Document:

EX-10.2

 Exhibit 10.2 
 SUBSCRIPTION AGREEMENT - EXECUTION COPY 
 CLASSES B2 SHARES AND B3 SHARES 

SUBSCRIPTION AGREEMENT 

between 

Prosensa Holding B.V. and its subsidiaries and its subsidiaries 

and 

Coöperatief LSP IV UA 
 ABV IV Holdings N.V. 
 MedSciences Prosensa Holding B.V. 

FCPI Capital Croissance 
 FCPI Objectif Innovation Patrimoine 
 Gimv NV 

Adviesbeheer Gimv Life Sciences 2007 NV 
 New Enterprise Associates 13, L.P. 
 Dated 16 January 2012

 SUBSCRIPTION AGREEMENT - EXECUTION COPY 
 Contents 
  

							
	Clause	 	 	  	Page	 
			
	1	 	CLASS B2 SHARE ISSUE AND SUBSCRIPTION (TRANCHE 1)	  	 	3	  
			
	2	 	CLASS B3 SHARE ISSUE AND SUBSCRIPTION (TRANCHE 2)	  	 	6	  
			
	3	 	EXISTING RIGHTS AND SHARE CAPITAL	  	 	10	  
			
	4	 	CLASS B2 SHARE COMPLETION (TRANCHE 1)	  	 	13	  
			
	5	 	CLASS B3 SHARE COMPLETION (TRANCHE 2)	  	 	14	  
			
	6	 	REPRESENTATIONS AND WARRANTIES	  	 	16	  
			
	7	 	MISCELLANEOUS	  	 	20	  
			
	8	 	GOVERNING LAW AND DISPUTE RESOLUTION	  	 	22	  

 SUBSCRIPTION AGREEMENT - EXECUTION COPY 
 CLASSES B2 SHARES and B3 SHARES SUBSCRIPTION AGREEMENT 
 THIS SUBSCRIPTION AGREEMENT
(this “Agreement”) is made as of the      day of January, 2012. 
 THE UNDERSIGNED: 

 

	(1)	Prosensa Holding B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized and existing under the
laws of the Netherlands, with its corporate seat in Leiden, The Netherlands, with address J.H. Oortweg 21, 2333 CH Leiden, The Netherlands, registered with the Trade Register of the Chamber of Commerce under file number 28076693 (the
“Company”); 

  

	(2)	New Enterprise Associates 13, L.P., a limited partnership organized and existing under the laws of the Cayman Islands, with registered address c/o Maples
Corporate Services, PO Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands (“NEA”); 

  

	(3)	Coöperatief LSP IV U.A., a co-operative (coöperatie met uitgesloten aansprakelijkheid) organized and existing under the laws of the
Netherlands, with its corporate seat in Amsterdam, The Netherlands with address at Johannes Vermeerplein 9, 1071 DV Amsterdam, The Netherlands, registered with the Trade Register of the Chamber of Commerce under file number 34329760 (“LSP
IV”); 

  

	(4)	ABV IV Holdings N.V., a limited liability company (naamloze vennootschap met beperkte aansprakelijkheid) organized and existing under the laws of
Curaçao, with its statutory seat at Curaçao, with address at Landhuis Grootkwartier, Groot Kwartierweg 12, Curaçao, registered with the Commercial Register of the Curaçao Chamber of Commerce & Industry under file
number 83355 (“ABV Holdings NV”); 

  

	(5)	MedSciences Prosensa Holding B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized and
existing under the laws of the Netherlands, with its corporate seat in Amsterdam, The Netherlands, with address Beethovenstraat 300, 1077 WZ Amsterdam, The Netherlands, registered with the Trade Register of the Chamber of Commerce under file number
24298136 (“MedSciences BV”); 

  

	(6)	 Idinvest Partners (formerly named AGF Private Equity), a French société par actions, registered with the Trade and
Companies Registry of Paris under 

  
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 SUBSCRIPTION AGREEMENT - EXECUTION COPY 

 

	 	
number 414 735 175 and whose registered office is at 117, Avenue des Champs-Elysées, 75008 Paris (“Idinvest”) acting on behalf of and representing: (i) FCPI
Capital Croissance 3, an investment fund (Fonds Commun de Placement dans l’Innovation) (“FCPI Croissance”) and (ii) FCPI Objectif Innovation Patrimoine 3, an investment fund (Fonds Commun de Placement
dans l’lnnovation) (“FCPI Patrimoine”); 

  

	(7)	Gimv NV, a limited liability company, organized and existing under the laws of Belgium, having its corporate seat at Karel Oomsstraat 37, 2018 Antwerpen,
Belgium, with company number VAT BE 0220.324.117 (“Gimv NV”); 

  

	(8)	Adviesbeheer Gimv Life Sciences 2007 NV, a limited liability company, organized and existing under the laws of Belgium, having its corporate seat at Karel
Donsstraat 37, 2018 Antwerpen, Belgium, with company number VAT BE 0887.140.224 (“Adviesbeheer NV”), 

 The
parties under (2) up to and including (8) hereinafter collectively and invidually referred to as “Investors” and “Investor”. All parties hereinafter collectively and individually referred to as:
“Parties” and “Party” respectively. 
 WHEREAS: 

 

	(A)	The Company and its wholly owned subsidiaries Prosensa Technologies B.V., Prosensa Therapeutics B.V. and Polybiotics B.V. (the “Subsidiaries”)
are involved in the development and commercialization of RNA modulating products, in particular in relation to genetic muscular disorders (the “Business”). 

 

	(B)	In order to further develop the Business, the Company wishes to attract additional equity financing and the Investors are willing to provide such financing.

  

	(C)	The Investors have performed a selected due diligence review related to the Company and the Business. 

 

	(D)	By entering into this Agreement, the Parties wish to set forth the terms and conditions under which the Investors are prepared to provide financing to the
Company. 

 NOW, THEREFORE, in consideration of the mutual promises, covenants, and conditions contained herein, the
Parties hereto hereby agree as follows: 
 IT IS AGREED AS FOLLOWS 

  
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 SUBSCRIPTION AGREEMENT - EXECUTION COPY 

 

	1	CLASS B2 SHARE ISSUE AND SUBSCRIPTION (TRANCHE 1) 

  

	1.1	Subscription Tranche 1 

Subject to the terms and conditions contained in this Agreement, the Investors hereby subscribe for a total of up to 5,000,004 Class B2
Shares in the capital of the Company (the “Subscription Tranche 1 Shares”), at a total issue price of EUR 11,500,009.20 (eleven million five hundred thousand nine euro and twenty eurocent), whereby: 

 

	 	(a)	NEA hereby subscribes for a total of 3,304,348 Class B2 Shares at a total issue price of EUR 2.30 (two euro and thirty eurocent) per share, to be issued at Tranche 1
Completion; and 

  

	 	(b)	LSP IV hereby subscribes for a total of 478,262 Class B2 Shares at a total issue price of EUR 2.30 (two euro and thirty eurocent) per share, to be issued at Tranche 1
Completion; and 

  

	 	(c)	ABV Holdings NV hereby subscribes for a total of 478,262 Class B2 Shares at a total issue price of EUR 2.30 (two euro and thirty eurocent) per share, to be issued at
Tranche 1 Completion; and 

  

	 	(d)	MedSciences BV hereby subscribes for a total of 108,696 Class B2 Shares at a total issue price of EUR 2.30 (two euro and thirty eurocent) per share, to be issued at
Tranche 1 Completion; and 

  

	 	(e)	FCPI Croissance hereby subscribes for a total of 163,914 Class B2 Shares at a total issue price of EUR 2.30 (two euro and thirty eurocent) per share, to be issued at
Tranche 1 Completion; and 

  

	 	(f)	FCPI Patrimoine hereby subscribes for a total of 151,304 Class B2 Shares at a total issue price of EUR 2.30 (two euro and thirty eurocent) per share, to be issued at
Tranche 1 Completion; and 

  

	 	(g)	Gimv NV hereby subscribes for a total of 283,696 Class B2 Shares at a total issue price of EUR 2.30 (two euro and thirty eurocent) per share, to be issued at Tranche 1
Completion; and 

  

	 	(h)	Adviesbeheer NV hereby subscribes for a total of 31,522 Class B2 Shares at a total issue price of EUR 2.30 (two euro and thirty eurocent) per share, to be issued at
Tranche 1 Completion. 

 Any contribution paid on the Subscription Tranche 1 Shares in excess of their nominal
value shall be recorded by the Company as share premium and shall be attributed to the Class B2 Shares share premium reserve. 

  
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 SUBSCRIPTION AGREEMENT - EXECUTION COPY 

 

 The Company shall issue the Subscription Tranche 1 Shares to the Investors as follows:

  

					
	 Party
	  	Subscription
Tranche 1
Shares	 
	 NEA
	  	 	3,304,348	  
	 LSP IV
	  	 	478,262	  
	 ABV Holdings NV
	  	 	478,262	  
	 MedSciences BV
	  	 	108,696	  
	 FCPI Croissance
	  	 	163,914	  
	 FCPI Patrimoine
	  	 	151,304	  
	 Gimv NV
	  	 	283,696	  
	 Adviesbeheer NV
	  	 	31,522	  
		  	  
	  
	 
	 Total
	  	 	5,000,004	  
		  	  
	  
	 

  

	1.2	Timing of Tranche 1 share issue 

 The Subscription Tranche 1 Shares shall be issued in accordance with Clause 4.1. 
  

