Document:

EX-10.18

 Exhibit 10.18 

RESEARCH, OPTION AND LICENSE AGREEMENT 

This Research, Option and License Agreement (hereinafter “Agreement”), effective as of April 27, 2015 (the “Effective
Date”), is made by and between Spark Therapeutics, Inc., a Delaware corporation with corporate offices at 3737 Market Street, Suite 1300, Philadelphia, PA 19104 (“Spark”) and Clearside Biomedical, Inc., a Delaware
corporation with corporate offices at 1220 Old Alpharetta Rd., Suite 300, Alpharetta, GA 30005 (“Clearside”) (each, a “Party” and collectively, the “Parties”). 

Whereas, Spark is a biopharmaceutical company specializing in the development of gene therapies. 

Whereas, Clearside is a biopharmaceutical company with proprietary technology designed to administer drugs to the targeted tissue of the eye using a
microneedle injection into the suprachoroidal space and related formulation technology (the “Clearside Technology”). 

Whereas, Spark desires to collaborate with Clearside on researching the use of Clearside Technology for the delivery of gene therapies, and, if such
efforts are successful, Spark desires to have the right to further develop and commercialize gene therapy products delivered using the Clearside Technology. 

Now, therefore, in consideration of the mutual covenants and agreements provided herein below and other consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS AND INTERPRETATION 
  

	1.1	Definitions. Unless the context otherwise requires, the terms in this Agreement, when used with initial capital letters, shall have the meanings set forth below or at their first use in this Agreement:

 “Affiliate” means, with respect to a Party, any person, corporation, firm, joint venture or other entity
which, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Party. As used in this definition, “control” means the possession of the majority of the ownership, or the
power to direct or cause the direction of the management and policies, of an entity, whether through the ownership of the outstanding voting securities thereof, by contract or otherwise. Notwithstanding the foregoing, CHOP shall be deemed to not be
an Affiliate of Spark. 
 “Annual Net Sales” means, with respect to a particular calendar year, all Net Sales of a Licensed
Product or multiple Licensed Products in the Field in the Territory during such calendar year. 
 “Bankruptcy Laws” is
defined in Section 3.6. 

  
 CONFIDENTIAL TREATMENT
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 “CHOP” means The Children’s Hospital of Philadelphia. 

“Clearside Background IP” means all Patents and Know-How relating to the Clearside Technology (a) that are Controlled by
Clearside or its Affiliates as of the Effective Date, including the Patents set forth on Exhibit B or (b) that become Controlled by Clearside or its Affiliates on or after the Effective Date independent of the activities undertaken
hereunder and that claim or embody Clearside Technology or improvements thereto. In no event shall the term “Clearside Background IP” include Patents or Know-How of any Person that becomes an Affiliate of Clearside after the Effective
Date, provided that such excluded Patents and Know-How of such future Affiliate of Clearside claim and embody only technology that is conceived and reduced to practice independently from the Clearside Technology and do not comprise improvements
thereto. 
 “Clearside Collaboration IP” is defined in Section 8.1(b)(i). 

“Clearside IP” means Clearside Background IP, Clearside Collaboration IP, and Clearside’s interest in Joint Collaboration
IP. 
 “Clearside Technology” is defined in the Preamble. 

“Clinical Trial” means any study of a product in human subjects. 

“Collaboration IP” means the Clearside Collaboration IP, the Spark Collaboration IP and the Joint Collaboration IP. 

“Commercialization” means activities directed to marketing, promoting, distributing or selling a Licensed Product, including
all activities directed to obtaining pricing approval in the Territory; and excluding Development, Manufacturing and supply of such product. “Commercialize” and “Commercializing” shall have their correlative
meanings. 
 “Commercially Reasonable Efforts” means (a) with respect to the efforts to be expended by a Party with
respect to an agreed objective, except as otherwise provided in clause (b), 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
Spark’s obligations relating to the Development or Commercialization of Licensed Product(s) pursuant to Section 4.1 or Section 5.1, the efforts and resources normally used by a company in the biopharmaceutical industry for a product
that is of similar market potential at a similar stage in its Development or product life, taking into account all relevant factors, including the potential profitability of the product, the costs and risks of Developing, Manufacturing and
Commercializing the product, scientific, safety and regulatory concerns, product profile, the competitiveness of the marketplace and the proprietary position of the product. Commercially Reasonable Efforts under the foregoing clause (b) shall
be determined on a country-by-country or market-by-market basis (as most applicable) for a Licensed Product, and it is anticipated that the level of effort will change over time, including to reflect changes in the status of the Licensed Product and
the countries (or markets) involved. 

  
 CONFIDENTIAL TREATMENT
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 “Confidential Information” means any confidential information disclosed in any
form whatsoever by one Party to the other Party, including the content of the transactions contemplated herein, all technology belonging to the disclosing Party and any improvements thereto, any information relating to a Party’s interests,
business, finances, products, operations, sales, marketing, customers, suppliers and suppliers’ bills of materials, trade secrets, Know-How, data, processes, methods, techniques, formulas, test data, presentations, analyses, studies, patent
applications (as long as unpublished and/or undisclosed), financial data, product development, assays, strategic and market research information, other relevant marketing information, clinical data and any other information, whether developed in
connection with this Agreement or not. 
 “Control” means with respect to any Know-How, Patent or other tangible or
intangible intellectual property right, the possession (whether by ownership or license, other than licenses granted pursuant to this Agreement) by a Party or its Affiliate of the ability to grant to the other Party access to, ownership of, or a
license or sublicense under, such Know-How, Patent, or other intellectual property, in each case as provided under this Agreement, without violating the terms of any agreement or other arrangement with any Third Party. 

“Development” means, with respect to a product, research (other than Research) and any and all processes and activities
conducted to obtain and maintain Marketing Authorization for a product, including pre- and post-marketing approval clinical studies and activities relating to development or preparation of such product for Commercialization. Development includes
performance of Clinical Trials. “Develop” and “Developing” shall have their correlative meanings. 

“Dollar” or “$” means the legal currency of the United States. 

“Early Stage Sublicense” means a sublicense under Clearside Background IP that includes the right to Commercialize in the
Field a Licensed Product as to which Spark has not, prior to the grant of such sublicense, dosed an aggregate of ten (10) or more subjects in one or more clinical study(-ies) with the applicable Gene Therapeutic (i.e., the applicable
combination of Vector and nucleic acid(s)). 
 “Early Stage Sublicense Revenue” shall mean, with respect to any Licensed
Product that is the subject of an Early Stage Sublicense, the aggregate consideration received by Spark or its Affiliates in consideration for granting the Early Stage Sublicense with respect to such Licensed Product, including license fees, sales
and other milestone fees and minimum royalties (in excess of earned royalties), but excluding (i) royalties on Net Sales, (ii) proceeds from the issuance of debt or equity securities of Spark or its Affiliates up to the fair market value
of such securities at the time of their issuance to the Early Stage Sublicensee (with any excess proceeds over such fair market value to be included 

  
 CONFIDENTIAL TREATMENT
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in Early Stage Sublicense Revenue) and (iii) payments received by Spark or its Affiliates to fund or reimburse the actual costs of its research, development and similar services (including
such amounts calculated on a commercially reasonable full-time equivalent, or FTE, rate basis, which FTE rates may include normal and customary allocations of overhead) for such Licensed Product performed for such Early Stage Sublicensee during the
term of the Early Stage Sublicense. 
 “Early Stage Sublicensee” means any Third Party that is a sublicensee under an Early
Stage Sublicense granted in accordance with Section 3.4(b). 
 “Emory License Agreement” means the License Agreement between
Emory University, the Georgia Tech Research Corporation and Clearside, executed on July 4, 2012, as amended as of April 2, 2014, and otherwise from time to time. 

“Field” means delivery of any ocular Gene Therapeutic for all ophthalmic therapeutic, diagnostic, prophylactic, palliative and
veterinary purposes. 
 “First Commercial Sale” means, with respect to a Licensed Product and a country, the first sale of
such Licensed Product in such country for use or consumption in commerce made by Spark, its Affiliates or sublicensees after all required Marketing Authorizations have been received from the applicable Regulatory Authority for such country. Sales
for Clinical Trial purposes or compassionate, named patient or similar use shall not constitute a First Commercial Sale. 
 “Gene
Therapeutic” means any product incorporating a Vector and a nucleic acid that confers a therapeutic benefit. 
 “Government
Authority” means any multi-national, federal, state, local, municipal or other government authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, court or
other tribunal). 
 “IND” means an Investigational New Drug application as defined in the U.S. Federal Food, Drug, and
Cosmetic Act, as amended, and applicable regulations promulgated thereunder by the U.S Food and Drug Administration (“FDA”), or an equivalent application submitted to an equivalent Regulatory Authority in any other country or
jurisdiction in the Territory, the filing of which is necessary to initiate Clinical Trials in such country or jurisdiction, including a clinical trial application. 

“Invention” means any discovery, development, innovation, modification, update, enhancement, improvement or invention (whether
or not patentable) that is conceived, made, developed or reduced to practice in activities undertaken under this Agreement. 
 “Joint
Collaboration IP” is defined in Section 8.1(b)(iii). 
 “Joint Data” is defined in Section 8.1(b)(iii). 

  
 CONFIDENTIAL TREATMENT
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 “Know-How” means any tangible and intangible information, data, results
(including pharmacological, research and development data, reports and batch records), and materials, discoveries, improvements, inventions, compositions of matter, cell lines, assays, sequences, processes, methods, knowledge, protocols, formulas,
utility, formulations, inventions (whether patentable or not), strategy, know-how and trade secrets, and all other scientific, pre-clinical, clinical, regulatory, manufacturing, marketing, financial and commercial information or data, in each case
that either Party has treated as confidential or proprietary information. 
 “Law” means the applicable laws, rules and
regulations, including any rules, regulations, guidelines or other requirements of any Government Authorities (including any Regulatory Authorities) that may be in effect from time to time in any country or jurisdiction of the Territory. 

“Licensed Product” means any product that incorporates a Gene Therapeutic delivered with the use of a Microinjector. 

“Major EU Country” means France, Germany, Italy, Spain or the United Kingdom. 

“Manufacture” means activities directed to the manufacture, receipt, incoming inspections, storage and handling of raw
materials and the manufacture, processing, formulation, packaging, labeling, warehousing, quality control testing (including in-process release and stability testing), supplying, shipping and release of a product, as the case may be and to the
extent applicable, including manufacturing process development, scale-up and validation. “Manufacturing” shall have the correlative meaning. 

“Marketing Authorization” means the technical, medical and scientific licenses, registrations, authorizations and approvals
(including supplements and amendments, pre- and post-approvals, pricing approvals, and labeling approvals) of any Regulatory Authority necessary for the Commercialization of a product in the Field in such Regulatory Authority’s jurisdiction in
the Territory. 
 “Microinjector” means any device containing a microneedle for injecting material into the suprachoroidal
space that comprises Clearside Technology. 
 “Net Sales” of a Licensed Product in a particular period means the amount
calculated by deducting from invoiced sales of such Licensed Product made by or on behalf of Spark or its Affiliates or sublicensees (other than Early Stage Sublicensees) (a “Selling Party”) to Third Parties for such period:
(a) normal, customary trade discounts (including volume discounts), credits, chargebacks, reductions and rebates; (b) allowances and adjustments for rejections, recalls, outdated products or returns (in each event whether voluntary or
required); (c) freight, shipping, insurance, sales, use, excise, value-added, consumption and similar tariffs, taxes or duties imposed on such sale; (d) credits actually given or allowances actually made for wastage replacement,
Medicare/Medicaid or other governmental rebates, indigent patient, compassionate use and similar programs to 

  
 CONFIDENTIAL TREATMENT
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provide Licensed Product on at-cost (or lower) basis, to the extent actually deducted from the gross amount invoiced and either not required to be paid by or refunded to the customer or other
payor; (e) annual fees due under Section 9008 of the United States Patient Protection and Affordable Care Act of 2010 (Pub. L. No. 111-48) allocable to sales of such Licensed Product; (f) compensation paid to Third Party
distributors and wholesalers for maintaining agreed inventory levels; and (g) uncollectible amounts included in Net Sales on previously sold Licensed Products. Each of the foregoing deductions shall be determined on a basis consistent with the
Selling Party’s audited consolidated financial statements and consistently applied across all products of the Selling Party. Even if there is overlap between any of deductions described in (a) through (g), each individual item shall only
be deducted once in the overall Net Sales calculation. 
 Licensed Products transferred between Selling Parties and Early Stage Sublicensees
shall not count toward Net Sales unless the Early Stage Sublicensee is an end-user of such Licensed Product. 
 In the event that a Licensed
Product under this Agreement is sold in combination (a “Combination Product”) with active ingredient(s) other than Gene Therapeutics delivered via Microinjector (“Supplemental Ingredient(s)”), then “Net
Sales” of the Combination Product shall be calculated using one of the following methods: 
 (x) By multiplying the Net
Sales of the Combination Product (calculated prior to the application of this formula) by the fraction A/A+B, where A is the average gross selling price, during the applicable quarter in the country concerned, of the Licensed Product when sold
separately, and B is the average gross selling price, during the applicable quarter in the country concerned, of the Supplemental Ingredient(s) when sold separately; or 

(y) In the event that no such separate sales are made of the Licensed Product or any of Supplemental Ingredients in such
Combination Product during the applicable quarter in the country concerned, Net Sales shall be calculated using the above formula where A is the reasonably estimated commercial value of the Licensed Product sold separately and B is the reasonably
estimated commercial value of the Supplemental Ingredient(s) sold separately. Any such estimates shall be determined using criteria to be mutually agreed upon by the Parties. Such estimates shall be reported to Clearside in the reports to be
provided pursuant to Section 7.7(b). If the Parties are unable to agree on the criteria for determining such estimates, either Party may submit such dispute for resolution pursuant to the provisions of Article 13. 

For the avoidance of doubt, active ingredients that are Gene Therapeutics delivered via Microinjectors do not constitute Supplemental
Ingredients, and no license is granted to Spark hereunder with respect to the use of Microinjectors to deliver active ingredients other than Gene Therapeutics. 

  
 CONFIDENTIAL TREATMENT
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 “New Microinjector” means a New Spark Microinjector, a New Clearside
Microinjector or a Third Party-Funded New Microinjector, each as defined or described in Section 4.6. 
 “Option” is defined
in Section 3.1. 
 “Option Exercise Date” is defined in Section 3.1. 

“Option Exercise Period” means the Option Period #1 Exercise Period or the Option Period #2 Exercise Period, as applicable.

 “Option Period #1” shall, unless otherwise mutually agreed by the Parties, be a period of six (6) months from the
Effective Date, and is subject to extension pursuant to Section 2.4. 
 “Option Period #1 Exercise Period” means the period
commencing upon the Effective Date and ending thirty (30) days after the later to occur of (i) Spark’s receipt of all data from the Research conducted pursuant to the Option Period #1 Workplan or (ii) the expiration of Option
Period #1. 
 “Option Period #1 Workplan” means the initial Option Period #1 Workplan attached hereto as Exhibit A-1,
as such workplan may be modified by the Parties in accordance with Section 2.2. 
 “Option Period #2” shall, unless
otherwise mutually agreed by the Parties, be a period of twelve (12) months commencing upon Spark’s election to initiate Option Period #2 in accordance with Section 2.3, and is subject to extension pursuant to Section 2.4. 

“Option Period #2 Exercise Period” means the period commencing upon Spark’s election to commence Option Period #2 in
accordance with Section 2.3 and ending ninety (90) days after the later of (i) Spark’s receipt of all data from the Research conducted pursuant to the Option Period #2 Workplan or (ii) the expiration of Option Period #2 .

 “Option Period #2 Workplan” means the initial Option Period #2 Workplan attached hereto as Exhibit A-2, as such
workplan may be modified by the Parties in accordance with Section 2.3. 
 “Option Periods” means Option Period #1 and
Option Period #2. 
 “Patent” means (a) any patent, re-examination, reissue, renewal, extension, supplementary
protection certificate and term restoration, any confirmation patent or registration patent or patent of addition based on any such patent, (b) any pending application for patents, including provisional, converted provisional, continuations,
continuations-in-part, divisional and substitute applications, and inventors’ certificates, (c) all foreign counterparts of any of the foregoing, and (d) all applications claiming priority to any of the foregoing. 

  
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 “Person” means any individual, incorporated or unincorporated organization or
association, Government Authority, or other entity. 
 “Pivotal Clinical Study” means a well-controlled, randomized pivotal
study in the Field in human patients of a Licensed Product designed to ascertain efficacy and safety of such Licensed Product for the purposes of enabling the preparation and submission of applications for Marketing Authorization to the competent
Regulatory Authorities in a country of the Territory and that is adequate to satisfy the requirements of 21 C.F.R. § 312.21(c) or its equivalent in that country. 

“Prosecution and Maintenance” means, with respect to a Patent, the preparing, filing, prosecuting and maintenance of such
Patent, as well as re-examinations, reissues, requests for Patent term extensions and the like (including Supplementary Protection Certificates and other ex-US equivalents) with respect to such Patent, together with the conduct of interferences, the
defense of oppositions and other similar post-grant proceedings with respect to the particular Patent; and “Prosecute and Maintain” shall have the correlative meaning. 

“Regulatory Authority” means, in a particular country or jurisdiction in the Territory, any applicable Governmental Authority
involved in granting (a) approval to initiate or conduct clinical testing in humans, (b) the authorizations, approvals, licenses, permits, consents, registrations and filings necessary for the Commercialization of a product in a country in
the Territory including Marketing Authorizations and manufacturing licenses, or (c) to the extent required in such country or jurisdiction, pricing approval for a product in such country or jurisdiction. 

“Regulatory Exclusivity” means, with respect to a Licensed Product and a country in the Territory, any exclusive marketing
rights or data exclusivity rights conferred by a Regulatory Authority or other applicable Government Authority in such country, other than a Patent, including biological reference product exclusivity, orphan drug exclusivity, pediatric exclusivity
and other relevant exclusivity rights, including those conferred in the European Union under Directive 2001/EC/83 and rights similar thereto in any country in the Territory. 

“Regulatory Materials” means regulatory applications, submissions, notifications, registrations, Marketing Authorizations or
other submissions made to or with a Regulatory Authority that are necessary or reasonably desirable in order to Develop, Manufacture or Commercialize the Licensed Products in the Field in a particular country. 

“Research” means the activities to be performed by the Parties pursuant to the Workplans. 

“Royalty Term” means, as to a Licensed Product and a country, the period commencing on the First Commercial Sale of such
Licensed Product in such country and terminating upon the expiration of the last-to-expire Valid Claim included in the Clearside IP that 

  
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covers the manufacture, use, offer for sale or sale of the Microinjector contained in such Licensed Product in such country (including as such Microinjector is incorporated into such Licensed
Product). 
 “Spark Background IP” means all Patents and Know-How relating to Gene Therapeutics that are Controlled by Spark
or its Affiliates as of the Effective Date or become Controlled by Spark or its Affiliates on or after the Effective Date independent of the activities undertaken hereunder. 

“Spark Collaboration IP” is defined in Section 8.1(b)(ii). 

“Spark IP” means the Spark Background IP, the Spark Collaboration IP and Spark’s interest in the Joint Collaboration IP.

 “Standard Microinjector” means a Microinjector meeting the technical specifications set forth on Exhibit D. 

“Territory” means worldwide. 

“Third Party” means any Person other than Clearside, Spark or any Affiliate of either Party. 

“Valid Claim” means (a) an issued and unexpired claim of a Patent that has not been revoked or held unenforceable,
unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction, which is not appealable or has not been appealed within the time allowed for appeal, and which has not been abandoned, disclaimed, denied or
admitted to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise, or (b) pending claim of a Patent that has been pending for less than five (5) years from the filing of the earliest patent application from
which such pending claim derives priority and that has not been cancelled, withdrawn or abandoned or finally rejected. 

“Vector” means a DNA molecule used to deliver foreign genetic material to a cell. 

“Workplans” mean the Option Period #1 Workplan and, if applicable, the Option Period #2 Workplan. 

 

	1.2	Interpretation. The captions and headings 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. Unless specified to
the contrary, references to Sections or Exhibits shall refer to the particular Sections or Exhibits of or to this Agreement and references to this Agreement include all Exhibits hereto. Unless context otherwise clearly requires, whenever used in
this Agreement: 

 (a) the words “include” or “including” shall be construed as incorporating, also,
“but not limited to” or “without limitation;” 

  
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 (b) the word “day,” “quarter” or “year” (and derivatives thereof,
e.g., “quarterly”) shall mean a calendar day, calendar quarter or calendar year unless otherwise specified (and “annual” or “annually” refer to a calendar year); 

(c) the word “notice” shall mean notice in writing (whether or not specifically stated) and shall include notices, consents,
approvals and other written communications contemplated under this Agreement; 
 (d) the word “hereof,” “herein,”
“hereby” and derivative or similar word refers to this Agreement (including any Exhibits); 
 (e) the word “or” shall
have its inclusive meaning identified with the phrase “and/or;” 
 (f) the words “will” and “shall” shall have
the same obligatory meaning; 
 (g) provisions that require that a party or the parties hereunder “agree,” “consent” or
“approve” or the like shall require that such agreement, consent or approval be specific and in writing, whether by written agreement, letter, approved minutes or otherwise; 

(h) words of any gender include the other gender; and 

(i) words using the singular or plural number also include the plural or singular number, respectively. 

ARTICLE 2 
 RESEARCH
COLLABORATION 
  

	2.1	Scope of Collaboration. Clearside and Spark shall, in accordance with the terms and conditions of this Agreement, collaborate during Option Period #1 and, if Spark elects to initiate Option Period #2 pursuant to
Section 2.3 in Spark’s sole discretion, during Option Period #2, on research relating to the application of Clearside Technology to gene therapy, as further set forth in this Article 2. During Option Period #1 and, if Spark elects to
initiate Option Period #2 pursuant to Section 2.3 in Spark’s sole discretion, during Option Period #2, Clearside shall not participate in any human clinical study, primate study or GLP safety study conducted hereunder associated with Gene
Therapeutics beyond providing Standard Microinjectors for such studies. 

  

	2.2	Option Period #1. Clearside shall collaborate exclusively with Spark during Option Period #1 to conduct initial proof-of-principle experiments, including in vivo studies of Clearside Technology and its
application to gene therapy, in accordance with the Option Period #1 Workplan. Following the conduct of initial experiments under the Option Period #1 Workplan, the Parties will agree in good faith on appropriate modifications, if any, to the Option
Period #1 Workplan. Each Party shall use Commercially Reasonable Efforts to carry out the responsibilities under the Option Period #1 Workplan assigned to such Party. 

  
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	2.3	Option Period #2. During Option Period #1, the Parties shall agree on an initial workplan for follow-on studies consistent with Exhibit A-2 including a budget therefor (the “Option Period #2
Workplan”) that would (if Spark does not exercise the Option during the Option Period #1 Exercise Period and elects to initiate Option Period #2 as set forth below) be undertaken to establish the utility of Clearside Technology and its
application to gene therapy. If Spark does not exercise the Option during the Option Period #1 Exercise Period, then, within thirty (30) days thereafter, Spark shall notify Clearside in writing as to whether or not Spark intends to initiate
Option Period #2. If Spark elects to initiate Option Period #2, the Parties shall collaborate on the conduct of follow-on studies in accordance with the initial Option Period #2 Workplan and thereafter will agree in good faith on appropriate
modifications, if any, to the Option Period #2 Workplan. If Option Period #2 is initiated by Spark as set forth above, each Party shall use Commercially Reasonable Efforts to carry out the responsibilities under the Option Period #2 Workplan
assigned to such Party. 

  

	2.4	Option Period Extensions. Clearside will not unreasonably withhold its agreement to extensions of Option Period #1 or Option Period #2 to the extent such extensions are necessary to complete the scope of work
contemplated in the Option Period #1 Workplan or the Option Period #2 Workplan, respectively. 

  

	2.5.	Research Supplies; Costs. Spark shall provide Gene Therapeutics at no charge, and Clearside shall provide the Standard Microinjectors at no charge, in each case as needed for Research conducted as part of Option
Period #1 and, if applicable, Option Period #2. All other expenses incurred in the conduct of the Research shall be borne by the Parties as set forth in Section 7.2. 

