Document:

EX-4.2

 Exhibit 4.2 

SHAREHOLDERS AGREEMENT 

by and among 

MR. ERNEST LOUMAYE, domiciled at [*] 

(“Ernest Loumaye”) 

FUND SOFINNOVA CAPITAL VII (SCVII), a French venture capital fund represented by its management
company, Sofinnova Partners SAS, a company organized under the laws of France, having its registered office at Immeuble Le Centorial, 16-18 rue du 4 Septembre, 75002 Paris, France 

(“Sofinnova Partners”) 

SOFINNOVA VENTURE PARTNERS VIII, L.P., a Delaware limited partnership represented by its management
company, Sofinnova Management VIII, L.L.C., a Delaware limited liability company, each having its principal office at 3000 Sand Hill Road, 4-250 Menlo Park, CA 94025, USA 

(“Sofinnova Ventures”) 

NOVO A/S, a public limited liability company established under the laws of Denmark with CVR no. 24 25 76 30 in the Danish
Business Register and having its registered address at Tuborg Havnevej 19, 2900 Hellerup, Denmark 
 (“Novo”) 

ARES TRADING SA, a company organized under the laws of Switzerland, having its registered seat in Aubonne,
Switzerland 
 (“Ares Trading”) 

(Ernest Loumaye, Sofinnova Partners, Sofinnova Ventures, Novo and Ares Trading are collectively referred to as the “Series A Investors”) 

and 
 HBM Healthcare Investments (Cayman)
Ltd., with registered office at Governor’s Square, Suite 4-212-2, 23 Lime Tree Bay Avenue, West Bay, Grand Cayman, Cayman Islands. 

(“HBM”) 
 New Enterprise
Associates 15, L.P., a Delaware limited partnership represented by its general partner, NEA Partners 15, L.P., a Delaware limited partnership further represented by its general partner, NEA 15 GP, LLC, with offices at c/o New Enterprise
Associates, Inc., 1954 Greenspring Drive, Suite 600, Timonium, MD 21093, USA. 

  
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 (“NEA”) 

OrbiMed Private Investments V, LP, a Delaware limited partnership, represented by its general partner OrbiMed Capital GP V LLC, a Delaware
limited liability company, itself represented by its managing member OrbiMed Advisors LLC, a Delaware limited liability company, each having its registered office at c/o Corporation Service Company, 27111 Centerville Road, Suite 400, Wilmington,
County of New Castle, Delaware 19808, USA. 
 (“Orbimed”) 

(collectively the “Lead Series B Investors”) 

Rock Springs Capital Master Fund LP, with registered office at 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005, Cayman Islands,
represented by its general partner, Rock Springs GP LLC a Delaware limited liability company having its office at 650 South Exeter St., Suite 1070, Baltimore, MD, 21202, United States. 

(“Rock Springs”)  
 (the Lead
Series B Investors and Rock Springs are collectively referred to as the “New Investors”) 
 (the Series A Investors and the New Investors
are collectively referred to as the “Series B Investors”) 
 and 

MR. ANDRE CHOLLET, domiciled at [*] 

(“André Chollet”) 

and 
 OBSEVA
SA, a company organized under the laws of Switzerland, having its registered office at 12, chemin des Aulx, 1228 Plan-les-Ouates, Switzerland 

(the “Company”) 

  
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 Table of Contents 
  

							
	 1
	 	 Definitions
	  	 	4	  
			
	 2
	 	 Conditions precedent
	  	 	10	  
			
	 3
	 	 Scope
	  	 	10	  
			
	 4
	 	 Mission and Objective
	  	 	11	  
			
	 5
	 	 Organization and Management
	  	 	11	  
			
	 6
	 	 Restrictions on Transfer
	  	 	18	  
			
	 7
	 	 Preemptive Rights
	  	 	19	  
			
	 8
	 	 Right of First Refusal
	  	 	20	  
			
	 9
	 	 Drag-Along Right
	  	 	23	  
			
	 10
	 	 Tag-Along Right
	  	 	24	  
			
	 11
	 	 Rights, Preferences and Privileges of the Preferred Shares
	  	 	25	  
			
	 12
	 	 Conversion
	  	 	27	  
			
	 13
	 	 Preferred Shareholders’ Anti-Dilution
	  	 	28	  
			
	 14
	 	 Mr. Ernest Loumaye’s Anti-Dilution
	  	 	29	  
			
	 15
	 	 Equity Incentive Plan
	  	 	31	  
			
	 16
	 	 Initial Public Offering
	  	 	32	  
			
	 17
	 	 Non-Compete
	  	 	33	  
			
	 18
	 	 Intellectual Property
	  	 	34	  
			
	 19
	 	 Bad Leaver / Good Leaver
	  	 	34	  
			
	 20
	 	 Call Option
	  	 	36	  
			
	 21
	 	 New Shareholder
	  	 	36	  
			
	 22
	 	 Representations and Warranties
	  	 	36	  
			
	 23
	 	 Confidentiality
	  	 	37	  
			
	 24
	 	 Miscellaneous
	  	 	38	  
			
	 25
	 	 Governing Law and Jurisdiction
	  	 	39	  

  
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 Preamble 

WHEREAS, the Company is a Swiss corporation (société anonyme) registered with the commercial register of
the Canton of Geneva under the federal number no CHE-253.914.856; 

WHEREAS, on August 28, 2013, the Series A Investors subscribed 592’829 Preferred A Shares in the share capital of the
Company; 
 WHEREAS, on the date hereof, the Series B Investors and ObsEva have entered into an investment agreement pursuant
to which the Series B Investors shall, inter alia, subscribe shares in the share capital of the Company to be issued pursuant to a share capital increase as specified in such investment agreement and in the capitalization table attached as
Schedule A to such investment agreement (the “Capitalization Table”); 
 WHEREAS, as a result thereof, upon
Closing (as defined below), the Parties (other than the Company) shall together own 100% of the outstanding Shares of the Company; 

WHEREAS, the Shareholders (as defined below) wish to set forth herein their agreements with respect to the operation and
management of the Company and their respective rights and obligations as shareholders of the Company, to provide reasonable restrictions upon the transfer of shares in the Company and to agree to vote their shares in accordance with the provisions
of this Agreement. 
 Now, therefore, the Parties hereby agree as follows: 

 

	1	DEFINITIONS 

  

	1.1	In addition to the terms defined above, the following terms shall have the following meanings for all purposes of this Agreement (such meanings to be equally applicable to both the singular and plural forms of
the terms defined): 

  

	 	1.1.1	“Affiliate” shall mean, with respect to any person or entity, any other person or entity directly or indirectly controlling, controlled by or under common control with, such person or entity.

  

	 	1.1.2	“Agreement” shall mean this Shareholders Agreement together with the Schedules. 

  

	 	1.1.3	“Appraiser” shall have the meaning set forth in Article 19.3. 

  

	 	1.1.4	“Anti-dilution Shares A” shall have the meaning set forth in Article 13.1. 

  

	 	1.1.5	“Anti-dilution Shares B” shall have the meaning set forth in Article 13.6. 

  

	 	1.1.6	“Articles of Incorporation” shall mean the Articles of Incorporation of the Company attached hereto as Exhibit 1, as amended from time to time. 

 

	 	1.1.7	“Audit Committee” shall have the meaning set forth in Article 5.2.8(i). 

  
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	 	1.1.8	“Auditors” shall mean the statutory auditors of the Company. 

  

	 	1.1.9	“Average Subscription Price A” shall mean with respect to any Preferred A Shareholder at any given point in time the result of dividing (a) the sum of (i) the subscription price paid
for any Preferred A Shares and (ii) any further contribution or partial further contribution paid to the Company by such Preferred A Shareholder within the meaning of the Series A Investment Agreement dated 28 August 2013 and
(iii) the subscription price paid for any Anti-Dilution Shares A by such Preferred A Shareholder and (iv) the subscription price paid for any subsequent issuance of Preferred A Shares by such Preferred A Shareholder (excluding
Anti-Dilution Shares A) by (b) the aggregate number of Preferred A Shares held by such Preferred A Shareholder at such given point in time. 

  

	 	1.1.10	“Average Subscription Price B” shall mean with respect to any Preferred B Shareholder at any given point in time the result of dividing (a) the sum of (i) the subscription price paid
for any Preferred B Shares and (ii) the subscription price paid for any Anti-Dilution Shares B by such Preferred B Shareholder and (iii) the subscription price paid for any subsequent issuance of Preferred B Shares by such Preferred B
Shareholder (excluding Anti-Dilution Shares B) by (b) the aggregate number of Preferred B Shares held by such Preferred B Shareholder at such given point in time. 

 

	 	1.1.11	“Beneficiary” shall have the meaning set forth in Article 15.1. 

  

	 	1.1.12	“Board of Directors” shall mean the board of directors of the Company. 

  

	 	1.1.13	“Budget” shall mean the Company’s budget prepared by the Management and approved by the Series B Investors during their due diligence before Closing. 

 

	 	1.1.14	“Business Day” shall mean any day upon which banks are open in Geneva, Switzerland. 

  

	 	1.1.15	“Call Option” shall have the meaning set forth in Article 19.1 and 20.1. 

  

	 	1.1.16	“Capitalization Table” shall have the meaning set forth in the preamble to this Agreement. 

  

	 	1.1.17	“Cause” shall mean a justified cause (justes motifs) in the sense of Article 337 CO as applied from time to time by the Swiss Federal Supreme Court; in no event, a release from an
obligation to work shall be deemed as a justified cause for termination. 

  

	 	1.1.18	“Chairperson” shall mean the chairperson of the Board of Directors. 

  

	 	1.1.19	“Closing” shall mean the closing of the transactions contemplated by the Investment Agreement. 

  

	 	1.1.20	“Closing Date” shall mean the day on which Closing occurs. 

  

	 	1.1.21	“CO” shall mean the Swiss Federal Code of Obligations. 

  

	 	1.1.22	“Common Shareholders” shall mean the holders of Common Shares, as well as their successors and permitted assigns. 

  
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	 	1.1.23	“Common Shares” shall mean the ordinary registered Shares in the Company, as well as any and all future ordinary registered Shares having the same rights, preferences and privileges.

  

	 	1.1.24	“Compensation Committee” shall have the meaning set forth in Article 5.2.8(h). 

  

	 	1.1.25	“Competitive Field” shall have the meaning set forth in Article 17.1(a). 

  

	 	1.1.26	“Control” shall mean, with respect to any person or entity, the possession directly or indirectly of the power to direct or cause the direction of the management and policies of such person or
entity whether through ownership of voting securities, by contract or otherwise; “controlling”, “controlled by” and “under common control with” shall be construed accordingly. 

 

	 	1.1.27	“Controlling Interest” shall mean any interest in Shares conferring at the time in question in the aggregate 50 per cent or more of the voting rights. 

 

	 	1.1.28	“Deemed Liquidation” shall have the meaning set forth in Article 11.2.1. 

  

	 	1.1.29	“Deemed Liquidation Preference A Amount” shall have the meaning set forth in Article 11.2.1. 

  

	 	1.1.30	“Deemed Liquidation Preference B Amount” shall have the meaning set forth in Article 11.2.1. 

  

	 	1.1.31	“Director” shall mean a member of the Board of Directors from time to time. 

  

	 	1.1.32	“Down-Round A” shall have the meaning set forth in Article 13.1. 

  

	 	1.1.33	“Down-Round B” shall have the meaning set forth in Article 13.6. 

  

	 	1.1.34	“Drag-Along Notice” shall have the meaning set forth in Article 9.1(a). 

  

	 	1.1.35	“Eligible A Shareholders” shall have the meaning set forth in Article 8.4.1. 

  

	 	1.1.36	“Eligible B Shareholders” shall have the meaning set forth in Article 8.5.1. 

  

	 	1.1.37	“Eligible Shareholders” shall have the meaning set forth in Article 8.3.1. 

  

	 	1.1.38	“ESG Issues” shall have the meaning set forth in Article 5.2.8(j). 

  

	 	1.1.39	“Exercising A Shareholders” shall have the meaning set forth in Article 8.4.2. 

  

	 	1.1.40	“Exercising B Shareholders” shall have the meaning set forth in Article 8.5.2. 

  

	 	1.1.41	“Exercising Shareholders” shall have the meaning set forth in Article 8.3.2. 

  

	 	1.1.42	“Financial Statements” shall mean the audited balance sheet and the profit and loss accounts of the Company and the notes, schedules and exhibits thereto, as well as the reports of the Board of
Directors and of the Auditors related thereto. 

  
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	 	1.1.43	“Garden Leave Arrangement” shall have the meaning set forth in Article 17.1. 

  

	 	1.1.44	“General Meeting of Shareholders” shall mean the meeting of all or part of the Shareholders in accordance with the CO and the Articles of Incorporation. 

 

	 	1.1.45	“Indemnified Persons” shall have the meaning set forth in Article 22.3. 

  

	 	1.1.46	“Initial Public Offering” shall mean the listing of all or part of the Shares on an internationally recognized stock exchange. 

 

	 	1.1.47	“Intellectual Property” shall mean trademarks, service marks, logos, trade and business names, domain names, registered designs, design rights, copyright (including all such rights in computer
software), algorithms, database rights, moral rights and confidential information (including know-how and trade secrets) licenses, information and other intellectual property rights, registering rights and processes and in each case whether
registered or unregistered and including applications for and renewals and extensions of any of the above rights or the right to apply for any of the foregoing in any part of the world, as well as the Patents. 

 

	 	1.1.48	“Invalidity” shall mean a total incapacity of earning which is presumed to be permanent. 

  

	 	1.1.49	“Investment Agreement” shall mean the Investment Agreement of the date hereof by and among the Series B Investors and the Company. 

 

	 	1.1.50	“Lead Series B Investors” shall have the meaning set forth in the preamble to this Agreement. 

  

	 	1.1.51	“Management” shall mean the management team of the Company from time to time. 

  

	 	1.1.52	“Market Value” shall have the meaning set forth in Article 19.3. 

  

	 	1.1.53	“Material Contracts” shall have the meaning set forth in Article 18 of Exhibit 4. 

  

	 	1.1.54	“Merger Act” shall mean the Swiss Federal Act of October 3, 2003 on Mergers, Demergers, Transformations and Transfers of Assets (as amended from time to time). 

 

	 	1.1.55	“New Investors” shall have the meaning set forth in the preamble to this Agreement. 

  

	 	1.1.56	“Nomination Committee” shall have the meaning set forth in Article 5.2.2. 

  

	 	1.1.57	“Notice” shall have the meaning set forth in Article 8.1. 

  

	 	1.1.58	“Notice Period” shall have the meanings set forth in Articles 8.3.1 and 8.4.5. 

  
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	 	1.1.59	“Non-Voting Shares”, or “NVS” shall have the meaning set forth in Article 15.1. 

  

	 	1.1.60	“Offered Shares” shall have the meaning set forth in Article 8.2. 

  

	 	1.1.61	“Offering Shareholder” shall have the meaning set forth in Article 8.1. 

  

	 	1.1.62	“Offeror” shall have the meaning set forth in Article 8.2. 

  

	 	1.1.63	“Organizational Regulations” shall have the meaning set forth in Article 5.2.8. 

  

	 	1.1.64	“Other Shareholders” shall have the meaning set forth in Article 9.1(b). 

  

	 	1.1.65	“Outside Directors” shall mean the outside, non-executive and independent Directors with industry experience to be appointed in accordance with Article 5.2.2. 

 

	 	1.1.66	“Party” shall mean a party signing this Agreement, as well as his successors and permitted assigns. 

  

	 	1.1.67	“Patents” shall mean all patents or letters patent, claims in any patent and applications for the same and the right to apply for the same in any part of the world including, without limitation,
all reissues, extensions, substitutions, confirmations, registrations, revalidations, additions, continuations, continuations in part and divisionals thereof (including any supplementary protection certificates); 

 

	 	1.1.68	“Preferred A Shareholders” shall mean the holders of Preferred A Shares, as well as their successors and permitted assigns. 

 

	 	1.1.69	“Preferred A Shares” shall mean the preferred registered A Shares having, as of the Closing, the rights, preferences and privileges set forth in the Articles of Incorporation and this Agreement,
as well as any and all future preferred registered Shares having the same rights, preferences and privileges. 

  

	 	1.1.70	“Preferred B Shareholders” shall mean the holders of Preferred B Shares, as well as their successors and permitted assigns. 

 

	 	1.1.71	“Preferred B Shares” shall mean the preferred registered B Shares having, as of the Closing, the rights, preferences and privileges set forth in the Articles of Incorporation and this Agreement,
as well as any and all future preferred registered Shares having the same rights, preferences and privileges. 

  

	 	1.1.72	“Preferred Directors” shall mean the Directors designated by and representing the Preferred Shareholders on the Board pursuant to and in accordance with Article 5.2.2. 

 

	 	1.1.73	“Preferred Shareholders” shall mean the holders of Preferred Shares, as well as their successors and permitted assigns. 

 

	 	1.1.74	“Preferred Shares” shall mean the Preferred A Shares together with the Preferred B Shares. 

  

	 	1.1.75	“Put Closing” shall have the meaning set forth in Article 10.2. 

  
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	 	1.1.76	“Put Right Notice” shall have the meaning set forth in Article 10.2. 

  

	 	1.1.77	“Qualified A Majority” shall mean the approval by Shareholders representing in the aggregate at least 2/3 of all Preferred A Shares outstanding on such date. 

 

	 	1.1.78	“Qualified B Majority” shall mean the approval by Shareholders representing in the aggregate at least 2/3 of all Preferred B Shares outstanding on such date. 

 

	 	1.1.79	“Qualified Majority” shall mean the approval by shareholders representing in the aggregate at least 2/3 of all Preferred Shares outstanding on such date. 

 

	 	1.1.80	“Selling Party” shall have the meaning set forth in Article 10.1. 

  

	 	1.1.81	“Series A Investors” shall mean Sofinnova Partners, Mr. Ernest Loumaye, Sofinnova Ventures, Ares Trading and Novo as subscribers of Preferred A Shares. 

 

	 	1.1.82	“Series B Financing” shall have the meaning set forth in the preamble to the Investment Agreement. 

  

	 	1.1.83	“Series B Investors” shall mean Sofinnova Partners, Mr. Ernest Loumaye, Sofinnova Ventures, Ares Trading, Novo, HBM, NEA, Orbimed and Rock Springs as subscribers of Preferred B Shares.

  

	 	1.1.84	“Shareholders” shall mean the holders of Shares, including the Common Shareholders and the Preferred Shareholders, as well as their successors and permitted assigns. 

 

	 	1.1.85	“Shares” shall mean the Common Shares, the Preferred Shares as well as any other equity security issued by the Company to the exclusion of the Non-Voting Shares. Whenever this Agreement refers to
a percentage of the share capital, such percentage will be calculated, unless otherwise provided, by taking into account all outstanding Shares. 

  

	 	1.1.86	“Successors” shall have the meaning set forth in Article 6.5. 

  

	 	1.1.87	“Tag Put Right” shall have the meaning set forth in Article 10.2. 

  

	 	1.1.88	“Third Party” shall mean, with respect to any person or entity, any bona fide other person or entity who is not an Affiliate or a related party of such person or entity. 

 

	 	1.1.89	“Transfer” shall mean any transfer of Shares by any of the Shareholders (alone or together with other Shareholders), with or without any counterpart, resulting from any contribution in cash or in
kind, any donation or any other kind of transfer, including but not limited to any transfer occurring by operation of law or by a judiciary decision, as well as any transfer for security purposes; “to transfer”, “transferring”
and “transferred” shall be construed accordingly. 

  

	 	1.1.90	“Transfer Documents” shall have the meaning set forth in Article 8.7. 

  

	 	1.1.91	“Warrantors” shall mean, in the context of the representations and warranties as per Article 22, Ernest Loumaye and the Company. 

  
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	1.2	Except to the extent that the context otherwise requires: 

  

	 	(a)	when a reference is made in this Agreement to an Article or Exhibit, such reference is to an Article of, or Exhibit to, this Agreement unless otherwise indicated; 

 

	 	(b)	the headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement; 

 

	 	(c)	whenever the words “include”, “includes” or “including” are used in this Agreement, they are deemed to be followed by the words “without limitation”; 

 

	 	(d)	the words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this
Agreement; and 

  

	 	(e)	the use of “or” is not intended to be exclusive unless expressly indicated otherwise. 