	1.3	Tranche 1 Subscription Price 

 The subscription price for the Subscription Tranche 1 Shares shall be paid to the Company at Tranche 1 Completion. The amounts payable by each Investor are as follows: 

 

					
	 Investor
	  	Subscription
Tranche 1
Price (Euro)	 
	 NEA
	  	 	7,600,000.40	  
	 LSP IV
	  	 	1,100,002.60	  
	 ABV Holdings NV
	  	 	1,100,002.60	  
	 MedSciences BV
	  	 	250,000.80	  
	 FCPI Croissance
	  	 	377,002.20	  
	 FCPI Patrimoine
	  	 	347,999.20	  
	 Gimv NV
	  	 	652,500.80	  
	 Adviesbeheer NV
	  	 	72,500.60	  
		  	  
	  
	 
	 Total
	  	 	11,500,009	  
		  	  
	  
	 

  
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 SUBSCRIPTION AGREEMENT - EXECUTION COPY 

 

	1.4	Capitalization after issue Subscription Tranche 1 Shares. 

 The Company represents and warrants that the shareholdings and voting rights (on a fully diluted basis) in the capital of the Company subsequent to the New Articles (as defined in 3.2) coming into force
and subsequent to the issue of the Subscription Tranche 1 Shares: 
  

																									
	 Shareholder
	  	Common
Shares	 	  	Class O
Shares	 	  	Class A
Shares	 	  	Class B1
Shares	 	  	Class B2
Shares	 	  	Voting
Interest
(rounded)	 
	 Arriwan BV
	  	 	784,002	  	  				  				  				  				  	 	2.96	% 
	 MedSciences BV
	  	 	42,026	  	  	 	470,533	  	  	 	824,175	  	  	 	461,538	  	  	 	108,696	  	  	 	7,21	% 
	 Cure Duchenne
	  	 	337,128	  	  				  				  				  				  	 	1,27	% 
	 Charley’s Fund
	  	 	196,452	  	  				  				  				  				  	 	0,74	% 
	 Dordtwijck BV
	  	 	16,335	  	  				  				  				  				  	 	0,06	% 
	 Brink
	  	 	14,265	  	  				  				  				  				  	 	0,05	% 
	 Libertatis BV
	  	 	279,720	  	  				  				  				  				  	 	1,06	% 
	 Platenburg
	  	 	311,898	  	  				  				  				  				  	 	1,18	% 
	 Boom
	  	 	202,500	  	  				  				  				  				  	 	0,77	% 
	 Ekhart
	  	 	27,090	  	  				  				  				  				  	 	0,10	% 
	 Megen
	  	 	3,420	  	  				  				  				  				  	 	0,01	% 
	 Ellens
	  	 	67,500	  	  				  				  				  				  	 	0,26	% 
	 Heijneker
	  	 	90,000	  	  				  				  				  				  	 	0,34	% 
	 LSP Funds*
	  	 	32,491	  	  	 	52,073	  	  	 	3,296,703	  	  	 	1,961,538	  	  	 	478,262	  	  	 	22,0	% 
	 ABV Holdings NV
	  	 	32,491	  	  	 	52,073	  	  	 	3,296,703	  	  	 	1,961,538	  	  	 	478,262	  	  	 	22,0	% 
	 Idinvest Funds**
	  	 	32,491	  	  	 	52,073	  	  				  	 	1,961,538	  	  	 	315,218	  	  	 	8,93	% 
	 Gimv Funds***
	  	 	32,491	  	  	 	52,073	  	  				  	 	1,961,538	  	  	 	315,218	  	  	 	8,93	% 
	 NEA
	  				  				  				  				  	 	3,304,348	  	  	 	12,49	% 
	 Stichting AK
	  	 	564,131	  	  				  				  				  				  	 	2,11	% 
	 Unissued ESOP Shares
	  	 	1,418,232	  	  				  				  				  				  	 	5,36	% 
	 Unallocated Incentive Shares
	  	 	573,222	  	  				  				  				  				  	 	2,16	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	5,051,135	  	  	 	678,825	  	  	 	7,417,581	  	  	 	8,307,690	  	  	 	5,000,004	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	*	LSP Funds: LSP III Omni Investment Coöperatief U.A. and LSP IV 

	**	Idinvest Funds: FCPI Allianz Innovation 8, FCPI Capital Croissance and FCPI Patrimoine 

	***	Gimv Funds: Gimv NV and Adviesbeheer NV 

  
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 SUBSCRIPTION AGREEMENT - EXECUTION COPY 

 

	2	CLASS B3 SHARE ISSUE AND SUBSCRIPTION (TRANCHE 2) 

  

	2.1	Subscription Tranche 2 

Subject to the terms and conditions contained in this Agreement, the Investors hereby subscribe for a total of up to 4,107,140 Class B3
Shares in the capital of the Company (the “Subscription Tranche 2 Shares”), at a total issue price of EUR 11,499,992.- (eleven million four hundred ninety nine thousand nine hundred ninety two euro), whereby: 

 

	 	(a)	NEA hereby subscribes for a total of 2,714,285 Class B3 Shares at a total issue price of EUR 2.80 (two euro and eighty eurocent) per share, to be issued at Tranche 2
Completion; and 

  
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 SUBSCRIPTION AGREEMENT - EXECUTION COPY 

 

	 	(b)	LSP IV hereby subscribes for a total of 392,857 Class B3 Shares at a total issue price of EUR 2.80 (two euro and eighty eurocent) per share, to be issued at Tranche 2
Completion; and 

  

	 	(c)	ABV Holdings NV hereby subscribes for a total of 392,857 Class B3 Shares at a total issue price of EUR 2.80 (two euro and eighty eurocent) per share, to be issued at
Tranche 2 Completion; and 

  

	 	(d)	MedSciences BV hereby subscribes for a total of 89,285 Class B3 Shares at a total issue price of EUR 2.80 (two euro and eighty eurocent) per share, to be issued at
Tranche 2 Completion; and 

  

	 	(e)	FCPI Croissance hereby subscribes for a total of 134,642 Class B3 Shares at a total issue price of EUR 2.80 (two euro and eighty eurocent) per share, to be issued at
Tranche 2 Completion; and 

  

	 	(f)	FCPI Patrimoine hereby subscribes for a total of 124,286 Class B3 Shares at a total issue price of EUR 2.80 (two euro and eighty eurocent) per share, to be issued at
Tranche 2 Completion; and 

  

	 	(g)	Gimv NV hereby subscribes for a total of 233,035 Class B3 Shares at a total issue price of EUR 2.80 (two euro and eighty eurocent) per share, to be issued at Tranche 2
Completion; and 

  

	 	(h)	Adviesbeheer NV hereby subscribes for a total of 25,893 Class B3 Shares at a total issue price of EUR 2.80 (two euro and eighty eurocent) per share, to be issued at
Tranche 2 Completion. 

 Any contribution paid on the Subscription Tranche 2 Shares in excess of their nominal
value shall be recorded by the Company as share premium and shall be attributed to the Class B3 Shares share premium reserve. 

Subject to the terms and conditions contained in this Agreement, the Company shall issue the Subscription Tranche 2 Shares to the
Investors as follows: 
  

					
	 Investor
	  	Subscription
Tranche 2
Shares	 
	 NEA
	  	 	2,714,285	  
	 LSP IV
	  	 	392,857	  
	 ABV Holdings NV
	  	 	392,857	  
	 MedSciences BV
	  	 	89,285	  
	 FCPI Croissance
	  	 	134,642	  
	 FCPI Patrimoine
	  	 	124,286	  
	 Gimv NV
	  	 	233,035	  
	 Adviesbeheer NV
	  	 	25,893	  
		  	  
	  
	 
	 Total
	  	 	4,107,140	  
		  	  
	  
	 

  
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	2.2	Timing of Tranche 2 share issue 

 The Subscription Tranche 2 Shares shall be issued in accordance with Clause 5.1. 
  

