Document:

EX-10.21

 Exhibit 10.21 

Confidential Materials omitted and filed separately with the 

Securities and Exchange Commission. Double asterisks denote omissions. 

Execution Version 
 April 24, 2017 

Arsanis, Inc. 
 890 Winter Street, Suite 230 

Waltham, MA 02451-1472 
 Attention: President and Chief Executive
Officer 
 Re: Strategic Relationship between the Bill & Melinda Gates Foundation and Arsanis, Inc. 

Ladies and Gentlemen: 
 This letter
agreement (including all appendices and attachments hereto, the “Letter Agreement”) is entered into in connection with the investment by the Bill & Melinda Gates Foundation (the “Foundation”), a Washington
charitable trust that is a tax-exempt private foundation, of eight million dollars ($8,000,000.00) (the “Foundation Investment”) in Series D Preferred Stock of Arsanis, Inc. (the “Company”) at a purchase price of
$3.2457 per share in accordance with the terms of a Series D Preferred Stock Purchase Agreement dated April 24, 2017 (the “Purchase Agreement”). The Foundation is making the Foundation Investment to induce the Company to
perform the Global Access Commitments set forth herein, and the Company acknowledges and agrees that it would not undertake such Global Access Commitments absent the Foundation Investment. The Foundation Investment will be made in accordance with
the provisions of the Purchase Agreement and this Letter Agreement (collectively, and together with any additional agreements that may be executed in connection with the Foundation Investment, in each case as amended from time to time in accordance
with their terms, the “Investment Documents”). The Foundation Investment is conditioned upon the execution and delivery of the applicable Investment Documents by the parties thereto, the delivery to the Foundation of an amendment to
the Adimab Agreement (defined below) that is acceptable to the Foundation, and the Foundation obtaining a written legal opinion from tax counsel that the Foundation Investment will qualify as a program-related investment under the Code. 

In consideration of the Foundation making the Foundation Investment on the terms and conditions stated herein and in the Investment Documents,
and for other good and valuable consideration, the parties hereto hereby irrevocably agree as follows: 
 1. Definitions. For the purposes of
this Letter Agreement the following terms have the meanings indicated. 
 “Actual Production Costs” means (a) the
Company’s recognized cost of goods sold as calculated in accordance with the Company’s usual and customary accounting methods, which are in accordance with GAAP, minus (b) the amount of any funding provided by the Foundation or any
Foundation-supported Entity directly allocable to the production, supply and distribution of such product (except to the extent such funding has been deducted from the cost of goods sold as calculated under the foregoing clause (a)). 

 “Adimab” means Adimab, LLC. 

“Adimab Agreement” means that certain Collaboration Agreement between Adimab and the Company, with an Effective Date of May 1,
2011, as amended by that certain Amendment Number One to the Collaboration Agreement, dated February 11, 2013, further amended by that certain Amendment Number Two to the Collaboration Agreement, dated January 16, 2014, further amended by
that certain Amendment Number Three to the Collaboration Agreement, dated January 22, 2015, and further amended by that certain Amendment Number Four to the Collaboration Agreement, dated April 21, 2017, and as supplemented by the Adimab
Option Exercise Letters. 
 “Adimab Confidential Information” means Confidential Information (as that term is defined in the
Adimab Agreement) of Adimab. 
 “Adimab Option Exercise Letters” means, collectively, the letters from Dr. Eszter Nagy
of the Company to Dr. Tillman Gerngross of Adimab, dated, respectively, May 28, 2013, January 29, 2014, and April 24, 2014, including the attachments thereto. 

“Affiliate” means, as to any person or entity any person or entity that, directly or indirectly, controls, is controlled by or is
under common control with such person or entity at any time and for so long as that control exists, where “control” (for purposes of this definition of “Affiliate” only) means having the decision-making authority as to the person
or entity and, further, where that control will be deemed to exist where a person or entity owns more than 50% of the equity (or that lesser percentage that is the maximum allowed to be owned by a foreign corporation in a particular jurisdiction)
entitled to vote regarding composition of the board of directors or other body entitled to direct the affairs of the person or entity. 

“ASN100 Product Candidate” means the Company’s product consisting of a combination of two fully human IgG1 isotype antibody components (ASN-1 and ASN-2) intended for prevention and/or treatment of disease in subjects colonized or infected with S. aureus. 

“Charitability Default” has the meaning given in Section 5(b). 

“Charitable Purpose” has the meaning given in Section 2(a). 

“Claim” has the meaning given in Section 14. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. 

“Company” has the meaning given in the introductory paragraph. 

“Company Developed mAbs” has the meaning given in Section 3(c)(ii). 

  
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 “Company IP” means all intellectual property and other proprietary rights, worldwide, owned (or
purported to be owned), applied for, used, licensed by, or under obligation of assignment to the Company. 
 “Developing Countries” means
those countries described on Appendix 1. 
 “Direct Competitor” means any individual or entity engaged in, or which presently intends to
engage in, the research, development, manufacture, or commercialization of any mAb product used to diagnose, treat, prevent or cure an infectious disease. 

“Discovery Project” has the meaning given in Section 3(d)(i). 

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

“Fair Market Value” means (a) if the Foundation Stock is freely tradable, the closing price of the Foundation Stock on the most recent
day the Foundation Stock was traded on the applicable exchange prior to the closing date of the redemption or purchase or (b) if the Foundation Stock is not freely tradable, the then current fair market value as determined by a mutually agreed
upon (such agreement not to be unreasonably withheld) independent third-party appraiser. 
 “Foundation” has the meaning given in the
introductory paragraph. 
 “Foundation Field” means the prevention of neonatal sepsis caused by S. aureus and/or other bacterial
pathogens and excluding all other therapeutic and prophylactic indications. 
 “Foundation Investment” has the meaning given in the
introductory paragraph. 
 “Foundation Stock” has the meaning given in Section 5(c). 

“Foundation-supported Entity” means an entity selected by the Foundation for participation in a project that receives funding, directly or
indirectly, from the Foundation, collaborates with the Foundation, or both, for the purpose of accomplishing the Foundation’s charitable objectives. 

“Funded Developments” means the products, technologies, materials, processes, and other intellectual property and intellectual property
rights developed using funds from the Foundation or a Foundation-supported Entity or developed in connection with the Company’s conduct of a Program. 

“Global Access” means that (a) knowledge gained using the Foundation’s funding is promptly and broadly disseminated and
(b) the products and technologies developed or supported with the Foundation’s funding will be made available and accessible at an affordable price to people most in need in Developing Countries. 

“Global Access Commitments” has the meaning given in Section 3. 

“Global Health License” has the meaning given in Section 3(l)(i). 

“Indemnitees” has the meaning given in Section 14. 

  
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 “Investment Documents” has the meaning given in the introductory paragraph. 

“Letter Agreement” has the meaning given in the introductory paragraph. 

“mAb” means monoclonal antibody. 

“Neonatal S. aureus Sepsis Candidate” has the meaning given in Section 3(a). 

“Neonatal S. aureus Sepsis Candidate Development Program” has the meaning given in Section 3(b). 

“Neonatal S. aureus Sepsis Discovery Project” has the meaning given in Section 3(a). 

“Neonatal Sepsis Cocktail” has the meaning given in Section 3(c)(i). 

“Neonatal Sepsis Cocktail Development Program” has the meaning given in Section 3(c)(i). 

“Optioned Antibodies” means, collectively, the mAbs specified in the Adimab Option Exercise Letters. 

“Platform Technology” means the Company’s mAb research, discovery, development, and production capabilities, including those sourced
from its partners. For clarity, Platform Technology includes technologies, materials, know-how and intellectual property owned, controlled, or in licensed by the Company or its Affiliates, whether existing at closing of the Foundation Investment or
later developed, owned, controlled or in licensed by the Company or its Affiliates. 
 “Product” means any drug, therapeutic, vaccine,
diagnostic, or prophylactic developed pursuant to a Program. 
 “Program” means the Neonatal S. aureus Sepsis Discovery Project, the
Neonatal S. aureus Sepsis Candidate Development Program, the Neonatal Sepsis Cocktail Development Program and any Discovery Project. 

“Progress Review Group” has the meaning given in Section 3(i). 

“Purchase Agreement” has the meaning given in the introductory paragraph. 

“Reasonable Efforts” means at least the same level of resources, time, efforts, and expediency that the Company would apply to obtaining a
compound or technology that is material to the research, development or launch of the Company’s lead commercial products. 
 “Sale
Transaction” means (a) the acquisition, directly or indirectly, after the date of this Letter Agreement, by any person or group (within the meaning of Section 13(d)(3) of the Exchange Act) of beneficial ownership of securities of
the Company possessing more than 50% of the total combined voting power of all outstanding voting securities of the Company, (b) a merger, consolidation or other similar transaction involving the Company, except for a transaction in which the
holders of the outstanding voting securities of the Company immediately prior to such 

  
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merger, consolidation or other transaction hold, in the aggregate, securities possessing more than 50% of the total combined voting power of all outstanding voting securities of the surviving
entity immediately after such merger, consolidation or other transaction, or (c) an assignment, sale, transfer or exclusive license of all or substantially all of the Company’s assets, whether by merger, stock transfer, or otherwise. 

“SOW” means a scope of work. 
 “Third
Party Development Program Election” has the meaning given in Section 3(f)(i)(D). 
 “Trigger Event” has the meaning given in
Section 3(l)(ii). 
 “TPM” has the meaning given in Section 3(e). 

“TPP” means a target product profile. 

“Withdrawal Right” has the meaning given in Section 5(c). 

2. Charitable Purposes and Use of Funds. 

(a) The Foundation is making the Foundation Investment as a “program-related investment” within the meaning of
Section 4944(c) of the Code. The Foundation’s primary purpose in making the Foundation Investment is to further significantly the accomplishment of the Foundation’s charitable purposes, including the relief of the poor, distressed,
and underprivileged, the advancement of science, and the promotion of health by seeking to secure Global Access to new, low-cost drugs (both therapeutics and prophylactics) developed (in whole or in part) by the Company and directed at pathogens
that disproportionately affect people in Developing Countries (collectively, the “Charitable Purpose”). In furtherance of the Charitable Purpose, the Foundation Investment will secure the Global Access Commitments described
below. 
 (b) The proceeds from the Foundation Investment will be used solely to support the Company’s Staphylococcus
aureus (S. aureus) antibody development program, including the Neonatal S. aureus Sepsis Discovery Project described below. 

The proceeds from the Foundation Investment will not be required to be segregated in a separate account nor required to be used for dedicated
employees or facilities. 
 3. Global Access Commitments. 

In furtherance of the Charitable Purpose and Global Access, the Company agrees to the following (collectively “Global Access
Commitments”): 
 (a) Neonatal S. aureus Sepsis Discovery Project. The Company will diligently conduct the
Neonatal S. aureus Sepsis Discovery Project. “Neonatal S. aureus Sepsis Discovery Project” means the Company’s research, development, and use of the Platform Technology to generate and test in
pre-clinical animal studies a candidate product for the prevention of neonatal sepsis caused by S. aureus and excluding all other therapeutic and prophylactic indications (such candidate product, the “Neonatal S. aureus
Sepsis Candidate”) in accordance with the TPP and SOW attached as Appendix 2. 

  
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 (b) Neonatal S. aureus Sepsis Candidate Development Program. Once the
Neonatal S. aureus Sepsis Discovery Project is complete in accordance with the SOW, the Foundation will have the right, at its discretion, to continue providing funding to the Company (directly or through a Foundation-supported Entity) to
advance the Neonatal S. aureus Sepsis Candidate through launch of a final product for the prevention of neonatal sepsis caused by S. aureus and excluding all other therapeutic and prophylactic indications (the “Neonatal
S. aureus Sepsis Candidate Development Program”). The Neonatal S. aureus Sepsis Candidate Development Program may include applicable research, development, launch and associated activities conducted by the Company or a
partner, if and to the extent these activities are reasonably requested by the Foundation. If requested by the Foundation, the Neonatal S. aureus Sepsis Candidate Development Program would be co-funded by additional equity investments
(subject to requisite approval by the Company’s board of directors and/or stockholders) or grants from the Foundation pursuant to the Foundation’s standard grant making terms and processes. The specific level and allocation of funding
responsibilities between the parties (and potentially Foundation-supported Entities) for the Neonatal S. aureus Sepsis Candidate Development Program will be mutually agreed in good faith in writing by the parties to fairly allocate the
expected benefits between Developing Countries and developed countries; provided, that in no event will the funding responsibilities be allocated in a manner that is reasonably likely to result in a material adverse effect on the Company’s
business or operations. Any agreements for the Neonatal S. aureus Sepsis Candidate Development Program will include a proposal describing the relevant work (including specific global access commitments) and other related documents acceptable
to the Foundation, and will include a mutually-agreed upon TPP and SOW. 
 (c) Neonatal Sepsis Cocktail Development Program.