ARTICLE 3 
 OPTION AND
LICENSES 
  

	3.1	Option. Spark shall have the right to exercise an option to obtain the exclusive license set forth in Section 3.3(b) (the “Option”) at any time during the Option #1 Period Exercise Period
or, if Spark initiates Option Period #2, during the Option #2 Period Exercise Period, in either case by providing written notice of exercise to Clearside within the applicable Option Exercise Period (the date of such notice, the “Option
Exercise Date”). If Spark does not exercise the Option within the Option #1 Period Exercise Period and does not elect to initiate Option Period #2 in accordance with Section 2.3, or if Spark elects to initiate Option Period #2 in
accordance with Section 2.3 and does not exercise the Option within the Option #2 Period Exercise Period, then this Agreement shall terminate at the end of the applicable Option Exercise Period in accordance with Section 10.1.

  

	3.2	Grants to Spark. 

 (a) Research License. Subject to the terms and conditions of
this Agreement and, in the case of intellectual property rights licensed to Clearside pursuant to the Emory 

  
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License Agreement, the applicable terms of the Emory License Agreement set forth in Exhibit C, Clearside hereby grants Spark a royalty-free, non-exclusive license, without any right to
grant sublicenses, under the Clearside IP solely to the extent necessary for Spark to perform activities allocated to Spark under the Workplans. 

(b) Commercialization License. Subject to the terms and conditions of this Agreement and, in the case of intellectual property rights
licensed to Clearside pursuant to the Emory License Agreement, the applicable terms of the Emory License Agreement set forth in Exhibit C, effective upon timely payment of the option exercise fee provided for in Section 7.3, Clearside
hereby grants to Spark an exclusive license, with the right to grant sublicenses in accordance with Section 3.4, under the Clearside IP to Research, Develop, have Developed, Manufacture, have Manufactured, Commercialize and have Commercialized
Licensed Products in the Field in the Territory, provided that Clearside shall retain the exclusive right to manufacture and supply to Spark the Microinjector component of Licensed Products subject to and in accordance with Article 6. 

 

	3.3	Grant to Clearside. Subject to the terms and conditions of this Agreement, Spark hereby grants Clearside (i) a royalty-free, non-exclusive license, without any right to grant sublicenses, under the Spark IP
solely to the extent necessary for Clearside to perform activities allocated to Clearside under the Workplans and (ii) a royalty-free, non-exclusive worldwide license outside the Field, with the right to grant sublicenses, under any Spark IP
related to improvements to Clearside IP, in each case as necessary or helpful to research, Develop, have Developed, Manufacture, have Manufactured, Commercialize and have Commercialized products that incorporate Microinjectors. If Clearside requests
a royalty-bearing, exclusive license outside the Field under Spark IP related to improvements to Clearside IP as described (other than its royalty-bearing and exclusive nature) in clause (ii) above, and Spark is willing in its discretion to
grant such license, Clearside and Spark will negotiate a mutually acceptable royalty therefor and document such license and royalty in a separate agreement. 

  

	3.4	Sublicenses. 

 (a) Spark-Developed Products. Spark may grant sublicenses (other
than Early Stage Sublicenses) under the rights granted to it in Section 3.2(b); provided that each such sublicense is subject to the applicable terms of the Emory License Agreement set forth in Exhibit C. 

(b) Early Stage Sublicenses. Spark shall notify Clearside in writing within thirty (30) days following Spark’s grant of any
Early Stage Sublicense. Any such Early Stage Sublicense shall be subject to the applicable terms of the Emory License Agreement set forth in Exhibit C. If any Early Stage Sublicensee requires any customization, R&D, training, commercial
support or other services to be provided by Clearside related to the Standard Microinjector, such services shall be subject to a separate services agreement with Clearside, which agreement shall include reimbursement of Clearside’s actual
direct costs plus 50% and shall otherwise be made available by Clearside on reasonable terms. 

  
 CONFIDENTIAL TREATMENT
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For clarification, Clearside shall use Commercially Reasonable Efforts to make such services available but shall have no obligation to render services that would require hiring or training
additional staff or that would materially interfere with Clearside’s other business activities. In addition, any Standard Microinjector supply required by the Early Stage Sublicensee shall be provided pursuant to separate supply agreement
between Clearside and the Sublicensee, royalties due Clearside shall be payable as set forth in Section 7.6(a) and Spark shall pay Clearside [***] of any Early Stage Sublicense Revenue received by Spark and its Affiliates from the Early Stage
Sublicensee as set forth in greater detail in Section 7.10. 
 (c) Early Stage Sublicense Opportunities. If Clearside becomes
aware that a Third Party desires to obtain an Early Stage Sublicense, Clearside shall provide Spark with written notice. Spark shall consider any such request in good faith and shall keep Clearside apprised of the status of discussions. When
negotiations cease, Spark shall notify Clearside and advise Clearside the reason or reasons for the termination of negotiations. 
  

	3.5	No Implied Rights. Except as specifically set forth in this Agreement, neither Party shall acquire any license, intellectual property interest or other rights, by implication or otherwise, in any Know-How
disclosed to it under this Agreement or under any Patents Controlled by the other Party or its Affiliates. 

  

	3.6	Rights Upon Bankruptcy. All rights and licenses granted under or pursuant to this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11 of the United States Code and
other similar laws in any jurisdiction outside the U.S. (collectively, the “Bankruptcy Laws”), licenses of rights to “intellectual property” as defined under the Bankruptcy Laws. If a case is commenced during the term of
this Agreement by or against a Party under Bankruptcy Laws then, unless and until this Agreement is rejected as provided in such Bankruptcy Laws, such Party (in any capacity, including debtor-in-possession) and its successors and assigns (including
a trustee) shall perform all of the obligations provided in this Agreement to be performed by such Party. If a case is commenced during the term of this Agreement by or against a Party under the Bankruptcy Laws, this Agreement is rejected as
provided in the Bankruptcy Laws and the other Party elects to retain its rights hereunder as provided in the Bankruptcy Laws, then the Party subject to such case under the Bankruptcy Laws (in any capacity, including debtor-in-possession) and its
successors and assigns (including a Title 11 trustee), shall provide to the other Party copies of all information necessary for such other Party to prosecute, maintain and enjoy its rights under the terms of this Agreement promptly upon such other
Party’s written request therefor. All rights, powers and remedies of the non-bankrupt Party as provided herein are in addition to and not in substitution for any and all other rights, powers and remedies now or hereafter existing at law or in
equity (including the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy Laws. 

  
 CONFIDENTIAL TREATMENT
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	3.7	Information Rights. During the Option Period, Clearside shall notify Spark within five (5) business days following each time that the cash Clearside has on hand falls below [***]. 

 

	3.8	Exclusivity. Notwithstanding that Clearside’s obligation to supply Microinjectors and related services to Spark, its Affiliates and sublicensees is limited to Standard Microinjectors and related services,
Clearside and its Affiliates shall not, and shall not grant any license to or otherwise assist any Third Party, directly or indirectly, to research, develop, manufacture or commercialize any Microinjector in or for use in the Field.

 ARTICLE 4 

DEVELOPMENT 
  

	4.1	Development. 

 (a) Diligence by Spark. At Spark’s sole discretion, Spark may
Develop Licensed Products and shall be solely responsible to undertake Development of Licensed Products in the Field in the Territory; provided that Spark shall use Commercially Reasonable Efforts to (a) Develop a Licensed Product in the Field,
and (b) seek Marketing Authorization in the United States and Europe for a Licensed Product in the Field. In addition, Spark shall conduct preclinical research with respect to Licensed Products directed to at least two (2) biological
targets in the sixty (60) months following the Option Exercise Date. Clearside may provide Spark with written notice if Spark fails to conduct such preclinical research on [***] during such sixty (60) month period, in which event, if Spark
does not commence such preclinical research within one hundred eighty (180) days after receipt of such notice, as Spark’s sole and exclusive liability and Clearside’s sole and exclusive remedy for such failure, Spark’s license
under Section 3.2(b) shall thereafter be limited to Licensed Products directed to the biological target, if any, as to which Spark has conducted preclinical research as of the end of such one hundred eighty (180) day period. The foregoing
due diligence obligations may be modified as provided for in Section 14.3(b). 
  

	4.2	Regulatory Activities. 

 (a) By Clearside. Clearside shall use all reasonable
efforts to secure from Regulatory Authorities or other Government Authorities and maintain all licenses, waivers and approvals solely related to Standard Microinjectors (and any New Microinjectors supplied to Spark by Clearside) that are required
under Law for Spark to fully exercise its rights hereunder to Develop, Manufacture or Commercialize Licensed Products in the Field in the United States and Europe and for Clearside to perform its manufacturing and supply obligations pursuant to
Article 6. Without limiting the foregoing, as between Spark and Clearside, Clearside shall be solely responsible for obtaining and shall use all reasonable efforts to secure from all national, state and local Regulatory Authorities and other
Government Authorities all approvals required for the Development, Manufacture and Commercialization of Standard Microinjectors (and any New Microinjectors 

  
 CONFIDENTIAL TREATMENT
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supplied to Spark by Clearside) for use with Gene Therapeutics, including such approvals from (i) institutional review boards, (ii) hospital formularies, (iii) pharmacy and
therapeutics committees and (iv) other hospital governing bodies. 
 (b) By Spark. Except as otherwise set forth in
Section 4.2(a), Spark shall prepare and file all INDs and applications and otherwise obtain and maintain approvals from Regulatory Authorities (including Marketing Authorizations) that are necessary for Development and Commercialization of the
Licensed Products in the Field in the Territory, and otherwise interact with Regulatory Authorities as appropriate with respect to the Licensed Products. Spark will own all such INDs, applications and other Regulatory Materials for Licensed
Products. 
 (c) Safety Information Regarding Microinjectors. Clearside shall promptly, and in all cases within timeframes that enable
Spark to meet its safety reporting obligations to Regulatory Authorities, provide Spark with all adverse event and other material safety information relating to Standard Microinjectors (and any New Microinjectors supplied to Spark by Clearside) that
is or becomes known to Clearside. Spark shall promptly, and in all cases within timeframes that enable Clearside to meet its safety reporting obligations to Regulatory Authorities, provide Clearside with all adverse event and other material safety
information relating to Microinjectors using Clearside Technology that is or becomes known to Spark. 
  

	4.3	Assistance by Clearside. Clearside shall assist Spark (including by taking actions or providing data, documents and other information in accordance with Spark’s reasonable request) as required by any of the
following: (a) a Regulatory Authority, (b) an investigational review board, (c) a hospital formulary, (d) a pharmacy and therapeutics committee, or (e) other hospital governing authority, in each case for the use of the
Clearside Technology for the conduct of Clinical Trials or Commercialization of Licensed Products in the Field. Clearside shall also provide any support reasonably requested by Spark in any FDA and EMA meetings and correspondence conducted pursuant
to Section 4.2(b). 

  

	4.4	Progress Reports. Within sixty (60) days after the end of each June and December of each year prior to the First Commercial Sale of a Licensed Product in the Field in the United States or Europe, Spark shall
provide to Clearside a reasonably detailed written report describing the progress made with respect to the Development of Licensed Products in the Field in the Territory and, if requested by Clearside, shall participate in a telephone conference
with Clearside to discuss the contents of the report. Unless otherwise agreed, each such telephone conference shall include an officer with appropriate decision-making authority (e.g., the CEO or another officer who reports directly to the CEO) from
each Party. 

  
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	4.5	Development Costs. 

 (a) Except as otherwise set forth in Sections 2.5, 4.5(b) and
7.2(b), Spark shall bear all costs and expenses relating to its Development of Licensed Products in the Field. 
 (b) Except as otherwise set
forth in Sections 2.5, 4.6(b) and 7.2(b), Clearside shall bear all costs and expenses relating to Development of Standard Microinjectors (and any New Microinjectors supplied to Spark by Clearside) for use in Licensed Products and obtaining necessary
approvals from Regulatory Authorities to support the use, Manufacture and Commercialization of Standard Microinjectors (and any New Microinjectors supplied to Spark by Clearside) in connection with the Development and Commercialization of Licensed
Products as set forth in Section 4.2(a). 
  

	4.6	Reservation of Rights; New Microinjectors. 

 (a) Clearside expressly reserves the right
to research, Develop, and Commercialize Microinjectors for all purposes outside the Field. 
 (b) Spark shall not seek to develop a
Microinjector incorporating any proprietary Clearside Technology without first presenting the proposed modification to Clearside for development as provided in this section. Any Microinjector incorporating any proprietary Clearside Technology
developed based on Spark’s proposed modifications is referred to as a “New Spark Microinjector”. During the term of this Agreement, the Parties shall discuss in good faith whether the Parties wish to collaborate on the New Spark
Microinjector and, if so, how to allocate development responsibilities and costs between the Parties and a supply price for the New Spark Microinjector. Such allocation shall be reflected in an agreed-upon written Workplan. Neither Party shall be
bound to go forward with any new Workplan unless the new Workplan has been signed by an authorized signatory of each Party. 
 (c) If
Clearside independently develops a Microinjector which is not a Standard Microinjector, a New Spark Microinjector or a Third Party-Funded New Microinjector (as described in the next paragraph) (such independently developed Microinjector, a “New
Clearside Microinjector”), the license granted pursuant to Section 3.2(b) shall extend to the right to practice Clearside Technology incorporated into such New Clearside Microinjector. 

(d) If Clearside develops any New Microinjector in a program funded by or otherwise the subject of a bona fide collaboration with one or
more Third Parties, the resulting Microinjector shall be referred to as a “Third Party-Funded New Microinjector”. Clearside shall use Commercially Reasonable Efforts to acquire “Control” over any Patents or Know-How developed in
such collaboration sufficient to enable Clearside to grant a license in the Field to Spark to practice such inventions. Clearside shall not, without Spark’s prior written consent, grant any sublicense to any Third Party under, use, incorporate
or permit any Third Party to do any of the foregoing, any Joint Collaboration IP for use in or in connection with any Third Party-Funded New Microinjector if such Third Party does not grant Clearside rights sufficient to enable Clearside to permit
Spark to Commercialize the Third Party-Funded New Microinjector in the Field in accordance with the terms of this Agreement. 

  
 CONFIDENTIAL TREATMENT
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 ARTICLE 5 

COMMERCIALIZATION 
  

	5.1	Licensed Products. Spark shall in its sole discretion determine whether or not to Commercialize any Licensed Product, and which, if any, Licensed Products to Commercialize; provided that, following receipt of
Marketing Authorization for a Licensed Product in the Field in the United States or Europe, Spark shall use Commercially Reasonable Efforts to Commercialize such Licensed Product in the Field in the United States or Europe, respectively.

  

	5.2	Pricing. Spark shall be solely responsible for determining the pricing of each Licensed Product in the Field in the Territory. 

ARTICLE 6 
 MANUFACTURE

  

	6.1	General. Spark shall retain all rights to Manufacture Licensed Products and Clearside shall retain all rights to Manufacture clinical and commercial supplies of Microinjectors that use Clearside Technology to be
included in Licensed Products, subject to Section 6.3, and shall supply Spark’s clinical and commercial requirements of Standard Microinjectors. Clearside shall supply at its own expense all Standard Microinjectors required to perform the
Research in accordance with the Workplans. In consideration of clinical and commercial supplies of Standard Microinjectors that are Manufactured by or on behalf of Clearside (after an initial 250 Standard Microinjectors to be provided by Clearside
at no charge with respect to each Licensed Product during the post-Research Development period) and supplied to Spark, Spark shall pay Clearside [***] per Standard Microinjector, which price shall be included as term of the Supply Agreement
described in Section 6.2 below. 

  

	6.2	 Supply. All Manufacturing and supply by Clearside of Microinjectors using Clearside Technology for the clinical Development and
Commercialization by Spark of Licensed Products shall be covered by a mutually acceptable supply agreement to include the terms set forth on Exhibit E and such other terms and conditions as are reasonable and customary for an agreement
governing the Manufacturing and supply of a product similar to a Standard Microinjector to be entered into by the Parties concurrent with exercise by Spark of the Option or at such later date as may be agreed by Clearside and Spark, pursuant to
which Clearside shall supply exclusively to Spark Spark’s requirements for clinical and commercial supply of the Standard Microinjector solely for inclusion in Licensed Products (the “Supply Agreement”). The Supply Agreement
shall provide for authorization by Clearside, including any rights and licenses necessary, for Spark to 

  
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obtain supply of Standard Microinjectors directly from Clearside’s Third Party contract manufacturer in the event that Clearside fails to supply as required thereunder and shall also include
provisions that permit Spark to qualify another Third Party contract manufacturer designated by Spark and that is reasonably acceptable to Clearside as a second source manufacturer for Standard Microinjectors. Concurrently with the Supply Agreement,
the Parties shall negotiate and enter into a quality agreement (the “Quality Agreement”). 

  

	6.3	Manufacturing Transfer. If the Parties fail to agree upon and execute the Supply Agreement within the time period therefor set forth in Section 6.2, or if a “Failure to Supply” occurs under the
Supply Agreement (as defined therein), then Spark shall have the option of obtaining the right to have Manufactured clinical and commercial supplies of Standard Microinjectors (or any New Microinjectors supplied to Spark by Clearside prior to such
Failure to Supply) solely for inclusion in Licensed Products upon written notice to Clearside. If Spark exercises such option, the Parties will promptly enter into a technology transfer agreement pursuant to which Clearside shall transfer to a Third
Party contract manufacturer designated by Spark and reasonably acceptable to Clearside Clearside’s Know-How concerning the Manufacture of such Standard Microinjectors (or any New Microinjectors supplied to Spark by Clearside prior to such
Failure to Supply), grant Spark an exclusive (in the Field), worldwide license under Clearside IP to have Manufactured such Microinjectors for inclusion in Licensed Products in the Field, and provide Spark with reasonable assistance in Spark’s
preparations to have Manufactured such Microinjectors. Spark acknowledges that Manufacture of Licensed Product for sale in the United States may be required to take place in the United States to the extent required by the Emory License Agreement.
Such technology transfer agreement shall include provisions under which Spark shall reimburse Clearside for its reasonable costs and expenses in conducting such technology transfer and assistance, which shall be Spark’s only payment obligations
thereunder. In addition, such technology transfer agreement shall include reasonable provisions necessary for the protection of Clearside’s rights in the transferred Know-How. 

ARTICLE 7 
 PAYMENTS

  

	7.1	Initial Payments. 

 (a) In consideration of the rights granted hereunder with respect to
Option Period #1 , Spark shall reimburse Clearside for costs incurred in the development of Licensed Products by making an upfront option payment of Five Hundred Thousand Dollars ($500,000), which payment shall be payable by Spark within five
(5) days after the Effective Date. 
 (b) If Spark elects to initiate Option Period #2 pursuant to Section 2.3, Spark shall pay
Clearside an additional option payment of One Million Dollars ($1,000,000), which payment shall be payable by Spark within thirty (30) days after Spark’s notice that it is initiating Option Period #2. 

  
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	7.2	Research and Development Expenses and Payments. 

 (a) Each Party shall bear the expense
of its own human resources necessary for the conduct of the Research during each Option Period. 
 (b) Subject to Sections 2.5 and 7.2(a),
each Party shall share equally in the out-of-pocket cost of the studies conducted hereunder during each Option Period in accordance with the applicable Workplan and budget set forth therein, excluding the cost of Gene Therapeutics and Standard
Microinjectors. Notwithstanding the foregoing, Clearside’s cost-sharing obligations (i) for vendors shall be limited to agreed-upon vendors associated with maximizing gene expression using suprachoroidal dosing, and (ii) for studies
shall be limited to studies other than human clinical studies, primate studies and GLP safety studies associated with Gene Therapeutics. Following the Option Exercise Date, Clearside shall use Commercially Reasonable Efforts to make trained
personnel available to assist with training professionals on the use of Standard Microinjectors as reasonably requested by Spark, subject to reimbursement of direct personnel costs plus 50% for personnel time following the training of the first five
(5) retinal surgeons designated by Spark and out of pocket expenses. Clearside shall not invoice Spark for personnel time for (a) the training (at an ophthalmic medical conference or other location reasonably acceptable to Clearside) of
the first five (5) retinal surgeons designated by Spark or (b) incidental calls and correspondence which calls and correspondence, in aggregate, do not exceed eight hours per month. 

(c) All other costs relating to Development of Microinjectors and Licensed Products hereunder shall be borne by the Parties as set forth in
Section 4.5. 
  

	7.3	Option Exercise Payments. 

 (a) If Spark exercises the Option during the Option Period #1
Exercise Period, Spark shall pay Clearside an option exercise payment of Two Million Dollars ($2,000,000), which payment is payable by Spark thirty (30) days after Spark’s notice that it is so exercising the Option. For clarity, if Spark
exercises the Option during the Option Period #1 Exercise Period, Spark shall not be obligated to pay Clearside the additional option payment under Section 7.1(b). 

(b) If Spark exercises the Option during the Option Period #2 Exercise Period, Spark shall pay Clearside an option exercise payment of Three
Million Dollars ($3,000,000), which payment is payable by Spark thirty (30) days after Spark’s notice that it is so exercising the Option. 

(c) For clarity, if Spark exercises the Option, only one of the two option exercise payments set forth in Sections 7.3(a) and 7.3(b) above
shall become payable. 

  
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	7.4	Development and Launch Milestones. Spark shall pay Clearside a milestone payment upon the first achievement with a Licensed Product by Spark, its Affiliate or a sublicensee (other than an Early Stage Sublicensee)
of the applicable milestone event set forth in the table below. Each such milestone payment shall be paid no more than once and the maximum aggregate amount that can become payable under this Section 7.4 is $13,500,000. 

 

					
	 Milestone Event (for a Licensed Product)
	  	Milestone Payment	 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 

  

	7.5	Annual Net Sales Milestones. Spark shall pay Clearside the corresponding one-time milestone payment upon the first occurrence in a calendar year of Annual Net Sales for a Licensed Product or multiple Licensed
Products achieving an Annual Net Sales milestone set forth in the table below. Each such milestone payment shall be paid no more than once and the maximum aggregate amount that can become payable under this Section 7.5 is $12,000,000.

  

					
	 Annual Net Sales Milestone
	  	Milestone Payment	 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 

  

	7.6	Royalties. 

 (a) Base Rates. Subject to Section 7.7, Spark shall pay to
Clearside royalties on a Licensed Product-by-Licensed Product basis and country-by-country basis, in respect of Net Sales of Licensed Products in the Field in the Territory during the applicable Royalty Term, at a royalty rate of (a) [***] of
Net Sales of the first Licensed Product to obtain Marketing Authorization in such country and (b) [***] of Net Sales of each subsequent Licensed Product to obtain Marketing Authorization in such country. 

  
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 (b) Bonus Royalty. In addition to the royalty under Section 7.6(a), subject to
Section 7.7(b), Spark shall pay Clearside a bonus royalty of [***] of Net Sales of a Licensed Product in a country during any portion of the Royalty Term when, at the time of sale, the only Valid Claim(s) covering the manufacture, use, offer
for sale or sale of such Licensed Product in such country are Valid Claim(s) in the Clearside Background IP, and such Licensed Product is not covered in such country by any Regulatory Exclusivity at the time of sale. 

(c) Expiration of Royalty Term. Upon expiration (but not following earlier termination) of the Royalty Term for a Licensed Product in a
country, all licenses granted to Spark hereunder with respect to such Licensed Product in such country shall become royalty-free, fully paid-up, perpetual, irrevocable and will survive any termination or expiration of this Agreement. 

 

	7.7	Royalty Reductions. 

 (a) Cost of Microinjectors. Spark may deduct from royalties
payable to Clearside under Section 7.6 amounts paid to Clearside pursuant to Article 6 for Microinjectors included in the Licensed Products the Net Sales of which were used to calculate such royalties. For example, if Net Sales of the first
Licensed Product in a given period during the applicable Royalty Term are $100,000 and the cost to Spark of the Microinjectors incorporated into such Licensed Product sold during such period is [***], Spark would pay Clearside royalties on such Net
Sales equal to ($100,000 [***] minus the [***] paid for the Microinjector supply x the number of units sold), assuming Section 7.6(b) and the other reductions under this Section 7.7 are not applicable. 

