Document:

Exhibit 10.3

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

 

EXECUTION VERSION

Confidential

 

EXCLUSIVE
LICENSE AGREEMENT

 

		Re:	[*****], titled “Therapeutic agent for keratoconjunctive disorders”

[*****], titled “Inhibitor for Retinochoroidal disorders”

Patent application to be filed with internal filing number [*****], titled “Inhibitory effect by R667 as an adjuvant on postoperative
ocular scarring in glaucoma filtration surgery”

 

Yamaguchi University This
EXCLUSIVE LICENSE AGREEMENT (the “Agreement”) is made as of the date of last signature below (the “Effective
Date”), between Yamaguchi University with an address at 1677-1, Yoshida, Yamaguchi city, Yamaguchi Prefecture, 753-8511,
Japan (“Yamaguchi University”), Yamaguchi Technology Licensing Organization, Ltd. (the “TLO”), with a business
address at 2-16-1 Tokiwadai, Ube city, Yamaguchi Prefecture, 755-8611, Japan, and Clementia Pharmaceuticals Inc. with a business
address at 1375 Transcanada Highway, Suite 200, Montreal, Quebec H3B 0A2 (together with its Affiliates (as defined below),
hereinafter collectively referred to as “Clementia”).

 

WHEREAS:

 

		A.	Yamaguchi University has developed a certain technology as a result of its research activities
and has filed applications for or obtained patent rights on such technology (the “Licensed Patent Rights” as
defined below), and desires to grant a license with respect to such technology to the Company through the TLO in accordance with
the terms and conditions set forth below.

 

		B.	Yamaguchi University desires, and the TLO agrees, that the TLO represents the University in managing
and promoting the Licensed Patent Rights.

 

		C.	Clementia desires to obtain a license of the Licensed Patent Rights from Yamaguchi University to
manufacture, sell and distribute certain products (the “Licensed Products” as defined below) and to practice
certain processes (the “Licensed Processes” as defined below) in accordance with the terms and conditions set
forth below.

 

For and in consideration of the mutual
promises and covenants set forth below, the parties, intending to be legally bond, hereto agree as follows:

 

		1.	DEFINITIONS. As used in this Agreement, the following terms shall have the following meanings:

 

1.1.     “Academic
Research Purposes” shall mean use of Licensed Patent Rights for internal, educational, academic, non-commercial and non-commercially
sponsored research purposes on a non-transferable and non-sublicenseable basis or other not-for-profit scholarly purposes which
are undertaken at a non-profit or governmental institution that does not use, directly or indirectly, the Licensed Patent Rights
in the production or manufacture of products for commercial sale or the performance of services for a fee.

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1.2.     “Affiliate”
shall mean any entity which controls, is controlled by, or is under common control with Licensee. For the purposes of this definition,
“control” shall mean beneficial ownership (direct or indirect) of more than fifty percent (50%) of the shares of the
subject entity entitled to vote in the election of directors (or, in the case of an entity that is not a corporation, for the election
of the corresponding managing authority). Unless otherwise specified, the term Licensee includes Affiliates.

 

1.3.     “Confidential
Information” shall mean any non-public information relating to a party and/or its Affiliates that is disclosed or obtained
by the other party, including but not limited to research and development information, information relating to intellectual property
rights, product information, product roadmaps and forecasts, sales and marketing information, operations materials, financial information
or other information concerning or relating to a party’s business, operations or financial affairs.

 

1.4.     “Consideration”
shall mean and include without limitation, money, services, property and any other thing of value such as payment of costs, cancellation
or forgiveness of indebtedness, discounts, stocks, rebates, barter and like exchanges for value. If any such Consideration is in
a form other than cash (such as in kind, equity interests, indebtedness earn-outs, or other deferred payments, consulting fees,
etc.) then the value of such Consideration shall be its fair market value which shall be determined in good faith by the Parties.

 

1.5.     “Field”
shall mean all fields of use and applications.

 

1.6.     “Inventor”
shall mean Dr. Kazuhiro Kimura.

 

1.7.     “Licensed
Processes” shall mean processes, the performance or conduct of which would infringe one or more Valid Claims included
within the Licensed Patent Rights.

 

1.8.     “Licensed
Product” shall mean any product (i) the composition of matter of which infringes one or more Valid Claims included within
the Licensed Patent Rights, or (ii) that is labeled for a method of use that infringes one or more Valid Claims included within
the Licensed Patent Rights within the Field; in each case determined on a country by country basis in the country of sale.

 

1.9.     “Licensed
Patent Rights” shall mean (i) the patent applications and patents (a) listed in Appendix A of this Agreement, or
(b) claiming improvements of the inventions claimed therein, or (c) claiming inventions form the laboratory of Dr. Kazuhiro Kimura
that relate to RAR Gamma Agonists, or (ii) any patent issuing from such patent applications and patents, or (iii) the inventions
described and claimed therein, or (iv) any divisions, or continuations of the patent applications and patents as listed in Appendix
A, or (v) specific claims of any continuations-in-part of such patent applications and patents to the extent the specific claims
are directed to subject matter described in the patent applications and patents listed in Appendix A in a manner sufficient to
support such specific claims under 35 U.S.C., or (vi) patents issuing thereon or reissues thereof, or (vii) any and all foreign
patents and patent applications corresponding to any of the foregoing, or the combination of the above, all to the extent owned
or controlled by Yamaguchi University.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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1.10.   “Licensee”
shall mean Clementia.

 

1.11.   “Net
Sales” shall mean the gross amount collected or received (whichever is greater) by Licensee, its Affiliates or its Sublicensees
for sales, leases, or other transfers (other than sublicenses) of Licensed Products less:

 

[*****]

 

Net Sales also includes the fair market
value of any Consideration whatsoever received by Licensee or Sublicensees for the sale, lease, or transfer of Licensed Products;
provided, however that any transfers among Licensee, its Affiliates or its Sublicensees shall not be considered a sale and shall
be excluded from Net Sales, and only the subsequent sales of Licensed Products and/or Licensed Processes to unrelated third parties
shall be deemed Net Sales hereunder.

 

1.12.   “Royalty
Term” shall mean the period commencing on a country by country basis, upon the first commercial sale of a Licensed Product
and shall continue until the expiry of the last Valid Claim covering Licensed Products in such country or a period of ten (10)
years, whichever is longer.

 

1.13.   “Sublicensee”
shall mean any third party to whom Licensee has granted a license to make, have made, use, sell, offer for sale, import or export
the Licensed Product under Licensed Patent Rights, provided said third party has agreed in writing with Licensee to accept the
conditions and restrictions agreed to by Licensee in this Agreement.

 

1.14.   “Territory”
hall mean worldwide.

 

1.15.   “Valid
Claim” shall mean either (a) a claim of an issued patent that has not been held unenforceable or invalid by an agency
or a court of competent jurisdiction in any unappealable or unappealed decision or (b) a claim of a pending patent application
that has not been abandoned or finally rejected without the possibility of appeal or refiling and that has been pending for less
than seven (7) years from its priority date.

 

1.16.   The terms “sold”
and “sell” include, without limitation, leases and other legal transfers and similar transactions involving
Consideration.

 

		2.	REPRESENTATIONS

 

2.1.     Yamaguchi University
is the owner by assignment from Inventor of his entire right, title and interest in the Licensed Patent Rights, and in the inventions
described and claimed therein as listed in Appendix A.

 

2.2.     Yamaguchi University
has the authority to issue exclusive licenses under the Licensed Patent Rights. Yamaguchi University has not granted any license
under the Licensed Patent Rights to any third party and has no obligation to do so.

 

2.3.     Licensee is
desirous of obtaining an exclusive license in the Territory within the Field in order to practice the inventions covered by Licensed
Patent Rights in the Territory, and to manufacture, use and sell Licensed Products in the commercial market, and Yamaguchi

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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University is desirous of granting such
a license to Licensee in accordance with the terms of this Agreement.

 

2.4.     Licensee agrees
that Yamaguchi University may appoint the TLO as its representative and agent with respect to the management of the Licensed Patent
Rights, and may have the TLO exercise its rights or perform its obligations under this Agreement.

 

		3.	GRANT OF RIGHTS

 

3.1.     Yamaguchi University
hereby grants to Licensee and Licensee accepts, subject to the terms and conditions hereof, in the Territory and within the Field
an exclusive license under the Licensed Patent Rights to make and have made, to use and have used, to sell and have sold, to offer
for sale, to import, to export, to research, develop and improve the Licensed Products, and to practice, perform and conduct the
Licensed Processes.

 

3.2.     The foregoing
license to Licensee includes the right to issue sublicenses in the Territory and within the Field to third parties to make, have
made, use and have used, to sell and have sold, to offer for sale, to import, to export, to research, develop and improve the Licensed
Products and to practice Licensed Processes. To the extent applicable, such sublicenses shall include all of the rights of and
obligations due to Yamaguchi University and the TLO that are contained in this Agreement. Licensee shall collect and guarantee
payment of all royalties due the TLO on Net Sales by Sublicensees.

 

3.3.     Development
and Commercialization. From and after the Effective Date, Licensee shall have full control and authority over the clinical development,
manufacturing and commercialization of Licensed Products in the Field in the Territory, including without limitation, all regulatory
filings, registrations, applications and regulatory approvals relating to Licensed Products, and all of the foregoing information,
documentation and materials shall be Licensee’s Confidential Information. All activities relating to clinical development,
manufacturing and commercialization of Licensed Products under this Agreement shall be undertaken at Licensee’s sole cost
and expense, except as otherwise expressly provided in this Agreement.

 

3.4.     The granting
and exercise of this license is subject to the following conditions:

 

		i.	Yamaguchi University reserves the right to make and use, and grant to other non-profit or governmental
institutions non-exclusive licenses to make and use for Academic Research Purposes the subject matter described and claimed in
Licensed Patent Rights.

 

		ii.	Licensee shall use commercially reasonable efforts, consistent with those efforts used by developers
of pharmaceutical products of similar size and resources under similar circumstances, to effect introduction of the Licensed Products
into the commercial market, consistent with sound and reasonable business practice and judgment.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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		iii.	In all sublicenses granted by Licensee hereunder, Licensee shall include a requirement that the
Sublicensee(s) use its commercially reasonable efforts, consistent with those efforts used by developers of pharmaceutical products
of similar size and resources under similar circumstances, to bring the subject matter of the sublicense into commercial use consistent
with sound and reasonable business practices. Licensee shall further provide in such sublicenses that such sublicenses are subject
and subordinate to the terms and conditions of this Agreement, except: [*****]. Copies of all executed sublicense agreements shall
be provided to Yamaguchi University and the TLO within thirty (30) days of execution. Yamaguchi University and the TLO agree to
maintain any information contained in such provisions in confidence, except as otherwise required by law, however, Yamaguchi University
and the TLO may include in their usual reports annual amounts of royalties paid.

 

3.5.     Yamaguchi University
shall provide Licensee with documentation, including reports, data and a list of materials used in the development of the Licensed
Process and/or Licensed Products. [*****]

 

		4.	ROYALTIES

 

4.1.     Licensee shall
pay to the TLO a one-time, non-creditable, non-refundable license fee in the sum of [*****], payable in two installments as follows:

 

		i.	[*****] payable within [*****] from the Effective Date of the Agreement; and

 

		ii.	[*****] payable on or before the [*****] of the Effective Date of the Agreement;

 

4.2.     Licensee shall
pay to the TLO during the Royalty Term, a royalty equal to [*****] of annual Net Sales of Licensed Products by Licensee and its
Affiliates and Sublicensees.

 

4.3.     Licensee shall
pay to the TLO during the term of this Agreement the following one-time non-refundable milestone payments within [*****] of the
first occurrence of such milestone event as follows:

 

		(i)	Seventy-five thousand dollars ($75,000) upon [*****]; and

 

		(ii)	One hundred fifty thousand dollars ($150,000) upon [*****].

 

4.4.     On sales between
Licensee and its Affiliates or Sublicensees for resale, the royalty shall be paid by Licensee on the Net Sales of the subsequent
resale by the Licensee, its Affiliates, or Sublicensees, as appropriate, and not on the sales between Licensee and its Affiliates
or Sublicensees.

 

4.5.     Royalty Buy-Out
Option. Licensee may, at any time in its sole discretion, upon [*****] prior written notice to the TLO and payment to the TLO of
[*****], terminate its

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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obligation (including with respect to Affiliates
and Sublicensees) to pay royalties and milestones pursuant to Section 4 hereof and to make reports pursuant to Section 5.3 hereof,.
Upon such payment, the parties will enter into an amendment making appropriate changes to this Agreement.

 

4.6.     The bank account
of the TLO is described in Appendix B.

 

		5.	REPORTING

 

5.1.     No later than
[*****] after the Effective Date and each anniversary of such date thereafter, Licensee shall provide to the TLO a written annual
progress report summarizing Licensee’s (and its Affiliates and Sublicensees) progress on research and development, regulatory
approvals, manufacturing, sublicensing, marketing and sales of Licensed Products during the most recent twelve (12) month period.
All such reports shall be Licensee Confidential Information.

 

5.2.     Licensee shall
report to the TLO the date of first commercial sale of Licensed Products in each country within [*****] of occurrence.

 

5.3.     Royalty Report.

 

		i.	Licensee shall submit to the TLO within [*****] after each calendar year ending December 31 during
the Royalty Term, a report setting forth for such year at least the following information (the “Royalty Report”):

 

		a.	the number of Licensed Products sold by Licensee, its Affiliates and Sublicensees in each country;

 

		b.	total billings and amounts actually received for such Licensed Products;

 

		c.	deductions applicable to determine the Net Sales of any of the foregoing; and

 

		d.	the amount of royalty due on each of the foregoing, or, if no royalties are due to the TLO for
any reporting period, the statement that no royalties are due.

 

		ii.	Licensee shall pay to the TLO with each such Royalty Report the amount of royalty due with respect
to such year during the Royalty Term.

 

		iii.	All payments due hereunder shall be deemed received, if paid by check, on delivery of the check
to the TLO and credited to the TLO’s bank account, or, if paid by wire transfer, when funds are credited to the TLO’s
bank account. All amounts due shall be payable in United States dollars. Conversion of foreign currency to U.S. dollars shall be
made at the conversion rate existing in the United States (as reported in The Wall Street Journal) on the last working day
of each royalty period. No

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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transfer, exchange, collection
or other charges shall be deducted from such payments.

 

		iv.	All such reports shall be maintained in confidence by the TLO except as required by law; however,
the TLO may include in its usual reports annual amounts of royalties paid.

 

		6.	RECORD KEEPING; AUDIT

 

6.1.     Licensee shall
keep, and shall require its Affiliates and Sublicensees to keep, accurate records (together with supporting documentation) of Licensed
Products sold under this Agreement, appropriate to determine the amount of royalties due to the TLO hereunder. Such records shall
be retained for at least [*****] following the end of the reporting period to which they relate.

 

6.2.     The TLO may
designate an independent third party certified public accountant, reasonably acceptable to Licensee, to inspect Licensee’s,
books and records for the sole purpose of verifying royalties and milestone payments payable under this Agreement. Any such inspection
shall be conducted with no less than sixty (60) days’ prior written notice to Licensee, at Licensee’s principal office
during regular business hours, and in a manner that will not materially disrupted Licensee’s business. Such inspections shall
be limited to once in any consecutive [*****] period during the Royalty Term and for [*****] thereafter. Licensee may require that
the accountant sign its form nondisclosure agreement prior to performing any such inspection. The books and records inspected by
the accountant shall be kept strictly confidential except that the accountant may disclose only a report of its findings to the
TLO with a copy to Licensee. The report shall be deemed Licensee’s Confidential Information hereunder. If any review reveals
a deficiency in the calculation and/or payment of royalties owed under this Agreement, then (i) [*****], and (ii) if such underpayment
is by [*****] or more, Licensee shall reimburse the TLO for the accountant’s fees.

 

		7.	TREATMENT OF CONFIDENTIAL INFORMATION

 

7.1.     Obligations.

 

		i.	Yamaguchi University, the TLO and Licensee each recognize that the other party’s Confidential
Information constitutes highly valuable and proprietary Confidential Information. Each of Yamaguchi University, the TLO and Licensee
(in such capacity, “Recipient”) agrees (a) not to use the other party’s (in such capacity, “Discloser”)
Confidential Information for any purpose other than performing its obligations or exercising its rights under this agreement, (b)
not to disclose Discloser’s Confidential Information to any person or entity other than to Recipients’ and its Affiliates
(and in the case of Licensee as recipient, its Sublicensees) employees, consultants, representatives and agents (collectively,
“Representatives”) who need to know such Confidential Information and who are bound by obligations with respect
to the Confidential Information at least as protective of the Confidential Information as this Agreement

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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and (c) to use reasonable care
to protect Discloser’s Confidential Information from unauthorized use or disclosure, but in any event not less than the degree
of care used by Recipient with respect to its own information of like importance. Each Recipient shall be responsible for any act
or omission of its Representatives that would constitute a breach of this Section 7.1 by Recipient.

 

		ii.	The obligations set forth in Section 7.1(i) will not apply to any Confidential Information that
(a) was rightfully known to Recipient without restriction before receipt from Discloser, (b) is rightfully disclosed to Recipient
without restriction by a third party, (c) is or becomes generally known to the public without violation of this Agreement by Recipient
or (d) is independently developed by Recipient or its employees without reference to or use of any of Discloser’s Confidential
Information.

 

		iii.	Permitted disclosures. Notwithstanding section 7.1(a), a recipient may disclose discloser’s
Confidential Information to the extent such disclosure is reasonably necessary (a) to file and prosecute patent applications and/or
maintain patents which are filed or prosecuted in accordance with the provisions of this Agreement, (b) to file, prosecute or defend
litigation in accordance with the provisions of this Agreement, (c) in connection with any actual or prospective loan, equity financing,
collaboration or merger or sale of assets, to comply with applicable laws, regulations or court orders; provided, however, that
if a recipient is required to make any such disclosure under clause (d), it provide prior written notice to Discloser and will
use reasonable efforts to assist Discloser in its efforts to secure Confidential Information or a protective order or to otherwise
limit disclosure.

 

7.2.     Return of Confidential
Information. Upon Discloser’s request, Recipient shall return to Discloser all of Discloser’s Confidential Information,
including all copies and extracts of documents and all manifestations in whatever form, within sixty (60) days of such request
or, if earlier, the termination of this agreement; provided however, that a Recipient may retain (i) any of Discloser’s Confidential
Information relating to any license which expressly survives such termination and (ii) one (1) copy of all other Confidential Information
in inactive archives solely for the purpose of establishing the contents thereof.

 

7.3.     Use of name.
Neither party shall employ or use the name of the other party in any promotional materials or advertising without the prior express
written permission of the other party.

 

		8.	DOMESTIC AND FOREIGN PATENT FILING AND MAINTENANCE

 

8.1.     [*****].

 

8.2.     [*****].

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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8.3.     [*****] shall
be responsible, at its own cost, for the preparation, filing, prosecution and maintenance of any and all patent applications and
patents included in Licensed Patent Rights. [*****] will instruct counsel to directly notify [*****] and its counsel and provide
them copies of any official communications from any patent office relating to said prosecution, and to provide [*****] and its
counsel with advance copies of all relevant communications to the various patent offices, so that [*****] may be informed and apprised
of the continuing prosecution of patent applications in Licensed Patent Rights. [*****] shall have reasonable opportunities to
participate in decision making on all key decisions affecting filing, prosecution and maintenance of patents and patent applications
in Licensed Patent Rights. [*****] will use reasonable efforts to incorporate [*****] reasonable suggestions regarding said prosecution.
[*****] shall use reasonable efforts to amend any patent application to include claims reasonably requested by [*****] to obtain
patent protection for Licensed Products and/or Licensed Processes. [*****] will give [*****] thirty (30) days’ notice of
any decision to abandon any patent application or to cease to maintain any patent, and [*****] may assume control thereof at its
own cost.

 

8.4.     Yamaguchi University
and Licensee shall cooperate fully in the preparation, filing, prosecution and maintenance of Licensed Patent Rights and of all
patents and patent applications licensed to Licensee hereunder, executing all papers and instruments or requiring faculty members
of Yamaguchi University to execute such papers and instruments so as to enable [*****]. Each party shall provide to the other prompt
notice as to all matters which come to its attention and which may affect the preparation, filing, prosecution or maintenance of
any such patent applications or patents.

 

8.5.     [*****] may
elect to surrender its Licensed Patent Rights in any country upon sixty (60) days written notice to [*****]. Such notice shall
not relieve [*****] from responsibility to pay the patent prosecution law firm for patent-related expenses incurred prior to the
expiration of the sixty (60) day notice period. [*****] shall not have any further obligations to [*****] in such country after
the expiration of such sixty (60) day notice period.

 

		9.	INFRINGEMENT

 

9.1.     [*****] shall
have the right to prosecute in its own name and at its own expense any infringement of the Licensed Patent Rights. [*****] agrees
to notify [*****] promptly of each infringement of such patents of which [*****] has knowledge or becomes aware.