	2.3	Tranche 2 Subscription Price 

 The subscription price for the Subscription Tranche 2 Shares shall be paid to the Company at Tranche 2 Completion. The amounts payable by each Investor are as follows: 

 

					
	 lnvestor
	  	Subscription
Tranche 2
Price (Euro)	 
	 NEA
	  	 	7,599,998	  
	 LSP IV
	  	 	1,099,999.60	  
	 ABV Holdings NV
	  	 	1,099,999.60	  
	 MedSciences BV
	  	 	249,998	  
	 FCPI Croissance
	  	 	376,997.60	  
	 FCPI Patrimoine
	  	 	348,000.80	  
	 Gimv NV
	  	 	652,498	  
	 Adviesbeheer NV
	  	 	72,500.40	  
		  	  
	  
	 
	 Total
	  	 	11,499,992	  
		  	  
	  
	 

  
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 SUBSCRIPTION AGREEMENT - EXECUTION COPY 

 

	2.4	Capitalization after issue Subscription Tranche 2 Shares 

 The Company represents and warrants that the shareholdings and voting rights (on a fully diluted basis) in the capital of the Company subsequent to the New Articles coming into force and subsequent to the
issue of the Subscription Tranche 1 Shares and all Subscription Tranche 2 Shares: 
  

																													
	 Shareholder
	  	Common
Shares	 	  	Class O
Shares	 	  	Class A
Shares	 	  	Class B1
Shares	 	  	Class B2
Shares	 	  	Class B3
Shares	 	  	VI	 
	 Arriwan BV
	  	 	784,002	  	  				  				  				  				  				  	 	2.54	  
	 MedSciences BV
	  	 	42,026	  	  	 	470,533	  	  	 	824,175	  	  	 	461,538	  	  	 	108,696	  	  	 	89,285	  	  	 	6.48	  
	 Cure Duchenne
	  	 	337,128	  	  				  				  				  				  				  	 	1.09	  
	 Charley’s Fund
	  	 	196,452	  	  				  				  				  				  				  	 	0.64	  
	 Dordtwijck BV
	  	 	16,335	  	  				  				  				  				  				  	 	0.05	  
	 Brink
	  	 	14,265	  	  				  				  				  				  				  	 	0.05	  
	 Libertatis BV
	  	 	279,720	  	  				  				  				  				  				  	 	0.91	  
	 Platenburg
	  	 	311,898	  	  				  				  				  				  				  	 	1.01	  
	 Boom
	  	 	202,500	  	  				  				  				  				  				  	 	0.66	  
	 Ekhart
	  	 	27,090	  	  				  				  				  				  				  	 	0.09	  
	 Megen
	  	 	3,420	  	  				  				  				  				  				  	 	0.01	  
	 Ellens
	  	 	67,500	  	  				  				  				  				  				  	 	0.22	  
	 Heijneker
	  	 	90,000	  	  				  				  				  				  				  	 	0.29	  
	 LSP Funds
	  	 	32,491	  	  	 	52,073	  	  	 	3,296,703	  	  	 	1,961,538	  	  	 	478,262	  	  	 	392,857	  	  	 	20.17	  
	 ABV Holdings NV
	  	 	32,491	  	  	 	52,073	  	  	 	3,296,703	  	  	 	1,961,538	  	  	 	478,262	  	  	 	392,857	  	  	 	20.17	  
	 Idinvest Funds
	  	 	32,491	  	  	 	52,073	  	  				  	 	1,961,538	  	  	 	315,218	  	  	 	258,928	  	  	 	8.5	  
	 Gimv Funds
	  	 	32,491	  	  	 	52,073	  	  				  	 	1,961,538	  	  	 	315,218	  	  	 	258,928	  	  	 	8.5	  
	 NEA
	  				  				  				  				  	 	3,304,348	  	  	 	2,714,285	  	  	 	19.53	  
	 Stichting AK
	  	 	564,131	  	  				  				  				  				  				  	 	1.81	  
	 Unissued ESOP Shares
	  	 	1,418,232	  	  				  				  				  				  				  	 	4.6	  
	 Unallocated Incentive Shares
	  	 	823,222	  	  				  				  				  				  				  	 	2.67	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
								
	 Total
	  	 	5,307,885	  	  	 	678,825	  	  	 	7,417,581	  	  	 	8,307,690	  	  	 	5,000,004	  	  	 	4,107,140	  	  	 	100	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  
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	3	EXISTING RIGHTS AND SHARE CAPITAL 

  

	3.1	Existing subscription and purchase rights 

 The Parties acknowledge that the following rights to subscribe for or purchase shares in the capital of the Company or depositary receipts thereof exist pursuant to the Company’s employee stock
option plans and the 2010 Equity Incentive Plan (the “Incentive Plans”), after the Tranche 1 Completion (as defined below): 
  

	 	(a)	the Company has a pool of rights to acquire a total of up to 1,991,454 depositary receipts for Common Shares to be issued by the Company (granted and not yet granted
rights, including the agreed extension with 250,000 depositary receipts), 

 and after the Tranche 2 Completion (as
defined below): 
  

	 	(b)	the Company has a pool of rights to acquire a total of up to 2.241.454 depositary receipts for Common Shares to be issued by the Company (granted and not yet granted
rights, including the agreed extension with 250,000 depositary receipts), 

 of which rights to acquire a total of
1,418,232 depositary receipts have been granted to employees but not yet exercised, whilst rights to acquire a total of 823,222 depositary receipts are still available (including the total extension with 500,000 depositary receipts). The Common
Shares that may be issued in connection with the Incentive Plans will hereinafter be referred to as the “Incentive Shares”. 
 Furthermore the supervisory board of the Company (the “Supervisory Board”) shall have the right to have Arriwan BV grant rights to purchase up to 56,250 Common Shares, at a price of EUR
1.82, to members of the scientific advisory board (if and when installed) and members of senior management of the Company. Furthermore, Arriwan BV has granted a call option right to Mrs. J. van Deutekom to purchase a total of 33,750 Common
Shares, at a purchase price of EUR 1.82 per Common Share. The above options shall be exercisable on or before October 1, 2016. 
 The Company confirms that, other than as specified herein, the Company has not granted any rights to subscribe for or purchase shares in the Company or any rights convertible into shares in the Company
that survive Tranche 1 Completion. 

  
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 Each of the Investors confirms that, other than as specified herein, if applicable, it
does not have any rights to subscribe for or purchase shares in the Company or any rights convertible into shares in the Company that survive Tranche 1 Completion. 
  

	3.2	Shareholders resolution. New Articles. Rights attaching to subscription shares 

The Investors, excluding NEA an, shall execute a written resolution (the “Shareholders Resolution”) in accordance with
the draft of the resolution attached hereto as Schedule 3.2 resolving among other things: 
  

	 	(i)	to amend the articles of association of the Company as effective immediately prior to the Tranche 1 Completion (the “Existing Articles”) in such manner
that they will read in accordance with the provisions set forth in the draft deed of amendment prepared by De Brauw Blackstone Westbroek N.V. (“Articles Amendment”) attached hereto as Schedule 3.2.1; 

 

	 	(ii)	subject to the Articles Amendment, to issue the Subscription Tranche 1 Shares to the Investors, whereby any pre-emptive rights of the existing shareholders shall be
excluded; 

  

	 	(iii)	subject to the Articles Amendment, to authorize the Company’s managing board (the “Managing Board”), to issue the Subscription Tranche 2 Shares in
accordance with the terms and conditions contained in this Agreement to the Parties, whereby any pre-emptive rights of the existing shareholders shall be excluded; 

The Parties, excluding NEA, shall execute a written resolution granting its approval to the Shareholders’ Resolution. 

The Parties, excluding NEA, shall execute a written resolution approving the resolution of the existing shareholders to exclude any
pre-emptive rights of the B Shareholders. 
 The Articles Amendment will among other things effectuate an increase of the
authorized share capital for the Class B Shares, the creation of separate share premium reserves for Common Shares, Class O Shares, Class A Shares, Class B1 Shares, Class B2 Shares and Class B3 Shares and the implementation of the governance
structure agreed upon between the Parties. 

  
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 The Existing Articles as amended pursuant to the Articles Amendment will also be
referred to as the “New Articles”. 
 The Subscription Tranche 1 Shares and the Subscription Tranche 2 Shares,
when issued to each of the Investors on the terms and conditions of this Agreement, shall be free from all encumbrances, options and adverse equities or interests of any kind and shall entitle the holder thereof to all rights and benefits attaching
or accruing thereto under the New Articles, subject to and as supplemented by the Amended Shareholders Agreement, which rights include (without limitation): 
  

	 	•	 	 dividend right; 

  

	 	•	 	 conversion rights; 

  

	 	•	 	 liquidation preference; 

  

	 	•	 	 anti-dilution protection; 

  

	 	•	 	 Supervisory Board representation rights; 

  

	 	•	 	 voting rights; 

  

	 	•	 	 consent rights; 

  

	 	•	 	 information rights; 

  

	 	•	 	 pre-emptive rights; 

  

	 	•	 	 rights of first refusal; 

  

	 	•	 	 co-sale rights; and 

  

	 	•	 	 drag-along rights. 