(b) Competitive Products. In the event a Third Party Gene Therapeutic product that uses a non-surgical delivery to the suprachoroidal
space receives Marketing Authorization from the applicable Regulatory Authority in a country to treat the same indication as a Licensed Product, and such product competes with a Licensed Product in such country, then the additional royalty bonus of
[***] described in Section 7.6(b), if otherwise applicable, shall cease to apply to Net Sales of such Licensed Product in such country and the royalty rate for Net Sales of such Licensed Product in such country shall thereafter be reduced by
[***] from the applicable base royalty rate set forth in Section 7.6(a) (i.e., shall be reduced from [***] or from [***], as applicable). 

(c) If Clearside elects not to take an Enforcement Action with respect to Competitive Infringement pursuant to Section 8.4(b),
Spark’s obligation to pay royalties on Net Sales of the affected Licensed Product in such country shall be limited to that amount that Clearside owes to its upstream licensor(s) and which is attributable to such Net Sales as documented by
Clearside to Spark’s reasonable satisfaction, not to exceed an aggregate of [***] of Net Sales. 

  
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	7.8	Reports and Payments. 

 (a) Research Expenses. Spark shall enter into services
agreements and purchase orders with, and pay invoices from, Third Party contractors engaged to perform Research in accordance with the Workplans. Within thirty (30) days after the end of each quarter in which Spark has incurred out-of-pocket
costs in connection with the Research that the Parties are required to share pursuant to Section 7.2(b), Spark shall submit to Clearside a statement detailing such costs and will prepare and provide to Clearside an invoice for Clearside’s
share of such costs as contemplated under Section 7.2(b). Clearside shall pay such amount to Spark within thirty (30) days after the provision of such invoice, provided that in no event shall Clearside be obligated to pay more than the
amount allocated to Clearside in a mutually agreed budget that is consistent with the Workplans and Section 7.2(b). 
 (b)
Milestones. Spark shall promptly notify Clearside of the achievement of any milestone event for a Licensed Product in the Field achieved in accordance with Sections 7.4 and 7.5. Each milestone payment pursuant to Section 7.4 shall be due
within thirty (30) days after achievement of the applicable milestone event, and each milestone payment under Section 7.5 shall be paid pursuant to Section 7.8(b) below concurrently with royalties for the quarter during which such
milestone was achieved. 
 (c) Royalties. Within forty-five (45) days after the end of each quarter, Spark shall deliver to
Clearside a report setting forth for such quarter the following information: (i) the Net Sales for Licensed Products, and the basis for the calculation of Net Sales; (ii) the applicable royalty rate; (iii) the royalty amount due
hereunder for the sale of Licensed Products; and (iv) any Annual Net Sales milestone achieved during such quarter pursuant to Section 7.5. No such reports shall be due for any Licensed Product before the First Commercial Sale of a Licensed
Product in the Territory. The total royalty and any Annual Net Sales milestone payment(s) due for the sale of Licensed Products and/or the achievement of Annual Net Sales milestone(s) during such quarter shall be remitted no later than forty-five
(45) days after the end of each such quarter. 
  

	7.9	Third Party Licenses for Microinjectors. 

 (a) Clearside shall be responsible for all
upfront payments, milestone payments, royalties or other payments due to the licensors under the Emory License Agreement and to any other licensor of any Clearside IP for rights to use the Standard Microinjector (and, subject to Section 7.9(c),
any New Microinjector supplied to Spark by Clearside) in Licensed Products, whether the agreements with such licensors are entered into before or after the Option Exercise Date. For clarification, Clearside’s responsibility under this
Section 7.9(a) shall not extend to rights held by any Third Party which rights are not necessary for the Commercialization of the Standard Microinjector (or any New Microinjector supplied to Spark by Clearside) contained in Licensed Products
(including as such Microinjector is incorporated into Licensed Products, but excluding rights of any Third Party that are necessary based on specific Gene Therapeutics included in Licensed Products). 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
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 (b) If Spark believes that any intellectual property rights of a Third Party are necessary for
the Commercialization of a Licensed Product incorporating a Standard Microinjector, then Spark shall promptly notify Clearside of such belief and the Parties shall discuss in good faith whether a license to such Third Party intellectual property is
needed or advisable. If (a) Spark determines that a license from a Third Party is needed or advisable for the Commercialization of a Licensed Product incorporating a Standard Microinjector in the Territory, (b) Clearside does not enter
into an appropriate license agreement for such technology within a reasonably period not to exceed one hundred eighty (180) days after Spark’s written request, (c) Spark enters into such a license agreement, and (d) upfront
payments, milestone payments, royalties or other payments are owed to such Third Party for rights to incorporate a Standard Microinjector into a Licensed Product pursuant to the Third Party license, then Spark may deduct, on a country-by-country
basis from royalties owed to Clearside under this Agreement one hundred percent (100%) of any such payment not made by Clearside to such Third Party licensor, provided that in no event shall the amount payable to Clearside for any calendar
quarter be reduced by more than [***] by operation of this Section 7.9(b). For clarification, Clearside’s responsibility under this Section 7.9(b) shall not extend to rights held by any Third Party which rights are not necessary for
the Commercialization of the Standard Microinjector contained in such Licensed Product (including as such Microinjector is incorporated into such Licensed Product, but excluding rights of any Third Party that are necessary based on the specific Gene
Therapeutic included in such Licensed Product). 
 (c) If, during the Term, Clearside obtains Control in the Field over Third Party
intellectual property rights that are necessary for the Commercialization of a New Microinjector supplied by Clearside to Spark, then Clearside shall notify Spark in writing and include in such notification a summary of such Third Party intellectual
property rights, the commercial and sublicensing terms of the license and other relevant information. Spark will have ninety (90) days thereafter to notify Clearside of its desire to obtain a sublicense to such Third Party intellectual property
rights. Upon receipt of such written notice from Spark, Clearside shall grant to Spark a sublicense of such Third Party property rights, which shall include terms that require payment by Spark of [***] of the royalties due to the Third Party
attributable to the manufacture, use or sale of Licensed Products incorporating the New Microinjector by Spark, its sublicensees and their respective Affiliates as well as any terms that Clearside is required to impose on its sublicensees pursuant
to the relevant in-license. If Spark believes that any intellectual property rights of a Third Party are necessary for the Commercialization of a Licensed Product incorporating a New Microinjector supplied by Clearside to Spark, then Spark shall
promptly notify Clearside of such belief and the Parties shall discuss in good faith whether a license to such Third Party intellectual property is needed or advisable. If (a) Spark determines that a license from a Third Party is needed or
advisable for the Commercialization of a Licensed Product incorporating the New Microinjector in the 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
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Territory, (b) Clearside does not enter into an appropriate license agreement for such technology within a reasonably period not to exceed one hundred eighty (180) days after
Spark’s written request, (c) Spark enters into such a license agreement, and (d) upfront payments, milestone payments, royalties or other payments are owed to such Third Party for rights to incorporate the New Microinjector into a
Licensed Product pursuant to the Third Party license, then Spark may deduct, on a country-by-country basis from royalties owed to Clearside under this Agreement [***] of any such payment not made by Clearside to such Third Party licensor, provided
that in no event shall the amount payable to Clearside for any calendar quarter be reduced by more than [***] by operation of this Section 7.9(c). For clarification, Clearside’s responsibility under this Section 7.9(c) shall not
extend to rights held by any Third Party which rights are not necessary for the Commercialization of the New Microinjector contained in such Licensed Product (including as such Microinjector is incorporated into such Licensed Product, but excluding
rights of any Third Party that are necessary based on the specific Gene Therapeutic included in such Licensed Product). 
  

	7.10	Early Stage Sublicense Revenue. When Spark receives Early Stage Sublicense Revenue with respect to an Early Stage Sublicense, Spark will pay [***] of Early Stage Sublicense Revenue to Clearside; provided that in
the event any such Sublicensee is the first to achieve any development or launch-based milestone event set forth in Section 7.4 above, Spark shall pay Clearside the greater of (i) [***] of Early Stage Sublicense Revenue received from such
Sublicensee upon the occurrence of such milestone or (ii) the milestone payment set forth in Section 7.4; provided further that with regard to sales-based milestones received from such Sublicensee, Spark shall pay Clearside the greater of
(i) [***] of such sales-based milestone fees received from Sublicensees or (ii) the aggregate sales-based milestone payments as set forth in Section 7.5 above for all sales-based milestone events achieved (based on the combined sales
of Spark and all Sublicensees). 

  

	7.11	Payment Method; Late Payments. Payments hereunder shall be paid by wire transfer, or electronic funds transfer (EFT) in immediately available funds to a bank account designated by the receiving Party at least ten
(10) days in advance of such payment. Royalties and other payments, including patent expense reimbursements, required to be paid by Spark pursuant to this Agreement shall, if overdue, bear interest until payment at a rate equal to the London
Interbank Offered Rate plus two hundred basis points. The interest payment shall be due from the day the original payment was due until the day that the payment was received by Clearside. The payment of such interest shall not restrict Clearside
from exercising any other rights it may have because any payment is overdue. 

  

	7.12	Currency. All amounts payable and calculations hereunder shall be in Dollars. Conversion of sales recorded in local currencies to Dollars will first be determined in the foreign currency of the country in which
such Licensed Products are sold and then converted to Dollars at a ninety (90)-day trailing average published by the Wall Street Journal (U.S. editions) for conversion of the foreign currency into dollars on the last day of the quarter for
which such payment is due. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
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	7.13	Taxes and Withholding. All payments due under this Agreement will be made without any deduction or withholding for or on account of any tax unless such deduction or withholding is required by Law to be assessed
against the receiving Party. If the paying Party is so required to deduct or withhold, the paying Party will (a) promptly notify the receiving Party of such requirement, (b) pay to the relevant authorities the full amount required to be
deducted or withheld promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against the receiving Party, and (c) promptly forward to the receiving Party an
official receipt (or certified copy) or other documentation reasonably acceptable to the receiving Party, to the extent available, evidencing such payment to such authorities. Spark shall reasonably cooperate with Clearside in any lawful action to
claim exemption from such deductions or withholdings and otherwise to minimize the amount required to be so withheld or deducted. 

  

	7.14	Maintenance of Records. Each Party shall keep accurate books and accounts of record in connection with the calculation of payments to be made by such Party under this Agreement in sufficient detail to permit
accurate determination of all figures necessary for verification of payments to be paid under this Agreement. Each Party shall maintain such records for a period of at least five (5) years after the end of the year in which they were generated
or longer if and to the extent required by applicable law or regulation 

  

	7.15	Audits. Each Party shall have the right, at its own expense and no more than once per year, to have an independent, certified public accountant of national standing, selected by such Party and reasonably
acceptable to the other Party, review all records maintained in accordance with Section 7.14 upon reasonable notice and during regular business hours and under obligations of strict confidence, for the sole purpose of verifying the basis and
accuracy of payments required and made under this Agreement within the prior thirty six (36) month period. No quarter may be audited more than one time. The audited Party shall receive a copy of each audit report promptly from the auditing
Party. Should the inspection lead to the discovery of a discrepancy to the auditing Party’s detriment, the audited Party shall pay the amount of the discrepancy in the audited Party’s favor within thirty (30) days after being notified
thereof. The auditing Party shall pay the full cost of the inspection unless the discrepancy is greater than ten percent (10%) of the amount paid for the applicable year that is the subject of such inspection, in which case the audited Party
shall pay to the auditing Party the reasonable and documented cost charged by such accountant for such inspection. If such audit shows a discrepancy in the auditing Party’s favor, then the auditing Party shall pay the audited Party the amount
of the discrepancy within thirty (30) days after being notified thereof. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 25 

 ARTICLE 8 

INTELLECTUAL PROPERTY 
  

	8.1	Ownership. 

 (a) Background IP. As between the Parties, Clearside shall solely own
the Clearside Background IP, and Spark shall solely own the Spark Background IP. 
 (b) Inventions. 

(i) Any Invention arising from the Research that is solely invented by or on behalf of Clearside or its Affiliates (“Clearside
Collaboration IP”) shall be solely owned by Clearside. Spark shall assign and transfer, and hereby assigns and transfers, to Clearside, without further consideration, Spark’s entire right title and interest in and to any such Clearside
Collaboration IP. 
 (ii) Any Invention arising from the Research that is solely invented by or on behalf of Spark or its Affiliates and all
data arising from the Research whether generated by or on behalf of Clearside or its Affiliates or by or on behalf of Spark or its Affiliates and all data arising from the Research other than Joint Data (as defined in Section 8.1(b)(iii)) (such
inventions and data, the “Spark Collaboration IP”) shall be owned by Spark. Clearside shall assign and transfer, and hereby assigns and transfers, to Spark, without further consideration, Clearside’s entire right title and
interest in and to any such Spark Collaboration IP. 
 (iii) Any (a) Inventions that are jointly invented by or on behalf of Spark or
its Affiliates, on the one hand, and by or on behalf of Clearside or its Affiliates, on the other hand and (b) data arising from the portion of the Research that Clearside co-funds pursuant to Section 7.2(b) (such data, the “Joint
Data”) (such Inventions and Joint Data, the “Joint Collaboration IP”) shall be jointly owned. Each Party shall assign and transfer, and hereby assigns and transfers, to the other Party, without further consideration,
sufficient of its right title and interest in and to Joint Collaboration IP such that each Party has one-half of an undivided interest in the whole of such Joint Collaboration IP. Each Party shall have the right to freely exploit and license its
interest in Joint Collaboration IP, without any duty to account or obtain consent from the other Party for such exploitation and licensing. 

(iv) Each Party shall promptly and fully disclose to the other Party any and all Inventions to the extent related to Licensed Product made by
its employees, agents, consultants or sub-contractors. In order to effect the intent of Sections 8.1(b)(i), 8.1(b)(ii) and 8.1(b)(iii), each Party shall ensure and hereby represents and warrants that all Persons performing Research or Development
hereunder (1) have in writing assigned to such Party all right, title and interest in and to 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
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Inventions, including all Intellectual Property in Inventions conceived by such persons; and (2) have agreed in writing to assist such Party in the same manner that such Party shall assist
the other Party as set forth in this Section 8.1(b)(iv). 
 (v) Inventorship as to Inventions shall be determined in accordance with
applicable United States Law. 
  

	8.2	Prosecution and Maintenance of Patents. 

 (a) Subject to Section 8.2(b), each Party
shall have the right, but not the obligation, at its sole expense to Prosecute and Maintain Patents solely owned by such Party in accordance with Section 8.1(a), Section 8.1(b)(i) or Section 8.1(b)(ii), including, except as otherwise
set forth in Section 8.2(e), filing and pursuing any valid request for a patent term adjustment or extension. 
 (b) Clearside shall
keep Spark apprised of the status of each Patent application and Patent within the Clearside Collaboration IP and shall seek the advice of Spark with respect to patent strategy and draft patent applications and shall give reasonable consideration to
any suggestions or recommendations promptly provided by Spark concerning the preparation, filing, Prosecution and Maintenance thereof. Clearside shall cooperate reasonably in the prosecution of all such Patent applications and Patents within the
Clearside Collaboration IP and shall share all material information relating thereto promptly after receipt of such information. If, during the term of this Agreement, Clearside intends to allow any Patent or Patent application within the Clearside
Collaboration IP to lapse or become abandoned without having first filed a substitute, (e.g., a continuation, continuation-in-part, or divisional application), Clearside shall notify Spark of such intention at least sixty (60) days prior
to the date upon which such Patent application or Patent shall lapse or become abandoned, and Spark shall thereupon have the right, but not the obligation, to assume responsibility for the Prosecution and Maintenance thereof at its own expense. 

(c) In the event, as to a Patent solely owned by a Party in accordance with Section 8.1(b)(i) or Section 8.1(b)(ii), such Party is
unable for any reason to secure the signature of the relevant other Party’s employees to any document required to file, prosecute, register, or memorialize the assignment, the other Party does hereby irrevocably designate and appoint such Party
and such Party’s duly authorized officers and agents as such other Party’s agents and attorneys-in-fact to act for and on such other Party’s behalf and instead for such Party to do all lawfully permitted acts to further the
Prosecution and Maintenance of Clearside Collaboration IP or Spark Collaboration IP, as applicable, all with the same legal force and effect as if executed by such other Party. 

(d) Subject to Sections 8.2(b) and 8.2(e), unless otherwise agreed, Spark shall be responsible for Prosecuting and Maintaining Patents within
the Joint Collaboration IP and the Parties shall each pay fifty percent (50%) of Spark’s out-of-pocket costs incurred for such Prosecution and Maintenance. 

(e) For clarity, Spark shall have the right to file and pursue any valid request for a patent term adjustment or extension as to any Patent
within the Spark IP, the Clearside Collaboration IP or the Joint Collaboration IP in connection with any Marketing Authorization of a Licensed Product hereunder. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
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	8.3	Defense of Third Party Infringement Claims. Subject to the Parties’ respective indemnification rights and obligations pursuant to Article 12, if a Licensed Product becomes the subject of a Third Party’s
claim or assertion of infringement of a Patent relating to Development, Manufacture or Commercialization of the Licensed Product in the Field in the Territory (each, an “Infringement Claim”), the Party first having notice of the
claim or assertion shall promptly notify the other Party, and the Parties shall promptly confer to consider the claim or assertion and the appropriate course of action. Unless the Parties otherwise agree in writing, Spark shall have the right to
defend any Infringement Claim, and Clearside shall reasonably assist Spark and cooperate in any such litigation at Spark’s request and expense. Spark shall keep Clearside reasonably informed with respect to the progress of any such litigation.
Spark shall not enter into any settlement of any claim described in this Section 8.3 that adversely affects Clearside’s rights and interests without Clearside’s written consent, which consent shall not be unreasonably conditioned,
withheld or delayed. 

  

	8.4	Enforcement; Patent Challenges. 

 (a) If a Party reasonably believes that any Patent
covering a Licensed Product is being infringed by a Third Party in the Field (including through notification of a Paragraph IV certification) (“Third Party Infringement”) or is subject to a declaratory judgment action arising from
such infringement (“Declaratory Judgment Action”) or becomes aware of any actual or threatened challenge by a Third Party with respect to the scope, validity or enforceability of any such Patent in the Territory, whether through
opposition, inter partes dispute or otherwise (“Third Party Challenge”), then such Party shall promptly notify the other Party. 

(b) If any Patent included in the Clearside Background IP is implicated by Third Party Infringement, a Declaratory Judgment Action or a Third
Party Challenge, Clearside shall have the sole right (but not the obligation) to enforce such Patent with respect to such Third Party Infringement and to defend any such Declaratory Judgment Action or Third Party Challenge as to such Patent (each,
an “Enforcement Action”), at its sole expense. Clearside shall consult with Spark and shall reasonably consider Spark’s views regarding the desirability and conduct of any such Enforcement Action. If Clearside does not take an
Enforcement Action against any Third Party that is manufacturing or commercializing a Gene Therapeutic product in the Field in a country that competes or is likely to compete with a Licensed Product in the Field in such country (“Competitive
Infringement”) within sixty (60) days after Spark has notified Clearside of the Third Party Infringement, Declaratory Judgment Action or Third Party Challenge and requested that Clearside bring such Enforcement Action, then
Spark’s obligation to pay royalties thereafter on Net Sales of such Licensed Product shall be limited as set forth in Section 7.7(c). 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
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If Clearside determines not to undertake a proposed Enforcement Action with respect to Competitive Infringement for purely financial reasons (i.e., that anticipated costs do not justify potential
returns to Clearside), Clearside shall grant Spark the right to undertake the Enforcement Action. However, Clearside reserves the right in its sole discretion to not pursue or permit any Enforcement Action if such action could, in Clearside’s
determination, jeopardize Clearside’s interests outside the Field. 
 (c) If any Patent included in the Collaboration IP is implicated
by the Third Party Infringement, Declaratory Judgment Action or Third Party Challenge, Spark shall have the sole right (but not the obligation) to take an Enforcement Action as to such Patent, at its sole expense. If Spark determines not to
undertake a proposed Enforcement Action with respect to Collaboration IP for purely financial reasons (i.e., that anticipated costs do not justify potential returns to Spark), Spark shall grant Clearside the right to undertake the Enforcement
Action. However, Spark reserves the right in its sole discretion to not pursue or permit any Enforcement Action if such action could, in Spark’s determination, jeopardize Spark’s interests in the Field. 

(d) Each Party shall reasonably cooperate, at the other Party’s expense, with the Party taking an Enforcement Action including joining as
a party to such Enforcement Action as may be necessary or desirable for purposes of standing or establishing damages. 
  

	8.5	Recoveries. Any recovery received as a result of any Enforcement Action pursuant to Section 8.4(b) shall be used first to reimburse the Party taking the Enforcement Action for the costs and expenses
(including attorneys’ and professional fees) incurred in connection with such Enforcement Action, then any amount payable to Clearside’s licensor(s) under the Emory License Agreement based on such recovery shall be paid to such
licensor(s), and finally [***] of the remainder of the recovery shall be retained by or paid to Spark and the remaining [***] shall be retained by or paid to Clearside. Any recovery received as a result of any Enforcement Action pursuant to
Section 8.4(c) shall be used first to reimburse the Party taking the Enforcement Action for the costs and expenses (including attorneys’ and professional fees) incurred in connection with such Enforcement Action, and then [***] of the
remainder of the recovery shall be retained by or paid to Spark and the remaining [***] shall be retained by or paid to Clearside. 

  

	8.6	Hatch-Waxman Act Litigation. Notwithstanding anything herein to the contrary, should a Party receive a certification as to a Licensed Product pursuant to the Drug Price Competition and Patent Term Restoration Act
of 1984 (Public Law 98-417), as amended (the “Hatch-Waxman Act”), or its equivalent with respect to biologics in the United States or in a country other than the United States, then such Party shall immediately provide the other
Party with a copy of such certification. The Party with the right to take an Enforcement Action pursuant to Section 8.4 with respect to the applicable Patent(s) shall, within thirty (30) days from the date on which it receives or provides
a copy of such certification provide written notice to the other Party (“H-W Suit Notice”) stating whether it will bring suit, at its expense, within a forty-five (45) day period from the date of such certification, and if not,
whether the applicable step-in right of the other Party pursuant to Section 8.4(b) or 8.4(c) will apply (i.e., whether such Party is exercising its right pursuant to such Section not to permit the other Party to exercise such step-in right).

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
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 ARTICLE 9 

CONFIDENTIALITY 
  

	9.1	Confidentiality; Exceptions. Except to the extent expressly authorized by this Agreement or otherwise agreed by the Parties in writing, during the term of this Agreement and for ten (10) years thereafter,
the Parties agree that the receiving Party shall keep confidential and shall not publish or otherwise disclose or use for any purpose other than as provided for in this Agreement any Confidential Information furnished to it by the other Party
pursuant to this Agreement. For clarity, Confidential Information of a Party shall include all information and materials disclosed by such Party or its designee that (x) if disclosed in writing or other tangible form, is marked as
“Confidential,” “Proprietary” or with similar designation at the time of disclosure, (y) if disclosed verbally or in other intangible form, is indicated upon first disclosure as being confidential or (z) by its nature
can reasonably be expected to be considered Confidential Information by the recipient. Notwithstanding the foregoing, Confidential Information shall not be deemed to include information or materials to the extent that it can be established by
written documentation by the receiving Party that such information or material: 

 (a) was already known to or possessed by the
receiving Party, other than under an obligation of confidentiality (except to the extent such obligation has expired or an exception is applicable under the relevant agreement pursuant to which such obligation established), at the time of
disclosure; 
 (b) was generally available to the public or otherwise part of the public domain at the time of its first 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 independently developed by the receiving Party as
demonstrated by documented evidence prepared contemporaneously with such independent development; or 
 (e) was disclosed to the receiving
Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to the disclosing Party not to disclose such information to others. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
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	9.2	Authorized Use and Disclosure. Each Party may use and disclose Confidential Information of the other Party as follows: 

(a) under appropriate confidentiality provisions substantially equivalent to those in this Agreement, in connection with the performance of its
obligations or exercise of rights granted to such Party in this Agreement; and 
 (b) to the extent such disclosure is reasonably necessary
in Prosecuting and Maintaining Patents, copyrights and trademarks (including applications therefor) in accordance with this Agreement, prosecuting or defending litigation, complying with applicable governmental regulations, filing for, conducting
Development hereunder, obtaining and maintaining Marketing Authorizations, or otherwise required by Law, the rules of a recognized stock exchange or automated quotation system applicable to such Party; provided, however, that if a Party is required
by Law, the rules of a recognized stock exchange or automated quotation system (collectively, “Securities Laws”) applicable to such Party to make any such disclosure of the other Party’s Confidential Information it will, except
where prohibited by Law or impracticable for necessary disclosures (for example, in the event of medical emergency), give reasonable advance notice to the other Party of such disclosure requirement and, where practicable, will use its reasonable
efforts to secure confidential treatment of such Confidential Information required to be disclosed. 
  