 

9.2.     Process.

 

		i.	If [*****] elects to commence an action as described above, [*****] may, to the extent permitted
by law, elect to join as a party in that action. Regardless of whether [*****] elects to join as a party, [*****] shall cooperate
fully with [*****] in connection with any such action. [*****] may require [*****] to join as a party to any such action.

 

		ii.	If [*****] elects to join as a party pursuant to Subsection (i), [*****] will give consideration
to [*****] input regarding the infringement action.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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		iii.	If [*****] joins as a party to any action at [*****] request, [*****].

 

9.3.     If [*****] elects
to commence an action as described above, [*****]. [*****].

 

9.4.     No settlement,
consent judgment or other voluntary final disposition of the suit that materially adversely affects [*****] rights may be entered
into without the prior written consent of [*****], which consent shall not be unreasonably withheld. An admission of liability
on the part of [*****] shall be reasonable grounds to withhold consent.

 

9.5.     Recoveries or
reimbursements from actions commenced pursuant to this Article shall first be applied to reimburse Licensee and Yamaguchi University,
for litigation costs [*****]. Any remainder shall be [*****].

 

9.6.     If [*****] elects
not to exercise its right to prosecute an infringement of the Licensed Patent Rights pursuant to this Article, [*****] may do so
at its own expense, controlling such action and retaining all recoveries there from. [*****] shall cooperate fully with [*****]
in connection with any such action at [*****] expense.

 

9.7.     Without limiting
the generality of Section 9.6, [*****] may, at its election and by notice to [*****], establish a time limit of [*****] for [*****]
to decide whether to prosecute any infringement or otherwise attempt to abate such infringement of which [*****] has knowledge
or becomes aware. If, by the end of such [*****] period, [*****] has not commenced such an action or otherwise undertaken an attempt
to abate such infringement, [*****] may prosecute such an infringement at its own expense, controlling such action and retaining
all recoveries therefrom.

 

9.8.     If a declaratory
judgment action is brought naming [*****] as a defendant and alleging invalidity of any of the Licensed Patent Rights, [*****]
may elect to take over the sole defense of the action at its own expense. [*****] shall cooperate fully with [*****] in connection
with any such action at [*****] expense.

 

		10.	TERMINATION OF AGREEMENT

 

10.1.     This Agreement,
unless terminated as provided herein, shall remain in effect through the end of the last Royalty Term.

 

10.2.     Yamaguchi University
or the TLO may terminate this Agreement as follows:

 

		i.	If Licensee does not make an undisputed payment due hereunder and fails to cure such non-payment
(including the payment of interest in accordance with Section 5.4(v)) within ninety (90) days after the date of notice in writing
of such non-payment by the TLO.

 

		ii.	If Licensee defaults in its obligations under Sections 1l.3(iii) to procure and maintain insurance
and if Licensee fails to cure such default within thirty (30) days after the date of notice in writing of such default by Yamaguchi
University or the TLO.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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		iii.	If Licensee shall make an assignment for the benefit of creditors, shall have been declared bankrupt
by a court of competent jurisdiction, makes use of any law or regulation for relief from creditors, or reorganizations or restructures
in order to avoid creditors. Such termination shall be effective immediately upon Yamaguchi University or the TLO giving written
notice to Licensee.

 

		iv.	Except as provided in Subsections (i), (ii) and (iii) above, if Licensee defaults in a material
respect in the performance of any obligations under this Agreement and the default has not been remedied within sixty (60) days
after the date of notice in writing of such default by Yamaguchi University or the TLO.

 

10.3.     Licensee shall
provide, in all sublicenses granted by it under this Agreement, that in the event this Agreement is terminated, such sublicensee
may enter into a direct license with Yamaguchi University and the TLO on the terms and conditions hereunder, as applied mutatis
mutandis to such sublicensee.

 

10.4.     Licensee may
terminate this Agreement by giving ninety (90) days advance written notice of termination to Yamaguchi University and the TLO.
Upon termination, Licensee shall submit a final royalty report to the TLO and any royalty payments and unreimbursed legal expenses
due to the TLO or Yamaguchi University shall become immediately payable. Upon termination by Licensee, all obligations and duties
under this license shall cease and terminate and Licensee agrees to execute all reasonable documentations requested evidencing
such termination.

 

10.5.     Sections 6.1,
6.2, 7.1, 7.2, 7.3, 8.5, 9.3, 9.4, 9.5, 10.2, 10.3, 10.4, and 10.5 of this Agreement and all other provisions of this Agreement
which are intended to have effect after termination of this Agreement shall survive termination of this Agreement for the respective
durations stated therein, and where no duration is stated, shall survive indefinitely.

 

		11.	GENERAL

 

11.1.     Yamaguchi University
does not warrant the validity of the Licensed Patent Rights within the Field licensed hereunder and makes no representations whatsoever
with regard to the scope of the Licensed Patent Rights within the Field or that such Licensed Patent Rights may be exploited by
Licensee, an Affiliate, or a Sublicensee without infringing other patents.

 

11.2.     Nothing in
this Agreement is or shall be construed as: (a) a warranty or representation by either party as to the validity or scope of any
Licensed Patent Rights; or (b) a warranty or representation that anything made, used, sold or otherwise disposed of under any license
granted pursuant to this Agreement is or will be free from infringement of patents, copyrights, and other rights of third parties.
Except as expressly set forth in this Agreement, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND,
EITHER EXPRESS OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR
OF NON-INFRINGEMENT OF ANY PATENT, COPYRIGHT, TRADEMARK,

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

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OR OTHER RIGHTS OF THIRD PARTIES, OR ANY
OTHER EXPRESS OR IMPLIED WARRANTIES.

 

11.3.     

 

		i.	Licensee shall indemnify, defend and hold harmless Yamaguchi University and its current or former
directors, governing board members, trustees, officers, faculty, medical and professional staff, employees, students, and agents
and their respective successors, heirs and assigns (collectively, the “Indemnitees”), from and against any claim,
liability, cost, expense, damage, deficiency, loss or obligation of any kind or nature (including, without limitation, reasonable
attorney’s fees and other costs and expenses of litigation) (collectively, “Claims”), based upon, arising
out of, or otherwise relating to any cause of action relating to product liability concerning any Licensed Product made, used,
sold, performed or provided pursuant to any right or license granted under this Agreement.

 

		ii.	Licensee shall, at its own expense, assume the defense of any Claims brought against Indemnitees
using attorneys reasonably acceptable to Yamaguchi University hereunder with respect to the subject of indemnity contained herein,
whether or not such actions are rightfully brought.

 

		iii.	Beginning at the time any such Licensed Product or LICENSED PROCESS is being commercially distributed
or sold (other than for the purpose of obtaining regulatory approvals) by Licensee or by a Sublicensee, an Affiliate or an agent
of Licensee, Licensee shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts
not less than [*****] per incident and [*****] annual aggregate and naming Indemnitees as additional insured. During clinical trials
of any such product, process or service, Licensee shall, at its sole cost and expense, procure and maintain commercial general
liability insurance in such equal or lesser amount as Yamaguchi University shall require, naming Indemnitees as additional insured.
Such commercial general liability insurance shall provide: (a) product liability coverage; and (b) broad form contractual liability
coverage for Licensee’s indemnification under this Agreement. If Licensee elects to self-insure all or part of the limits
described above (including deductibles or retentions which are in excess of [*****] annual aggregate) Licensee must notify Yamaguchi
University at least sixty (60) days in advance of commencing any such self-insurance program and such self-insurance program must
be acceptable to Yamaguchi University. The minimum amounts of insurance coverage required shall not be construed to create a limit
of Licensee’s liability with respect to its indemnification or other obligations under this Agreement.

 

		iv.	Licensee shall provide Yamaguchi University with written evidence of such insurance upon request
of Yamaguchi University. Licensee shall

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	Page 12 of 18

    	

    

EXECUTION VERSION

Confidential

 

provide Yamaguchi University
with written notice at least fifteen (15) days prior to the cancellation, non-renewal or material change in such insurance; if
Licensee does not obtain replacement insurance providing comparable coverage within such fifteen (15) day period, Yamaguchi University
shall have the right to terminate this Agreement effective at the end of such fifteen (15) day period without notice or any additional
waiting periods.

 

		v.	Licensee shall maintain such commercial general liability insurance beyond the expiration or termination
of this Agreement during: (i) the period that any product, process, or service, relating to, or developed pursuant to, this Agreement
is being commercially distributed or sold by Licensee or by a Sublicensee, an AFFILIATE or agent of Licensee; and (ii) a reasonable
period after the period referred to in Subsection (e)(i) above which in no event shall be less than [*****] years.

 

11.4.     This Agreement
and the rights and duties hereunder may not be assigned by either party without first obtaining the written consent of the other
which consent will not be unreasonably withheld. Any such purported assignment, without the written consent of the other party,
will be null and of no effect. Notwithstanding the foregoing. Licensee may assign this Agreement to a purchaser, or successor in-interest
or acquirer of substantially all of the Licensee’s assets or business and/or pursuant to any reorganization or merger.

 

11.5.     The interpretation
and application of the provisions of this Agreement shall be governed by the laws of New York, U.S.A.

 

11.6.     Licensee shall
comply with all applicable laws and regulations with respect to performance of its obligations hereunder.

 

11.7.     Licensee agrees
to utilize appropriate patent marking on Licensed Products.

 

11.8.     Any notices
to be given hereunder shall be sufficient if signed by the party (or party’s attorney) giving same and either: (i) delivered
in person; (ii) mailed certified mail return receipt requested; or (iii) faxed to other party if the sender has evidence of successful
transmission and if the sender promptly sends the original by ordinary mail, in any event to the following addresses:

 

If to Licensee:

Clementia Pharmaceuticals, Inc.

1375 Transcanadian Highway, Suite 200

Dorval, Quebec, H9P 2W8

Canada

Attention:

Phone: [*****]

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	Page 13 of 18

    	

    

EXECUTION VERSION

Confidential

 

With a copy to:

Mintz Levin Cohn Ferris Glovsky and Popeo, PC

One Financial Center Boston, MA 02111

Attn: Jeffrey Wiesen, Esq.

Tel [*****]

Fax: [*****]

 

If to Yamaguchi University:

Yamaguchi University

1677-1, Yoshida, Yamaguchi City

Yamaguchi Prefecture, 753-8511

Japan

 

If to the TLO:

Yamaguchi Technology Licensing Organization, Ltd.

2-16-1 Tokiwadai, Ube City

Yamaguchi Prefecture, 755-8611

Japan

Attention:[Tokuo Matsuzaki, PhD]

Tel [*****]

Fax [*****]

E-mail [*****]

 

By such notice any party may change
their address for future notices. Notices delivered in person shall be deemed given on the date delivered. Notices sent by fax
shall be deemed given on the date faxed. Notices mailed shall be deemed given five (5) days following the date postmarked on the
envelope. Notices sent by reputable express courier shall be deemed given one (1) day following the date delivered lo the courier.

 

11.9.     Should a court
of competent jurisdiction later hold any provision of this Agreement to be invalid, illegal, or unenforceable, and such holding
is not reversed on appeal, it shall be considered severed from this Agreement. All other provisions, rights and obligations shall
continue without regard to the severed provision, provided that the remaining provisions of this Agreement are in accordance with
the intention of the parties.

 

11.10.     In the event
of any controversy or claim arising out of or relating to any provision of this Agreement or the breach thereof, the parties shall
try to settle such conflict amicably between themselves. Subject to the limitations expressly stated in this section, any such
conflict which the parties are unable to resolve promptly shall be settled through arbitration conducted in London, England in
accordance with the rules of the International Chamber of Commerce. The demand for arbitration shall be filed within a reasonable
time after the controversy or claim has arisen, and in no event after the date upon which institution of legal proceedings based
on such controversy or claim would be barred by the applicable statute of limitation. The award through arbitration shall be final
and binding. Either party may enter any such award in a court having jurisdiction or may make application to such court for judicial
acceptance of the award and an order of enforcement, as the case may be. Notwithstanding the foregoing, either party may, without
recourse to arbitration, assert against the other party a third-party claim or cross-claim in any action brought by a third party,
to which the subject matter of this Agreement may be

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	Page 14 of 18

    	

    

EXECUTION VERSION

Confidential

 

relevant. The prevailing party in any arbitration
shall be afforded reasonable costs and attorney fees. Notwithstanding any other provision of this Agreement to the extent any other
provision is inconsistent herewith, no arbitrator(s) or any other third party involved in resolving or otherwise addressing any
dispute may limit, expand or otherwise modify the terms of this Agreement. The provisions of this Section shall not apply to:

 

		i.	prevent a party from seeking a temporary restraining order or injunctive or other equitable relief
with respect to a breach (or attempted breach) of this Agreement by the other party;

 

		ii.	prevent a party from instituting litigation or other formal proceedings to the extent necessary
(i) to avoid the expiration of any applicable limitations period or (ii) to preserve a superior position with respect to other
creditors; or

 

		iii.	to any claim with respect to ownership or infringement or Licensed Patent Rights.

 

Such claims (described in subsections
(i) through (iii) above) will not be subject to arbitration or other alternate dispute resolution and instead will be subject to
judicial resolution, and either party may apply to any court of competent jurisdiction for such relief.

 

11.11.     This Agreement
constitutes the entire understanding between the parties and neither party shall be obligated by any amendment, modifications,
condition or representation other than those expressly stated herein or as may be subsequently agreed to by the parties hereto
in writing.

 

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

 

11.13.     The failure
of any party at any time to enforce its rights hereunder strictly in accordance with the same shall not be construed as having
created a custom contrary to the specific provisions hereof or as having in any way modified or waived same.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their duly authorized representatives.

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	Page 15 of 18

    	

    

EXECUTION VERSION

Confidential

 

	YAMAGUCHI UNIVERSITY	 	CLEMENTIA PHARMACEUTICALS, INC.
	 	 	 
	/s/ Masaaki Oka	 	/s/ Clarissa Desjardins
	Masaaki Oka, MD, Ph.D.,	 	Clarissa Desjardins, Ph.D.
	President, Yamaguchi University	 	Chief Executive Officer
	 	 	 
	Apr. 8, 2015	 	March 24, 2015
	Date	 	Date
	 	 	 
	YAMAGUCHI TECHNOLOGY LICENSING ORGANIZATION, LTD.	 	 
	 	 	 
	/s/ Youichiro Sata	 	 
	Youichiro Sata, President, Yamaguchi	 	 
	Technology Licensing Organization, Ltd.	 	 
	 	 	 
	March 25, 2015	 	 
	Date	 	 

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	Page 16 of 18

    	

    

EXECUTION VERSION

Confidential

 

Appendix A

 

Confidential
Information omitted and filed separately with the Securities and Exchange Commission. A total of 2 pages were omitted.

 

[*****]

    	Page 17 of 18

    	

    

EXECUTION VERSION

Confidential

 

Appendix B

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 1 page was omitted.

 

[*****]Exhibit 10.4

 

Confidential Information omitted and filed
separately with the Securities and Exchange Commission. Five asterisks denote omissions.

 

Execution Version

 

BY AND BETWEEN

 

GALDERMA RESEARCH & DEVELOPMENT
SNC

 

and

 

CLEMENTIA PHARMACEUTICALS INC.

 

March 29, 2017

    	 

    	

    

TABLE OF CONTENTS

 

	1.	DEFINITIONS	1
	 	 	 
	2.	GRANT OF LICENSES; EXCLUSIVITY	15
	 	2.1	Grant of Licenses to Clementia	15
	 	2.2	Exclusivity	16
	 	2.3	Additional Indication Request	17
	 	2.4	Potential License to Galderma	17
	 	2.5	Effect of Change of Control Transaction	17
	 	 	 	 
	3.	DEVELOPMENT PROGRAM	18
	 	3.1	Development Program	18
	 	3.2	Responsibility for Development	18
	 	3.3	Engagement of Third Party Contractors	19
	 	3.4	Development Diligence	19
	 	3.5	Compliance	20
	 	3.6	Reports	20
	 	3.7	Supply of Exclusive Licensed Compounds	20
	 	3.8	Manufacture and Supply: Know-How Transfer	20
	 	3.9	Right to Supply of Additional Compound	22
	 	 	 	 
	4.	REGULATORY ACTIVITIES - SAFETY	22
	 	4.1	Transfer of Regulatory Filings	22
	 	4.2	Responsibilities of the Parties	22
	 	 	 	 
	5.	COMMERCIALIZATION OF LICENSED PRODUCTS	22
	 	5.1	Preparation of Commercialization Plan	22
	 	5.2	Responsibility for Commercialization of Licensed Products	23
	 	5.3	Commercialization Diligence	23
	 	5.4	Compliance	23
	 	5.5	Cooperation	23
	 	5.6	Commercialization Reports	24
	 	 	 	 
	6.	CONSIDERATION	24
	 	6.1	Upfront Licensing Fee	24
	 	6.2	Milestone Payments	24
	 	6.3	Payment of Royalties; Royalty Rates	24
	 	6.4	Payment Dates and Reports	26
	 	6.5	Records; Audit Rights	26
	 	6.6	Overdue Payments	27
	 	6.7	Payments; Withholding Tax	27
	 	 	 	 
	7.	TREATMENT OF CONFIDENTIAL INFORMATION; PUBLICITY	28
	 	7.1	Confidentiality	28
	 	7.2	Publicity	29
	 	7.3	Publications or Presentations	29

    	i

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

	 	7.4	Use of Proprietary Materials	29
	 	 	 	 
	8.	INTELLECTUAL PROPERTY RIGHTS	30
	 	8.1	Galderma Intellectual Property Rights	30
	 	8.2	Clementia Intellectual Property Rights	30
	 	8.3	Patent Coordinators	30
	 	 	 	 
	9.	FILING, PROSECUTION AND MAINTENANCE OF PATENT RIGHTS	30
	 	9.1	Patent Filing, Prosecution and Maintenance	30
	 	9.2	Enforcement and Defense	32
	 	9.3	Patent Term Extension and Orange Book Listing	33
	 	 	 	 
	10.	TERM AND TERMINATION	34
	 	10.1	Term	34
	 	10.2	Termination	34
	 	10.3	Consequences of Termination of Agreement	35
	 	10.4	Surviving Provisions	38
	 	 	 	 
	11.	REPRESENTATIONS AND WARRANTIES	38
	 	11.1	Mutual Representations and Warranties	38
	 	11.2	Additional Representations of Galderma	39
	 	11.3	Warranty Disclaimer	40
	 	11.4	No Warranty of Success	40
	 	 	 	 
	12.	INDEMNIFICATION; INSURANCE	40
	 	12.1	Indemnification of Galderma by Clementia	40
	 	12.2	Indemnification of Clementia by Galderma	41
	 	12.3	Conditions to Indemnification	41
	 	12.4	Limited Liability	41
	 	12.5	Insurance	41
	 	 	 	 
	13.	MISCELLANEOUS	42
	 	13.1	Arbitration	42
	 	13.2	Equitable Relief	43
	 	13.3	Notices	43
	 	13.4	Governing Law	44
	 	13.5	Binding Effect	44
	 	13.6	Headings	44
	 	13.7	Counterparts	44
	 	13.8	Amendment; Waiver	44
	 	13.9	Third Party Beneficiaries	44
	 	13.10	Purposes and Scope	44
	 	13.11	Assignment and Successors	45
	 	13.12	Force Majeure	45
	 	13.13	Interpretation	45
	 	13.14	Integration; Severability	46
	 	13.15	Further Assurances	46

    	ii

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

	 	13.16	Expenses	46
	 	13.17	Intellectual Property	46

 

	 	List of Schedules
	 	 	 
	 	Schedule I	Additional Compound
	 	 	 
	 	Schedule 2	Licensed Compounds
	 	 	 
	 	Schedule 3	Initial Indications
	 	 	 
	 	Schedule 4	Licensed Patent Rights
	 	 	 
	 	Schedule 5	Initial Exclusive Licensed Compounds

    	iii

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EXCLUSIVE
LICENSE AGREEMENT

 

This EXCLUSIVE LICENSE
AGREEMENT (this “Agreement”) is entered into as of March 29, 2017 (the “Effective Date”)
by and between Galderma Research & Development SNC, a société en nom collectif organized under the laws of France
having its principal address of Les Templiers, 2400 route des Colles, 06410 Biot, France (“Galderma”), and Clementia
Pharmaceuticals Inc., a corporation organized under the federal laws of Canada having its principal address of 4150 Saint-Catherine
West, Suite 550, Montreal, Canada H3Z 2Y5 (“Clementia”). Each of Galderma and Clementia is sometimes referred
to individually herein as a “Party” and collectively the “Parties”.

 

RECITALS

 

WHEREAS, pursuant to
the terms of the Exclusive Evaluation and Option Agreement (as defined below), Clementia was granted an exclusive option to obtain
an exclusive license to develop, make and use the Licensed Compounds within the Clementia Field (as defined below) and to research,
make, develop, register and commercialize Licensed Products for all uses within the Clementia Field ; and

 

WHEREAS, Clementia
exercised the Exclusive Commercialization Option (as defined in the Exclusive Evaluation and Option Agreement) and, pursuant to
the terms of the Exclusive Evaluation and Option Agreement, the Parties have agreed to enter into this Agreement in accordance
with the terms thereof.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, and for other good and valuable consideration, the Parties hereto, intending
to be legally bound, hereby agree as follows:

 

1.                 
DEFINITIONS

 

Whenever used in this
Agreement with an initial capital letter, the terms defined in this Article 1 shall have the meanings specified herein.

