whether or not a protective order or other similar order is obtained by the other party.

  

	8.6	ETPL may disclose all or any part of the Licensee’s Confidential Information to its Affiliates on the basis that ETPL shall procure that such Affiliates shall maintain confidentiality of the Confidential
Information consistent with ETPL’s non-use and non-disclosure obligations hereunder. 

  

	8.7	 Licensee and its Affiliates or sublicensees shall have the right to disclose Confidential Information received by it from ETPL (i) to any
institutional review board of any entity conducting clinical trials with Product or to any governmental or other regulatory agencies in order to obtain patents or to gain approval to conduct clinical trials or to market Product, provided that such
disclosure may be made only to the extent reasonably necessary to obtain such patents or authorizations; and/or (ii) to any bonafide potential or actual investor, investment banker, acquirer, merger partner, or other potential or actual
financial partner; provided that in connection with such disclosure, Licensee shall notify 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 29 of 40

	 	
each such recipient of the confidential nature of such Confidential Information and require each recipient of the information be subject to confidentiality obligations in confidentiality
agreements with respect to such Confidential Information. 

  

	9.	USE OF NAME 

  

	9.1	Licensee shall not, in connection with any sale of the Products, supply any documentation relating to the Product, or any marketing or other promotional materials, which contain the names of or has any reference to ETPL
or its Affiliates without the same being first approved in writing by ETPL and for which approval has not been withdrawn and for which purposes ETPL shall in its absolute discretion be entitled to give, withhold or withdraw its approval from time to
time. 

  

	9.2	Unless written notice to the contrary is given by ETPL to Licensee, Licensee shall use its best efforts to acknowledge the participation and contributions of ETPL and its Affiliates in all news releases, promotional,
advertising and marketing material. Prior to being released or made, a copy of all news releases, promotional, advertising and marketing material which either party intends to release or make regarding this Agreement shall be provided to the other
party for approval, which shall not be unreasonably withheld. 

  

	9.3	Except for the disclosure of the existence of this Agreement, including the title and the identification of the Parties, which information shall not be deemed confidential, and except as otherwise expressly permitted
under this Agreement (including pursuant to Sections 8.5 and 8.6) neither party shall disclose the specific terms and conditions of this Agreement without the express written permission of the other party, such permission not to be unreasonably
withheld. 

  

	9.4	Save as set out in Clauses 9.1 and 9.2, Licensee shall not use the name, trademark or logo of ETPL or those of ETPL’s Affiliates or any variation thereof, without the prior written consent of ETPL.

  

	10.	TERM AND TERMINATION 

  

	10.1	This Agreement shall commence on the Effective Date and continue for the Term. 

  

	10.2	Clauses 5, 7, 8, 9, 10.2, 11 and 12 shall survive termination of this Agreement. 

  

	11.	NATURE OF AGREEMENT 

  

	11.1	This Agreement is personal to Licensee, who shall not be entitled to assign to any person without the prior written consent of ETPL, such consent not to be unreasonably withheld, provided that Licensee shall have the
right, upon notification to ETPL, to assign this Agreement or transfer its rights under this Agreement to Licensee’s Affiliate or to a third party acquirer or successor in connection with a merger, acquisition or sale of all or substantially
all of Licensee’s assets pertaining to this Agreement on condition that all obligations to ETPL under this Agreement shall be undertaken by such Affiliate, acquirer or successor, as the case may be. 

 

	11.2	 Nothing in this Agreement shall create, or be deemed to create, a partnership, or 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 30 of 40

	 	the relationship of principal and agent, between or among the Parties. 

  

	11.3	This Agreement contains the entire agreement between the Parties with respect to the Results and/or Documentation and supersedes any prior or contemporaneous oral or written understandings or agreements with respect to
the subject matter hereof. This Agreement may not be amended except by an instrument in writing signed by the duly authorised representatives of the Parties. 

  

	11.4	The express terms of this Agreement are in lieu of all warranties, conditions, terms, undertakings and obligations implied by statute, common law, custom, trade usage, course of dealing or otherwise, all of which are
hereby excluded to the fullest extent permitted by law. 