  
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	3.3	Current Capitalization 

The Company represents and warrants that its current issued share capital amounts to 3,059,681 Common Shares, 8,307,690 Class B Shares,
678,825 Class O Shares and 7,417,581 Class A Shares, each with a nominal value of EUR 0.01 and that rights have been or may be issued by the Company to acquire up to a total of 1,741,454 Common Shares (the “Incentive
Shares”). The shareholdings and voting interests (on a fully diluted basis) are currently as follows: 
  

																					
	  	  	Common
Shares	 	  	Class O
Shares	 	  	Class A
Shares	 	  	Class B
Shares	 	  	Voting
Interest
(rounded)	 
	 Arriwan BV
	  	 	784,002	  	  				  				  				  	 	3.7	% 
	 MedSciences BV
	  	 	42,026	  	  	 	470,533	  	  	 	824,175	  	  	 	461,538	  	  	 	8,48	% 
	 Cure Duchenne
	  	 	337,128	  	  				  				  				  	 	1.59	% 
	 Charley’s Fund
	  	 	196,452	  	  				  				  				  	 	0.93	% 
	 Dordtwijck BV
	  	 	16,335	  	  				  				  				  	 	0.08	% 
	 Brink
	  	 	14,265	  	  				  				  				  	 	0.07	% 
	 Libertatis BV
	  	 	279,720	  	  				  				  				  	 	1.32	% 
	 Platenburg
	  	 	311,898	  	  				  				  				  	 	1.47	% 
	 Boom
	  	 	202,500	  	  				  				  				  	 	0.95	% 
	 Ekhart
	  	 	27,090	  	  				  				  				  	 	0.13	% 
	 Megen
	  	 	3,420	  	  				  				  				  	 	0.02	% 
	 Ellens
	  	 	67,500	  	  				  				  				  	 	0.32	% 
	 Heijneker
	  	 	90,000	  	  				  				  				  	 	0.42	% 
	 LSP III
	  	 	32,491	  	  	 	52,073	  	  	 	3,296,703	  	  	 	1,961,538	  	  	 	25.2	% 
	 ABV IV Holdings NV
	  	 	32,491	  	  	 	52,073	  	  	 	3,296,703	  	  	 	1,961,538	  	  	 	25.20	% 
	 Idinvest Funds
	  	 	32,491	  	  	 	52,073	  	  				  	 	1,961,538	  	  	 	9.65	% 
	 Gimv Parties
	  	 	32,491	  	  	 	52,073	  	  				  	 	1,961,538	  	  	 	9.65	% 
	 Stichting AK
	  	 	557,381	  	  				  				  				  	 	2.63	% 
	 Unissued Incentive Shares
	  	 	1,418,232	  	  				  				  				  	 	6.69	% 
	 Unallocated Incentive Shares
	  	 	323,222	  	  				  				  				  	 	1.52	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	4,801,135	  	  	 	678,825	  	  	 	7,417,581	  	  	 	8,307,690	  	  	 	100	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	4	CLASS B2 SHARE COMPLETION (TRANCHE 1) 

  

	4.1	Tranche 1 Completion 

 The
issuance of the Subscription Tranche 1 Shares and payment of the issue price by each Party contemplated by Clause 1 of this Agreement (the “Tranche 1 Completion”), shall take place on the date of this Agreement, or such other date
as agreed between the Parties (the “Tranche 1 Completion Date”). 
 Venue of Tranche 1 Completion

 The Tranche 1 Completion shall take place at the offices of De Brauw Blackstone Westbroek N.V. on the Tranche 1 Completion
Date, where all (and not only some) of the events described in Clause 4.2 shall occur. 
  

	4.2	Tranche 1 Completion Obligations 

 At Tranche 1 Completion, the following shall occur: 
  

	 	(a)	 The total subscription price for the Subscription Tranche 1 Shares to the extent payable by each Investor at Tranche 1 Completion under Clause 1.3
shall be transferred by the relevant Investor for the 

  
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payment on the relevant Subscription Tranche 1 Shares to a trust account (derdengeldrekening) of Stichting Beheer Derdengelden De Brauw Blackstone Westbroek N.V., with number 24.31.88.692,
ABN AMRO Bank, Gustav Mahlerlaan 10, 1082 PP Amsterdam, IBAN code: NL10 ABNA 0243 1886 92, BIC code: ABNANL2A (the “Notary Account”), with a value date not later than the day of the Tranche 1 Completion Date. Following receipt of
the relevant subscription price paid by the relevant Investor into the Notary Account, this shall be confirmed to this Investor by a civil law notary of De Brauw Blackstone Westbroek N.V., which shall hold the amounts on behalf of such Party until
the release of the funds in accordance with (f) below; 

  

	 	(b)	The Company and the Investors shall cause the execution before a civil law notary of De Brauw Blackstone Westbroek N.V. of a deed effectuating at Tranche 1 Completion
the issue of the Subscription Tranche 1 Shares, under the condition precedent that the New Articles shall come into force, in accordance with the draft of said deed (the “Tranche 1 Share Issue Deed”) attached hereto as Schedule
4.2.b.; 

  

	 	(c)	The Company shall cause the relevant notarial deed effectuating the Articles Amendment to be executed before a civil law notary of De Brauw Blackstone Westbroek N.V.;

  

	 	(d)	The Parties shall execute the amended shareholders agreement (the “Amended Shareholders Agreement”), in accordance with the draft attached hereto as
Schedule 4.2.d; 

  

	 	(e)	The Company shall register the issue of the Subscription Tranche 1 Shares, including the details of the Tranche 1 Share Issue Deed in its shareholders’ register;
and 

  

	 	(f)	Upon the completion of the steps (a) up to and including (e) above, the funds deposited at the Notary Account shall be released to the Company. The Investors
shall be entitled to any interest accrued on these funds until the release. 

  

	5	CLASS B3 SHARE COMPLETION (TRANCHE 2) 

  

	5.1	Tranche 2 Completion 

 The
issuance of the Subscription Tranche 2 Shares and payment of the issue price by each Investor contemplated by Clause 2 of this Agreement (the “Tranche 2 Completion”), shall take place on the first of May 2012, or such other date as
agreed between the Company and each of the Investors (the “Tranche 2 Completion Date”) provided that, unless otherwise waived by all of 

  
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the Investors, the Company certifies to each of the Investors in writing on April 20, in a notice of Tranche 2 Closing, and on and as of the Tranche 2 Completion Date in a Tranche 2 Closing
certificate, that no Triggering Event (as described on Annex 5.1 attached hereto) has occurred on or prior to the Tranche 2 Completion Date. 
 Venue of Tranche 2 Completion 
 The Tranche 2 Completion shall take place at
the offices of De Brauw Blackstone Westbroek N.V. on the Tranche 2 Completion Date, where all (and not only some) of the events described in Clause 0 shall occur. 
  

	5.2	Triggering Event Notification 

 Upon the Company, including a member of the Managing Board, becoming aware of a Triggering Event, the Company will immediately notify the Investors in accordance with the procedure described in Clause 7.5
of this Agreement. If an event occurs on or after 20 April 2012, that the Company believes may constitute a Triggering Event, the Managing Board, in its sole discretion, may delay the Tranche 2 Completion Date by up to 10 days to allow the
Company to gather more information and to discuss the situation with the Investors and determine whether to not to notify a Triggering Event. 
  

	5.3	Tranche 2 Completion Obligations 

 At Tranche 2 Completion, the following shall occur: 
  

	 	(a)	The total subscription price for the Subscription Tranche 2 Shares to the extent payable by each Investor at Tranche 2 Completion under Clause 2.3 shall be transferred
by the relevant Investor for the payment on the relevant Subscription Tranche 2 Shares to the Notary Account, with a value date not later than the day of the Tranche 2 Completion Date. Following receipt of the relevant subscription price paid by the
relevant Investor into the Notary Account, this shall be confirmed to this Investor by a civil law notary of De Brauw Blackstone Westbroek N.V., which shall hold the amounts on behalf of such Investor until the release of the funds in accordance
with (d) below; 

  

	 	(b)	The Company and the Investors shall cause the execution before a civil law notary of De Brauw Blackstone Westbroek N.V. of a deed effectuating at Tranche 2 Completion
the issue of the Subscription Tranche 2 Shares; 

  

	 	(c)	The Company shall register the issue of the Subscription Tranche 2 Shares, including the details of the Tranche 2 Share Issue Deed in its shareholders’ register;
and 

  

	 	(d)	Upon the completion of the steps (a) up to and including (c) above, the funds deposited at the Notary Account shall be released to the Company. The Investors
shall be entitled to any interest accrued on these funds until the release. 

  
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	5.4	Tranche 2 Investor Default 

If one or more Investors fail to fund its relevant portion of the subscription price as provided in Section 2.3 and
Section 5.3(a) (a “Defaulting Investor”) then, in addition to the remedies that the Company and any other Parties may have (including but not limited to, the Company seeking enforcement of the obligation of the Defaulting
Investor to invest the agreed monies in the Company), the Subscription Tranche 1 Shares of that or those Defaulting Investor(s) shall be converted into Common Shares at a ratio of 1 Subscription Tranche 1 Share to 1 Common Share, unless all holders
of Subscription Tranche 2 Shares have waived the conversion. The holding of a shareholder shall be aggregated and rounded down to the nearest whole number of Common Shares. The conversion shall have external effect upon the Company depositing a
statement to this effect with the Trade Register. The Parties understand, accept and acknowledge that the conversion, the filing with the Trade Register and the legal effect of the conversion and filing will be irrevocable. 

 

	5.5	Lapse of the Tranche 2 Subscription Obligations 

 If Tranche 2 completion has not occurred by 10 May 2012, other than upon an agreement by the Parties to postpone the Tranche 2 Completion Date in accordance with Clause 5.1, then the rights and
obligations of the Parties hereto with respect to the Subscription Tranche 2 Shares shall lapse. If the Company notifies a Triggering Event prior to 20 April 2012, the rights and obligations of the Parties hereto with respect to the
Subscription Tranche 2 Shares lapse on 1 May 2012, unless the Parties agree to postpone the Tranche 2 Completion Date in accordance with Clause 5.1. For the avoidance of doubt, a breach by an Investor of their obligation to fund their
subscription price shall not lapse, and the Company’s and other Parties’ rights and remedies with respect to such Defaulting Investor shall survive the Tranche 2 Completion Date and shall not expire. 