 

1.1             
“Additional Compound” means the Adapalene analogue CD-1530 described more fully on Schedule 1 attached
hereto and incorporated herein by reference.

 

1.2             
“Additional Indication” means any Indication, condition or treatment that is not included in the Galderma
Field or in the Clementia Field, as the Clementia Field may be expanded pursuant to this Agreement.

 

1.3             
“Adverse Event” means any untoward medical occurrence in a Clinical Trial subject or patient who is administered
a Licensed Compound or Licensed Product, whether or not considered related to such Licensed Compound or Licensed Product, including
any undesirable sign (including abnormal laboratory findings of clinical concern), symptom or disease associated with the use of
such Licensed Compound or Licensed Product.

 

1.4             
“Affiliate” means, with respect to either Party, any Person that directly or indirectly controls, is
controlled by or is under common control with such Party. For purposes of

    	Schedule 5-1

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

this definition, the term “control”
(including, with correlative meaning, the terms “controlled by” or “under common control with”) meaning
direct or indirect ownership of fifty percent (50%) or more, including ownership by trusts with substantially the same beneficial
interests, of the voting and equity rights of such Person or the power to direct the management of such Person.

 

1.5             
“Annual Net Sales” shall mean the cumulative worldwide Net Sales of an applicable Licensed Product in
a given Calendar Year.

 

1.6             
“Applicable Laws” means any national , international, federal, state or local laws, treaties, statutes,
ordinances, rules and regulations, including any rules, regulations, guidance, guidelines or requirements of any Regulatory Authority,
national securities exchanges or securities listing organizations, that are in effect from time to time during the Term and apply
to a particular activity hereunder.

 

1.7             
“Bankruptcy Code” means, as applicable, the U.S. Bankruptcy Code, as amended from time to time, and the
rules and regulations and guidelines promulgated thereunder or the bankruptcy laws of any Governmental Authority, as amended from
time to time, and the rules and regulations and guidelines promulgated thereunder or any applicable bankruptcy laws of any other
country or competent Governmental Authority, as amended from time to time, and the rules and regulations and guidelines promulgated
thereunder.

 

1.8             
“Business Day” means any day other than a Saturday or Sunday on which banking institutions in New York,
New York are open for business.

 

1.9             
“Calendar Quarter” means the period beginning on the Effective Date and ending on the last day of the
calendar quarter in which the Effective Date falls, and thereafter each successive period of three (3) consecutive calendar months
ending on March 31, June 30, September 30 and December 31; provided, that, the final Calendar Quarter shall end on the last day
of the Term.

 

1.10         
“Calendar Year” means the period beginning on the Effective Date and ending on December 31 of the calendar
year in which the Effective Date falls, and thereafter each successive period of twelve (12) months commencing on January 1 and
ending on December 31; provided, that, the final Calendar Year shall end on the last day of the Term.

 

1.11         
“Change of Control” means a transaction or series of related transactions (including any merger, consolidation,
share exchange, reorganization or combination) involving Galderma and any Third Party that results in (a) the holders of outstanding
voting securities of Galderma immediately prior to such transaction ceasing to hold at least fifty percent (50%) of the combined
outstanding voting power of Galderma or of the surviving or continuing entity, immediately after such transaction or series of
transactions; (b) any Third Party becoming the beneficial owner of fifty percent (50%) or more of the combined voting power of
the outstanding securities of Galderma, including as a single Third Party all Third Parties, who act together as a “group”
for purposes of acquiring shares of a Party, as referenced in Section 13(d) of the Securities Exchange Act of 1934, as amended;
or (c) the sale or other disposition to a Third Party of all or substantially all of Galderma’s assets or business to which
this Agreement relates.

    	2

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

1.12         
 “Claim” means a Galderma Indemnity Claim or a Clementia Indemnity Claim, as applicable.

 

1.13         
“Clementia Background Know-How” means any Know-How that is used by Clementia, or provided by Clementia
for use, in the conduct of the Development Program and/or in connection with the Commercialization of any Licensed Product and
that is (a) Controlled by Clementia as of the Effective Date or (b) conceived or first reduced to practice by employees of, or
consultants to, Clementia after the Effective Date outside of the conduct of the Development Program and/or the Commercialization
of any Licensed Product. For clarity, Clementia Background Know-How shall not include Clementia Program Know-How.

 

1.14         
“Clementia Background Patent Rights” means any Patent Rights that contain one or more claims that cover
Clementia Background Know-How.

 

1.15         
“Clementia Field” means all prophylactic, therapeutic and diagnostic uses for (a) the Initial Indications
and (b) any Additional Indications that are added to the Clementia Field pursuant to Section 2.3.

 

1.16         
“Clementia Know-How” means, collectively, Clementia Background Know-How and Clementia Program Know-How.

 

1.17         
“Clementia Materials” means any Proprietary Materials that are Controlled by Clementia and used by Clementia
in the conduct of the Development Program and/or the Commercialization of any Licensed Product.

 

1.18         
“Clementia Patent Rights” means collectively, Clementia Background Patent Rights and Clementia Program
Patent Rights.

 

1.19         
“Clementia Program Patent Rights” means any Patent Rights that contain one or more claims that cover
Clementia Program Know-How.

 

1.20         
“Clementia Program Know-How” means any Program Know-How that is first conceived or reduced to practice
by employees of, or consultants to, Clementia, alone or jointly with any Third Party, in the conduct of the Development Program
and/or the Commercialization of any Licensed Product.

 

1.21         
“Clinical Data” means any and all data (together with all clinical trial reports and the results of analyses
thereof) derived or generated from any Clinical Trial involving any Licensed Compound conducted by or on behalf of Clementia or
from the testing of subjects or the analysis of samples used in any such Clinical Trial.

 

1.22         
“Clinical Trial” means, collectively, any Phase I Clinical Trial, Phase II Clinical Trial, Phase III
Clinical Trial or Phase IV Clinical Trial.

 

1.23         
“Commercialization” or “Commercialize” means any and all activities directed to the
offering for sale and sale of a Licensed Product including (a) activities directed to marketing, promoting, detailing, distributing,
importing, selling and offering to sell that Licensed Product; (b) conducting Phase IV Clinical Trials with respect to that Licensed
Product; (c)

    	3

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

interacting with Regulatory Authorities
regarding the above; and (d) seeking pricing approvals and reimbursement approvals (as applicable) for that Licensed Product in
the Territory. When used as a verb, “to Commercialize” and “Commercializing” means
to engage in Commercialization and “Commercialized” has a corresponding meaning.

 

1.24         
“Commercialization Plan” means the written plan for the Commercialization by Clementia of any Licensed
Product, as such written plan may be amended, modified or updated in accordance with Section 5.6(b).

 

1.25         
“Commercially Reasonable Efforts” means, with respect to the activities of Clementia in the Development
and/or Commercialization of a Licensed Compound or Licensed Product, the efforts and resources comparable to those that would be
undertaken by a research based biotechnology company in the development, manufacture or commercialization of any retinoic acid
receptor gamma agonist that is at a similar stage of development and has comparable market potential as such Licensed Compound
or Licensed Product, taking into account, in any such case, all relevant factors including, as applicable, the stage of development,
efficacy and safety relative to competitive products in the marketplace, actual or anticipated Regulatory Authority approved labeling,
the nature and extent of market exclusivity (including patent coverage and regulatory exclusivity), the cost and likelihood of
obtaining regulatory approval and actual or projected profitability. For purposes of clarity, Commercially Reasonable Efforts shall
be determined on a market-by-market basis for each Licensed Compound or Licensed Product, and it is anticipated that the level
of effort may be different for different markets and may change over time, reflecting changes in the status of each Licensed Compound
or Licensed Product involved.

 

1.26         
“Compound-Specific Exclusivity Period” means, with respect to any Exclusive Licensed Compound, the period
commencing on the date (which may be the Effective Date) [*****].

 

1.27         
“Confidential Information” means (a) with respect to Galderma, all information, Know-How and Proprietary
Materials that are Licensed Know-How, Licensed Patent Rights or Galderma Materials; and (b) with respect to Clementia, (i) all
New Licensed Compound-Specific Patent Rights and/or New Licensed Compound-Specific Know-How, and (ii) all Clementia Program Know-How
and all information, Know-How and Proprietary Materials that are Clementia Background Know-How or Clementia Materials that are,
in any case, disclosed or provided by or on behalf of a Party (the “Disclosing Party”) to the other Party (the
“Receiving Party”) or to any of the Receiving Party’s employees, consultants or Affiliates, including
all Confidential Information disclosed under the Confidential Disclosure Agreement by and between the Parties with the effective
date of 8 April 2014; provided, that, none of the foregoing shall be Confidential Information if: (1) as of the date of disclosure,
it is known to the Receiving Party or its Affiliates as demonstrated by contemporaneous credible written documentation, other than
by virtue of a prior confidential disclosure to such Receiving Party; (2) as of the date of disclosure it is in the public domain,
or it subsequently enters the public domain through no fault of the Receiving Party; (3) it is obtained by the Receiving Party
from a Third Party having a lawful right to make such disclosure free from any obligation of confidentiality to the Disclosing
Party; or (4) it is independently developed by or for the Receiving Party without reference to or use of any Confidential Information
of the Disclosing Party as demonstrated by contemporaneous

    	4

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credible written documentation. For clarity,
(x) unless excluded from Confidential Information pursuant to the preceding sentence, any scientific, technical , manufacturing
or financial information, including Data and information disclosed through an audit report, Commercialization Report, Development
Report or other report, shall constitute Confidential Information of the Disclosing Party, and (y) any combination of Confidential
Information shall not be considered in the public domain or in the possession of the Receiving Party merely because individual
elements of such Confidential Information are in the public domain or in the possession of the Receiving Party unless the combination
and its principles are in the public domain or in the possession of the Receiving Party. Notwithstanding anything herein to the
contrary, the terms of this Agreement shall constitute Confidential Information of each Party.

 

1.28         
“Control” or “Controlled” means (a) with respect to Know-How or Patent Rights, the
possession by a Party of the right to grant a license or sublicense to such Know-How or Patent Rights as provided herein without
violating the terms of any agreement or arrangement with any Third Party, and without violating any Applicable Laws and (b) with
respect to Proprietary Materials, the possession by a Party of the right to supply such Proprietary Materials to the other Party
as provided herein without violating the terms of any agreement or arrangement with any Third Party, and without violating any
Applicable Laws. For clarity, no Party (or Affiliate of a Party, as applicable) shall be deemed to Control any Know-How, Proprietary
Materials or Patent Rights by virtue of the license grants to that Party from or by the other Party as set forth in this Agreement.

 

1.29         
“Cover” or “Covered” means, with respect to any Licensed Compound or Licensed Product
that the manufacture, use, offer for sale, sale, import or export of such Licensed Compound or Licensed Product in a particular
country by an unlicensed Third Party would infringe a Valid Claim.

 

1.30         
“CTA” means: (a) a clinical trial application or any successor application or procedure required to initiate
clinical testing in the European Union of any Licensed Product in humans and (b) all supplements and amendments to any of the foregoing.

 

1.31         
“Data” means results, data, and analyses thereof, including non-clinical data and Clinical Data involving
any Licensed Compound or Licensed Product derived or generated by or on behalf of Clementia pursuant to this Agreement.

 

1.32         
“Development” or “Develop” means, with respect to any Licensed Product, all non-clinical
and clinical drug development activities that are undertaken after the Effective Date as part of the Development Program up through
and including the completion of Phase III Clinical Trials with respect to that Licensed Product, including the preparation and
filing of Regulatory Filings and all regulatory affairs related to the foregoing. When used as a verb, “Developing”
means to engage in Development and “Developed” has a corresponding meaning. For clarity, “Development”
shall not include any Commercialization activities.

 

1.33         
“Development Plan” means the written plan for the Development activities to be conducted by Clementia
with respect to any Licensed Product, as such written plan may be amended, modified or updated in accordance with Section 3.1.2.

    	5

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

1.34         
 “Development Program” means the Development activities to be conducted by Clementia during the Term
with respect to any Licensed Product as set forth in the Development Plan.

 

1.35         
“DMF” means a Drug Master File maintained with a Regulatory Authority in any country within the Territory.

 

1.36         
“Drug Approval Application” means, with respect to each Licensed Product in any country in the Territory,
an application for Marketing Authorization for such Licensed Product in such country, including: (a) an NDA or MAA; (b) a counterpart
of an NDA or MAA in any country in the Territory; and (c) all renewals, supplements and amendments to any of the foregoing.

 

1.37         
“EMA” means the European Medicines Agency or any successor agency or authority thereof.

 

1.38         
“European Union” or “EU” means the countries of the European Union, as the European
Union is constituted as of the Effective Date and as it may be expanded from time to time..

 

1.39         
“Exclusive Evaluation and Option Agreement” means the Exclusive Evaluation and Option and Exclusive Option
Agreement by and between the Parties dated as of April 1, 2016.

 

1.40         
“Executive Officers” means the VP Business Development & Strategy of Galderma and the Chief Executive
Officer of Clementia.

 

1.41         
“Exclusive Licensed Compound” means a Licensed Compound listed on Schedule 5 or for which Clementia has
notified Galderma that it will commence Development as described in Section 3.1.1.

 

1.42         
“FDA” means the United States Food and Drug Administration, or any successor agency or authority thereto.

 

1.43         
“FDCA” means the United States Federal Food, Drug, and Cosmetic Act, as amended.

 

1.44         
“First Commercial Sale” means, with respect to any Licensed Product in any country in the Territory,
the first sale, transfer or disposition for value to an end user of that Licensed Product in that country after Marketing Authorization
for any Licensed Product has been received in that country; provided, that, the following shall not constitute a First Commercial
Sale: (a) any sale to an Affiliate or distributor (unless the Affiliate or distributor is the last entity in the distribution chain
of any Licensed Product), (b) any use of a Licensed Product in Clinical Trials, pre-clinical studies or other research or Development
activities, or (c) the disposal or transfer of any Licensed Product for a bona fide charitable purpose, including compassionate
use and/or “named patient sales”.

    	6

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

1.45         
 “Force Majeure” means any occurrence beyond the reasonable control of a Party that (a) prevents or substantially
interferes with the performance by such Party of any of its obligations hereunder and (b) occurs by reason of any act of God, flood,
fire, explosion, earthquake, casualty or accident, or war, revolution, civil commotion, act of terrorism, blockage or embargo,
or any injunction, law, order, proclamation, regulation, ordinance, demand or requirement of any government or of any subdivision,
authority or representative of any such government.

 

1.46         
“Galderma Field” means the diagnosis and treatment of (a) dermatologic diseases or conditions; (b) aesthetic
and corrective Indications; and (c) cosmetics, in each case, for skin, mucous membrane, hair and nails. For purposes of clarity,
the determination of conditions or Indications that are included as part of the Galderma Field shall be made independent of whether
Regulatory Approval for use of a Licensed Compound for such Indication is required or has been obtained.

 

1.47         
“Galderma Materials” means any Proprietary Materials that are Controlled by Galderma and provided to
Clementia for use in the conduct of the Development.

 

1.48         
“Galderma Third Party Manufacturer” means any Third Party with which Galderma has an agreement to manufacture
a Licensed Compound.

 

1.49         
“Good Laboratory Practice” or “GLP” means the then-current Good Laboratory Practice
Standards promulgated or endorsed by the FDA or in the case of any other country in the Territory, comparable regulatory standards
promulgated or endorsed by that country, including those procedures expressed in or contemplated by any Regulatory Filings.

 

1.50          “Good
Manufacturing Practice” or “GMP” means the then-current Good Manufacturing Practices that
apply to the manufacture (including clinical or commercial supply) of any Licensed Compound and/or any Licensed
Product, including, the United States regulations set forth under Title 21 of the United States Code of Federal Regulations,
parts 210 and 211, as may be amended from time-to-time, as well as all applicable guidance published from time-to- time by
the FDA and the International Conference on Harmonization Guidelines ICHQ7A Good Manufacturing Practice Guidance for the
principles and guidelines of Good Manufacturing Practices for Medicinal Licensed Products as defined with EC Directive
2003/94/EC and associated EC Guide to Good Manufacturing Practice.

 

1.51         
“Good Clinical Practice” or “GCP” means the then-current good clinical practice applicable
to the clinical Development of any Licensed Compound and/or Licensed Product under Applicable Laws, including the ICH guidelines
and U.S. Good Clinical Practice.

 

1.52         
“Governmental Authority” means any multi-national, federal, state, local, municipal, provincial or other
governmental authority of any nature (including any governmental division, prefecture, subdivision, department, agency, bureau,
branch, office, commission, council, court or other tribunal).

 

1.53         
“Hatch-Waxman Act” means the Drug Price Competition and Patent Term Restoration Act of 1984, as amended.

    	7

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

1.54         
 “IND” means (a) an Investigational New Drug Application, as defined in the FDCA and regulations promulgated
thereunder, or any successor application or procedure required to initiate clinical testing of any Licensed Compound or Licensed
Product in humans in the United States; (b) a counterpart of an Investigational New Drug Application that is required in any other
country or region in the Territory before beginning clinical testing of any Licensed Compound or Licensed Product in humans in
such country or region; and (c) all supplements and amendments to any of the foregoing.

 

1.55         
“Indication” means any human indication, disease or condition in the Clementia Field, which can be treated,
prevented, cured or the progression of which can be delayed. For clarity, distinctions between human indications, diseases or conditions
shall be made by reference to the World Health Organization International Classification of Diseases, version IO (as revised and
updated, “ICD10”).

 

1.56         
“Initial Indications” means the Indications listed on Schedule 3 attached hereto and incorporated herein
by reference.

 

1.57         
“Initial Exclusive Licensed Compound(s)” means the Exclusive Licensed Compound(s) for which Clementia
shall initiate Development upon the Effective Date, as listed on Schedule 5.

 

1.58         
“Know-How” means, collectively, inventions, discoveries, improvements, trade secrets and proprietary
methods, whether or not patentable, including: (a) methods of manufacture or use of, and structural and functional information,
including chemical composition, pertaining to, chemical compounds and (b) compositions of matter, data, formulations, processes,
techniques, know-how, reports, proprietary documents and results, including preclinical, pharmacological, toxicological and clinical
test Data and results. For clarity, “Know-How” excludes Patent Rights and Proprietary Materials.

 

1.59         
“Knowledge” or “Known” means, with respect to a Party, the actual knowledge of the
chief executive officer or any executive officer (as defined for purposes of Section 14 of the Securities Exchange Act of 1934,
as amended) of such Party.

 

1.60         
“Licensed Compounds” means all RARg Compounds.

 

1.61         
“Licensed Compound Family” means each of the chemical families relating to each Licensed Compound as
identified on Schedule 2 attached hereto and incorporated herein by reference. For purposes of clarity, Licensed Compound Families
are designated on Schedule 2 as “Licensed Compound Family A”, “Licensed Compound Family B”, “Licensed
Compound Family C” and “Licensed Compound Family D”.

 

1.62         
“Licensed Know-How” means any Know-How Controlled by Galderma as of the Effective Date and during the
Term that (a) relates to any Licensed Compound and/or any Licensed Product (including its chemical composition, formulation, its
method of delivery or use, and/or its Manufacture) or (b) is necessary. or useful for Clementia to Develop and Commercialize any
Licensed Compound and/or any Licensed Product in the Clementia Field in the Territory.

    	8

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

1.63         
 “Licensed Patent Rights” means any Patent Rights Controlled by Galderma as of the Effective Date and
during the Term that (a) contain one or more claims that Cover any Licensed Compound and/or any Licensed Product (including its
chemical composition, formulation, its method of delivery or use, and/or its Manufacture); or (b) are necessary or useful for Clementia
to Develop and Commercialize any Licensed Compound and/or any Licensed Product in the Clementia Field and in the Territory. For
purposes of clarity, Licensed Patent Rights shall include on the Effective Date the Patent Rights listed on Schedule 4 attached
hereto and incorporated herein by reference. Schedule 4 shall be amended, from time-to-time, to include any additional Licensed
Patent Rights Controlled by Galderma.

 

1.64         
“Licensed Product” means any biological, pharmaceutical, therapeutic, diagnostic or prophylactic compound,
substance, chemical composition or formulation that contains, incorporates, or comprises any Exclusive Licensed Compound, in its
final form or formulation and whether as the sole or one of several active ingredients.

 

1.65         
“MAA” means any application for Regulatory Approval submitted to the EMA pursuant to the centralized
approval procedure to obtain European Commission approval for the marketing of any Licensed Product in the European Union, or any
successor application or procedure required to sell any Licensed Product in the European Union.

 

1.66         
“Major Markets” means each of the United States, Japan, and each Major Market European Country.