  

	11.5	No failure or delay by any party or its Affiliates in exercising any of its rights under this Agreement against any other party shall be deemed to be a waiver of that right and no such waiver by a party or its
Affiliates of a breach of any provision of this Agreement shall be deemed to be a waiver of any subsequent breach of the same or any other provision unless such waiver so provides by its terms. No waiver shall be effective other than in writing,
executed by the person charged with making such waiver. 

  

	11.6	If any provision of this Agreement is held by any court or other competent authority to be invalid or unenforceable, in whole or in part, the other provisions of this Agreement and the remainder of the affected
provision shall continue to be valid. 

  

	11.7	Without limiting the scope of Clause 11.5 and notwithstanding any other provision in this Agreement, each party acknowledges that any breach of this Agreement may cause irreparable damage to the other party or its
Affiliates and accordingly agrees that the other party or its Affiliates shall be entitled to injunctive relief in respect of any such actual or apprehended breach, in addition to any award by the court in favour of it or its Affiliates.

  

	11.8	Save to give effect to the rights accruing to any of ETPL’s Affiliates hereunder and/or pursuant to Section 11.1, a person who is not a Party to this Agreement has no right under the Contracts (Rights of Third
Parties) Act (Cap. 53B) to enforce any terms and conditions of this Agreement. 

  

	11.9	If, at any time after the date of this Agreement the functions and operations of ETPL are assigned, merged, transferred into or otherwise forms part of another organisation (“the New Entity”), such that
the New Entity takes over the whole or substantially the whole of ETPL’ operations, then it is agreed that this Agreement may, at the option of ETPL, be novated to the New Entity which will then assume all of ETPL’ rights and obligations
hereunder. Any assignment or attempted assignment by ETPL other than in accordance with this Section 11.9 shall be null and void. 

  

	11.10	Licensee shall observe all applicable laws and regulations and obtain all necessary licenses, consents and permissions required in respect of: 

 

	 	11.10.1	the use of the Results and the importation, storage, marketing and sale of the Products (including the sub-licensing of the Products) in the Territory; and 

 

	 	11.10.2	the manufacture of the Products. 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 31 of 40

	11.11	The Parties shall co-operate with each other and execute and deliver to the other such instruments and documents and take such other action as may be reasonably requested from time to time in order to carry out and
confirm the rights and the intended purpose of this Agreement. 

  

	11.12	Any notice or other information required or authorised by this Agreement to be given by any Party to the other shall be given by: 

  

	 	11.12.1	delivering it by hand; 

  

	 	11.12.2	sending it by pre-paid courier or express service; or 

  

	 	11.12.3	sending it by facsimile transmission or similar means of communication; in all cases to the other party at the address first written above. 

Any notice or other information sent by facsimile transmission or similar means of communication shall be deemed to have been duly given on the
date of transmission, provided that a confirming copy of it is sent as provided in sub-Clauses 11.12.1 or 11.12.2 to the other Party at the address first written above within twenty-four (24) hours after transmission. 

 

	12.	ARBITRATION AND APPLICABLE LAW 

  

	12.1	Any dispute among the parties arising out of or in connection with this Agreement or in the performance thereof shall in the first instance be referred to the authorised representatives of the parties for resolution. If
such efforts fail, then the dispute shall be referred to binding arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration Center in force at such time which rules shall be deemed to be incorporated
by reference into this Agreement. The Tribunal shall consist of one (1) arbitrator chosen by the Singapore International Arbitration Center under its rules if the parties cannot otherwise agree upon an arbitrator. 

 

	12.2	This Agreement shall be governed by the laws of the Republic of Singapore (excluding its conflicts of laws principles) and each Party agrees to submit to the non-exclusive jurisdiction of the Singapore courts.

  

	13.	EXPORT CONTROL 

  

	    	Any Results licensed or otherwise made available to Licensee shall be used for commercial and/or civilian purposes only. The Licensee shall ensure that it and its end-users of the licensed Results comply with all
applicable laws, rules and regulations governing the use, export and disposal of the licensed Results and the Products. 