	9.3	Injunctive Relief. Given the nature of the Confidential Information and the competitive damage that would result to a Party upon unauthorized disclosure, use or transfer of its Confidential Information to any
Third Party, the Parties agree that monetary damages may not be a sufficient remedy for any breach of this Article 9. In addition to all other remedies, a disclosing Party shall be entitled to seek specific performance and injunctive and other
equitable relief as a remedy for any breach or threatened breach of this Article 9. The receiving Party waives its right to have bond posted for the injunctive relief in a court of law. 

 

	9.4	Terms of Agreement. 

 (a) The Parties shall treat the existence and material terms of
this Agreement as confidential and shall not disclose such information to Third Parties without the prior written consent of the other Parties or except as provided in Section 9.2 or Section 9.4(b) below. With respect to complying with the
disclosure requirements of Securities Laws applicable to a Party, the Parties shall consult with each other concerning which terms of this Agreement shall be requested to be redacted in any public disclosure of the Agreement by the agency, and each
Party shall seek confidential treatment, to the extent available, from the agency in public disclosure of the Agreement for all sensitive commercial, financial and technical information, including any dollar amounts set forth herein. 

(b) Either Party may disclose to bona fide potential investors, lenders and acquirors/acquirees, and to such Party’s consultants
and advisors, the existence and terms of this Agreement to the extent necessary in connection with a proposed equity or debt financing of such Party, or a proposed acquisition or business combination, or to bona fide potential sublicensees,
so long as such recipients are bound in writing to maintain the confidentiality of such information in accordance with the terms of this Agreement. 

(c) Clearside may provide, subject to confidentiality obligations, a copy of this Agreement (and any Sublicense) to the licensors under the
Emory License Agreement as required by the terms of such Agreement. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
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	9.5	Publications. During the Option Periods, neither party nor its Affiliates shall publish or publicly disclose the results generated in the course of performing any of the Research without the prior written consent
of the other party, which shall not be unreasonably withheld. After Spark’s exercise of the Option, Spark and its Affiliates shall have the right to publish or publicly disclose the results generated in the course of performing any of the
Research, provided that Spark submits the proposed publication or disclosure to Clearside for its review at least thirty (30) days prior to the scheduled submission of such proposed publication or public disclosure (including, without
limitation, to any journal for review). If, during its thirty (30) day review period, Clearside notifies Spark that it desires changes to the publication or public disclosure reasonably necessary to protect proprietary information of Clearside
specifically related to Microinjectors or Clearside’s Background IP, Spark shall use reasonable efforts to accommodate such request. Following Spark’s exercise of the Option, all publications and presentations of the results generated in
the course of performing the Research shall be made in a manner and have content consistent with the publication strategy developed by Spark and Clearside shall not publish or publicly disclose the results generated in the course of performing any
of the Research without the prior written consent of Spark. If Spark does not exercise the Option, Clearside shall thereafter have the right to publish or publicly disclose the results generated in the course of performing any of the Research,
provided that such publications do not disclose the identity of any Gene Therapeutic or information from which the identity of any Gene Therapeutic can be deduced. 

 

	9.6	Publicity; Press Releases. 

 (a) The Parties shall issue the initial press release set
forth on Exhibit F hereto following the Effective Date. 
 (b) Except as otherwise mutually agreed by the Parties or as required by
Law or the rules of any stock exchange, no Party shall issue or cause the publication of any other press release or public announcement regarding the terms of this Agreement without the express prior approval of the other Party, which approval shall
not be unreasonably withheld or delayed, provided that if any such publication, press release or public announcement is required by Law, the Party obligated to make such publication, press release or public announcement shall, if practicable, notify
the other Party in advance thereof and reasonably consider any timely comments from such other Party, including any reasonable request to limit such publication, press release or public announcement. Without limiting the generality of the foregoing,
the achievement of an event giving rise to a payment obligation under Section 7.3, 7.4 or 7.5 shall be deemed to be an event required to be disclosed pursuant to Securities Laws if so determined by either Party. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 32 

 ARTICLE 10 

TERM AND TERMINATION 
  

	10.1	Term. This Agreement is effective as of the Effective Date and, following the Option Exercise Date, shall continue in full force and effect unless earlier terminated by a Party in accordance with
Section 10.2 and shall expire on a Licensed Product-by-Licensed Product and country-by-country basis upon the expiration of the Royalty Term with respect to such Licensed Product in such country. Notwithstanding the foregoing, only the
following provisions of this Agreement shall be in effect from and after the Effective Date and prior to the Option Exercise Date: Articles 1, 2, 9, 11, 12, 13 and 14, and Sections 3.2(a), 3.3, 3.5, 7.1, 7.2, 7.8-7.14 (solely as applicable to
amounts payable prior to the Option Exercise Date), 8.1, 8.2, 10.1 and 10.2. If Spark does not exercise the Option as provided in Section 2.1, this Agreement shall terminate upon expiration of the last applicable Option Exercise Period.

  

	10.2	Termination. 

 (a) Convenience. At any time following the Option Exercise Date,
Spark may terminate this Agreement in its entirety or with respect to any Licensed Product or country upon written notice to Clearside, for any reason or for no reason, without liability to Clearside. 

(b) Material Breach. Subject to Section 4.1, either Party may terminate the Agreement, on a Licensed Product-by-Licensed Product,
at any time upon an uncured material breach by the other Party of its obligations hereunder with respect to such Licensed Product by giving written notice to the other Party specifying the nature of the material breach not less than ninety
(90) days prior to the date the non-breaching Party intends to terminate the Agreement. If such material breach has been cured by such breaching Party within such ninety (90) day period, no such termination shall occur. If such material
breach has not been cured by the breaching Party within such ninety (90) day period, then the non-breaching Party shall be entitled to terminate this Agreement with respect to such Licensed Product with immediate effect upon delivery to the
breaching Party of a written notice terminating the Agreement; provided, however, that if the Party accused of materially beaching notifies the accusing Party in writing (i) within such ninety (90) day cure period, that the accused Party
disputes that it is in material breach, or (ii) within thirty (30) days after delivery of a termination notice for failure to cure a material breach, that the accused Party contends it cured such material breach, then in either such case
no such termination shall become effective until (1) a final, binding determination pursuant to Article 13 that the accused Party was in material breach and failed to cure such material breach during the ninety (90) day cure period, and
(2) the accusing Party’s delivery to the accused Party, after such determination, of a written notice terminating the Agreement with respect to the applicable Licensed Product(s). 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 33 

 
Any breach involving a disputed failure to make a payment when due may be cured by the breaching Party by paying such amount within fifteen (15) days following final resolution of such
dispute. 
 (c) Bankruptcy. Either Party may terminate the Agreement if the other Party makes a voluntary or involuntary general
assignment of its assets for the benefit of creditors, a petition in bankruptcy is filed by or against the other Party and is not dismissed in ninety (90) days, or a receiver or trustee is appointed for all or any part of the other Party’s
property. 
  

	10.3	Consequences of Termination. 

 (a) Accrued Obligations. Expiration or termination
of this Agreement for any reason shall not release any Party of any obligation or liability which, at the time of such expiration or termination, has already accrued or which is attributable to a period prior to such expiration or termination. Upon
expiration or earlier termination of this Agreement (including due to Spark not exercising the Option). Clearside shall have a royalty-free, fully paid-up, perpetual, irrevocable, transferable and sublicensable license to all of Spark’s
interest in Collaboration IP to the extent necessary or useful for the commercialization of products incorporating Microinjectors, but excluding any such rights relating to any specific Gene Therapeutic. 

(b) Ancillary Agreements. Unless otherwise agreed in writing by the Parties, the termination of this Agreement shall cause the automatic
termination of the Supply Agreement and the Quality Agreement, to the extent such agreement(s) are in force as of the termination of this Agreement, with respect to the terminated Licensed Product(s). 

(c) Non-Exclusive Remedy. Notwithstanding anything herein to the contrary, but subject to Section 4.1, termination of this
Agreement by a Party shall be without prejudice to other remedies such Party may have at law or equity. 
 (d) Survival. The following
provisions shall survive expiration or termination of this Agreement and continue to be enforceable: Section 3.3(ii), Section 7.6(c) (Expiration of Royalty Term), Article 9 (Confidentiality), Section 11.3 (Disclaimer), Article 12
(Indemnification, Insurance and Liability), Article 13 (Dispute Resolution), and Article 14 (Miscellaneous); and Sections 8.1 (Ownership) and 10.3 (Consequences of Termination). 

ARTICLE 11 

REPRESENTATIONS AND WARRANTIES 
  

	11.1	Representations, Warranties and Covenants By Both Parties. Each Party hereby severally represents, warrants and covenants to the other Party as of the Effective Date: 

(a) it is duly organized and validly existing under the laws of the jurisdiction of its incorporation or continuance, as the case may be, and
has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 34 

 (b) it is duly authorized to execute and deliver this Agreement and to perform its obligations
hereunder, and the individual executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate action; 

(c) this Agreement is legally binding upon it and enforceable in accordance with its terms; 

(d) the execution, delivery and performance of this Agreement by it does not conflict with any agreement, instrument or understanding, oral or
written, to which it is a party or by which it may be bound, nor violate any material Law; 
 (e) it has not granted, and shall not grant
during the Term, any right to any Third Party which would conflict with the rights granted to the other Party hereunder; 
 (f) it is not
aware of any action, suit or inquiry or investigation instituted by any Person which questions or threatens the validity of this Agreement; and 

(g) no consent or approval from any Third Party (including any governmental or administrative body or court) is necessary to consummate this
Agreement or, to its knowledge, to conduct the activities contemplated hereunder. 
  

	11.2	Clearside Representations, Warranties and Covenants. Clearside hereby represents and warrants that as of the Effective Date: 

(a) it shall perform the activities allocated to it under the Workplans in a timely and professional manner, with due care and in accordance
with industry standards; 
 (b) it has full legal rights and authority to grant the licenses and rights under the Clearside Background IP
granted under this Agreement and has not assigned, transferred, conveyed or licensed its right, title and interest in the Clearside Background IP in any manner inconsistent with such license grant or the other terms of this Agreement; 

(c) there is no pending litigation or written threat of litigation that has been received by Clearside (and has not been resolved by taking a
license or otherwise), which alleges that Clearside’s activities with respect to the Clearside Background IP have infringed or misappropriated any of the intellectual property rights of any Third Party; 

(d) the performance by Clearside of the activities allocated to it under the Workplans and its other obligations under this Agreement shall not
infringe or otherwise violate the intellectual property rights of any Third Party related to Standard Microinjectors; and 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 35 

 (e) neither Clearside nor any of its Affiliates, nor, to its knowledge, any other Person that
will be involved in activities under this Agreement has been debarred or is subject to debarment, and neither Clearside nor any of its Affiliates will knowingly use in any capacity, in connection with this Agreement, any Person who has been debarred
pursuant to Section 306 of the United States Federal Food, Drug, and Cosmetic Act, or who is the subject of a conviction described in such section. Clearside agrees to inform Spark in writing immediately if it or any Person who is performing
activities hereunder is debarred or is the subject of a conviction described in Section 306, or if any action, suit, claim, investigation or legal or administrative proceeding is pending or, to the best of Clearside’s knowledge, is
threatened, relating to the debarment or conviction of Clearside or any Person used in any capacity by Clearside or any of its Affiliates in connection with this Agreement. 

(f) Clearside covenants that Clearside shall not, without Spark’s prior written consent, (i) waive, amend, cancel or terminate any
material provision of, or fail to maintain, the Emory License Agreement in any manner that would be materially detrimental to the rights granted to Spark hereunder or that would impose additional or more onerous obligations on Spark, or
(ii) take or fail to take any action that would give any counterparty to the Emory License Agreement the right to terminate the Emory License Agreement. 

(g) Clearside has been advised by the United States (US) Food and Drug Administration (FDA) that products comprised of a Standard Microinjector
used to deliver an active pharmaceutical ingredient to the suprachoroidal space (SCS) will be regulated as a drug subject to a new drug application (NDA) regulatory pathway, without any requirement for 510(k) or premarket approval of the
Microinjector, and to Clearside’s knowledge, a biologics license application (BLA) regulatory pathway will apply to Licensed Products comprising a Standard Microinjector hereunder. 

(h) The Patents set forth on Exhibit B are all of the Patents relating to the Clearside Technology that are Controlled by Clearside or
its Affiliates as of the Effective Date. If any Patents relating to the Clearside Technology that are Controlled by Clearside or its Affiliates as of the Effective Date are determined to have been omitted from Exhibit B, Exhibit B
shall automatically be updated to include such omitted Patents. 
  

	11.3	Spark Representations, Warranties and Covenants. Spark hereby represents and warrants that as of the Effective Date: 

(a) it shall perform the activities allocated to it under the Workplans in a timely and professional manner, with due care and in accordance
with industry standards; 
 (b) the performance by Clearside of the activities allocated to it under the Workplans and its other obligations
under this Agreement shall not infringe or otherwise violate the intellectual property rights of any Third Party related to Gene Therapeutics; and 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 36 

 (c) neither Spark nor any of its Affiliates, nor, to its knowledge, any other Person that will be
involved in activities under this Agreement has been debarred or is subject to debarment, and neither Spark nor any of its Affiliates will knowingly use in any capacity, in connection with this Agreement, any Person who has been debarred pursuant to
Section 306 of the United States Federal Food, Drug, and Cosmetic Act, or who is the subject of a conviction described in such section. Spark agrees to inform Clearside in writing immediately if it or any Person who is performing activities
hereunder is debarred or is the subject of a conviction described in Section 306, or if any action, suit, claim, investigation or legal or administrative proceeding is pending or, to the best of Spark’s knowledge, is threatened, relating
to the debarment or conviction of Spark or any Person used in any capacity by Spark or any of its Affiliates in connection with this Agreement. 

(d) Spark covenants that Spark shall comply with the terms of the Emory License Agreement set forth in Exhibit C. Spark covenants that
any Licensed Products made or sold by or on behalf of Spark, its Affiliates and Sublicensees pursuant to this Agreement shall comply with all applicable federal and state law regulations, including but not limited to regulations of the Federal Drug
Administration, the Environmental Protection Agency, and their state equivalents. 
  

	11.4	Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN SECTIONS 11.1, 11.2 AND- 11.3, THE PARTIES MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND PARTICULARLY THAT
LICENSED PRODUCTS WILL BE SUCCESSFULLY DEVELOPED OR COMMERCIALIZED HEREUNDER, AND IF LICENSED PRODUCTS ARE DEVELOPED, WITH RESPECT TO SUCH LICENSED PRODUCTS, AND TO THE EXTENT PERMITTED BY LAW, THE PARTIES EXCLUDE ALL IMPLIED WARRANTIES OF TITLE,
NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. 

 ARTICLE 12 

INDEMNIFICATION, INSURANCE AND LIABILITY 
  

	12.1	Indemnification by Clearside. Clearside shall defend, indemnify and hold harmless Spark and its officers, directors, employees, agents, representatives, successor and assigns (“Spark Indemnitee”)
from and against any liability or expense (including reasonable legal expenses, costs of litigation and attorneys’ fees), damages, or judgments, whether for money or equitable relief (collectively, “Losses”) resulting from
suits, proceedings, claims, actions, demands, or threatened claims, actions or demands, in each case brought by a Third Party (each, a “Claim”) against a Spark Indemnitee arising out of: (a) any negligent act or omission, or
willful wrongdoing by Clearside or its Affiliates in the performance of this Agreement, (b) the failure by Clearside to comply with any Law, (c) any breach of any representation or warranty or covenant of Clearside under this Agreement,
except, in each case, to the extent any such Losses result from the gross negligence or willful misconduct of a Spark Indemnitee or from the breach of any representation or warranty or obligation under this Agreement by Spark. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 37 

	12.2	Indemnification by Spark. Spark shall defend, indemnify and hold harmless Clearside and its Affiliates, the “Indemnitees” (under and as such term is defined in the Emory License Agreement), and its and
their officers, directors, employees, agents, representatives, successor and assigns (“Clearside Indemnitee”) from and against any and all Losses resulting from Claims, including, bodily, injury, risk of bodily injury, death,
property damage and product liability, against an Clearside Indemnitee arising out of or relating to, directly or indirectly: (a) any negligent act or omission, or willful wrongdoing by Spark in the performance of this Agreement, (b) the
failure by Spark to comply with any Law, (c) any alleged personal injuries or death resulting from, arising out of or relating to any Clinical Trials or use of a Licensed Product, or (d) any breach of any representation or warranty or
covenant of Spark under this Agreement; except, in each case, to the extent any such Losses result from the gross negligence or willful misconduct of a Clearside Indemnitee or from the breach of any representation or warranty or obligation under
this Agreement by Clearside. 

  

	12.3	Limitations on Indemnification. The obligations to indemnify, defend, and hold harmless set forth in Sections 12.1 and 12.2 shall be contingent upon the Party seeking indemnification (the
“Indemnitee”): (a) notifying the indemnifying Party of a claim, demand or suit within ten (10) days of receipt of same; provided, however, that Indemnitee’s failure or delay in providing such notice shall not relieve
the indemnifying Party of its indemnification obligation except to the extent the indemnifying Party is prejudiced thereby; (b) allowing the indemnifying Party or its insurers the right to assume direction and control of the defense of any such
claim, demand or suit; (c) using its best efforts to cooperate with the indemnifying Party or its insurers, at the indemnifying Party’s expense, in the defense of such claim, demand or suit; and (d) agreeing not to settle or
compromise any claim, demand or suit without prior written authorization of the indemnifying Party. The Indemnitee shall have the right to participate in the defense of any such claim, demand or suit referred to in this Section utilizing attorneys
of its choice, at its own expense, provided, however, that the indemnifying Party shall have full authority and control to handle any such claim, demand or suit. 

  

	12.4	Limitation on Liability. IN NO EVENT SHALL ANY PARTY BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE), EVEN IF SUCH PARTY WAS ADVISED OR OTHERWISE AWARE OF THE LIKELIHOOD OF SUCH DAMAGES. The limitations set
forth in this Section 12.4 shall not apply with respect to (a) the Party’s indemnification obligations under Sections 12.1 and 12.2, as applicable, (b) breach of Article 9, or (c) intentional misconduct of a Party. Nothing
in this Section 12.4 shall exclude a Party’s liability for death or injury caused by that Party’s negligence, or fraud or fraudulent misrepresentation. 

 

	12.5	Insurance. During the term of this Agreement and for a period of five (5) years after termination or expiration, each Party shall obtain or maintain, at its sole cost and expense, insurance policies,
including product liability insurance, adequate to cover its obligations hereunder and which are consistent with normal business practices of prudent companies similarly situated (which may include programs of self insurance). 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 38 

 ARTICLE 13 

DISPUTE RESOLUTION 
  

	13.1	General. Any controversy, claim or dispute arising out of or relating to this Agreement shall be settled, if possible, through good faith negotiations between the Parties. If, however, the Parties are unable to
settle such dispute after good faith negotiations, the matter shall be referred to executive officers of the Parties to be resolved by negotiation in good faith as soon as is practicable but in no event later than thirty (30) days after
referral. 

  

	13.2	Failure of Executive Officers to Resolve Dispute. If the executive officers are unable to settle the dispute after good faith negotiation in the manner set forth above, either Party may submit the matter for
resolution by binding arbitration in accordance with Section 13.3. 

  

	13.3	 Arbitration. A Party submitting a dispute for resolution by binding arbitration pursuant to this Section 13.3 shall provide the other
Party with written notice thereof (an “Arbitration Notice”). Any arbitration hereunder shall be conducted under the Commercial Arbitration Rules of the American Arbitration Association, except as modified herein, and the arbitration
proceeding shall be governed by the United States Federal Arbitration Act (the “FAA”). Except as specified below, such arbitration shall be conducted by a single arbitrator and the arbitrator shall be either mutually acceptable or,
if the parties cannot agree on an arbitrator within fifteen (15) days after the matter is referred to arbitration, the single arbitrator shall be a person selected by the applicable rules. Within ten (10) business days after the arbitrator
is selected, each party shall submit to the arbitrator that party’s proposed resolution of the dispute and justification therefor. The arbitrator shall, within ten (10) business days after receiving the proposed resolution from each party,
select one of the proposals, and such selection shall be deemed to be the arbitrator’s conclusive decision and shall be binding on the parties. Notwithstanding the foregoing, in the case of a dispute relating to an alleged material breach, then
the arbitration shall be conducted by a panel of three arbitrators, in which case each Party shall select one arbitrator within thirty (30) days after the date of the Arbitration Notice and the two (2) arbitrators so selected shall choose
a third arbitrator to resolve the dispute within thirty (30) days after the date the second of the initial two (2) arbitrators is selected. All arbitrators shall be independent of the Parties and shall not have any present or past
relationship with either Party. An arbitration decision shall be rendered in writing and shall be binding and not be appealable to any court in any jurisdiction except pursuant to the FAA. The arbitration proceedings shall be conducted in the
English language and shall be held in: (a) Philadelphia, PA, if brought by Spark, and (b) Atlanta, 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 39 

	 	
Georgia, if brought by Clearside. The arbitrators shall have the authority to grant specific performance, and to allocate between the Parties the costs and legal fees of arbitration in such
equitable manner as they determine. Judgment upon the award so rendered may be entered in any court having jurisdiction and application may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be.

 ARTICLE 14 

MISCELLANEOUS 
  

	14.1	Governing Law. This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and interpreted in accordance with the laws of the State of Delaware without regard
to conflict of law principles thereof, and excluding the United National Convention on Contracts for the International Sales of Goods. 

  

	14.2	Compliance with Laws. Each Party shall conduct its activities under this Agreement in accordance with Law and good business practices. Furthermore, each Party represents, warrants and agrees that it has been at
all times and will continue to be in compliance with all potentially applicable anti-bribery and anti-corruption laws, including the U.S. Foreign Corrupt Practices Act of 1977. Each Party represents, warrants and agrees that no bribes, payments,
kickbacks, gifts, hospitality, donations, loans, or anything of value have been or will be made or received, offered, promised, or authorized, directly or indirectly, to improperly influence any act or decision of any person or entity, induce any
person or entity to do or omit to do any act in violation of any person’s or entities’ lawful duties, or secure any improper advantage. 

  

	14.3	Assignment of Rights and Obligations. 

 (a) General Rule. This Agreement and its
rights or obligations may not be assigned or otherwise transferred by either Party without the prior written consent of the other Party. 

(b) Permitted Assignments to Affiliates and in Case of Sale of Business Transactions. Notwithstanding Section 14.3(a), either Party
may, even without the consent of the other Party, assign this Agreement or any of its rights or obligations (i) to any of its Affiliates, or (ii) in connection with a sale or transfer of all or substantially all of such Party’s
business or assets relating to the subject matter of this Agreement, whether by merger, sale of assets or otherwise; provided, however, that such Party’s rights and obligations under this Agreement shall be assumed in writing by its successor
in interest in any such transaction. In the event of an assignment of this Agreement by Spark, the successor or assignee shall be obligated, in addition to and without limiting the provisions of Section 4.1(a), if an IND clearance is obtained
by Spark (or such successor or assignee) with respect to a second Licensed Product, to use Commercially Reasonable Efforts to Develop a second Licensed Product in the Field if warranted by safety, efficacy,

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 40 

 
commercial opportunity and the other considerations included in the definition of “Commercially Reasonable Efforts.” In addition, either Party may assign its rights hereunder, subject
to any applicable defenses or set offs, as collateral security to its senior secured creditor(s). 
  