 

1.67         
“Major Market European Country” means each of the United Kingdom, Germany, France, Italy and Spain.

 

1.68         
“Manufacture” means, with respect to any Licensed Compound and/or any Licensed Product, all activities
related to the synthesis, manufacture, processing, filling, finishing, packaging, labeling, release, shipping, holding, stability
testing, quality assurance and quality control of such Licensed Compound or Licensed Product or any intermediate thereof.

 

1.69         
“Manufacturing Cost” means with respect to any Licensed Compound Manufactured by or on behalf of Galderma,
Galderma’s direct costs of Manufacturing such Licensed Compound.

 

1.70         
“Marketing Authorization” means, with respect to a Licensed Product, the Regulatory Approval required
by Applicable Laws to sell such Licensed Product for use in the Clementia Field in a country or region in the Territory. For purposes
of clarity, (a) “Marketing Authorization” in the United States means final approval of an NDA or sNDA permitting
marketing of such Licensed Product in interstate commerce in the United States; and (b) “Marketing Authorization”
in the European Union means marketing authorization for such Licensed Product granted either by a Regulatory Authority in any Major
Market European Country or by the EMA pursuant to Council Directive 2001/83/EC, as amended, or Council Regulation 2309/93/EEC,
as amended, together with pricing or reimbursement approval in a Major Market European Country.

    	9

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

1.71         
 “NDA” means a New Drug Application, as defined in the FDCA and regulations promulgated thereunder, or
any successor application or procedure required to sell any Licensed Product in the United States.

 

1.72         
“Net Sales” means the gross amount billed or invoiced by Clementia or any of its Affiliates or Sublicensees
(each, a “Seller”) to Third Parties throughout the Territory for sales or other dispositions or transfers for
value of Licensed Products less the following deductions where such deductions are customary under applicable International Financial
Reporting Standards [*****]:

 

(A)    Such sales or
other dispositions or transfers for value of Licensed Products as described above shall be exclusive of: (i) inter-company or group
transfers or sales between Clementia’s Affiliates and its Sub-licensees and (ii) sales or other dispositions or transfers
between Clementia and its Affiliates.

 

(B)    If a Licensed
Product is sold in the form of a combination therapy containing both such Licensed Product and one or more independent pharmaceuticals
other than any Licensed Product (for purposes of this Section, a “Combination Licensed Product”), the Net Sales of
such Licensed Product for the purpose of calculating royalties or other payments owed by a Party under this Agreement for sales
of such Licensed Product, shall be determined as follows: [*****]

 

(C)    If any Seller
effects a sale, disposition or transfer of a Licensed Product to a customer in a particular country other than on customary commercial
terms or as part of a package of Licensed Products and other products and services, the Net Sales of such Licensed Product to such
customer shall be deemed to be “the fair market value” of such Licensed Product. For purposes of this subsection (c),
“fair market value” means the value that would have been derived had such Licensed Product been sold as a separate
Licensed Product to another customer in the applicable country on customary commercial terms.

 

(D)    In the case of
pharmacy incentive programs, hospital performance incentive program chargebacks, disease management programs, similar programs
or discounts on Licensed Products, all discounts shall be allocated among Licensed Products on the basis on which such discounts
were actually granted or, if such basis cannot be determined, in proportion to the respective list prices of such Licensed Products.

 

(E)    For purposes of
this Agreement, “sale” shall mean any transfer or other distribution or disposition, but shall not include transfers
or other distributions or dispositions of Licensed Product at no charge (i) for academic research, preclinical, clinical, or regulatory
purposes (including the use of a Licensed Product in Clinical Trials) or (ii) in connection with patient assistance programs or
other charitable purposes, such as a compassionate use, “named patient” or expanded access program or (iii) to physicians
or hospitals for promotional purposes (including free samples to a level and in an amount which is customary in the industry and/or
which is reasonably proportional to the market for such Licensed Product).

    	10

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

1.73          
“New Licensed Compound-Specific Know-How” means any Clementia Know- How that relates solely and
specifically to the composition of matter, manufacture or use of any Licensed Compound that is useful in the Galderma
Field.

 

1.74         
“New Licensed Compound-Specific Patent Rights” means any Clementia Patent Rights that contain one or
more claims that Cover New Licensed Compound-Specific Know-How.

 

1.75         
“Patent Costs” means the costs and expenses incurred by a Party (including reasonable external attorneys’
fees) in preparing, filing, prosecuting and/or maintaining any patents or patent applications for which that Party is responsible
in accordance with this Agreement.

 

1.76         
“Patent Rights” means the rights and interests in and to issued patents and pending patent applications
(which, for purposes of this Agreement, include certificates of invention, applications for certificates of invention and priority
rights) in any country or region, including all provisional applications, substitutions, continuations, continuations-in-part,
divisions, renewals, all letters patent granted thereon, and all reissues, re-examinations and extensions thereof, and all foreign
counterparts of any of the foregoing.

 

1.77         
“Person” means an individual, sole proprietorship, partnership, limited partnership, limited liability
partnership, corporation, limited liability company, business trust, joint stock company, trust, incorporated association, joint
venture or similar entity, firm or organization, including a government or political subdivision, department or agency of a government.

 

1.78         
“Phase I Clinical Trial” means a human clinical trial for any Licensed Product in any country that would
satisfy the requirements of 21 CFR 312.21(a).

 

1.79         
“Phase II Clinical Trial” means a human clinical trial conducted in any country that would satisfy the
requirements of 21 CFR 312.21(b) and is intended to explore one or more doses, dose response, and duration of effect, and to generate
initial evidence of clinical activity and safety, for any Licensed Compound and/or any Licensed Product in the target patient population.

 

1.80         
“Phase III Clinical Trial” means a clinical trial in an extended human patient population designed to
obtain data determining efficacy and safety of any Licensed Compound and/or any Licensed Product to support Regulatory Approvals
in the proposed therapeutic indication, as more fully defined in 21 C.F.R. §312.2l (c), or its successor regulation, or the
equivalent in any foreign country.

 

1.81         
“Phase IV Clinical Trial” means a clinical trial, study or data collection effort for a Licensed Product
that is initiated after receipt of Marketing Authorization for any Licensed Compound and/or any Licensed Product and is not principally
intended to support or maintain a Regulatory Approval, maintain a label or otherwise obtain a labeling change. For purposes of
clarity, Phase IV Clinical Trials (a) shall include, without limitation, studies related to any Licensed Compound that are sponsored
by a Third Party but supported by a Party (either through financial support or through the provision of study drugs) and (b) may
include a Clinical Trial of

    	11

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

any Licensed Product that is required by
the Regulatory Authority in a country to be conducted following Marketing Authorization of such Licensed Compound or Licensed Product
in that country, as an explicit condition of that Marketing Authorization.

 

1.82         
“POC Study” means a proof of concept Phase II Clinical Trial conducted with respect to a Licensed Product
for the purpose of assessing the safety and efficacy of such Licensed Product for an Indication in the Clementia Field. [*****].

 

1.83         
“Program Know-How” means any Know-How (including any new and useful process, method of manufacture, chemical
composition or composition of matter) that is conceived and first reduced to practice (actually or constructively), whether or
not patentable, by Clementia in connection with the conduct of the Development Program.

 

1.84         
“Program Materials” means any Proprietary Materials that are Controlled by either Party, and provided
by such Party for use, or used by such Party, in the conduct of the Development Program and/or the Commercialization of any Licensed
Product.

 

1.85         
“Proprietary Materials” means any tangible chemical, biological or physical materials, to the exclusion
of Licensed Compounds, that are furnished by or on behalf of one Party to the other Party in connection with this Agreement, whether
or not specifically designated as proprietary by the Transferring Party.

 

1.86         
“RARg Compound” means (a) each of the retinoic acid receptor gamma agonists described more fully on Schedule
2 attached hereto and incorporated herein by reference, (b) each of the other retinoic acid receptor gamma agonists Covered
by Licensed Patent Rights, and (c) all analogues derivatives, improvements, active fragments, chemical compositions and formulations
of the retinoic acid receptor gamma agonists listed in subsections (a) and (b). For purposes of clarity, RARg Compounds will be
classified in RARg Compound Families, each RARg Compound is a Licensed Compound, each RARg Compound Family is a Licensed Compound
Family, and all compounds within the Licensed Compound Families are Licensed Compounds.

 

1.87         
“Regulatory Authority” means any national, international, regional, state or local regulatory agency,
department, bureau, commission, council or other governmental entity with authority over the distribution, importation, exportation,
manufacture, production, use, storage, transport, clinical testing, pricing, sale or reimbursement of any Licensed Compound and/or
any Licensed Product in the Territory, including the FDA and the EMA.

 

1.88         
“Regulatory Approval” means, with respect to any country or region in the Territory, any approval, product
or establishment license, registration or authorization of any Regulatory Authority required for the manufacture, use, storage,
importation, exportation, transport or distribution of any Licensed Compound or any Licensed Product for use in the Clementia Field
in such country or region.

 

1.89         
“Regulatory Filing” means, collectively: (a) any IND, CTA, NDA, MAA, establishment license application,
DMF, application for designation as an “Orphan Drug” under the Orphan Drug Act, for “Fast Track” status
under Section 506 of the FDCA (21 U.S.C. § 356) or for a Special Protocol Assessment under Section 505(b)(4)(B) and (C) of
the FDCA (21

    	12

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

U.S.C. § 355(b)(4)(B)) and all other
similar filings (including counterparts of any of the foregoing in any country or region in the Territory); (b) all supplements
and amendments to any of the foregoing; and (c) all data and other information contained in, and correspondence relating to, any
of the foregoing.

 

1.90         
“Royalty Term” means with respect to each Licensed Product in the Territory, the period beginning on
the date of First Commercial Sale of such Licensed Product in a country and ending on the later of (a) the expiration of the last
to expire Valid Claim of all Licensed Patent Rights in such country that Cover the composition of matter, sale, import or use of
any Licensed Compound included in such Licensed Product, and (b) ten (10) years from the date of the First Commercial Sale of such
Licensed Product in such country.

 

1.91         
“Serious Adverse Event” means any untoward medical occurrence with respect to any Licensed Compound and/or
any Licensed Product that, at any dose, results in death, is life- threatening, requires inpatient hospitalization or prolongation
of existing hospitalization, results in persistent or significant disability/incapacity, or is a congenital anomaly/birth defect,
as defined more fully in 21 CFR § 312.32.

 

1.92         
“Sublicense Agreement” means any agreement by and between Clementia and a Sublicensee which is entered
into in accordance with Section 2.1.2 to the extent the Sublicensee is granted a sublicense to (a) a Licensed Compound or (b) a
Licensed Product.

 

1.93         
“Sublicensee” means any Third Party to which Clementia grants a sublicense in accordance with Section
2.1.2.

 

1.94         
“Sublicense Royalty Payments” means any royalty payments received by Clementia or its Affiliates from
a Sublicensee under a Sublicense Agreement in consideration for the grant of a sublicense pursuant to Section 2.1 .2.

 

1.95         
“Successful Completion” means, with respect to a Licensed Product, the successful achievement of specified
clinical trial endpoints in the POC Study, as defined by Clementia, as evidenced by the final study report for such clinical trial.

 

1.96         
“Support Activities” means all reasonable assistance by Galderma staff to support the conduct of Development,
regulatory and Commercialization activities by Clementia. Support Activities shall be subject to the payment of Galderma out-of-pocket
costs and fees on the basis of the daily rate of [*****]. In the event that the free forty (40) person hours have not been fully
utilized under the Exclusive Evaluation and Option Agreement, it is hereby agree that all non-utilized free hours shall be provided
under this Agreement, until the total of 40 person hours is reached.

 

1.97         
“Territory” means every country or territory in the world.

 

1.98         
“Third Party” means a Person other than Clementia and Galderma and their respective Affiliates.

    	13

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

1.99         
 “Third Party Data Provider” means [*****] and/or any other Third Party agreed by the Parties that performs
market analyses and provides sales data for the biotechnology or pharmaceutical industry.

 

1.100     
“Valid Claim” means any claim of an issued and unexpired patent which claim has not been revoked or held
unenforceable , unpatentable, or invalid by a decision of a court or governmental agency of competent jurisdiction from which no
further appeal can be taken or has been taken within the time allowed for appeal, and has not been abandoned, disclaimed, denied
or admitted to be invalid or unenforceable through reissue or disclaimer (including through terminal disclaimer), and is not lost
through an interference proceeding, inter partes review, post-grant review proceeding or foreign equivalent, that
is unappealable or unappealed within the time allowed for appeal.

 

Additional Definitions.
In addition, each of the following definitions shall have the respective meanings set forth in the section of this Agreement indicated
below:

 

	Definition	Section
	 	 
	Acquiring Party	2.5
	Additional Indication Notice	2.3
	Additional Indication Restriction
    Period	2.2.2
	Agreement	Preamble
	Change of Control Notice	2.5
	Change of Control Transaction	2.5
	Clementia	Preamble
	Clementia Indemnitees	12.2
	Clementia Indemnity Claims	12.2
	Combination Licensed Product	1.72
	Commercialization Report	5.6
	Development Report	3.6
	Disclosing Party	1.27
	Effective Date	Preamble
	Galderma	Preamble
	Galderma Indemnitees	12.l
	Galderma Indemnity Claims	12.1
	Galderma ROFR Notice	2.2.3
	Galderma ROFR Response	2.2.3
	Galderma Supply Agreement	3.8
	ICC	13.1
	I CD IO	1.55
	Indemnified Party	12.3
	Indemnifying Party	12.3
	Infringement	9.2.l(a)(i)
	Infringement Notice	9.2.
    l(a)(i)
	Infringement Response	9.2.l(a)(ii)
	Know-How Transfer Plan	3.8
	License Fee	6.1

    	14

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

	Definition	Section
	 	 
	Losses	12.1
	Patent Coordinator	8.3
	Party/Parties	Preamble
	Receiving Party	1.27
	Recipient Party	7.4
	Recovery	9.2. l(d)
	Sublicense Agreement Payment	6.3.4
	Term	10.l
	Transferring Party	7.4

 

2.                 
GRANT OF LICENSES; EXCLUSIVITY 

 

2.1             
Grant of Licenses to Clementia.

 

2.1.1                   
Grant of Licenses. Subject to the terms of this Agreement, Galderma hereby grants Clementia (a) an exclusive,
worldwide, royalty-bearing license, including the right to grant sublicenses as provided in Section 2.1.2, under all Licensed Know-How
and all Licensed Patent Rights to (i) develop, make and use the Licensed Compounds within the Clementia Field in order to research,
Develop, Manufacture and Commercialize Licensed Products for use in the Clementia Field and in the Territory, and (ii) research,
Develop, Manufacture and Commercialize Licensed Products for use in the Clementia Field and in the Territory and (b) a non-exclusive,
royalty-free license during the Term, with the right to grant sublicenses solely as provided in Section 2.1.2, under Licensed Know-How
and Licensed Patent Rights for the purpose of evaluating whether to include Additional Indications in the Clementia Field pursuant
to Section 2.3.

 

2.1.2                   
Right to Sublicense. Clementia shall have the right to grant sublicenses through multiple tiers under the
license granted to it under Section 2.1.1 (a) to any of its Affiliates, (a) to any Third Party chosen by it to conduct Development
activities, including contract research organizations, academic institutions, and regulatory affairs consultants, subject to the
execution by each such Third Party of an agreement containing provisions with respect to confidentiality and assignment of Know-How
that are consistent with, and comparable in scope to, Articles 7 and 8, and (c) to any Third Party with respect to the Commercialization
of the any Licensed Products in the Territory in the Clementia Field; provided, that, (i) Clementia shall not be relieved of any
of its obligations under this Agreement; and (ii) Clementia shall secure all appropriate covenants, obligations and rights from
any such Sublicensee to ensure that such Sublicensee is subject to, and can comply with, all of Clementia’s covenants and
obligations under this Agreement. For purposes of clarity, Clementia shall have the right, in connection with the grant of a sublicense
to any Third Party pursuant to this Section 2.1.2, to transfer to such Third Party such quantities of any Licensed Compound as
is necessary for such Third Party to conduct Development activities for which it was chosen.

 

2.1.3                   
Transfer of Program Materials. In order to facilitate Clementia’s exercise of its license in Section
2.1.1 , within thirty (30) days of the Effective Date, Galderma shall provide to Clementia such Program Materials as are reasonably
necessary or useful for

    	15

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

Clementia’s exercise of its license in Section 2.1. l to the extent Controlled by Galderma as of
such date. Clementia shall have the right to transfer any Galderma Program Materials to any Third Party chosen by Clementia to
conduct Development activities. In addition, commencing as soon as reasonably practicable after the Effective Date, Galderma will
provide reasonable assistance to Clementia on the use of such Program Materials by providing technical documentation Controlled
by Galderma as may be reasonably necessary to inform Clementia about such use. Clementia shall reimburse Galderma (i) for such
Program Materials costs to the extent set forth in Section 3.7 or Section 3.9.l and (ii) for its Support Activities.

 

2.2             
Exclusivity.

 

2.2.1                   
Clementia Field. Galderma shall not, and shall cause each of its Affiliates to not, from the Effective Date
until the [*****], conduct any activity, either on its own or for its benefit, or with, for the benefit of, or sponsored by any
Third Party, or grant any license to any Third Party to utilize any Know-How or Patent Rights Controlled by Galderma or any of
its Affiliates or provide any Galderma Materials to any Third Party, that, in any case, involves the identification, generation,
research, development, manufacture or commercialization of any retinoic acid receptor gamma agonist for use in the Clementia Field.

 

2.2.2                   
Additional Indication Restriction Period. During the period commencing on the Effective Date and continuing
thereafter for a period of [*****] (the “Additional Indication Restriction Period”), Galderma shall not, and
shall cause each of its Affiliates to not, grant any license to any Third Party to utilize any Know-How or Patent Rights Controlled
by Galderma or any of its Affiliates or provide any Galderma Materials to any Third Party, that, in any case, involves the identification,
generation, research, Development, Manufacture or Commercialization of any Licensed Compound or Licensed Product for use in any
Additional Indication.

 

2.2.3                   
Rights Following Expiration of Additional Indication Restriction Period. If at any time on and after the expiration
of the Additional Indication Restriction Period, Galderma receives a bona fide request from a Third Party seeking to obtain a license
that involves the identification, generation, research, Development, Manufacture, or Commercialization of any Licensed Compound
other than an Exclusive Licensed Compound for use in any Additional Indication then, in each such case, it shall provide written
notice of same to Clementia (the “Galderma ROFR Notice”) which notice shall describe in reasonable detail the
proposed terms to be offered to such Third Party in connection therewith. Clementia shall have thirty (30) days from the date of
the Galderma ROFR Notice to provide a written response (the “Clementia ROFR Response”) as to whether or not
it agrees to obtain a license to the Additional Indication on the terms and subject to the conditions specified in the Galderma
ROFR Notice. If the Clementia ROFR Response indicates that Clementia accepts the terms, the Parties shall, as promptly as possible
thereafter, negotiate in good faith and execute an amendment to this Agreement containing such terms as well as such other mutually
acceptable terms and conditions as would be customary for such an amendment. If the Clementia ROFR Response is not received within
the thirty (30) day response period, or if Clementia indicates that it does not wish to accept the terms specified in the Galderma
ROFR Notice, Galderma shall thereafter have the right to pursue negotiating with the Third Party the license to the Additional
Indication for Licensed Compounds other than Exclusive Licensed Compounds on the terms specified in the

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Galderma ROFR Notice for
a period of six (6) months. After such period, if Galderma has not entered into a license for the Additional Indication for all
Licensed Compounds, the procedure in this Section 2.2.3 shall again apply.

 

2.2.4                   
Compound-Specific Exclusivity Period. During the Compound Specific Exclusivity Period applicable to any Exclusive
Licensed Compound, Galderma shall not, and shall cause each of its Affiliates to not conduct any activity, either on its own or
for its benefit, or with, for the benefit of, or sponsored by any Third Party, or grant any license to any Third Party to utilize
any Know-How or Patent Rights Controlled by Galderma or any of its Affiliates or provide any Galderma Materials to any Third Party,
that, in any case, involves the identification, generation, research, Development, Manufacture or Commercialization of such Exclusive
Licensed Compound other than solely for use in the Galderma Field.

 

2.3             
Additional Indication Request. During the Term, if Clementia wishes to initiate Development of any Licensed
Compound for an Additional Indication that is not included as part of the Clementia Field or the Galderma Field, Clementia shall
give written notice to Galderma (the “Additional Indication Notice”), which Additional Indication Notice shall
identify the Additional Indication that Clementia wishes to pursue. On or before thirty (30) days from the date of its receipt
of any Additional Indication Notice, Galderma shall provide Clementia with a written response as to whether it consents to the
inclusion of the Additional Indication as part of the Clementia Field, which consent shall not be unreasonably withheld. The Parties
hereby acknowledge and agree that Galderma shall only have the right to reasonably reject any Additional Indication Request proposed
by Clementia for inclusion in the Clementia Field to the extent that Galderma is actively conducting, for its own benefit, as evidenced
by the initiation of the screening activities of, or the conduct of preclinical or clinical studies involving, such Additional
Indication following approval by Galderma’s scientific review committee (or equivalent body) of the nomination of such Additional
Indication. Subject to the foregoing, as soon as practicable after its receipt of any Additional Indication Notice, the Parties
shall prepare an amendment to this Agreement that includes the Additional Indication as part of the Clementia Field.