  

	2	CONDITIONS PRECEDENT 

 The entry into force
and the effectiveness of any rights and obligations of the Parties under this Agreement are conditional upon the Investment Agreement, the license agreement between Kissei Pharmaceutical Co., Ltd., 1-8-9 Nihonbashi, Muromachi, Chuo-Ku, Tokyo
103-0022, Japan and the Company on the compound known as KLH-2109 and any and all compounds included in the composition of matter patent for KLH-2109 (PCT/JP2006/320681) (the “License Agreement”) and any agreements provided for
therein being executed and delivered and becoming fully effective at Closing and in particular all conditions precedent to the Investment Agreement and any agreements provided for therein, as well as any operations to take place prior or at Closing,
being satisfied or waived. 
  

	3	SCOPE 

  

	3.1	Scope. This Agreement governs the relationship between the Parties in their capacities as Shareholders and, as the case may be, as Directors. This Agreement shall bind the Parties with respect to all of
their Shares held directly or indirectly. If further Shares are acquired or obtained by the Parties, the provisions of this Agreement shall also apply with respect to such further Shares. 

 

	3.2	Compliance. Each Party undertakes with each other Party to comply with this Agreement. Each undertaking by the Company in respect of each provision of this Agreement shall be construed as a separate
undertaking and if any of the undertakings is unlawful or unenforceable, the remaining undertakings shall continue to bind the Company. The Parties undertake, each individually in their capacities as Shareholders and, as the case may be, as
Directors, directly or indirectly, to implement the corporate structure and agreements as provided for by this Agreement, to exercise their voting rights and other rights as Shareholders and, as the case may be, as Directors, to accordingly, to the
extent legally possible, instruct Director(s) appointed by them, and to take all such further actions as may be reasonably necessary or appropriate in order to satisfy, give full effect to and carry out the provisions of this Agreement and the
rights and obligations of the Parties as set out in this Agreement. 

  
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	3.3	Articles of Incorporation. The Shareholders undertake to modify and adapt from time to time the Articles of Incorporation in order that such continuously comply with the terms of this Agreement. The terms
of this Agreement or of any amendment thereto shall however be binding upon their execution by the Parties irrespective of any modifications and/or adaptations to the Articles of Incorporation. In the event of conflicts or discrepancies between the
provisions of this Agreement and those of the Articles of Incorporation, the provisions of this Agreement shall prevail. 

  

	3.4	New Shareholder. Without prejudice to Article 21, the Parties agree that any person or entity acquiring Shares, other than pursuant to a Transfer which constitutes a Deemed Liquidation, but including
pursuant to a share capital increase or a conversion, shall be required before being registered as a Shareholder, to execute this Agreement by a deed of accession in the form attached as Exhibit 3 or an adapted version of it, and shall
thereby become a new Party to this Agreement and to be subject to all its terms and conditions. Subject to the terms and conditions of this Agreement and the Articles of Incorporation, the Parties accept any such person or entity as a Party.

  

	4	MISSION AND OBJECTIVE 

The Company’s main mission and objective shall be to implement the business strategy as determined by the Board of Directors from time to
time. 
  

	5	ORGANIZATION AND MANAGEMENT 

 The
Shareholders shall exercise all voting and other power of control available to them directly and indirectly in relation to the Company so as to procure that the Company be managed as follows: 

 

	5.1	General Meeting of Shareholders 

  

	 	5.1.1	Powers. Without prejudice to any other provision of this Agreement, the General Meeting of Shareholders shall have the exclusive power to decide to: 

 

	 	(a)	adopt and amend the Articles of Incorporation, subject to Articles 652g and 653g CO; 

  

	 	(b)	to elect and dismiss the members of the Board of Directors and the Auditors; 

  

	 	(c)	approve the annual report and the Financial Statements, as well as resolve on the use of the balance sheet profit, in particular the declaration of dividends; 

 

	 	(d)	release the Directors; and 

  

	 	(e)	pass resolutions regarding issues, which are reserved to the General Meeting of Shareholders by law, in particular the CO and the Merger Act, or by the Articles of Incorporation or which are presented to it by the Board
of Directors. 

  

	 	5.1.2	 Majority. Unless expressly indicated otherwise herein and subject to applicable law, in particular
Article 704 CO requesting a qualified majority for certain decisions, and where no consensus can be reached, the Shareholders shall decide by a simple majority of the voting rights of the total number of Shares represented at a General

  
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Meeting of Shareholders on each and any item on which they shall resolve, decide, vote, act or abstain pursuant to this Agreement or to the Articles of Incorporation. 

 

	5.2	Board of Directors 

  

	 	5.2.1	Composition. The Board of Directors shall be composed of up to 8 (eight) Directors (including the Chairperson). After Closing, the Board of Directors shall be appointed pursuant to, and in accordance with,
Schedule C to the Investment Agreement. 

  

	 	5.2.2	Directors. The Board of Directors shall consist of: 

  

	 	(a)	Ernest Loumaye, provided and as long as (i) he is active at least 80% as CEO of the Company or (ii) he holds 4% (pre dilution) or more of the share capital and voting rights thereof; 

 

	 	(b)	Three members for the Series A Investors to be designated as follows: (i) one by Sofinnova Partners, (ii) one by Sofinnova Ventures, and (iii) one by Novo; 

 

	 	(c)	Two members for the Series B Investors to be designated as follows: (i) one member to be designated by NEA and (ii) one member to be designated by HBM/Orbimed; 

 

	 	(d)	Two Outside Directors to be designated and appointed by the Shareholders, it being understood that Annette Clancy and Jacky Vonderscher shall initially act in such capacity; 

provided that each of Article 5.2.2 (b) and (c) is only applicable as long as the relevant parties hold, on an individual basis and
in case of Article 5.2.2 (c) (ii) on a collective (joint) basis, 5% or more of the fully diluted share capital and voting rights thereof, it being understood that the designated member may become an observer if the relevant party’s
shareholding falls below such threshold. 
 The Board of Directors shall establish a nomination committee (the “Nomination
Committee”) consisting of four members, namely Mr. Ernest Loumaye, one Outside Director which shall initially be Annette Clancy, one member to be designated by a Qualified A Majority and one member to be designated by a Qualified B
Majority. 
 The Nomination Committee may consult with the Shareholders and the other members of the Board of Directors in the nomination
process. 
 Each Shareholder hereby undertakes to vote in favour of the election as Director of the candidates who will be nominated by the
Nomination Committee, and to cause its representative on the Board of Directors to vote in favour of the corresponding proposal, unless such Shareholder has a just cause to refuse the candidates put forward by the Nomination Committee (in which case
the relevant Shareholder shall work proactively with the Nomination Committee to submit an alternative proposal as soon as possible after the refusal of the candidates nominated by the Nomination Committee). 

 

	 	5.2.3	 In addition, (i) Ares Trading shall have the right to designate one board observer, and
(ii) HBM/Orbimed shall have the right to 

  
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designate one board observer. In case and for so long as HBM/Orbimed do not designate an employee of either firm as their representative on the Board of Directors but an industry expert, each of
HBM and Orbimed shall have the right to designate one board observer. In their functions, the observers shall be bound to the same confidentiality, loyalty and fiduciary duties as a Director 

 

	 	5.2.4	Chairperson. The General Meeting of Shareholders shall have the right to appoint the Chairperson and a Vice-Chairperson by a Qualified Majority. The Chairperson
shall have a casting vote. Should the Chairperson be unable to exercise his/her functions, his/her functions shall be assumed by the Vice-Chairperson, including the right to convene a Board of Directors meeting. The initial Chairperson shall be
Annette Clancy. 

  

	 	5.2.5	Powers. The Board of Directors shall have the powers assigned to it by law, in particular by Articles 716 and 716a CO and the Articles of Incorporation, and be authorized to make decisions on all
matters except for those which by law or pursuant to the provisions of this Agreement may be determined exclusively by the General Meeting of Shareholders. 

  

	 	5.2.6	Decisions and Quorum. Subject to the provisions of Article 5.4 and Article 17.6, decisions shall be taken by simple majority of the votes cast. Each Director shall have one vote. The presence quorum for
any decision by the Board of Directors shall be three Directors, including at least one Director designated according to Article 5.2.2 (b) and one Director designated according to Article 5.2.2 (c). Any Director who is unable to
attend a meeting in person shall have the right to attend the meeting by means of telephone or video conference so that all persons so participating and attending such meeting in person can hear and be heard by all others so participating and
attending. The Board of Directors may take without a meeting any action it would be permitted to take at a meeting by a written consent signed by each Director. 

  

	 	5.2.7	Resignation and Renewal. Subject to Articles 5.2.1 and 5.2.2 and except for the case of Mr. Ernest Loumaye, if one Director resigns, is removed or for any other reason ceases to serve as a Director,
the Shareholder(s) who originally designated such Director shall have the right to designate the successor of such person, and provided they designate a successor within 20 (twenty) Business Days after the predecessor ceased to serve as a Director,
the other Directors shall not take any action, whether at a meeting of the Board of Directors or otherwise, until such successor has been elected as a Director. 

  

	 	5.2.8	Organizational Regulations. The Board of Directors shall organize itself and delegate the management of the Company to the Management pursuant to rules of procedure / organizational regulations
(règlement d’organisation; the “Organizational Regulations”), which shall provide in particular that: 

  

	 	(a)	the Board of Directors shall meet at least 6 (six) times per year (including at least 4 (four) face-to-face meetings) or at such other higher frequency as the majority of the Directors may deem appropriate;

  
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	 	(b)	the meeting of the Board of Directors shall be held at the Company’s registered office or at such other place as the majority of the Directors shall agree; 

 

	 	(c)	each Director may call a telephone conference meeting, stating the agenda and reasons for calling such meeting with at least three (3) days prior notice or with such other antecedence as the majority of the
Directors shall decide; 

  

	 	(d)	the board meetings will take place in the English language and all written communications and minutes will be in English, other than as required by applicable law; 

 

	 	(e)	the Company will reimburse all Directors and board observers (who are not members of the Management) for their reasonable expenses to carry out their duties as Directors (including as members of any committees of the
Board of Directors), including but not limited to accommodation, travel, and communication expenses; such expenses shall however be capped at CHF 10’000,- per attendee per meeting; 

 

	 	(f)	the Outside Directors shall receive reasonable compensation (to be approved by the Board of Directors) for duties carried out on behalf of the Company; 

 

	 	(g)	subject to Article 5.4, a majority of the Board of Directors shall be necessary to recommend to approve, amend or waive any provision of the Articles of Incorporation or of the Organizational Regulations;

  

	 	(h)	the Board of Directors shall establish a compensation committee, to be composed of two Preferred Directors and one Outside Director (the “Compensation Committee”); 

 

	 	(i)	the Board of Directors shall establish an audit committee, to be composed of two Preferred Directors and one Outside Director (the “Audit Committee”); 

 

	 	(j)	The Board of Directors shall appoint one of its members to be responsible for oversight of a Code of Ethical Conduct and for reporting on a regular basis to the Board of Directors, to the Preferred Shareholders on the
Company’s management of any Environmental, Social and Governance issues (“ESG Issues”). The Board of Directors and the Preferred Shareholders will be provided with a short report each year outlining how important ESG issues
have been managed during the year, what (if any) further action needs to be taken, the ESG improvements achieved and the plans for future actions to improve the Company’s ESG performance. The Company will respond to the Preferred
Shareholders’ reasonable additional requests for information on its ESG policies, practices and procedures and keep it promptly informed of any material developments in ESG Issues; 

 

	 	(k)	The Board of Directors shall submit reporting information a week before each Board meeting, it being specified that the format of the reporting information shall be agreed at the first Board meeting and amended only
with the consent of the Board of Directors. 

 The initial Organizational Regulations shall be in substantially the form and
substance set forth in Exhibit 2. 

  
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	 	5.2.9	Without prejudice to the generality of Article 3.2, the Company undertakes: 

  

	 	(a)	to the extent permitted by law, not to effect or to propose any of the matters referred to in Article 5.4 without first obtaining the requisite consent required for that specific matter as set out in Article 5.4;

  

	 	(b)	not to register, or permit the registration of, any Transfer unless such Transfer is in accordance with the provisions of this Agreement and the Articles of Incorporation; 

 

	 	(c)	to maintain a policy with respect to Directors’ and officers’ liability insurance that provides for an amount to be determined by the Preferred Directors; and 

 

	 	(d)	to obtain an assignment from all present and future officers, employees and consultants of the Company of all Intellectual Property, which has been or will be developed while performing activities or services for the
Company. 

  

	5.3	Auditors 

 The Auditors shall continue to be PricewaterhouseCoopers, Geneva, or any other
auditor the General Meeting of Shareholders may appoint from time to time. 
  

	5.4	Protective provisions 

  

	 	5.4.1	Board of Directors 

 The Shareholders shall, and shall procure that the members of the
Board of Directors shall, exercise all voting and other power of control available to them directly or indirectly in relation to the Company so as to procure that the prior agreement of the majority of the Board of Directors, including at least the
consent of two Directors designated according to Article 5.2.2 (b) and one Director designated according to Article 5.2.2 (c), shall be required for the following decisions (notwithstanding additional requirements by law, in this Agreement or
set forth in the Articles of Incorporation, such as a decision by the General Meeting of Shareholders): 
  

	 	(a)	approval of financial statements and adoption of any budgets and business plans; 

  

	 	(b)	entering any related party transaction; 

  

	 	(c)	the appointment or removal of any member of the Management (i.e. CEO direct reports) and the approval of their term of employment; 

  

	 	(d)	entering, terminating or amending any material licensing, partnering, financing or other material agreement or arrangement or any joint venture or agreement for the acquisition of another company; 

 

	 	(e)	incurring or granting any actual or contingent financial debt, including loans, financial leasing, financial guarantees, letters of credit and other indebtedness over CHF 50’000.- per year; 

 

	 	(f)	engaging in any material investment or capital expenditure over CHF 50’000.-, unless specifically provided by the budget; 

  

	 	(g)	entering, terminating or amending any transactions or agreements outside the ordinary course of business or not at arm’s length terms and conditions; 

 

	 	(h)	any change of accounting and reporting standards and policies; 

  
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	 	(i)	any purchase by the Company of its own shares, securities or financial instruments; 

  

	 	(j)	amendment of the Organizational Regulations; or 

  

	 	(k)	approval of any Transfer other than in a Liquidity Event (as defined below). 

  

	 	5.4.2	General Meeting of Shareholders 

 Provided that the majority of Article 5.1.2 is met, the
Shareholders shall procure that decisions or actions listed below require the affirmative vote of a Qualified A Majority and a Qualified B Majority notwithstanding additional requirements by law or set forth in the Articles of Incorporation: 

 

	 	(a)	to amend the Articles of Incorporation and the Organizational Regulations; 

  

	 	(b)	to establish or to issue any shares or securities or rights to sell or acquire any shares or securities, including the creation or increase of an authorized or conditional share capital, the issuance of convertible debt
instruments or debt instruments with options to subscribe for Shares (except if pursuant to a stock option plan adopted by the Board of Directors); 

  

	 	(c)	to create or to authorize any additional Preferred Shares or any other preferred shares or amend the rights of any classes of Shares; 

 

	 	(d)	to effect any sale, liquidation, winding up, capital reduction, merger, spin-off or demerger of the Company or any assets or any transaction in which control or material assets of the Company are being transferred,
including any Deemed Liquidation; 

  

	 	(e)	to set up or close subsidiaries; 

  

	 	(f)	to pay dividends or other distributions on any Shares; 

  

	 	(g)	to engage in any action which would adversely affect the Preferred Shareholders; 

  

	 	(h)	to effect an Initial Public Offering or stock listing; 

  

	 	(i)	to sell, assign, license, pledge or otherwise encumber material Intellectual Property or other material assets of the Company; and 

  

	 	(j)	to adopt, amend or modify (except for non-material changes) any equity incentive plan, stock option agreement, restricted stock purchase agreement or stock restriction agreement. 

 

	5.5	Information Rights 

  

	 	5.5.1	General Information Rights. The Company shall provide the following information to the holders of Preferred Shares (on a consolidated basis if and when the Company shall have subsidiaries, irrespective of
legal thresholds): 

  

	 	(a)	within 30 days of the beginning of each fiscal year: annual projected budget and annual financing for the year; 

  

	 	(b)	within 60 days after the close of the fiscal year: yearly Financial Statements; 

  

	 	(c)	within 15 days after the end of a calendar month: monthly statement of cash flows, monthly income statement with a management report and cash flow variance analysis compared with the approved budget. 

  
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 The information to be provided pursuant to this Article 5.5.1 shall be in the format and in
accordance with the reporting guidelines set forth by the Board of Directors from time to time. 
  

	 	5.5.2	Inspection Rights. Each Preferred Shareholder shall have the right to visit the Company’s registered office and premises and inspect the financial books and accounts upon reasonable notice and during
normal business hours. Each Preferred Shareholder shall have the right to be accompanied by an attorney or a certified public accountant subject to professional secrecy and to make copies of all such financial books and accounts. Further, each
Preferred Shareholder shall have the right to request such additional information and speak to the Management and key personnel as it may deem appropriate, except that the Company may deny such request for anti-trust reasons or to prevent potential
disclosure to a competitor of the Company. 

  

	 	5.5.3	Management Rights. The Company shall execute and deliver a standard management rights letter that will give the Preferred Shareholders the right to consult with the Management in a manner sufficient to
meet their ERISA and venture capital operating company requirements (substantially in the form of Exhibit 5). 

  

	 	5.5.4	Tax Status. Notwithstanding any other provision of this Agreement, the Company’s bylaws or the Company’s Articles of Association to the contrary: 

The Company shall use commercially reasonable efforts to avoid being a passive foreign investment Company (a “PFIC”), as defined in
Section 1297 of the Code. The Company will make due inquiry with its U.S. tax advisors at least annually regarding the Company’s status as a PFIC and if the Company becomes a PFIC, or if there is a likelihood of the Company being a PFIC
for any taxable year, the Company shall promptly notify each U.S.-based holder of Shares (each a “U.S. Holder”) of such status or risk, as the case may be. The Company will, as soon as reasonably practicable following the end of each
taxable year of the Company (but in no event later than sixty (60) days following the end of each taxable year) provide each U.S. Holder with an accurate and complete PFIC Annual Information Statement in the form set out in Exhibit 6 to the
Agreement and the Company will permit each U.S. Holder and its direct or indirect owners to inspect and copy the Company’s permanent books of account, records and such other Company documents as are necessary to establish that the
Company’s ordinary earnings and net capital gain are computed in accordance with U.S. income tax principles. 
 The Company shall not
change its characterization as an association taxable as a corporation (for United States tax purposes) without the prior written consent of at least the majority of the US Holders. 

If the tax advisors of any US Holder or its Partners reasonably determine that they are subject to U.S. information and reporting requirements
that require the disclosure of information about the Company or Company transactions not readily available to such US Holder or its Partners, the Company agrees to provide such information to such US Holder and its Partners as may be necessary to
allow such US Holder and its Partners to fulfill their U.S. tax reporting obligations. 

  
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	6	RESTRICTIONS ON TRANSFER 

  

	6.1	Principle. No Shareholder shall assign, pledge, otherwise encumber, dispose of or effect a Transfer of any Shares, except in compliance with the terms and conditions of this Agreement. Without limitation
to any other restrictions set out herein, but subject to Article 10 (Tag-Along) below, André Chollet and Ernest Loumaye undertake not to Transfer, assign, pledge or otherwise encumber their Shares until November 19, 2018, without the
express written consent of shareholders representing three-quarters of the Preferred Shareholders, not including the transferring shareholder if this latter is Ernest Loumaye (for the avoidance of doubt, Article 6.3 below is applicable to
André Chollet and Ernest Loumaye for the full term of this Agreement). No Transfer whatsoever can further occur, nor will any Shares be transferred without the acquirer being first bound by this Agreement in accordance with Articles 3.4 and
21 and any Shareholders transferring Shares to a Third Party shall cause such Third Party to do so. 