	14.4	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
the Agreement. 

  

	14.5	Force Majeure. Except with respect to payment of money, no Party shall be liable to the other Party 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 earthquake, riot, civil commotion, war, terrorist acts, strike, flood, or governmental acts or restriction, or other cause that is beyond the reasonable control of the respective Party (“Force
Majeure”). The Party affected by such Force Majeure will 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 as soon as practicable. If the performance of any such obligation under this Agreement is delayed
owing to an event of Force Majeure for any continuous period of more than ninety (90) days, the Parties will consult with respect to an equitable solution, including the possibility of the termination of this Agreement. 

 

	14.6	Representation by Legal Counsel. Each Party hereto represents that it has been represented by legal counsel in connection with this Agreement and acknowledges that it has participated in the drafting hereof. In
interpreting and applying the terms and provisions of this Agreement, the Parties agree that no presumption shall exist or be implied against the Party which drafted such terms and provisions. 

 

	14.7	Notices. Any notice, request, delivery, 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) or five (5) days after it was sent by registered letter, return receipt requested (or its equivalent), provided that no postal strike or other
disruption is then in effect or comes into effect within two (2) days after such mailing, 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 will have last
given by notice to the other Party. 

  

			
	If to Spark:	  	 Spark Therapeutics, Inc.
 3737 Market Street,
Suite 1300
 Philadelphia, PA 19104

		  	Attention: General Counsel
		  	Facsimile: (215) 790-6248

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 41 

			
	If to Clearside:	  	 Clearside Biomedical, Inc.
 1220 Old Alpharetta
Rd., Suite 300
 Alpharetta, GA 30005

		  	Attention: Chief Executive Officer
		
	With a copy to:	  	 Hutchison PLLC
 3110 Edwards Mill Road, Suite
300
 Raleigh, NC 27612

		  	Attn: William N. Wofford

  

	14.8	Entire Agreement. The Parties hereto acknowledge that this Agreement, together with the Exhibits attached hereto, set forth the entire agreement and understanding of the Parties hereto as to the subject matter
hereof, and supersedes all prior and contemporaneous discussions, agreements and writings in respect. Except as required by statute, no terms shall be implied (whether by custom, usage or otherwise) into this Agreement. 

 

	14.9	Amendment. No amendment, modification or supplement of any provision of this Agreement shall be valid or effective unless made in writing and signed by a duly authorized officer of each Party. 

 

	14.10	Waiver. No provision of the Agreement shall be waived by any act, omission or knowledge of a Party or its agents or employees except by an instrument in writing expressly waiving such provision and signed by a
duly authorized officer of the waiving Party. The waiver by any of the Parties of any breach of any provision hereof by another Party shall not be construed to be a waiver of any succeeding breach of such provision or a waiver of the provision
itself. 

  

	14.11	Severability. If any clause or portion thereof in this Agreement is for any reason held to be invalid, illegal or unenforceable, the same shall not affect any other portion of this Agreement, as it is the intent
of the Parties that this Agreement shall be construed in such fashion as to maintain its existence, validity and enforceability to the greatest extent possible. In any such event, this Agreement shall be construed as if such clause of portion
thereof had never been contained in this Agreement, and there shall be deemed substituted therefor such provision as will most nearly carry out the intent of the Parties as expressed in this Agreement to the fullest extent permitted by Law.

  

	14.12	Relationship of the Parties. The Parties agree that the relationship of Spark and Clearside established by this Agreement is that of independent contractors. Furthermore, the Parties agree that this Agreement
does not, is not intended to, and shall not be construed to, establish an employment, agency, partnership or any other relationship. Except as may be specifically provided herein, no Party shall have any right, power or authority, nor shall they
represent themselves as having any authority to assume, create or incur any expense, liability or obligation, express or implied, on behalf of any other Party, or otherwise act as an agent for any other Party for any purpose. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 42 

	14.13	Third Party Beneficiaries. Except for the rights to indemnification provided for a Party’s Indemnitees pursuant to Article 12, all rights, benefits and remedies under this Agreement are solely intended for
the benefit of the Parties (including any successor in interest or permitted assigns), and except rights to indemnification expressly provided pursuant to Article 12, no Third Party shall have any rights whatsoever to (a) enforce any obligation
contained in this Agreement, (b) seek a benefit or remedy for any breach of this Agreement, or (c) take any other action relating to this Agreement under any legal theory, including actions in contract, tort (including negligence, gross
negligence and strict liability), or as a defense, setoff or counterclaim to any action or claim brought or made by the Parties. 

  

	14.14	Nonsolicitation. During the term of this Agreement and for a period of twelve (12) months thereafter, neither Party shall solicit an employee of the other Party who is or has been involved in the performance
or oversight of any of the Research hereunder to terminate his or her employment and accept employment or work as a consultant with the soliciting Party. Notwithstanding the foregoing, nothing herein shall restrict or preclude the Parties’
right to make generalized searches for employees by way of a general solicitation for employment placed in a trade journal, newspaper or website. 

  

	14.15	Counterparts. This Agreement may be executed in any number of counterparts, each of which need not contain the signature of more than one Party but all such counterparts taken together shall constitute one and
the same agreement. Any signature page delivered by facsimile or electronic image transmission shall be binding to the same extent as an original signature page. 

[Signature page follows] 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 43 

 IN WITNESS WHEREOF, the Parties have executed this Agreement by
their duly authorized representatives as of the dates set forth below. 
  

									
	SPARK THERAPEUTICS, INC.	 		 	CLEARSIDE BIOMEDICAL, INC.
					
	By:	 	 /s/ Jeffrey D. Marrazzo
	 		 	By:	 	 /s/ Daniel H. White

					
	Name:	 	 Jeffrey D. Marrazzo
	 		 	Name:	 	 Daniel H. White

					
	Title:	 	 CEO
	 		 	Title:	 	 President & CEO

					
	Date:	 	  
	 		 	Date:	 	 4-27-2015

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 44 

 Exhibits: 

Exhibit A-1 – Initial Option Period #1 Workplan 
 Proposal
Summary 
  

					
	 Study Title
	  	Price (USD)	 
	 Ocular Distribution of AAV Vector by Suprachoroidal or Subretinal Injection in Pigmented Rabbits with a Tolerability Phase
	  	$	[***	] 

 Assumptions 
 In the
preparation of this quotation, certain assumptions have been made which are presented below: 
 The study information
presented within this document is based on standard Covance practices and the study outline/assumptions included. 
 This
document is not a contract. A contract will typically be issued at study plan finalization. 
 Price estimate has been
prepared according to the information provided in the study outline/assumptions listed. 
 Price estimate is subject to
change should there be any alteration to the study outline/assumptions. 
 The final study price will be calculated on the
authorized definitive protocol. 
 Prices are valid for 60 days from the document date. 

Where costs of shipping are included in this quotation, these are for convenience only and may vary depending upon the type
and volume of material shipped. All shipping is provided by a third party vendor and is not considered part of the services provided by Covance. 

One-year archive period included (can be extended if required). After retention has
ended, Archives will request disposition decisions and communicate the applicable charges. 
 Ocular Distribution of AAV Vector by Suprachoroidal or
Subretinal Injection in Pigmented Rabbits with a Tolerability Phase 
  

			
	Quote No.:	  	98777
		
	Quote (USD):	  	$[***]
		
	Study Location:	  	Madison, WI, USA
		
	Estimated Study Start:        	  	Late March/Early April 2015 – based on study outline and current capacity. No schedule reserved at this time.

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 45 

 Client Authorization 

If Clearside Biomedical, Inc. would like Covance Laboratories Inc. to proceed with the scheduling and initial setup of the following project: 

 

					
	 Study Title
	  	Price (USD)	 
	 Ocular Distribution of AAV Vector by Suprachoroidal or Subretinal Injection in Pigmented Rabbits with a Tolerability Phase
	  	$	[***	] 

 Please sign below and e-mail as a .pdf to the Client Manager noted on Page 1. 

Please issue a Purchase Order Number for the project. 
 Purchase
Order Number (if
applicable):                                       
  
 Covance Laboratories Inc. and Clearside Biomedical, Inc. agree that the final contract values of the above-mentioned project will be determined
upon completion of the definitive protocol before study start. 
 Upon receipt of this authorization, the appropriate resources will be reserved for the
project, and you will be notified of the scheduled start date. Any subsequent delay or cancellation of the study may be subject to additional charges as noted below. 

In the event of a delay or cancellation of a study contracted between the parties, Delay/Cancellation costs will be in accordance with the policy as
established and mutually agreed upon under the Master Laboratory Services Agreement or Laboratory Services Agreement. 
  

	
	Signed for and on behalf of Clearside Biomedical, Inc.
	
	  

	(Name & Title)
	
	  

	(Date)

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 46 

 Exhibit A-2 

Preliminary Work Plan #2 
 Following the successful completion of
the first rabbit study as evidenced by the expression of GFP from an AAV5 vector in RPE and photoreceptor cells, the additional studies are anticipated. Based on the data from the initial study Clearside and Spark may recommend revision of this
proposal. 
  

	 	1.	Dose Optimization Study 

 [***] 

 

	 	2.	Efficacy study 

 [***] 
  

	 	3.	Non-human primate study 

 [***] 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 

 Exhibit B – Existing Clearside Background IP 

Owned by Emory University and/or Georgia Tech Research Corporation and subject to Emory License Agreement 

 

					
	 Patent No.
	  	 Issue date
	  	 Docket No.

			
	 U.S. Patent No. 7,918,814
	  	April 5, 2011	  	CLRS-004/02US
			
	 U.S. Patent No. 8,197,435
	  	June 12, 2012	  	CLRS-004/03US
			
	 U.S. Patent No. 8,636,713
	  	January 28, 2014	  	CLRS-004/04US
			
	 U.S. Patent No. 8,808,225
	  	August 19, 2014	  	CLRS-004/05US

  

					
	 Application No.
	  	 Filing date
	  	 Docket No.

			
	 International Patent Application No. PCT/US14/71623
	  	December 19, 2014	  	CLRS-023/01WO
			
	 U.S. Provisional Patent Application No. 61/918,992
	  	December 20, 2013	  	CLRS-023/00US
			
	 U.S. Provisional Patent Application No. 60/746,237
	  	May 2, 2006	  	CLRS-004/00US
			
	 U.S. Provisional Patent Application No. 61/172,409
	  	April 24, 2009	  	CLRS-004/01US
			
	 U.S. Provisional Patent Application No. 61/698,254
	  	September 7, 2012	  	CLRS-005/00US
			
	 U.S. Patent Application Serial No. 14/136,657
	  	December 20, 2013	  	CLRS-004/06US
			
	 International Patent Application No. PCT/US2011/033987
	  	April 26, 2011	  	CLRS-004/03WO
			
	 Australia Patent Application No. 2011248624
	  	April 26, 2011	  	CLRS-004/03AU
			
	 Brazil Patent Application No. 11 2012 027416-3
	  	April 26, 2011	  	CLRS-004/03BR
			
	 Canada Patent Application No. 2797258
	  	April 26, 2011	  	CLRS-004/03CA
			
	 Chinese Patent Application No. 201180024176.5
	  	April 26, 2011	  	CLRS-004/03CN
			
	 European Patent Application No. 11777924.9
	  	April 26, 2011	  	CLRS-004/03EP
			
	 India Patent Application No. 10099/DELNP/2012
	  	April 26, 2011	  	CLRS-004/03IN
			
	 Israel Patent Application No. 222638
	  	April 26, 2011	  	CLRS-004/03IL
			
	 Japan Patent Application No. 2013-508168
	  	April 26, 2011	  	CLRS-004/03JP
			
	 Mexico Patent Application No. MX/a/2012/012495
	  	April 26, 2011	  	CLRS-004/03MX
			
	 New Zealand Patent Application No. 603185
	  	April 26, 2011	  	CLRS-004/03NZ
			
	 New Zealand Patent Application No. 623752
	  	April 26, 2011	  	CLRS-004/04NZ
			
	 Russia Patent Application No. 2012147341
	  	April 26, 2011	  	CLRS-004/03RU
			
	 Singapore Patent Application No. 201207910-9
	  	April 26, 2011	  	CLRS-004/03SG
			
	 South Africa Application No. 2012/08069
	  	April 26, 2011	  	CLRS-004/03ZA
			
	 South Africa Application No. 2014/00616
	  	April 26, 2011	  	CLRS-004/04ZA

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 48 

 Owned jointly by Clearside and Emory University and/or Georgia Tech Research Corporation and subject to Emory
License Agreement 
  

					
	 Application No.
	  	 Filing date
	  	 Docket No.

			
	 U.S. Provisional Patent Application No. 61/693,542
	  	August 27, 2012	  	CLRS-006/00US
			
	 U.S. Provisional Patent Application No. 61/754,495
	  	January 18, 2013	  	CLRS-006/01US
			
	 U.S. Provisional Patent Application No. 61/784,817
	  	March 14, 2013	  	CLRS-006/02US
			
	 PCT Patent Application No. PCT/US2013/056863
	  	August 27, 2013	  	CLRS-006/03WO
			
	 U.S. Patent Application No. 14/424,685
	  	August 27, 2013	  	CLRS-006/03US
			
	 EU national phase of PCT Patent Application No. PCT/US2013/056863
	  	August 27, 2013	  	CLRS-006/00EP
			
	 CA national phase of PCT Patent Application No. PCT/US2013/056863
	  	August 27, 2013	  	CLRS-006/03CA

 Independently developed and owned solely by Clearside 

 

					
	 Application No.
	  	 Filing date
	  	 Docket No.

			
	 U.S. Provisional Patent Application No. 61/759,771
	  	February 1, 2013	  	CLRS-011/00US
			
	 U.S. Provisional Patent Application No. 61/724,144
	  	November 8, 2012	  	CLRS-007/00US
			
	 U.S. Provisional Patent Application No. 61/734,872
	  	December 7, 2012	  	CLRS-008/00US
			
	 U.S. Provisional Patent Application No.61/745,237
	  	December 21, 2012	  	CLRS-010/00US
			
	 U.S. Provisional Patent Application No. 61/773,124
	  	March 5, 2013	  	CLRS-012/00US
			
	 U.S. Provisional Patent Application No. 61/785,229
	  	March 14, 2013	  	CLRS-012/01US
			
	 U.S. Provisional Patent Application No. 61/819,388
	  	May 3, 2013	  	CLRS-012/02US
			
	 U.S. Provisional Patent Application No. 61/873,660
	  	September 4, 2013	  	CLRS-017/00US

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 49 

					
	 Application No.
	  	 Filing date
	  	 Docket No.

			
	 U.S. Provisional Patent Application No. 61/898,926
	  	November 1, 2013	  	CLRS-017/01US
			
	 International Application No. PCT/US2013/069156
	  	November 8, 2013	  	CLRS-007/01WO
			
	 U.S. Provisional Patent Application No. 61/830,324
	  	June 3, 2013	  	CLRS-013/00US
			
	 International Application No. PCT/US2014/040254
	  	May 30, 2014	  	CLRS-013/01WO
			
	 U.S. Provisional Patent Application No. 61/819,048
	  	May 3, 2013	  	CLRS-014/00US
			
	 U.S. Provisional Patent Application No. 61/819,052
	  	May 3, 2013	  	CLRS-015/00US
			
	 U.S. Provisional Patent Application No. 61/827,371
	  	May 24, 2013	  	CLRS-016/00US
			
	 U.S. Provisional Patent Application No. 61/944,214
	  	February 25, 2014	  	CLRS-014/01US
			
	 U.S. Provisional Patent Application No. 61/953,147
	  	March 14, 2014	  	CLRS-018/00US
			
	 International Application No. PCT/US2014/036590
	  	May 2, 2014	  	CLRS-018/01WO
			
	 U.S. Patent Application No. 14/268,687
	  	May 2, 2014	  	CLRS-018/01US
			
	 U.S. Patent Application No. 14/523,243
	  	May 2, 2014	  	CLRS-018/02US
			
	 U.S. Provisional Patent Application No. 62/014,766
	  	June 20, 2014	  	CLRS-021/00US
			
	 U.S. Provisional Patent Application No. 62/035,682
	  	August 11, 2014	  	CLRS-014/02US
			
	 U.S. Design Patent Application No. 29/506,275
	  	October 14, 2014	  	CLRS-022/00US
			
	 U.S. Provisional Patent Application No. 62/063,792
	  	October 14, 2014	  	CLRS-022/01US

 Acquired from iScience and owned solely by Clearside 

 

							
	 Case

Numbers
	 	 Title
	  	 Application

Information
	 	 Status

	 641-008BR

(ISSCP008BR)
	 	Title: APPARATUS AND FORMULATIONS FOR SUPRACHOROIDAL DRUG DELIVERY	  	 Filed: 02/22/2007
 App. #: PI0708133-2
	 	[***]
	 641-008C

(ISSCP008C1US)
	 	Title: APPARATUS AND FORMULATIONS FOR SUPRACHOROIDAL DRUG DELIVERY	  	 Filed: 03/15/2013
 App. #: 13/842,288
	 	[***]

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 50 

							
	 641-008CN
 (ISSCP008CN)
	 	Title: APPARATUS AND FORMULATIONS FOR SUPRACHOROIDAL DRUG DELIVERY	  	 Issued: 06/8/2011
 Pat. #: ZL200780014501.3

Filed: 2/22/2007
 App. #: 200780014501.3
	 	[***]
	 641-008CN-DV1
 (ISSCP008CND1)
	 	Title: APPARATUS AND FORMULATIONS FOR SUPRACHOROIDAL DRUG DELIVERY	  	 Issued: 10/30/2013
 Pat. #:
ZL2001110093644.6
 Filed: 2/22/2007
 App. #:
201110093644.6
	 	[***]
	 641-008DV
 (ISSCP008D1US)
	 	Title: APPARATUS AND FORMULATIONS FOR SUPRACHOROIDAL DRUG DELIVERY	  	 Filed: 03/15/2013
 App. #: 13/842,218
	 	[***]
	 641-008EP
 (ISSCP008EP)
	 	Title: APPARATUS AND FORMULATIONS FOR SUPRACHOROIDAL DRUG DELIVERY	  	 Filed: 02/22/2007
 App. #: 07751620.1
	 	[***]
	 641-008US
 (ISSCP008US)
	 	Title: APPARATUS AND FORMULATIONS FOR SUPRACHOROIDAL DRUG DELIVERY	  	 Filed: 02/21/2007
 App. #: 11/709,941
	 	[***]
	 641-015BR
 (ISSCP015BR)
	 	Title: DEVICE FOR OCULAR ACCESS	  	 Filed: 04/15/2013
 App. #:
1120130092050
	 	[***]
	 641-015CN
 (ISSCP015CN)
	 	Title: DEVICE FOR OCULAR ACCESS	  	 Filed: 10/14/2011
 App. #:
201180060268.9
	 	[***]
	641-015CN-DV	 	Title: DEVICE FOR OCULAR ACCESS	  	 Filed: Not yet
 App. #:
	 	[***]
	 641-015EP
 (ISSCP015EP)
	 	Title: DEVICE FOR OCULAR ACCESS	  	 Filed: 05/09/2013
 App. #: 11776049.6
	 	[***]
	 641-015JP
 (ISSCP015JP)
	 	Title: DEVICE FOR OCULAR ACCESS	  	 Filed: 4/12/2012
 App. #: 2013-534049
	 	[***]

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 51 

							
	 641-015US
 (ISSCP015US)
	 	Title: DEVICE FOR OCULAR ACCESS	  	 Filed: 10/14/2011
 App. #: 13/273,775
	 	[***]
		 	Title: APPARATUS AND FORMULATIONS FOR SUPRACHOROIDAL DRUG DELIVERY	  	 Filed: February 22, 2006
 U.S.
Provisional Patent Application Serial No.: 60/776,903
	 	
		 	APPARATUS AND FORMULATIONS FOR SUPRACHOROIDAL DRUG DELIVERY	  	International Patent Application Serial No.:PCT/US2007/004874	 	[***]
		 	DEVICE FOR OCULAR ACCESS	  	U.S. Provisional Patent Application Serial No.: 61/393,741	 	[***]
		 	DEVICE FOR OCULAR ACCESS	  	International Patent Application Serial No.: PCT/US2011/056433	 	[***]

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 52 

 Developed and owned solely by Clearside 

 

					
	 Application No.
	  	 Filing date
	  	 Docket No.

			
	U.S. Provisional Patent Application No. 61/759,771	  	February 1, 2013	  	CLRS-011/00US
			
	U.S. Provisional Patent Application No. 61/724,144	  	November 8, 2012	  	CLRS-007/00US
			
	U.S. Provisional Patent Application No. 61/734,872	  	December 7, 2012	  	CLRS-008/00US
			
	U.S. Provisional Patent Application No. 61/745,237	  	December 21, 2012	  	CLRS-010/00US
			
	U.S. Provisional Patent Application No. 61/773,124	  	March 5, 2013	  	CLRS-012/00US
			
	U.S. Provisional Patent Application No. 61/785,229	  	March 14, 2013	  	CLRS-012/01US
			
	U.S. Provisional Patent Application No. 61/819,388	  	May 3, 2013	  	CLRS-012/02US
			
	U.S. Provisional Patent Application No. 61/873,660	  	September 4, 2013	  	CLRS-017/00US
			
	U.S. Provisional Patent Application No. 61/898,926	  	November 1, 2013	  	CLRS-017/01US
			
	International Application No. PCT/US2013/069156	  	November 8, 2013	  	CLRS-007/01WO
			
	U.S. Provisional Patent Application No. 61/830,324	  	June 3, 2013	  	CLRS-013/00US
			
	International Application No. PCT/US2014/040254	  	May 30, 2014	  	CLRS-013/01WO
			
	U.S. Provisional Patent Application No. 61/819,048	  	May 3, 2013	  	CLRS-014/00US
			
	U.S. Provisional Patent Application No. 61/819,052	  	May 3, 2013	  	CLRS-015/00US
			
	U.S. Provisional Patent Application No. 61/827,371	  	May 24, 2013	  	CLRS-016/00US
			
	U.S. Provisional Patent Application No. 61/944,214	  	February 25, 2014	  	CLRS-014/01US
			
	U.S. Provisional Patent Application No. 61/953,147	  	March 14, 2014	  	CLRS-018/00US
			
	International Application No. PCT/US2014/036590	  	May 2, 2014	  	CLRS-018/01WO
			
	U.S. Patent Application No. 14/268,687	  	May 2, 2014	  	CLRS-018/01US
			
	U.S. Patent Application No. 14/523,243	  	May 2, 2014	  	CLRS-018/02US
			
	U.S. Provisional Patent Application No. 62/014,766	  	June 20, 2014	  	CLRS-021/00US
			
	U.S. Provisional Patent Application No. 62/035,682	  	August 11, 2014	  	CLRS-014/02US
			
	U.S. Design Patent Application No. 29/506,275	  	October 14, 2014	  	CLRS-022/00US
			
	U.S. Provisional Patent Application No. 62/063,792	  	October 14, 2014	  	CLRS-022/01US

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 53 

 Exhibit C – Provisions of Emory License Agreement 

The following provisions of the Emory License Agreement shall be included in any Sublicense: 

2.5.1. Spark or Sublicensee shall indemnify Emory/GTRC and maintain liability coverage to the same extent that Clearside is so required
pursuant to Section 10.3 of the Emory License Agreement. 
 2.5.2. Emory/GTRC has the right to audit Spark or the Sublicensee as
described below. 
 2.5.3. Spark shall provide Clearside with copies of all sublicense agreements within thirty (30) days of their
execution date, which, if redacted, must include the relevant provisions under this Article 2 and a disclosure of the financial terms of the sublicense; 

2.5.4. Sublicense to Spark or to a Sublicensee is subject to automatic termination in the event that Spark, a Sublicensee or distributor
challenges, either directly or indirectly, the validity, enforceability or scope of any claim within the patent rights licensed under the Emory License Agreement in a court or other governmental agency of competent jurisdiction, including in a
reexamination or opposition proceeding. 
 2.5.5. If the Emory License Agreement terminates for any reason, Spark or any Sublicensee shall,
unless the sublicense agreement also terminates, from the effective date of such termination, automatically become a direct licensee of Emory/GTRC with respect to the rights originally sublicensed to it by Clearside, provided Spark or such
Sublicensee did not cause the termination of the Agreement, agrees to comply with all the terms of the Emory License Agreement and assumes the responsibilities of Clearside, to the extent applicable to the sublicense originally granted to it. 