 

2.4             
Potential License to Galderma. In the event Clementia develops any New Licensed Compound-Specific Know-How
or files a patent application to obtain any New Licensed Compound-Specific Patent Rights, Clementia shall promptly notify Galderma
of same. At the written request of Galderma, Clementia and Galderma shall negotiate the grant by Clementia to Galderma of a license
to such New Licensed Compound-Specific Know-How and/or New Licensed Compound-Specific Patent Rights for the Galderma Field on terms
and conditions to be negotiated by the Parties in good faith promptly following Clementia’s receipt of Galderma’s written
request.

 

2.5             
Effect of Change of Control Transaction. If at any time during the Term, Galderma consummates a transaction
involving a Change of Control (a “Change of Control Transaction”) with a Third Party (each, an “Acquiring
Party”), Galderma shall provide Clementia with prompt written notice (a “Change of Control Notice”).
Such Change of Control Notice shall be provided by Galderma prior to execution of the applicable agreement, if not prohibited by
the terms of any agreement between Galderma and such Acquiring Party, and otherwise as soon as practicable thereafter and, in any
event, not later than promptly following

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the consummation of the Change of Control contemplated by such Change of Control Notice.
Galderma hereby agrees, on and after the date of consummation of the Change of Control and continuing for the duration of the Term
to the extent applicable, to take such steps as may be necessary to ensure that the Acquiring Party does not conduct any activity,
either on its own or for its benefit, or with, for the benefit of, or sponsored by any Third Party, utilizing any Know-How or Patent
Rights Controlled by Galderma or any of its Affiliates (other than the Acquiring Party) that, in any case, involves the generation,
research, Development, Manufacture, registration or Commercialization of any Licensed Compound for use in the Clementia Field;
provided, that, the foregoing shall not restrict in any way the right or ability of the Acquiring Party to conduct any of the foregoing
activities using any Know-How and Patent Rights owned or controlled by the Acquiring Party other than as a result of the Change
of Control Transaction.

 

3.                 
DEVELOPMENT PROGRAM

 

3.1             
Development Program.

 

3.1.1                   
Objective of the Development Program. The list of Initial Exclusive Licensed Compound(s) for which Clementia
shall initiate Development upon the Effective Date or shortly thereafter is attached as Schedule 5. If at any time during
the Term, Clementia wishes to initiate Development for another Licensed Compound, Clementia shall notify Galderma thereof and such
Licensed Compound shall become an Exclusive Licensed Compound. The Exclusive Licensed Compounds list shall be updated accordingly
by amendment signed between the Parties. The objective of the Development Program shall be the Development by Clementia of Exclusive
Licensed Compounds in order to obtain Licensed Products for use in the Clementia Field in accordance with the Development Plan.

 

3.1.2                   
Preparation of Development Plan. A Development Plan will be prepared by Clementia with respect to each Exclusive
Licensed Compound and furnished to Galderma within [*****] after the Effective Date. For Exclusive Licensed Compounds included
after the Effective Date, the corresponding Development Plan shall be furnished to Galderma within [*****] after the execution
of the amendment updating the Exclusive Licensed Compounds list. Any amendments or modifications to the Development Plan for any
Exclusive Licensed Compound shall be prepared by Clementia and promptly furnished to Galderma.

 

3.2             
Responsibility for Development. Clementia shall have the sole right and responsibility, at its sole cost and
expense, for the conduct of all Development activities applicable to any Exclusive Licensed Compound and/or any Licensed Product
for use in the Clementia Field and in the Territory, including the Development of any Exclusive Licensed Compound or Licensed Product
and the Manufacture of any Exclusive Licensed Compound or Licensed Product as required for the Development and registration of
any Licensed Products pursuant to this Agreement.

 

Clementia shall at any times use the Licensed
Compounds and Galderma Material solely for the Development and the Manufacture of Licensed Products, and in compliance with Applicable
Laws and governmental regulations and guidelines of each country where the Exclusive Licensed Compounds and Galderma Material are
used. Clementia shall comply with applicable current GLP, current GCP and current GMP as required by governmental authorities and
shall

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make all facilities, books and records
relating to the Exclusive Licensed Compounds and Galderma Material available to audit by Regulatory Authorities for regulatory
purposes as required by Applicable Laws.

 

Clementia shall be responsible for the
proper and safe handling, storage and use of the Exclusive Licensed Compounds and Galderma Material, by Clementia, its Affiliates
or Third Parties, in accordance with Applicable Laws and governmental regulations and guidelines of each country where the Exclusive
Licensed Compounds and Galderma Material are used.

 

3.3             
Engagement of Third Party Contractors. Clementia shall have the right to choose Third Party contractors to
perform any of its Development activities, subject to the execution by each such Third Party contractor of an agreement containing
provisions with respect to confidentiality and assignment of Know-How that are consistent with, and comparable in scope to, Articles
7 and 8 of this Agreement.

 

3.4             
Development Diligence. Clementia shall use Commercially Reasonable Efforts during the Term to Develop at least
one Exclusive Licensed Compound and shall commit such resources (including employees, consultants, contractors, facilities, equipment
and materials) as are necessary to conduct such Development activities.

 

If at any point during the Development,
Clementia affirmatively elects to discontinue working on an Exclusive Licensed Compound, Clementia shall promptly inform Galderma
thereof. The Exclusive Licensed Compound shall be deleted from the Exclusive Licensed Compounds list and such Compound Specific
Exclusivity Period shall terminate for such Licensed Compound, but such Licensed Compound shall continue to be a Licensed Compound.

 

In the event that Galderma can reasonably
demonstrate that Clementia is not exerc1smg Commercially Reasonable Efforts in the Development of at least one Exclusive Licensed
Compound, Galderma shall give Clementia written notice of such claim and the Parties shall promptly meet and discuss in good faith
how to resolve such issue. If the Parties fail to reach agreement on whether Clementia has exercised Commercially Reasonable Efforts
in the Development, or fail to reach agreement on additional steps, if any, to be taken by Clementia, the Parties shall refer such
disputed matter to the Executive Officers, who shall promptly initiate discussions in good faith to resolve such disputed matter
and if such disputed matter is not resolved by the Executive Officers within twenty (20) days after the date the Executive Officers
first meet to consider such disputed matter or sixty (60) days after the date the Patties first met to consider such disputed matter,
the disputed matter shall be resolved in accordance with Section 13.1.

 

Prior to the commencement of any proof
of concept or Clinical Trials, Clementia shall generate written clinical plans and budgets describing in reasonable details its
proposed activities. Each clinical plan shall include the following: (a) the trial objectives, design and endpoints; (b) estimated
timelines and go/no-go decision points; and (c) a high-level summary of Clementia’s key responsibilities for completing all
of the necessary tasks. All clinical plans will be revised, updated and submitted by Clementia to Galderma at least [*****] for
review and comment. Clementia shall have final decision authority on all matters relating to clinical plans.

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3.5             
 Compliance. Clementia shall perform its obligations under the Development Plan in good scientific manner
and in compliance with all Applicable Laws.

 

3.6             
Reports. Clementia shall (a) maintain records of its Development activities under the Development Program
in sufficient detail and in good scientific manner, which shall reflect work performed and results achieved in the performance
of the Development Program and (b) provide to Galderma [*****] during the Term a reasonably detailed report (each, a “Development
Report”) that summarizes (i) Development activities conducted and results obtained with respect to any Exclusive Licensed
Compound and/or any Licensed Products (including the status of any Clinical Trials, the results generated in each such Clinical
Trial and any Regulatory Approvals obtained), and (ii) an updated version of the Development Plan.

 

3.7             
Supply of Exclusive Licensed Compounds. During the period commencing on the Effective Date and continuing
until the completion of the Manufacturing Know-How Transfer Activities described in Section 3.8, Galderma shall supply Clementia,
free of charge with such quantities of any Exclusive Licensed Compound, including non-GMP Exclusive Licensed Compounds and GMP-compliant
Exclusive Licensed Compounds, as Clementia may reasonably request to the extent included as part of Galderma’s inventory
on the Effective Date, for use by Clementia in the conduct of the Development Program. Notwithstanding the foregoing, if, in order
to satisfy Clementia’s requirements for RARg Compounds, Galderma is required to synthesize additional quantities of Exclusive
Licensed Compounds, (a) Galderma shall provide Clementia with prior written notice and an estimate of cost of manufacturing such
Exclusive Licensed Compounds and (b) on a mutually agreed upon date, such Exclusive Licensed Compounds will be supplied to Clementia
and Clementia shall pay Galderma a transfer price equal to [*****]. provided, that, any Exclusive Licensed Compounds that have
been paid for. by Clementia prior to the Effective Date but not yet delivered to Clementia shall be provided by Galderma to Clementia
free of additional charge. For Exclusive Licensed Compounds for which no manufacturing process is in place, Clementia will be responsible
for developing a manufacturing process at its own cost.

 

3.8             
Manufacture and Supply: Know-How Transfer. As soon as practicable following the Effective Date, Galderma shall
prepare and submit to Clementia for its review a transfer plan (the “Know-How Transfer Plan”) pursuant to which
Galderma shall (a) take such steps as may be reasonably necessary to assign to Clementia Galderma’s rights under any supply
agreement by and between Galderma and any Galderma Third Party Manufacturer with respect to the supply of any Exclusive Licensed
Compound (the “Galderma Supply Agreement”) to the extent permitted by the terms of the Galderma Supply Agreement;
(b) consent to the supply by the Galderma Third Party Manufacturer to Clementia of Clementia’s requirements of such Exclusive
Licensed Compound, to the extent permitted under the terms of the Galderma Supply Agreement; or (c) provide Clementia or its designee
with reasonable assistance in order to facilitate (i) the transfer to Clementia of the Manufacturing processes for such Exclusive
Licensed Compound and any related Know-How and documentation, including required equipment, data, reports, synthetic schemes, purification
processes, analytical assays, quality standards, and certificates of analysis, applicable to the Manufacture of such Exclusive
Licensed Compound, in each case used by Galderma or such Galderma Third Party Manufacturer with respect such Exclusive Licensed
Compound, and (ii) the qualification of Clementia’s or its designee’s facility as required by any Regulatory Authority
in order for Clementia or its designee

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to Manufacture such Exclusive Licensed Compound. For purposes of clarity, the Parties shall
agree on one or more of (a), (b) or above as part of the Know-How Transfer Plan and shall use reasonable efforts to complete such
steps as soon as practicable. Without limiting the generality of the foregoing, to the extent the Parties agree in the Know-How
Transfer Plan to take the steps set forth in subsection (c), Galderma shall use reasonable efforts to cause any applicable Galderma
Third Party Manufacturer to:

 

(i)                
make available to Clementia or its designee all Know-How Controlled by Galderma and used by Galderma or such Galderma Third
Party Manufacturer with respect the Manufacture of any Exclusive Licensed Compound, including documentation constituting material
support, performance advice, shop practice, specifications as to materials to be used, control methods, standard operating procedures,
and any other such material that is reasonably necessary or useful to enable Clementia or its designee to Manufacture such Exclusive
Licensed Compound;

 

(ii)              
have the appropriate employees, representatives and consultants of the Galderma Third Party Manufacturer meet with employees
of Clementia or its designee at the facilities of Clementia or its designee, from time to time as reasonably requested by Clementia,
to assist with the working up and use of the process to Manufacture such Exclusive Licensed Compound and with the training of Clementia’s
or its designee’s personnel to the extent reasonably necessary or useful to enable Clementia or its designee to Manufacture
such Exclusive Licensed Compound;

 

(iii)            
take such steps as are reasonably necessary to assist Clementia or its designee in obtaining any necessary Regulatory Approval
with respect to Clementia’s or its designee’s Manufacture of such Exclusive Licensed Compound; and

 

(iv)            
provide such other assistance as Clementia may reasonably request to enable Clementia or its designee to Manufacture such
Exclusive Licensed Compound.

 

Without limiting the foregoing, Galderma
shall provide Clementia with, or cause any applicable Galderma Third Party Manufacturer to provide Clementia with, all available
documentation, reports, data and materials necessary or useful to enable both a successful technology transfer and the ability
for Clementia to manufacture Licensed Product. Upon request, Galderma shall provide Clementia with reasonable assistance to support
these activities.

 

For purposes of this
Section 3.8, (A) with respect to Galderma’s obligation to cause a Galderma Third Party Manufacturer to take certain actions,
the term “cause” shall mean that Galderma shall take reasonable steps to facilitate the activities described above,
including by enforcing the terms of the written agreement by and between Galderma and such Galderma Third Party Manufacturer applicable
to such action and (B) Clementia shall ensure that any Third Party designee of Clementia is subject to confidentiality provisions
comparable in scope to Article 7 with respect to the transfer by Galderma to Clementia of information and Know-How under this Section
3.8. Clementia shall reimburse Galderma for all documented, fees and staff out-of-pocket expenses reasonably incurred by Galderma
in connection with Support Activities provided under this Section 3.8.

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3.9             
 Right to Supply of Additional Compound. If at any time during the Term, Clementia requests a supply of the
Additional Compound for use in reference testing in the conduct of Development activities, Clementia shall submit to Galderma a
written request for such supply, and Galderma shall supply the Additional Compound on the terms set forth in Section 3.9. l below

 

3.9.1                   
All supplies of Additional Compound shall be provided by Galderma to Clementia free of charge, to the extent such quantities
are in Galderma’s inventory. Notwithstanding the foregoing, if, in order to satisfy Clementia’s requirements for Additional
Compound, Galderma is required to synthesize additional quantities of Additional Compound, (a) Galderma shall provide Clementia
with prior written notice and an estimate of cost of manufacturing Additional Compound and (b) on a mutually agreed upon date,
Additional Compound will be supplied to Clementia at a transfer price equal to [*****].

 

4.                 
REGULATORY ACTIVITIES - SAFETY

 

4.1             
Transfer of Regulatory Filings. Clementia shall have the right to reference any of Galderma’s Regulatory
Filings and Galderma shall provide Clementia with copies of all Regulatory Filings and documents applicable to any Licensed Compounds
in the Clementia Field as well as of all correspondence between Galderma and Regulatory Authorities. Clementia shall reimburse
Galderma for all document costs and fees and all its staff out-of-pocket expenses in providing such Support Activities.

 

4.2             
Responsibilities of the Parties. Subject to Section 4.1, Clementia shall have the sole right and responsibility,
at its sole expense, for (a) preparing, filing, prosecuting and maintaining all Regulatory Filings for any Licensed Products in
its own name in the Territory and shall use Commercially Reasonable Efforts to obtain Regulatory Approvals in all Major Markets
that have sufficient patient bases and pricing to support commercialization, and (b) reporting to Regulatory Authorities all Adverse
Events and Serious Adverse Events occurring in any Clinical Trial conducted by Clementia related to any Exclusive Licensed Compound
and/or any Licensed Products, to the extent required by Applicable Laws. Clementia shall promptly report to Galderma all Serious
Adverse Events and all Licensed Product recalls. Clementia shall provide Galderma with reasonable prior written notice of all meetings
(whether in person or by telephone or video conference) scheduled with Regulatory Authorities relating to an Exclusive License
Compound and Licensed Product. In the event that Galderma believes that safety information should be presented at any such meeting,
Galderma shall furnish the proposed safety information in writing to Clementia and Clementia will present such information at the
meeting. At Clementia’s request, on a country-by-country basis, Galderma shall use commercially reasonable efforts to assist
Clementia in obtaining and maintaining Regulatory Approvals (including supplements thereto) for each Licensed Product in the Clementia
Field in the Territory. Clementia shall reimburse Galderma’s documented costs and staff out-of-pocket expenses in providing
such Support Activities.

 

5.                 
COMMERCIALIZATION OF LICENSED PRODUCTS

 

5.1             
Preparation of Commercialization Plan. A Commercialization Plan will be prepared by Clementia with respect
to each Licensed Product. Clementia shall provide Galderma

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with the first Commercialization Plan within [*****] and thereafter
shall provide Galderma with updates of such plan at least [*****]. Any amendments or modifications to the Commercialization Plan
for any Licensed Product shall be prepared by Clementia and delivered promptly to Galderma.

 

5.2             
Responsibility for Commercialization of Licensed Products. Clementia shall be solely responsible, at its sole
cost and expense for conduct of all aspects of the Commercialization of any Licensed Product in the Clementia Field in the Territory,
including without limitation, (a) all pre-marketing, marketing, promotion, sales, distribution, import and export activities (including
securing reimbursement, sales and marketing and conducting any post-marketing trials or databases and post-marketing safety surveillance);
(b) the timing of the launch of any Licensed Products and for submitting applications for reimbursement with respect to any Licensed
Product in any country in the Territory and (c) booking all sales of Licensed Products in the Territory.

 

5.3             
Commercialization Diligence. Clementia shall (a) use Commercially Reasonable Efforts during the Term to Commercialize
a Licensed Product in the Clementia Field in all Major Markets that have sufficient patient bases and pricing to support commercialization,
and (b) commit such resources (including employees, consultants, contractors, facilities, equipment and materials) as are necessary
to Commercialize a Licensed Product in the Clementia Field in all Major Markets that have sufficient patient bases and pricing
to support commercialization.

 

In the event that Galderma can reasonably
demonstrate that Clementia is not exercising Commercially Reasonable Efforts in the Major Markets that have sufficient patient
bases and pricing to support commercialization, Galderma shall give Clementia written notice of such claim and the Parties shall
promptly meet and discuss in good faith how to resolve such issue. If the Parties fail to reach agreement on whether Clementia
has exercised Commercially Reasonable Efforts in such Major Markets, or fail to reach agreement on additional steps, if any, to
be taken by Clementia, the Parties shall refer such disputed matter to the who shall promptly initiate discussions in good faith
to resolve such disputed matter and if such disputed matter is not resolved by the Executive Officers within twenty (20) days after
the date the Executive Officers first meet to consider such disputed matter or sixty (60) days after the date the Parties first
met to consider such disputed matter, the disputed matter shall be resolved in accordance with Section 13.1.

 

5.4             
Compliance. Clementia shall perform its Commercialization obligations in good scientific manner and in compliance
in all material respects with all Applicable Laws. For purposes of clarity, with respect to each Commercialization activity that
will or would reasonably be expected to be submitted to a Regulatory Authority in support of a Regulatory Filing or Drug Approval
Application, Clementia shall comply in all material respects with GLPs, GMPs or Good Clinical Practices (or, if and as appropriate
under the circumstances, ICH guidance or other comparable regulation and guidance of any Regulatory Authority in any country or
region in the Territory).

 

5.5             
Cooperation. Galderma shall reasonably cooperate with Clementia in the Commercialization of any Licensed Product
and, subject to the terms of this Agreement and any confidentiality obligations to Third Parties, shall provide such data, information
and materials

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Controlled by Galderma as is reasonably necessary for Clementia to perform its obligations under this Agreement.
Clementia shall reimburse Galderma’s documented costs and staff fees out-of-pocket expense in providing such Support Activities.

 

5.6             
Commercialization Reports. Clementia shall provide to Galderma [*****] during the Term a reasonably detailed
report (each, a “Commercialization Report”) that summarizes (a) Commercialization activities conducted and results
obtained with respect to Licensed Compounds and/or Licensed Products and (b) an updated version of the Commercialization Plan.

 

6.                 
CONSIDERATION

 

6.1             
Upfront Licensing Fee. In consideration of the grant of the license pursuant to Section 2.1 and other rights
hereunder, Clementia shall pay Galderma a non-refundable, non-creditable, upfront license fee (the “License Fee”) in
the aggregate amount of [*****], payable by transfer of immediately available funds, within [*****] of the Effective Date, in accordance
with the wire transfer instructions provided in writing by Galderma to Clementia prior to the Effective Date.

 

6.2             
Milestone Payments.

 

6.2.1                   
Development and Regulatory Milestones. Clementia shall make the following one-time, non-refundable, non-creditable
payments to Galderma within [*****] after the first achievement of each of the following milestone events by the first Licensed
Product that achieves each such milestone:

 

[*****]

 

6.2.2                   
No Milestone Payments beyond [*****].[*****].

 

6.2.3                   
Notice and Payment of Milestones. Clementia shall provide Galderma with prompt written notice upon the occurrence
of each milestone event set forth in Section 6.2.1. If Galderma believes any such milestone event has occurred and has not received
a written notice of same from Clementia, it shall so notify Clementia in writing and shall provide to Clementia documentation or
other information that supports its belief. Any dispute under this Section 6.2.3 that relates to whether or not a milestone event
has occurred shall be referred to the Executive Officers by either Party, and, to the extent not resolved by the Executive Officers
within thirty (30) days, shall be resolved by arbitration in accordance with Section 13.l.