 

	6	REPRESENTATIONS AND WARRANTIES 

  

	6.1	Parties’ Representations and Warranties 

 Without prejudice to any other representations and warranties contained in this Agreement, each of the Parties hereby represents and warrants to the other Parties as follows: 

 

	 	(i)	except if a Party is a natural person and not a legal entity, it is a company duly organized, and validly existing under the laws of its incorporation, and has all
requisite corporate power and authority to own its property and to carry on its business as it is now being conducted; 

  
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	 	(ii)	it has full power and authority (corporate or otherwise) to enter into, execute, deliver and carry out (where applicable upon fulfillment of the Conditions) the terms
of this Agreement and to incur the obligations provided for herein, all of which have been duly authorized by all proper and necessary corporate action and are not in violation of its articles of incorporation or governing documents, as far as
applicable; 

  

	 	(iii)	except as specifically set forth in this Agreement, no consent, authorization or approval of, filing with, notice to, or exemption by, any person (including securities
exchange or other regulatory body) or any governmental authority is required to authorize or is required in connection with the execution, delivery and performance by it of this Agreement, or is required as a condition to the validity or
enforceability in relation to it of this Agreement; 

  

	 	(iv)	this Agreement constitutes its legal and binding obligation, enforceable in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally or by other principles of general applicability; 

 

	 	(v)	the execution, delivery and carrying out by the warranting Party of the terms of this Agreement will not constitute a default under, conflict with, or require any
consent under (other than consents which have been obtained), any mortgage, indenture, contract, agreement, judgment, decree or order to which it is a party or by which it or its assets are bound, which defaults, conflicts and consents, if not
obtained, would have a material adverse effect on the rights or obligations of any of the Parties under this Agreement, or the ability of it to perform its obligations hereunder; and 

 

	 	(vi)	there is no litigation pending or, to the best of its knowledge, threatened to which it is a party and which affects the rights and obligations of the Parties under
this Agreement. 

  

	6.2	Representations and Warranties by the Company and/or the Subsidiaries 

 Without prejudice to any other representations and warranties contained in this Agreement, each of the Company and its Subsidiaries represent and warrant to

  
 17 

 SUBSCRIPTION AGREEMENT - EXECUTION COPY 

 

 
the Investors in accordance with Schedule 6.2 attached hereto (the “Warranties”), provided, however, that the Warranties are limited by and the Company and the
Subsidiaries shall not be in breach of or liable for (a “Warranty Breach”) any Warranty with respect to: 
  

	 	(a)	the matters disclosed in the Disclosure Letter; and 

  

	 	(b)	any matter which is disclosed in the Agreement. 

 The Company represents and warrants to the Investors that it is not, and that no member of its Managing Board is, aware and that neither it nor they should reasonably be expected to be aware, with respect
to the PRO051 development program as contemplated on the date of this Agreement and in addition to the case reported to the Investors on or about 5 December 2011, of any serious adverse events, deaths, drug discontinuations or other adverse
findings that could reasonably be expected to have a material impact on the likelihood or timing of approval of the Drug (as described in Annex 5.1). The Company represents and warrants that the statement in the immediately preceding sentence will
also be true and accurate on the Tranche 2 Completion Date, as if made on such date. The arrangements in Clauses 5.1, 5.2 and 5.5 apply mutatis mutandis to the repetition of this statement. 

The Investors acknowledge and agree that the Company and the Subsidiaries make no representation or warranty as to the accuracy of any
forecasts, estimates, projections, statements of intent or statements of opinion howsoever provided to the Parties. The Investors acknowledge that no representations or warranties, express or implied, have been given or are given other than the
representations and warranties in this Agreement and in Schedule 6.2. 
  

	6.3	Disclosure of information 

The Investors have requested documents in response to which request the Company has made available the contents of the virtual data room
containing documents and information relating to the Company and the Subsidiaries (the “Data Room”). The Parties confirm that they have performed a review of the Company on the basis of the Data Room. 

 

	6.4	Representations and warranties by the Investors 

 The Parties represent and warrant that, on the date of this Agreement, they are not aware of any Warranty Breach or of any fact or circumstance which could give rise to a Warranty Breach. 

  
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	6.5	Damages. Limitations and other terms and conditions. 

 In case of a Warranty Breach under Clause 6.2, the relevant warranting Parties shall jointly and severally reimburse and hold the Investors harmless for all damages (schade), losses and expenses
suffered by the Investors as a result of such Warranty Breach, subject, however to the following provisions: 
  

	 	(a)	 The maximum liability of the Company and its Subsidiaries for Warranty Breaches per Party shall not exceed the aggregate amount paid on the
Subscription Shares by such Investor. The Parties shall not be entitled to indemnification unless the damage suffered pursuant to Warranty Breaches shall exceed an aggregate amount of EUR 75,000 in which case (subject always to the above maximum)
the Investors shall be entitled to the entire amount of their damages, and not just the excess over EUR 75,000. Individual Warranty Breaches shall not be taken into account unless they exceed an amount of EUR 10,000. 

 

	 	(b)	The Investors shall not be entitled to damages for a Warranty Breach unless an Investor has filed a claim for such Warranty Breach with the Company in writing within
twenty business days after having become aware of the relevant Warranty Breach. The Parties shall not be entitled to claim any damages for Warranty Breaches if an Investor has not filed a claim for such Warranty Breach (i) within eighteen
months after the Tranche 1 Completion Date or (ii) before completion of an IPO (as defined in the Amended Shareholders Agreement) whichever is earlier; it being understood, however, that a claim against the Company and its Subsidiaries in
relation to any damages for Warranty Breaches relating to tax matters may be made within six years after Tranche 1 Completion Date. 

  

	 	(c)	the savings by or net financial benefit, including tax benefits, to the Company, the Subsidiaries or the Parties resulting from a Warranty Breach under Clause 6.2 shall
be taken into account in the calculation of any amount of damages (schade), losses or expenses suffered by the Investors. 

  

	 	(d)	The Investors may at their discretion take recourse against the Company and/or its Subsidiaries. Neither the Company nor each of its Subsidiaries shall have recourse
against the other party(ies) held liable by the Investors. 

  
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	7	MISCELLANEOUS 

  

	7.1	Confidentiality 

 The
Parties undertake that they shall treat as strictly confidential all information received or obtained by them or their employees, agents or advisers as a result of entering into or performing this Agreement, including information relating to the
provisions of this Agreement, the negotiations leading up to this Agreement, the subject matter of this Agreement or the business or affairs of each of the Parties, and that they will not at any time hereafter make use of or disclose or divulge to
any person any such information and shall use their best endeavours to prevent the publication or disclosure of any such information. The restrictions contained in this provision shall not apply so as to prevent the Parties from making any
disclosure (i) to the Shareholders of the Company, (ii) with regard to customary information to the investors of the Investors, (iii) as (otherwise) required by law, or as required in the ordinary course of the Company’s business
or by any securities exchange or supervisory or regulatory or governmental body pursuant to rules to which the relevant Party is subject, or from making any disclosure to any professional adviser for the purposes of obtaining advice (provided always
that this provision shall apply to and the Parties shall procure that they apply to, and are observed in relation to, the use or disclosure by such professional adviser of the information provided to hint), nor shall the restrictions apply in
respect of any information which comes into the public domain other titan by a breach of this Article by any of the Parties. 

Furthermore, each of the Parties undertakes that prior to Tranche 1 Completion and thereafter it will not (save as required by any local
legal requirements to be observed by any of the Parties, in which case it will notify all other Parties in advance) make any announcement in connection with this Agreement, unless the other Parties hereto shall have given their written consent to
such announcement (which consents may not be unreasonably withheld and may be given either generally or in a specific case or cases and may be subject to conditions). 
  

	7.2	Further Acts 

 Each of the
Parties shall do and execute or procure to be done and executed all such acts, agreements, documents and things as may be within its power to give full effect to this Agreement and to procure that all provisions of this Agreement are observed and
performed. 
  

	7.3	Parties’ Costs 

 The
Company shall pay reasonable legal fees and expenses of one special corporate counsel and intellectual property counsel incurred by NEA up to a maximum of EUR 60,000. Subject only to the previous sentence, each of the Parties shall bear its own
costs in connection with the transactions contemplated by this Agreement. 

  
 20 

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 The Company represents and warrants that no finders or similar fees shall be payable by
the Company in connection with the transactions contemplated by Agreement. 
  

	7.4	Entire Agreement 

 From
the Tranche 1 Completion Date, this Agreement (together with any documents referred to herein) constitutes the whole agreement between the Parties and supersedes any previous agreements or arrangements between them relating to the subject matter of
this Agreement, and it is expressly declared that no variation of this Agreement shall be effective unless made in writing and executed by the Parties. 
  

	7.5	Notices 

 Any notice,
request or other communication required or permitted to be given under this Agreement shall be in English, in writing and delivered or sent to the relevant Party at its address set out below (or such other address or fax number as the addressee has
specified to the ether Parties by five (5) days’ prior written notice), provided, that notices shall be delivered by international express courier (such as DHL): 

 

			
	To: Prosensa Holding B.V.	  	To: Coöperatief LSP IV U.A.
	J.H. Oortweg 21,	  	Johannes Vermeerplein 9
	2333 CH Leiden	  	1071 DV Amsterdam
	Attn.: Managing Director	  	Attn.: Managing Director
		
	To: LSP III Omni Investment Coöperatief U.A.	  	To: MedSciences Prosensa Holding B.V.
	Johannes Vermeerplein 9	  	Beethovenstraat 300
	1071 DV Amsterdam	  	1077 WZ Amsterdam
	Attn.: Managing Director	  	Attn.: Managing Director
		
	 To: Abingworth Management Ltd.
 Princes House, 38 Jermyn Street
 London SW1Y 6DN, UK

Attn.: General Counsel
	  	 To: ABV IV Holdings N.V.