2.7 Any Licensed Products used or sold in the United States will be manufactured substantially in the United States unless any waivers
required are obtained from the United States Government by COMPANY 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 54 

	4.3.	Right to Audit. Emory/GTRC shall have the right, upon prior notice, not more than once in each calendar year and the calendar year immediately following termination of the Agreement, through an independent
certified public accountant selected by Emory/GTRC, to have access during normal business hours as may be reasonably necessary to examine the records of Spark or Sublicensee to include, but not be limited to, sales invoice registers, sales analysis
reports, original invoices, inventory records, price lists, sublicense and distributor agreements, accounting general ledgers, and sales tax returns, in order to verify the accuracy of the of the calculation of any payment due under the Emory
License Agreement. Such audit shall be limited in scope to the preceding thirty-six (36) months from the date of the notice of audit. If such independent public accountant’s report shows any underpayment of royalties by Spark, its
Affiliates or Sublicensees, within thirty (30) days after receipt of such report, Spark or Sublicensee shall remit to Emory/GTRC: 

  

	 	i.	the amount of such underpayment; and 

  

	 	ii.	if such underpayment exceeds five (5%) percent of the total royalties owed for the fiscal year then being reviewed, the reasonably necessary fees and expenses of such independent public accountant performing the
audit. Otherwise, Emory/GTRC’s accountant’s fees and expenses shall be borne by Emory/GTRC’s. 

 9.3 FDA and Other Regulations.
Any Sublicensee shall represent and warrant that any Licensed Products made or sold by it or its Affiliates under this license shall comply with all applicable federal and state law regulations, including but not limited to regulations of the
Federal Drug Administration, the Environmental Protection Agency, and their state equivalents. 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 55 

 Exhibit D – Standard Microinjector Technical Specifications 

As of the Effective Date, the Standard Microinjector is a single needle, single-use device sterilized with ethylene oxide and designed to be filled at the
point of use with a vial adapter tube and used at room temperature. See accompanying image. 
  

			
	Length of microneedle:	  	[***]
		
	Needle gauge:	  	[***]
		
	Size of Bevel opening:	  	[***]
		
	Volume:	  	[***]
		
	Force:	  	[***]

 For the sake of clarification, improved versions of the Standard Microinjector made after the Effective Date (including
improved versions that include changes to the above parameters) shall also constitute Standard Microinjectors, but in no event shall a Microinjector constitute a “Standard Microinjector” if such device incorporates any of the following
components or characteristics: 
  

	 	1.	Battery power 

  

	 	2.	Thermodynamic modulation (i.e., insulation, heating or cooling elements) 

  

	 	3.	Glass barrel 

  

	 	4.	Multiple chambers 

  

	 	5.	Multi-pronged needle(s) 

  

	 	6.	Sterilization with autoclave/heat or radiation 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 56 

 

 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 57 

 Exhibit E – Supply Agreement Terms 

 

					
	Pricing:	  	[***] (subject to inflation adjuster 5 years after first commercial sale)
		
		  	If the parties agree for Clearside to supply New Microinjectors, unit pricing would be at the greater of [***].
		
	Delivery:	  	F.O.B., Clearside’s designated manufacturing facility in the US
		
	Product Warrants:	  	Microinjectors to be manufactured to GMP standards and to meet specifications
			
	Forecast; Lead times:	  	Firm Period	  	[tbd]
		  	Semi-firm Period	  	[tbd]
		  	Non-binding forecast	  	[tbd]
		
	“Failure to Supply”	  	[Failure to meet at least [tbd]% of firm orders in consecutive calendar quarters]
		
	“Most Favored Nation”	  	Clearside will commit to performance, warranty, indemnification, priority allocation, quality and similar terms no less favorable to Spark than comparable terms offered by Clearside to Third Party customers and no less
favorable to Spark than comparable terms obtained by Clearside from its Third Party contract manufacturer. The Parties acknowledge that, due to the relatively modest quantities that Spark anticipates requiring, the Parties will need to cooperate
with respect to forecasting and ordering to enable Spark to obtain timely supply, which cooperation may include joint planning to enable Spark’s orders to be fulfilled concurrently with larger production runs but without undue delay.
		
	Production Ready Date:	  	Timeline for commercial scale production readiness to be negotiated.
		
	Payment Terms:	  	Payment for supplies of commercial Standard Microinjector will be due net thirty (30) days after the later of the date of invoice or the date of delivery of such Microinjectors.
		
	Late Payments:	  	Overdue amounts will carry an annual interest charge, calculated monthly, at London Interbank Offered Rate plus two hundred basis points.

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 58 

 Exhibit F – Initial Press Release 

[To be provided] 

  
 CONFIDENTIAL TREATMENT
HAS BEEN REQUESTED FOR PORTIONS OF THIS EXHIBIT. THE COPY FILED HEREWITH OMITS THE INFORMATION SUBJECT TO A CONFIDENTIALITY REQUEST. OMISSIONS ARE DESIGNATED [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND
EXCHANGE COMMISSION. 
  
 59EX-10.19

 Exhibit 10.19 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of April 15, 2015 (the “Effective Date”)
between SILICON VALLEY BANK, a California corporation (“Bank”), and CLEARSIDE BIOMEDICAL, INC., a Delaware corporation (“Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower
shall repay Bank. The parties agree as follows: 
 1 ACCOUNTING AND OTHER TERMS 

Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP.
Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such
terms are defined therein. 
 2 LOAN AND TERMS OF PAYMENT 

2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and
accrued and unpaid interest thereon as and when due in accordance with this Agreement. 
 2.1.1 Growth Capital Advances. 

(a) Availability. Subject to the terms and conditions of this Agreement, Bank agrees to make up to two (2) Growth Capital Advances
to Borrower in two (2) tranches: “Tranche A” and “Tranche B”. Provided that (i) Borrower has achieved the Positive Phase I/II Milestone, and (ii) all other conditions precedent to the initial Credit Extension have
been satisfied, Bank shall make a Growth Capital Advance under Tranche A to Borrower in an amount equal to Four Million Dollars ($4,000,000) (the “Tranche A Growth Capital Advance”) on the Effective Date. During the Tranche B Draw
Period, Borrower may request a Growth Capital Advance under Tranche B, in an amount not to exceed Two Million Dollars ($2,000,000) (the “Tranche B Growth Capital Advance”, and together with the Tranche A Growth Capital Advance, each
a “Growth Capital Advance” and collectively, the “Growth Capital Advances”). The aggregate outstanding amount of the Growth Capital Advances shall not exceed the Growth Capital Line. 

(b) Repayment. The Growth Capital Advances shall be “interest only” through the Amortization Start Date and shall be payable
in accordance with Section 2.3(d) below. Borrower shall repay the Growth Capital Advances in thirty (30) equal installments of principal, plus monthly payments of accrued interest (each, a “Growth Capital Advance
Payment”). Beginning on the Amortization Start Date, each Growth Capital Advance Payment shall be payable on the first (1st) day of each month. Borrower’s final Growth Capital Advance Payment, due on the Growth Capital Maturity
Date, shall include all outstanding principal and accrued and unpaid interest under the Growth Capital Advances and the Final Payment. Once repaid, no Growth Capital Advance may be reborrowed. 

(c) Prepayment. 
 (i)
Mandatory Prepayment Upon an Acceleration. If the Growth Capital Advances are accelerated following the occurrence and during the continuance of an Event of Default, Borrower shall immediately pay to Bank an amount equal to the sum of
(i) all outstanding principal, plus accrued and unpaid interest with respect to Growth Capital Advances, (ii) the Final Payment, (iii) the Termination Fee and (iv) all other sums, if any, that shall have become due and payable
hereunder in connection with the Growth Capital Advances. 
 (ii) Voluntary Prepayment. Borrower shall have the option to prepay all,
but not less than all, of the Growth Capital Advances advanced by Bank under this Agreement, provided Borrower (a) delivers written notice to Bank of its election to prepay the Growth Capital Advances at least ten (10) days prior to such
prepayment, (b) pays, on the date of such prepayment (i) all outstanding principal, plus accrued and unpaid interest thereon, (ii) the Final Payment, (iii) the Termination Fee and (iv) all other sums, if any, that shall have
become due and payable hereunder in connection with the Growth Capital Advances. 

 2.2 Intentionally Omitted. 

2.3 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under the Growth Capital Line shall accrue interest
at a floating per annum rate equal to one half of one percentage point (0.50%) below the Prime Rate, which interest shall be payable monthly in accordance with Section 2.3(d) below. 

(b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall bear interest at
a rate per annum which is four percentage points (4.0%) above the rate that is otherwise applicable thereto (the “Default Rate”). Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents
(including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this
Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Bank. 

(c) Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be
effective on the effective date of any change to the Prime Rate and to the extent of any such change. 
 (d) Payment; Interest
Computation. Interest is payable monthly on the first (1st) calendar day of each month and shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest, (i) all payments received after
12:00 p.m. Eastern time on any day shall be deemed received at the opening of business on the next Business Day, and (ii) the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided,
however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. 

2.4 Fees. Borrower shall pay to Bank: 

(a) Final Payment. The Final Payment, when due hereunder; 

(b) Termination Fee. Upon termination of this Agreement for any reason prior to the Growth Capital Maturity Date, in addition to the
payment of any other amounts then-owing, a termination fee (the “Termination Fee”) in an amount equal to (i) two percent (2.00%) of the original principal amount of the aggregate Growth Capital Advances made to Borrower if
such termination occurs prior to the first anniversary of the Effective Date, (ii) one percent (1.00%) of the original principal amount of the aggregate Growth Capital Advances made to Borrower if such termination occurs on or after the
first anniversary of the Effective Date but prior to the second anniversary of the Effective Date or (iii) one half of one percent (0.50%) of the original principal amount of the aggregate Growth Capital Advances made to Borrower if such
termination occurs on or after the second anniversary of the Effective Date but prior to the Growth Capital Maturity Date; provided that no termination fee shall be charged if the credit facility hereunder is replaced with a new facility from Bank;
and 
 (c) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses for documentation and negotiation
of this Agreement incurred through and after the Effective Date, when due (or, if no stated due date, upon demand by Bank). Borrower has paid to Bank a deposit of Fifteen Thousand Dollars ($15,000) (the “Good Faith Deposit”). If
Borrower executes the Loan Documents, the Good Faith Deposit shall be applied to Bank Expenses due on the Effective Date. If Borrower chooses not to execute the Loan Documents, the Good Faith Deposit shall be applied to Bank Expenses incurred with
the remainder to be kept by Bank. 
 (d) Fees Fully Earned. Unless otherwise provided in this Agreement or in a separate writing by
Bank, Borrower shall not be entitled to any credit, rebate, or repayment of any fees earned by Bank pursuant to this Agreement notwithstanding any termination of this Agreement or the suspension or termination of Bank’s 

  
 -2- 

 obligation to make loans and advances hereunder. Bank may deduct amounts owing by Borrower under the clauses of
this Section 2.4 pursuant to the terms of Section 2.5(c). Bank shall provide Borrower written notice of deductions made from the Designated Deposit Account pursuant to the terms of the clauses of this Section 2.4. 

2.5 Payments; Application of Payments; Debit of Accounts. 

(a) All payments to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or
counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a
day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 

(b) Bank has the exclusive right to determine the order and manner in which all payments with respect to the Obligations may be applied.
Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application
is not specified elsewhere in this Agreement. 
 (c) Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit
Account, for principal and interest payments or any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 

2.6 Withholding. 
 (a)
Payments received by Bank from Borrower under this Agreement will be made free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed
by any Governmental Authority (including any interest, additions to tax or penalties applicable thereto). Specifically, however, if at any time any Governmental Authority, applicable law, regulation or international agreement requires Borrower to
make any withholding or deduction from any such payment or other sum payable hereunder to Bank, Borrower hereby covenants and agrees that the amount due from Borrower with respect to such payment or other sum payable hereunder will be increased to
the extent necessary to ensure that, after the making of such required withholding or deduction, Bank receives a net sum equal to the sum which it would have received had no withholding or deduction been required, and Borrower shall pay the full
amount withheld or deducted to the relevant Governmental Authority. Borrower will, upon request, furnish Bank with proof reasonably satisfactory to Bank indicating that Borrower has made such withholding payment; provided, however, that Borrower
need not make any withholding payment if the amount or validity of such withholding payment is contested in good faith by appropriate and timely proceedings and as to which payment in full is bonded or reserved against by Borrower. The agreements
and obligations of Borrower contained in this Section 2.6 shall survive the termination of this Agreement. 
 (b) If any assignee of
Bank’s rights under Section 12.2 of this Agreement is not a “United States Person” as defined in Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended from time to time (such assignee, a “Non-U.S.
Lender”), such Non-U.S. Lender shall, upon becoming party to this Agreement, to the extent that such Non-U.S. Lender is entitled to an exemption from U.S. withholding tax on interest, deliver to Borrower a complete and properly executed IRS
Form W-8BEN, W-8ECI or W-8IMY, as appropriate, or any successor form prescribed by the IRS, certifying that such Non-U.S. Lender is entitled to such exemption from U.S. withholding tax on interest. Notwithstanding Section 2.6(a) above, Borrower
shall not be required to pay any additional amount to any Non-U.S. Lender under Section 2.6(a) if such Non-U.S. Lender fails or is unable to deliver the forms, certificates or other evidence described in the preceding sentence, unless such
non-U.S. Lender’s failure or inability to deliver such forms is the result of any change in any applicable law, treaty or governmental rule, or any change in the interpretation thereof after such Non-U.S. Lender became a party to this
Agreement. 

  
 -3- 

 3 CONDITIONS OF LOANS 

3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the
condition precedent that Bank shall have received, in form and substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 

(a) duly executed original signatures to the Loan Documents; 

(b) duly executed original signatures to the Warrant; 

(c) duly executed original signatures to the Control Agreements, if any; 

(d) the Operating Documents and long-form good standing certificates of Borrower and its Subsidiaries certified by the Secretary of State (or
equivalent agency) of Borrower’s and such Subsidiaries’ jurisdiction of organization or formation and each jurisdiction in which Borrower and each Subsidiary is qualified to conduct business, each as of a date no earlier than thirty
(30) days prior to the Effective Date; 
 (e) duly executed original signatures to the completed Borrowing Resolutions for Borrower;

 (f) certified copies, dated as of a recent date, of financing statement searches, as Bank may request, accompanied by written
evidence (including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(g) the Perfection Certificate(s) of Borrower, together with the duly executed original signature thereto; 

(h) a landlord’s consent in favor of Bank for 1220 Old Alpharetta Road, Suite 300, Alpharetta, GA 30005, by the landlord thereof, together
with the duly executed original signatures thereto; 
 (i) a bailee’s waiver in favor of Bank for each location where Borrower maintains
property with a third party (unless such leased location contain less than Fifty Thousand Dollars ($50,000) in Borrower’s assets or property), by each such third party, together with the duly executed original signatures thereto; 

(j) a copy of Borrower’s Registration Rights Agreement or Investors’ Rights Agreement and any amendments thereto; 

(k) evidence satisfactory to Bank that the insurance policies and endorsements required by Section 6.5 hereof are in full force and
effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses or endorsements in favor of Bank; and 

(l) payment of the fees and Bank Expenses then due as specified in Section 2.5 hereof. 

3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension, including the initial Credit
Extension, is subject to the following conditions precedent: 
 (a) except as otherwise provided in Section 3.5(a), timely receipt of an
executed Payment/Advance Form; 
 (b) the representations and warranties in this Agreement shall be true, accurate, and complete in all
material respects on the date of the Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified
or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of 

  
 -4- 

 such date, and no Event of Default shall have occurred and be continuing or result from the Credit Extension.
Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and complete in all material respects; provided, however, that such materiality
qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date
shall be true, accurate and complete in all material respects as of such date; and 
 (c) Bank determines to its satisfaction that there has
not been a Material Adverse Change. 
 3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered
to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation
to deliver such item, and the making of any Credit Extension in the absence of a required item shall be in Bank’s sole discretion. 

3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other applicable conditions to the making of a Growth Capital
Advance set forth in this Agreement, to obtain a Growth Capital Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 12:00 p.m. Eastern time on the Funding Date of the Growth Capital
Advance. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by a Responsible Officer or his or her designee. Bank may rely on any
telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit Growth Capital Advances to the Designated Deposit Account. Bank may make Growth Capital Advances under this Agreement based on instructions
from a Responsible Officer or his or her designee or without instructions if the Growth Capital Advances are necessary to meet Obligations which have become due. 

4 CREATION OF SECURITY INTEREST 

4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a
continuing security interest in, and pledges to Bank, the Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless of
the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first
priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior priority to Bank’s Lien in this Agreement). 

If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity
obligations) are repaid in full in cash. Upon payment in full in cash of the Obligations (other than inchoate indemnity obligations) and at such time as Bank’s obligation to make Credit Extensions has terminated, Bank shall, at the sole cost
and expense of Borrower, release its Liens in the Collateral and all rights therein shall revert to Borrower. In the event (x) all Obligations (other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and
(y) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to Bank in its good faith business judgment for Bank Services, if any. In the event such Bank
Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (x) if such Letters of Credit are denominated in Dollars, then at least one hundred five percent (105.0%); and (y) if
such Letters of Credit are denominated in a Foreign Currency, then at least one hundred ten percent (110.0%), of the Dollar Equivalent of the face amount of all such Letters of Credit plus all interest, fees, and costs due or to become due in
connection therewith (as estimated by Bank in its business judgment), to secure all of the Obligations relating to such Letters of Credit. 

  
 -5- 

 4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the
security interest granted herein is and shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens that are permitted pursuant to the terms of this Agreement to have superior
priority to Bank’s Lien under this Agreement). If Borrower shall acquire a commercial tort claim in excess of Fifty Thousand Dollars ($50,000), Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof
and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 

4.3 Authorization to File Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to
Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any disposition of the Collateral except as permitted under Section 7.1 hereof, by either Borrower or any other
Person, shall be deemed to violate the rights of Bank under the Code. Such financing statements may indicate the Collateral as “all assets of the Debtor” or words of similar effect, or as being of an equal or lesser scope, or with greater
detail, all in Bank’s discretion. 
 5 REPRESENTATIONS AND WARRANTIES 

Borrower represents and warrants as follows: 

5.1 Due Organization, Authorization; Power and Authority. Borrower is duly existing and in good standing as a Registered Organization in
its jurisdiction of formation and is qualified and licensed to do business and is in good standing in any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the failure to do so
could not reasonably be expected to have a material adverse effect on Borrower’s business. In connection with this Agreement, Borrower has delivered to Bank a completed certificate signed by Borrower entitled “Perfection Certificate”.
Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the
jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; (d) the Perfection Certificate
accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and each of its predecessors) has
not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate
pertaining to Borrower and each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective
Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Bank of such occurrence and provide Bank with Borrower’s
organizational identification number. 
 The execution, delivery and performance by Borrower of the Loan Documents to which it is a party
have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene, conflict
or violate any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be bound or affected, (iv) require any
action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained and are in full force and effect (or are being obtained pursuant
to Section 6.1(b))) or (v) conflict with, contravene, constitute a default or breach under, or result in or permit the termination or acceleration of, any material agreement by which Borrower is bound. Borrower is not in default under any
agreement to which it is a party or by which it is bound in which the default could reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2 Collateral. Borrower has good title to, rights in, and the power to transfer each item of the Collateral upon which it purports to
grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no Collateral Accounts at or with any bank or financial institution other than Bank or Bank’s Affiliates except for the Collateral Accounts
described in the Perfection Certificate delivered to Bank in connection herewith and which Borrower has taken such actions as are necessary to give Bank a perfected security interest therein, pursuant to the terms of Section 6.6(b). The
Accounts are bona fide, existing obligations of the Account Debtors. 

  
 -6- 

 The Collateral is not in the possession of any third party bailee (such as a warehouse) except as
otherwise provided in the Perfection Certificate or as permitted pursuant to Section 7.2. None of the components of the Collateral shall be maintained at locations other than as provided in the Perfection Certificate or as permitted pursuant to
Section 7.2. 
 Borrower is the sole owner of the Intellectual Property which it owns or purports to own except for
(a) non-exclusive licenses granted to its customers in the ordinary course of business and licenses of Intellectual Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other
than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United States, (b) over-the-counter software that is commercially available to the public, and (c) Intellectual Property
licensed to Borrower and noted on the Perfection Certificate. To the best of Borrower’s knowledge, each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no part of the
Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been made that any
part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 

Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 

5.3 Litigation. There are no actions or proceedings pending or, to the knowledge of any Responsible Officer, threatened in writing by or
against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, One Hundred Thousand Dollars ($100,000). 

5.4 Financial Statements; Financial Condition. All consolidated financial statements for Borrower and any of its Subsidiaries delivered
to Bank fairly present in all material respects Borrower’s consolidated financial condition and Borrower’s consolidated results of operations as of the dates and periods covered thereby. There has not been any material deterioration in
Borrower’s consolidated financial condition since the date of the most recent financial statements submitted to Bank. 
 5.5
Solvency. The fair salable value of Borrower’s consolidated assets (including goodwill minus disposition costs) exceeds the fair value of Borrower’s liabilities; Borrower is not left with unreasonably small capital after the
transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature. 
 5.6 Regulatory
Compliance. Borrower is not an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important
activities in extending credit for margin stock (under Regulations X, T and U of the Federal Reserve Board of Governors). Borrower (a) has complied in all material respects with all Requirements of Law, and (b) has not violated any
Requirements of Law the violation of which could reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or,
to the best of Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and
authorizations of, made all declarations or filings with, and given all notices to, all Government Authorities that are necessary to continue their respective businesses as currently conducted. 

5.7 Subsidiaries; Investments. Borrower does not own any stock, partnership, or other ownership interest or other equity securities
except for Permitted Investments. 
 5.8 Tax Returns and Payments; Pension Contributions. Borrower has timely filed, or has obtained
extensions for filing, all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower except (a) to the extent such taxes are being
contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor, or
(b) if such taxes, assessments, deposits and contributions do not, individually or in the aggregate, exceed Twenty-Five Thousand Dollars ($25,000). 

  
 -7- 

 To the extent Borrower defers payment of any contested taxes, Borrower shall (i) notify Bank
in writing of the commencement of, and any material development in, the proceedings, and (ii) post bonds or take any other steps required to prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the
Collateral that is other than a “Permitted Lien.” Borrower is unaware of any claims or adjustments proposed for any of Borrower’s prior tax years which could result in additional taxes becoming due and payable by Borrower in excess of
Twenty-Five Thousand Dollars ($25,000). Borrower has paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and Borrower has not withdrawn from participation in, and has
not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit
Guaranty Corporation or its successors or any other governmental agency. 
 5.9 Use of Proceeds. Borrower shall use the proceeds of
the Credit Extensions solely as working capital and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

5.10 Full Disclosure. No written representation, warranty or other statement of Borrower in any certificate or written statement given
to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Bank, contains any untrue statement of a material fact or omits to state a material
fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are not viewed
as facts and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

5.11 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or warranty is made to
Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of any Responsible Officer. 