 (i) The Foundation will also have the right, at its discretion, to provide funding to the Company (directly or through a
Foundation-supported Entity) to develop a combination mAb product for use in the Foundation Field (such combination mAb product, the “Neonatal Sepsis Cocktail”), which Neonatal Sepsis Cocktail may include the Neonatal S.
aureus Sepsis Candidate, mAbs developed under Discovery Projects (defined below), and/or components in-licensed from other entities in accordance with the terms below (the “Neonatal Sepsis Cocktail Development Program”). The
Neonatal Sepsis Cocktail Development Program may include applicable research, development, launch and associated activities conducted by the Company or a partner, if and to the extent these activities are reasonably requested by the Foundation. If
requested by the Foundation, the Neonatal Sepsis Cocktail Development Program would be co-funded by additional equity investments (subject to requisite approval by the Company’s board of directors and/or stockholders) or grants from the
Foundation pursuant to the Foundation’s standard grant making terms and processes. The specific level and allocation of funding responsibilities between the parties (and potentially Foundation-supported Entities) for the Neonatal Sepsis
Cocktail Development Program will be mutually agreed in good faith in writing by the parties to fairly allocate the expected benefits between Developing Countries and developed countries; provided, that in no event will the funding responsibilities
be allocated in a manner that is reasonably likely to result in a material adverse effect on the Company’s business or operations. 

  
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 (ii) Other than the Neonatal S. aureus Sepsis Candidate and mAbs developed under Discovery
Projects, no mAbs developed by the Company independently from any collaboration with the Foundation (including in collaboration with any third-party) (“Company Developed mAbs”) will be included in the Neonatal Sepsis Cocktail unless
mutually-agreed upon by the Company and the Foundation under separate agreements, for which reasonable financial and other terms will be negotiated in good faith by the Foundation and the Company taking into account principles of Global Access. 

(iii) Any grant agreements for the Neonatal Sepsis Cocktail Development Program will include a proposal describing the relevant work
(including specific global access commitments) and other related documents acceptable to the Foundation (and, in the case of any Company Developed mAbs, mutually acceptable to the Foundation and the Company), and will include a mutually-agreed upon
TPP and SOW. 
 (d) Discovery Projects. 

(i) The Company will also utilize the Platform Technology to conduct up to two Discovery Projects at the Foundation’s reasonable
discretion and subject to the terms below. “Discovery Project” means a project proposed by the Foundation or a Foundation-supported Entity and conducted by the Company utilizing the Platform Technology to identify mAb candidates
against a target pathogen or antigens associated with a target pathogen, in accordance with a mutually-agreed upon SOW and TPP, and potentially to further develop such candidates. 

(ii) Each Discovery Project will be funded and conducted pursuant to the Foundation’s standard grant making terms and processes, which
would include a proposal prepared in good faith by the Company (which will be submitted within [**] days after the Foundation’s initial request to the Company) describing the relevant work to be conducted by the Company and other related
documents acceptable to the Foundation. At the request of the Foundation, such grant agreements will include a non-exclusive license to resulting product candidates and related technology resulting from the applicable Discovery Project (including
the right to sublicense or a direct license grant to Foundation-supported Entities); provided, that the scope of the license to the related technology will include only that technology that is necessary for the development, production or
distribution or sale of the relevant product candidate within the field of use prescribed for such product candidate in the applicable TPP. Notwithstanding the foregoing, except as otherwise provided below, the Foundation will not practice the
license for sale or distribution of any product candidate outside of the Developing Countries unless the Company or a licensee thereof commits a material breach of any of the Global Access Commitments in regard to such product candidate. For
clarity, the Company agrees that this license may be practiced outside of Developing Countries (other than to sell, have sold, offer for sale or otherwise transfer to an end user of such product or product candidate) solely for activities that are
in furtherance of the sale or other distribution of product candidates in Developing Countries. 
 (iii) If the Foundation requests that the
Company continue development of a candidate identified through a Discovery Project, the Company will consider in good faith and the parties will negotiate in good faith the terms of the applicable grant documents for such work. To the extent the
parties agree to continue support of a Discovery Project beyond the 

  
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discovery phase, the specific level and allocation of additional funding responsibilities for such Discovery Project will be mutually agreed in good faith in writing by the parties based on a
fair allocation of the expected benefits between Developing Countries and developed countries, provided that in no event will the funding responsibilities be allocated in a manner that is reasonably likely to result in a material adverse effect on
the Company’s business or operations. 
 (e) Third Party Manufacturers. If the Foundation determines, in consultation with the
Progress Review Group, during the Neonatal S. aureus Sepsis Candidate Development Program, Neonatal Sepsis Cocktail Development Program, or any Discovery Project that working with a third-party manufacturer (“TPM”) is
reasonably necessary to achieve the price and volume commitments described below, the Company will agree to license and transfer the necessary technology and other intellectual property to such TPM (subject to such TPM entering into reasonable
agreements with the Company with respect to confidentiality and use of the technology and licenses solely for the purposes contemplated herein) in order to allow the production of Products for the Developing Countries. The Foundation will be
responsible for the reasonable costs payable for the license and technology transfer of the necessary intellectual property to such TPM. 

(f) Licenses from Company. 

(i) At the request of the Foundation, the grant or funding agreements for the Neonatal S. aureus Sepsis Candidate Development Program
and Neonatal Sepsis Cocktail Development Program will also include a non-exclusive license to (i) the Neonatal S. aureus Sepsis Candidate and (ii) candidates or products developed under the Neonatal S. aureus Sepsis
Candidate Development Program or Neonatal Sepsis Cocktail Development Program, for use in the Foundation Field, in each case with related technology (including the right to sublicense or a direct license grant to Foundation-supported Entities);
provided that the scope of the license to the related technology will include only that technology that is necessary for the development, production and/or distribution or sale of the relevant product. For the avoidance of doubt, the Foundation,
Foundation-supported Entities, and Foundation sublicensees will not directly or indirectly develop or commercialize the Neonatal S. aureus Sepsis Candidate or products developed under the Neonatal S. aureus Sepsis Candidate Development
Program or Neonatal Sepsis Cocktail Development Program outside of the Foundation Field. The license will be presently granted, but the Foundation may not exercise its rights (including its sublicense rights) under the license to any background
intellectual property of the Company unless at least one of the following occurs: 
 (A) any Trigger Event; 

(B) the Company commits a material breach of the relevant grant agreement that is not cured within [**] days after written notice thereof;

 (C) the Company is unwilling to unable or ceases to promptly conduct or complete in any material respect the Neonatal S. aureus
Sepsis Candidate Development Program or Neonatal Sepsis Cocktail Development Program, as applicable; or 

  
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 (D) the Foundation (after discussion with the Progress Review Group) reasonably determines that
the Company does not have the personnel, capability, technology, rights or other resources to conduct or complete the Global Access Commitments in connection with the Neonatal S. aureus Sepsis Candidate Development Program or Neonatal Sepsis
Cocktail Development Program in any material respect, including the price and volume commitments described below (any exercise of such license pursuant to this clause (i)(D), a “Third Party Development Program Election”). 

(ii) If the Foundation intends to make a Third Party Development Program Election, it will give the Company prompt written notice thereof. If
the Company disagrees with the Foundation’s determination to make a Third Party Development Program Election, the parties will engage in good faith discussions and negotiations for a period of [**] days from the date of the Foundation’s
written notice in an attempt to resolve such disagreement, and the Foundation will not be entitled to make a Third Party Development Program Election during such [**]-day period. Following such [**]-day period, the Foundation will be entitled to
make a Third Party Development Program Election by delivery of written notice to the Company thereof. 
 (iii) The license described in this
Section 3(f) will be subject to payment by the Foundation or a Foundation sublicensee of the applicable royalty (if any) set forth in and calculated under the Adimab Agreement as of the Effective Date (payable to Adimab, either through Company
or, at Company’s election, directly to Adimab), to the extent such royalty is then payable to Adimab under the Adimab Agreement, as a result of the exercise of this license. In addition, if the Foundation exercises its rights under the license
pursuant to a Third Party Development Program Election, the parties will negotiate in good faith the payment of a reasonable royalty to the Company on sales of the applicable Product outside of the Developing Countries. 

(g) Licenses to Company. The Foundation Investment will be conditioned on the Company’s receipt and continuation of all necessary
licenses and rights with respect to the Platform Technology needed to perform the Global Access Commitments. To the extent that a license to a mAb or other component is necessary for the development, manufacture, or commercialization of a Product
(other than with respect to the Platform Technology), which component would be impracticable for the Company to develop, the Company will use Reasonable Efforts to obtain a cost effective and affordable license to such component from a third party
and/or to collaborate with a third party to develop or manufacture such component, in order to enable completion of the applicable product in accordance with the Global Access Commitments, including the price and volume commitments. The Foundation
will be responsible for the costs payable to the third party for the license or collaboration to the extent necessary for this product in Developing Countries; provided, that the Foundation consents in writing to the terms of the applicable license
or collaboration agreement before the execution of the agreement and the terms allow the Company to transfer or sublicense any license to the Foundation or a Foundation supported Entity in the event of a Trigger Event. 

  
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 (h) Pricing and Volume Commitments. The Company will work with the Foundation to develop
(by the time of completion of Phase II clinical trials) and execute a manufacturing and supply plan that will enable to be met the reasonably expected demand in Developing Countries for any Products. The expected demand will be determined by the
Foundation and the Company based upon review of the Foundation’s target markets for the applicable product and other relevant considerations, including cost-effectiveness. The price of the relevant Products in Developing Countries will be such
that the Products are affordable to low income individuals in the Developing Countries, and in no case would the price charged by the Company to the relevant procurer or distributor of such products exceed Actual Production Costs plus [**]%. For
clarity, the Company will in no event be required to offer the applicable Product to a procurer or distributor at a price that would be less than Actual Production Costs. The manufacturing and supply plan could involve the use of manufacturing
partners and support from donors, and the specific level and allocation of funding responsibilities in such plan will be decided as mutually agreed in good faith in writing by the parties based on a fair allocation of the expected benefits between
Developing Countries and developed countries. The Foundation will have the right to inspect the Company’s records to verify the Actual Production Costs. These commitments do not apply to sales of Products used outside of the Developing
Countries. 
 (i) Progress Review Group. The Company and the Foundation will each designate up to [**] individuals to be part of a
progress review group (the “Progress Review Group”) that will provide a forum for discussion of the progress of the Company’s S. aureus antibody development program (including antibodies being developed for use in
developed countries) and the Funded Developments. The Progress Review Group will meet via teleconference at least [**] (unless both parties agree that any [**]meeting will be conducted via teleconference). With the agreement of both parties and
subject to the execution of appropriate confidentiality agreements, third parties may be invited from time to time to participate in certain Progress Review Group discussions. 

(j) Publication; Access to Data and Information. The Company (in addition to the publication requirements of any applicable grants from
the Foundation): 
 (i) will publish the results and information developed in connection with each Program within a reasonable period of time
after such information or results are obtained, subject to reasonable delays or limitations on content of such publications that are necessary to protect intellectual property and trade secrets or other proprietary know-how covering the Platform
Technology itself and subject to third party confidentiality obligations; 
 (ii) will promptly provide to the Foundation from time to time,
upon the Foundation’s reasonable request and subject to customary confidentiality restrictions, access to data and information regarding the Company’s S. aureus antibody development programs (including raw data and regarding
antibodies being developed for use in developed countries and for any indication, subject to the Foundation agreeing to appropriate confidentiality obligations) and each Program, and the reasonably contemplated use of the Platform Technology for
such programs; and 
 (iii) will promptly provide to the Foundation from time to time, upon the Foundation’s request, rights to share
such non-public data and information regarding each Program, and the reasonably contemplated use of the Platform Technology for such Programs, subject to the reasonable need to protect confidential information (including, in the event that the
Foundation proposes to share any such data or information with any Direct Competitor, such 

  
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disclosure to a Direct Competitor shall be permitted only to the extent that the Foundation or a Foundation-supported Entity is collaborating with such competitor, and limited to the disclosure
of data or information directly relating to the development, production or commercialization of a Product, as applicable to such collaboration) and to avoid untimely public disclosures that may bar access to patent protection or public disclosures
that may undermine trade secret protection or may impact the market competitiveness of a Company product. 
 All publications must be made in accordance
with “open access” terms and conditions consistent with the Foundation’s Open Access Policy available at: http://www.gatesfoundation.org/How- We-Work/General-Information/Open-Access-Policy, which may be modified from time to time.

 If any publication or presentation contains Adimab Confidential Information, the Company may submit such publication or presentation for prior review and
approval by Adimab for patentability and protection of Adimab Confidential Information as provided in Section 6.8 (and subject to Section 6.2) of the Adimab Agreement. The Company may not proceed with such publications or presentations
containing Adimab Confidential Information unless approved of in advance in writing by Adimab in accordance with Section 6.8 of the Adimab Agreement. The Company will use reasonable efforts to obtain such approval. The Company will provide to
Adimab the opportunity to review, in accordance with Section 6.8 of the Adimab Agreement, any proposed abstracts, manuscripts or summaries of public presentations that contain Adimab Confidential Information. 

(k) No Inconsistent Rights. The Company will not grant to a third party any rights or enter into any arrangements or agreements that
would limit or restrict the Foundation’s rights to the Global Access Commitments. 
 (l) Global Health License. 

(i) Global Health License. Subject to Section 3(ii), in connection with and relating to each Program, and to the extent not
already licensed to the Foundation hereunder, the Company hereby grants the Foundation and/or Foundation-supported Entities, a worldwide, nonexclusive, non-terminable, perpetual, irrevocable, royalty-free (except as specified below) license (with
the right to sublicense) to the (A) Funded Developments and (B) and the background intellectual property of the Company that is necessary for or is used in the Platform Technology or Programs to use, reproduce, modify, make, distribute,
sell, offer-for-sale, import, and otherwise dispose of products and services directed at pathogens or other targets subject to the Programs, which license is limited, in relation to each Product or Program with respect to which it is practiced by
the Foundation, to the field of use set forth in the agreement(s) applicable to such Product or Program (the “Global Health License”). The Global Health License will be subject to payment by the Foundation or a Foundation sublicensee of
the applicable royalty (if any) set forth in and calculated in accordance with the Adimab Agreement as of the Effective Date (payable to Adimab, either through Company or, at Company’s election, directly to Adimab), to the extent such royalty
is then payable to Adimab under the Adimab Agreement, as a result of the exercise of Global Health License. 