Landhuis Groot Kwartier
 Groot Kwartierweg 12,
Curaçao
 Attn. Managing Director

		
	 To: New Enterprise Associates 13, L.P.
 c/o New Enterprise Associates
 1954 Greenspring Drive, Suite 600

Timonium, MD 21093
 United States

Attn: Louis Citron
	  	 To: FCPI Capital Croissance
 c/o Idinvest Partners
 117, avenue des Champs Elysées

75 008 Paris,, France
 Attn.: Remi
Droller

  
 21 

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	 To: FCPI Objectif Innovation Patrimoine
 c/o Idinvest Partners
 117, avenue des Champs Elysées

75 008 Paris, France
 Attn.: Remi
Droller
	  	 To: Gimv NV
 Karel
Oomsstraat 37
 2018 Antwerpen, Belgium

Attn.: Managing Director

		
	 To: Adviesbeheer Gimv Life Sciences 2007 NV
 Karel Oomsstraat 37
 20 18 Antwerpen, Belgium

Attn.: Managing Director
	  	 KLS Partners 
 507, rue
de Monttessuy
 F-75340 Paris cedex 07

France

contact@kls-partners.com

 Each Party will give written notice of any change in its address above to the other Parties. 

 

	8	GOVERNING LAW AND DISPUTE RESOLUTION 

  

	8.1	Governing law 

 This
Agreement shall be governed by and construed in accordance with the laws of The Netherlands. 
  

	8.2	Forum 

 All disputes
arising in connection with this Agreement, or further agreements or contracts resulting thereof, shall in first instance be referred exclusively to the District Court in Amsterdam. 

IN WITNESS WHEREOF this Agreement was signed in the manner set out below. 

- signature pages to follow - 

  
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 Prosensa Holding B.V. for (i) itself for this entire Agreement and
(ii) in its capacity as sole managing director of the Subsidiaries for confirmation of Clause 4.2 and 4.3 
  

													
	 /s/ Berndt Modig
	 		 	  

			
	Prosensa Holding B.V.	 		 	Prosensa Holding B.V.
					
	By:	 	 Berndt Modig
	 		 	By:	 	  

	Title:	 	 CFO
	 		 	Title:	 	  

	Date:	 	 13 January
	 	2012	 		 	Date:	 	  
	 	2012

 Signature page class B2 shares and B3 shares subscription agreement. 

By signing this Subscription Agreement the signatory irrevocably declares that he wishes to enter into the Subscription Agreement. This
Subscription Agreement will become effective as per the day of the execution of the notarial deed of issuance pursuant to which new Class B2 shares will be issued to the Investors. 

  
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	New Enterprise Associates 13, L.P.
		
	By:	 	NEA Partners 13, Limited Partnership, its general partner
		
	By:	 	NEA 13 GP, LTD, its general partner
		
	By:	 	 /s/ Louis A. Citron

	Title:	 	 Chief Legal Officer

	Date:	 	 13 January
	 	2012

 Signature page class B2 shares and B3 shares subscription agreement. 

By signing this Subscription Agreement the signatory irrevocably declares that he wishes to enter into the Subscription Agreement. This
Subscription Agreement will become effective as per the day of the execution of the notarial deed of issuance pursuant to which new Class B2 shares will be issued to the Investors. 

  
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	 /s/ Martijn Kleijwegt
	 		 	 /s/ RR Kuijten

			
	Coöperatief LSP IV U.A.	 		 	Coöperatief LSP IV U.A.
					
	By:	 	LSP IV Management B.V.	 		 	By:	 	LSP IV Management B.V.
					
	By:	 	 M. Kleijwegt
	 		 	By:	 	 RR Kuijten

	Title:	 	 Managing Director
	 		 	Title:	 	 Managing Director

	Date:	 	 13 January
	 	2012	 		 	Date:	 	 13 January
	 	2012

 Signature page class B2 shares and B3 shares subscription agreement. 

By signing this Subscription Agreement the signatory irrevocably declares that he wishes to enter into the Subscription Agreement. This
Subscription Agreement will become effective as per the day of the execution of the notarial deed of issuance pursuant to which new Class B2 shares will be issued to the Investors. 

  
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	 /s/ Sonja Hartsuijker

	
	ABV IV Holdings N.V.
		
	By:	 	 Sonja Hartsuijker

	Title:	 	 Managing Director

	Date:	 	 13 January
	 	2012

 Signature page class B2 shares and B3 shares subscription agreement. 

By signing this Subscription Agreement the signatory irrevocably declares that he wishes to enter into the Subscription Agreement. This
Subscription Agreement will become effective as per the day of the execution of the notarial deed of issuance pursuant to which new Class B2 shares will be issued to the Investors. 

  
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	MedSciences Prosensa Holding B.V.	 		 	MedSciences Prosensa Holding B.V.
					
	By:	 	MedSciences Capital Management B.V.	 		 	By:	 	MedSciences Capital Management B.V.
					
	By:	 	Kempen Capital Management N.V	 		 	By:	 	Kempen Capital Management N.V.
					
	By:	 	 /s/ Paul Gerla
	 		 	By:	 	  

	Title:	 	 Managing Director
	 		 	Title:	 	  

	Date:	 	 13 January
	 	2012	 		 	Date:	 	  
	 	2012

 Signature page class B2 shares and B3 shares subscription agreement. 

By signing this Subscription Agreement the signatory irrevocably declares that he wishes to enter into the Subscription Agreement. This
Subscription Agreement will become effective as per the day of the execution of the notarial deed of issuance pursuant to which new Class B2 shares will be issued to the Investors. 

  
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	 /s/ Benoist Grossman

	
	FCPI AGF Innovation 8
		
	By:	 	Idinvest Partners
		
	By:	 	 Benoist Grossman

	Title:	 	 Managing Partner

	Date:	 	 13 January
	 	2012
	
	 /s/ Benoist Grossman

	
	FCPI Objectif Innovation Patrimoine 3
		
	By:	 	 Benoist Grossman

	Title:	 	 Managing Partner

	Date:	 	 13 January
	 	2012

 Signature page class B2 shares and B3 shares subscription agreement. 

By signing this Subscription Agreement the signatory irrevocably declares that he wishes to enter into the Subscription Agreement. This
Subscription Agreement will become effective as per the day of the execution of the notarial deed of issuance pursuant to which new Class B2 shares will be issued to the Investors. 

  
 28 

 SUBSCRIPTION AGREEMENT - EXECUTION COPY 

 

									
	 /s/ Alex Brabers
	 		 	 /s/ Edmond Bastijns

			
	Gimv NV	 		 	Gimv NV
					
	By:	 	Alex Brabers	 		 	By:	 	Edmond Bastijns
	Title:	 	Gimv Partner	 		 	Title:	 	Gimv Partner
	Date:	 	13 January 2012	 		 	Date:	 	13 January 2012
			
	 /s/ Alex Brabers
	 		 	 /s/ Edmond Bastijns

			
	Adviesbeheer Gimv Life Sciences 2007 NV	 		 	Adviesbeheer Gimv Life Sciences 2007 NV
					
	By:	 	Alex Brabers	 		 	By:	 	Edmond Bastijns
	Title:	 	Gimv Partner	 		 	Title:	 	Gimv Partner
	Date:	 	13 January 2012	 		 	Date:	 	13 January 2012

 Signature page class B2 shares and B3 shares subscription agreement. 

By signing this Subscription Agreement the signatory irrevocably declares that he wishes to enter into the Subscription Agreement. This
Subscription Agreement will become effective as per the day of the execution of the notarial deed of issuance pursuant to which new Class B2 shares will be issued to the Investors. 

  
 29EX-10.3

 Exhibit 10.3 
 CONFIDENTIAL TREATMENT REQUESTED UNDER RULE 406 UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

[*****] INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS
BEEN FILED SEPARATELY WITH THE COMMISSION. 
 AMENDED 

RESEARCH AND LICENSE AGREEMENT 
 Execution Copy 
 This AMENDED RESEARCH AND LICENSE AGREEMENT (the
“Agreement”) is made between Prosensa Holding B.V., a company organized under the laws of The Netherlands, having its principal place of business at Leiden at Wassenaarseweg 72 (2333 AL) Leiden (“Prosensa”) and Academisch
Ziekenhuis Leiden, acting under the name of Leiden University Medical Center, organized under the laws of The Netherlands, having its principal place of business at Albinusdreef 2, 2333 ZA Leiden (“LUMC”); 

WHEREAS 
 A The Parties have entered into
a research and license agreement dated September 1, 2003, aimed at the (further) development and commercialization of a treatment against Duchenne Muscular Dystrophy, based on LUMC’s and Prosensa’s intellectual property (the
“Original Agreement”); 
 B Prosensa wishes to extend and amend the license granted by LUMC to Prosensa under the Original Agreement
to (amongst other things) not limit its scope to a certain field and include Products useful for other human indications and Products for non-human applications; 
 C LUMC is willing to extend the license granted by LUMC to Prosensa under the Original Agreement under the terms and conditions set forth herein; 

  
 Page 1 of 32

 D In view of the above, the Parties wish to amend the Original Agreement in its entirety as follows with
effect as from March 1, 2008 (the “Effective Amendment Date”): 
 ARTICLE 1. DEFINITIONS 

For purposes of this Agreement, the terms defined in this Article 1 shall have the meanings specified below. Certain terms are defined in other sections
of this Agreement. 
  