 

6.3             
Payment of Royalties; Royalty Rates.

 

6.3.l     Payment
of Royalties. Subject to Section 6.3.2, separately for each Licensed Product, Clementia shall pay Galderma a royalty on
Annual Net Sales of such Licensed Product in each Calendar Year (or partial Calendar Year), commencing with the First Commercial
Sale of such Licensed Product in any country in the Territory and ending upon the last day of the last Royalty Term for such Licensed
Product, at the following rates:

 

[*****]

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The determination of the royalty rate under
this Section 6.3.l shall be based on aggregate worldwide Annual Net Sales in each Calendar Year rather than on a country-by-country
basis.

 

6.3.2                   
Adjustments to Royalties.

 

(a)               
No Patent Coverage. Notwithstanding anything to the contrary in Section 6.3. I, if any Licensed Product is
sold by Clementia or an Affiliate or Sublicensee in a country and is not Covered by a Valid Claim of the Licensed Patent Rights
in such country, the royalty rates in such country shall be reduced by [*****] of the rates set forth in Section 6.3.l or the amounts
set forth in Section 6.3.4 (as applicable), continuing until the last day of the applicable Royalty Term with respect to such Licensed
Product. The Parties hereby acknowledge and agree that royalties that are payable for a Licensed Product for which no Patent Rights
exist shall be in consideration of (i) Galderma’s expertise and know-how concerning its development of the Licensed Know-How
prior to the Effective Date; (ii) the licenses granted to Clementia hereunder with respect to Licensed Know-How that are not within
the claims of any Patent Rights Controlled by Galderma; (iii) the restrictions on Galderma in Section 2.2; and (iv) the “head
start” afforded to Clementia by each of the foregoing.

 

(b)              
Generic Drugs. In the event that one or more Third Parties sell a Generic Drug (as defined below) in any country
in which a Licensed Product is then being sold by Clementia or an Affiliate or Sublicensee, then, [*****]. For purposes of this
Section 6.3.2(b), (i) a “Generic Drug” means a pharmaceutical product that contains an Exclusive Licensed Compound
as an active ingredient and for which a Third Party: (a) obtains Marketing Authorization based on an application that references,
or otherwise relies upon the approval of an Exclusive Licensed Compound in the Licensed Product, including any application submitted
under section 505(b)(2) or 505(j) of the FDCA that cites an Exclusive Licensed Compound in the Licensed Product as a listed drug
or any application under Section 351(k) of the United States Public Health Service Act that cites an Exclusive Licensed Compound
in the Licensed Product as the reference product; or (b) otherwise receives Regulatory Approval as a generic, follow-on, hybrid,
biosimilar, or interchangeable product from a Regulatory Authority in such country by referencing Regulatory Approvals (or data
therein) of an Exclusive Licensed Compound in the Licensed Product.

 

(c)               
Royalty Stacking. The amount of royalties payable to Galderma under Section 6.3.l or the amounts set forth
in Section 6.3.4 (as applicable) for any Licensed Product in any country shall be reduced by [*****] of the amount of payments,
including any upfront payments, royalty payments and milestone payments, paid by Clementia or any of its Affiliates to any Third
Party in consideration for the license of Patent Rights in such country if, at the time of sale of the Licensed Product, such Patent
Rights would be infringed by the sale of the Licensed Product in such country in the absence of such a license; provided, that,
in no event shall the royalties owed under Section 6.3.1 or the amounts set forth in Section 6.3.4 (as applicable) with respect
to a Licensed Product in a country be reduced by operation of this Section 6.3.2(c) by more than [*****] of what would otherwise
be owed under Section or Section 6.3.4 with respect to such Licensed Product. For purposes of this Section 6.3.2(c), the amount
of royalties owing to Galderma under Section 6.3.l for Annual Net Sales of any Licensed Product in a given country (prior to the
[*****] adjustment provided for herein) shall be deemed to be that amount which would be owed if Annual Net Sales of such Licensed
Product in such

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country subject to each of the royalty
rates under Section 6.3.1 were proportional to Net Sales of such Licensed Products in all countries subject to royalties under
Section 6.3.1.

 

6.3.3                   
Expiration of Royalty Term. Upon the expiration of the Term of this Agreement, the licenses granted to Clementia
shall be retained as fully paid-up, worldwide and perpetual licenses.

 

6.3.4                   
Sublicense Agreement Payments. Subject to Section 6.3.2, in the event that Clementia enters into a Sublicense
Agreement, Clementia shall pay Galderma a royalty on the Annual Net Sales by the Sublicensee of each Licensed Product in each Calendar
Year (or partial Calendar Year) that is the subject to the Sublicense Agreement, commencing with the First Commercial Sale of such
Licensed Product by the Sublicensee in any country in the Territory that is the subject to the Sublicense Agreement and ending
upon the last day of the last Royalty Term for such Licensed Product, equal to the greater of (a) [*****] of the Sublicensee’s
Annual Net Sales, subject to reduction pursuant to Section 6.3.2 above and (b) [*****] of the applicable Sublicense Royalty Payments
received by Clementia under such Sublicense Agreement, subject to reduction pursuant to Section 6.3.2 above (each payment under
this Section 6.3.4, a “Sublicense Agreement Payment”).

 

6.4             
Payment Dates and Reports. Royalty payments shall be made by Clementia with respect to each Licensed Product
within [*****] after the end of each Calendar Quarter in which a sale of such Licensed Product shall occur, commencing with the
Calendar Quarter in which the First Commercial Sale of such Licensed Product occurs. Sublicense Agreement Payments shall be made
by Clementia with respect to each Licensed Product that is the subject of a Sublicense Agreement on the later of (a) [*****] after
the end of each Calendar Quarter in which a sale of such Licensed Product by the applicable Sublicensee shall occur and (b) [*****]
after the end of each Calendar Quarter in which Clementia receives any Sublicense Royalty Payments. Clementia shall also provide,
at the same time each such payment is made, as applicable, a report showing: (a) the Net Sales of each Licensed Product by type
of Licensed Product and country in the Territory; (b) the total amount of deductions from gross sales to determine Net Sales; (c)
the applicable royalty rates for any Licensed Product in each country in the Territory after applying any reductions set forth
above; (d) the applicable Sublicense Royalty Payment received for any Licensed Product in each country in the Territory and (d)
a calculation of the amount of royalty due to Galderma.

 

6.5             
Records; Audit Rights. Clementia and its Affiliates and Sublicensees shall keep and maintain for [*****] from
the date of each payment of royalties hereunder complete and accurate records of gross sales, Net Sales and Sublicense Agreement
Payments by Clementia and its Affiliates and Sublicensees of each Licensed Product, in sufficient detail to allow royalty payments
and Sublicense Agreement Payments to be determined accurately. Galderma shall have the right for a period of [*****] after receiving
any such payment to appoint at its expense an independent certified public accountant reasonably acceptable to Clementia to audit
the relevant records of Clementia and its Affiliates to verify that the amount of such payment was correctly determined. Clementia
and its Affiliates shall each make its records available for audit by such independent certified public accountant during regular
business hours at such place or places where such records are customarily kept, upon thirty (30) days written notice from Galderma.
Such audit right shall not be exercised by Galderma more than [*****] or more than [*****]. All

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records made available for audit
shall be deemed to be Confidential Information of Clementia. The results of each audit, if any, shall be binding on both Parties
absent manifest error. In the event there was an underpayment by Clementia hereunder, [*****]. Galderma shall bear the full cost
of such audit unless such audit discloses an underreporting by Clementia of [*****] of the aggregate amount of royalty payments
and Sublicense Agreement Payments payable in any Calendar Year, in which case Clementia shall reimburse Galderma for all costs
incurred by Galderma in connection with such audit.

 

6.6             
Overdue Payments. All payments not made by Clementia to Galderma when due under this Agreement shall bear
a simple interest at an annual rate equal to the lesser of a [*****] or the maximum interest rate permitted by Applicable Laws,
such interest to run from the date upon which payment of such sum became due until payment thereof in full together with such interest.
Any such overdue payment shall, when made, be accompanied by, and credited first to, all interest so accrued.

 

6.7             
Payments; Withholding Tax.

 

6.7.1                   
Payments in Dollars. All payments made by Clementia under this Article 6 shall be made by wire transfer from
a banking institution in United States or Canada in United States Dollars in accordance with instructions given in writing from
time to time by Galderma.

 

6.7.2                   
Withholding Taxes. If Applicable Laws require withholding of income or other taxes due by Galderma and imposed
upon any payments made by Clementia to Galderma under this Agreement, Clementia shall (i) make such withholding payments as may
be required,

 

(i)                
subtract such withholding payments from such payments, (iii) submit appropriate proof of payment of the withholding taxes
to Galderma within a reasonable period of time, and

 

(ii)              
promptly provide Galderma with all official receipts with respect thereto. Clementia shall render Galderma reasonable assistance
in order to allow Galderma to obtain the benefit of any present or future treaty against double taxation which may apply to such
payments.

 

6.7.3                   
Foreign Currency Exchange. If, in any Calendar Quarter, Net Sales are made in any currency other than United
States Dollars, such Net Sales shall be converted into United States Dollars as follows:

 

(A/B), where

 

A = foreign “Net Sales”
(as defined above) in such Calendar Quarter expressed in such foreign currency; and

 

B = the applicable foreign exchange
conversion rate, expressed in local currency of the foreign country per United States Dollar (using, as the applicable foreign
exchange rate, the average of the daily closing rates published in the eastern edition of The Wall Street

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Journal under the heading “Money
Rates,” or any other mutually agreed upon source, for such Calendar Quarter).

 

7.                 
TREATMENT OF CONFIDENTIAL INFORMATION; PUBLICITY.

 

7.1             
Confidentiality.

 

7.1.1                   
Confidentiality Obligations. Galderma and Clementia each recognizes that the other Party’s Confidential
Information and Proprietary Materials constitute highly valuable assets of such other Party. Galderma and Clementia each agrees
that (a) subject to Section 7.1.2, during the Term and for an additional five (5) years after termination or expiration of this
Agreement it will not disclose, and will cause its Affiliates not to disclose, any Confidential Information or Proprietary Materials
of the other Party and (b) it will not use, and will cause its Affiliates not to use, any Confidential Information or Proprietary
Materials of the other Party, in each case ((a) and (b)), except as expressly permitted in this Agreement.

 

7.1.2                   
Limited Disclosure. Galderma and Clementia each agrees that disclosure of its Confidential Information or
any transfer of its Proprietary Materials may be made by the other Party to any Affiliate, licensee, sublicensee, employee, consultant,
contractor, subcontractor, agents or other Third Parties to enable such other Party to exercise its rights or to carry out its
responsibilities under this Agreement; provided, that, any such disclosure or transfer shall only be made to employees who shall
be obligated to abide by obligations of confidentiality substantially similar to those contained herein and to other Persons who
are bound by written obligations as described in Section 7.1.3. In addition, Galderma and Clementia each agrees that the other
Party may disclose its Confidential Information (a) on a need-to-know basis to such other Party’s professional, legal and
financial advisors, (b) as reasonably necessary in connection with an actual or potential (i) permitted license or sublicense of
such other Party’s rights hereunder, (ii) debt or equity financing of such other Party, (iii) merger, acquisition, consolidation,
share exchange or other similar transaction involving such Party and any Third Party or (iv) equipment lease or real estate lease,
(c) to any Third Party that is or may be chosen by a Party to perform services in connection with the Development Plan or Commercialization
Plan as necessary to enable such Third Party to perform such services, and (d) for any other purpose with the other Party’s
written consent, which consent shall not be unreasonably withheld, conditioned or delayed; provided , that, any such disclosure
or transfer shall only be made to Persons who are bound by written obligations as described in Section 7.1.3. Each Party further
agrees that the other Party may disclose such Party’s Confidential Information or provide such Party’s Proprietary
Materials (A) as reasonably necessary to file, prosecute or maintain Patent Rights, or to file, prosecute or defend litigation
related to Patent Rights, in accordance with this Agreement or (B) as required by Applicable Laws; provided, that in the case of
any disclosure under this clause (B), the Disclosing Party shall (1) if practicable, provide the other Party with reasonable advance
notice of and an opportunity to comment on any such required disclosure and (2) if requested by the other Party, cooperate in all
reasonable respects with the other Party’s efforts to obtain confidential treatment or a protective order with respect to
any such disclosure, at the other Party’s expense.

 

7.1.3                   
Employees and Consultants. Galderma and Clementia each hereby represents that all of its employees and consultants,
and all of the employees and consultants of

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its Affiliates, who have access to Confidential Information or Proprietary Materials
of the other Party are or will, prior to having such access, be bound (by written obligations for consultants) to maintain such
Confidential Information or Proprietary Materials in confidence. Each Party agrees to use, and to cause its Affiliates to use,
commercially reasonable efforts to enforce such obligations and to prohibit its employees and consultants from using such Confidential
Information except as expressly permitted hereunder. Each Party will be liable to the other for any disclosure or misuse by its
employees of Confidential Information or Proprietary Materials of the other Party.

 

7.1.4                   
Effect of Exclusive Evaluation and Option Agreement. Notwithstanding anything to the contrary in this Agreement,
the Parties hereby agree that the terms of this Article 7 shall supersede in all respects the confidentiality obligations of the
Parties in the Exclusive Evaluation and Option Agreement with respect to Confidential Information that covers or relates to any
Licensed Compound or Licensed Product.

 

7.2             
Publicity.

 

Use of Name. Except as required by Applicable
Laws, each Party agrees not to issue any press release or other public statement, whether oral or written, disclosing the existence
of this Agreement, the terms hereof or any information relating to this Agreement without the prior written consent of the other
Party. Except as required by Applicable Laws, neither Party shall mention or otherwise use the name, insignia, symbol, trademark,
trade name or logotype of the other Party or its Affiliates in any publication, press release, promotional material or other form
of publicity without the prior written consent of the other Party (which shall not be unreasonably withheld or delayed), except
for those disclosures for which consent has previously been obtained. The restrictions imposed by this Section 7.2 are not intended,
and shall not be construed, to prohibit a Party from identifying the other Party in its internal business communications, provided
that any Confidential Information in such communications remains subject to this Article 7.

 

7.3             
Publications or Presentations. Clementia shall have the right to publish or otherwise present any Data or
other results generated under this Agreement in its sole discretion.

 

7.4             
Use of Proprietary Materials. From time to time during the Term, either Party (the “Transferring
Party”) may supply the other Party (the “Recipient Party”) with Proprietary Materials of the Transferring
Party for use in the Development Program. In connection therewith, each Recipient Party hereby agrees that (a) it shall not use
such Proprietary Materials for any purpose other than exercising its rights or performing its obligations hereunder; (b) it shall
use such Proprietary Materials only in compliance with all Applicable Laws; (c) it shall not transfer any such Proprietary Materials
to any Third Party without the prior written consent of the Transferring Party, except for (i) the transfer of Licensed Products
for use in Clinical Trials or (ii) in a transaction expressly permitted hereby; (d) the Recipient Party shall not acquire any right
of ownership or title in or to such Proprietary Materials as a result of such supply by the Transferring Party; and (e) upon the
expiration or termination of this Agreement, the Recipient Party shall, if and as instructed by the Transferring Party, either
destroy or return any such Proprietary Materials that are not the subject of the grant of a continuing license hereunder.

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8.                 
INTELLECTUAL PROPERTY RIGHTS 

 

8.1             
Galderma Intellectual Property Rights. Galderma shall have sole and exclusive ownership of all right, title
and interest on a worldwide basis in and to any and all Licensed Patent Rights and Licensed Know-How.

 

8.2             
Clementia Intellectual Property Rights. Clementia shall have sole and exclusive ownership of all right, title
and interest on a worldwide basis in and to any and all Clementia Background Patent Rights, Clementia Program Patent Rights, Clementia
Know-How, Clementia Materials, New Licensed Compound-Specific Know-How and New Licensed Compound-Specific Patent Rights.

 

8.3             
Patent Coordinators. Each Party shall appoint a patent coordinator reasonably acceptable to the other Party
(each, a “Patent Coordinator”) to serve as such Party’s primary liaison with the other Party on matters relating
to patent filing, prosecution, maintenance and enforcement of Patent Rights under this Agreement. Each Party may replace its Patent
Coordinator at any time by notice in writing to the other Party. The initial Patent Coordinators shall be:

 

	For Galderma :	Guillaume Silvani
	For Clementia:	Clarissa Desjardins

 

9.                 
FILING, PROSECUTION AND MAINTENANCE OF PATENT RIGHTS

 

9.1             
Patent Filing, Prosecution and Maintenance.

 

9.1.1                   
Prosecution Rights 

 

(a)               
Galderma. Galderma, acting through patent counsel or agents of its choice or by its own, shall be solely responsible
for the preparation, filing, prosecution and maintenance of all Licensed Patent Rights. Clementia shall cooperate with and assist
Galderma in all reasonable respects, in connection with Galderma’s preparation, filing, prosecution (including review and
comments regarding responses to office actions and/or official actions from worldwide patent offices) and maintenance of such Patent
Rights. All Patent Costs incurred by Galderma in connection with the preparation, filing, prosecution and maintenance of such Patent
Rights shall be the sole responsibility of Galderma.

 

(b)              
Clementia. Clementia, acting through patent counsel or agents of its choice, shall be solely responsible for the
preparation, filing, prosecution and maintenance of all New Licensed Compound-Specific Patent Rights. Galderma shall cooperate
with and assist Clementia in all reasonable respects, in connection with Clementia’s preparation, filing, prosecution (including
review and comments regarding responses to office actions and/or official actions from worldwide patent offices) and maintenance
of such Patent Rights. All Patent Costs incurred by Clementia in connection with the preparation, filing, prosecution and maintenance
of New Licensed Patent Rights shall be the sole responsibility of Clementia.

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9.1.2                   
Information and Cooperation 

 

(A)    Concerning
Licensed Patent Rights: Galderma shall (a) promptly provide Clementia with copies of all material submissions and correspondence
with the applicable patent offices with respect to Licensed Patent Rights, in sufficient time to allow for review and comment by
Clementia and (b) provide Clementia and its patent counsel with an opportunity to consult with Galderma and regarding amendment,
submission or response with respect to Licensed Patent Rights. The advice and suggestions of Clementia and its patent counsel shall
be taken into consideration in good faith by Galderma in connection with such prosecution; provided, that, if Clementia fails to
provide any comment on or before the expiration of two (2) weeks before the proposed date for the amendment, submission or response
notified by Galderma, Galderma’s obligations under this Section 9.l .2 shall be deemed to have been fulfilled. Galderma shall
pursue in good faith all reasonable claims requested by Clementia in the prosecution of any Licensed Patent Rights under this Section
9.1.2; provided, that, if Galderma incurs any additional expense as a result of any such request, Clementia shall be solely responsible
for the Patent Costs attributable to the pursuit of any such additional claim or taking such other activities.

 

(B)    Concerning
New Licensed Compound-Specific Patent Rights: Clementia shall (a) promptly provide Galderma with copies of all material submissions
and correspondence with the applicable patent offices with respect to New Licensed Compound- Specific Patent Rights, in sufficient
time to allow for review and comment by Galderma and (b) provide Galderma or its patent counsel with an opportunity to consult
with Clementia and its patent counsel regarding amendment, submission or response with respect to New Licensed Compound- Specific
Patent Rights. The advice and suggestions of Galderma and its patent counsel shall be taken into consideration in good faith by
Clementia and its patent counsel in connection with such prosecution; provided, that, if Galderma fails to provide any comment
on or before the expiration of two (2) weeks before the proposed date for the amendment, submission or response notified by Clementia,
Clementia’s obligations under this Section 9.1.2 shall be deemed to have been fulfilled. Clementia shall pursue in good faith
all reasonable claims requested by Galderma in the prosecution of any New Licensed Compound-Specific Patent Rights under this Section
9.1.2; provided, that, if Clementia incurs any additional expense as a result of any such request, Galderma shall be solely responsible
for the Patent Costs attributable to the pursuit of any such additional claim or taking such other activities.

 

9.1.3                   
Decision Not to File; Abandonment. If Galderma decides to cease prosecution or to allow to lapse any Licensed
Patent Rights, Galderma shall inform Clementia of such decision promptly and, in any event, so as to provide Clementia a reasonable
amount of time to meet any applicable deadline to establish or preserve such Licensed Patent Rights in such country or region.
Clementia shall have the right, but not the obligation, to assume responsibility for continuing the prosecution of such Licensed
Patent Rights in such country or region and paying any required fees to maintain such Licensed Patent Rights in such country or
region or defending such Licensed Patent Rights, all at Clementia’s sole expense, through patent counsel or agents of its
choice and, to the extent that Clementia assumes such responsibility, Galderma shall promptly deliver to Clementia copies of all
necessary files related to any Licensed Patent Rights with respect to which responsibility has been transferred and shall take
all actions and execute all documents reasonably necessary for Clementia to assume such prosecution, maintenance and defense.

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9.2             
 Enforcement and Defense.

 

9.2.1                   
Third Party Infringement.

 

(a)               
In General.