  
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 (ii) Trigger Events. The Global Health License is presently granted and effective.
However, the Foundation will not practice its rights under the Global Health License (including its sublicensing rights) unless a Trigger Event occurs and then only with respect to the Product or Program affected by the Trigger Event. Accordingly,
if a Trigger Event applies only to a particular Product or Program, the Foundation will have the right to exercise the Global Health License only for such Product or Program. “Trigger Event” means: 

(A) a Charitability Default; or 

(B) the Company (i) institutes any bankruptcy, insolvency, appointment of a receiver and/or trustee or reorganization (in either case
for the release of financially distressed debtors), general assignment for the benefit of creditors, winding-up, dissolution, liquidation or similar proceeding relating to it under the laws of any jurisdiction or any such proceeding is instituted
against the Company which remains undismissed or unstayed for a period of 90 days or (ii) ceases to conduct business in the ordinary course. 

If either the Foundation or the Company becomes aware of a Trigger Event it will promptly notify the other party in writing of the occurrence
of such Trigger Event. 
 (m) Cooperation; Technology Transfer. In connection with the exercise of any license hereunder or under a
grant agreement (as applicable), the Company will take further actions, including technology transfer (subject to the transferee agreeing to appropriate confidentiality obligations), as would be commercially reasonable industry practice at the time
with respect to providing a biotechnology license to a third party, to accommodate that the Foundation, the Foundation’s sublicensees, and/or the relevant Foundation-supported Entity can effectively exercise the applicable license or sublicense
and use the related technology (including the right to reference regulatory filings related to the applicable products). 
 (n)
Sufficient Rights; Inventory. 
 (i) The Company represents and warrants that: (A) the Company owns or possesses, or believes it
can acquire on commercially reasonable terms, all necessary rights required in order to perform its obligations and grant the licenses hereunder, (B) Arsanis mAbs ASN-1, ASN-2, and ASN-3 are included in the Optioned Antibodies and ASN-1 and
ASN-2 are the mAbs that comprise the ASN100 Product Candidate, and (C) each of the Option Exercise Letters was delivered to and acknowledged by Adimab during the relevant Option Term (as defined in the Adimab Agreement) applicable to each of
the Optioned Antibodies. 
 (ii) The Company represents and warrants that, as of the Effective Date, it has in inventory or has a
contractual right to obtain a sufficient amount of the ASN100 Product Candidate and placebo therefor to timely complete the presently ongoing Phase II clinical study of the ASN100 Product Candidate. 

(o) The Arsanis mAbs ASN-1, ASN-2, and ASN-3 are considered Program- Benefitted Antibodies (as defined in the Adimab Agreement) under the
Adimab Agreement and (B) the Foundation Investment is a Program Transaction (as defined in the Adimab Agreement) under the Adimab Agreement. 

  
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 (p) Adimab Agreement. The Foundation agrees that, if the Foundation or any
Foundation-supported Entity grants a sublicense to a third party under any license granted hereunder by the Company to any rights covered by the Adimab Agreement, then the sublicense agreement will be made in a manner that is consistent with and
subject to the applicable terms of the Adimab Agreement to the extent required by Section 3.3 of the Adimab Agreement. Prior to entering into any such sublicense to conduct activities in furtherance of the development, research, sale,
distribution or other disposition of Products for the benefit of people outside of the Developing Countries, the Foundation shall provide a copy of the sublicense agreement to the Company and the Foundation shall incorporate comments from the
Company as necessary to ensure compliance with the Adimab Agreement through multiple tiers. The Company must provide comments within [**] business days and will be deemed to have no comments if such comments are not provided within such [**]
business-day period. 
 Without limiting the foregoing, any such sublicense will provide the Foundation with the right to terminate the sublicensee’s
rights to any rights covered by the Adimab Agreement or this Agreement granted under the sublicense for uncured material breach of the sublicense agreement as it pertains to those rights. To the extent the sublicense includes rights other than
rights covered by the Adimab Agreement or this Agreement, such termination will not apply to such other rights and neither Adimab nor the Company will be entitled to enforce any termination of such rights. In addition, the sublicense agreement will
state that both Adimab and the Company are intended third party beneficiaries of the relevant terms of the sublicense agreement that affect or relate to any rights or obligations of the Company under this Agreement or the Company or Adimab under the
Adimab Agreement, as the case may be, including with respect to indemnification, with the right to enforce those terms, including the right to enforce the termination of the sublicense. With respect to a sublicense to conduct activities in
furtherance of the development, research, sale, distribution or other disposition of Products for the Developing Countries, notwithstanding anything in the Adimab Agreement to the contrary, the sublicense agreement will not (i) restrict or
limit the identity or form of the sublicensee, (ii) impose royalty or financial obligations (other than the [**]% royalty specified in the Adimab Agreement as of the Effective Date of this Letter Agreement), (iii) restrict or limit the
Foundation Field or place additional restrictions on the scope of the rights granted under any of the licenses as described in this Letter Agreement, or (iv) require the sublicensee to grant intellectual property rights or licenses to Adimab or
the Company (except with respect to improvements to the Adimab platform intellectual property). Within [**] days after executing a sublicense agreement, the Foundation will provide a copy of the relevant terms of the sublicense agreement to the
Company with the right to disclose to Adimab. Except with respect to the sublicenses for the benefit of people outside the Developing Countries as described above in this Section 3(p), the Company will have the right to review but not to
approve of the relevant terms of the sublicense agreement. The Company will promptly notify the Foundation in writing of any concerns regarding the terms of the sublicense agreement. Under no circumstances will the Foundation be responsible for the
acts or omissions of any sublicensee of any tier, including for breach of the sublicense agreement or otherwise. For clarity, the Foundation does not and will not indemnify nor defend Adimab or the Company for acts or omissions of sublicensees of
any tier, but shall ensure that any sublicense agreement includes the indemnification obligations on terms set forth in the Adimab Agreement and for the benefit of both the Company and Adimab and to which the Company and Adimab are third party
beneficiaries. For clarity, neither Adimab nor the 

  
 13 

 
Company will have the right to audit the records of the Foundation but shall ensure that any sublicense agreement includes the audit provisions on terms set forth in the Adimab Agreement and for
the benefit of both the Company and Adimab and to which the Company and Adimab are third party beneficiaries. At the request of the Foundation, the Company will use good faith and reasonable efforts to work with the Foundation to help ensure that
the sublicenses can be used for the achievement of the Charitable Purpose without undue restrictions. These efforts include using good faith and reasonable efforts to promptly request and obtain waivers or consents from Adimab. 

(q) Duration of Global Access Commitments. The Global Access Commitments will be ongoing and will continue for as long as the
Foundation exists, except that (i) the Company’s obligation to accept Discovery Projects will terminate five years following the closing of the Foundation Investment (such five-year period will be extended to accommodate initiation of any
Discovery Projects that may be under discussion by the Parties at the end of such period) and (ii) the Global Access Commitments shall expire in relation to a Program at such time as the Foundation or a Foundation-supported Entity has not,
during the previous seven-year period, provided funding to the Company in furtherance of such Program; provided that, if a product developed (in whole or in part) with Foundation funding continues to be developed or available in Developing
Countries, the Global Access Commitments will be ongoing and will continue with respect to such product. 
 (r)
Confidentiality. The confidentiality obligations set forth in the Nondisclosure Agreement between the Foundation and the Company dated of even date herewith shall be incorporated herein by reference. 

4. Survival of Global Access Commitments. 

In the event of (i) a Sale Transaction, or (ii) the sale, exclusive license, or other transfer of the Platform Technology owned or
controlled by the Company or the Funded Developments, the Global Access Commitments will survive and be assumed in full by the purchaser, transferee, licensee, or acquirer and the Company will take the necessary actions to effect such assumption.
The Foundation will have the right to review the provisions of the written agreement with such third party that relate to the assumption of the Global Access Commitments to confirm that the Global Access Commitments will survive and be fully assumed
by the third party and will continue to be directly enforceable by the Foundation. For clarity, notwithstanding anything to the contrary in this Letter Agreement, the Foundation’s rights hereunder that exist on the date of the Sale Transaction
or sale, exclusive license, or other transfer of the Platform Technology or the Funded Developments will not be terminated by such transaction. 
 5.
Withdrawal Right. 
 (a) The Withdrawal Right described and defined in this Section 5 will be triggered only as
a result of a Charitability Default. 
 (b) A “Charitability Default” will occur if the Company (i) is in
material breach of any of the Global Access Commitments, including the material failure to conduct the Programs as described above, other than for reasons of regulatory, technical or scientific failure not within 

  
 14 

 
the reasonable control of the Company and not known to the Company at or before closing of the Foundation Investment, (ii) fails to comply with the restrictions in Sections 2 and 9 of this
Letter Agreement on the use of proceeds from the Foundation Investment, or (iii) fails to comply with the other related U.S. legal obligations set forth in this Letter Agreement, including the requirements set forth in Sections 6, 9, 11, and
12. Each party agrees to promptly notify the other party in writing if it becomes aware of a Charitability Default and the Company will thereafter promptly provide to the Foundation a proposed strategy to remedy the Charitability Default.
Notwithstanding the foregoing, the Foundation will not lose any rights or remedies solely as a result of a failure to notify the Company after it becomes aware of a Charitability Default. 

(c) If the Company fails to cure the Charitability Default within [**] days of the Foundation’s written notice of such
Charitability Default, and if the Foundation holds any securities of the Company issued in connection with the Foundation Investment, including securities issued in respect of or upon conversion or exercise of such securities (collectively, the
“Foundation Stock”), the Company will have the obligation, if required by the Foundation, to (i) redeem all of the Foundation Stock; provided, that such redemption will be made only to the extent permitted by applicable law and
only to the extent that such redemption does not render the Company insolvent, or (ii) locate a third party that will purchase the Foundation Stock ((i) and (ii), the “Withdrawal Right”). If the Company is unable to redeem all
of the Foundation Stock, and no third party purchases the Foundation Stock, then the Company will use its best efforts to effect the Withdrawal Right, consistent with the Code and applicable law, as soon as practicable. During the period when the
Company is unable to exercise its obligation to redeem or find a purchaser of the Foundation Stock, the Company will not pay dividends on any of its capital stock, redeem the capital stock of any other stockholder of the Company (excluding
repurchases of stock from former employees, officers, directors, consultants or other persons who performed services for the Company or any subsidiary in connection with the cessation of such employment or service at the lower of the original
purchase price or the then-current fair market value thereof) or otherwise make any other distribution to any other stockholder of the Company (other than shares of common stock or stock options issued to employees or directors of, or consultants or
advisors to, the Company or any of its subsidiaries pursuant to a plan, agreement or arrangement approved by the Board of Directors of the Company). 

(d) For redemption or purchase by the Company or a third party pursuant to Section 5(c), the Foundation Stock will be valued at the
greater of (i) the original purchase price attributable to such shares plus a [**]% per annum compounding interest rate calculated from the date of issuance of the Foundation Stock through the date of redemption or purchase or (ii) Fair
Market Value. 
 (e) Notwithstanding any exercise of the Withdrawal Right by the Foundation, the Foundation’s rights under the Global
Access Commitments will survive. 

  
 15 

 6. Required Reporting; Audit Rights. 

(a) In addition to reports required to be delivered to the Foundation under the Investment Documents, the Company will furnish, or cause to be
furnished, to the Foundation the following reports and certifications: 
 (i) within [**] days after the end of each of the Company’s
fiscal years during which the Foundation owns any securities in the Company, a certificate from the Company signed by an officer of the Company and substantially in the form attached to this Letter Agreement as Appendix 3, certifying that the
requirements of the Foundation Investment set forth in this Letter Agreement were met during the immediately preceding fiscal year, describing the use of the proceeds of the Foundation Investment and evaluating the Company’s progress toward
achieving the Global Access Commitments; 
 (ii) within [**] days after the end of the Company’s fiscal year during which the
Foundation ceases to own any securities in the Company, a certificate from the Company signed by an officer of the Company and substantially in the form attached to this Letter Agreement as Appendix 4, certifying that the requirements of the
Foundation Investment set forth in this Letter Agreement were met during the term of the Foundation Investment, describing the use of the proceeds of the Foundation Investment and evaluating the Company’s progress toward achieving the Global
Access Commitments; 
 (iii) any other information respecting the operations, activities and financial condition of the Company as the
Foundation may from time to time reasonably request to discharge any expenditure responsibility, within the meaning of Sections 4945(d)(4) and 4945(h) of the Code, of the Foundation with respect to the Foundation Investment, and to otherwise monitor
the charitable benefits intended to be served by the Foundation Investment. The Foundation will reimburse the Company for any reasonable third-party expenses incurred by the Company in order to prepare any information the Company is required to
prepare solely as a result of this Section 6(a)(iii); and 
 (iv) full and complete financial reports of the type ordinarily required
by commercial investors under similar circumstances to the extent required pursuant to Treasury Regulation 53.4945-5(b)(4). 
 (b) At the
Foundation’s reasonable request, the Company will provide the Foundation with a summary of scientific data and progress to date on all Programs and any Platform Technology related to the foregoing, and the considerations made by the Company
with respect to accessibility, affordability and cost-effectiveness of the applicable Products for people and payors in Developing Countries, in addition to the information that may be required under any grant agreements or other funding agreements.