  

	6.2	Exceptions. The restrictions on Transfer of Shares as contained in this Article 6, the right of first refusal as contained in Article 8, the drag-along right as contained in Article 9 and the tag-along
right as contained in Article 10 shall not apply to: 

  

	 	(a)	Transfers by a Preferred Shareholder to (i) any of its Affiliates and/or (ii) any of its limited partners in case no Deemed Liquidation occurs prior to the end of a Preferred Shareholder fund’s life as
well as Transfers among closely related investment vehicles of each Preferred Shareholder; 

  

	 	(b)	Transfers to any manager, officer, employee, Director or advisor of the Company pursuant to an equity incentive plan approved by the Board of Directors and a Qualified Majority, provided such Transfer shall be subject
to such conditions as the Board of Directors shall impose; and 

  

	 	(c)	Transfers to spouses, children, or for reasonable estate planning purposes in which case the rights and obligations attached to the Shares under this Agreement shall remain applicable and enforceable (including bad
leaver / good leaver as per Article 19 of this Agreement), subject to prior approval by express written consent of shareholders representing three-quarters of the Preferred Shares provided that the transferring Preferred Shareholder will not be
allowed to vote on this issue, 

 provided however that the acquirer becomes a Party to this Agreement in accordance with
Articles 3.4 and 21 (or, in case of an equity incentive plan, to this Agreement and/or to any other agreement as decided by the Board of Directors) and as a result thereof the obligations under this Agreement shall be fully assumed by such acquirer.

 In case of a Transfer of Shares which is approved by a Qualified A Majority and a Qualified B majority and constitutes a Deemed
Liquidation, Article 8 (right of first refusal) shall not apply. 
  

	6.3	Encumbrance. No Shareholder may mortgage, pledge or encumber in any other manner, in whole or in part, any of its Shares. 

  
 18 / 43 

	6.4	Certificate. No physical share certificates shall be issued and the Shares shall solely be evidenced by virtue of corresponding entries in the share register of the Company. 

 

	6.5	Death or Incapacity. In case of death or incapacity in the meaning of the Swiss Civil Code of an individual Shareholder, his heirs, successors and/or legal representatives (the
“Successors”) shall be entitled to exercise all the rights and shall be bound by all the obligations contained in this Agreement; in particular, they shall not be allowed to transfer their Shares in any other way than according to
the rules contained in this Agreement. If an individual Shareholder is succeeded by more than one Successor, such Successors shall appoint a joint representative to act on their behalf. As long as no such representative is appointed, all rights of
the Successors, including but not limited to the right to vote at the General Meeting of Shareholders, are suspended. 

  

	6.6	Price. Unless it is otherwise stipulated in this Agreement, the price to be used in case of Transfer of Shares resulting from the exercise of the right of first refusal under Article 8 hereafter, will be
the price contained in the Notice (as defined below). This notwithstanding, in the event the price of the Transfer of any Shares is not stipulated in cash and cannot be agreed upon the Parties, the said price shall be the fair market value in
relation to an arm’s length transaction with a Third Party, as determined by a reputable investment bank or audit firm to be appointed by the Board of Directors; the costs of the determination shall be borne by the Company. 

 

	6.7	Consequences. Any Transfer of Shares made in violation of this Agreement shall be considered null and void. 

  

	7	PREEMPTIVE RIGHTS 

  

	7.1	Save for the transactions contemplated by the Investment Agreement, the Shareholders shall have preemptive rights (“droit de souscription préférentiel”) with respect to any issuance
of new Shares or other financing instruments, including debt instruments, (except Shares issued pursuant to an equity incentive plan of the Company, as well as Shares to be issued in connection with an Initial Public Offering or an acquisition of
companies by the Company, for which each Shareholder shall refrain from exercising and hereby waives any of his preemptive rights) to maintain the Shareholders’ respective shareholding in the Company. If certain Shareholders do not elect to
exercise their preemptive rights, the other Shareholders shall have the right to elect to subscribe all or part of the new Shares that such Shareholder would be entitled to. In the event that the request of the other Shareholders exceeds the number
of new Shares available, the Shareholders who exercise their right to take up the new Shares not preempted will be attributed new Shares proportionally to the number of Shares they already own compared to the total amount of Shares owned by the
other Shareholders having elected to take up the new Shares. The preemptive rights can be limited to the extent permitted by Swiss law. 

  
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	8	RIGHT OF FIRST REFUSAL 

 If a
Shareholder shall elect to Transfer any of its Shares, certain Shareholders (as provided for below), as the case may be, shall have a right of first refusal with respect to the Shares to be transferred as follows: 

 

	8.1	The Shareholder who proposes to dispose of any of its Shares (the “Offering Shareholder”) shall give a signed written notice to the Chairperson of such proposed disposition (the
“Notice”). The Chairperson shall in turn give notice thereof to the other Shareholders within 3 (three) Business Days of receipt of the Notice. 

  

	8.2	No Notice of any proposed disposition of Shares shall be valid unless such proposed disposition is a Transfer of such Shares and unless the Offering Shareholder shall have received an offer from a Shareholder or
a Third Party (the “Offeror”). The Notice shall specify the number of Shares the Offering Shareholder intends to Transfer (the “Offered Shares”), identify the Offeror, and indicate the price (which shall consist of
only cash or security with an ascertainable market value), terms and conditions of the proposed Transfer. 

  

	8.3	To the extent that the Offered Shares are Common Shares, the following rules shall apply: 

  

	 	8.3.1	All Preferred Shareholders (except the Offering Shareholder) (the “Eligible Shareholders”) shall have the irrevocable and exclusive right, but not the obligation, within 20 (twenty) Business Days
of the sending of the Notice (the “Notice Period”) to purchase all or part of the Offered Shares, at the price and upon the terms and conditions offered by the Offeror, with payment to be made in accordance with Article 8.6. If the
Eligible Shareholders elect to purchase some or all of the Offered Shares, they shall give notice of such election to the Chairperson within the Notice Period, and the Chairperson shall in turn immediately inform all Shareholders. 

 

	 	8.3.2	The Eligible Shareholders who exercise their right of first refusal (the “Exercising Shareholders”) shall be obligated to purchase from the Offering Shareholder, and the Offering Shareholder
shall be obligated to sell to the Exercising Shareholders, the number of Offered Shares at the price and on the terms and conditions determined pursuant to this Article. 

 

	 	8.3.3	In the event that the request of the Exercising Shareholders exceeds the number of Offered Shares, each of the Exercising Shareholders will be attributed the Offered Shares proportionally to the number of Shares
it already owns compared to the total amount of Shares owned by the other Exercising Shareholders, up to the amount of their respective election to purchase. 

  

	 	8.3.4	Subject to Article 10, if the Exercising Shareholders do not offer to purchase all of the Offered Shares among them, or if none of the Offered Shares have been preempted, the Offering Shareholder may elect to
Transfer all the (or as the case may be, remaining) Offered Shares to the Offeror, provided however that such Transfer occurs within 10 (ten) Business Days after the expiry of the last deadline for purchasing the Offered Shares, and on the same
price, terms and conditions as set forth in the Notice. 

  

	8.4	To the extent that the Offered Shares are Preferred A Shares, the following rules shall apply: 

  

	 	8.4.1	 All Preferred A Shareholders (except the Offering Shareholder) (the “Eligible A
Shareholders”) shall have the irrevocable and exclusive right, but not the obligation, within the Notice Period to purchase all or part of the Offered Shares, at the price and upon the terms and

  
 20 / 43 

	 	
conditions offered by the Offeror, with payment to be made in accordance with Article 8.6. If the Eligible A Shareholders elect to purchase some or all of the Offered Shares, they shall give
notice of such election to the Chairperson within the Notice Period, and the Chairperson shall in turn immediately inform all Shareholders. 

  

	 	8.4.2	The Eligible A Shareholders who exercise their right of first refusal (the “Exercising A Shareholders”) shall be obligated to purchase from the Offering Shareholder, and the Offering Shareholder
shall be obligated to sell to the Exercising A Shareholders, the number of Offered Shares at the price and on the terms and conditions determined pursuant to this Article. 

 

	 	8.4.3	In the event that the request of the Exercising A Shareholders exceeds the number of Offered Shares, each of the Exercising A Shareholders will be attributed the Offered Shares proportionally to the number of
Shares it already owns compared to the total amount of Shares owned by the other Exercising A Shareholders, up to the amount of their respective election to purchase. 

 

	 	8.4.4	If the Exercising A Shareholders do not offer to purchase all of the Offered Shares among them, or if none of the Offered Shares have been preempted, the Chairperson shall inform the Eligible B Shareholders (as
defined below) within 3 (three) Business Days of the proposed disposition in the same terms as in the Notice, except that, for the purposes of Articles 8.4.5 to 8.4.8, the “Offered Shares” shall only correspond to the remaining Preferred A
Shares which have not been preempted and that such information to the Eligible B Shareholders shall be deemed the “Notice”. 

  

	 	8.4.5	All Eligible B Shareholders shall have the irrevocable and exclusive right, but not the obligation, within 10 (ten) Business Days of the sending of the Notice (the “Notice Period”) to purchase
all or part of the Offered Shares, at the price and upon the terms and conditions offered by the Offeror, with payment to be made in accordance with Article 8.6. If the Eligible B Shareholders elect to purchase some or all of the Offered Shares,
they shall give notice of such election to the Chairperson within the Notice Period, and the Chairperson shall in turn immediately inform all Preferred Shareholders. 

 

	 	8.4.6	The Exercising B Shareholders (as defined below) shall be obligated to purchase from the Offering Shareholder, and the Offering Shareholder shall be obligated to sell to the Exercising B Shareholders, the number
of Offered Shares at the price and on the terms and conditions determined pursuant to this Article. 

  

	 	8.4.7	In the event that the request of the Exercising B Shareholders exceeds the number of Offered Shares, each of the Exercising B Shareholders will be attributed the Offered Shares proportionally to the number of
Shares it already owns compared to the total amount of Shares owned by the other Exercising B Shareholders, up to the amount of their respective election to purchase. 

 

	 	8.4.8	Subject to Article 10, if the Exercising B Shareholders do not offer to purchase all of the Offered Shares among them, or if none of the Offered Shares have been preempted, the Offering Shareholder may elect to
Transfer all the (or as the case may be, remaining) Offered Shares to the Offeror, provided however that such Transfer occurs within 10 (ten) Business Days after the expiry of the last deadline for purchasing the Offered Shares, and on the same
price, terms and conditions as set forth in the Notice. 

  
 21 / 43 

	8.5	To the extent that the Offered Shares are Preferred B Shares, the following rules shall apply: 

  

	 	8.5.1	All Preferred B Shareholders (except the Offering Shareholder) (the “Eligible B Shareholders”) shall have the irrevocable and exclusive right, but not the obligation, within the Notice Period to
purchase all or part of the Offered Shares, at the price and upon the terms and conditions offered by the Offeror, with payment to be made in accordance with Article 8.6. If the Eligible B Shareholders elect to purchase some or all of the Offered
Shares, they shall give notice of such election to the Chairperson within the Notice Period, and the Chairperson shall in turn immediately inform all Shareholders. 

 

	 	8.5.2	The Eligible B Shareholders who exercise their right of first refusal (the “Exercising B Shareholders”) shall be obligated to purchase from the Offering Shareholder, and the Offering Shareholder
shall be obligated to sell to the Exercising B Shareholders, the number of Offered Shares at the price and on the terms and conditions determined pursuant to this Article. 

 

	 	8.5.3	In the event that the request of the Exercising B Shareholders exceeds the number of Offered Shares, each of the Exercising B Shareholders will be attributed the Offered Shares proportionally to the number of
Shares it already owns compared to the total amount of Shares owned by the other Exercising B Shareholders, up to the amount of their respective election to purchase. 

 

	 	8.5.4	Subject to Article 10, if the Exercising B Shareholders do not offer to purchase all of the Offered Shares among them, or if none of the Offered Shares have been preempted, the Offering Shareholder may elect to
Transfer all the (or as the case may be, remaining) Offered Shares to the Offeror, provided however that such Transfer occurs within 10 (ten) Business Days after the expiry of the last deadline for purchasing the Offered Shares, and on the same
price, terms and conditions as set forth in the Notice. 

  

	8.6	Subject to a Deemed Liquidation under Article 11.2.1, the Exercising Shareholders shall pay for the purchased Shares in the manner and on any terms and conditions determined above, respectively in the Notice (if
the stated price includes any security other than cash, such a stated price shall be deemed to be the amount of any cash included in the stated price plus the value of such other security included in such price). The closing of such purchase shall
take place at the latest 10 (ten) Business Days after the day of the last notice by the Exercising Shareholders of their election to purchase, at the principal office of the Company, or at such different date, different place, or both, as the
parties to such purchase agree in writing. 

  

	8.7	The Company, the Offering Shareholder and the Eligible Shareholders shall execute all necessary documents with respect to the Transfer (the “Transfer Documents”) for the Shares purchased
and shall take any other necessary action to effect the Transfer to be recorded in the stock ledger of the Company. By delivering the Transfer Documents prior to or at closing, the Offering Shareholder shall be deemed to represent that it is
transferring a good title to such Shares, free and clear of all liens, security interests, pledges, charges, encumbrances, shareholders’ agreements, voting trusts and preemptive rights, other than those created by this Agreement.

  
 22 / 43 

	8.8	Relationship to a Deemed Liquidation 

 In case of a Transfer of Shares which is approved
by a Qualified A Majority and a Qualified B majority and constitutes a Deemed Liquidation, the right of first refusal in this Article 8 shall not apply. 
  

	9	DRAG-ALONG RIGHT 

  

	9.1	Principle. In the event of a proposed acquisition (whether by way of share acquisition, merger or other transaction) by a Third Party (the “Third Party Offeror”) of at least 80% of the
Shares, Shareholders representing or being supported by a Qualified Majority shall have the right to: 

  

	 	(a)	give a signed written notice to the Chairperson of such proposed transfer containing the information specified in Article 8.2. The Chairperson shall in turn give notice thereof (the “Drag-Along Notice”)
to the other Shareholders within 3 (three) Business Days of the receipt of such notice; and 

  

	 	(b)	to require by such notice that the other Shareholders (the “Other Shareholders”) concurrently sell their Shares and related options, conversion rights or similar securities, to such Offeror on the same
terms and conditions (including as to price and consideration subject to Article 11.2) and in the same proportion (if Third Party Offeror does not acquire 100%). Anything to the contrary notwithstanding, no Preferred Shareholder shall, however, be
obligated pursuant to this Article 9 to accept or become a party or be bound by (i) any agreement or arrangement in connection with the Drag-Along Notice that contains provisions that relate only to the relevant Shareholder or Shareholders or
to any non-compete agreement or arrangement, (ii) any representations, warranties, indemnities, covenants, conditions, escrow agreements or other provisions or agreements in connection with the sale in a manner disproportionate to or
inconsistent with the representations, warranties, indemnities, covenants, conditions, escrow agreements or other provisions or agreements given by any other Shareholder in respect of such sale, (iii) an obligation to indemnify the acquiring or
surviving entity in such sale for an amount in excess of the total amount of consideration receivable by such Shareholder (net of applicable taxes and other costs) in respect of such sale (except in the case of potential liability for fraud or
willful misconduct by such Shareholder) or (iv) accept joint and several liability in connection with the sale, other than a joint escrow consisting of pro rata (without prejudice, however, to the preference rights of the Preferred
Shareholders) funds from all the Shareholders. Irrespective of the above, Ernest Loumaye is required to accept non-compete provisions towards the purchaser of the Shares in the transaction documents of the same scope and length as the one included
in this Agreement. 

 Upon receipt of the Drag-Along Notice, the Other Shareholders shall thereupon become bound to transfer
their Shares and related options, conversion rights or similar securities, to the Offeror with full title guarantee and such other rights and obligations as may have been agreed in accordance with the limitations set out herein by the Shareholders
requesting the Transfer to the Third Party Offeror on the date specified in the Drag-Along Notice. For the avoidance of doubt, no Preferred Shareholder shall be obligated to be bound to an agreement which is not in compliance with Article 9.1(b).

  
 23 / 43 

	9.2	If any Other Shareholder shall not, within 5 (five) Business Days of being required to do so, transfer the Shares and related options, conversion rights or similar securities held by it, then the Company is
hereby jointly by all Shareholders authorized and mandated to execute, and is entitled to authorize and instruct any person as it thinks fit to execute, the necessary transfer(s) on the Other Shareholder’s behalf in accordance with this Article
9. 

  

	9.3	Relationship to right of first refusal. In the event of a Drag-Along Notice, the Shareholders shall have no right of first refusal pursuant to Article 8. 

 

	10	TAG-ALONG RIGHT 

  

	10.1	Tag-Along. Subject to the exceptions set forth in Article 6.2 above, in the event of an intended Transfer of all or part of its Shares by one or more Shareholders(s) (the “Selling Party”)
representing 10 % or more in any class or series or in the aggregate of all then outstanding Shares to a Third Party and upon receipt of the Notice, each Shareholder shall have the right, but not the obligation, within 3 (three) Business Days
after the expiry of the last deadline given to the Eligible Shareholders for purchasing the Offered Shares as per Article 8, to require as a condition to the proposed transaction that the same proportion of such Shareholder’s Shares compared
with the total amount of Shares to be acquired by the Third Party (as the case may be, after exercising his right of first refusal as per Article 8) as the proportion of the Shares to be transferred by the relevant Shareholder be concurrently
purchased by the Third Party: 

  

	 	(a)	on the same terms and conditions (including as to price, consideration and any other terms and conditions subject to Article 11.2) to the extent the Shares that are subject to the tag-along right belong to the same
class or series of Shares than those intended for the Transfer; 

  

	 	(b)	on the same terms and conditions, except for price, to the extent the Shares that are subject to the tag-along right belong to a different class or series of Shares than those intended for the Transfer. In this case,
the Parties should agree on a price at arm’s length to be approved by the Board of Directors. Any dispute in connection to the price of Shares belonging to a different class or series of Shares shall be referred to Ernst & Young,
Geneva, or, if for any reason the audit firm named in this Article 10.1 (b) is unable or unwilling to act in such capacity, to the Appraiser (to be elected in accordance with Article 19.3 and which should not be the audit firm named in this
Article 10.1 (b)). 

  

	 	(c)	A Shareholder owning Shares of different categories, shall use the tag-along right first with respect to the Shares of the same category as the category of Shares to be sold and thereby triggering the tag-along right.
For the avoidance of doubt, this priority shall not prevent such Shareholder from using the tag-along right with respect to the Shares belonging to a different category of Shares than those intended for the Transfer. 

  
 24 / 43 

	10.2	Breach of Tag-along Rights. If any of the Selling Parties fails to comply with Article 10.1, each other Shareholder shall have the right, but not the obligation, to irrevocably elect to sell to the Selling
Parties (and the Selling Parties shall have an obligation to purchase on a joint and several basis) such number of Shares such Shareholder would have been entitled to sell if Article 10.1 was complied with (the “Tag Put Right”). A
Shareholder may exercise the Tag Put Right by delivering a written notice to the Selling Parties stating that the Shareholder irrevocably elects to exercise the Tag Put Right (the “Put Right Notice”). The sale price of the Shares to
be sold pursuant to the exercise of the Tag Put Right shall be equal to the price that the Shareholder would have been entitled to sell its Shares had the tag-along rights in Article 10.1 been complied with. The closing of the sale and purchase of
the Shares subject to the Tag Put Right (the “Put Closing”) shall take place no later than the tenth (10th) Business Day following the delivery of the Put Right Notice. The price to be paid for the Shareholder’s Shares
shall be payable in cash by wire transfer of immediately available funds to an account designated two (2) days prior to the Put Closing and at the Put Closing the selling Shareholder shall deliver all such instruments of transfer, share
certificates and other documents as are required by it to transfer the Shares to the Selling Parties free and clear of all encumbrances. The existence and/or exercise of the Tag Put Right is without prejudice to any other remedy that may arise in
respect of any breach of Article 10.1. 

  

	10.3	Relationship to right of first refusal. The tag-along/co-sale rights under this Article 10 shall not preclude the Shareholders from exercising their right of first refusal pursuant to Article 8, provided
that the Shareholders are only entitled to either exercise (i) such tag-along/co-sale rights or (ii) such right of first refusal. 