6 AFFIRMATIVE COVENANTS 

Borrower shall do all of the following: 

6.1 Government Compliance. 

(a) Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain
qualification in each other jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on Borrower’s business or operations. Borrower shall comply, and have each Subsidiary comply, in all
material respects, with all laws, ordinances and regulations to which it is subject. 
 (b) Obtain all of the Governmental Approvals
necessary for the performance by Borrower of its obligations under the Loan Documents to which it is a party and the grant of a security interest to Bank in all of its property. Borrower shall promptly provide copies of any such obtained
Governmental Approvals to Bank. 
 6.2 Financial Statements, Reports, Certificates. Provide Bank with the following: 

(a) Revenue Reports. Within thirty (30) days after the last day of each month, (i) aged listings of accounts receivable and
accounts payable (by invoice date), (ii) Deferred Revenue reports, (iii) current backlog report, all in form and substance reasonably satisfactory to Bank; 

  
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 (b) Monthly Financial Statements. As soon as available, but no later than thirty
(30) days after the last day of each month, a company prepared consolidated balance sheet and income statement covering Borrower’s consolidated operations for such month certified by a Responsible Officer and in a form acceptable to Bank
(the “Monthly Financial Statements”); 
 (c) Monthly Compliance Certificate. Within thirty (30) days after the
last day of each month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of the end of such month, Borrower was in full compliance with all of the terms
and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as Bank may reasonably request; 

(d) Annual Operating Budget and Financial Projections. Within forty-five (45) days after the end of each fiscal year of Borrower,
(i) annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and (ii) annual financial projections for the following fiscal year (on a quarterly
basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial projections and, as soon as available, any periodic updates thereto; 

(e) Annual Audited Financial Statements. As soon as available, but no later than one hundred twenty (120) days after the last day
of Borrower’s fiscal year, audited consolidated financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an independent certified public accounting firm reasonably
acceptable to Bank; 
 (f) Other Statements. Within five (5) days of delivery, copies of all statements, reports and notices made
available to Borrower’s security holders or to any holders of Subordinated Debt; 
 (g) SEC Filings. In the event that Borrower
becomes subject to the reporting requirements under the Exchange Act within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority
succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s
website on the Internet at Borrower’s website address; provided, however, Borrower shall promptly notify Bank in writing (which may be by electronic mail) of the posting of any such documents; 

(h) Legal Action Notice. A prompt report of any legal actions pending or threatened in writing against Borrower or any of its
Subsidiaries that could result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred Thousand Dollars ($100,000) or more; and 

(i) Other Financial Information. Promptly after Bank’s reasonable request therefor, such other information regarding
Borrower’s or any of its Subsidiaries’ operations, business affairs, financial condition and/or compliance with this Agreement. 

6.3 Inventory; Returns. Keep all Inventory in good and marketable condition, free from material defects. Returns and allowances between
Borrower and its Account Debtors shall follow Borrower’s customary practices as they exist at the Effective Date. Borrower must promptly notify Bank of all returns, recoveries, disputes and claims that involve more than One Hundred Thousand
Dollars ($100,000). 
 6.4 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely file, or obtain extensions for
filing, all required tax returns and reports and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries,
except for deferred payment of any taxes contested pursuant to the terms of Section 5.9 hereof, and shall deliver to Bank, on demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present
pension, profit sharing and deferred compensation plans in accordance with their terms. 

  
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 6.5 Insurance. 

(a) Keep its business and the Collateral insured for risks and in amounts standard for companies in Borrower’s industry and location and
as Bank may reasonably request. Insurance policies shall be in a form, with financially sound and reputable insurance companies that are not Affiliates of Borrower, and in amounts that are satisfactory to Bank. All property policies shall have a
lender’s loss payable endorsement showing Bank as lender loss payee. All liability policies shall show, or have endorsements showing, Bank as an additional insured. Bank shall be named as lender loss payee and/or additional insured with respect
to any such insurance providing coverage in respect of any Collateral. 
 (b) Ensure that proceeds payable under any property policy are, at
Bank’s option, payable to Bank on account of the Obligations. Notwithstanding the foregoing, (a) so long as no Event of Default has occurred and is continuing, Borrower shall have the option of applying the proceeds of any casualty policy
up to One Hundred Thousand Dollars ($100,000) with respect to any loss, but not exceeding One Hundred Thousand Dollars ($100,000) in the aggregate for all losses under all casualty policies in any one year, toward the replacement or repair of
destroyed or damaged property; provided that any such replaced or repaired property (i) shall be of equal or like value as the replaced or repaired Collateral and (ii) shall be deemed Collateral in which Bank has been granted a first
priority security interest, and (b) after the occurrence and during the continuance of an Event of Default, all proceeds payable under such casualty policy shall, at the option of Bank, be payable to Bank on account of the Obligations. 

(c) At Bank’s request, Borrower shall deliver certified copies of insurance policies and evidence of all premium payments. Each provider
of any such insurance required under this Section 6.5 shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to Bank, that it will give Bank twenty (20) days (ten (10) days for
non-payment of premiums) prior written notice before any such policy or policies shall be materially altered or canceled. If Borrower fails to obtain insurance as required under this Section 6.5 or to pay any amount or furnish any required
proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.5, and take any action under the policies Bank deems prudent. 

6.6 Operating Accounts. 

(a) Maintain its primary operating and other deposit accounts and securities accounts, letters of credit and foreign exchange transactions and
excess cash with Bank and Bank’s Affiliates. 
 (b) Provide Bank five (5) days prior written notice before establishing any
Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates. For each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than
Bank) at or with which any Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with
the terms hereunder which Control Agreement may not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee
wage and benefit payments to or for the benefit of Borrower’s employees and identified to Bank by Borrower as such. 
 6.7
Intentionally Omitted. 
 6.8 Protection of Intellectual Property Rights. 

(a) (i) Use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property
material to Borrower’s business; (ii) promptly advise Bank in writing of material infringements or any other event that could reasonably be expected to materially and adversely affect the value of its Intellectual Property material to
Borrower’s business; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written consent. 

 

  
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 (b) Provide written notice to Bank within ten (10) days of entering or becoming bound by any
Restricted License (other than over-the-counter software that is commercially available to the public). Borrower shall take such commercially reasonable steps as Bank requests to obtain the consent of, or waiver by, any person whose consent or
waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be restricted or prohibited by law or by the terms of any such Restricted License,
whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Bank’s rights and remedies under this Agreement and the
other Loan Documents, provided that the failure to obtain such consent or waiver, after talking the steps set forth above, shall not constitute an Event of Default hereunder. 

6.9 Litigation Cooperation. From the date hereof and continuing through the termination of this Agreement, make available to Bank,
without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend any third-party suit or proceeding instituted by or
against Bank with respect to any Collateral or relating to Borrower. 
 6.10 Access to Collateral; Books and Records. Allow Bank, or
its agents, at reasonable times, on three (3) Business Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books. Such
inspections or audits shall be conducted no more often than once every twelve (12) months unless an Event of Default has occurred and is continuing in which case such inspections and audits shall occur as often as Bank shall determine is
necessary. The foregoing inspections and audits shall be at Borrower’s expense, and the charge therefor shall be Eight Hundred Fifty Dollars ($850) per person per day (or such higher amount as shall represent Bank’s then-current standard
charge for the same), plus reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule the audit with less than ten (10) days written
notice to Bank, then (without limiting any of Bank’s rights or remedies), Borrower shall pay Bank a fee of One Thousand Dollars ($1,000) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses
of the cancellation or rescheduling. 
 6.11 Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the
negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower shall (a) with respect to Domestic
Subsidiaries only, cause such new Domestic Subsidiary to provide to Bank a joinder to the Loan Agreement to cause such Domestic Subsidiary to become a co-borrower hereunder, together with such appropriate financing statements and/or Control
Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject to Permitted Liens) in and to the assets of such newly formed or acquired Domestic Subsidiary), (b) provide to
Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in form and substance satisfactory to Bank, provided, however, that Borrower shall not be required
to pledge more than sixty-five percent (65%) of the direct or beneficial ownership interest of any Foreign Subsidiary and (c) provide to Bank all other documentation in form and substance reasonably satisfactory to Bank, which in its
opinion is appropriate with respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan Document. 

6.12 Further Assurances. Execute any further instruments and take further action as Bank reasonably requests to perfect or continue
Bank’s Lien in the Collateral or to effect the purposes of this Agreement. Deliver to Bank, within five (5) days after the same are sent or received, copies of all correspondence, reports, documents and other filings with any Governmental
Authority regarding compliance with or maintenance of Governmental Approvals or Requirements of Law or that could reasonably be expected to have a material effect on any of the Governmental Approvals or otherwise on the operations of Borrower or any
of its Subsidiaries. 

  
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 7 NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or permit
any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) of Inventory in the ordinary course of business; (b) of surplus, worn-out or obsolete Equipment that is, in the reasonable judgment
of Borrower, no longer economically practicable to maintain or useful in the ordinary course of business of Borrower; (c) consisting of Permitted Liens and Permitted Investments; (d) consisting of the sale or issuance of any stock of
Borrower permitted under Section 7.2 of this Agreement; (e) consisting of Borrower’s use or transfer of money or Cash Equivalents in a manner that is not prohibited by the terms of this Agreement or the other Loan Documents;
(f) of non-exclusive licenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of business and licenses that could not result in a legal transfer of title of the licensed property but that may be exclusive in
respects other than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United States, and (g) not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year. 

7.2 Changes in Business, Management, Ownership or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in
any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto; (b) liquidate or dissolve; or (c) (i) fail to provide notice to Bank of any Key Person
departing from or ceasing to be employed by Borrower within five (5) days after his or her departure from Borrower; or (ii) enter into any transaction or series of related transactions in which the stockholders of Borrower who were not
stockholders immediately prior to the first such transaction own more than forty-nine percent (49%) of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions (other than by the
sale of Borrower’s equity securities in a public offering or to venture capital or private equity investors so long as Borrower identifies to Bank the venture capital or private equity investors at least seven (7) Business Days prior to
the closing of the transaction and provides to Bank a description of the material terms of the transaction). 
 Borrower shall not, without
at least ten (10) days prior written notice to Bank: (1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than Fifty Thousand Dollars ($50,000) in Borrower’s
assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Fifty Thousand Dollars ($50,000) to a bailee at a location other than to a bailee and at a location already disclosed in the
Perfection Certificate, (2) change its jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of
organization. If Borrower intends to deliver any portion of the Collateral valued, individually or in the aggregate, in excess of Fifty Thousand Dollars ($50,000) to a bailee, and Bank and such bailee are not already parties to a bailee agreement
governing both the Collateral and the location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance
satisfactory to Bank in its reasonable discretion. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its
Subsidiaries to merge or consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (including, without limitation, by the formation of
any Subsidiary). A Subsidiary may merge or consolidate into another Subsidiary or into Borrower. 
 7.4 Indebtedness. Create, incur,
assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness. 
 7.5 Encumbrance.
Create, incur, allow, or suffer any Lien on any of its property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not
to be subject to the first priority security interest granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank and Liens described in clause (c) of Permitted Liens) with any Person
which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s
Intellectual Property, except as is otherwise permitted in Section 7.1 hereof and the definition of “Permitted Liens” herein. 
  

  
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 7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to
the terms of Section 6.6(b) hereof. 
 7.7 Distributions; Investments. (a) Pay any dividends or make any distribution or
payment or redeem, retire or purchase any capital stock provided that (i) Borrower may convert any of its convertible securities into other securities pursuant to the terms of such convertible securities or otherwise in exchange thereof,
(ii) Borrower may pay dividends solely in common stock; and (iii) Borrower may repurchase the stock of former employees or consultants pursuant to stock repurchase agreements so long as an Event of Default does not exist at the time of
such repurchase and would not exist after giving effect to such repurchase, provided that the aggregate amount of all such repurchases does not exceed One Hundred Thousand Dollars ($100,000) per fiscal year; or (b) directly or indirectly make
any Investment (including, without limitation, by the formation of any Subsidiary) other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of
Borrower, except for (i) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a
non-affiliated Person, (ii) transactions permitted pursuant to the terms of Section 7.2 hereof, (iii) transactions permitted pursuant to the terms of the second sentence of Section 7.3 hereof, (iv) Investments permitted
under sub-clause (f) of the definition of Permitted Investments, and (v) debt financings from Borrower’s existing investors so long as all such Indebtedness is Subordinated Debt. 

7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination,
intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof, provide for earlier or greater
principal, interest, or other payments thereon, or adversely affect the subordination thereof to Obligations owed to Bank (except as otherwise provided for by the terms of the subordination agreement, intercreditor, or other similar agreement
between such Person and Bank). 
 7.10 Compliance. Become an “investment company” or a company controlled by an
“investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the
Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to (a) meet the minimum funding requirements of ERISA, (b) prevent a Reportable Event or Prohibited Transaction as defined in ERISA, or
(c) comply with the Federal Labor Standards Act, the failure of any of the conditions in clauses (a) through (c) which could reasonably be expected to have a material adverse effect on Borrower’s business, or violate any other
law or regulation, if the violation could reasonably be expected to have a materials adverse effect on Borrower’s business or permit any Subsidiaries to do so; withdraw or permit any Subsidiary to withdraw from participation in, permit partial
or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which could reasonably be expected to result in any liability of Borrower, including any
liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency. 
 8 EVENTS OF
DEFAULT 
 Any one of the following shall constitute an event of default (an “Event of Default”) under this
Agreement: 
 8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension when
due, or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Growth Capital Maturity Date). During the
cure period, the failure to make or pay any payment specified under clause (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

  
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 8.2 Covenant Default. 

(a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.8(b), 6.10 or 6.11 or violates any covenant in
Section 7; or 
 (b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement
contained in this Agreement or any Loan Documents, and as to any default (other than those specified elsewhere in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the
default within ten (10) days after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten
(10) day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such
reasonable time period the failure to cure the default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to
financial covenants or any other covenants set forth in clause (a) above; 
 8.3 Material Adverse Change. A Material Adverse
Change occurs; 
 8.4 Attachment; Levy; Restraint on Business. 

(a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control
of Borrower (including a Subsidiary) in excess of One Hundred Thousand Dollars ($100,000), or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any Governmental Authority, and the same under subclauses (i) and
(ii) hereof are not, within ten (10) days after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure
period; or 
 (b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a
trustee or receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting all or any material part of its business; 

8.5 Insolvency. (a) Borrower or any of its Subsidiaries is unable to pay its debts (including trade debts) as they become due or
otherwise becomes insolvent; (b) Borrower or any of its Subsidiaries begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower or any of its Subsidiaries and is not dismissed or stayed within thirty
(30) days (but no Credit Extensions shall be made while any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 

8.6 Other Agreements. There is, under any agreement to which Borrower or any Guarantor is a party with a third party or parties,
(a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of One Hundred Thousand Dollars ($100,000); or
(b) any breach or default by Borrower, the result of which could reasonably be expected to have a material adverse effect on Borrower’s business; provided, however, that the Event of Default under this Section 8.6 caused by the
occurrence of a default under such other agreement shall be cured or waived for purposes of this Agreement upon Bank receiving written notice from the party asserting such default of such cure or waiver of the default under such other agreement, if
at the time of such cure or waiver under such other agreement (x) Bank has not declared an Event of Default under this Agreement and/or exercised any rights with respect thereto; (y) any such cure or waiver does not result in an Event of
Default under any other provision of this Agreement or any Loan Document; and (z) in connection with any such cure or waiver under such other agreement, the terms of any agreement with such third party are not modified or amended in any manner
which could in the good faith judgment of Bank be materially less advantageous to Borrower; 
 8.7 Judgments; Penalties. One or more
fines, penalties or final judgments, orders or decrees for the payment of money in an amount, individually or in the aggregate, of at least One Hundred Thousand Dollars ($100,000) (not covered by independent third-party insurance as to which
liability has been accepted by such insurance carrier) shall be rendered against Borrower by any Governmental Authority, and the same are not, within 

  
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ten (10) days after the entry, assessment or issuance thereof, discharged, satisfied, or paid, or after execution thereof, stayed or bonded pending appeal, or such judgments are not
discharged prior to the expiration of any such stay (provided that no Credit Extensions will be made prior to the satisfaction, payment, discharge, stay, or bonding of such fine, penalty, judgment, order or decree); 

8.8 Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later
in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; 

8.9 Subordinated Debt. Any document, instrument, or agreement evidencing the subordination of any Subordinated Debt shall for any reason
be revoked or invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or
the Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement; or 
 8.10
Governmental Approvals. Any Governmental Approval shall have been (a) revoked, rescinded, suspended, modified in an adverse manner or not renewed in the ordinary course for a full term or (b) subject to any decision by a Governmental
Authority that designates a hearing with respect to any applications for renewal of any of such Governmental Approval or that could result in the Governmental Authority taking any of the actions described in clause (a) above, and such decision
or such revocation, rescission, suspension, modification or non-renewal (i) cause, or could reasonably be expected to cause, a Material Adverse Change, or (ii) adversely affects the legal qualifications of Borrower or any of its
Subsidiaries to hold such Governmental Approval in any applicable jurisdiction and such revocation, rescission, suspension, modification or non-renewal could reasonably be expected to affect the status of or legal qualifications of Borrower or any
of its Subsidiaries to hold any Governmental Approval in any other jurisdiction. 
 9 BANK’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, without notice or demand, do
any or all of the following: 
 (a) declare all Obligations immediately due and payable (but if an Event of Default described in
Section 8.5 occurs all Obligations are immediately due and payable without any action by Bank); 
 (b) stop advancing money or extending
credit for Borrower’s benefit under this Agreement or under any other agreement between Borrower and Bank; 
 (c) demand that
Co-Borrower (i) deposit cash with Bank in an amount equal to at least (x) if one hundred five percent (105.0%), with respect to Letters of Credit denominated in Dollars, and (y) one hundred ten percent (110.0%), with respect to
Letters of Credit denominated in a Foreign Currency, of the Dollar Equivalent of the aggregate face amount of all Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection therewith (as estimated by
Bank in its good faith business judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower shall forthwith deposit and
pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d) terminate any FX Contracts; 

(e) verify the amount of, demand payment of and performance under, and collect any Accounts and General Intangibles, settle or adjust disputes
and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, and notify any Person owing Borrower money of Bank’s security interest in such funds; 

  
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 (f) make any payments and do any acts it considers necessary or reasonable to protect the
Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any
part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without
charge, to exercise any of Bank’s rights or remedies; 
 (g) apply to the Obligations any (i) balances and deposits of Borrower it
holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 
 (h) ship, reclaim, recover, store,
finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents, Copyrights, mask works,
rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection
with Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or other
directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 
 (j) demand and
receive possession of Borrower’s Books; and 
 (k) exercise all rights and remedies available to Bank under the Loan Documents or at law
or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the terms thereof). 
 9.2
Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact, exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other
forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for
amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the
Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful
attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations (other
than inchoate indemnity obligations) have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder. Bank’s foregoing appointment as Borrower’s attorney in fact, and all of Bank’s rights and
powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity obligations) have been fully repaid and performed and Bank’s obligation to provide Credit Extensions terminates. 

9.3 Protective Payments. If Borrower fails to obtain the insurance called for by Section 6.5 or fails to pay any premium thereon or
fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document or which may be required to preserve the Collateral, Bank may obtain such insurance or make such payment, and all amounts so paid by
Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such
insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 

9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Bank shall have the right
to apply in any order any funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations. Bank shall
pay any surplus to Borrower by credit to the Designated 

  
 -16- 

 Deposit Account or to other Persons legally entitled thereto; Borrower shall remain liable to Bank for any
deficiency. If Bank, directly or indirectly, enters into a deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the
principal amount of the purchase price or deferring the reduction of the Obligations until the actual receipt by Bank of cash therefor. 

9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable banking practices regarding the safekeeping of the
Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral; (c) any diminution in the value of the
Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require strict performance by Borrower of any
provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the
party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies
provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other remedy available at law or in equity, and
Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 

9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default,
nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 

10 NOTICES 
 All
notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of
actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile
transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and
sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this
Section 10. 
  

			
	                    If to Borrower:	  	CLEARSIDE BIOMEDICAL, INC.
		  	1220 Old Alpharetta Road, Suite 300
		  	Alpharetta, GA 30005
		  	Attn: Charles A. Deignan – Chief Financial Officer
		  	Fax:
                                         
                                       
		  	Email: charlie.deignan@clearsidebio.com

  
 -17- 

			
	                    If to Bank:	  	Silicon Valley Bank
		  	3353 Peachtree Road N.E., North Tower, Suite M-10
		  	Atlanta, GA 30326
		  	Attn: Ryan Roller – Vice President
		  	Fax:
                                         
                   
		  	Email: rroller@svb.com

 11 CHOICE OF LAW, VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE 

Except as otherwise expressly provided in any of the Loan Documents, California law governs the Loan Documents without regard to principles of
conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from
bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the
granting of such legal or equitable relief as is deemed appropriate by such court. Borrower hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons,
complaints, and other process may be made by registered or certified mail addressed to Borrower at the address set forth in, or subsequently provided by Borrower in accordance with, Section 10 of this Agreement and that service so made shall be
deemed completed upon the earlier to occur of Borrower’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid. 

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE
LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the above
waiver of the right to a trial by jury is not enforceable, the parties hereto agree that any and all disputes or controversies of any nature between them arising at any time shall be decided by a reference to a private judge, mutually selected by
the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil Procedure Section 638 (or pursuant to comparable provisions of federal law
if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit to the jurisdiction of such court. The reference proceedings shall be conducted
pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have the power, among others, to grant provisional relief, including without limitation,
entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and confidential and all records relating thereto shall be permanently sealed. If
during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference procedures, then such party may apply to the Santa Clara County, California Superior
Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence applicable to judicial proceedings. The parties shall be entitled to discovery which shall
be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee discovery and may enforce all discovery rules and orders applicable to judicial
proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the action or proceeding, whether of fact or of law, and shall report a statement of
decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral, or obtain provisional remedies. The
private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. 

  
 -18- 

 This Section 11 shall survive the termination of this Agreement. 

12 GENERAL PROVISIONS 

12.1 Termination Prior to Growth Capital Maturity Date; Survival. All covenants, representations and warranties made in this Agreement
continue in full force until this Agreement has terminated pursuant to its terms and all Obligations have been satisfied. So long as Borrower has satisfied the Obligations (other than inchoate indemnity obligations, and any other obligations which,
by their terms, are to survive the termination of this Agreement, and any Obligations under Bank Services Agreements that are cash collateralized in accordance with Section 4.1 of this Agreement), this Agreement may be terminated prior to the
Growth Capital Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank. Those obligations that are expressly specified in this Agreement as surviving this Agreement’s termination
shall continue to survive notwithstanding this Agreement’s termination. 
 12.2 Successors and Assigns. This Agreement binds and
is for the benefit of the successors and permitted assigns of each party. Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s
discretion). Bank has the right, without the consent of or notice to Borrower, to sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement
and the other Loan Documents (other than the Warrant, as to which assignment, transfer and other such actions are governed by the terms thereof). 

12.3 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents, attorneys, or
any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (i) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any
other party in connection with the transactions contemplated by the Loan Documents; and (ii) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from,
consequential to, or arising from transactions between Bank and Borrower (including reasonable attorneys’ fees and expenses), except for Claims and/or losses and/or expenses (including Bank Expenses) directly caused by such Indemnified
Person’s gross negligence or willful misconduct. 
 This Section 12.3 shall survive until all statutes of limitation with respect
to the Claims, losses, and expenses for which indemnity is given shall have run. 
 12.4 Time of Essence. Time is of the essence for
the performance of all Obligations in this Agreement. 
 12.5 Severability of Provisions. Each provision of this Agreement is
severable from every other provision in determining the enforceability of any provision. 
 12.6 Correction of Loan Documents. Bank
may correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties so long as Bank provides Borrower with written notice of such correction and allows Borrower at least ten (10) days to object to
such correction. In the event of such objection, such correction shall not be made except by an amendment signed by both Bank and Borrower. 

12.7 Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or
termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the extent, expressly set forth in a writing signed by the party against which enforcement or admission is sought. Without limiting the
generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan
Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or
commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations
between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

  
 -19- 

 12.8 Counterparts. This Agreement may be executed in any number of counterparts and by
different parties on separate counterparts, each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 

12.9 Confidentiality. In handling any confidential information, Bank shall exercise the same degree of care that it exercises for its
own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank Entities”); (b) to
prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of this provision); (c) as
required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising remedies under the Loan
Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not
include information that is either: (i) in the public domain or in Bank’s possession when disclosed to Bank through no fault of Bank, or becomes part of the public domain (other than as a result of its disclosure by Bank in violation of
this Agreement) after disclosure to Bank; or (ii) disclosed to Bank by a third party, if Bank does not know that the third party is prohibited from disclosing the information. 