************************************* 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 32 of 40

 AS WITNESS the hands of the Parties hereto the day and year first above written. 

 

					
	SIGNED by	 	)	 	
		 	)	 	
	[Name], [Designation]	 	)	 	
		 	)	 	
	for and on behalf of	 	)	 	
		 	)	 	
	EXPLOIT TECHNOLOGIES PTE LTD	 	)	 	
		 	)	 	
	In the presence of:-	 		 	
			
	 	 		 	
	Name:	 		 	
	Designation:	 		 	
		 		 	
	SIGNED by	 	)	 	
		 	)	 	
	[Name], [Designation]	 	)	 	
		 	)	 	
	for and on behalf of	 	)	 	
		 	)	 	
	VISTERRA INC.	 	)	 	
		 	)	 	
	In the presence of:-	 		 	
			
	 	 		 	
	Name:	 		 	
	Designation:	 		 	

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 33 of 40

 SCHEDULE 1 

 

	1.	License fees payable for sale of Product in Singapore 

  

	(a)	Prior to the Investment Threshold being reached, Licensee shall pay ETPL: 

  

	 	(i)	[**]% of any Sublicensee Revenue excluding any royalty payments; and 

  

	 	(ii)	royalties amounting to [**] Sales in Singapore. 

  

	(b)	Following the Investment Threshold being reached, Licensee shall pay ETPL: 

  

	 	(i)	[**]% of any Sublicensee Revenue excluding any royalty payments; and 

  

	 	(ii)	royalties amounting to [**] Sales in Singapore. 

  

	2.	Licensee fees payable for sales outside Singapore 

  

	(a)	Prior to the Investment Threshold being reached, Licensee shall pay ETPL: 

  

	 	(i)	[**]% of any Sublicensee Revenue (excluding all non-royalty payments received with respect to the Indian Subcontinent) where the Product is sold to end users by Sublicensee Developers or their sublicensees or
transferees; and 

  

	 	(ii)	royalties amounting to [**] sales of Products to end users by Licensee or third parties who are granted the right or option to purchase the Products in finished form for resale to the market. 

 

	(b)	Following the Investment Threshold being reached, Licensee shall pay ETPL: 

  

	 	(i)	[**]% of any Sublicensee Revenue (excluding all non-royalty payments received with respect to the Indian Subcontinent) where the Product is sold to end users by Sublicensee Developers or their sublicensees or
transferees; and 

  

	 	(ii)	royalties amounting to [**] sales of Products to end users by Licensee or third parties who are granted the right or option to purchase the Products in finished form for resale to the market. 

[**]. 
 The total cumulative amounts paid under 1(a)(i),
1(b)(i), 2(a)(i), 2(a)(ii), 2(b)(i) and 2(b)(ii) shall be capped at US$[**]. (“Payment Cap”) 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 34 of 40

 SCHEDULE 2 

Name of Licensee: 
 Reporting period: 

License Agreement reference no: 
  

													
	 S/No
	  	 Invoice Date
	  	Invoice Number	  	Customer name	  	Description	  	Invoice amount
(S$) * without
GST (a)	 
						
	 1
	  		  		  		  		  			
						
	 2
	  		  		  		  		  			
						
	 3
	  		  		  		  		  			
						
	 4
	  		  		  		  		  			
						
	 5
	  		  		  		  		  			
						
	 6
	  		  		  		  		  			
						
	 7
	  		  		  		  		  			
						
	 8
	  		  		  		  		  			
						
	 9
	  		  		  		  		  			
						
	 10
	  		  		  		  		  			
						
	 11
	  		  		  		  		  			
						
	 12
	  		  		  		  		  			
						
	 13
	  		  		  		  		  			
						
	 14
	  		  		  		  		  			
						
	 15
	  		  		  		  		  			
						
	 Total
	  		  		  		  		  	 	0	  

 Note: Please insert more rows if necessary 
  

	*	For sales invoice in foreign currency, please indicate the exchange rate used to convert to S$ 

 We hereby
certify that the above information is correct. 
  