  

	11	RIGHTS, PREFERENCES AND PRIVILEGES OF THE PREFERRED SHARES 

 

	11.1	Dividend Preferences 

 The Preferred B Shareholders, the Preferred A Shareholders and the
Common Shareholders shall be entitled to receive dividends respectively on their Preferred B Shares, Preferred A Shares or Common Shares, whenever funds are legally available and when and if proposed by the Board of Directors and voted by the
General Meeting of Shareholders. Dividends on Common Shares, Preferred A Shares and Preferred B Shares shall be declared and paid on a pari passu basis, save that the Company may pay a dividend on Preferred B Shares at a rate greater than on
Preferred A Shares and Common Shares and the Company may pay a dividend on Preferred A Shares at a rate greater than on Common Shares if such a dividend is paid in the context of a Deemed Liquidation to achieve a payment of the Deemed Liquidation
Preference B Amount and Deemed Liquidation Preference A Amount as set out in Article 11.2. The dividends will be non-cumulative and, if voted but unpaid prior to liquidation, will be payable upon liquidation. 

In case of a Deemed Liquidation, dividends on the Preferred A Shares and the Preferred B Shares will be payable respectively to the Preferred A
Shareholders and the Preferred B Shareholders in accordance with Article 11.2. 

  
 25 / 43 

	11.2	Deemed Liquidation Preferences 

  

	 	11.2.1	Unless otherwise resolved by a Qualified Majority (which resolution shall not constitute a waiver of the preference rights with regard to future Deemed Liquidations), a “Deemed Liquidation” shall
mean (i) any payment of cash dividends, liquidation, capital reduction, other distribution, dissolution, reorganization, winding-up, bankruptcy of the Company or any comparable event, (ii) a Transfer of Shares (whether through a single
transaction or a series of related transactions) resulting in a change of control of the Company, that is a Controlling Interest being owned by the acquiring person or entity as a result of the Transfer (including any Transfers pursuant to Articles
9.1, 10.1 and 11.2.3), provided that the acquiring person or entity is not an Affiliate of a Party, (iii) a Transfer of all or substantially all of the assets of the Company (or its Subsidiaries) or (iv) a merger or other disposal,
spin-off, reorganization or restructuring (whether through a single transaction or a series of related transactions) that results in a change of control of the Company. In the event of a Deemed Liquidation, subject to any creditor’s rights
under mandatory applicable law, the Preferred B Shareholders shall be entitled to receive in preference to the Preferred A Shareholders and the Common Shareholders, the amount paid by such Preferred B Shareholders to the Company as nominal value,
share premium or other related cash contribution (including for the avoidance of doubt any contribution into the reserves of the Company) per Preferred B Share, plus any voted and unpaid dividends (the “Deemed Liquidation Preference B
Amount”), before any net assets or funds be distributed to the Preferred A Shareholders and the Common Shareholders. If the Deemed Liquidation proceeds are insufficient to satisfy the Deemed Liquidation Preference B Amount, the available
proceeds shall be distributed among the Preferred B Shareholders on a pro rata basis of their ownership of Preferred B Shares as a percentage of the aggregate number of then outstanding Preferred B Shares. Subject to any creditor’s rights under
mandatory applicable law, the Preferred A Shareholders shall be entitled to receive in preference to the Common Shareholders, the amount paid by such Preferred A Shareholders to the Company as nominal value, share premium or other related cash
contribution (including for the avoidance of doubt any contribution into the reserves of the Company and any partial further contributions or further contributions within the meaning of the Series A Investment Agreement dated 28 August
2013) per Preferred A Share, plus any voted and unpaid dividends (the “Deemed Liquidation Preference A Amount”), before any net assets or funds be distributed to the Common Shareholders. If the Deemed Liquidation proceeds after
full payment of the Deemed Liquidation Preference B Amount are insufficient to satisfy the Deemed Liquidation Preference A Amount, the available proceeds shall be distributed among the Preferred A Shareholders on a pro rata basis of their ownership
of Preferred A Shares as a percentage of the aggregate number of then outstanding Preferred A Shares. 

  

	 	11.2.2	Any remaining proceeds after payment of the Deemed Liquidation Preference B Amount and the Deemed Liquidation Preference A Amout shall be distributed amongst all Shareholders pro rata to their holding in Shares,
including, for the avoidance of doubt, Preferred B Shares and Preferred A Shares (and taking into account any stock splits, combinations and/or anti-dilution adjustments). Subject to the terms and conditions of this 

  
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Agreement, all Shareholders agree to split between themselves any proceeds of a Deemed Liquidation in accordance with the provisions in this Article. 

 

	 	11.2.3	In case of a Transfer of Shares resulting in a Transfer of a Controlling Interest, the provisions on the liquidation preference with respect to sale proceeds shall apply pro rata to the number of Shares sold.

  

	 	11.2.4	For the avoidance of doubt, in the event of an Initial Public Offering (irrespective of its nature and even if it results in a change of control of the Company) or in the event of a restructuring of the Company
required prior to and for the purpose of an Initial Public Offering, any such Deemed Liquidation preference shall lapse and the Preferred Shares shall automatically be converted into Common Shares in accordance with Article 12.2 below. For the
purpose of this Article, an Initial Public Offering and any restructuring of the Company required prior to and for the purpose of an Initial Public Offering shall not be considered a Deemed Liquidation as defined under Article 11.2.1.

  

	 	11.2.5	Relationship to right of first refusal. In the event of a Deemed Liquidation supported by a Qualified A Majority and a Qualified B majority, the Shareholders shall have no right of first refusal pursuant
to Article 8 nor, with regard to any Transfer for that purpose, transfer restrictions as set out in Article 6.1. 

  

	12	CONVERSION 

 The Shareholders shall exercise all voting and
other power of control available to them directly and indirectly in relation to the Company so as to procure that: 
  

	12.1	Conversion Rights. Each Preferred Shareholder shall have the right at any time to request that all or some of its Preferred Shares be converted into Common Shares at the rate set out in Article 12.3.

  

	12.2	Mandatory Conversion of Preferred Shares. The Preferred Shares shall automatically be converted into Common Shares at the rate set out in Article 12.3 upon (i) an affirmative vote of a Qualified
Majority or (ii) an Initial Public Offering approved by a Qualified Majority. 

  

	12.3	Preferred Shares Conversion Rate. The number of fully paid Common Shares into which the Preferred Shares shall be converted will be equal to a ratio of 1 Common Share for 1 Preferred Share subject to stock
splits, combinations and alike. 

  

	12.4	Manner of Conversion. Conversion shall be effected in such a manner as the Board of Directors shall, subject to the provisions of the CO, from time to time determine. 

 

	12.5	Ranking of Common Shares Resulting from Conversion. The Common Shares arising on conversion shall rank pari passu in all respects with the Common Shares then in issue and shall entitle the holders
thereof to all dividends declared or paid after the conversion date on the Common Shares. 

  
 27 / 43 

	13	PREFERRED SHAREHOLDERS’ ANTI-DILUTION 

  

	13.1	Except for new Shares issued pursuant to Article 2 of the Investment Agreement and Article 15 of this Agreement, if the Company increases subsequently its share capital and issues new Shares to the existing
Shareholders or to third parties, for a subscription price lower than the Average Subscription Price A (a “Down-Round A”), the Shareholders, upon election of a Qualified A Majority, undertake to cause the Company to issue to each
Preferred A Shareholder for a subscription price per share of CHF 1.-, a number of Preferred A Shares computed according to the following formula (“Anti-Dilution Shares A”): 

{[(A - B)*C] / (B - CHF 1)}* (D / E) 

Whereas: 
 A means the Average
Subscription Price A paid by the relevant Preferred A Shareholder immediately before the contemplated dilutive share capital increase. 
 B
means the lower subscription price per share offered in the contemplated dilutive share capital increase. 
 C means the aggregate number of
Preferred A Shares subscribed by the relevant Preferred A Shareholder (including any Anti-Dilution Shares A) immediately before the contemplated dilutive share capital increase. 

D means the number of new Shares issued for B (lower subscription price) or E, whichever is lower. 

E means the aggregate number of Preferred A Shares subscribed by the Preferred A Shareholder (including any Anti-Dilution Shares A) immediately
before the contemplated dilutive share capital increase. 
  

	13.2	Article 13.1 shall apply to each subsequent share capital increase. If the number of Anti-Dilution Shares A is not a round number (ex : 4,7 Anti-Dilution Shares A), it is rounded downward (ex : 4
Anti-Dilution Shares A). 

  

	13.3	For the avoidance of doubt, upon issuance of Anti-Dilution Shares A to any Preferred A Shareholder, the liquidation preference attached to the Anti-Dilution Shares A and all Preferred A Shares held by such
Preferred A Shareholder shall be reduced to an amount equal to the Average Subscription Price A. 

  

	13.4	In the event where a Preferred A Shareholder has been indemnified by the Company under Article 22 of this Agreement, the amount so received by the Preferred A Shareholder shall be taken into consideration to
compute the relevant Average Subscription Price A in as much as its computation would cause a double indemnification of the Preferred A Shareholder. 

  

	13.5	Should the formula not be workable for any reason whatsoever, the Parties undertake to achieve the same results by different means. 

 

	13.6	Except for new Shares issued pursuant to Article 2 of the Investment Agreement and Article 15 of this Agreement, if the Company increases subsequently its share capital and issues new Shares to the existing
Shareholders or to third parties, for a subscription price lower than the Average Subscription Price B (a “Down-Round B”), the Shareholders, upon election of a Qualified B Majority, undertake to cause the Company to issue to each
Preferred B Shareholder for a subscription price per share of CHF 1.-, a number of Preferred B Shares computed according to the following formula (“Anti-Dilution Shares B”): 

{[(A - B)*C] / (B - CHF 1)}* (D / E) 

  
 28 / 43 

 Whereas: 

A means the Average Subscription Price B paid by the relevant Preferred B Shareholder immediately before the contemplated dilutive share
capital increase. 
 B means the lower subscription price per share offered in the contemplated dilutive share capital increase. 

C means the aggregate number of Preferred B Shares subscribed by the relevant Preferred B Shareholder (including any Anti-Dilution Shares B)
immediately before the contemplated dilutive share capital increase. 
 D means the number of new Shares issued for B (lower subscription
price) or E, whichever is lower. 
 E means the aggregate number of Preferred B Shares subscribed by the Preferred B Shareholder (including
any Anti-Dilution Shares B) immediately before the contemplated dilutive share capital increase. 
  

	13.7	Article 13.6 shall apply to each subsequent share capital increase. If the number of Anti-Dilution Shares B is not a round number (ex : 4,7 Anti-Dilution Shares B), it is rounded downward (ex : 4
Anti-Dilution Shares B). 

  

	13.8	For the avoidance of doubt, upon issuance of Anti-Dilution Shares B to any Preferred B Shareholder, the liquidation preference attached to the Anti-Dilution Shares B and all Preferred B Shares held by such
Preferred B Shareholder shall be reduced to an amount equal to the Average Subscription Price B. 

  

	13.9	In the event where a Preferred B Shareholder has been indemnified by the Company under Article 22 of this Agreement, the amount so received by the Preferred B Shareholder shall be taken into consideration to
compute the relevant Average Subscription Price B in as much as its computation would cause a double indemnification of the Preferred B Shareholder. 

  

	13.10	Should the formula not be workable for any reason whatsoever, the Parties undertake to achieve the same results by different means. 

 

	14	MR. ERNEST LOUMAYE’S ANTI-DILUTION 

 

	14.1	Except for new Shares issued pursuant to Article 2 of the Investment Agreement and Article 15 of this Agreement, if the Company increases subsequently its share capital and issues new Shares to the existing
Shareholders or to third parties which results in diluting Mr. Ernest Loumaye’ shareholding below 10% of the fully diluted share capital of the Company (taking into account as shareholdings of Mr. Ernest Loumaye the Common Shares and
options or conversion rights/NVS he holds at such time, but not the Preferred Shares), then Mr. Ernest Loumaye shall be entitled to subscribe and acquire from the Company at nominal value a number of Common Shares allowing Mr. Ernest
Loumaye to maintain a shareholding of 10% of the fully diluted share capital of the Company (taking into account as shareholdings of Mr. Ernest Loumaye the Common Shares and options or conversion rights/NVS he holds at such time, but not the
Preferred Shares), subject to the following terms and conditions: 

  

	 	(a)	Any Common Shares, options or conversion rights/NVS held by Mr. Ernest Loumaye at any time and sold or otherwise disposed of by him afterwards shall be deemed to still be held by Mr. Ernest Loumaye for
purposes of determining whether he dropped below the 10% threshold. 

  
 29 / 43 

	 	(b)	This anti-dilution right shall apply only in case of and with regard to the dilution by a positive scenario issuance (“Positive Issuance”), but not in and with regard to a Down-Round B.

  

	 	(c)	This anti-dilution right shall apply only for the first thirty million Swiss francs (CHF 30’000’000.—) to be raised by the Company after the Series B Financing under any private round of investment,
including cross-over and mezzanine financing rounds. For the avoidance of doubt, the anti-dilution right shall not apply to and shall terminate upon occurrence of an IPO or a merger with a public company. 

 

	 	(d)	A Positive Issuance shall mean any arm’s length issuance of equity or equity-linked securities for cash or conversion against a loan or other cash claim at the same or at a higher price than the highest price paid
for Shares with the same nominal value by investors. 

  

	 	(e)	In the event of a Down-Round B followed by a subsequent Positive Issuance, the anti-dilution right shall (i) only apply if the subsequent Positive Issuance is at a price that is higher than the per share Preferred
B Share issuance price and (ii) entitle Mr. Ernest Loumaye to subscribe and acquire from the Company at nominal value such number of Common Shares allowing Mr. Ernest Loumaye to maintain a shareholding of 8% of the fully diluted share
capital of the Company (taking into account as shareholdings of Mr. Ernest Loumaye the Common Shares and options or conversion rights/NVS he holds at such time, but not the Preferred Shares). 

 

	 	(f)	If this anti-dilution right is triggered by contingent issuance of securities (e.g. by the grant of option or conversion rights or other equity-linked securities), Mr. Ernest Loumaye’s right to acquire
additional Shares in accordance with this provision cannot be exercised as long as such contingent right has not lapsed or is being exercised or monetized in an exit transaction (e.g. by a sale of such rights to a buyer of the Company).

  

	 	(g)	This anti-dilution right shall lapse without further effect in any of the following cases (except if otherwise resolved or extended by the Board of Directors and a Qualified Majority that shall not include
Mr. Ernest Loumaye): 

  

	 	•	 	If the Company has to file for bankruptcy or receivership, enters a creditor moratorium, has to be re-financed or otherwise financially restructured; 

 

	 	•	 	If Mr. Ernest Loumaye’s employment or function as at least 80%-CEO of the Company ends or 

  

	 	•	 	if Mr. Ernest Loumaye is in material breach of any of his obligations as a Shareholder, member of the Board of Directors or employee of the Company. 

  
 30 / 43 

	 	(h)	The rights of Mr. Ernest Loumaye set out hereunder and their exercise or execution are strictly personal and not transferrable by sale, heritage or otherwise. 

 

	15	EQUITY INCENTIVE PLAN 

  

	15.1	The board of directors shall be authorized, at any time until November 19, 2017 to increase the non-voting share capital by a maximum amount of CHF 84,384 through the issuance of a maximum of 84,384 fully
paid registered non-voting shares (the “Non-Voting Shares”, or “NVS”) with a nominal value of CHF 1 each in the meaning of Articles 651 et seq. CO, in favor of consultants, directors, advisors or employees (each a
“Beneficiary”) in accordance with the equity incentive plan established by the Company. Such equity instruments, including the 58’270 Non-Voting Shares already issued, shall represent 8% of the share capital of the Company
based on a fully diluted basis post-Series B Financing. 

  

	15.2	The equity incentive plan established by the Company in particular provides that each vested equity instrument may only be disposed in connection with a Deemed Liquidation or an Initial Public Offering. Equity
instruments consist of Non-Voting Shares of the Company that the Company proposes to the Beneficiaries for acquisition. Non-Voting Shares granted to Beneficiaries are subject to a four-year vesting schedule with a one-year cliff whereby 25% of the
Non-Voting Shares granted vest on the first anniversary of such Non-Voting Shares’ grant and the remainder vest monthly over the remaining three years following the first anniversary of the grant of Non-Voting Shares (1/36th vesting per month). 

  

	15.3	If an employee is dismissed for Cause by the Company or if Ernest Loumaye breaches Article 17 or in the case set out in Article 20.1 (b) or (d), all unvested Non-Voting Shares shall be repurchased by the
Company at a unit price equal to the par value of the Company’s Shares, and the Company shall have the option to repurchase all vested Non-Voting Shares at a unit price equal to the par value of the Company’s Shares, unless otherwise
agreed by all the Preferred Shareholders. 

  

	15.4	If an employee leaves the Company for Cause, all unvested Non-Voting Shares shall be repurchased by the Company at a unit price equal to the par value of the Company’s Shares, and the Company shall have the
option to repurchase all vested Non-Voting Shares at a unit price equal to the Market Value of a Company’s Share. 

  

	15.5	If an employee: 

  

	 	(a)	leaves the Company for death, Invalidity or retirement at age 65, 

  

	 	(b)	leaves the Company without Cause, or 

  

	 	(c)	is dismissed without Cause by the Company, 

 all unvested Non-Voting Shares shall be repurchased
by the Company at a unit price equal to the par value of the Company’s Shares and all vested Non-Voting Shares are definitely acquired by the employee according to the equity incentive plan. 

  
 31 / 43 

	15.6	If a Beneficiary’s agreement terminates for whatever reason all unvested Non-Voting Shares shall be repurchased by the Company and all vested Non-Voting Shares are definitely acquired by the Beneficiary
according to the equity incentive plan, except in case of termination by the Company for Cause or material breach of the Beneficiary’s contractual obligations, in which case the Company shall have the option to repurchase all vested Non-Voting
Shares at a unit price equal to the par value of the Company’s Shares, unless otherwise agreed by all the Preferred Shareholders. 

  

	15.7	Depending on the performance by Ernest Loumaye in building substantial value in the Company, the Board of Directors may decide in connection with subsequent equity incentive plans to allocate Ernest Loumaye new
options, Shares or Non-Voting Shares, in order for him to hold on to a meaningful portion of the Shares in the Company. 

  

	15.8	Non-Voting Shares have the same financial rights than those attached to the Common Shares. 

  

	16	INITIAL PUBLIC OFFERING 

  

	16.1	If so requested by a by a Qualified A Majority and a Qualified B majority, the Company and the Shareholders shall attempt to have all or part of the Shares offered to the public by way of an Initial Public
Offering. 

  

	16.2	In the event of an Initial Public Offering, all Shareholders shall be treated equally, subject to applicable law and any regulatory requirements. 

 

	16.3	In view of an ordinary exit and upon an Initial Public Offering, all Shareholders agree to be bound by regulatory stock exchange lock-up restrictions applicable or standard in connection with the Initial Public
Offering and shall execute standard agreements and undertakings in this respect. Each Shareholder shall be released pro rata from any such lock-up if any other Shareholder is released from his lock-up. 

 

	16.4	In the event that an Initial Public Offering requires the restructuring of the Company (e.g. a transfer of the Shares to a foreign holding company), the Shareholders shall, and shall procure that the Directors
shall, exercise all voting power and other power of control available to them directly or indirectly in relation to the Company to do such acts and actions and to make such declarations as required to effect such restructuring to the extent that
such acts, actions and declarations shall not result in unreasonable tax burden for the Company and/or any of the Shareholders. 

  

	16.5	Upon the occurrence of an Initial Public Offering, the restrictions on Transfer of Shares contained in Article 6, the right of first refusal contained in Article 8, the drag-along and tag-along rights contained
in Articles 9 and 10 shall not apply. In addition, as provided for in Article 7.1, all Shareholders waive and agree to waive all pre-emptive rights (droit de souscription préférentiel) with respect to any issuance of Shares in
connection with an Initial Public Offering. 

  

	16.6	The Common Shares and shares issuable on conversion of the Preferred Shares will be entitled, if applicable, to standard demand registration rights, Form S-3 registration rights and piggyback rights. The Company
shall pay all registration expenses for demand, piggyback and S-3 registrations, as applicable. 