Bank Entities may use anonymous forms of confidential information for aggregate datasets, for analyses or reporting, and for any other uses not
expressly prohibited in writing by Borrower. The provisions of the immediately preceding sentence shall survive termination of this Agreement. 

12.10 Attorneys’ Fees, Costs and Expenses. In any action or proceeding between Borrower and Bank arising out of or relating to the
Loan Documents, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and other costs and expenses incurred, in addition to any other relief to which it may be entitled. 

12.11 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and words of like
import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use of a
paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this Agreement.

 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have participated in the
preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement. The
parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights or
remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express party to
this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 

  
 -20- 

 13 DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive, the
word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement, the
following capitalized terms have the following meanings: 
 “Account” is any “account” as defined in the Code
with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 

“Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter
be made. 
 “Affiliate” is, with respect to any Person, each other Person that owns or controls directly or indirectly the
Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that
Person’s managers and members. 
 “Agreement” is defined in the preamble hereof. “Amortization Start
Date” is May 1, 2016. 
 “Authorized Signer” is any individual listed in Borrower’s Borrowing Resolution
who is authorized to execute the Loan Documents, including any Advance request, on behalf of Borrower. 
 “Bank” is defined
in the preamble hereof. “Bank Entities” is defined in Section 12.9. 
 “Bank Expenses” are all audit
fees and expenses, costs, and expenses (including reasonable attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing the Loan Documents (including, without limitation, those incurred in
connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower. 
 “Bank Services” are
any products, credit services, and/or financial accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank Affiliate, including, without limitation, any letters of credit, cash management
services (including, without limitation, merchant services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap arrangements, and foreign exchange services as any such products or services may be
identified in Bank’s various agreements related thereto (each, a “Bank Services Agreement”). 

“Borrower” is defined in the preamble hereof. 

“Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records
regarding Borrower’s assets or liabilities, the Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions substantially in the form attached hereto as
Exhibit D. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 

“Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or
any agency or any State thereof having maturities of not more than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating

  
 -21- 

 from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.;
(c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue; and (d) money market funds at least ninety-five percent (95%) of the assets of which constitute Cash Equivalents of the kinds
described in clauses (a) through (c) of this definition. 
 “Claims” is defined in Section 12.3. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of
California; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article
or Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by
the Uniform Commercial Code in effect in a jurisdiction other than the State of California, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the
provisions thereof relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Certificate” is that certain certificate in the form attached hereto as Exhibit B.

 “Contingent Obligation” is, for any Person, any direct or indirect liability, contingent or not, of that Person for
(a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by that Person, or for which that
Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar
agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include endorsements in the ordinary
course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it
determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such
Deposit Account, Securities Account, or Commodity Account. 
 “Copyrights” are any and all copyright rights, copyright
applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Growth Capital Advance or any other extension of credit by Bank for Borrower’s benefit. 

“Currency” is coined money and such other banknotes or other paper money as are authorized by law and circulate as a medium
of exchange. 
 “Default Rate” is defined in Section 2.3(b). 

  
 -22- 

 “Deferred Revenue” is all amounts received or invoiced in advance of performance
under contracts and not yet recognized as revenue. 
 “Deposit Account” is any “deposit account” as defined in
the Code with such additions to such term as may hereafter be made. 
 “Designated Deposit Account” is the multicurrency
account denominated in Dollars, account number                    , maintained by Borrower with Bank. 

“Dollars,” “dollars” or use of the sign “$” means only lawful money of the United
States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States. 

“Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco, California, for sales of the
Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Domestic Subsidiary” means a Subsidiary
organized under the laws of the United States or any state or territory thereof or the District of Columbia. 
 “Effective
Date” is defined in the preamble hereof. 
 “Equipment” is all “equipment” as defined in the Code with
such additions to such term as may hereafter be made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 

“ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 

“Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“FDA” is the U.S. Food and Drug Administration. 

“Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of principal plus
accrued interest) due on the earliest to occur of (a) the Growth Capital Maturity Date, (b) the acceleration of the Growth Capital Advances, or (c) the prepayment of the Growth Capital Advances, equal to the original principal amount
of the Growth Capital Advances made to Borrower multiplied by the Final Payment Percentage. 
 “Final Payment Percentage”
is five and one half of one percentage points (5.50%). 
 “Foreign Currency” means lawful money of a country other than the
United States. 
 “Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a Business
Day. 
 “FX Contract” is any foreign exchange contract by and between Borrower and Bank under which Borrower commits to
purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 
 “GAAP” is generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other Person as may be approved by a significant segment of the accounting profession, which are applicable to the circumstances as of the date of determination. 

  
 -23- 

 “General Intangibles” is all “general intangibles” as defined in the
Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income and other tax refunds, security and other deposits, payment intangibles, contract
rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise), insurance policies (including without limitation key man, property damage, and business
interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental Approval” is any
consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority. 

“Governmental Authority” is any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization. 
 “Growth Capital Advance” or “Growth Capital Advances” is defined in
Section 2.1.1(a). 
 “Growth Capital Advance Payment” is defined in Section 2.1.1(b). 

“Growth Capital Line” is an aggregate principal amount of up to Six Million Dollars ($6,000,000). 

“Growth Capital Maturity Date” is the date twenty nine (29) months after the Amortization Start Date. 

“Guarantor” is any Person providing a Guaranty in favor of Bank. 

“Guaranty” is any guarantee of all or any part of the Obligations, as the same may from time to time be amended, restated,
modified or otherwise supplemented. 
 “Indebtedness” is (a) indebtedness for borrowed money or the deferred price of
property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and (d) Contingent
Obligations. 
 “Indemnified Person” is defined in Section 12.3. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means, with respect to any Person, means all of such Person’s right, title, and interest in and
to the following: 
 (a) its Copyrights, Trademarks and Patents; 

(b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, operating
manuals; 
 (c) any and all source code; 

(d) any and all design rights which may be available to such Person; 

  
 -24- 

 (e) any and all claims for damages by way of past, present and future infringement of any of the
foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified above; and 

(f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such term
as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out of
Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 

“Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities),
and any loan, advance or capital contribution to any Person. 
 “Key Person” is each of Borrower’s (a) Chief
Executive Officer, who is Daniel H. White as of the Effective Date, (b) Chief Financial Officer, who is Charles A. Deignan as of the Effective Date, and (c) Executive VP, Research & Development, who is Glenn Noronha as of the
Effective Date. 
 “Letter of Credit” is a standby or commercial letter of credit issued by Bank upon request of Borrower
based upon an application, guarantee, indemnity, or similar agreement. 
 “Lien” is a claim, mortgage, deed of trust, levy,
charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement and any schedules, exhibits, certificates, notices, and any other
documents related to this Agreement, the Warrant, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by Borrower or any Guarantor, and any other present or future agreement by Borrower and/or any
Guarantor with or for the benefit of Bank in connection with this Agreement or Bank Services, all as amended, restated, or otherwise modified. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the
Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; or (c) a material impairment of the prospect of repayment of any portion of the
Obligations. 
 “Monthly Financial Statements” is defined in Section 6.2(b). 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, fees, Bank Expenses, and other
amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents (other than the Warrant), or otherwise, including, without limitation, all obligations relating to letters of credit (including reimbursement obligations
for drawn and undrawn letters of credit), cash management services, and foreign exchange contracts, if any, and including interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and
to perform Borrower’s duties under the Loan Documents (other than the Warrant). 
 “Operating Documents” are, for any
Person, such Person’s formation documents, as certified by the Secretary of State (or equivalent agency) of such Person’s jurisdiction of organization on a date that is no earlier than thirty (30) days prior to the Effective Date,
and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its
partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto. 

“Parent” is defined in Section 3.8(b). 

  
 -25- 

 “Patents” means all patents, patent applications and like protections including
without limitation improvements, divisions, continuations, renewals, reissues, extensions and continuations-in-part of the same. 

“Payment/Advance Form” is that certain form attached hereto as Exhibit C. 

“Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 

(a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 

(b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 

(c) Subordinated Debt; 
 (d)
unsecured Indebtedness to trade creditors incurred in the ordinary course of business; 
 (e) Indebtedness incurred as a result of endorsing
negotiable instruments received in the ordinary course of business; 
 (f) Indebtedness secured by Liens permitted under clauses (a) and
(c) of the definition of “Permitted Liens” hereunder; 
 (g) Indebtedness of Borrower to any Subsidiary and Contingent
Obligations of any Subsidiary with respect to obligations of Borrower (provided that the primary obligations are not prohibited hereby), and Indebtedness of any Subsidiary to Borrower in an aggregate principal amount not to exceed One Hundred
Thousand Dollars ($100,000) or any other Subsidiary and Contingent Obligations of any Subsidiary with respect to obligations of any other Subsidiary (provided that the primary obligations are not prohibited hereby); and 

(h) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness (a) through
(g) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 

“Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate; 

(b) Investments consisting of Cash Equivalents; 

(c) Investments consisting of the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary
course of Borrower; 
 (d) Investments consisting of deposit accounts in which Bank has a perfected security interest; 

(e) Investments accepted in connection with Transfers permitted by Section 7.1; 

(f) Investments consisting of the creation of a Subsidiary for the purpose of consummating a merger transaction permitted by Section 7.3
of this Agreement, which is otherwise a Permitted Investment; 
 (g) Investments (i) by Borrower in Subsidiaries not to exceed One
Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year and (ii) by Subsidiaries in other Subsidiaries not to exceed One Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year or in Borrower; 

  
 -26- 

 (h) Investments consisting of (i) travel advances and employee relocation loans and other
employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or
agreements approved by Borrower’s Board of Directors; 
 (i) Investments (including debt obligations) received in connection with the
bankruptcy or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of business; 

(j) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not
Affiliates, in the ordinary course of business; provided that this paragraph (j) shall not apply to Investments of Borrower in any Subsidiary; and 

(k) joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing of
technology, the development of technology or the providing of technical support, provided that any cash investments by Borrower do not exceed One Hundred Thousand Dollars ($100,000) in the aggregate in any fiscal year. 

“Permitted Liens” are: 

(a) Liens existing on the Effective Date and shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents;

 (b) Liens for taxes, fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being
contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations
adopted thereunder; 
 (c) purchase money Liens and capital leases (i) on Equipment acquired or held by Borrower incurred for financing
the acquisition of the Equipment securing no more than One Hundred Thousand Dollars ($100,000) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and
the proceeds of the Equipment; 
 (d) Liens of carriers, warehousemen, suppliers, or other Persons that are possessory in nature arising in
the ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed One Hundred Thousand Dollars ($100,000) and which are not delinquent or remain payable without penalty or
which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 

(e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations
incurred in the ordinary course of business (other than Liens imposed by ERISA); 
 (f) Liens incurred in the extension, renewal or
refinancing of the indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness
may not increase; 
 (g) leases or subleases of real property granted in the ordinary course of Borrower’s business (or, if referring to
another Person, in the ordinary course of such Person’s business), and leases, subleases, non-exclusive licenses or sublicenses of personal property (other than Intellectual Property) granted in the ordinary course of Borrower’s business
(or, if referring to another Person, in the ordinary course of such Person’s business), if the leases, subleases, licenses and sublicenses do not prohibit granting Bank a security interest therein; 

(h) non-exclusive license of Intellectual Property granted to third parties in the ordinary course of business, and licenses of Intellectual
Property that could not result in a legal transfer of title of the licensed property that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United
States; 

  
 -27- 

 (i) Liens arising from attachments or judgments, orders, or decrees in circumstances not
constituting an Event of Default under Sections 8.4 and 8.7; 
 (j) Easements, reservations, rights-of-way, restrictions, minor defects or
irregularities in title and other similar Liens affecting real property not interfering in any material respect with the ordinary course of the business of Borrower; 

(k) deposits to secure the performance of leases incurred in the ordinary course of business and not representing an obligation for borrowed
money so long as each such deposit: (1) is made at the commencement of a lease or its renewal when there is no underlying default under such lease, and (2) is in an amount not exceeding One Hundred Thousand Dollars ($100,000); and 

(l) deposits to secure the performance of bids, trade contracts (other than for borrowed money), contracts for the purchase of property
permitted hereunder, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case, incurred in the ordinary course of business not representing an obligation for borrowed money in an amount
not to exceed One Hundred Thousand Dollars ($100,000); 
 (m) Liens in favor of other financial institutions arising in connection with
Borrower’s deposit and/or securities accounts held at such institutions, provided that Bank has a perfected security interest in the amounts held in such deposit and/or securities accounts. 

“Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company, trust,
unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 

“Positive FDA Review Date” is the date that Bank receives evidence, in form and substance reasonably satisfactory to Bank,
that Borrower has completed successful meetings with the FDA (scheduled in May, 2015) in which the Phase I/II trial results for CLS-1001 were reviewed and the final design and structure of the Phase III trial for CLS-1001 were discussed. 

“Positive Phase I/II Milestone” means the receipt by Bank of evidence, in form and substance reasonably satisfactory to Bank,
on or prior to April 30, 2015 that Borrower has received positive data results from the Phase I/II trials for CLS-1001. 

“Prime Rate” is the rate of interest per annum from time to time published in the money rates section of The Wall Street
Journal or any successor publication thereto as the “prime rate” then in effect; provided that if such rate of interest, as set forth from time to time in the money rates section of The Wall Street Journal, becomes unavailable for any
reason as determined by Bank, the “Prime Rate” shall mean the rate of interest per annum announced by Bank as its prime rate in effect at its principal office in the State of California (such Bank announced Prime Rate not being intended to
be the lowest rate of interest charged by Bank in connection with extensions of credit to debtors). 
 “Registered
Organization” is any “registered organization” as defined in the Code with such additions to such term as may hereafter be made. 

“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any law (statutory or
common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject. 

  
 -28- 

 “Responsible Officer” is any of the President & Chief Executive
Officer, Chief Financial Officer and Executive VP, Research & Development of Borrower. 
 “Restricted License” is
any material license or other agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other
property, or (b) for which a default under or termination of could interfere with the Bank’s right to sell any Collateral. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental Authority.

 “Securities Account” is any “securities account” as defined in the Code with such additions to such term as
may hereafter be made. 
 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of Borrower’s
now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank. 

“Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of
stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers
of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context otherwise requires,
each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 
 “Termination Fee” is defined in
Section 2.4(b). 
 “Trademarks” means any trademark and servicemark rights, whether registered or not, applications to
register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Tranche A” is defined in Section 2.1.1(a). 

“Tranche A Growth Capital Advance” is defined in Section 2.1.1(a). 

“Tranche B” is defined in Section 2.1.1(a). 

“Tranche B Draw Period” is the period commencing on the Positive FDA Review Date and ending on the earlier of
(i) June 30, 2015 and (ii) the occurrence of an Event of Default; provided, however, that the Tranche B Draw Period shall not commence if on the date of the occurrence of the Positive FDA Review Date an Event of Default has occurred
and is continuing. 
 “Tranche B Growth Capital Advance” is defined in Section 2.1.1(a). 

“Transfer” is defined in Section 7.1. 

“Warrant” is that certain Warrant to Purchase Stock dated as of the Effective Date executed by Borrower in favor of Bank.

 [Signature page follows.] 

  
 -29- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
  

			
	BORROWER:
	
	CLEARSIDE BIOMEDICAL, INC.
		
	By	 	 /s/ Daniel H. White

	Name:	 	Daniel H. White
	Title:	 	President & CEO

  

			
	BANK:
	
	SILICON VALLYY BANK
		
	By	 	 /s/ Ryan Roller

	Name:	 	Ryan Roller
	Title:	 	Vice President

 [Signature Page to Loan and Security Agreement] 

 EXHIBIT A 

COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts, fixtures,
letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and

 all Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all
substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include: (a) more than 65% of the presently existing and hereafter arising issued
and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter; or (b) any Intellectual Property; provided, however, the Collateral shall
include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in such
Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of Bank’s
security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property. 
 Pursuant to the
terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual Property without Bank’s prior written consent. 

 EXHIBIT B 

COMPLIANCE CERTIFICATE 
  

			
	 TO: SILICON VALLEY BANK
 FROM: CLEARSIDE
BIOMEDICAL, INC.
	  	Date:                     

 The undersigned authorized officer of CLEARSIDE BIOMEDICAL, INC. (“Borrower”) certifies that under
the terms and conditions of the Loan and Security Agreement between Borrower and Bank (the “Agreement”): 
 (1) Borrower is in
complete compliance for the period ending                     with all required covenants except as noted below; (2) there are no Events of
Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be applicable to any representations
and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material
respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed, or obtained extensions for filing, all required tax returns and reports, and Borrower has timely paid all foreign, federal, state and local taxes,
assessments, deposits and contributions owed by Borrower except as otherwise permitted pursuant to the terms of Section 5.9 of the Agreement; and (5) no Liens have been levied or claims made against Borrower or any of its Subsidiaries
relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 
 Attached are
the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The
undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement, and that compliance is determined not just at the date this certificate is
delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 
 Please indicate compliance
status by circling Yes/No under “Complies” column. 
  

					
	 Reporting Covenants
	  	 Required
	  	 Complies

	 Monthly financial statements with
 Compliance
Certificate
	  	Monthly within 30 days	  	Yes No
	Annual financial statement (CPA Audited) + CC	  	FYE within 120 days	  	Yes No
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes No
	A/R & A/P Agings, Deferred Revenue report, current backlog report	  	Monthly within 30 days	  	Yes No
	Annual Budget and Projections	  	FYE within 45 days*	  	Yes No

  

	*	and as soon as possible after any updates thereto 

 Other Matters 

 

			
	 Have there been any amendments of or other changes to the capitalization table of

Borrower and to the Operating Documents of Borrower or any of its Subsidiaries? If yes,

provide copies of any such amendments or changes with this Compliance Certificate.
	  	Yes                 No

 The following are the exceptions with respect to the certification above: (If no exceptions exist, state
“No exceptions to note.”) 

  
 1 

									
	CLEARSIDE BIOMEDICAL, INC.	 	BANK USE ONLY
					
		 		 		 	Received by:	 	  

		 		 		 		 	AUTHORIZED SIGNER
	By:	 	  
	 		 	Date:	 	  

	 Name:
 Title:
	 	  

 
	 		 	  
 Verified:
	 	  
  

		 		 		 		 	AUTHORIZED SIGNER
		 		 		 	Date:	 	  

				
		 		 		 	Compliance Status:                     Yes
            No

  
 2 

 EXHIBIT C – LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS NOON PACIFIC TIME* 
  

			
	Fax To:	  	Date: 4/14/2015

 LOAN PAYMENT: 

CLEARSIDE BIOMEDICAL, INC. 
  

			
	From Account
#                                         
                        	  	To Account
#                                         
                      
	(Deposit Account #)	  	(Loan Account #)
	Principal
$                                         
                                	  	and/or Interest
$                                         
                  
		
	Authorized
Signature:                                       
                	  	Phone
Number:                                        
                    
	Print
Name/Title:                                       
                        	  	

 LOAN ADVANCE: 
 Complete
Outgoing Wire Request section below if all or a portion of the funds from this loan advance are for an outgoing wire. 
  

			
	From Account # New
Loan                                         
   	  	To Account
#                                         
                
	(Loan Account #)	  	(Deposit Account #)
		
	Amount of Advance $
4,000,000.00                                	  	

 All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all
material respects on the date of the request for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;
and provided, furture that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date: 

 

			
	Authorized Signature: /s/ Charles
Deignan                                	  	Phone Number: 678-270-4005
	Print Name/Title: Charles Deignan / CFO                	  	

 OUTGOING WIRE REQUEST: 

Complete only if all or a portion of funds from the loan advance above is to be wired. 

Deadline for same day processing is noon, Pacific Time 
  

			
	Beneficiary
Name:                                        
                           	  	Amount of Wire:
$                                         
                      
	Beneficiary
Bank:                                        
                           	  	Account
Number:                                        
                         
	City and
State:                                        
                                 	  	
		
	Beneficiary Bank Transit (ABA)
#:                                       	  	 Beneficiary Bank Code (Swift, Sort, Chip,
etc.):                     

(For International Wire Only)              

		
	Intermediary
Bank:                                        
                       	  	Transit (ABA)
#:                                       
                        
	
	For Further Credit
to:                                        
                                         
                                         
                                         
        
	
	Special
Instruction:                                       
                                         
                                         
                                         
               

 By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with
and subject to the terms and conditions set forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us). 

 

			
	Authorized
Signature:                                       
                        	  	2nd Signature (if
required):                                       
         
		
	Print
Name/Title:                                       
                        	  	Print
Name/Title:                                       
                        
		
	Telephone
#:                                        
                               	  	Telephone
#:                                        
                               

  

	*	Unless otherwise provided for an Advance bearing interest at LIBOR. 

  
 3 

 EXHIBIT D 

BORROWING RESOLUTIONS 
  

 
 CORPORATE BORROWING CERTIFICATE 

BORROWER: CLEARSIDE BIOMEDICAL, INC.        DATE: Apr 14, 2015 

BANK:            Silicon Valley Bank 

I hereby certify as follows, as of the date set forth above: 

1. I am the Secretary, Assistant Secretary or other officer of Borrower. My title is as set forth below. 

2. Borrower’s exact legal name is set forth above. Borrower is a corporation existing under the laws of the State of Delaware. 

3. Attached hereto are true, correct and complete copies of Borrower’s Certificate of Incorporation (including amendments), as filed with the Secretary of
State of the state in which Borrower is incorporated as set forth above. Such Certificate of Incorporation have not been amended, annulled, rescinded, revoked or supplemented, and remain in full force and effect as of the date hereof. 

4. The following resolutions were duly and validly adopted by Borrower’s Board of Directors at a duly held meeting of such directors (or pursuant to a
unanimous written consent or other authorized corporate action). Such resolutions are in full force and effect as of the date hereof and have not been in any way modified, repealed, rescinded, amended or revoked, and Silicon Valley Bank
(“Bank”) may rely on them until Bank receives written notice of revocation from Borrower. 

RESOLVED, that any one of the following officers or employees of Borrower, whose names, titles and
signatures are below, may act on behalf of Borrower: 
  

							
	 Name
	  	 Title
	  	 Signature
	  	 Authorized

to Add or
 Remove

Signatories

	Daniel White	  	CEO	  	/s/ Daniel White	  	x
	Charles Deignan	  	CFO/Secretary	  	/s/ Charles Deignan	  	x
	  
	  	  
	  	  
	  	 ̈
	  
	  	  
	  	  
	  	 ̈

  
 4 

 RESOLVED FURTHER, that any one of the
persons designated above with a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower. 

RESOLVED FURTHER, that such individuals may, on behalf of Borrower: 

Borrow Money. Borrow money from Bank. 

Execute Loan Documents. Execute any loan documents Bank requires. 

Grant Security. Grant Bank a security interest in any of Borrower’s assets. 

Negotiate Items. Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has an
interest and receive cash or otherwise use the proceeds. 
 Apply for Letters of Credit. Apply for letters of credit from Bank. 

Enter Derivative Transactions. Execute spot or forward foreign exchange contracts, interest rate swap agreements, or other derivative
transactions. 
 Issue Warrants. Issue warrants for Borrower’s capital stock. 

Further Acts. Designate other individuals to request advances, pay fees and costs and execute other documents or agreements (including
documents or agreement that waive Borrower’s right to a jury trial) they believe to be necessary to effect these resolutions. 

RESOLVED FURTHER, that all acts authorized by the above resolutions and any prior acts
relating thereto are ratified. 
 5. The persons listed above are Borrower’s officers or employees with their titles and signatures shown next to their
names. 
  

			
		
	By:	 	 /s/ Charles A. Deignan

	Name:	 	Charles A. Deignan
	Title:	 	CFO/Secretary

 ***If the Secretary, Assistant Secretary or other certifying officer executing above is designated by
the resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower. 

I, the President & CEO of Borrower, hereby certify as to paragraphs 1 through 5 above, as of the date set forth above. 

 

			
		
	By:	 	 /s/ Daniel H. White

	Name:	 	Daniel H. White
	Title:	 	President & CEO

  
 5

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