 

(i)                
Notice. If [*****] becomes aware of (A) any suspected infringement or misappropriation of any Licensed Patent Rights or
New Licensed Compound- Specific Patent Rights that Cover the Development or Commercialization of any Licensed Compound or any
Licensed Product in the Clementia Field and in the Territory, or (ii) the submission by any Third Party of an abbreviated NDA
under the Hatch-Waxman Act for any Licensed Compound or any Licensed Product in the Clementia Field (each, an “Infringement”),
[*****] shall promptly notify [*****] and provide it with all details of such Infringement of which it is aware (each, an “Infringement
Notice”). The Patent Coordinators shall promptly meet to discuss the Infringement and the strategy for patent enforcement
with respect to that Infringement.

 

(ii)              
[*****] Right to Enforce. [*****] shall have the sole right, but not the obligation, to address such Infringement in the
Territory that involves such Licensed Patent Rights. [*****] shall have the first right, but not the obligation, to address such
Infringement in the Territory that involves such Licensed Patent Rights, by taking reasonable steps, which may include the institution
of legal proceedings or other action, and to compromise or settle such Infringement (each, an “Infringement Response”);
provided, that: (A) [*****] shall keep [*****] fully informed about such Infringement Response and [*****] shall provide all reasonable
cooperation to [*****] in connection with such Infringement Response; (B) [*****] shall not take any position with respect to,
or compromise or settle, any such Infringement in any way that is reasonably likely to directly and adversely affect the scope,
validity or enforceability of any Licensed Patent Rights, without the prior consent of [*****], which consent shall not be unreasonably
withheld; and (C) if [*****] does not intend to prosecute or defend an Infringement with respect to Licensed Patent Rights, or
ceases to diligently pursue an Infringement Response with respect to such an Infringement, it shall promptly inform [*****] in
such a manner that such Infringement Response will not be prejudiced and Section 9.2.l(a)(iii) shall apply. All costs, including,
without limitation, attorneys’ fees, relating to such Infringement Response shall be home solely by [*****].

 

(iii)            
[*****] Right to Enforce. If (A) [*****] informs [*****] that it does not intend to prosecute any Infringement Response
with respect to any Licensed Patent Rights, (B) within [*****] after the receipt of notice of any such Infringement, [*****] has
not commenced to take any Infringement Response with respect thereto, or (C) if [*****] ceases diligently to pursue any such Infringement
Response, then, unless with respect to (B) or (C) above, [*****] provides [*****] with a commercially reasonable justification
for its delay of such Infringement Response that will not adversely affect the scope, validity or enforceability of the Licensed
Patent Rights subject to the Infringement, [*****] shall have the right, at its own expense, upon notice to [*****] to take appropriate
action to address such Infringement, including by initiating an Infringement Response or taking over prosecution of any legal
proceedings initiated by [*****]. In that event, [*****] shall keep [*****] fully informed about such Infringement Response and
shall consult with [*****] before taking any major steps during

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the conduct of that Infringement Response.
[*****] shall provide reasonable cooperation to [*****] in connection with that Infringement Response. [*****] shall not take any
position with respect to, or compromise or settle, such Infringement in any way that is reasonably likely to directly and adversely
affect the scope, validity or enforceability of such Licensed Patent Rights without [*****] prior written consent, which consent
shall not be unreasonably withheld. All costs, including, without limitation, attorneys’ fees, relating to such Infringement
Response shall be borne solely by [*****].

 

(b)              
Right to Representation. [*****] shall have the right to participate and be represented by counsel that it selects, in
any Infringement Response with respect to Licensed Patent Rights instituted under Section 9.2.l(a)(ii) or (iii) by [*****]. If
[*****] under Section 9.2.1(a) to eliminate an Infringement lacks standing to do so and [*****] has standing to initiate such
action, then [*****]under Section 9.2.1(a) may name [*****] as plaintiff in such action or may require [*****] to initiate such
Infringement Response at the expense of [*****].

 

(c)               
Cooperation. In any Infringement Response instituted under this Section 9.2.l, the Parties shall cooperate with and assist
each other in all reasonable respects. Upon the reasonable request of [*****],[*****] shall join such Infringement Response and
shall be represented using counsel of its own choice, at the [*****].

 

(d)              
Allocation of Recoveries. Any settlements, damages or monetary awards (“Recovery”) recovered by either
Party pursuant to any Infringement Response shall, after reimbursing the Parties for their reasonable out-of-pocket expenses in
making such Recovery (which amounts shall be allocated pro rata if insufficient to cover the totality of such expenses) be allocated
as follows: [*****].

 

9.2.2                   
Defense of Claims. If any action, suit or proceeding is brought against either Party or any Affiliate of either
Party alleging the infringement of the Know-How or Patent Rights of a Third Party by reason of the research and Development of
any Licensed Compound or any Licensed Product, such Party shall notify the other Party within five (5) days of the earlier of

 

(a)               
receipt of service of process in such action, suit or proceeding, or (b) the date such Party becomes aware that such action,
suit or proceeding has been instituted and the Patent Coordinators shall meet as soon as possible to discuss the overall strategy
for defense of such matter. Except as unanimously agreed by the Patent Coordinators, [*****] shall have the obligation to defend
such action, suit or proceeding at its sole expense; (b) [*****] shall have the right to separate counsel at its own expense in
any such action, suit or proceeding; and (c) the Parties shall cooperate with each other in all reasonable respects in any such
action, suit or proceeding. All such expenses with respect to any such action, suit or proceeding in the Territory shall be borne
solely by [*****].[*****] shall promptly furnish [*****] with a copy of each communication relating to the alleged infringement
that is received by [*****] including all documents filed in any litigation.

 

9.3             
Patent Term Extension and Orange Book Listing. For the avoidance of doubt, as between the Parties:

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(a)               
 Galderma shall have the sole right to apply for, patent term extensions, worldwide, including in the United States with
respect to extensions pursuant to 35 U.S.C. §156 et. seq. and in other jurisdictions pursuant to supplementary protection
certificates, and in all jurisdictions with respect to any other extensions that are now or become available in the future, wherever
applicable, with respect to any Licensed Compounds and Licensed Products, and the Development and Commercialization of each of
the foregoing, including patent term extensions decisions with respect to any Licensed Patent Rights, in each case including whether
or not to do so. Galderma shall ensure that any and all Licensed Patent Rights remain available for such patent term extensions
with respect to any Licensed Compounds and Licensed Products, and the Development and Commercialization of each of the foregoing,
unless and until assigned to Clementia or unless the Parties otherwise agree in writing. The Parties shall cooperate with respect
to any decisions regarding patent term extensions, worldwide, with respect to any Licensed Patent Rights.

 

(b)              
Clementia shall have the sole right to make all filings with regulatory authorities, worldwide, with respect to any Licensed
Compounds and Licensed Products, including as required or allowed (i) in the United States, in the Orange Book, and (ii) outside
of the United States, under the national implementations of Article 10.l(a)(iii) of Directive 2001/EC/83 in the European Union
or other international equivalents of any of the foregoing.

 

10.             
TERM AND TERMINATION

 

10.1         
Term. This Agreement shall commence on the Effective Date and shall continue in full force and effect, unless
otherwise terminated pursuant to Section 10.2, as long as Clementia is Developing or Commercializing a Licensed Product (the “Term”).

 

10.2         
Termination. This Agreement may be terminated by either Party as follows:

 

10.2.1               
Unilateral Right to Terminate Agreement. Clementia may terminate this Agreement, effective at any time
by providing not less than ninety (90) days’ prior written notice to Galderma.

 

10.2.2               
Termination for Good Reason. Clementia may terminate this Agreement effective at any time by providing not
less than ninety (90) days’ prior written notice to Galderma in the event that the results of any preclinical or clinical
activity with respect to any Licensed Compound or Licensed Product (including without limitation any (i) negative safety signal,
(ii) failure of a Licensed Compound or Licensed Product to achieve the desired result in a preclinical activity, or (iii) failure
of a Licensed Product to achieve the primary end point in a clinical trial with statistical significance (p <.05)) causes Clementia
to determine to discontinue Development or Commercialization of Licensed Compounds or Licensed Products. In the event Clementia
terminates this Agreement pursuant to this Section I 0.2.2, Clementia’s written notice shall specify the basis for such termination
in reasonable detail. In the event that Galderma disputes that the results of such preclinical or clinical activity have caused
Clementia to determine to discontinue Development or Commercialization of Licensed Compounds or Licensed Products and asserts that
such termination should be treated as a termination without cause under Section 10.2.1, Galderma shall give Clementia written notice
of such claim and the

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Parties shall promptly meet and discuss in good faith how to resolve such issue. If the Parties fail to reach
agreement on whether the results of such preclinical or clinical activity have caused Clementia to determine to discontinue Development
or Commercialization of Licensed Compounds or Licensed Products, the Parties shall refer such disputed matter to the Executive
Officers, who shall promptly initiate discussions in good faith to resolve such disputed matter and if such disputed matter is
not resolved by the Executive Officers within twenty (20) days after the date the Executive Officers first meet to consider such
disputed matter or sixty (60) days after the date of Galderma’s written notice, the disputed matter shall be resolved in
accordance with Section 13.1.

 

10.2.3               
Termination for Breach. If a Party materially breaches any of its obligations under the Agreement, the non-breaching
Party may provide the breaching Party with a written notice specifying the nature of the breach, and stating its intention to terminate
this Agreement if such breach is not cured. If the material breach is not cured within sixty (60) days (or thirty (30) days with
respect to breach of a payment obligation) after the receipt of such notice, the non-breaching Party shall be entitled, without
prejudice to any of its other rights under this Agreement, and in addition to any other remedies available to it by law or in equity,
to terminate this Agreement by providing written notice to the other Party.

 

10.2.4               
Termination for Insolvency. Either Party shall have the right to terminate this Agreement in its entirety
upon immediate written notice if the other Party (i) applies for or consents to the appointment of, or the taking of possession
by, a receiver, custodian, trustee or liquidator of itself or of all of a substantial part of its property, (ii) makes a general
assignment for the benefit of its creditors, (iii) commences a voluntary case under the Bankruptcy Code of any country, (iv) files
a petition seeking to take advantage of any Applicable Laws relating to bankruptcy, insolvency, reorganization, winding-up, or
composition or readjustment of debts, (v) fails to controvert in a timely and appropriate manner, or acquiesce in writing to, any
petition filed against it in any involuntary case under the Bankruptcy Code of any country, (vi) takes any corporate action for
the purpose of effecting any of the foregoing, (vii) has a proceeding or case commenced against it in any court of competent jurisdiction,
seeking (A) its liquidation, reorganization, dissolution or winding-up, or the composition or readjustment of its debts, (B) the
appointment of a trustee, receiver, custodian, liquidator or the like of all or any substantial part of its assets, or (C) similar
relief under the Bankruptcy Code of any country, and an order, judgment or decree approving any of the foregoing is entered and
continues unstayed for a period of sixty (60) days, or (viii) has an order for relief against it entered in an involuntary case
under the Bankruptcy Code of any country and, in any of (i) through (viii) above, the application, assignment, commencement, filing,
or corporate action continues unstayed for, and/or is not otherwise discharged or withdrawn on or before, a period of sixty (60)
days.

 

10.3         
Consequences of Termination of Agreement.

 

10.3.1               
Termination by Clementia under Section 10.2.1. If Clementia terminates this Agreement pursuant to Section
10.2.l, or if it is determined pursuant to Section 10.2.2 or Section 13.l that Clementia’s termination under Section 10.2.2
should be treated as a termination without cause under Section 10.2.1:

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(a)               
 all licenses and rights granted by Galderma to Clementia pursuant to this Agreement, including the licenses and rights
granted to Clementia under Section 2.1 with respect to the Development and Commercialization of all Licensed Compounds and all
Licensed Products, shall terminate as of the effective date of termination;

 

(b)              
Galderma shall no longer be subject to any obligations under Sections 2.2 and 2.5; and

 

(c)               
All reports delivered by Clementia to Galderma pursuant to Sections and 5.6 shall cease to be Confidential Information of
Clementia and Galderma shall be free to use or disclose such reports to third parties. For clarity, no license is granted to Galderma
to any Clementia Know-How, Clementia Patent Rights, or Clementia Materials; and

 

(d)              
At the written request of Galderma, Clementia and Galderma shall negotiate within a period of [*****] (the “Negotiation
Period”), the grant by Clementia to Galderma of a non-exclusive license to Clementia Program Patent Rights and Clementia
Program Know-How on terms and conditions to be negotiated in good faith. Such license shall grant to Galderma or to any sublicensee
of Galderma, the non-exclusive right to use Clementia Program Patent Rights and Clementia Program Know-How, solely to develop,
manufacture and commercialize products that contain, incorporate or comprise a Licensed Compound in the Territory and in all fields,
including Clementia Field (a “Termination License”).

 

If the Parties fail to negotiate and sign
a Termination License within the Negotiation Period, the Parties shall promptly select and appoint an independent expert having
experience in the licensing of patents and know-how in the pharmaceutical field, who shall serve as a single arbitrator to resolve
the principal terms, including without limitation the financial terms, of the Termination License. The provisions of Section 13.l
other than Section 13.l(b) and 13.l (e) shall apply to such arbitration. The Parties may submit proposals, briefs or other information
to the arbitrator on a schedule determined by the arbitrator and shall have an amount of time determined by the arbitrator to present
witnesses and oral argument. The arbitrator shall be required to provide his/her decision within a period of ninety (90) days following
the final hearing before the arbitrator.. All fees and costs incurred by the arbitrator shall be equally shared by the Parties

 

If the Parties cannot agree upon the choice
of the independent arbitrator within thirty (30) days following the end of the Negotiation Period, then the independent arbitrator
shall be appointed by the ICC.

 

10.3.2               
Termination by Clementia under Section 10.2.2. If this Agreement is terminated by Clementia pursuant to Section
10.2.2:

 

(a)               
all licenses and rights granted by Galderma to Clementia pursuant to this Agreement, including the licenses and rights granted
to Clementia under Section 2.1 with respect to the Development and Commercialization of all Licensed Compounds and all Licensed
Products, shall terminate as of the effective date of termination;

 

(b)              
Galderma shall no longer be subject to any obligations under Sections 2.2 and 2.5; and

    	36

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

(c)               
 each Party shall promptly return all Confidential Information and Proprietary Materials of the other Party that are not
subject to a continuing license hereunder; provided, that, each Party may retain one copy of the Confidential Information of the
other Party in its archives solely for the purpose of establishing the contents thereof and ensuring compliance with its obligations
hereunder.

 

10.3.3               
Termination by Clementia under Section 10.2.3 or Section 10.2.4. If this Agreement is terminated by Clementia
pursuant to Section 10.2.3 or Section 10.2.4:

 

(a)               
Galderma shall continue to be subject to its obligations under Sections 2.2 and 2.5;

 

(b)              
the rights and obligations of Clementia under this Agreement shall continue following the effective date of termination,
including the licenses and rights granted by Galderma to Clementia pursuant to Section 2.1 with respect to any Licensed Compound
and/or any Licensed Products and the right of Galderma to obtain compensation or the right of Clementia to recover damages, as
set forth below, depending on the cause for termination:; and

 

(c)               
In the event Clementia terminates this Agreement pursuant to Section 10.2.3 for breach of Galderma’s obligations set
forth in Section 2.2, the milestone payments, royalties, and Sublicense Agreement Payments set forth in Article 6 of’ this
Agreement shall be reduced by [*****];

 

(d)              
In the event Clementia terminates this Agreement pursuant to Section 10.2.3 for (x) any breach other than a breach of Galderma’s
obligations set forth in Section 2.2, or (y) pursuant to Section I 0.2.4, such exercise shall be without prejudice for Clementia
to claim for damages (which may include reductions in the milestone payments, royalties, and Sublicense Agreement Payments set
forth in Article 6 of this Agreement) pursuant to Section 13.1 (Arbitration) of this Agreement.

 

(e)               
each Party shall promptly return all Confidential Information and Proprietary Materials of the other Party that are not
subject to a continuing license hereunder; provided, that, each Party may retain one copy of the Confidential Information of the
other Party in its archives solely for the purpose of establishing the contents thereof and ensuring compliance with its obligations
hereunder.

 

10.3.4               
Termination by Galderma. If this Agreement is terminated by Galderma pursuant to Section 10.2.3 or Section
10.2.4:

 

(a)               
all licenses and rights granted by Galderma to Clementia pursuant to this Agreement, including the licenses and rights granted
to Clementia under Section 2.1 with respect to the Development and Commercialization of all Licensed Compounds and all Licensed
Products, shall terminate as of the effective date of termination;

 

(b)              
Galderma shall no longer be subject to any obligations under Sections 2.2 and 2.5; and

    	37

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

(c)               
 each Party shall promptly return all Confidential Information and Proprietary Materials of the other Party that are not
subject to a continuing license hereunder; provided, that, each Party may retain one copy of the Confidential Information of the
other Party in its archives solely for the purpose of establishing the contents thereof and ensuring compliance with its obligations
hereunder.

 

10.4         
Surviving Provisions. Termination or expiration of this Agreement for any reason shall be without prejudice
to: (a) the survival of rights specifically stated in this Agreement to survive, including as set forth in Section 10.3; (b) the
rights and obligations of the Parties provided in Sections 3.2 and Articles 7, 8, 11, 12 and 13 (including all other Sections or
Articles referenced in any such Section or Article), all of which shall survive such termination except as provided in this Article
1O; and (c) any other rights or remedies provided at law or equity which either Party may otherwise have.

 

11.             
REPRESENTATIONS AND WARRANTIES

 

11.1         
Mutual Representations and Warranties. Galderma and Clementia each represents and warrants to the other, as
of the Effective Date, as follows:

 

11.1.1               
Organization. It is a corporation or company duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization, and has all requisite power and authority, corporate or otherwise, to execute,
deliver and perform this Agreement.

 

11.1.2               
Authorization. The execution and delivery of this Agreement and the performance by it of the transactions
contemplated hereby have been duly authorized by all necessary corporate or company action and will not violate (a) such Party’s
certificate of incorporation or bylaws (or equivalent organizational documents), (b) any agreement, instrument or contractual obligation
to which such Party is bound in any material respect, (c) any requirement of any Applicable Laws, or (d) any order, writ, judgment,
injunction , decree, determination or award of any court or governmental agency presently in effect applicable to such Party.

 

11.1.3               
Binding Agreement. This Agreement is a legal, valid and binding obligation of such Party, enforceable against
it in accordance with its terms and conditions.

 

11.1.4               
No Inconsistent Obligation. It is not under any obligation, contractual or otherwise, to any Person that conflicts
with or is inconsistent in any respect with the terms of this Agreement or that would impede the diligent and complete fulfillment
of its obligations hereunder.

 

11.1.5               
No Debarment. Neither such Party nor any of its Affiliates has been debarred or disqualified or is subject
to debarment or disqualification by any Regulatory Authority. To such Party’s Knowledge, there are no facts or circumstances
that could reasonably be expected to adversely affect the acceptance, or the subsequent approval, by any Regulatory Authority of
any filing, application or request for Regulatory Approval of any Licensed Compound or Licensed Product in the Territory.

    	38

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

11.2         
Additional Representations of Galderma. Galderma further represents and warrants to Clementia, as of the
Effective Date, as follows:

 

11.2.1               
Licensed Patent Rights. Schedule 4 shall be updated by Galderma within thirty (30) days from any change in
Licensed Patent Rights Controlled by Galderma. Schedule 4 sets forth a complete and accurate list of all Licensed Patent Rights
Controlled by Galderma as of the Effective Date and will, as updated, set forth a complete and accurate list of all Licensed Patent
Rights Controlled by Galderma. Galderma does not own or Control any Patent Rights or Know- How that Covers the RARg Compounds, other
than the Licensed Patent Rights.

 

11.2.2               
No Claims. There are no claims, judgment or settlements against Galderma pending, or to Galderma’s Knowledge,
threatened, that invalidate or seek to invalidate any Licensed Patent Rights.

 

11.2.3               
No Assignment. Galderma has not granted any right, license or interest in or to any Licensed Patent Rights
that is inconsistent with the licenses granted to Clementia under this Agreement.

 

11.2.4               
Ownership. Galderma is the sole and exclusive owner of, or Controls, the Licensed Know-How and the Licensed
Patent Rights and has the ability to grant to Clementia the licenses granted to Clementia under this Agreement.

 

11.2.5               
External Funding. Galderma is not a party to any agreement with any governmental entity or an agency thereof
or any Third Party pursuant to which such governmental entity, such agency or such Third Party provided funding for the development
of any of the Licensed Patent Rights and which give such governmental entity, agency or third party any rights to any Galderma
Patent Right.

 

11.2.6               
No Interference or Review. The Licensed Patent Rights are not the subject of any interference proceeding,
inter partes review or post-grant review and there is no pending or threatened action, suit, proceeding or claim by a Third
Party challenging Galderma’s ownership rights in, or the validity or scope of, any Licensed Patent Rights.