  
 32 / 43 

	17	NON-COMPETE 

  

	17.1	Ernest Loumaye hereby undertakes as a separate and independent undertaking that he shall, (i) as long as he is an employee of the Company and (ii) for a period of 12 (twelve) months after termination of
the employment relationship by the Company for Cause or, if longer, for the duration of a garden leave arrangement as and if provided in his employment agreement with the Company (the “Garden Leave Arrangement”), neither directly
nor indirectly: 

  

	 	(a)	(i) solicit, induce or attempt to induce any person who is an employee of the Company to leave the employ of the Company or to engage in any business that competes directly with the Company (such notion to be understood
for the purposes of this Article as the field of obstetrics (the “Competitive Field”)); or (ii) hire or assist in hiring any person who is an employee of the Company to become an employee of a company that he controls or to
work for any business in the Competitive Field; or (iii) interfere with or entice away any person who is or has been a customer or partner of the Company; or (iv) in any way interfere with the relationships between the Company and its
employees, suppliers, customers, business partners and/or consultants; 

  

	 	(b)	carry out directly or indirectly any activity or be engaged, concerned or interested or accept any employment or become (other than as set out in (c) below) an investor or shareholder, adviser, consultant, agent
for or a board member of a company, entity or other business in the Competitive Field; 

  

	 	(c)	make or administrate investments in listed securities of entities in the Competitive Field exceeding 5 (five) percent of the outstanding securities; 

 

	 	(d)	take or file for any Patents or trademarks in the Competitive Field; 

  

	 	(e)	become an adviser or an executive board member in a non-competing company if such commitment exceeds 15 (fifteen) days a year, except with the prior approval of a majority of the Preferred Shareholders.

  

	17.2	The prohibition to compete shall apply in the United States, the European Union, Switzerland and other European countries, Japan, China, Korea, India, as well as other countries in which the Company is active or
intends to be active in the near future at the time of termination of the employment relationship. 

  

	17.3	In the event of Article 17.1 (ii) above in connection with a Garden Leave Arrangement (if any), Article 17 shall only apply in the event that the Company pays the employee the salary (including bonuses and
fringe benefits), respectively the fees, to which he is entitled for the duration of such Garden Leave Arrangement. 

  

	17.4	In case of breach of this undertaking and in addition to any remedy that may be contained in this Agreement or in an employment or consultancy agreement, the Preferred Shareholders shall have the Call Option set
out in Article 20.1. In addition, Ernest Loumaye shall have to compensate the Company for any further damages and financial losses directly or indirectly arising out of or relating to such breach, and shall lose any right to be compensated under the
Garden Leave Arrangement, if any. 

  
 33 / 43 

	17.5	The remedies provided for in this Article shall not release Ernest Loumaye from his obligations not to compete and not to solicit as provided in this Article. 

 

	17.6	The Board of Directors including at least the consent of two Directors designated according to Article 5.2.2 (b) and one Director designated according to Article 5.2.2 (c) shall have the right to waive
or reduce the prohibition to compete in this Article with respect to Ernest Loumaye, bearing in mind that Mr. Ernest Loumaye should abstain from voting in connection with a resolution regarding his own prohibition to compete. 

 

	17.7	The terms of this Article 17 have been agreed by the Parties irrespective of any employment relationship and are basis and part of the mutual consideration, rights and obligations granted and accepted in
connection with the investments in the Company. 

  

	18	INTELLECTUAL PROPERTY 

  

	18.1	Any inventions, patents, trademarks, designs, copyrights or know-how or Intellectual Property ensuing from the work performed by Ernest Loumaye or owned by Ernest Loumaye and related to the business of the
Company, during or within one year after termination of their employment are herewith assigned to the Company without additional compensation. Ernest Loumaye shall provide the Company with all support reasonably requested in connection with any
registration or use of such assigned rights. 

  

	19	BAD LEAVER / GOOD LEAVER 

  

	19.1	Termination for Cause. 

  

	19.1.1	If the employment agreement of Ernest Loumaye is terminated for Cause by the Company and such Cause results in a material damage to the Company, the remaining Preferred Shareholders have a right to acquire (the
“Call Option”) all of his Shares (including NVS) in the Company at nominal value, unless otherwise agreed by all the Preferred Shareholders. 

  

	19.1.2	If Ernest Loumaye terminates his employment agreement for Cause within a period of three (3) years as from the Closing, the remaining Preferred Shareholders shall have a Call Option on all Shares (including
NVS) held by Ernest Loumaye at Market Value. 

 Ernest Loumaye’s downgrading to the position of chief medical officer
(CMO), chief business officer (CBO), chief scientific officer (CSO), chief operational officer (COO) or chief development officer (CDO), provided that the other employment conditions remain the same, shall not constitute a case of termination for
Cause as per this Article 19.1.2. Should Ernest Loumaye then leave the Company, Article 19.2.1 shall apply. 

  
 34 / 43 

	19.2	Termination without Cause. 

  

	19.2.1	Subject to Article 19.2.2, the following rules apply if Ernest Loumaye terminates his employment without Cause (except if Ernest Loumaye leaves in case of retirement at age 65, in which cases he is entitled to
keep his Shares (including NVS)): 

  

	 	(a)	within a period of three (3) years as from the Closing: Article 19.1.1 shall apply; 

  

	 	(b)	after a period of three (3) years as from the Closing: he may retain all his Shares and all his vested NVS; 

  

	 	(c)	For letter (b) above: all vested NVS are definitely acquired by Ernest Loumaye and all unvested NVS shall be repurchased by the Company at a unit price equal to the par value of the Company’s Shares.

  

	19.2.2	In the event of a termination triggered by Ernest Loumaye’s death or Invalidity the Preferred Shareholders shall have a Call Option on all Shares (including vested NVS) held by Ernest Loumaye, respectively
his estate, at Market Value. Vested NVS are definitely acquired by Ernest Loumaye, respectively his estate, and all unvested NVS shall be repurchased by the Company at a unit price equal to the par value of the Company’s Shares.

  

	19.2.3	If the Company terminates the employment agreement of Ernest Loumaye without Cause he may retain all his Shares and vested NVS are definitely acquired by Ernest Loumaye. All unvested NVS shall be repurchased by
the Company at a unit price equal to the par value of the Company’s Shares. 

  

	19.3	The “Market Value” of the relevant Shares shall be determined as follows: The Preferred Shareholders shall make a proposal of the fair market value of the relevant Shares to Ernest Loumaye.
Should the latter not agree on the market value proposed by the Preferred Shareholders, Ernest Loumaye may request in writing to the Preferred Shareholders within 20 (twenty) Business Days that an expert (the “Appraiser”) determine
such market value. Should Ernest Loumaye fail to make such request within the deadline, the market value proposed by the Preferred Shareholders shall be deemed to be accepted by Ernest Loumaye. The Appraiser shall be appointed by mutual agreement
between the Preferred Shareholders and Ernest Loumaye within 5 (five) Business Days following receipt of such request. Should both Parties not find an agreement within such deadline, either of them may request from the Chairman of the Geneva Chamber
of Commerce, Industry and Services to appoint such Appraiser who shall be chosen among partners of the audit department of an internationally recognized auditing firm in Switzerland to establish independently the market value of the Company.

 In so doing, the Appraiser shall act as an expert (Schiedsgutachter), and not as an arbitrator, and his determination
of any subject matter falling within the scope of his mandate shall be final and binding on the Parties, except in the event of manifest error on the part of the Appraiser, as a consequence of which the relevant part of his determination shall be
void and the matter be remitted to the Appraiser for correction. The Appraiser shall within 20 (twenty) Business Days of receipt of the notice of its appointment or such other period as the expert reasonably determines deliver the determination of
the market value of the Company. 
 The costs and expenses related to the Appraiser and his appointment shall be borne by the Company. 

 

	19.4	In case several Preferred Shareholders decide to exercise their Call Option, each Preferred Shareholder shall have a right to purchase the Shares of Ernest Loumaye pro rata their preferred shareholding.

  
 35 / 43 

	20	CALL OPTION 

  

	20.1	If: 

  

	 	(a)	Ernest Loumaye breaches Article 17; 

  

	 	(b)	A Shareholder breaches materially this Agreement, provided that such breach has not been remedied for 30 (thirty) Business Days after notification by the other Shareholders to the breaching Shareholder that such breach
has occurred; 

  

	 	(c)	A Shareholder becomes insolvent, bankrupt or petitions or applies to any court, tribunal or other authority for creditor protection or for the appointment of, or there shall otherwise be appointed a liquidator, trustee
or other similar officer; or 

  

	 	(d)	A Shareholder is found by a court to have committed a criminal act against the interests of another Shareholder, of the Company or of any of its subsidiaries, 

the Preferred Shareholders have the right to acquire the Shares of such Shareholder (the “Call Option”) at the lower of the
nominal value and the Market Value, unless otherwise agreed by all the Preferred Shareholders. In case several Preferred Shareholders decide to exercise their Call Option, each Preferred Shareholder shall have a right to purchase the Shares of the
relevant Shareholder pro rata their preferred shareholding. 
  

	21	NEW SHAREHOLDER 

 Except as otherwise
decided by a Qualified Majority for specific individuals such as scientific advisors, the Shareholders shall cause any person acquiring any Share in accordance with the terms hereof, or being issued Shares, to sign this Agreement or an adapted
version of it, or a deed of accession in substantially the form and substance as set forth in Exhibit 3, and to become a new Party to this Agreement or such an adapted version of it and to be subject to all its terms and conditions, as well
as, if and where applicable, to all terms and conditions of the Investment Agreement. 
  

	22	REPRESENTATIONS AND WARRANTIES 

  

	22.1	Ernest Loumaye and the Company, acting jointly and severally, give the representations and warranties set out in Exhibit 4 as of the date hereof and as of the Closing Date. The Warrantors do not make, and
the Parties expressly exclude, any representations or warranties other than those in Exhibit 4. Each of the representations and warranties shall be independent and shall not be limited by reference to any other representations or warranties.

  

	22.2	Each of the Preferred A Shareholders severally and not jointly with any other Preferred A Shareholder gives the representations and warranties set out in Article 1 and 10.2 of Exhibit 4. André Chollet and
Ernest Loumaye give the representations and warranties set out in Article 10.3 of Exhibit 4. 

  

	22.3	 Subject to Article 22.8, the Warrantors hereby agree and undertake to pay by way of indemnification and to
indemnify fully, hold harmless and defend the Series B Investors and their Affiliates, directors, officers, employees, agents, representatives, successors and assigns (the “Indemnified

  
 36 / 43 

	 	
Persons”), from and against any and all claims and/or liabilities, damages, penalties, judgments, assessments, losses, costs and expenses (including, but not limited to, reasonable
attorney’s fees) arising out of, relating to, or based upon such inaccuracy or breach of any representation or warranty contained in this Agreement. 

  

	22.4	Claims for indemnification under Article 22.3 may be made by the Indemnified Persons at any time until 12 (twelve) months after the Closing Date by giving written notice to the Warrantors. It is expressly agreed
that any provisions of all applicable laws providing for immediate notice of defect or (potential) claims for indemnification (such as article 201 CO) are not applicable to any claim by an Indemnified Person under this Article. 

 

	22.5	Each Indemnified Person shall be entitled to set-off any amount payable by the Warrantors under this Article against any amount payable by such Indemnified Person to the Warrantors. 

 

	22.6	The relevant Shareholder shall have conduct of all litigations in respect of all claims by a third party which might give rise to a claim for indemnification under this Article. However, such Shareholder shall
not be able to settle, compromise, consent or withdraw in connection with any proceeding without the prior written consent of the Series B Investors. 

  

	22.7	All sums payable by the Warrantors under this Agreement to an Indemnified Person shall be paid free and clear of all deductions or withholdings except as may be required by law. If any deduction or withholding is
required by law to be made to any payment by Ernest Loumaye, the Indemnified Persons shall, at the same time as the sum, which is the subject to the deduction or withholding, is payable under this Agreement, be paid such additional amount as shall
be required to ensure that the net amount received by the Indemnified Person under this Agreement will equal the full amount which would have been received by it had no such deduction or withholding been required to be made. 

 

	22.8	Any obligation to pay under this Article shall be capped for Ernest Loumaye to one time his aggregate yearly salaries (including any gratuities, bonuses, options, premiums or other extra payments, etc.) paid
pursuant to his employment agreement. 

  

	22.9	In compliance with mandatory provisions of Swiss law limiting the distribution of the Company’s assets to shareholders (notably articles 680 CO and 671 al. 3 CO), the Company’s liability under Article
22 is limited to the maximum amount of the Company’s profits and reserves available for distribution, in accordance with, without limitation, Articles 671 (1) to (3) and 675 (2) CO at the time the Company makes a payment under
this Article 22 (provided that this is still a requirement under applicable law at that time). 

  

	23	CONFIDENTIALITY 

  

	23.1	 Other than to the extent necessary to perform this Agreement or as required by law, or as required by such
Party’s organizational or fund documents, or for purposes of customary due diligence purposes (subject to appropriate confidentiality and non-use obligations) each Party agrees at all times to keep in strictest confidence the subject matter of
this Agreement, all information relating to or acquired from the other Parties in connection with the performance of this Agreement, any agreements 

  
 37 / 43 

	 	
provided for the performance of this Agreement and any agreements provided for herein, including any information regarding the business and affairs of the Company, except for the fact that the
Series B Investors invested in the Company. 

  

	23.2	The Lead Series B Investors will define together with the Company the contents and timing of a press release announcing completion of the Series B Financing, subject to final approval of the Series B Investors.
There will be no other press release, unless the Series B Investors wish to make independent press releases in which case it shall be authorized to proceed subject to the prior approval of both the Series B Investors and the Company.

  

	24	MISCELLANEOUS 

  

	24.1	Term and Termination. This Agreement shall have a fixed term through November 19, 2025. Thereafter it may be terminated by any Shareholder with six months prior written notice to all other Shareholders by
the end of June or the end of December of each calendar year. This Agreement may be terminated by a written agreement between all Parties to this Agreement. It shall also terminate automatically upon an Initial Public Offering or on any Party
becoming the owner of 100% of the Shares. Articles 16, 17, 20, 22 and 23 shall survive termination of this Agreement. 

  

	24.2	Expenses. Except as provided hereunder and in the Investment Agreement, each Party shall pay its own costs and expenses (including, but not limited to, all legal, accounting and advisory fees), as well as
any taxes or other charges which might become due in connection with, this Agreement, any agreements provided for the performance of this Agreement or any agreements provided for herein and the transactions contemplated hereby and thereby. The costs
associated with the share capital increases (notary fees, stamp duty tax, registration fees, etc.) shall be borne by the Company. 

  

	24.3	Amendment. This Agreement may be amended by a written instrument signed by a Qualified Majority with effect for all Parties provided always that such amendments do not increase, or reduce or amend the
rights or obligations of any individual Shareholder or group of Shareholders compared to other Shareholders/groups of Shareholders and do not eliminate any vested payment claims nor impose any additional payment obligations and provided that the
rights of the Shareholders will not be reduced in relation to Article 9 (Drag-Along Right). 

  

	24.4	Entire Agreement. This Agreement and the Investment Agreement contain all of the terms and conditions agreed upon by the Parties relating to the subject matter of this Agreement and the Investment
Agreement and supersede all prior agreements, negotiations, correspondence, undertakings and communications of the Parties, whether oral or written, with respect to such subject matter, in particular the Shareholders Agreement executed on
August 28, 2013 between Mr. Ernest Loumaye, Mr. André Chollet, Sofinnova Partners, Sofinnova Ventures, Novo, Ares Trading and the Company. 

  

	24.5	Notices. Any notice or other communication made in connection with this Agreement shall be in writing and shall be mailed by certified mail, as an attachment to an email or by telefax with a same day copy
by certified mail addressed to the addresses set forth at the beginning of this Agreement. All notices shall be in writing and in the English language. 

  
 38 / 43 

 Such addresses may be changed, from time to time, by means of a notice given in the manner
provided in this Article. In the event that notification has to be made within a certain period of time, the concerned Party should have complied with such requirement if it has mailed, transmitted or initiated delivery procedure at the last day of
such period. 
  

	24.6	Severability. If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than voided, if possible, in order to achieve the intent of the Parties to this
Agreement to the fullest extent possible. In any event, all other provisions of this Agreement shall remain valid and enforceable to the fullest extent possible. 

  

	24.7	No Waiver. The failure of any of the Parties to enforce any of the provisions of this Agreement or any rights with respect thereto shall in no way be considered as a waiver of such provisions or rights or
in any way affect the validity of this Agreement. The waiver of any breach of this Agreement by any Party shall not operate to be construed as a waiver of any other prior or subsequent breach. 

 

	24.8	Binding on Successors. All of the terms, provisions and conditions of this Agreement shall be binding upon to the benefit of the Parties hereto and their respective successors, assigns and legal
representatives. 

  

	24.9	Non-Assignability. Except as specifically provided for in this Agreement, no Party may assign or transfer, in whole or in part, or delegate all or any portion of its respective rights or obligations under
this Agreement without the prior written consent of the Preferred Shareholders. Any assignment, transfer or delegation made without such consent shall be null and void. 

 

	24.10	No Third Party Beneficiaries. This Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a Party to this Agreement. 

 

	24.11	Further Actions. At any time and from time to time each Party agrees, at its expenses, to take such actions and to execute and deliver such documents as may be reasonably necessary to fully perform this
Agreement. 

  

	25	GOVERNING LAW AND JURISDICTION 

  

	25.1	This Agreement and the transactions contemplated hereby shall be governed, interpreted and construed by, under and pursuant to Swiss law, to the exclusion of any conflict of law rules. 

 

	25.2	Any dispute, controversy or claim arising out of or in connection with this Agreement, including its conclusion, validity, binding effect, amendment, breach, termination or rescission shall be resolved by
arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Chambers of commerce in force on the date when the Notice of Arbitration is submitted in accordance with these Rules. The number of arbitrators shall be three.
The seat of the arbitration shall be Geneva and the arbitral proceedings shall be conducted in English; provided that evidence may be submitted to the arbitral tribunal in German and French without translation into English. 

  
 39 / 43 

 IN WITNESS WHEREOF, the Parties hereto have duly executed this
Shareholders’ Agreement in 11 originals on November 19, 2015. 
  

					
	Mr. Ernest Loumaye:
	
	 /s/ Ernest Loumaye

	
	FUND SOFINNOVA CAPITAL VII (SCVII):
	
	 By: Sofinnova Partners SAS

	its General Partner
		
	By	 	 /s/ Rafaele Tordjman

		 	Name:	 	 Rafaele Tordjman
 Managing
Partner

	
	SOFINNOVA VENTURE PARTNERS VIII, L.P.
	
	By: Sofinnova Management VIII, L.L.C.
	its General Partner
		
	By	 	 /s/ James Healey

		 	James Healy, Managing Member
	
	NOVO A/S:
	
	 /s/ Bjarne Graven Larsen

	Name:	 	Bjarne Graven Larsen, CFO
	
	 /s/ Elvind Kolding

	Name:	 	Elvind Kolding, CEO

  
 40 / 43 

					
	ARES TRADING SA:
	
	 /s/ Cedric Hyde

	Name:	 	Cedric Hyde
	Authorized Representative
	
	 /s/ James Singleton

	Name:	 	James Singleton
	Authorized Representative
	
	HBM Healthcare Investments (Cayman) Ltd.:
	
	 /s/ Jean Marc LeSieur

	Name:	 	Jean Marc LeSieur
	Director
	
	New Enterprise Associates 15, L.P.:
	
	By: NEA Partners 15, L.P.
	
	By: NEA 15 GP, L.L.C.
		
	By	 	 /s/ Louis Citron

		 	Louis Citron, Chief Legal Officer
	
	\OrbiMed Private Investments V, LP: 
	
	By: OrbiMed Capital GP V LLC,
	its General Partner
	
	By: OrbiMed Advisors LLC,
	its Managing Member
		
	By	 	 /s/ Jonathan Silverstein

		 	Name and Title:	 	Jonathan Silverstein, Member

  
 41 / 43 

			
	ROCK SPRINGS CAPITAL MASTER FUNDS, L.P.
	
	By: Rock Springs GP, L.L.C.
	its General Partner
		
	By	 	 /s/ Graham McPhail

		 	Graham McPhail,
		 	Managing Director
	
	Mr. André CHOLLET:
	
	 /s/ André Chollet

	
	OBSEVA SA
	
	 /s/ Ernest Loumaye

	Name: Ernest Loumaye
	
	 /s/ Fabien De Ladonchamps

	Name:	 	Fabien De Ladonchamps

  
 42 / 43 

 EXHIBITS TO THE 

SHAREHOLDERS AGREEMENT 
  

	 	1.	Articles of Incorporation 

  

	 	2.	Organizational Regulations 

  

	 	3.	Form of Deed of Accession 

  

	 	4.	Representations and Warranties 

  

	 	5.	ERISA Letter 

  

	 	6.	PFIC Annual Information Statement 

  
 43 / 43EX-10.1

 CONFIDENTIAL 
 [*]
= Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

Exhibit 10.1 
 LICENSE
AGREEMENT 
 Dated August 28, 2013 

By and Between 
 ARES
TRADING S.A. 
 And 

OBSEVA S.A. 