 (c) Without limiting the foregoing, at the Foundation’s request, the Company will permit the Foundation or its representatives to
inspect (at a reasonable time and location) the scientific records of the Company relating to each Program with due regard to the reasonable need to protect trade secrets covering the Platform Technology. 

(d) The Company will maintain books and records adequate to provide information ordinarily required by commercial investors under similar
circumstances, including accounting records and copies of any reports submitted to the Foundation related to each Program. The Company will retain such books, records, and reports for [**] years after the Foundation ceases to hold Company securities
and will make such books, records, and reports available to the Foundation at reasonable times to enable the Foundation to monitor and evaluate how the Foundation’s funds have been used. 

  
 16 

 (e) The Company will permit employees or agents of the Foundation at any reasonable time and upon
reasonable prior notice, during normal business hours, to examine or audit the Company’s books and accounts of record and to make copies and memoranda of the same, in each case at the Foundation’s expense to audit the Company’s
compliance with the use of the Foundation Investment and the Global Access Commitments. If the Company maintains any records (including computer generated records and computer software programs for the generation of such records) in the possession
of a third party, the Company, upon request of the Foundation, will notify such party to permit the Foundation free access to such records at all reasonable times and to provide the Foundation with copies of any records it may reasonably request in
connection with such audit, request or inquiry, all at the Foundation’s expense. 
 7. Board Observer. 

As long as the Foundation or an Affiliate thereof owns any Foundation Stock, the Foundation shall be entitled to designate one person to attend
all meetings of the Company’s Board of Directors and committees thereof in a nonvoting observer capacity and the Company shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its
directors at the same time and in the same manner as provided to such directors; provided that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such
information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in a potential conflict of interest on the part of the Foundation. 

8. Assignment. 
 Notwithstanding
anything in this Letter Agreement or any Investment Document to the contrary, the Foundation will have the right to assign this Letter Agreement or transfer the Foundation Stock to (a) any successor charitable organization of the Foundation
from time to time that is a tax exempt organization as described in Section 501(c)(3) of the Code, or (b) any tax exempt organization as described in Section 501(c)(3) of the Code controlled by one or more trustees of the Foundation.
The Foundation will notify the Company of any such assignment, including the identity of the assignee, in a timely manner. For the avoidance of doubt, if the Foundation transfers the Foundation Stock as permitted by this Section 8, the
Foundation may assign to any such transferee all of its rights attached to such Foundation Stock, including the Withdrawal Right. 
 9.
Prohibited Uses. 
 The Company will not expend any proceeds of the Foundation Investment to carry on propaganda or
otherwise to attempt to influence legislation, to influence the outcome of any specific public election or to carry on, directly or indirectly, any voter registration drive, or to participate or intervene in any political campaign on behalf of or in
opposition to any candidate for public office within the meaning of Section 4945(d) of the Code. The proceeds of the Foundation Investment will not (a) be earmarked to be used for any activity, appearance or

  
 17 

 
communication associated with the activities described in the foregoing sentence, nor (b) be intended for the direct benefit, and will not benefit, any person having a personal or private
interest in the Foundation, including descendants of the founders of the Foundation, or persons related to or controlled by, directly or indirectly, such private interests. 

For the avoidance of doubt, the Company will not use the funds received from the Foundation to pay a dividend or redeem shares. 

10. Disqualified Person. 
 Neither
the Company nor (to the best knowledge of the Company) any stockholder of the Company is a “disqualified person” with respect to the Foundation (as the term “disqualified person” is defined in Section 4946(a) of the Code).
The Foundation does not, and one or more disqualified persons with respect to the Foundation do not, directly or indirectly, control the Company. 
 11.
Anti-Terrorism. 
 The Company will not use any portion of the Foundation Investment, directly or indirectly, in support of
activities (a) prohibited by U.S. laws related to combatting terrorism; (b) with persons on the List of Specially Designated Nationals (www.treasury.gov/sdn) or entities owned or controlled by such persons; or (c) with countries or
territories against which the U.S. maintains comprehensive sanctions (currently, Cuba, Iran, (North) Sudan, Syria, North Korea, and the Crimean Region of Ukraine), unless such activities are fully authorized by the U.S. government under applicable
law and specifically approved by the Foundation in its sole discretion. 
 12. Anti-Corruption and Anti-Bribery. 

The Company will not offer or provide money, gifts, or any other things of value directly or indirectly to anyone in order to improperly
influence any act or decision relating to the Foundation or any activities contemplated by this Letter Agreement or the Company’s organizational documents (e.g., certificate of incorporation), including by assisting any party to secure an
unlawful advantage. Training and information on compliance with these requirements are available at www.learnfoundationlaw.org. 
 13. Public Reports;
Use of Name. 
 The Foundation may include information on this investment in its periodic public reports and may make the investment
public at any time on its web page and as part of press releases, public reports, speeches, newsletters and other public document, and to the extent required by applicable law or regulation. Any announcement of the Foundation Investment by any other
party, including the Company, its representatives, directors, stockholders and agents, or any investor, will require the Foundation’s prior written approval. Such parties will also obtain the Foundation’s prior written approval for any
other use of the Foundation’s name or logo in any respect; provided, however, that the Company may use the Foundation’s name for any uses that have been pre-approved in writing by the Foundation. Notwithstanding the foregoing, the
Foundation’s name and logo will not be used by any party in any manner to market, sell or otherwise promote the Company, its products, services and/or business. 

  
 18 

 14. Indemnification. 

The Company will indemnify, hold harmless, and defend the Foundation and its co-chairs, trustees, directors, officers, employees,
agents, and representatives other than Foundation sublicensees (collectively, the “Indemnitees”) from and against any and all third party causes of action, claims, suits, legal proceedings, judgments, settlements, damages,
penalties, losses, liabilities and costs (including reasonable attorneys’ fees and costs) (each a “Claim”) finally awarded to such third party by a court of competent jurisdiction against any of the Indemnitees or agreed to as
part of a monetary settlement of the Claim and arising out of or relating to: (a) bodily injury, death or property damage caused by the acts or omissions of the Company, including any development or commercialization or distribution activities
carried out by the Company (including any failure to comply with applicable laws, regulations or rules in connection therewith), or by any Product (other than those Claims caused by commercialization or other activities conducted by a Foundation
sublicensee) developed, manufactured, tested, sold, licensed, or supplied by or on behalf of the Company or any or its Affiliates, successors or assigns or any of their respective contractors, licensors, or distributors; or (b) any Claim that
the Platform Technology, any Funded Development or any Product (other than those Claims caused by commercialization or other activities conducted by a Foundation sublicensee) infringes upon a patent, proprietary, or other intellectual property right
of a third party; in each case, except to the extent arising out of or relating to the negligence, fraud or willful misconduct of the Foundation or its sublicensees; any failure by the Foundation or its sublicensees to comply in any material respect
with applicable laws, regulations or rules; breach by the Foundation of this Letter Agreement or by any sublicensee under its agreement(s) with the Foundation; or any modification of Product or the formulation or administration thereof where such
modification was not approved in writing or made by or on behalf of the Company or any of its Affiliates, successors or assigns. The Foundation will give the Company prompt written notice of any Claim subject to indemnification; provided, that the
Foundation’s failure to promptly notify the Company will not affect the Company’s indemnification obligations except to the extent that the Foundation’s delay prejudices the Company’s ability to defend the Claim. The Company will
have sole control over the defense and settlement of each and every Claim, with counsel of its own choosing which is reasonably acceptable to the Foundation; provided, that the Company conducts the defense actively and diligently at the sole cost
and expense of the Company and provided further that the Company will not enter into any settlement that adversely affects any Indemnitee without the applicable Indemnitee’s prior written consent, such consent not to be unreasonably withheld,
conditioned or delayed. The Foundation will provide the Company, upon request, with reasonable cooperation in connection with the defense and settlement of the Claim. Subject to the Company’s rights above to control the defense and settlement
of Claims, the Foundation and any Indemnitee may, at its own expense, employ separate counsel to monitor and participate in the defense of any Claim under this Section 14. 

The parties will not be liable to each other, except in connection with any claims of infringement or misappropriation, for any indirect,
incidental, consequential, or special damages (including lost revenues, lost savings, or lost profits suffered by such other party) suffered by such other party arising under or in connection with this Letter Agreement, regardless of the

  
 19 

 
form of action, whether in contract or tort, and regardless of whether the party knew of the possibility that such damages could result; provided, that to the extent an Indemnitee is entitled to
be indemnified hereunder for Claims of third parties and such third party has been awarded indirect, incidental, consequential, reliance, or special damages (including lost revenues, lost savings, or lost profits), the Company’s indemnification
obligations to the Indemnitee will extend to and include such third party’s indirect, incidental, consequential, reliance, or special damages (including lost revenues, lost savings, or lost profits). The parties further agree that under no
circumstances will any party be liable to the other party (or to any Indemnitee) more than once for the same losses arising under or in connection with this Letter Agreement. 

15. Insurance. 
 The Company agrees
to maintain insurance coverage sufficient to cover the activities, risks, and potential omissions in respect of the Programs in accordance with generally-accepted industry standards and as required by law. The Company will ensure all subcontractors
maintain insurance coverage consistent with this paragraph. 
 16. Compliance with Laws and Requirements; Responsibility. 

The Company will comply with all applicable laws and regulations, including intellectual property laws. The Company will conduct, control,
manage, and monitor the Programs in compliance with all applicable ethical, legal, regulatory, and safety requirements, including applicable international, national, local, and institutional standards. The Company will obtain and maintain all
necessary approvals, consents, and reviews before conducting the applicable activity. If the project involves: 
 (a) any protected
information (including personally identifiable, protected health, or third party confidential), the Company will not disclose this information to the Foundation without obtaining the Foundation’s prior written approval and all necessary
consents to disclose such information; 
 (b) children or vulnerable subjects, the Company will obtain any necessary consents and approvals
unique to these subjects; or 
 (c) any trial involving human subjects, the Company will adhere to current Good Clinical Practice as defined
by the International Council on Harmonisation (ICH) E-6 Standards (or local regulations if more stringent) and will obtain applicable trial insurance. 

The Company will be solely responsible and liable for all activities related to the conduct by or on behalf of the Company or any or its Affiliates,
successors or assigns or any of their respective direct contractors, licensors, or distributors of the Programs. For avoidance of doubt, as between the Foundation and the Company, the Company will have responsibility for all clinical trials
conducted by the Company or any of its Affiliates, successors or assigns or any of their respective direct contractors, licensors, or distributors of the Programs under this Letter Agreement. Any activities by the Foundation in reviewing documents
and providing input or funding do not modify the Company’s responsibility, including responsibility for determining and complying with the provisions of this Section 16. 

  
 20 

 17. Entire Agreement; Modification. 

The terms and conditions set forth in this Letter Agreement are in addition to the provisions stated in the other Investment Documents and the
terms and conditions of this Letter Agreement will prevail over any inconsistent provision in any other Investment Document. No change, modification or waiver of any term or condition of this Letter Agreement will be valid unless it is in writing,
it is signed by the party to be bound, and it expressly refers to this Letter Agreement. 
 18. Authority; Governing Law. 

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

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

20. Construction. 
 Section
headings are not to be considered part of this Letter Agreement, are included solely for convenience, are not intended to be full or accurate descriptions of the content thereof, and will not effect the construction of this Letter Agreement. The
words “include,” “includes” and “including” will be considered to be followed by the words “without limitation”. 

[Signature Page Follows] 

  
 21 

 The parties have caused this Letter Agreement to be executed as of the date first set forth above. 

 

									
	Arsanis, Inc.	 		 	Bill & Melinda Gates Foundation
					
	By:	 	/s/ Rene Russo	 		 	By:	 	/s/ Jim Bromley
	Name:	 	Rene Russo	 		 	Name:	 	Jim Bromley
	Title:	 	President and Chief Executive Officer	 		 	Title:	 	Chief Financial Officer

 —Signature Page to Bill & Melinda Gates Foundation Side Letter— 

 Appendix 1 

Developing Countries 

“Developing Countries” means the following list of countries, which includes (i) countries eligible for GAVI support as of 2016,
(ii) countries in the process of transitioning out of GAVI support in 2016, and (iii) Botswana, Brazil, Philippines, South Africa and Thailand. “Developing Countries” also means any countries reasonably requested by the
Foundation that are part of the Foundation’s strategies to which the Company consents in writing, such consent not to be unreasonably withheld and subject to the consent of Adimab, as applicable. 