	
	   

	Name:
	Designation:
	Chief Financial
	Officer/Director
	Date:

  
  
  

 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 35 of 40

 ANNEX 

Specific Know-How: 

[                          
                  ] 
 Related Know-How: 

[                          
                   ] 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 36 of 40

 SCHEDULE 3 

REIMBURSEMENT PROCEDURES 
 COLLABORATOR
will invoice D3 for costs incurred in connection with the Project as detailed in Clause 5.2. 
 COLLABORATOR should submit invoices on a monthly basis,
together with the proper supporting documents and such other documents as may be requested by D3 from time to time. 
 D3 will reimburse COLLABORATOR the
amount stated in any undisputed invoice within thirty (30) days of receipt of the invoice. 
 Invoices should be addressed to: 

To: [**] 
 cc: [**] 

Biomedical Sciences Institute 
 D3 (Drug Discovery &
Development) 
 31 Biopolis Way 
 01-02a Nanos Singapore 

138669 

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 37 of 40

 SCHEDULE 4 

TERM SHEET FOR CLINICAL RESEARCH AGREEMENT 

Term Sheet 
 Clinical
Research Agreement (“CRA”) 
 This term sheet establishes the principal terms for a clinical research agreement to be negotiated in good faith
and entered into by the parties Visterra, Inc. (“Visterra”) and D3 (“D3”) pursuant to this Research Agreement. 
  

									
	PROJECT PLAN        	  	Visterra and D3 would perform the following activities in connection with the clinical trial activities as generally set forth in the Project Plan, to be further described):
			
	 	  	 	  	 Parties to Perform Duties

	 	  	 FUNCTION
	  	 D3
	  	 Visterra
	  	 Joint

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

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 38 of 40

									
		  	[**]	  	[**]	  	[**]	  	[**]
		  	[**]	  	[**]	  	[**]	  	[**]
		  	[**]	  	[**]	  	[**]	  	[**]
		  	[**]	  	[**]	  	[**]	  	[**]
		  	[**]	  	[**]	  	[**]	  	[**]
		  	[**]	  	[**]	  	[**]	  	[**]
		  	[**]	  	[**]	  	[**]	  	[**]
		  	[**]	  	[**]	  	[**]	  	[**]
		  	[**]	  	[**]	  	[**]	  	[**]
		  	[**]	  	[**]	  	[**]	  	[**]
		
	ENGAGEMENT OF CRO BY D3	  	D3 would have the right to select and engage any CRO, in consultation with Visterra. D3 would have the right to select any CRO and enter into such CRO agreement.
		
	CLINICAL TRIAL AGREEMENT (CTA), SINGAPORE SITES	  	D3 would establish the form of CTA and negotiation of the CTAs with the sites, in consultation with Visterra.
		
	REQUIREMENT TO NOTIFY	  	Each Party obligated to notify the other Party of the outcome of any inspection and where it becomes aware of suspected scientific misconduct or non-compliance of clinical investigator with the Protocol.
		
	TERMINATION AND CONSEQUENCES OF TERMINATION	  	The term of the CRA would last through the completion of the planned clinical activities. The CRA would terminate upon any termination of the RCA. The CRA would terminate if the clinical trial agreement is not executed
within a reasonable time or if the clinical trial agreement is terminated for any reason.
		
	WARRANTIES	  	Visterra warrants that it has the right to provide the Product and clinical trial materials for the purposes set out.

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 39 of 40

									
					
	[**]	  	[**]	  		  		  	
		
	INSURANCE	  	Each party would obtain and maintain customary insurance in the normal conduct of its business for its activities under the CRA, with Visterra maintaining product liability and clinical trial insurance and D3 maintaining
clinical trial insurance.
		
	GOVERNING LAW	  	Singapore law
		
	OTHER TERMS	  	CRA would contain other customarily responsible terms for an arrangement of this type.

  

			
	RCA D3-Visterra – EXECUTION VERSION	 	Page 40 of 40

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