 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (the “Agreement”) is dated as of August 28, 2013 (the “Effective Date”)
by and between ARES TRADING SA, a Swiss corporation with registered offices at Zone Industrielle de l’Ouriettaz, 1108 Aubonne, Switzerland (“Merck Serono”) and OBSEVA S.A., a Swiss corporation with registered
offices at 29, Chemin de Planta, CH-1223 Cologny (“Licensee”). Merck Serono and Licensee may be referred to herein as a “Party” or, collectively, as “Parties”. 

WITNESSETH: 

WHEREAS, Licensee is active in the field of reproductive health and medicine; 

WHEREAS, Merck Serono is engaged, among other activities, in the development of pharmaceutical products; and 

WHEREAS, Merck Serono wishes to license to Licensee, on an exclusive worldwide basis, the right to research, develop, manufacture and
commercialize products comprising the Licensed Compounds in the Field (as hereinafter defined); and 
 WHEREAS, Licensee wishes to
obtain, and Merck Serono is willing to grant a license to the Merck Serono Technology upon the terms and conditions set forth herein; and 

WHEREAS contemporaneously with the execution of this Agreement, and as a condition hereto, the Parties will enter into a Shareholders
Agreement (as defined hereunder) and an Investment Agreement (as defined hereunder); 
 NOW, THEREFORE, in consideration of the
promises and mutual covenants contained herein, the parties agree to as follows: 
 ARTICLE 1 - DEFINITIONS 

The following terms shall have the following respective definitions: 

1.1 “Affiliate” means a Person or entity that controls, is controlled by or is under common control with a Party, but only
for so long as such control exists. For the purposes of this Section 1.1, the word “control” (including, with correlative meaning, the terms “controlled by” or “under the common control with”) means the actual
power, either directly or indirectly through one or more intermediaries, to direct the management and policies of such Person or entity, whether by the ownership of at least fifty percent (50%) of the voting stock of such entity, or by contract
or otherwise. 

  
 2 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.2 “Bankruptcy Event” means: (a) voluntary or involuntary
proceedings by or against a Party instituted in bankruptcy under any insolvency law, which proceedings, if involuntary, shall not have been dismissed within sixty (60) days after the date of filing; (b) a receiver or custodian is appointed
for a Party; (c) proceedings are instituted by or against a Party for corporate reorganization, dissolution, liquidation or winding-up of such Party, which proceedings, if involuntary, shall not have been dismissed within sixty (60) days
after the date of filing; or (d) substantially all of the assets of a Party are seized or attached and not released within sixty (60) days thereafter. 

1.3 “Calendar Quarter” means each three (3) month period commencing
January 1, April 1, July 1 or October 1, provided however that (i) the first Calendar Quarter of the Term shall extend from the Effective Date to the end of the first full Calendar Quarter thereafter, and
(ii) the last Calendar Quarter of the Term shall end upon the expiration of this Agreement. 
 1.4 “Calendar Year”
means the period beginning on the 1st of January and ending on the 31st of December of the same year, provided however that (i) the first
Calendar Year of the Term shall commence on the Effective Date and end on December 31, 2013 and (ii) the last Calendar Year of the Term shall commence on January 1 of the Calendar Year in which this Agreement terminates or expires and
ends on the date of termination or expiration of this Agreement. 
 1.5 “Clinical Trial” means a clinical trial in human
subjects that has been approved by a Regulatory Authority and is designed to measure the safety and/or efficacy of a Licensed Product. Clinical Trials shall include Phase I Trials, Phase II Trials and Phase III Trials. 

1.6 “Combination Product” means a product containing the Licensed Product together with one or more active ingredient, or
with one or more product, device, equipment or component. 
 1.7 “Commercialization” or “Commercialize” means any
and all activities undertaken prior to and after Regulatory Approval of an NDA for a particular Licensed Product and that relate to the marketing, promoting, distributing, importing for sale, offering for sale, and selling of the Licensed Product.

 1.8 “Commercially Reasonable Efforts” means, (a) with respect to the efforts to be expended by any Party with
respect to any objective, such reasonable, diligent, and good faith efforts as such Party would normally use to accomplish a similar objective under similar circumstances, and (b) with respect to any obligation relating to research, Development
or Commercialization of a Licensed Product by Licensee, the application by Licensee of the level of efforts required to carry out such obligation in a sustained manner consistent with the efforts a similarly situated biopharmaceutical company or
pharmaceutical company, as the case may be, devotes to a product of similar market potential, profit potential or strategic value resulting from its own research efforts. 

1.9 “Compound” means a chemical substance that is biologically active and has constant chemical composition. 

1.10 “Confidential Information” of a Party means information relating to the business, operations and products of a Party or
any of its Affiliates, including but not limited to, any technical information, Know-How, trade secrets, or inventions (whether patentable or not), not known or generally available to the public, that such Party discloses to the other Party under
this Agreement, or otherwise becomes known to the other Party by virtue of this Agreement. 

  
 3 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.11 “Controlled” means, with respect to (a) Patent Rights,
(b) Know-How or (c) biological, chemical or physical material, that a Third Party or a Party or one of its Affiliates owns or has a license or sublicense to such right, item, or material (or in the case of material, has the right to
physical possession of such material) and has the ability to grant a license or sublicense to, or assign its right, title and interest in and to, such right, item or material as provided for in this Agreement. 

1.12 “Cover”, “Covering” or “Covered” means, with respect to a Licensed
Product, that the using, selling, or offering for sale of such Licensed Product would, but for a license granted in this Agreement under the Merck Serono Patents, infringe a Valid Claim of the Merck Serono Patents in the country in which the
activity occurs. 
 1.13 “Development” means, with respect to a Licensed Product, the performance of all
pre-clinical and clinical development (including toxicology, pharmacology, test method development and stability testing, process development, formulation development, quality control development, statistical analysis), Clinical Trials (excluding
clinical trials conducted after Regulatory Approval of an NDA), manufacturing and regulatory activities that are required to obtain Regulatory Approval of the Licensed Product in the Territory. 

1.14 “Executive Officers” means, together, a member of the senior management of the pharmaceutical division of
Merck Serono and the Chief Executive Officer of Licensee. 
 1.15 “EMA” means the European Medicines Agency or any
successor agency. 
 1.16 “FDA” means the United States Food and Drug Administration, or a successor federal agency
thereto. 
 1.17 “Field” means all prophylactic, palliative, therapeutic or diagnostic uses in humans and animals. 

1.18 “First Commercial Sale” shall mean, on a country-by-country basis, the first sale for monetary value to a
Third Party for use or consumption of the Licensed Product, by Licensee, its Affiliate(s) or Sublicensees. For the avoidance of doubt, a First Commercial Sale may only occur after the Licensed Product has received Regulatory Approval valid for the
country in which the First Commercial Sale occurs. 
 1.19 “Governmental Body” means any: (a) nation, principality,
state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or quasi-governmental authority of any nature
(including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or entity and any court or other tribunal);
(d) multi-national or supranational organization or body; or (e) individual, entity, or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or taxing authority or
power of any nature. 

  
 4 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.20 “IND” means an investigational new drug application filed with the FDA or
the equivalent application or filing filed with any equivalent agency or Governmental Body outside the United States (including any supra-national entity such as in the European Union) for approval to commence Clinical Trials in such jurisdiction,
and including all regulations at 21 CFR § 312 Et. Seq. and equivalent foreign regulations. 
 1.21 “Investment
Agreement” shall mean the Investment Agreement entered into among Licensee, Sofinnova Partners, Ernest Loumaye, André Chollet, Merck Serono and if applicable other investors, on the same date as this Agreement. 

1.22 “Know-How” means any scientific or technical information, results and data of any type whatsoever, in any tangible form,
that is not in the public domain or otherwise publicly known, including, without limitation, discoveries, inventions, trade secrets, databases, practices, protocols, regulatory filings, methods, processes, techniques, biological and other materials,
reagents, specifications, formulations, formulae, data (including pharmacological, biological, chemical, toxicological and clinical information, analytical, quality control and stability data, studies and procedures), manufacturing process and
development information, results and data, whether or not patentable, all to the extent not claimed or disclosed in a patent. “Know How” excludes Patent Rights. 

1.23 “Licensed Compounds” means the Compounds known as [*] and which are listed on Schedule 1.23, and any other
Compound covered by a Merck Serono Patent. For the avoidance of doubt, Licensed Compounds are oxytocin receptors antagonists. 
 1.24
“Licensed Product(s)” means any pharmaceutical product, in any dosage form, formulation, presentation or package configuration that is commercialized or undergoing research or pre-clinical or clinical development that contains or
comprises, in part or in whole, a Licensed Compound. 
 1.25 “Licensee Know-How” means all Know-How that is
owned or Controlled by Licensee or its Affiliates after the Effective Date and is necessary in the research, Development, manufacture, use, or Commercialization of the Licensed Products. 

1.26 “Major Market” means the United States, Germany, France, Italy, the United Kingdom and Spain. 

1.27 “Merck Serono Know-How” means all Know-How that is owned or Controlled by Merck Serono as of the Effective
Date and is necessary in the research, Development, manufacture, use, or Commercialization of the Licensed Products. The Know-How set forth on Schedule 1.27 constitutes all of such Know-How owned or Controlled by Merck Serono on the Effective Date.

 1.28 “Merck Serono Materials” means all chemical, biological or physical materials that are owned or Controlled by Merck
Serono or any of its Affiliates as of the Effective Date and that are necessary in the research, Development, manufacture, use or Commercialization of the Licensed Products. The Merck Serono Materials are set forth on Schedule 1.28. 

1.29 “Merck Serono Patents” means the Patent Rights listed on Schedule 1.29. 

  
 5 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.30 “Merck Serono Technology” means the Merck Serono Know-How, the Merck
Serono Patents and the Merck Serono Materials, collectively. 
 1.31 “NDA” means a New Drug Application filed pursuant to
the requirements of the FDA, as more fully defined in 21 CFR.§ 314.3 et seq, a Biologics License Application filed pursuant to the requirements of the FDA, as more fully defined in 21 CFR § 601, and any equivalent application
filed in any country in the Territory, together, in each case, with all additions, deletions or supplements thereto. 
 1.32 “Net
Sales” means, with respect to each country of the Territory, the amounts invoiced by Licensee or its Affiliates or Sublicensees for all sales of Licensed Products to a Third Party (whether an end user, a distributor or otherwise), less the
following: 
  

	 	(i)	trade, cash and quantities discounts, rebates (including rebates similar to Medicare or other government rebates), reimbursements, allowances and credits for expired Licensed Products; 

 

	 	(ii)	sales, use or similar taxes (including duties or other governmental charges levied or otherwise imposed on the sale or use of such Licensed Product, including, without limitation, value added taxes or other governmental
charges otherwise measured by the billing amount, but only to the extent such amount(s) is (are) included in the billing); 

  

	 	(iii)	freight, postage, shipping, customs duties and insurance charges, but only to the extent such amount(s) is (are) included in the billing; 

 

	 	(iv)	any other specifically identified amounts included in the Licensed Product invoice price that should be credited for reasons substantially equivalent to those listed above or as determined in accordance with
Licensee’s usual and customary accounting methods which are in accordance with International Accounting Standards or equivalent. 

Net Sales shall not include credits or allowances actually granted for damaged goods, returns or rejections of previously sold Licensed
Products and retroactive price reductions for wastage replacement, indigent patients and similar programs. 
 For the avoidance of doubt,
Net Sales may only occur after the Licensed Product has received Regulatory Approval valid for the country in which the Net Sales occur. 

In the event that a Licensed Product is sold in the form of a Combination Product, Net Sales for such Combination Product will be calculated
by multiplying actual Net Sales of such Combination Product by the fraction A/(A+B) where A is the invoice price of the Licensed Product containing a Compound as the only active ingredient if sold separately, and B is the invoice price of any other
active ingredient(s) or other products, devices, equipment or components in the Combination Product if sold separately. In the event that the Licensed Product or one or more of such active ingredients or other products, devices, equipment or
components in the Combination Product are not sold separately, then the Net Sales for such Combination Product shall be determined by the Parties in good faith. 

  
 6 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.33 “Patent Right(s)” means: (a) an issued or granted patent, including
any extension, supplemental protection certificate, registration, confirmation, reissue, reexamination, extension or renewal thereof; (b) a pending patent application, including any continuation, divisional, continuation-in-part, substitute or
provisional application thereof; and (c) all counterparts or foreign equivalents of any of the foregoing issued by or filed in any country or other jurisdiction. 

1.34 “Person” means any natural person, corporation, firm, business trust, joint venture, association, organization, company,
partnership or other business entity, or any Governmental Body, government or agency or political subdivision thereof. 
 1.35
“Phase I Trial” means a Clinical Trial in which the Licensed Product is administered to human subjects at multiple dose levels with the primary purpose of determining safety, metabolism, and pharmacokinetic and pharmacodynamic
properties of the Licensed Product, and consistent with 21 CFR § 312.21(a). 
 1.36 “Phase II Trial” means a Clinical
Trial of the Licensed Product in human patients, the principal purposes of which are to make a preliminary determination that the Licensed Product is safe for its intended use, to determine its optimal dose, and to obtain sufficient information
about the Licensed Product’s efficacy to permit the design of Phase III Trials, and consistent with 21 CFR 312.21(b). 
 1.37
“Phase III Trial” means a human Clinical Trial of the Licensed Product, which trial is designed (a) to establish that the Licensed Product is safe and efficacious for its intended use; (b) to define warnings, precautions and
adverse reactions that are associated with the Licensed Product in the dosage range to be prescribed; and (c) consistent with 21 CFR § 312.21(c). 

1.38 “Regulatory Authority” means (a) the FDA, (b) the EMA or the European Commission, or (c) any
regulatory body with similar regulatory authority over pharmaceutical or biotechnology products in any other jurisdiction anywhere in the world. 

1.39 “Regulatory Approval” means the receipt from a Regulatory Authority by Licensee, its Affiliates, or Sublicensees of
approval to lawfully market a Licensed Product in the corresponding jurisdiction in the Territory. 
 1.40 “Series A
Investment Round” means the first financing of the Licensee by cash (or in kind) contribution, in which new investors subscribe to new shares for a total subscription price of (or around) CHF 28,000,000.-. 

1.41 “Shareholders Agreement” means the Shareholders Agreement entered into among Licensee, Sofinnova Partners, Ernest
Loumaye, André Chollet, Merck Serono and if applicable other shareholders of Licensee, on the same date as this Agreement was entered into. 

1.42 “Sublicensee” means a Person other than an Affiliate of Licensee to which Licensee (or its Affiliate) has, pursuant to
Section 2.2, granted sublicense rights under any of the Merck Serono Technology licensed under Section 2.1. “Sublicense” shall be construed accordingly. For the avoidance of doubt, a Third Party contract manufacturer of
Licensed Products on behalf of Licensee shall not be considered a Sublicensee for the purpose of this Agreement. 

  
 7 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 1.43 “Territory” means all the countries in the world. 

1.44 “Third Party” shall mean any Person that is not a Party, an Affiliate of a Party, or a Sublicensee of Licensee
hereunder. 
 1.45 “Third Party License Agreement” means any agreement entered into by Licensee with a Third Party, or any
amendment or supplement thereto, in each case following the Effective Date, whereby royalties, fees or other payments are to be made by Licensee to such Third Party in connection with the grant of rights under intellectual property rights Controlled
by such Third Party, which rights are necessary to research or Develop the Licensed Compounds or Licensed Products. 
 1.46 “Valid
Claim” means any claim in any (i) unexpired and issued patent that has not been disclaimed, revoked or held invalid by a final nonappealable decision of a court or other governmental agency of competent jurisdiction or any
(ii) patent application [*]. 
 1.47 Other Terms. The definition of each of the following terms is set forth in the section of
the Agreement indicated below: 
 “Action” has the meaning set forth in Section 5.5 (b). 

“Controlling Party” has the meaning set forth in Section 5.6 (c). 

“Disputes” has the meaning set forth in Section 10.9. 

“Licensee Indemnitees” has the meaning set forth in Section 8.1. 

“Licensee Patents” has the meaning set forth in Section 5.4 (a). 

“Losses” has the meaning set forth in Section 8.1. 

“Merck Serono Indemnitees” has the meaning set forth in Section 8.2. 

“Royalty Term” has the meaning set forth in Section 4.2 (d). 

“Term” has the meaning set forth in Section 9.1. 

“Upfront Payment” has the meaning set forth in Section 4.1. 

ARTICLE 2 – GRANT OF LICENSE 

2.1 Grant of License. Subject to the terms and conditions of this Agreement, Merck Serono hereby grants to Licensee an exclusive (even
as to Merck Serono), worldwide, royalty-bearing right and license (with the right to sublicense subject to the provisions of Section 2.2) under the Merck Serono Technology to research, Develop, make, have made, import, export, use and
Commercialize the Licensed Products in the Field in the Territory. 

  
 8 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 2.2 Grant of Sublicense by Licensee. The Licensee shall have the right to grant
Sublicenses under the license granted in Section 2.1, subject to Merck Serono being duly informed in writing by Licensee in advance of the execution of any Sublicense agreement. The Sublicense agreement shall be consistent with the terms and
conditions of this Agreement. The granting by Licensee of a Sublicense shall not relieve Licensee of its obligations hereunder. Licensee shall promptly provide Merck Serono with a copy of the fully executed Sublicense agreement, which shall be
redacted from its commercial terms, and Merck Serono hereby undertakes to treat such redacted Sublicense agreement as Confidential Information. For the avoidance of doubt, Licensee may grant Sublicenses to Sublicensees on a country-by-country basis
or worldwide. 
 2.3 Transfer. Merck Serono shall use Commercially Reasonable Efforts to transfer to Licensee the Merck Serono
Know-How and the Merck Serono Materials within thirty (30) days following the Effective Date. If within sixty (60) days after the initial transfer Licensee identifies specific items within the Merck Serono Know-How that were not
transferred to Licensee, then Merck Serono will use reasonable efforts to provide the same to Licensee upon request. In addition, at Licensee’s reasonable request, Merck Serono shall provide access to any raw data or report directly and
exclusively related to the Licensed Product which may become necessary for the Licensee to research, manufacture and Develop any Licensed Product in the Field. Each Party hereby designates a contact person as indicated below whose responsibility it
will be to oversee the transfer described in this Section 2.3: 
 For Licensee: 

[*] 
 For Merck
Serono: 
 [*] 

ARTICLE 3 – DEVELOPMENT AND COMMERCIALIZATION 

3.1 Development and Commercialization of the Licensed Products by Licensee. Licensee shall have the exclusive right and responsibility
to research and Develop the Licensed Products and to conduct (either itself or through its Affiliates, agents, subcontractors and/or Sublicensees) all Clinical Trials and non-clinical studies Licensee believes appropriate to obtain Regulatory
Approval for the Licensed Products in any indication. In addition, Licensee shall have the exclusive right to Commercialize the Licensed Products itself or through one or more Third Parties and/or Sublicensees selected by Licensee, and shall have
the responsibility in all matters relating to the Commercialization of the Licensed Products. 
 3.2 Manufacturing and Supply.
Subject to the terms and conditions of this Agreement, Licensee shall have the exclusive right to manufacture the Licensed Compounds and the Licensed Products itself or through one or more Third Party subcontractor(s) selected by Licensee. 

3.3 Regulatory Filings. Licensee shall be responsible for and shall own and maintain all regulatory filings and Regulatory Approvals
for the Licensed Products, including all INDs and NDAs. 

  
 9 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 3.4 Diligence by Licensee. Licensee shall use Commercially Reasonable Efforts to
(a) research and Develop at least one Licensed Product, in accordance with its development plan as updated and/or amended from time to time and (b) launch and Commercialize at least one Licensed Product in each Major Market within [*]
after receiving Regulatory Approval (which for the purpose of this clause 3.4 shall include approval of pricing and reimbursement) in such Major Market. 