 

					
			
	 •    Afghanistan
	  	 •    Ghana
	  	•    Nigeria
			
	 •    Angola
	  	 •    Guinea
	  	•    Pakistan
			
	 •    Armenia
	  	 •    Guinea Bissau
	  	•    Philippines
			
	 •    Azerbaijan
	  	 •    Guyana
	  	•    Papua New Guinea
			
	 •    Bangladesh
	  	 •    Haiti
	  	•    Rwanda
			
	 •    Benin
	  	 •    India
	  	•    Sao Tome e Principe
			
	 •    Bolivia
	  	 •    Indonesia
	  	•    Senegal
			
	 •    Botswana
	  	 •    Kenya
	  	•    Sierra Leone
			
	 •    Brazil
	  	 •    Kiribati
	  	•    Solomon Islands
			
	 •    Burkina Faso
	  	 •    Korea, DPR
	  	•    Somalia
			
	 •    Burundi
	  	 •    Kyrgyz Republic
	  	•    Republic of Sudan
			
	 •    Cambodia
	  	 •    Lao PDR
	  	•    South Africa
			
	 •    Cameroon
	  	 •    Lesotho
	  	•    South Sudan
			
	 •    Central African Republic
	  	 •    Liberia
	  	•    Tajikistan
			
	 •    Chad
	  	 •    Madagascar
	  	•    Tanzania, United Republic of
			
	 •    Comoros
	  	 •    Malawi
	  	•    Thailand
			
	 •    Congo, Dem Republic of
	  	 •    Mali
	  	•    Timor Leste
			
	 •    Cote d’Ivoire
	  	 •    Mauritania
	  	•    Togo
			
	 •    Cuba
	  	 •    Moldova
	  	•    Uganda
			
	 •    Djibouti
	  	 •    Mozambique
	  	•    Uzbekistan
			
	 •    Eritrea
	  	 •    Myanmar
	  	•    Vietnam
			
	 •    Ethiopia
	  	 •    Nepal
	  	•    Yemen
			
	 •    Gambia
	  	 •    Nicaragua
	  	•    Zambia
			
	 •    Georgia
	  	 •    Niger
	  	•    Zimbabwe

 Appendix 2 

SOW/TPP 
 [attached]

 Scope of Work (SOW) and Target Product Profile (TPP) for Neonatal S. aureus Bacteremia/Sepsis Discovery
Project  
 Prepared by: Arsanis, Inc. 

April 12, 2017 
  

Confidential Materials omitted and filed separately with the Securities and Exchange Commission. A total of 11 pages were omitted. [**] 

CONFIDENTIAL 

  
 1 

 Appendix 3 

OFFICER’S CERTIFICATE 

ARSANIS, INC. 
 [DATE] 

This certificate is being delivered by Arsanis, Inc., a Delaware corporation (the “Company”), pursuant to
Section 6(a) of the Letter Agreement between the Company and the Bill & Melinda Gates Foundation dated as of April 24, 2017 (the “Letter Agreement”). Capitalized terms used but not otherwise defined herein
have the meanings ascribed to them in the Letter Agreement. 
 The Company certifies as follows: 

1. During the fiscal year ended [DATE], the Company met the requirements of the Foundation Investment as set forth in the Letter Agreement that
were required to be complied with or performed by the Company during such time period. 
 2. Attached as Exhibit A to this
certificate is a description of the Company’s use of proceeds of the Foundation Investment during the fiscal year ended [DATE]. 
 3.
Attached as Exhibit B to this certificate is the Company’s evaluation of the Company’s progress with respect to each Program, including information regarding progress against the Global Access Commitments (as set forth in the
Investment Documents) during the fiscal year ended [DATE]. 
 IN WITNESS WHEREOF, the undersigned has executed this certificate and has
caused this certificate to be delivered on the date first above written. 
  

			
	Arsanis, Inc.
		
	By:	 	 
		 	 Name:
 Title:

 Appendix 4 

OFFICER’S CERTIFICATE 

ARSANIS, INC. 
 [DATE] 

This certificate is being delivered by Arsanis, Inc., a Delaware corporation (the “Company”), pursuant to
Section 6(b) of the Letter Agreement between the Company and the Bill & Melinda Gates Foundation dated as of April 24, 2017 (the “Letter Agreement”). Capitalized terms used but not otherwise defined herein
have the meanings ascribed to them in the Letter Agreement. 
 The Company certifies as follows: 

1. During the term of the Foundation Investment, the Company met the requirements of the Foundation Investment as set forth in the Letter
Agreement that were required to be complied with or performed by the Company during such time period. 
 2. Attached as Exhibit A to
this certificate is a description of the Company’s use of proceeds of the Foundation Investment during the term of the Foundation Investment. 

3. Attached as Exhibit B to this certificate is the Company’s evaluation of the Company’s progress with respect to each
Program, including information regarding progress against the Global Access Commitments (as set forth in the Investment Documents) during the term of the Foundation Investment. 

IN WITNESS WHEREOF, the undersigned has executed this certificate and has caused this certificate to be delivered on the date first above
written. 
  

			
	Arsanis, Inc.
		
	By:	 	 
		 	 Name:
 Title:EX-10.22

 Exhibit 10.22 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT (this “Agreement”) dated as of December 7, 2012 (the “Effective
Date”) between SILICON VALLEY BANK, a California corporation with a loan production office located at 275 Grove Street, Suite 2-200, Newton, Massachusetts 02466 (“Bank”), and
ARSANIS, 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 Term Loan. 

(a) Availability. Subject to the terms and conditions of this Agreement, Bank shall make one (1) advance (the “Term Loan A
Advance”) available to Borrower in an amount of Five Hundred Thousand Dollars ($500,000.00) on the Effective Date. Subject to the terms and conditions of this Agreement, during the Draw Period, Bank shall make advances (each, a
“Term Loan B Advance” and collectively, “Term Loan B Advances”) available to Borrower in an aggregate amount of up to Two Million Dollars ($2,000,000.00). Each Term Loan B Advance must be in an amount equal to at
least Two Hundred Fifty Thousand Dollars ($250,000.00). The Term Loan A Advance and Term Loan B Advances are hereinafter referred to singly as a “Term Loan Advance” and collectively as the “Term Loan Advances.”
After repayment, no Term Loan Advance may be reborrowed. 
 (b) Interest Period. Commencing on the first Payment Date of the month
following the month in which the Funding Date for the applicable Term Loan Advance occurs, and continuing on each Payment Date thereafter, Borrower shall make monthly payments of interest, in arrears, on the principal amount of each Term Loan
Advance at the rate set forth in Section 2.2(a). 
 (c) Repayment. Commencing on October 1, 2013, and continuing on the
Payment Date of each month thereafter, Borrower shall repay each Term Loan Advance in (i) thirty (30) equal installments of principal, plus (ii) monthly payments of accrued interest at the rate set forth in Section 2.2(a). All
outstanding principal and accrued and unpaid interest with respect to the Term Loan Advances, and all other outstanding Obligations with respect to the Term Loan Advances, are due and payable in full on the Maturity Date. 

(d) Permitted Prepayment. Borrower shall have the option to prepay all (but not less than all) of the Term Loan Advances, provided
Borrower (i) provides written notice to Bank of its election to prepay the Term Loan Advances at least thirty (30) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) all outstanding principal plus
accrued interest under the Term Loan Advances, (B) the Final Payment, and (C) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. 

(e) Mandatory Prepayment Upon an Acceleration. If the Term Loan Advances are accelerated following the occurrence of an Event of Default
or otherwise, Borrower shall immediately pay to Bank an amount equal to the sum of: (i) all outstanding principal plus accrued interest under the Term Loan Advances, (ii) the Final Payment, and (iii) all other sums, if any, that shall
have become due and payable, including interest at the Default Rate with respect to any past due amounts. 

 2.2 Payment of Interest on the Credit Extensions. 

(a) Interest Rate. Subject to Section 2.2(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at
a fixed per annum rate equal to the Prime Rate, which interest shall be determined by Bank on the Funding Date of the applicable Term Loan Advance and shall be payable monthly in accordance with Section 2.2(e) 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 (4.00%) above the rate that is otherwise applicable thereto (the “Default Rate”) unless Bank otherwise elects from time to time in its sole discretion to impose a smaller increase.
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 2.2(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) Computation; 360-Day Year. In computing interest, 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. Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed. 

(d) Debit of Accounts. 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. 

(e) Interest Payment Date. Unless otherwise provided, interest is payable monthly on the Payment Date. 

2.3 Fees. Borrower shall pay to Bank: 

(a) Commitment Fee. A fully earned, non-refundable commitment fee of Five Thousand Dollars
($5,000.00), on the Effective Date; 
 (b) Final Payment. The Final Payment, when due hereunder; 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. 
 2.4 Payments. All payments (including prepayments) to be made
by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 3:00 p.m. Eastern time on the date when due. Payments of principal and/or interest received after 3:00 p.m.
Eastern 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. 
 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; 

  
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 (c) duly executed original signatures to the Pledge Agreement; 

(d) duly executed original signatures to the Stock Power and original stock certificates; 

(e) duly executed original signatures to the Control Agreement(s); 

(f) Borrower’s Operating Documents and a good standing certificate of Borrower certified by the Secretary of State of the State of
Delaware as of a date no earlier than thirty (30) days prior to the Effective Date; 
 (g) Certificates of foreign qualification/good
standing of Borrower (for all other states in which Borrower is qualified to do business), certified by the applicable Secretary of State as of a date no earlier than thirty (30) days prior to the Effective Date; 

(h) Secretary’s Corporate Borrowing Certificate for Borrower; 

(i) certified copies, dated as of a recent date, of financing statement searches, as Bank shall 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; 

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

(k) a legal opinion of Borrower’s counsel dated as of the Effective Date together with the duly executed original signature thereto; 

(1) evidence satisfactory to Bank that the insurance policies 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; 
 (l) satisfactory review of
License Agreement between Austrian Subsidiary and Borrower; 
 (m) duly executed original signatures to the Collateral Assignment of License
Agreement; and 
 (n) payment of the fees and Bank Expenses then due as specified in Section 2.3 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 3.4, 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 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 

  
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 (c) in Bank’s reasonable discretion, there has not been any material impairment in the
general affairs, management, results of operation, financial condition or the prospect of repayment of the Obligations, or any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank.

 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 Credit Extension set forth in this Agreement, to obtain a Credit Extension, Borrower shall notify Bank (which notice shall be irrevocable) by
electronic mail, facsimile, or telephone by 12:00 p.m. Eastern time two (2) Business Days prior to the proposed Funding Date. 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 the Credit
Extension to the Designated Deposit Account. Bank may make Credit Extensions under this Agreement based on instructions from a Responsible Officer or his or her designee. 

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 expressly 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 satisfied in full, and at such time, Bank shall, at Borrower’s sole cost and expense, terminate its security interest in the Collateral and all rights therein shall revert to Borrower. In the event (a) all Obligations
(other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and (b) 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 (i) one hundred five percent
(105.0%) of the face amount of all such Letters of Credit denominated in Dollars, and (ii) one hundred ten percent (110.0%) of the Dollar Equivalent of the face amount of all such Letters of Credit denominated in a Foreign Currency plus, in
each case, 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. 

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 expressly have superior priority to Bank’s Lien under this Agreement). If Borrower shall acquire a commercial tort
claim, 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. 

  
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 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, 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 and each of its Subsidiaries are duly existing and in good standing
as Registered Organizations in their respective jurisdictions of formation and are qualified and licensed to do business and are in good standing in any other jurisdiction in which the conduct of their respective business or ownership of property
requires that they 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 (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 (v) constitute an event of default under 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, has 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 deposit accounts other than the deposit accounts
with Bank, the deposit accounts, if any, described in the Perfection Certificate delivered to Bank in connection herewith, or of which Borrower has given Bank notice and taken such actions as are necessary to give Bank a perfected security interest
therein. 
 The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the
Perfection Certificate. 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. 

All Inventory is in all material respects of good and marketable quality, free from material defects. 

  
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 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, (b) over-the-counter software that is commercially available to the
public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. 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 the Responsible Officers, threatened in writing by
or against Borrower or any of its Subsidiaries involving more than, individually or in the aggregate, Fifty Thousand Dollars ($50,000.00). 

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. 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 assets (including goodwill minus disposition costs) exceeds the fair value of its 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 has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a
“holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, 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 interest or other equity securities except for Permitted
Investments. 
 5.8 Tax Returns and Payments; Pension Contributions. Borrower has timely filed 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. Borrower may defer payment of any contested taxes, provided that Borrower (a) in good faith contests its
obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Bank in writing of the commencement of, and any material development in, the proceedings, (c) posts bonds or takes 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. 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. 

  
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 5.9 Use of Proceeds. Borrower shall use the proceeds of the Credit Extensions 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). 
 5.12 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 the Responsible Officers. 
 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 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, with all laws,
ordinances and regulations to which it is subject, noncompliance with which could have a material adverse effect on Borrower’s business. 

(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. Deliver to Bank: 

(a) 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 and consolidating balance sheet and income statement covering Borrower’s consolidated operations and Borrower’s and each of its Subsidiary’s operations for such month certified by a Responsible Officer
and in a form acceptable to Bank (the “Monthly Financial Statements”); 
 (b) 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 such other information as Bank shall reasonably request; 

(c) Annual Audited Financial Statements. As soon as available, but no later than one hundred eighty (180) days after the last day
of Borrower’s fiscal year (commencing with the fiscal year ending December 31, 2012), 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 acceptable to Bank in its reasonable discretion; 
 (d) 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; 

  
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 (e) 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; 
 (f) 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, Fifty Thousand Dollars ($50,000.00) or more; 

(g) Board Projections. As soon as available, but no later than sixty (60) days after the last day of Borrower’s fiscal year,
and contemporaneously with any updates or changes thereto, Board-approved operating budgets and projections (reflecting projections on a monthly basis) as to the then current fiscal year in a form acceptable to Bank; and 

(h) Other Financial Information. Other financial information reasonably requested by Bank. 