	1.1	***** 

  

	1.2	Affiliate shall mean any corporation or other entity which controls, is controlled by, or is under common control with a Party. A corporation or other entity
shall be regarded as in control of another corporation or entity if it owns or directly or indirectly controls more than fifty percent (50%) of the voting stock or other ownership interest of the other corporation or entity, or if it possesses,
directly or indirectly, the power to direct or cause the direction of the management and policies of the corporation or other entity or the power to elect or appoint more than fifty percent (50%) of the members of the governing body of the
corporation or other entity. 

  

	1.3	Broad Claim shall mean a patent claim within the LUMC Patent Rights that covers the manufacture and/or sale of at least one Product in at least one of the
following subfields within Europe or the United States: down regulation or modulation function. 

  

	1.4	Collaborative Research Projects shall have the meaning assigned to it in Article 2.1 of this Agreement. 

 

	1.5	Effective Amendment Date shall mean March 1, 2008. 

  

	1.6	Existing Joint Patent Rights shall mean the 5 joint Patent Rights of LUMC and Prosensa as identified and named in Exhibit 2 to this Agreement.

  

	1.7	Future Joint Patent Rights shall mean joint Patent Rights of LUMC and Prosensa developed in the course of and arising out of one or more Collaborative Research
Projects and in the scope of the exon skipping methodology as described in the LUMC and Existing Joint Patent Rights. 

  

	1.8	Human Field shall mean therapeutic, diagnostic and preventive applications in a human disease or condition. 

 

	1.9	Initial Indication shall mean Duchenne Muscular Dystrophy, spinal muscular atrophy (SMA), bethlem myopathy, myotubular myopathy, limb-girdle muscular dystrophy
2A and 2B, Miyoshi myopathy and merosin deficient muscular dystrophy. 

  

	1.10	Joint Patent Rights shall mean the Existing Joint Patent Rights and the Future Joint Patent Rights. 

 

	1.11	LUMC Patent Rights shall mean the Patent Rights exclusively owned by LUMC and identified and named on Exhibit 1 hereto. 

 

	1.12	 LUMC Technology shall mean the Technology which is useful for the development, production and/or commercialization of the Products and which has
been discovered, made or 

  
 Page 2 of 32

	 	
conceived solely by LUMC employees, agents or consultants in the research group of Prof. Van Ommen and have been shared by LUMC with Prosensa before the Effective Amendment Date and which is
described in Exhibit 3A hereto. 

  

	1.13	LUMC Tangible Technology shall mean the standard operation procedures and/or other information and/or materials described in Exhibit 3B hereto.

  

	1.14	Net Licensing Income shall, for the calculation of royalties under this Agreement, mean any and all income received by Prosensa or any of its Affiliates from a
sublicensee in consideration for the sublicensing of the LUMC Patent Rights and/or LUMC’s interest in the Joint Patent Rights, other than (i) equity investments in Prosensa or its Affiliates; (ii) amounts paid by such sublicensee
and/or subsidies/grants received for research and/or development work actually performed by Prosensa or its Affiliates in connection with such sublicense and (iii) running royalties on Net Sales (which are subject to pass through royalties set
forth in Section 6.4.2. hereof). 

  

	1.15	Net Sales shall mean, for each Product, the gross invoiced sales price billed by Prosensa or its Affiliates or (as to pass through royalties referred to in
Section 6.4.2.) a sublicensee to unrelated Third Parties who can set their sales price independently from Prosensa, its Affiliates or its sublicensees, therefore including distributors, less, to the extent such amounts are included in the gross
invoiced sales price, actual (a) trade quantity and cash discounts and rebates and retroactive price reductions or allowances actually allowed or granted from the billed amount, (b) freight, packaging and insurance costs, (c) taxes,
import duties, custom duties, etc. and (d) amounts repaid or credited. 

  

	1.16	Non Human Field shall mean all applications other than the Human Field. 

 

	1.17	Non Orphan Drug Indication shall mean a human disease or condition other than an Orphan Drug Indication or an Initial Indication 

 

	1.18	Original Agreement shall mean the Research and License Agreement between Prosensa and LUMC of September 1, 2003. 

 

	1.19	Orphan Drug Indication shall mean a human disease or condition that is not an Initial Indication and that is designated as a rare disease or condition under the
US FDA Orphan Drug Act or similar legislation or regulation in Europe. 

  

	1.20	Patent Rights shall mean any patents, patent applications, certificates of invention, or applications for certificates of invention, together with any
extensions, registrations, confirmations, reissues, divisionals, continuations or continuations in part, reexaminations or renewals that may be sought, filed or obtained and patent term extensions and supplementary protection certificates granted on
such patents. 

  

	1.21	Parties shall mean the parties to this Agreement. 

  

	1.22	Phase I study shall mean a human clinical trial utilizing a Product formulation and intended to demonstrate safety. 

  
 Page 3 of 32

	1.23	Products shall mean any product that harbors the LUMC Technology or the manufacture, development, use, marketing and/or sale of which would infringe, on a
country by country basis, all or some of the Valid Claims of the LUMC Patents or Joint Patent Rights if no license would have been granted hereunder. 

  

	1.24	Prosensa Patent Rights shall mean those Patent Rights that exclusively owned by Prosensa, are, as of the Effective Amendment Date, used by LUMC pursuant to a
research license granted by Prosensa to LUMC and are identified and named on Exhibit 4 hereto. 

  

	1.25	Prosensa Technology shall mean the Technology that is exclusively owned by Prosensa, is as of the Effective Amendment Date, used by LUMC pursuant to a research
license granted by Prosensa to LUMC and is identified and named on Exhibit 4 hereto. 

  

	1.26	 Quarter shall mean a period of three calendar months commencing on 1st January, 1st April, 1st July and 1st October in each year during the term of this Agreement. 

 

	1.27	Regulatory Approvals shall mean all approvals from regulatory authorities in any country required lawfully to manufacture market and sell the Products in any
such country including, where applicable, grants of orphan drug status for the Products. 

  

	1.28	Subfield means, within the Human Field, a human disease, or any condition characterized by specific symptoms and/or signs according to the acceptable
definitions as used by the medical community, for example breast cancer, colon cancer, type 1 Diabetes, type 2 Diabetes etc. 

  

	1.29	Technology shall mean inventions, trade secrets, know-how, data and other intellectual property of any kind, excluding Patent Rights. 

 

	1.30	Territory shall mean the world. 

  

	1.31	Third Party shall mean any entity other than the Parties and their respective Affiliates. 

 

	1.32	Valid Patent Claim shall mean a claim of a valid patent application or an issued and unexpired patent within the LUMC Patent Rights and/or Joint Patent Rights,
whatever is the case, that has not been finally denied by a patent authority, has not been disclaimed or abandoned or withdrawn and has not been held unenforceable or invalid or permanently revoked by a decision of a court or other governmental
agency of competent jurisdiction, un-appealable or un-appealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or written disclaimer or otherwise, including patent term extensions
and supplementary protection certificates granted on such patents. If there should be two or more decisions within the same country that are conflicting with respect to the invalidity of the same claim, the decision of the highest tribunal shall
thereafter control. However, should the tribunals be of equal authority, then the decision or decisions holding the claim valid shall prevail where the conflicting decisions are equal in number and the majority of decisions shall prevail where the
conflicting decisions are not equal in number 

  
 Page 4 of 32

 ARTICLE 2. COLLABORATIVE RESEARCH PROJECTS 

 

	2.1	LUMC and Prosensa may decide to jointly conduct future bilateral collaborative research projects, all as to be further agreed in writing (“Collaborative Research
Projects”). Where such Collaborative Research Projects generate Future Joint Patent Rights, the license rights granted in Article 3 of the Agreement will be extended to cover such Future Joint Patent Rights. For the avoidance of doubt, any
joint research initiative involving Third Parties, falls out of the scope of this section. Any other terms and conditions of such Collaborative Research Projects, including the grant to LUMC of a royalty-free, non-exclusive, research license under
Prosensa’s intellectual property rights that might be required by LUMC to execute the activities assigned to it under such Collaborative Research Project, will be agreed in good faith on a per Collaborative Research Project basis
(notwithstanding the research license by Prosensa to LUMC referred to in Section 3.5 hereof). 

 ARTICLE 3. GRANTS AND
RESERVATION OF RIGHTS 
  

	3.1	Grant of rights on Patent Rights and LUMC Tangible Technology by LUMC to Prosensa. LUMC hereby grants to Prosensa an exclusive right and license under the LUMC
Patent Rights, LUMC’s interest in the Joint Patent Rights and the LUMC Tangible Technology without any limitation as to a field of application to develop, make, have made, use, offer for sale, sell, have sold, import and export the Products
within the Territory. Said license includes the right to grant sublicenses subject to Section 6.4 hereof. 