3.5 Reporting. Licensee (or its Sublicensee, as applicable) shall, on each anniversary of the Effective Date, provide Merck Serono with
a written report summarizing its research, Development, manufacturing and as applicable Commercialization activities in the Territory during the preceding Calendar Year. 

3.6 Trademarks. Licensee shall have the sole authority to select trademarks for the Licensed Products and shall own all such
trademarks. 
 ARTICLE 4 – FINANCIAL TERMS 

4.1 Upfront Payment. In partial consideration for the grant of the rights hereunder, Licensee shall pay to Merck Serono the
non-refundable, non-creditable sum of Four Million Five Hundred Thousand Swiss Francs (CHF 4,500,000.-) (the “Upfront Payment”). The Upfront Payment shall be paid to Merck Serono through the sales to Merck Serono of 70,313 ObsEva
Preferred A Shares at nominal value of CHF 1.-, being understood that the subscription price of ObsEva’s Shares will be CHF 64.— (sixty four Swiss Francs) per share in the Series A Investment Round. The terms under which the Upfront
Payment will be made are further set forth in the Shareholders Agreement and the Investment Agreement. 
 4.2 Royalty Payments. 

(a) Royalty Rate. As further consideration for Merck Serono’s grant of the rights and licenses to the Licensee hereunder, the
Licensee shall, during each applicable Royalty Term (i.e. on a country-by-country basis), pay to Merck Serono a royalty on aggregate annual worldwide Net Sales of each Licensed Products for each Calendar Year, at the percentage rate set forth below:

  

			
	 Royalty Rate for Annual Net Sales of Licensed Products Net Sales per Calendar Year
	  	[*]

 (b) Know-How Royalty. The royalty rate set forth in Section 4.2 (a) applicable to the Net
Sales of a Licensed Product in a country will be reduced by [*] during any period there exists no Valid Claim of a Merck Serono Patent in such country that Covers such Licensed Product in such country. For the avoidance of doubt, no Know-How
Royalties shall be due in any country after the end of the Royalty Term pursuant to Section 4.2 (d) in such country. 

  
 10 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 (c) Third Party License Agreements. Subject to the terms and conditions of this Agreement,
if Licensee enters into one or more Third Party License Agreement(s), Licensee will be entitled to deduct from any royalties payable to Merck Serono under Section 4.2 (from the amount calculated by consideration of the then applicable royalty
rate), an amount equal to not more than [*] of any amounts paid by Licensee pursuant to such Third Party License Agreement(s) in respect of the Licensed Product which gave rise to the payment obligation under Section 4.2. Notwithstanding the
foregoing, under no circumstances shall the deductions under this Section 4.2 (c) result in the amount payable to Merck Serono being reduced by more than [*] compared with the amount otherwise payable under Section 4.2. In the event
that Licensee is not able to deduct the full amount of the permitted deduction from the amount due to Merck Serono due to the [*] minimum amount, Licensee shall be entitled to deduct any undeducted excess amount from subsequent amounts owed to Merck
Serono (subject always to Merck Serono receiving a minimum of [*] of the amount owed). 
 (d) Royalty Term. Royalties shall be
payable on a Licensed Product-by-Licensed Product and country-by-country basis from the period from the First Commercial Sale of Licensed Product in such country until the latest of (a) the last date on which such Licensed Product is Covered by
a Valid Claim within a Merck Serono Patent in such country, or (b) ten (10) years after such First Commercial Sale of Licensed Product in such country (the “Royalty Term”). For the avoidance of doubt, Licensee Patents
shall not be taken into account for the determination of the Royalty Term in any country. 
 (e) Payment of Royalties. Nothing herein
contained shall obligate Licensee and/or its Sublicensees to pay or cause to be paid to Merck Serono more than one royalty on any unit of Licensed Product. Simultaneous with the delivery of the report described in Section 4.2 (f) hereof,
Licensee shall pay, or cause to be paid, to Merck Serono at such place as Merck Serono may from time to time designate in writing, all royalties earned pursuant to this Section 4.2 in the preceding Calendar Quarter. All such payments shall be
made in Euros. 
 (f) Royalty Reports; Currency Conversion. Commencing with the Calendar Quarter in which the First Commercial Sale
of a Licensed Product is made by the Licensee or its Affiliate or Sublicensee, Licensee shall submit to Merck Serono with each royalty payment a report detailing its computation of royalties due on Net Sales in each country during each Calendar
Quarter within sixty (60) days after the end of such Calendar Quarter (and Licensee shall cause its Sublicensees to submit royalty reports containing the same level of detail). All payments to Merck Serono hereunder shall be made by deposit of
Euros in the requisite amount to such bank account as Merck Serono may from time to time designate by written notice to Licensee. With respect to sales not denominated in Euros, royalty amounts owed shall first be calculated in the currency of sale,
and then such amounts shall be converted into Euro using the exchange rate of the European Central Bank on the last day of the Calendar Quarter to which the report relates. For accounting and documentation purposes, the Parties may vary the method
of payment set forth herein at any time upon mutual agreement, and any change shall be consistent with the local law at the place of payment or remittance. 

  
 11 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 (g) Record Retention, Inspection. Licensee shall keep or cause its Affiliates and
Sublicensee to keep complete and accurate records in sufficient detail to enable Net Sales and royalties payable under Section 4.2 to be established for a period of sixty (60) months after the date that such royalties were payable. Such
records shall be consistent with Licensee’s normal accounting principles. At the request and cost of Merck Serono (but not more frequently than once each Calendar Year) an independent chartered or certified public accountant chosen by Merck
Serono but approved by the Licensee (which approval shall not be unreasonably withheld or delayed) shall be allowed access during ordinary business hours to such records pertaining to the preceding two (2) Calendar Year solely to verify the
accuracy of any payments made to Merck Serono under Section 4.2. The accountant shall not disclose to Merck Serono any information other than that which should properly be contained in a report of matters relevant to Net Sales and royalty
calculation and payment arising under Section 4.2 above. Licensee shall make Sublicensee records available to Merck to the same extent as set forth in this Section 4.2 (g). 

4.3 Tax. If applicable law requires that taxes be deducted and withheld from royalties or any other payments paid under this Agreement
by either Party, said Party shall (i) deduct those taxes and interests and penalties assessed thereon from the payment or from any other payment owed by said Party hereunder; (ii) pay the taxes to the proper Governmental Body;
(iii) send evidence of the obligation together with proof of payment to the other Party within three (3) months following such payment; (iv) remit the net amount, after deductions or withholding made under this Section 4.3 and
(v) cooperate with other Party in any way reasonably requested by said other Party, to obtain available reductions, credits or refunds of such taxes; provided, however, that the other Party shall reimburse said Party for said Party’s
out-of-pocket expenses incurred in providing such assistance. It is understood and agreed between the Parties that any payments made by either Party under this Agreement are exclusive of any value added or similar tax imposed upon such payment. 

 4.4 Late Payment. Payments not paid when due shall bear interest at a rate of [*] per annum above the three-month EURO LIBOR
which applied on the day when the payment was due. Calculation of interest will be made for the exact number of days in the interest period based on a year of three hundred and sixty (360) days.  

ARTICLE 5 - INVENTIONS AND PATENTS 

5.1 Certification Under Drug Price Competition and Patent Restoration Act. Each Party shall immediately give written notice to the
other Party of any certification of which they become aware filed pursuant to 21 U.S.C. Section 355(b)(2)(A) (or any amendment or successor statute thereto) claiming that any Merck Serono Patents covering Licensed Compounds or Licensed
Products, or the manufacture or use of each of the foregoing, are invalid or unenforceable, or that infringement will not arise from the manufacture, use or sale of a product by a Third Party. 

5.2 Listing of Patents. Merck Serono shall determine which of the Merck Serono Patents, if any, shall be listed for inclusion in the
Approved Drug Products with Therapeutic Equivalence Evaluations pursuant to 21 U.S.C. Section 355, or any successor law in the United States, together with any comparable laws or regulations in any other country in the Territory. Licensee shall
have the right to propose Merck Serono Patents for such listing and Merck Serono shall not unreasonably reject any such proposal. 

  
 12 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 5.3 Title to Inventions. All inventions having as inventors solely employees or
independent contractors of one Party in the course of the Parties’ performance under this Agreement, and all intellectual property rights pertaining to such inventions shall be the property of such Party. 

5.4 Patent Prosecution and Maintenance. 

(a) Licensee Patents. Licensee shall have the right to file, prosecute and maintain the Patent Rights owned by Licensee pursuant to
Section 5.3 or otherwise (such Patent Rights, the “Licensee Patents”). Licensee shall bear all costs and expenses of filing, prosecuting and maintaining Licensee Patents in the Territory. For the avoidance of doubt, Merck
Serono shall have no right whatsoever regarding any Licensee Patents, including if such Licensee Patents are entirely or partially based on Merck Serono Know-How. 

(b) Merck Serono Patents. Merck Serono shall have the first right, and the obligation, to file, prosecute and maintain Merck Serono
Patents. Merck Serono shall bear all costs and expenses of filing, prosecuting and maintaining Merck Serono Patents in the Territory. Merck Serono shall keep Licensee informed of the course of the filing and prosecution of Merck Serono Patents or
related proceedings (e.g. interferences, oppositions, reexaminations, reissues, revocations or nullifications) in the United States, the European Union, Japan, China, Canada and Australia in a timely manner, and shall take into consideration the
advice and recommendations of Licensee in that respect. At Merck Serono’s request, Licensee will provide Merck Serono with reasonable assistance in prosecuting Merck Serono Patents to the extent possible, including providing such data in
Licensee’s control that is, in Merck Serono’s reasonable judgment, needed to support the prosecution of a Merck Serono Patent; provided, however, that Merck Serono shall reimburse Licensee for Licensee’s out-of-pocket expenses
incurred in providing such assistance. 
 (c) Election not to file and prosecute Merck Serono Patents. If Merck Serono elects not to
file, prosecute or maintain a Merck Serono Patent in a country or possession in the Territory, then it shall notify Licensee in writing at least ninety (90) days before any deadline applicable to the filing, prosecution or maintenance of such
Merck Serono Patent, as the case may be, or any other date by which an action must be taken to establish or preserve such Merck Serono Patent in such country or possession. In such case, Licensee shall have the right, but not the obligation, to
pursue the filing or support the continued prosecution or maintenance of such Merck Serono Patent. If Licensee does elect to take such action in a country in the Territory, then it shall notify Merck Serono of such election, and Merck Serono shall
reasonably cooperate with Licensee in this regard. If Licensee does elect to take such action in a country in the Territory, it shall also notify Merck Serono, at the time of such election, whether Licensee requests from Merck Serono the assignment
of all its right, title and interest in and to any such Merck Serono Patent in such country. If Licensee does not request from Merck Serono such assignment 

  
 13 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
of a Merck Serono Patent, Merck Serono shall file, prosecute or maintain a Merck Serono Patent in a country or possession in the Territory and such Merck Serono Patent shall remain a Merck Patent
under which royalty payments shall be due by Licensee under Article 4 of this Agreement. If Licensee does request from Merck Serono the assignment of Merck Serono Patent Patent in a country or possession in the Territory, such Merck Serono Patent
shall become a Licensee Patent under which no royalty payments in such country or possession in the Territory shall be due by Licensee under this Agreement, and Licensee shall thereupon be responsible for all costs of filing, prosecution and
maintenance of such new Licensee Patent for aforesaid country or possession in the Territory. 
 (d) Patent Term Extension. Merck
Serono shall be responsible for obtaining patent term extensions wherever available for Merck Serono Patents, at Merck Serono costs. Licensee shall provide Merck Serono with all relevant information, documentation and assistance in this respect. Any
such assistance, supply of information and consultation shall be provided promptly and in a manner that will ensure that all patent term extensions for Licensed Products are obtained wherever legally permissible, and to the maximum extent available.
In the event that any election with respect to obtaining patent term extensions is to be made, Licensee shall have the right to make such elections, and Merck Serono shall abide by all such elections. 

5.5 Enforcement of Patents. 

(a) Notice. If either Party believes that a Merck Serono Patent is being infringed by a Third Party or if a Third Party claims that any
Merck Serono Patent is invalid or unenforceable, the Party possessing such knowledge or belief shall notify the other Party and provide it with details of such infringement or claim that are known by such Party. 

(b) Right to bring an Action. Merck Serono shall have the exclusive right to attempt to resolve such infringement or claim pertaining
to a Merck Serono Patent, including by filing an infringement suit, defending against such claim or taking other similar action (each, an “Action”) and to compromise or settle such infringement or claim. If Merck Serono does not
intend to prosecute or defend an Action, Merck Serono shall promptly inform Licensee in writing and Licensee shall have the right to initiate an Action. If Licensee does not initiate an Action with respect to such an infringement or claim within one
hundred and eighty (180) days following notice thereof, Merck Serono shall have the right to attempt to resolve such infringement or claim. The Party initiating the Action shall have the sole and exclusive right to select counsel for any suit
initiated by it pursuant to this Section 5.5. Each Party shall have the right to join an Action relating to a Merck Serono-Patent taken by the other Party, at its own expense. 

(c) Costs of an Action. Subject to the respective indemnity obligations of the Parties set forth in Article 8, the Party taking an
Action under Section 5.5 (b) shall pay all costs associated with such Action, other than the expenses of the other Party if the other Party elects to join such Action. 

  
 14 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 (d) Settlement. Neither Party shall settle or otherwise compromise any Action by admitting
that any Merck Serono Patent is invalid or unenforceable without the other Party’s prior written consent, and, in the case of Licensee, Licensee may not settle or otherwise compromise an Action in a way that adversely affects or would be
reasonably expected to adversely effect Merck Serono’s rights or benefits hereunder with respect to the Licensed Product, without Merck Serono’s prior written consent. The settlement will be treated in accordance with the law of the
country to which the settlement relates. 
 (e) Reasonable Assistance. The Party not enforcing or defending Merck Serono-Patents
shall provide reasonable assistance to the other Party, including providing access to relevant documents and other evidence and making its employees available, subject to the other Party’s reimbursement of any out-of-pocket expenses incurred by
the non-enforcing or non-defending Party in providing such assistance. 
 (f) Distribution of Amounts Recovered. Any amounts
recovered by the Party taking an Action pursuant to this Section 5.5, whether by settlement or judgment, shall be allocated in the following order: (i) to reimburse the Party taking such Action for any costs incurred, (ii) to
reimburse the Party not taking such Action for its costs incurred in such Action, if it joins such Action; and (iii) the remaining amount of such recovery shall be attributed to Licensee (as if it were Net Sales), and Licensee shall pay to
Merck Serono a royalty on such remaining amount based on the royalty rates set forth in Section 4.2. 
 5.6 Third Party Actions
Claiming Infringement. 
 (a) Notice. If a Party becomes aware of any claim or action by a Third Party against either Party that
claims that the Licensed Product, or its use, Development, manufacture or sale infringes such Third Party’s intellectual property rights (each, a “Third Party Action”), such Party shall promptly notify the other Party of all
details regarding such Third Party Action that is reasonably available to such Party. 
 (b) Right to Defend. Merck Serono shall have
the right, at its sole expense, but not the obligation, to defend a Third Party Action through counsel of its choosing. If Merck Serono declines or fails to assert its intention to defend such Third Party Action within sixty (60) days of
receipt/sending of notice under Section 5.6 (a), then Licensee shall have the right to defend such Third Party Action. The Party defending such Third Party Action shall have the sole and exclusive right to select counsel for such Third Party
Action. Each Party shall have the right to join any Third Party Action defended by the other Party, at its own expense. 
 (c)
Consultation. The Party defending a Third Party Action pursuant to Section 5.6 (b) shall be the “Controlling Party.” The Controlling Party shall consult with the non-Controlling Party on all material aspects of the
defense. The non-Controlling Party shall have a reasonable opportunity for meaningful participation in decision-making and formulation of defense strategy. The Parties shall reasonably cooperate with each other in all such actions or proceedings.
The non-Controlling Party will be entitled to be represented by independent counsel of its own choice at its own expense. 
 (d)
Appeal. In the event that a judgment in a Third Party Action is entered against the Controlling Party and an appeal is available, the Controlling Party shall have the first 

  
 15 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 right, but not the obligation, to file such appeal. In the event the Controlling Party does not desire to file
such an appeal, it will promptly, in a reasonable time period (i.e., with sufficient time for the non-Controlling Party to take whatever action may be necessary) prior to the date on which such right to appeal will lapse or otherwise diminish,
permit the non-Controlling Party to pursue such appeal at such non-Controlling Party’s own cost and expense. The non-Controlling Party shall then become the Controlling Party. If applicable law requires the non-Controlling Party’s
involvement in an appeal, the non-Controlling Party shall be a nominal party of the appeal and shall provide reasonable cooperation to the Controlling Party at the Controlling Party’s expense. 

(e) Costs of an Action. Subject to the respective indemnity obligations of the Parties set forth in Article 8, the Controlling Party
shall pay all costs associated with such Third Party Action other than the expenses of the other Party if the other Party elects to join such Action. 

(f) No Settlement Without Consent. No Controlling Party shall settle or otherwise compromise any Third Party Action by admitting that
any Merck Serono Patent is invalid or unenforceable without the non-Controlling Party’s prior written consent. 
 ARTICLE 6 -
CONFIDENTIALITY 
 6.1 Confidentiality Obligations. Each Party agrees that, for the Term and for [*] years thereafter, such Party
shall, and shall ensure that its officers, directors, employees, agents and Sublicensees shall keep completely confidential and not publish or otherwise disclose and not use for any purpose, except as expressly permitted hereunder, any Confidential
Information disclosed to it by the other Party pursuant to this Agreement. The foregoing obligations shall not apply to any Confidential Information disclosed by a Party hereunder to the extent that the receiving Party can demonstrate that such
Confidential Information: 
 (a) was already known to the receiving Party or its Affiliates, other than under an obligation of
confidentiality, at the time of disclosure; 
 (b) was generally available to the public or otherwise part of the public domain at
the time of its disclosure to the receiving Party; 
 (c) became generally available to the public or otherwise part of the public
domain after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement; 
 (d) was
subsequently lawfully disclosed to the receiving Party or its Affiliates by a Third Party without an obligation of confidentiality other than in contravention of a confidentiality obligation of such Third Party to the disclosing Party; or 

(e) was developed or discovered by employees or agents of the receiving Party or its Affiliates who had no access to the Confidential
Information of the disclosing Party. 

  
 16 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Notwithstanding the above obligations of confidentiality and non-use, a Party may disclose
information to the extent that such disclosure is reasonably necessary in connection with: 
  

	 	(i)	filing or prosecuting patent applications, subject to the terms of Section 5.3; 

  

	 	(ii)	prosecuting or defending litigation; 

  

	 	(iii)	conducting pre-clinical studies or Clinical Trials; 

  

	 	(iv)	seeking Regulatory Approval of the Licensed Product; or 

  

	 	(v)	complying with applicable law, including securities law and the rules of any securities exchange or market on which a Party’s securities are listed or traded; 

 

	 	(vi)	due diligence performed by a Third Party in connection with either Party’s business development activities, subject to such Third Parties being bound by written obligations of confidentiality that are at
least as stringent as the ones herein. 

 In addition, in connection with any permitted filing by either Party of this
Agreement with any Governmental Body, included but not limited to the U.S. Securities and Exchange Commission Agreement, the filing Party shall endeavor to obtain confidential treatment of economic, trade secret information and such other
information as may be requested by the other Party, and shall provide the other Party with the proposed confidential treatment request with reasonable time for such other Party to provide comments, and shall include in such confidential treatment
request all reasonable comments of the other Party. The filing Party shall, where reasonably practicable, give such advance notice to the other Party of such disclosure requirement as is reasonable under the circumstances and will use its reasonable
efforts to cooperate with the other Party in order to secure confidential treatment of such Confidential Information required to be disclosed. 

6.2 Publications. Licensee shall not publish any information relating to the Licensed Compounds or the Licensed Products without the
written consent of Merck Serono, which consent shall not be unreasonably withheld. Licensee shall submit to Merck Serono for Merck Serono’s written consent any publication, presentation or abstract of information related to the Licensed Product
for review and approval at least thirty (30) days prior to submission. In case Merck Serono does not object to said proposed publication, presentation or abstract within said thirty (30) day deadline, Merck Serono shall be deemed to have
approved said publication, presentation or abstract. 
 6.3 Press Releases and Disclosure. 

a) The proposed public announcement by Merck Serono of the execution of this Agreement is set forth in Exhibit A hereto. 