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 ($100,000.00). 
 6.4 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely file, all required tax
returns and reports (taking into account applicable extensions) 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 5.8 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. 
 6.5 Insurance. 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 companies, 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 and waive subrogation against Bank and shall provide that the insurer must give Bank at least twenty (20) days notice before
canceling, amending, or declining to renew its policy. All liability policies shall show, or have endorsements showing, Bank as an additional insured, and all such policies (or the loss payable and additional insured endorsements) shall provide that
the insurer shall give Bank at least twenty (20) days notice before canceling, amending, or declining to renew its policy. At Bank’s request, Borrower shall deliver certified copies of policies and evidence of all premium payments.
Proceeds payable under any policy shall, at Bank’s option, be payable to Bank on account of the Obligations. 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 (i) all of its operating, depository, and securities accounts with Bank and Bank’s Affiliates, and (ii) all of its
Subsidiaries’ U.S. operating, depository, and securities accounts with Bank and Bank’s Affiliates. 

  
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 (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 Protection of
Intellectual Property Rights. 
 (a) (i) Protect, defend and maintain the validity and enforceability of its Intellectual Property;
(ii) promptly advise Bank in writing of material infringements of its Intellectual Property; 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. 
 (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 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. 
 6.8 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. 
 6.9
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 six (6) 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. 

6.10 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. 
 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 worn-out or obsolete Equipment;
(c) in connection with Permitted Liens and Permitted Investments; and (d) of non-exclusive licenses, partnerships and joint ventures for the use of the property of Borrower or its Subsidiaries in the
ordinary course of business. 
 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) any Key Person ceases to
hold such office with Borrower and a replacement satisfactory to Borrower’s Board is not made within ninety (90) days after his or her departure from Borrower; or (ii) enter into any transaction or series of related

  
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transactions in which the stockholders of Borrower who were not stockholders immediately prior to the first such transaction own more than forty percent (40%) 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 investors so long as Borrower identifies to Bank the
venture capital investors 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 thirty (30) 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 Twenty-Five Thousand Dollars ($25,000.00) in Borrower’s assets or property) or deliver any portion of the Collateral valued, individually or in the aggregate,
in excess of Twenty-Five Thousand Dollars ($25,000.00) 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 Twenty-Five Thousand Dollars ($25,000.00) 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 sole 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. 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 (including Austrian 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) 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. 
 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; or (b) directly or indirectly make any Investment 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 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. 
 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 or adversely affect the subordination thereof to Obligations owed to Bank. 

  
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 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 meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with
the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation could reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its 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 on its due date, 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 Maturity Date). During the cure period, the
failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2 Covenant Default. 
 (a)
Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, or 6.7(b), 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 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) on deposit or otherwise maintained with Bank or any Bank Affiliate, or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any government agency, 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 any material part of its business; 

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

  
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 8.6 Other Agreements. There is, under any agreement to which Borrower 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 Fifty Thousand
Dollars ($50,000.00); or (b) any default by Borrower, the result of which could have a material adverse effect on Borrower’s business; 

8.7 Judgments. One or more final judgments, orders, or decrees for the payment of money in an amount, individually or in the aggregate,
of at least Fifty Thousand Dollars ($50,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against Borrower and the same are not, within ten (10) days
after the entry thereof, discharged or 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 discharge, stay, or
bonding of such 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 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 has, or could reasonably be expected to have, a Material
Adverse Change. 
 9 BANK’S RIGHTS AND REMEDIES 

9.1 Rights and Remedies. While an Event of Default occurs and continues 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) for any Letters of Credit, demand that Borrower
(i) deposit cash with Bank in an amount equal to (A) one hundred five percent (105.0%) of the face amount of all such Letters of Credit denominated in Dollars, and (B) one hundred ten percent (110.0%) of the face amount of all such
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; 

  
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 (d) terminate any FX Forward Contracts; 

(e) settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable,
notify any Person owing Borrower money of Bank’s security interest in such funds, and verify the amount of such account; 
 (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 (t) 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 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 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, 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. 

  
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 9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred
and is continuing, Bank may apply 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
in such order as Bank shall determine in its sole discretion. Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its good faith business judgment,
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:	  	Arsanis, Inc.
		  	7 Lucent Drive
		  	Lebanon, New Hampshire 03766
		  	Attn: Mr. Jonathan Sheller
		  	Fax: (603) 386 6906
		  	Email: jonathan.sheller@arsanis.com
		
	with a copy to:	  	Foley Hoag LLP
		  	155 Seaport Blvd.
		  	Boston, Massachusetts 02210
		  	Attn: Robert L. Birnbaum, Esquire
		  	Fax: (617) 832-7000
		  	Email: RLB@foleyhoag.com

  
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	If to Bank:	  	Silicon Valley Bank
		  	275 Grove Street, Suite 2-200
		  	Newton, Massachusetts 02466
		  	Attn: Ms. Christina Zorzi
		  	Fax:
		  	Email: czorzi@svb.com
		
	with a copy to:	  	Riemer & Braunstein LLP
		  	Three Center Plaza
		  	Boston, Massachusetts 02108
		  	Attn: David A. Ephraim, Esquire
		  	Fax: (617) 692-3455
		  	Email: DEphraim@riemerlaw.com

 11 CHOICE OF LAW, VENUE, AND JURY TRIAL WAIVER 

Massachusetts 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 Boston, Massachusetts; 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 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. 
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, 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. 
 12 GENERAL PROVISIONS 

12.1 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 of the Warrant). 
 12.2 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: (a) 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 (b) 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 contemplated by the Loan Documents (including reasonable attorneys’ fees and expenses), except for Claims and/or
losses directly caused by such Indemnified Person’s gross negligence or willful misconduct. 

  
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 12.3 Time of Essence. Time is of the essence for the performance of all Obligations in
this Agreement. 
 12.4 Severability of Provisions. Each provision of this Agreement is severable from every other provision in
determining the enforceability of any provision. 
 12.5 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. 
 12.6 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. 

12.7 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. 
 12.8 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 (other than inchoate indemnity obligations and any other obligations which, by
their terms, are to survive the termination of this Agreement) have been paid in full and satisfied. Without limiting the foregoing, except as otherwise provided in Section 4.1, the grant of security interest by Borrower in Section 4.1
shall survive until the termination of all Bank Services Agreements. The obligation of Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect to such claim or cause of action shall have run. 

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, or becomes part of the public domain 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 the confidential information for reporting purposes and the
development and distribution of databases and market analyses so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding
sentence shall survive the termination of this Agreement. 

  
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 12.10 Right of Set Off. Borrower hereby grants to Bank, a lien, security interest and
right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any
entity under the control of Bank (including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof
and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT
TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

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. 

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. 

  
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 “Austrian Subsidiary” means Arsanis Biosciences GmbH (previously Arsanis
Arzneimittelforschung GmbH), a company organized under the laws of Austria. 
 “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”).

 “Bank Services Agreement” is defined in the definition of Bank Services. 

“Board” is Borrower’s board of directors. 

“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. 

“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 from either
Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc.; and (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue. 

“Claims” is defined in Section 12.2. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the Commonwealth of
Massachusetts; 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 Commonwealth of Massachusetts, 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. 

  
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 “Collateral Assignment of License Agreement” is that certain Collateral
Assignment of License Agreement dated as of the Effective Date executed by and among Borrower, Austrian Subsidiary, and Bank. 

“Compliance Certificate” is that certain certificate in the form attached hereto as Exhibit C. 

“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 or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Term Loan Advance or any other extension of credit by Bank for Borrower’s benefit under this
Agreement. 
 “Default Rate” is defined in Section 2.2(b). 

“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 Borrower’s deposit account, account number xxxxxx0718
maintained 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. 
 “Downstreaming Limit Event” means the
occurrence of either: (a) the aggregate amount of Borrower’s unrestricted and unencumbered cash maintained with Bank is less than two (2) times the aggregate amount of Borrower’s outstanding Obligations to Bank, or (b) an
Event of Default. 
 “Draw Period” is the period of time from the Effective Date through the earlier to occur of
(a) September 30, 2013, or (b) an Event of Default. 

  
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 “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. 

“FFG Grant” means that certain Funding Contract by and between the Austrian Research Promotion Agency and Austrian Subsidiary
dated as of July 1, 2011. 
 “Final Payment” is, for each Term Loan Advance, a payment (in addition to and not a
substitution for the regular monthly payments of principal plus accrued interest) equal to the original principal amount of such Term Loan Advance extended by Bank multiplied by the Final Payment Percentage, due on the earliest to occur of
(a) the Maturity Date, (b) the acceleration of any Term Loan Advance, or (c) the prepayment of a Term Loan Advance pursuant to this Agreement. 

“Final Payment Percentage” is, for each Term Loan Advance, four percent (4.0%). 

“Foreign Currency” means lawful money of a country other than the United States. 

“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 Forward 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. 

“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. 

  
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 “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 12.2. 

“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 all of Borrower’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 Borrower; 

(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 Chief
Scientific Officer, who is Eszter Nagy 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. 
 “License
Agreement” means that certain Amended and Restated Contract Research Agreement dated as of December 6, 2012, by and between Borrower and Austrian Subsidiary. 

“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, the Warrant, the Perfection Certificate, the Pledge Agreement, the Collateral Assignment of License Agreement, any Bank Services Agreement, any subordination agreement, any note, or notes or guaranties executed by
Borrower, and any other present or future agreement between Borrower and/or for the benefit of Bank, 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. 

  
 - 21 - 

 “Maturity Date” is March 1, 2016. 

“Monthly Financial Statements” is defined in Section 6.2(a). 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, the Final Payment, 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, any interest accruing after Insolvency Proceedings begin and
debts, liabilities, or obligations of Borrower assigned to Bank, and the performance of Borrower’s duties under the Loan Documents (other than the Warrant). 

“Operating Documents” are, for any Person, such Person’s formation documents, as certified with the Secretary of State
of such Person’s state of formation on a date that is no earlier than 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. 

“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 B. 

“Payment Date” is the first (1st) Business Day of each month. 

“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 Austrian Subsidiary pursuant to the FFG Grant not to
exceed Five Million Four Hundred Forty Thousand (5,440,000) euros in the aggregate; 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. 

  
 - 22 - 

 “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; and 

(c) Investments by Borrower in Austrian Subsidiary for current ordinary necessary operating expenses, provided that the aggregate amount of
cash maintained in accounts in the name of Austrian Subsidiary shall not exceed Four Hundred Thousand (400,000) euros at any time (exclusive of cash received as payments in connection with the FFG Grant), and provided further that upon the
occurrence and during the continuance of a Downstreaming Limit Event or if a Downstreaming Limit Event would results from any Investment, Investments by Borrower in Austrian Subsidiary may not exceed Five Hundred Thousand (500,000) euros in the
aggregate in any fiscal quarter (excluding Investments by Borrower for the payment of manufacturing costs and clinical costs of Austrian Subsidiary in the ordinary course of business). 

“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 or capital leases (i) on Equipment acquired or held by Borrower incurred for financing
the acquisition of the Equipment securing no more than Fifty Thousand Dollars ($50,000.00) 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; and 
 (d) 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. 

“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. 

“Pledge Agreement” is that certain Stock Pledge Agreement dated as of the Effective Date executed by Borrower in favor of
Bank. 
 “Prime Rate” means the greater of: (a) three and one quarter of one percent (3.25%), or (b) the rate of
interest published in the “Money Rates” section of The Wall Street Journal, Eastern Edition as the “United States Prime Rate,” even if such rate is not the lowest or best rate available. In the event that The Wall Street Journal,
Eastern Edition is not published or such rate does not appear in The Wall Street Journal, Eastern Edition, the Prime Rate shall be determined by Bank until such time as the Prime Rate becomes available in accordance with past practices. 

“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. 

  
 - 23 - 

 “Responsible Officer” is any of the Chief Executive Officer, President, Chief
Financial Officer and Controller 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. 

“Term Loan Advance” and “Term Loan Advances” are each defined in Section 2.1.1(a) hereof. 

“Term Loan A Advance” is defined in Section 2.1.1(a) hereof. 

“Term Loan B Advance” and “Term Loan B Advances” are each defined in Section 2.1.1(a) hereof. 

“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. 

“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.] 

  
 - 24 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as a
sealed instrument under the laws of the Commonwealth of Massachusetts as of the Effective Date. 
  

			
	BORROWER:
	
	ARSANIS. INC.
		
	By	 	 /s/ Jonathan Sheller

	Name: Jonathan Sheller
	Title: Director of Operations and Finance
	
	BANK:
	
	SILICON VALLEY BANK
		
	By	 	 /s/ Christina M. Zorzi

	Name: Christina M. Zorzi
	Title: Relationship Manager

  
 1 

 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, certificates
of deposit, 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 sixty-five percent (65%) of the presently existing and
hereafter arising issued and outstanding shares of capital stock owned by Borrower of Austrian 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. 

  
 1 

 EXHIBIT B - LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
3P.M. EASTERN TIME 
  

			
	Fax To:	  	Date:
                                         
               

  
 

 

  
 2 

 EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date: _____________
	FROM:	  	ARSANIS, INC.	  	

 The undersigned authorized officer of ARSANIS, 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 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 5.8 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 Covenant
	  	Required	  	Complies
	Monthly financial statements with Compliance Certificate	  	Monthly within 30 days	  	Yes    No    
	Annual financial statement (CPA Audited)	  	FYE within 180 days	  	Yes    No    
	10-Q, 10-K and 8-K	  	Within 5 days after filing with SEC	  	Yes    No    
	Board projections	  	FYE within 60 days	  	Yes    No    

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

 
  
  

 
  

			
	 ARSANIS, INC.
  