 

11.2.7               
No Litigation. There is no claim, action, suit, proceeding, complaint or investigation pending or, to Galderma’s
reasonable Knowledge, currently threatened against Galderma or any of its Affiliates with respect to any of the Licensed Patent
Rights.

 

11.2.8               
No Third Party Infringement. To Galderma’s reasonable Knowledge, no Person is infringing or threatening
to infringe or misappropriating or threatening to misappropriate any of the Licensed Patent Rights.

 

11.2.9               
No Infringement. To Galderma’ s reasonable Knowledge, the Development and Commercialization of Licensed
Products as contemplated herein will not infringe and will not misappropriate any Patent Rights or other intellectual property
or proprietary right of any Person.

    	39

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

11.2.10           
All Licensed Compounds Provided. The Licensed Compounds constitute all retinoic acid receptor gamma agonists
within the Licensed Compound Families owned or Controlled by Galderma.

 

11.2.11           
Documentation. Galderma has provided to Clementia all documentation, data, information and the like under
its control relating to Licensed Compounds and the use thereof outside the Galderma Field. All written information and documents
provided to Clementia are true, complete and correct copies of what they purport to be.

 

11.3         
Warranty Disclaimer. Clementia acknowledges that the Licensed Compounds and Galderma Material are experimental
in nature and that not all of such Licensed Compounds and Galderma Material’s characteristics are known. Clementia agrees
to take all reasonable precautions to prevent death, injury, illness and property damage from the use of the Licensed Compounds
and Galderma Material. Any and all uncertainties, risks and perils connected with the use of the Licensed Compounds and Galderma
Material are to be assumed solely by Clementia, which accepts such uncertainties, risks and perils, except to the extent that they
are attributable to (i) any negligent or willfully wrong act or omission on the part of Galderma, its Affiliates, employees,
or representatives, or (ii) the failure by Galderma to conform to the Agreement or Applicable Laws.

 

EXCEPT AS OTHERWISE EXPRESSLY PROVIDED
IN THIS AGREEMENT, NEITHER PARTY MAKES ANY WARRANTY WITH RESPECT TO ANY KNOW-HOW, RIGHTS OR OTHER SUBJECT MATTER OF THIS AGREEMENT
AND EACH PARTY HEREBY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE AND NONINFRINGEMENT.

 

11.4         
No Warranty of Success. Nothing contained in this Agreement shall be construed as a warranty, either express
or implied, on the part of either Party that (a) the Licensed Compounds will be appropriate for the Development and Commercialization,
(b) the Development Program will be successful or meet its goals, timelines or budgets, or (c) the outcome of the Development Program
will be commercially exploitable in any respect.

 

12.             
INDEMNIFICATION; INSURANCE.

 

12.1         
Indemnification of Galderma by Clementia. Clementia shall indemnify, defend and hold harmless Galderma, its
Affiliates, their respective directors, officers, employees and agents, and their respective successors, heirs and assigns (collectively,
the “Galderma Indemnitees”), against all liabilities, damages, losses and expenses (including reasonable attorneys’
fees and expenses of litigation) (collectively, “Losses”) incurred by or imposed upon the Galderma Indemnitees,
or any of them, as a direct result of claims, suits, actions, demands or judgments of Third Parties, (collectively, “Galderma
Indemnity Claims”), arising out of (a) the use, Development and/or Commercialization of any Exclusive Licensed Compound
and/or any Licensed Product by Clementia or any of its Affiliates; (b) any misrepresentation in this Agreement by Clementia or
any of its Affiliates; or (c) the gross negligence or willful misconduct of any Clementia Indemnitee excluding any Clementia Indemnity
Claim or Losses for which Galderma has an obligation to indemnify Clementia Indemnitees pursuant to Section

    	40

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

12.2, as to which claim
or Losses each Party shall indemnify the other to the extent of their respective liability for such Losses.

 

12.2         
Indemnification of Clementia by Galderma. Galderma shall indemnify, defend and hold harmless Clementia, its
Affiliates, their respective directors, officers, employees and agents, and their respective successors, heirs and assigns (collectively,
the “Clementia Indemnitees”), against all Losses incurred by or imposed upon the Clementia Indemnitees, or any
of them, as a direct result of claims, suits, actions, demands or judgments of Third Parties (collectively, “Clementia
Indemnity Claims”) arising out of (a) any misrepresentation in this Agreement by Galderma or any of its Affiliates or
agents; or (b) the gross negligence or willful misconduct of any Galderma Indemnitee, excluding any Galderma Indemnity Claim or
Losses for which Clementia has an obligation to indemnify any Galderma Indemnitees pursuant to Section 12.l, as to which claims
or Losses each Party shall indemnify the other to the extent of their respective liability for such Losses.

 

12.3         
Conditions to Indemnification. A Person seeking recovery under this Article 12 (the “Indemnified
Party”) in respect of a Claim shall give prompt notice of such Claim to the Party from whom indemnification is sought
(the “Indemnifying Party”); and provided that the Indemnifying Party is not contesting its obligation under
this Article 12, shall permit the Indemnifying Party to control any litigation relating to such Claim and the disposition of such
Claim; and further provided, that the Indemnifying Party shall (a) act reasonably and in good faith with respect to all matters
relating to the settlement or disposition of such Claim as the settlement or disposition relates to such Indemnified Party and
(b) not settle or otherwise resolve such claim without the prior written consent of such Indemnified Party (which consent shall
not be unreasonably withheld, conditioned or delayed). Each Indemnified Party shall cooperate with the Indemnifying Party in its
defense of any such Claim in all reasonable respects and shall have the right to be present in person or through counsel at all
legal proceedings with respect to such Claim. If the Indemnifying Party does not assume and conduct the defense of the Claim as
provided above, (a) the Indemnified Party may defend against, consent to the entry of any judgment, or enter into any settlement
with respect to such Claim in any manner the Indemnified Party may deem reasonably appropriate (and the Indemnified Party need
not consult with, or obtain any consent from, the Indemnifying Party in connection therewith), and (b) the Indemnifying Party shall
remain responsible to indemnify the Indemnified Party as provided in this Article 12.

 

12.4         
Limited Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES FOR ANY SPECIAL,
PUNITIVE, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFITS OR LOST REVENUES, REGARDLESS OF ANY NOTICE OF THE
POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 12.4 IS INTENDED TO OR SHALL LIMIT OR RESTRICT
THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 12.1 OR 12.2.

 

12.5         
Insurance. Each Party shall procure and maintain insurance, including product liability insurance, or shall
self-insure, in each case in a manner adequate to cover its obligations under this Agreement and consistent with normal business
practices of prudent companies similarly situated at all times during the Term and for a period of [*****] thereafter. Each Party

    	41

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

shall procure insurance or self-insure at its own expense. It is understood that such insurance shall not be construed to create
a limit of either Party’s liability with respect to its indemnification obligations under this Article 12. Each Party shall
provide the other Party with written evidence of such insurance or self-insurance upon request. Each Party shall provide the other
Party with written notice at least thirty (30) days prior to the cancellation, non-renewal or material change in such insurance.

 

13.             
MISCELLANEOUS

 

13.1         
Arbitration. Unless the Parties mutually agree otherwise, any dispute, other than the failure to negotiate
a Termination License pursuant to Section 10.3.l(d) (the resolution of which, for clarity, shall be governed by Section 10..3.l(d)),
arising out of or related to this Agreement or its breach, termination or validity will be finally resolved by binding arbitration
administered by the International Chamber of Commerce (“ICC”) pursuant to its Dispute Resolution Rules in effect at
the time such dispute arises, and judgment on the arbitration award may be entered in any court having jurisdiction thereof. To
the extent such rules are inconsistent with this provision, this provision will control. The following rules will apply to any
such arbitration:

 

(a)               
Any demand for arbitration must be made in writing to the other Party

 

(b)              
There will be three (3) arbitrators, one of whom shall be appointed by each party and a third of whom shall be the chairman
of the panel and be appointed by mutual agreement of the two arbitrators appointed by the Parties. If the two arbitrators cannot
agree on the appointment of the third arbitrator within thirty (30) days, then the ICC shall select the arbitrator. Any arbitration
involving patent rights, other intellectual property rights or intellectual property will be heard by arbitrators who are expert
in such areas.

 

(c)               
The arbitration will be held in New York, New York, or such other location as the Parties agree. The arbitrators will apply
the substantive law of the State of New York in accordance with Section 13.4, without regard to conflicts of laws and except that
the interpretation and enforcement of this arbitration provision will be governed by the Federal Arbitration Act, 9 U.S.C. Section
1 et. seq.

 

(d)              
Neither Party will have the right independently to seek recourse from a court of law or other authorities in lieu of arbitration,
but each Party has the right before or during the arbitration to seek and obtain from the appropriate court provisional remedies
to avoid irreparable harm, maintain the status quo or preserve the subject matter of the arbitration. There shall be a stenographic
record of the proceedings. The decision of the arbitrators will be final and binding upon both Parties. The arbitrators will render
a written opinion setting forth findings of fact and conclusions of law.

 

(e)               
The expenses of the arbitration will be borne by the Parties in proportion as to which each Party is defeated in arbitration.
Each Party will bear the expenses of its counsel and other experts.

 

(f)               
The arbitration will be conducted in English.

    	42

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

13.2         
 Equitable Relief. Notwithstanding anything to the contrary, each of the Parties hereby acknowledges that
a breach or threatened breach of their respective obligations under this Agreement may cause irreparable harm and that the remedy
or remedies at law for any such breach may be inadequate. Each of the Parties hereby agrees that, in the event of any such breach
or threatened breach, in addition to all other available remedies hereunder, the non-breaching Party shall have the right, through
the arbitration process described in Section 13.1, to seek equitable relief to enforce the provisions of this Agreement.

 

13.3         
Notices. All notices and communications shall be in writing and delivered personally or by internationally-recognized
overnight express courier providing evidence of delivery, addressed as follows below, or by email or facsimile confirmed thereafter
by any of the foregoing, or to such other address as may be designated from time to time.

 

	If to Clementia:	
        Clementia Pharmaceuticals, Inc.

4150 Saint-Catherine West

Suite 550

Montreal, Canada H3Z 2Y5

Attention: Clarissa Desjardins

Tel: [*****]

Fax: [*****]

         

	With a copy to:	
        Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

One Financial Center

Boston, Massachusetts 02111

Attention: John J. Cheney, Esq.

Tel: [*****]

Fax: [*****]

         

	If to Galderma:	
        Galderma Research & Development SNC

Les Templiers, 2400 route des Colles

06410 Biot, France

Attention: Licensing Department

        

        Tel.: [*****]

Fax: [*****]

         

	With a copy to:	
        Galderma Research & Development SNC

Les Templiers, 2400 route des Colles

06410 Biot, France

Attention: Legal Department

Tel.: [*****]

Fax: [*****]

 

Except as otherwise
expressly provided in this Agreement or mutually agreed by the Parties in writing, any notice, communication or document (excluding
payment) required to be given or made shall be deemed given or made and effective upon actual receipt or, if earlier, three (3)
Business Days after deposit with an internationally-recognized overnight express courier with charges prepaid addressed to a Party
at its address stated above or to such other

    	43

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

address as such Party may designate by
written notice given in accordance with this Section 13.3.

 

13.4         
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York (U.S.A.), without regard to the application of principles of conflicts of law.

 

13.5         
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
legal representatives, successors and permitted assigns.

 

13.6         
Headings. Section and subsection headings are inserted for convenience of reference only and do not form a
part of this Agreement.

 

13.7         
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of which shall
be deemed an original and both of which, together, shall constitute a single agreement.

 

13.8         
Amendment; Waiver. This Agreement may be amended, modified, superseded or canceled, and any of the terms of
this Agreement may be waived, only by a written instrument executed by each Party or, in the case of waiver, by the Party or Parties
waiving compliance. The delay or failure of either Party at any time or times to require performance or to exercise any right arising
out of any provisions shall in no manner affect the rights at a later time to enforce the same. Any waiver by a party of a particular
provision or right shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time
and shall be signed by such party. No single or partial exercise of any right, power or privilege will preclude any other or further
exercise of such right, power or privilege or the exercise of any other right, power or privilege. No waiver by either Party of
any condition or of the breach of any term contained in this Agreement, whether by conduct, or otherwise, in any one or more instances,
shall be deemed to be, or considered as, a further or continuing waiver of any such condition or of the breach of such term or
any other term of this Agreement. Except as expressly set forth in this Agreement, all rights and remedies available to a party,
whether under this Agreement or afforded by Applicable Laws or otherwise, will be cumulative and not in the alternative to any
other rights or remedies that may be available to such party.

 

13.9         
Third Party Beneficiaries. Except as set forth in Sections 12.1 and 12.2, no Third Party (including employees
of either Party) shall have or acquire any rights by reason of this Agreement.

 

13.10     
Purposes and Scope. The Parties hereto understand and agree that the relationship between the parties described
herein is limited to the activities, rights and obligations as set forth in this Agreement. Nothing in this Agreement shall be
construed (a) to create or imply a general partnership between the Parties, (b) to make either Party the agent of the other for
any purpose, (c) to alter, amend, supersede or vitiate any other arrangements between the Parties with respect to any subject
matter not covered hereunder, (d) to give either Party the right to bind the other, (e) to create any duties or obligations
between the Parties except as expressly set forth herein, or (f) to grant any direct or implied licenses or any other rights other
than as expressly set forth herein.

    	44

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

13.11     
 Assignment and Successors. Neither this Agreement nor any obligation of a Party hereunder may be assigned
by either Party without the written consent of the other which consent shall not be unreasonably withheld, conditioned or delayed,
except that each Party may assign this Agreement and the rights, obligations and interests of such Party (a) in whole or in part,
to any of its Affiliates, provided that the assigning party shall remain liable and responsible to the non- assigning party hereto
for the performance and observance of all such duties and obligations by such Affiliate, or (b) in whole, but not in part, to any
purchaser of all or substantially all of its assets or all or substantially all of its assets to which this Agreement relates or
shares representing a majority of its common stock voting rights or to any successor corporation resulting from any merger, consolidation,
share exchange or other similar transaction; provided that in the event of a transaction (whether this Agreement is actually assigned
or is assumed by the acquiring party by operation of law (e.g., in the context of a reverse triangular merger)), (i) the acquiring
party expressly assumes this Agreement (including the obligations under Section 2.5) in writing and (ii) intellectual property
rights of the acquiring party to such transaction (if other than one of the parties to this Agreement) shall not be included in
the Know-How and Patent Rights licensed hereunder.

 

13.12     
Force Majeure. Neither Clementia nor Galderma shall be liable for failure of or delay in performing obligations
set forth in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is due to a Force
Majeure. In the event of such Force Majeure, the Party affected shall use commercially reasonable efforts to cure or overcome the
same and resume performance of its obligations hereunder. Notice of a Party’s failure or delay in performance due to Force
Majeure must be given to the other Party within ten (10) days after its occurrence. All delivery dates under this Agreement that
have been affected by Force Majeure shall be tolled for the duration of such Force Majeure. If a Force Majeure persists for more
than thirty (30) days, then the Parties will discuss in good faith the modification of the Parties’ obligations under this
Agreement in order to mitigate the delays caused by such Force Majeure.

 

13.13     
Interpretation. The Parties hereto acknowledge and agree that: (a) each Party and its counsel reviewed and
negotiated the terms and provisions of this Agreement and have contributed to its revision; (b) the rules of construction to the
effect that any ambiguities are resolved against the drafting Party shall not be employed in the interpretation of this Agreement;
and (c) the terms and provisions of this Agreement shall be construed fairly as to each Party and not in a favor of or against
either Party, regardless of which Party was generally responsible for the preparation of this Agreement. In addition, unless a
context otherwise requires, wherever used, the singular shall include the plural, the plural the singular, the use of any gender
shall be applicable to all genders, the word “or” is used in the inclusive sense (and/or) and the word “including”
is used without limitation and means “including without limitation”. Unless otherwise specified, references in this
Agreement to any Article shall include all Sections, subsections and paragraphs in such Article, references to any Section shall
include all subsections and paragraphs in such Section, and references in this Agreement to any subsection shall include all paragraphs
in such subsection. The words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular Section or other subdivision. All references to days in this
Agreement shall mean calendar days, unless otherwise specified. Unless the context requires otherwise, (i) any definition of or
reference to any agreement, instrument or other document herein will be construed as referring to

    	45

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

such agreement, instrument or
other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein or therein), (ii) any reference to any Applicable Laws herein will be construed as
referring to such Applicable Laws as from time to time enacted, repealed or amended, (iii) any reference herein to any person will
be construed to include the person’s successors and permitted assigns, (iv) any reference herein to the words “mutually
agree” or “mutual written agreement” will not impose any obligation on either party to agree to any terms relating
thereto or to engage in discussions relating to such terms except as such party may determine in such party’s sole discretion,
(v) all references herein to Sections or Exhibits will be construed to refer to Sections and Exhibits to this Agreement, (vi) except
as otherwise expressly provided herein all references to “$” or “dollars” refer to the lawful money of
the U.S., and (ix) the words “copy” and “copies” and words of similar import when used in this Agreement
include, to the extent available, electronic copies, files or databases containing the information, files, items, documents or
materials to which such words apply. This Agreement has been prepared in the English language and the English language shall control
its interpretation . In addition, all notices required or permitted to be given hereunder, and all written, electronic, oral or
other communications between the parties regarding this Agreement shall be in the English language.

 

13.14     
Integration; Severability. This Agreement and the Exclusive Evaluation and Option Agreement set forth the
entire agreement with respect to the subject matter hereof and thereof and supersede all other agreements and understandings between
the Parties with respect to such subject matter. There are no covenants, promises, agreements, warranties, representations, conditions
or understandings, either oral or written, between the Parties with respect to the subject matter of this Agreement other than
as are set forth in this Agreement and the Exclusive Evaluation and Option Agreement and any other documents delivered pursuant
hereto or thereto. If any provision of this Agreement is or becomes invalid or is ruled invalid by any court of competent jurisdiction
or is deemed unenforceable, it is the intention of the Parties that the remainder of the Agreement shall not be affected.

 

13.15     
Further Assurances. Each of Galderma and Clementia, upon the request of the other Party, whether before or
after the Effective Date and without further consideration, will do, execute, acknowledge, and deliver or cause to be done, executed,
acknowledged or delivered all such further acts, deeds, documents, assignments, transfers, conveyances, powers of attorney, instruments
and assurances as may be reasonably necessary to effect complete consummation of the transactions contemplated by this Agreement,
and to do all such other acts, as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.
The Parties agree to execute and deliver such other documents, certificates, agreements and other writings and to take such other
actions as may be reasonably necessary in order to consummate or implement expeditiously the transactions contemplated by this
Agreement.

 

13.16     
Expenses. Each of the Parties will bear its own direct and indirect expenses incurred in connection with the
negotiation and preparation of this Agreement and, except as set forth in this Agreement, the performance of the obligations contemplated
hereby and thereby.

 

13.17     
Intellectual Property. The parties acknowledge and agree that the licenses granted by the Parties and all
other rights granted under or pursuant to this Agreement are and

    	46

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

shall otherwise be deemed to be, for purposes of Section 365(n)
of the Bankruptcy Code (or analogous provisions of the bankruptcy laws of any Governmental Authority), licenses of rights to “intellectual
property” as defined under Section 101(35A) of the Bankruptcy Code (or analogous foreign provisions), and that this Agreement
is an executory contract governed by Section 365(n) of the Bankruptcy Code (or analogous foreign provisions) in the event that
a bankruptcy proceeding is commenced involving either party. Clementia, as the licensee of such rights under Section 2.1, shall
retain and may fully exercise all of its rights and elections under the Bankruptcy Code. The foregoing provisions of this Section
13.17 are without prejudice to any rights the parties may have arising under the Bankruptcy Code or other Applicable Laws.

 

IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed by their duly authorized representatives.

 

	 	
        GALDERMA RESEARCH & DEVELOPMENT SNC

         

        By:      /s/ Pierre Diebolt

Name: Pierre Diebolt

Title:    R&D Managing Director

 

	 	
        CLEMENTIA PHARMACEUTICALS INC.

         

        By:      /s/ Clarissa Desjardins

Name: Clarissa Desjardins

Title:    Chief Executive Officer

    	47

Confidential Information omitted and filed separately with the Securities and Exchange Commission. Five asterisks denote omissions.

    	

    

SCHEDULE 1

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 1 page was omitted.

 

[*****]

    	 

    	

    

SCHEDULE 2

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 2 pages were omitted.

 

[*****]

    	 

    	

    

SCHEDULE 3

 

INITIAL
INDICATIONS

 

ALL MUSCULOSKELETAL, HETEROTOPIC OSSIFICATION
AND FIBROTIC INDICATIONS,

 

ADDITIONAL
INDICATIONS

 

BRAIN TUMORS

 

OCULAR DISEASES

 

    	

    	

    

 

SCHEDULE 4

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 1 page was omitted.

 

[*****]

    	 

    	

    

SCHEDULE 5

 

Confidential Information omitted and filed separately with the Securities and Exchange Commission. A total of 1 page was omitted.

 

[*****]

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