  
 17 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 b) Licensee may not make any subsequent press release or public announcements regarding this
Agreement or any matter covered by this Agreement, including the Development or Commercialization of Licensed Products, without the prior written consent of Merck Serono (which consent shall not be unreasonably withheld). In case Merck Serono does
not object to said press release within ten (10) business days’ deadline, Merck Serono shall be deemed to have approved the said Press Release. In the event that Licensee believes it is required to issue a press release or make an other
public announcement to comply with applicable law as a publicly-traded company and Merck Serono does not believe such public announcement is so required, Licensee may only issue such press release if (a) it obtains an opinion of legal counsel,
from a reputable law firm approved by Merck Serono, that it is required to make such disclosure to comply with applicable law and (b) after receiving such opinion, provides the text of such planned disclosure to Merck Serono no less than seven
(7) days prior to disclosure, and has incorporated all reasonable comments of Merck Serono regarding such disclosure. 
 ARTICLE 7 -
REPRESENTATIONS AND WARRANTIES 
 7.1 Merck Serono representations and warranties. 

Merck Serono represents and warranties to the Licensee that: 

a) Merck Serono has the full power, authority and right to enter into this Agreement and to perform its obligations hereunder in accordance
with the terms and conditions hereof, and all requisite corporate action has been taken to authorize Merck Serono’s execution, delivery and performance of this Agreement; 

b) The execution, delivery and performance of this Agreement by Merck Serono does not breach, violate, contravene or constitute a default
under any contract, arrangement or commitment to which Merck Serono is a party or by which it is bound, or violate any statute, law or regulation or any court, governmental body or administrative or other agency having jurisdiction over Merck
Serono; and 
 c) All consents, approvals and authorizations from all governmental authorities or other Third Parties required to be
obtained by Merck Serono in connection with the execution, delivery and performance of this Agreement have been obtained. 
 d) Merck Serono
has all right, title and interest in and to the Merck Serono Technology, and Merck Serono has not previously licensed, assigned, transferred, or otherwise conveyed any right, title or interest in and to the Merck Serono Technology to any Third
Party, including but not limited to any rights to any Licensed Compounds and Licensed Products; the Merck Serono Technology is free and clear of any liens, charges, encumbrances or rights of others to possession or use. 

e) No claims have been asserted, or, to Merck Serono’s knowledge, threatened by any Person, nor are there any valid grounds for any claim
of any such kind (i) challenging the validity, effectiveness, or ownership of Merck Serono Technology, and/or (ii) to the effect that the use, reproduction, modification, manufacturing, 

  
 18 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
distribution, licensing, sublicensing, sale or any other exercise of rights in any of Merck Serono Technology infringes or will infringe on any intellectual property right of any Person. No such
claims have been asserted or, to the knowledge of Merck Serono, are threatened. 
 f) MERCK SERONO DISCLAIMS ALL OTHER WARRANTIES EXPRESS OR
IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES TO TITLE OR NON-INFRINGEMENT, TO FREEDOM TO OPERATE, OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS OF LICENSED COMPOUND/LICENSED PRODUCT FOR A PARTICULAR PURPOSE. 

7.2 Licensee representations and warranties. 

Licensee represents and warranties to Merck Serono that: 

(a) Licensee has the full power, authority and right to enter into this Agreement and to perform its obligations hereunder in
accordance with the terms and conditions hereof, and all requisite corporate action has been taken to authorize Licensee’s execution, delivery and performance of this Agreement; 

(b) The execution, delivery and performance of this Agreement by Licensee does not breach, violate, contravene or constitute a default
under any contract, arrangement or commitment to which Licensee is a party or by which it is bound, or violate any statute, law or regulation or any court, governmental body or administrative or other agency having jurisdiction over Licensee; and

 (c) All consents, approvals and authorizations from all governmental authorities or other Third Parties required to be obtained by
Licensee in connection with the execution, delivery and performance of this Agreement have been obtained. 
 ARTICLE 8 - INDEMNIFICATION

 8.1 Indemnification by Merck Serono. Merck Serono shall defend, indemnify and hold harmless Licensee, its Affiliates,
directors, employees and agents (the “Licensee Indemnitees”) from and against any and all liability, damage, loss, cost or expense (including reasonable attorney’s fees and expenses of litigation) (“Losses”)
arising or resulting from any claims made or suits brought by Third Parties to the extent such Losses arise or result from the breach of any provision of this Agreement by Merck Serono, including a breach of any of the Merck Serono representations
and warranties set forth in Section 7.1 of this Agreement. In the event of a claim against the Licensee Indemnitees which may be subject to the foregoing indemnification obligation, the Licensee Indemnitees agree to notify Merck Serono promptly
of such claim and Merck Serono shall provide Licensee Indemnitees with any assistance Licensee Indemnitees may reasonably require in the defense of such action, at Merck Serono’s cost and expense. 

8.2 Indemnification by Licensee. Licensee shall defend, indemnify and hold harmless Merck Serono, its Affiliates, directors, employees
and agents (the “Merck Serono Indemnitees”) from and against any and all Losses arising or resulting from any claims made or suits brought by 

  
 19 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
Third Parties to the extent such Losses arise or result from (i) the breach of any provision of this Agreement by Licensee, including a breach of any of the Licensee representations and
warranties set forth in Section 7.2 of this Agreement, and (ii) a product liability claim relating to the Licensed Product. In the event of a claim against the Merck Serono Indemnitees which may be subject to the foregoing indemnification
obligation, the Merck Serono Indemnitees agree to notify Licensee promptly of such claim and Licensee shall provide Merck Serono Indemnitees with any assistance Merck Serono Indemnitees may reasonably require in the defense of such action, at
Licensee’s cost and expense. 
 ARTICLE 9 – TERM AND TERMINATION 

9.0 This Agreement shall come into force on the date of its signature by both Parties, provided the Shareholders Agreement and the
Investment Agreement are contemporaneously executed by the Parties. 
 9.1 Term of Agreement. This Agreement shall remain in force
and effect from the Effective Date and shall continue in force and effect until the end of the last-to-expire Royalty Term in any country with respect to a Licensed Product, unless the Agreement is terminated at an earlier date pursuant to Article
9.2 to 9.6 below ( the “Term”). As of the effective date of expiration of the Royalty Term in any country of the Territory, the license from Merck Serono to Licensee under Article 2 in such country shall convert to a fully paid,
royalty free, irrevocable, perpetual, exclusive, and sublicensable license under the Merck Serono Technology to research, Develop, manufacture, make, have made, use, import, export, Commercialize, offer for sale and sell the Licensed Products in
said country. 
 9.2 Termination of the Agreement by Licensee for convenience. At any time during the Term, Licensee may, at its
convenience, terminate this Agreement in its entirety upon ninety (90) days prior written notice to Merck Serono. 
 9.3 Termination
for Non-Payment. If Licensee has not paid the Upfront Payment or a royalty payment by the required respective payment dates set forth in Section 4.1 and 4.2, Merck Serono shall have the right to terminate this Agreement with ninety
(90) days prior notice to Licensee, unless Licensee has proceeded to payment within the period of such notice. Such termination shall be in addition to and not in lieu of any other remedies available to Merck Serono, at law and in equity. 

9.4 Termination for Breach Either Party may terminate this Agreement, and the rights and licenses granted hereunder, with ninety
(90) days prior notice to the other Party if the other Party breaches any material provision of this Agreement, unless the other Party cures such breach within the period of such notice. 

9.5 No Immediate Termination on Bankruptcy. To the extent permitted by applicable law, all rights and licenses granted pursuant to this
Agreement by a Party to the other Party shall not be terminated upon a Bankruptcy Event of such Party or its Affiliates, and each Party hereby claims the benefit of any applicable law which may enable it to prevent such termination. In the event of
a Bankruptcy Event of Licensee, the Licensee shall, during the 24-month period following such Bankruptcy Event, seek to enter into one or several Sublicense agreements for the Territory with 

  
 20 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 
one or several Sublicensees. Any such Sublicense shall be subject to the terms of Section 2.2. If, upon expiry of the 24-month period Licensee has failed to enter into one or more definitive
Sublicense agreement(s), Merck Serono shall have the right to terminate this Agreement and to exercise its rights under Section 9.7. During the aforementioned 24-month period, Licensee shall continue to prosecute and maintain the Licensee
Patents, if any, and shall use appropriate safeguards in order for the value and usefulness of the Licensee Know-How to be preserved. 

9.6 No Challenge. In the event that Licensee or any of its Affiliates or Sublicensee, anywhere in the world, institutes, prosecutes or
otherwise participates in (or in any way aids any Third Party in instituting, prosecuting or participating in), at law or in equity or before any administrative or regulatory body, including the U.S. Patent and Trademark Office or its foreign
counterparts, any claim, demand, action or cause of action for declaratory relief, damages or any other remedy, or for an enjoinment, injunction or any other equitable remedy, including any interference, re-examination, opposition or any similar
proceeding, alleging that any claim in a Merck Serono Patent is invalid, unenforceable or otherwise not patentable, except in the case where asserted as a defense or counterclaim to an action brought by Merck Serono against Licensee or any of its
Affiliates or Sublicensee, Merck Serono shall have the right (i) to terminate this Agreement as a whole or (ii) to terminate the license granted to Licensee or Sublicensee under such challenged Merck Serono Patent on a patent-by-patent
basis. 
 9.7 Effects of Termination. 

9.7.1 Accrued Rights and Obligations. Termination of this Agreement shall not release either Party from its obligations accrued prior to
the effective date of termination nor deprive either Party from any rights that this Agreement provides shall survive termination. The provisions of Article 6 (Confidentiality), Article 8 (Indemnification), Section 9.6 (No Challenge) and 9.7
(Effects of Termination) shall survive any termination of this Agreement. 
 9.7.2 Termination by Licensee pursuant to Section 9.2
or by Merck Serono pursuant to Sections 9.3, 9.4, 9.5 or 9.6. Upon any termination of this Agreement by Licensee pursuant to Section 9.2 or by Merck Serono pursuant to Sections 9.3, 9.4, 9.5 or 9.6 (being understood that the effects
mentioned below will occur only to the extent permitted by applicable law if the termination results from the application of Section 9.5 on bankruptcy): 
  

	 	(1)	all licenses granted to Licensee under Section 2.1 shall terminate; 

  

	 	(2)	Licensee shall return to Merck Serono (or at Merck Serono’s request, destroy) all relevant records and materials (including Merck Serono Materials) in its possession or control containing or comprising the
Merck Serono Know-How or such other Confidential Information of Merck Serono. 

  

	 	(3)	Licensee shall automatically grant Merck Serono an exclusive, sublicensable, royalty-free license under the Licensee Patents and the Licensee Know-How, if any, to research, Develop, make, have made, import,
export, use and Commercialize the Licensed Products in the Field in the Territory. 

  
 21 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

	 	(4)	Licensee shall promptly and fully disclose and transfer to Merck Serono the Licensee Know How; 

  

	 	(5)	Licensee shall, upon written request by Merck Serono and subject to Merck Serono assuming legal responsibility for any Clinical Trials of the Licensed Product then ongoing, transfer to Merck Serono, at
Licensee’s cost and expense, all regulatory documentation and Regulatory Approvals prepared or obtained by or on behalf of Licensee prior to the date of such termination, to the extent solely related to Licensed Products and transferable;

  

	 	(6)	To the extent not prohibited by law, Licensee shall either wind down any ongoing Clinical Trials with respect to the Licensed Product, or at Merck Serono’s option, transfer such Clinical Trials to Merck
Serono at Licensee’s cost; 

  

	 	(7)	Licensee shall, at Merck Serono’s option, transfer to Merck Serono free of charge any and all chemical, biological or physical materials relating to or comprising the Licensed Products, including clinical
supplies of Licensed Products, that are owned or Controlled by Licensee. 

  

	 	(8)	Licensee and its Affiliates and Sublicensees shall be entitled, during the eighteen (18) month period following such termination, to sell any commercial inventory of Licensed Products which remains on hand
as of the date of the termination, so long as Licensee pays to Merck Serono the royalties applicable to said subsequent sales in accordance with the terms and conditions set forth in this Agreement. Any commercial inventory remaining following such
eighteen (18) month period shall be offered for sale to Merck Serono, at a price equal to be mutually agreed upon between the Parties in good faith. 

9.7.3 Save as set forth in Section 9.7 and to the extent permitted by applicable law, upon any termination of this Agreement, each
of Licensee’s Sublicensees shall continue to have the rights and license set forth in their respective Sublicense agreements, which agreements shall be automatically assigned to Merck Serono, provided however, that such Sublicensee is not then
in breach of any of its material obligations under its Sublicense agreement and provided further that the terms of the Sublicense are at least as favourable as the ones herein and do not impose any obligations on Merck Serono that are not expressly
set forth herein. 
 ARTICLE 10 - MISCELLANEOUS 

10.1 Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed to constitute a partnership, agency, joint
venture or employer-employee relationship between the Parties. 

  
 22 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 10.2 Assignment. 

(a) Except as expressly provided herein, neither this Agreement nor any interest hereunder shall be assignable, nor any other obligation
delegable, by Licensee without the prior written consent of Merck Serono (not to be unreasonably withheld or delayed). Notwithstanding the foregoing, Licensee may assign this Agreement in whole without the consent of Merck Serono to (a) any
Affiliate or (b) a successor to substantially all of the business of the Licensee to which this Agreement relates, in connection with any company merger, company trade sale, sale of stock, sale of assets or other similar transaction. 

(b) Merck Serono may assign this Agreement, in whole or in part, to any Affiliate or a successor in interest without the consent of Licensee.
Merck Serono shall give written notice to Licensee promptly following any such assignment. 
 (c) No assignment under this Section 10.2
shall relieve the assigning party of any of its responsibilities or obligations hereunder and provided, further, that as a condition of such assignment, the assignee shall agree to be bound by all obligations of the assigning Party hereunder. 

(d) This Agreement shall be binding upon the successors and permitted assigns of the Parties. 

(e) Any assignment not in accordance with this Section 10.2 shall be void. 

10.3 Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments and to do all such other acts as
may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 
 10.4 Accounting Procedures. Each
Party shall calculate all amounts hereunder and perform other accounting procedures required hereunder and applicable to it in accordance with either, as applicable (a) United States generally accepted accounting principles (US GAAP) or
(b) International Financial Reporting Standard (IFRS), whichever is normally used by such Party to calculate its financial position, and in each case consistently applied by such Party. 

10.5 Force Majeure. Neither Party shall be liable to the other for failure or delay in the performance of any of its obligations under
this Agreement for the time and to the extent such failure or delay is caused by acts of God, earthquake, riot, civil commotion, terrorism, war, strikes or other labor disputes, fire, flood, failure or delay of transportation, default by suppliers
or unavailability of raw materials, governmental acts or restrictions or any other reason which is beyond the control of the respective Party. The Party affected by force majeure shall provide the other Party with full particulars thereof as soon as
it becomes aware of the same (including its best estimate of the likely extent and duration of the interference with its activities), and will use Commercially Reasonable Efforts to overcome the difficulties created thereby and to resume performance
of its obligations hereunder as soon as practicable. 
 10.6 No Trademark Rights. No right, express or implied, is granted by this
Agreement to a Party to use in any manner the name or any other trade name or trademark of the other Party in connection with the performance of this Agreement or otherwise. 

  
 23 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 10.7 Entire Agreement of the Parties; Amendments. This Agreement and the schedules and
exhibits hereto constitute and contain the entire understanding and agreement of the Parties respecting the subject matter hereof and cancel and supersede any and all prior negotiations, correspondence, understandings and agreements between the
Parties, whether oral or written, regarding such subject matter. No waiver, modification or amendment of any provision of this Agreement shall be valid or effective unless made in a writing referencing this Agreement and signed by a duly authorized
officer of each Party. 
 10.8 Captions. The captions to this Agreement are for convenience only, and are to be of no force or effect
in construing or interpreting any of the provisions of this Agreement. 
 10.9 Disputes. If a dispute or difference arises under or
in connection with this Agreement or hereunder between Merck Serono and the Licensee, including but not limited to any dispute or difference as to its interpretation, validity or termination (a “Dispute”) the Parties agree first to
use all reasonable endeavours in good faith to settle the Dispute. A Party claiming that a Dispute has arisen must give notice to the other Party specifying the nature of the Dispute and requesting that the Dispute be resolved by the Executive
Officers within fifteen (15) days of their first consideration of such dispute. If the Executive Officers cannot resolve such dispute within fifteen (15) days of their first consideration of such dispute, then, at any time after such
fifteen (15) days period, either Party may proceed to enforce any and all of its rights with respect to such dispute. 
 10.10
Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of Switzerland, and will be subject to the exclusive jurisdiction of the courts of competent jurisdiction located in the Canton of Geneva. 

10.11 Notices and Deliveries. Any notice, request, approval or consent required or permitted to be given under this Agreement shall be
in writing and shall be deemed to have been sufficiently given if delivered in person, transmitted by facsimile (receipt verified) or by express courier service (signature required) to the Party to which it is directed at its address or facsimile
number shown below or such other address or facsimile number as such Party shall have last given by notice to the other Party. 
 If to
Merck Serono, addressed to: 
 ARES TRADING SA 

Zone Industrielle de l’Ouriettaz 

1170 Aubonne 
 Switzerland 

Facsimile: [*] 
 With a copy to:

 Merck Serono S.A. - Aubonne 

Zone Industrielle de l’Ouriettaz 

1170 Aubonne 
 Switzerland 

Attn: Legal Department 

Facsimile: [*] 

  
 24 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 If to Licensee, addressed to: 

OBSEVA S.A. 
 29, Chemin de
Planta 
 CH-1223 Cologny 

Switzerland 
 Attn: [*] 

10.12 Waiver. A waiver by either Party of any of the terms and conditions of this Agreement in any instance shall not be deemed or
construed to be a waiver of such term or condition for the future, or of any other term or condition hereof. All rights, remedies, undertakings, obligations and agreements contained in this Agreement shall be cumulative and none of them shall be in
limitation of any other remedy, right, undertaking, obligation or agreement of either Party. 
 10.13 Severability. When possible,
each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. The Parties shall make a good faith effort to replace the invalid or unenforceable provision with a valid one which in its
economic effect is most consistent with the invalid or unenforceable provision. 
 10.14 Counterparts. This Agreement may be executed
in one or more counterparts, each of which will be deemed an original, and all of which together will be deemed to be one and the same instrument. A facsimile or a portable document format (PDF) copy of this Agreement, including the signature pages,
will be deemed an original. 

  
 25 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered in duplicate by their duly authorized representatives with legal and binding effect as of the date first above written. 
  

									
	OBSEVA S.A.	 		 	ARES TRADING SA
					
	By:	 	 /s/ Ernest Loumaye
	 		 	By:	 	 /s/ James Singleton

	Name:	 	 Ernest Loumaye
	 		 	Name:	 	 James Singleton

	Title:	 	 CEO
	 		 	Title:	 	 Authorized Representative

					
		 		 		 	By:	 	 /s/ Cedric Hyde

		 		 		 	Name:	 	 Cedric Hyde

		 		 		 	Title:	 	 Authorized Representative

  
 26 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Schedule 1.23 

Licensed Compounds 
  

	•	 	[*]: Pyrrolidine Derivatives as Oxytocin Antagonists 

  

	•	 	[*]: Pyrrolidine Derivatives as Oxytocin Antagonists 

  

	•	 	[*]; Pyrrolidine Oxadiazole and Thiadiazole Oxime Derivatives Being Oxytocin Receptor Antagonists 

  

	•	 	[*]: Pyrrolidine Oxadiazole and Thiadiazole Oxime Derivatives Being Oxytocin Receptor Antagonists 

  
 27 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Schedule 1.27 

Merck Serono Know-How 
 [*] 

  
 28 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Schedule 1.28 

Merck Serono Materials 

[*] 

  
 29 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Schedule 1.29 

Merck Serono Patents 
 [*] 

  
 30 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 

  

 Exhibit A 

Press release 

  
 31 

 [*] = Certain confidential information contained in this document, marked by brackets, has been omitted and
filed separately with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

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