By:
                                         
                                       

Name:
                                         
                                  

Title:
                                         
                                    
	  	 BANK USE ONLY

Received by:                       
                                         
        
 AUTHORIZED SIGNER

 

Date:                         
                                         
                   
 Verified:
                                         
                                     

AUTHORIZED SIGNER
  

Date:                         
                                         
                   
 Compliance Status:
            Yes     No

  
 1 

 COLLATERAL ASSIGNMENT AND CONSENT TO COLLATERAL ASSIGNMENT OF LICENSE AGREEMENT 

This Collateral Assignment and Consent to Collateral Assignment (“Assignment and Consent”) is made as of this 7th day of December, 2012, by and among SILICON VALLEY BANK, a California-chartered bank, with offices at 275 Grove Street, Suite 2-200, Newton, Massachusetts
02466 (the “Bank”), ARSANIS, INC., a Delaware corporation with offices at 16 Cavendish Court, Lebanon, New Hampshire 03766 (the “Borrower”) and ARSANIS BIOSCIENCES GMBH, a company organized under the laws of Austria
f/k/a Arsanis Arzneimittelforschung GmbH, with offices at Helmut-Qualtinger-Gasse 2, 1030 Vienna, Austria (the “Austrian Subsidiary”) in consideration of the mutual covenants herein contained and the· benefits to be derived
herefrom. 
 WITNESSETH: 

WHEREAS, the Borrower and the Austrian Subsidiary are parties to that certain Amended and Restated Contract Research Agreement dated as of
December 6, 2012 (hereinafter, as such may be amended, modified, restated, replaced or supplemented and in effect from time to time, the “License Agreement”) pursuant to which, among other things, the Austrian Subsidiary has
(i) acknowledged the sole and exclusive ownership by the Borrower of all Intellectual Property (as defined in the License Agreement), and transferred and assigned same to the Borrower to the extent originally or formerly owned by the Austrian
Subsidiary; (ii) granted to the Borrower an exclusive, perpetual and royalty-free worldwide right and license in and to the Research Documentation (as defined in the License Agreement); and (iii) granted to the Borrower an exclusive,
perpetual and royalty-free worldwide right and license in and to the FFG Project Scope Intellectual Property (as defined in the License Agreement); and 

WHEREAS, the Borrower and the Bank have entered into a certain Loan and Security Agreement on or about the date hereof pursuant to which,
among other things, the Borrower has granted to the Bank a security interest in and to its assets (as amended and in effect from time to time, the “Loan Agreement”). Capitalized terms used in this Assignment and Consent and not
otherwise specifically defined shall have the same meaning herein as in the Loan Agreement; and 
 WHEREAS, one of the conditions of the
Bank making advances to the Borrower under the Loan Agreement is the collateral assignment of the License Agreement by the Borrower to the Bank to secure the Borrower’s prompt, punctual, and faithful payment and performance of all obligations
and liabilities of the Borrower to the Bank, which collateral assignment is supplemental of, and in addition to, the rights of the Bank in and to all other collateral granted by the Borrower to the Bank to secure the payment and performance of the
Borrower’s obligations and liabilities to the Bank. 
 NOW THEREFORE, to induce the Bank to enter into the Loan Agreement, and for
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, the parties hereby represent, warrant, covenant and agree as follows: 

 

	1.	To secure the prompt, punctual, and faithful payment and performance of the all obligations and liabilities of the Borrower to the Bank including, without limitation, those arising under the Loan Agreement, the Borrower
hereby collaterally assigns to the Bank, and grants a security interest to the Bank in, all rights of the Borrower under the License Agreement. The Austrian Subsidiary hereby consents to such assignment and grant of security interest, and waives any
and all restrictions on such assignment, whether under contract, under law, or otherwise. 

  

	2.	The assignment hereunder is an assignment only of all of the rights which the Borrower may now or at any time hereafter have under, pursuant to, or in respect of the License Agreement. The Bank shall not be deemed by
virtue of this Assignment and Consent to have assumed any of the obligations of the Borrower under the License Agreement, each of which obligations the Borrower covenants and agrees with the Bank to perform and observe as if this Assignment and
Consent had not been made. The Bank is not under any liability of any kind to the Austrian Subsidiary under, pursuant to, or in respect of the License Agreement. 

	3.	The Borrower and the Austrian Subsidiary (by its assent hereto) represent and warrant that (i) the License Agreement has not been terminated and is in full force and effect, (ii) there are no defaults under
the License Agreement by any party thereto, (iii) the Research Term (as defined in the License Agreement) is hereby extended until June 30, 2015; (iv) the Borrower has not made and will not make any other assignment of the License
Agreement, and (v) the Borrower is permitted, pursuant to the terms of the License Agreement, to deliver this Assignment and Consent to the Bank. 

  

	4.	The Borrower and the Austrian Subsidiary each covenants and agrees that (i) it will not amend, modify, restate, replace, supplement, or waive any provision of the License Agreement, or agree or consent to same,
unless first consented to in writing by the Bank, (ii) the License Agreement may not be terminated without the prior written consent of the Bank, until all the Borrower’s obligations to the Bank, including without limitation under the Loan
Agreement, have been satisfied in full and all credit arrangements, including the Loan Agreement, have been terminated pursuant to their terms, and (iii) any attempt to terminate the License Agreement without the Bank’s prior written
consent shall be deemed ineffective. 

  

	5.	The Borrower hereby covenants and agrees that in the event the Borrower fails to pay to the Bank all amounts due and owing to the Bank as and when due, the Bank shall be entitled to all rights and remedies to which it
may be entitled under the Loan Agreement as well as the right to specifically enforce the terms and conditions of this Assignment and Consent, without the further consent of the Borrower or the Austrian Subsidiary. 

 

	6.	The Borrower and the Austrian Subsidiary each covenants and agrees that (i) the Bank has the right, without the consent of or notice to the Borrower or the Austrian Subsidiary, to assign, sell, or otherwise
transfer all or any part of the Bank’s rights and benefits under this Assignment and Consent subject to the terms of the Loan Agreement, and (ii) in the event the Borrower fails to pay to any assignee or successor of the Bank all amounts
due and owing to such assignee or successor as and when due, such assignee or successor shall be entitled to all rights and remedies to which it may be entitled under the Loan Agreement as well as the right to specifically enforce the terms and
conditions of this Assignment and Consent, without the further consent of the Borrower. 

  

	7.	Any action or proceeding to enforce this Assignment and Consent may be taken by the Bank either in its name or in the name of the Borrower as the Bank may deem necessary. 

 

	8.	The Borrower hereby grants to the Bank a non-exclusive, royalty-free license or other right to use, without charge, (i) the Intellectual Property, and (ii) the FFG
Project Scope Intellectual Property, each as defined in the License Agreement, in order to complete the production of, advertise for sale, and sell, in each case ((i) and (ii) above), (a) its rights with respect to the Intellectual Property,
and (b) its rights with respect to the FFG Project Scope Intellectual Property, each as defined in the License Agreement, in connection with the Bank’s exercise of its rights under the Loan Agreement. 

 

	9.	The Borrower agrees that it will immediately upon receipt furnish to the Bank copies of all written notices given to the Borrower with respect to any default of the Borrower under the License Agreement. The Austrian
Subsidiary agrees that it will furnish to the Bank copies of all written notices forwarded to the Borrower with respect to any default of the Borrower under the License Agreement, simultaneously with the giving of such notice to the Borrower.

  

	10.	Neither the Borrower nor the Austrian Subsidiary shall take any action which may adversely affect the value or efficacy of (i) the Intellectual Property, and (ii) the FFG Project Scope Intellectual Property,
each as defined in the License Agreement, or which may adversely affect the ability of the Bank to obtain payment and performance of the Obligations under the Loan Agreement. Neither the Borrower nor the Austrian Subsidiary shall take any action
adverse to any interest of the Bank in connection with the matters covered in this Assignment and Consent. 

  

	11.	The Borrower and the Austrian Subsidiary shall not enter into any other license agreement with each other without the prior written consent of the Bank, and any such license agreement shall nonetheless be subject to all
of the grants, terms, and conditions hereunder. 

	12.	The Austrian Subsidiary shall comply with the written instructions of the Bank in connection with the Bank’s exercise of its rights under this Assignment and Consent and the Loan Documents. 

 

	13.	The Borrower and the Austrian Subsidiary shall (i) take all actions to maintain, preserve, and protect the validity and enforceability of (a) the Intellectual Property, and (b) the FFG Project Scope
Intellectual Property, each as defined in the License Agreement, and (ii) duly and timely apply for, obtain and maintain in force all registrations of (a) the Intellectual Property, and (b) the FFG Project Scope Intellectual Property,
each as defined in the License Agreement as may be appropriate or necessary in the prudent business judgment of the Borrower and the Austrian Subsidiary. 

  

	14.	In no event shall this Assignment and Consent by the Austrian Subsidiary confer upon the Bank any lien or security interest in any of the assets of the Austrian Subsidiary to secure the obligations of the Borrower under
the Loan Agreement or otherwise. 

  

	15.	This Assignment and Consent may be executed in counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute a single instrument. 

 

	16.	All rights and obligations under this Assignment and Consent, including matters of construction, validity, and performance, shall be governed by and construed m accordance with the laws of the Commonwealth of
Massachusetts. 

  

	17.	To the extent that any term, condition, or provision of this Assignment and Consent (including, without limitation, the recitals) conflicts or is inconsistent with any term, condition, or provision of the License
Agreement, the term, condition, or provision of this Assignment and Consent shall control, and the License Agreement is hereby deemed amended to incorporate each such term, condition, and provision of this Assignment and Consent. 

IN WITNESS WHEREOF, the panics hereto have executed this Assignment under seal as of the date first above written. 

 

									
	ARSANIS. INC.	  		 		 	
	(the “Borrower”)	  		 		 	
					
	By:	 	 /s/ Jonathan Sheller
	  		 	Name:	 	 Jonathan Sheller

				
	Title: Director of Operations and Finance	  		 		 	
				
	SILICON VALLEY BANK	  		 		 	
	(the “Bank”)	  		 		 	
					
	By:	 	 /s/ Christina M Zorzi
	  		 	Name:	 	 Christina M Zorzi

	Title: Relationship Manager	  		 		 	
				
	ARSANIS BIOSCIENCES GmbH	  		 		 	
	(the “Austrian Subsidiary”)	  		 		 	
					
	By:	 	 /s/ Eszter Nagy
	  		 	Name:	 	 Eszter Nagy

				
	Title: Managing Director, CSO	  		 		 	

 FIRST AMENDMENT 

TO 
 LOAN AND SECURITY
AGREEMENT 
 This First Amendment to Loan and Security Agreement (this “Amendment”) is entered into this 19th day of
February, 2016 by and between SILICON VALLEY BANK (“Bank”) and ARSANIS, INC., a Delaware corporation (“Borrower”) whose address is 890 Winter Street, Suite 230, Waltham, Massachusetts 02451.

 RECITALS 

A. Bank and Borrower have entered into that certain Loan and Security Agreement dated as of December 7, 2012 (as the same may from
time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 
 B. Bank has extended
credit to Borrower for the purposes permitted in the Loan Agreement. 
 C. Borrower has requested that Bank amend the Loan Agreement
to (i) extend a new term loan facility to refinance the existing term loan facility and (ii) make certain other revisions to the Loan Agreement as more fully set forth herein. 

D. Bank has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms, subject
to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing
recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 

1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.

 2. Amendments to Loan Agreement. 

2.1 Section 2.1.2 (2016 Term Loan). The Loan Agreement shall be amended by inserting the following new
provision to appear as Section 2.1.2 (2016 Term Loan) thereof: 
 2.1.2 2016 Term Loan. 

(a) Availability, Subject to the terms and conditions of this Agreement, upon the occurrence of the Capital Event, Bank shall make one
(1) advance (the “2016 Term A Loan Advance”) available to Borrower in an aggregate principal amount not to exceed Three Million Five Hundred Thousand Dollars ($3,500,000), provided that the 2016 Term A Loan Advance shall be
drawn on the 2016 Amendment Date and all or a portion of the 2016 Term A Loan Advance shall be used to repay in full Borrower’s outstanding Obligations to Bank in 

  
 1 

 connection with the Term Loan Advances. Borrower hereby authorizes Bank to apply such proceeds to such
Obligations as part of the funding process without actually depositing such funds in an account of Borrower. Subject to the terms and conditions of this Agreement, during the 2016 Draw Period B, Bank shall make up to two (2) advances (each, a
“2016 Term B Loan Advance” and collectively, the “2016 Term B Loan Advances”) available to Borrower in an aggregate principal amount not to exceed Three Million Five Hundred Thousand Dollars ($3,500,000).
Each 2016 Term B Loan Advance must be in an amount equal to at least Five Hundred Thousand Dollars ($500,000,00). The 2016 Term A Loan Advance and the 2016 Term B Loan Advances shall hereinafter be referred to singly as the “2016 Term Loan
Advance” and collectively as the “2016 Term Loan Advances.” The aggregate principal amount of all 2016 Term Loan Advances shall not exceed Seven Million Dollars ($7,000,000). After repayment, no 2016 Term Loan Advance may
be reborrowed. 
 (b) Interest Period. Commencing on the first (1st) Payment
Date following the month in which the Funding Date of the applicable 2016 Term Loan Advance occurs, and continuing on each Payment Date thereafter, Borrower shall make monthly payments of interest, in arrears, on the principal amount of each 2016
Term Loan Advance at the rate set forth in Section 2.2(a)(ii). 
 (c) Repayment. Commencing on the applicable 2016 Term Loan
Amortization Date, and continuing on the Payment Date of each month thereafter, Borrower shall repay the 2016 Term Loan Advances in (i) equal monthly payments of principal according to the applicable 2016 Repayment Schedule, plus
(ii) monthly payments of accrued interest at the rate set forth in Section 2.2(a)(ii). All outstanding principal and accrued and unpaid interest under each 2016 Term Loan Advance, and all other outstanding Obligations with respect to the
2016 Term Loan Advances, are due and payable in full on the 2016 Term Loan Maturity Date. 
 (d) Mandatory Prepayment Upon an
Acceleration. If the 2016 Term Loan Advances are accelerated following the occurrence 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, (ii) the 2016 Prepayment Premium, (iii) the 2016 Final Payment, plus (iv) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. 

(e) Permitted Prepayment of 2016 Term Loan Advances. Borrower shall have the option to prepay all, but not less than all, of the 2016
Term Loan Advances advanced by Bank under this Agreement, provided Borrower (i) provides written notice to Bank of its election to prepay the 2016 Term Loan Advances at least thirty (30) days prior to such prepayment, and (ii) pays,
on the date of such prepayment (A) all outstanding principal plus accrued and unpaid interest, (B) the applicable 2016 Prepayment Premium (if any), (C) the 2016 Final Payment and (D) all other sums, if any, that shall have become due
and payable, including interest at the Default Rate with respect to any past due amounts. 

  
 2 

 2.2 Section 2.2(a) (Payment of Interest on the Credit
Extensions). Section 2.2(a) is amended in its entirety and replaced with the following: 
 (a) Interest Rate. 

(i) Subject to Section 2.2(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a fixed per annum
rate equal to the Prime Rate, which interest shall be determined by Bank on the Funding Date of the applicable Term Loan Advance and shall be payable monthly in accordance with Section 2.2(e) below. 

(ii) Subject to Section 2.2(b), the principal amount outstanding for each 2016 Term Loan Advance shall accrue interest at a floating per
annum rate equal to one quarter of one percent (0.25%) below the Prime Rate, which interest shall be payable monthly in accordance with Section 2.2(e) below. 

2.3 Section 2.2(f) (Adjustment to Interest Rate). Section 2.2 of the Loan Agreement (Payment of Interest
on the Credit Extensions) is amended by inserting the following to appear as a new subsection (f) thereof: 
 (a) 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. 

2.4 Section 2.3 (Fees). The Loan Agreement is amended by inserting the following new provisions to appear as
Section 2.3(d) (2016 Final Payment) and Section 2.3(e) (2016 Prepayment Premium), respectively: 
 (a) 2016 Final Payment
The 2016 Final Payment, when due hereunder; and 
 (b) 2016 Prepayment Premium. The 2016 Prepayment Premium, when due hereunder. 

2.5 Section 8.1 (Payment Default). Section 8.1 is amended by deleting the words “Maturity Date”
appearing therein and inserting in lieu thereof the words “Maturity Date or the 2016 Term Loan Maturity Date.” 
 2.6
Section 13.1 (Definitions). The following terms and their respective definitions set forth in Section 13.1 are amended in their entirety and replaced with the following: 

“Credit Extension” is any Term Loan Advance, any 2016 Term Loan Advance or any other extension of credit by Bank for
Borrower’s benefit under this Agreement. 
 “Warrant” means, collectively, (a) that certain Warrant to Purchase
Stock dated as of the Effective Date executed by Borrower in favor of Bank, and (b) that certain Warrant to Purchase Stock dated as of the 2016 Amendment Date executed by Borrower in favor of Bank, each as may be amended, modified, supplemented
or restated from time to time. 
 “Obligations” are Borrower’s obligations to pay when due any debts, principal,
interest, the Final Payment, the 2016 Final Payment, the 2016 Prepayment Premium, Bank Expenses and any 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, any interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower assigned to Bank, and the performance of Borrower’s duties under the Loan Documents (other than the
Warrant). 

  
 3 

 2.7 Section 13.1 (Definitions). The following new terms and
their respective definitions are inserted to appear alphabetically in Section 13.1: 
 “2016 Amendment Date” is
February 19, 2016. 
 “2016 Draw Period B” is the period of time commencing upon the occurrence of the 2016 Milestone
Event through the earlier to occur of (a) June 30, 2016 or (b) an Event of Default. 
 “2016 Extension Event”
means delivery by Borrower to Bank, on or prior to December 31, 2016, of evidence satisfactory to Bank in Bank’s sole and absolute discretion, that the first (1st) dose of ASN-100 has been administered to a patient in connection with its phase 2 clinical study of Borrower’s ASN-100 product. 

“2016 Final Payment” is a payment (in addition to and not a substitution for the regular monthly payments of principal plus
accrued interest) equal to the original principal amount of the 2016 Term Loan Advances extended by Bank to Borrower multiplied by the 2016 Final Payment Percentage, due on the earliest to occur of (a) the 2016 Term Loan Maturity Date,
(b) the acceleration of the 2016 Term Loan Advances, 
 (c) the prepayment of the 2016 Term Loan Advances pursuant to
Section 2.1.2(d) or 2.1.2(e), or (d) the termination of this Agreement. 
 “2016 Final Payment
Percentage” is, for each 2016 Term Loan Advance, five percent (5.0%). 
 “2016 Milestone Event” means delivery by
Borrower to Bank, on or prior to June 30, 2016, of evidence satisfactory to Bank in Bank’s sole and absolute discretion, that Borrower has received favorable data (including, without limitation, data containing primary and secondary
endpoints as agreed upon between Borrower and the governing regulatory authority) which provide sufficient evidence for the Board to support and for Borrower to proceed with the continued progression of Borrower’s
ASN-100 product with respect to its phase 1 clinical study of Borrower’s ASN-100 product. 

“2016 Prepayment Premium” shall be an additional fee payable to Bank in an amount equal to: 

(a) for a prepayment of a 2016 Term Loan Advance made on or prior to the first (1st)
anniversary of the 2016 Amendment Date, two percent (2.0%) of the principal amount of the 2016 Term Loan Advances outstanding as of the date immediately and prior to such prepayment; 

(b) for a prepayment of a 2016 Term Loan Advance made after the first (1st) anniversary
of the 2016 Amendment Date, but on or prior to the second (2nd) anniversary of the 2016 Amendment Date, one percent (1.0%) of the then outstanding principal amount of the 2016 Term Loan Advances
as of the date immediately and prior to such prepayment; and 

  
 4 

 (c) for a prepayment of a 2016 Term Loan Advance made after the second (2nd) anniversary of the 2016 Amendment Date, zero percent (0.0%) of the then outstanding principal amount of the 2016 Term Loan Advances as of the date immediately and prior to such prepayment. 

Notwithstanding the foregoing, Bank agrees to waive the 2016 Prepayment Premium (i) if Bank closes on the refinance and re-documentation of the 2016 Term Loan Advances under another division of Bank (in its sole and absolute discretion) prior to the 2016 Term Loan Maturity Date or (ii) if the 2016 Term Loan Advances are repaid
contemporaneously with the occurrence of a Deemed Liquidity Event. 
 “2016 Repayment Schedule” means thirty-six (36) equal monthly payments of principal; provided, however, that upon the occurrence of the 2016 Extension Event, the “2016 Repayment Schedule” shall mean thirty-three
(33) equal monthly payments of principal. 
 “2016 Term A Loan Advance” is defined in Section 2.1.2(a). 

“2016 Term B Loan Advance” and “2016 Term B Loan Advances” are defined in Section 2.1.2(a). 

“2016 Term Loan Advance” and “2016 Term Loan Advances” are defined in Section 2.1.2(a). 

“2016 Term Loan Amortization Date” means January 1, 2017; provided, however, that upon the occurrence of the 2016
Extension Event, the “2016 Term Loan Amortization Date” shall mean April 1,2017. 
 “2016 Term Loan Maturity
Date” is December 1, 2019. 
 “Capital Event” means confirmation by Bank, in its sole and absolute
discretion, that Borrower has received, after December 8, 2015 but on or prior to the 2016 Amendment Date, unrestricted and unencumbered net cash proceeds in an amount of at least Four Million Dollars ($4,000,000.00) from the issuance and sale
by Borrower of equity securities or Subordinated Debt with investors acceptable to Bank 
 “Deemed Liquidity Event” means
delivery by Borrower to Bank of evidence satisfactory to Bank in its sole and absolute discretion of the occurrence of (a) (i) a sale, assignment or other disposition by Borrower of all or substantially all of its assets, (ii) a merger or
consolidation of Borrower into or with another Person or entity, or (ii) any sale, in a single transaction or series of related transactions, by the holders of Borrower’s outstanding voting equity securities, to one or more buyers of such
securities, where such holders do not, as of immediately following the consummation of such transaction(s), continue to hold at least a majority of Borrower’s issued and outstanding voting equity securities; or (b) an Initial Public
Offering; in either case (a) or (b), resulting in Borrower’s receipt of unrestricted and unencumbered net cash proceeds in an amount of at least One Hundred Fifty Million Dollars ($150,000,000.00). 

  
 5 

 “Initial Public Offering” is the initial, underwritten offering and sale of
Borrower’s common stock to the public pursuant to an effective registration statement under the Securities Act of 1933, as amended. 

3. Limitation of Amendments. 

3.1 The amendments set forth in Section 2 above are effective for the purposes set forth herein and shall be limited precisely as
written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Bank may now have or may have in the
future under or in connection with any Loan Document. 
 3.2 This Amendment shall be construed in connection with and as part of the
Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Bank to enter into this Amendment, Borrower hereby represents and warrants to Bank as
follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan
Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no
Event of Default has occurred and is continuing; 
 4.2 Borrower has the power and authority to execute and deliver this Amendment and
to perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The organizational documents of Borrower
delivered to Bank on the 2016 Amendment Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this Amendment
and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a
Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on Borrower, except as already has been obtained or made; and 

  
 6 

 4.7 This Amendment has been duly executed and delivered by Borrower and is the binding
obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and
equitable principles relating to or affecting creditors’ rights. 
 5. Ratification of Collateral Assignment and Consent to
Collateral Assignment of License Agreement. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of a certain Collateral Assignment and Consent to Collateral Assignment of License Agreement dated as of
December 7, 2012 by and among Borrower, ARSANIS BIOSCIENCES GMBH, a company organized under the laws of Austria f/k/a Arsanis Arzneimittelforschung GmbH, with offices at Helmut-Qualtinger-Gasse 2, 1030 Vienna, Austria (“Austrian
Subsidiary”) and Bank (the “Consent and Assignment Agreement”), and acknowledges, confirms and agrees that said Consent and Assignment Agreement shall remain in full force and effect. 

6. Ratification of Stock Pledge Agreement. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions
of a certain Stock Pledge Agreement dated as of December 7, 2012 by and between Borrower and Bank, and acknowledges, confirms and agrees that said Stock Pledge Agreement shall remain in full force and effect. 

7. Ratification of Perfection Certificate. Borrower hereby ratifies, confirms and reaffirms, all and singular, the terms and disclosures
contained in a certain Perfection Certificate dated as of December 7, 2012 between Borrower and Bank, and acknowledges, confirms and agrees the disclosures and information Borrower provided to Bank in said Perfection Certificate have not
changed, as of the date hereof, except as set forth on Schedule 1 attached hereto. 
 8. Integration. This Amendment and 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 this Amendment and the Loan Documents merge into this Amendment and the Loan Documents. 
 9. Counterparts. This Amendment may be
executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument. 

10. Effectiveness. This Amendment shall be deemed effective upon (a) the due execution and delivery to Bank of this Amendment by
each party hereto and (b) Borrower’s payment of (i) a fully earned, non-refundable commitment fee in an amount equal to Five Thousand Dollars ($5,000,00), (ii) the Final Payment in an amount
equal to One Hundred Thousand ($100,000.00) and (iii) Bank’s legal fees and expenses incurred in connection with this Amendment. 

  
 7 

 [Signature page follows.] 

  
 8 

 IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as a sealed instrument under the laws of the Commonwealth of Massachusetts and delivered as of the date first written above. 

 

							
	BANK	 	BORROWER
		
	SILICON VALLEY BANK	 	ARSANIS, INC.
				
	By:	 	 /s/ Matthew Griffus
	 	By:	 	 /s/ Jon Sheller

	Name:	 	 Matthew Griffus
	 	Name:	 	 Jonathan Sheller

	Title:	 	 Vice President
	 	Title:	 	 Secretary, Treasurer

 The undersigned, ARSANIS BIOSCIENCES GMBH, a company organized under the laws of Austria f/k/a Arsanis
ArzneimitteJforschung GmbH, with offices at Helmut-Quallinger-Gasse 2, 1030 Vienna, Austria, hereby ratifies, confirms and reaffirms, all and singular, the terms and conditions of the Consent and Assignment Agreement, and acknowledges, confirms and
agrees that said Consent and Assignment Agreement shall remain in full force and effect and shall in no way be limited by the execution of this Amendment, or any other documents, instruments, and/or agreements executed and/or delivered in connection
herewith. 
  

			
	Acknowledged and agreed:
	
	ARSANIS BIOSCIENCES GMBH
		
	By:	 	 /s/ Eszter Nagy

	Name:	 	 Eszter Nagy

	Title:	 	 Managing Director

  
 9 

 Schedule 1 

Updates to Perfection Certificate 

(see attached)

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