  

	3.2	Grant of rights on LUMC Technology other than LUMC Tangible Technology by LUMC to Prosensa. LUMC hereby grants to Prosensa a non-exclusive right and
license, with the right to sublicense (subject to Section 6.4 hereof), to use the LUMC Technology other than the LUMC Tangible Technology without any limitation as to a field of application to develop, make, have made, use, offer for sale,
sell, have sold, import and export the Products within the Territory. 

  

	3.3	Reservation of Rights. Notwithstanding the license granted under Section 3.1 and 3.2 hereof, LUMC at all times reserves the right to use the LUMC Patents,
LUMC’s rights in the Joint Patents, The LUMC Tangible Technology and the LUMC Technology (a) to perform or have performed research projects and (b) for educational purposes and (c) for all purposes that are not subject to this
Agreement, in which regard Prosensa acknowledges that it has received only those rights from LUMC that are granted by LUMC to it hereunder. 

  
 Page 5 of 32

	3.4	Grant of rights by Prosensa to LUMC. Prosensa hereby grants to LUMC a non-exclusive, royalty free license under the Prosensa Patent Rights and the Prosensa
Technology for the sole purpose of enabling LUMC to perform internal, non commercial, research. 

  

	3.5	Joint Patent Rights. Without the prior written consent of the other Party, neither Party will be entitled to any other rights under the Joint Patent Rights than
those which have been mutually agreed on in this Agreement. 

  

	3.6	Right to data. Each Party shall own or continue to own at their discretion all data incorporated in the Patent Rights and/or the Technology owned solely by such
Party in accordance with this Agreement. The Parties shall jointly own all data incorporated in the Joint Patent Rights and (joint) Technology. 

  

	3.7	Transfer of data. As soon as practical, LUMC shall transfer to Prosensa all materials, know-how, data and underlying documents in LUMC’s possession
necessary to enable Prosensa to obtain in accordance with this Agreement Regulatory Approvals and to manufacture, market and sell the Products. 

  

	3.8	Annual Review. From March 2011 onwards an annual review will be conducted by Prosensa and LUMC. This review will be attended by a minimum of two and a maximum of
four representatives of each Prosensa and LUMC (in principle including G.J. van Ommen). Parties will use its best effort to provide for representatives with decision making authority to be present at the annual review. 

 

	 	3.8.1	In this review ***** will provide ***** in writing with a list of all ***** where ***** is ***** of the LUMC Patent Rights and/or the Joint Patent Rights.

  

	 	3.8.2	 If ***** recognizes an opportunity ***** of an ***** in a certain ***** that is not on the latest *****, whether by itself or by being approached by a
***** may submit such opportunity to ***** together with at least the following information: *****. ***** and ***** will in good faith discuss whether or not ***** is willing of ***** this ***** further (whether or not through *****). If *****
wishes to ***** the ***** or ***** for such ***** it shall submit to *****, within ***** from the day that in the discussions ***** indicated to be interested in *****, proof that it has initiated or recommenced ***** the LUMC Patent Rights and/or
Joint Patent Rights in such *****. If ***** notifies ***** in writing that it is not interested or does not provide such ***** in time, its ***** under this Agreement will be *****. If, however,

  
 Page 6 of 32

	 	
***** can not show ***** by ***** in such ***** within ***** after such rights have been ***** will ***** an ***** within such *****. Such a ***** shall again be subject to all the terms and
conditions of this Agreement. 

  

	 	3.8.3	In the event a ***** wishes to obtain ***** under the LUMC Patent Rights and/or Joint Patents Rights for the development thereof, the following shall apply. ***** will
only be able not to enter into such good faith negotiations with ***** on a license, if the required license is within a ***** that is on the ***** or if ***** provides ***** in writing ***** within the ***** in which the ***** is interested within
***** of the request by ***** . If the ***** requested by ***** is not on the ***** and/or ***** does not timely submit abovementioned ***** is obliged to enter into a ***** agreement with ***** and ***** shall keep ***** informed.

  

	 	3.8.4	If ***** is approached by ***** with regard to an ***** will directly inform ***** hereof and refer ***** to ***** for further discussions. ***** shall not negotiate or
discuss directly with *****, subject to article 3.8.3 of this Agreement. 

  

	 	3.8.5	***** may also identify previous *****. If ***** chooses to ***** in this ***** and ***** has already developed ***** may (but is not obliged to) offer such *****. If
***** is willing to offer *****, the Parties will negotiate in good faith ***** arising from *****. 

 ARTICLE 4. DEVELOPMENT /
REGULATORY APPROVAL 
  

	4.1	General. Prosensa shall be responsible for (further) developing, distributing, marketing and selling the Products. 

 

	4.2	Responsibilities of Prosensa. Prosensa shall be responsible for: 

  

	 	(i)	further development of the Product towards obtaining Regulatory Approval; 

  

	 	(ii)	obtaining Regulatory Approval for the Products in all countries within the Territory where sale of the Products is commercially viable, such commercial viability to be
assessed at Prosensa’s absolute discretion. The Products shall be sold under trademarks selected by Prosensa. 

  

	4.3	Regulatory Licenses. Prosensa shall hold the licenses issued in respect of Regulatory Approval submissions made pursuant to this Agreement. Each Party shall have
an irrevocable right of access and reference, during the term of this Agreement, to such Regulatory Approval licenses for uses set forth in or consistent with this Agreement. 

  
 Page 7 of 32

 ARTICLE 5. PRODUCTION 

 

	5.1	Process Development. Prosensa will use commercially reasonable and diligent efforts to (further) develop a process for the manufacture of the Products and to
scale up that process to levels sufficient for clinical and commercial supply, respectively. Prosensa may, if it so elects, subcontract with Third Parties for the execution of clinical trials and/or the manufacture of the Products.

 ARTICLE 6. CONSIDERATION 
  

	6.1	Initial Payments. 

  

	 	6.1.1	Upfront. Within 30 days after the signing of this Agreement, Prosensa shall pay to LUMC the following amounts: 

 

	 	a.	In partial consideration for the abandonment of the restrictions to the field, an amount of € 488.746,46 (four hundred eighty-eight thousand seven hundred and
forty-six euros and forty-six cents) being the total out-of-pocket-expenses incurred by LUMC from September 1, 2003 until the Effective Amendment Date pursuant to Sections 7.4.1 and 7.4.3 of the Original Agreement as demonstrated by LUMC in the
form of invoices from its external patent attorney(s); plus 

  

	 	b.	an amount of € 100,000 (one hundred thousand euro), being the milestone event set forth in Section 6.2(a) of the Original Agreement for the Initial
Indication, which milestone event is deemed to be achieved; plus 

  

	 	c.	An upfront signing fee of € 100,000 (one hundred thousand euro). 

  
 Page 8 of 32

	 	6.1.2	Patent milestone payments. In further consideration for the abandonment of the restriction to the field and in addition to other amounts payable by Prosensa
under this Agreement, Prosensa shall pay to LUMC the following non-refundable, non-creditable amounts upon achievement of the following events: 

  

	 	a	An amount of ***** upon granting of the first claim on the parent patent application “induction of exon skipping in eukaryotic cells” with priority date
21 September 2000 in either Europe or the United States (regardless whether such a claim is a Broad Claim or a claim in the field of DMD only). 

  

	 	b	An amount of ***** on 31 December 2009 or, if earlier, upon the grant of the first Broad Claim on the parent patent application titled: “induction of exon
skipping in eukaryotic cells” with priority date 21 September 2000 in either Europe or the United States. 

  

	 	c	The payments mentioned above will not be affected by the outcome of a review as agreed in Section 3.8 hereof nor by the termination of this Agreement. Any payment
mentioned above will be immediately due and payable upon termination of the Agreement 

  

	6.2	Milestone Payments within Human Field 

  

	 	6.2.1	In further consideration of the rights granted by LUMC to Prosensa, Prosensa shall make the following non-refundable, non-creditable, milestone payments to LUMC:

 Milestone 1: Upon start of the first formal toxicity study with a
(potential) Product: 
  

			
	 Orphan Drug Indication
	  	Non-Orphan Drug Indication
	 *****
	  	*****

 Milestone 2: Within 30 days from the successful completion of the first Phase I study with
a (potential) Product. 
  

			
	 Orphan Drug Indication
	  	Non-Orphan Drug Indication
	 *****
	  	*****

 Milestone 3: Within 30 days from filing for Regulatory Approval at
either the US FDA or the European EMEA of a Product, whatever comes first, provided that at the date of filing, both the Product and the indication are covered by a Valid Patent Claim. 

 

					
	 Initial Indication
	  	Other Orphan Drug
Indications	 	Non-Orphan Drug
Indication
	 *****
	  	*****	 	*****

  
 Page 9 of 32

 Milestone 4: Within 30 days of reaching cumulative Net Sales and Net
Licensing Income of ***** per Indication per Product, provided that at the date of reaching such cumulative income the Products that are generating the income are covered by a Valid Patent Claim.  

 

					
	 Initial Indication
	  	Other Orphan Drug
Indications	 	Non-Orphan Drug Indication
	 *****
	  	*****	 	*****

  

	 	6.2.2	Milestones only payable once. Regardless of how many Products will be developed per *****, the payment of the milestones shall only be payable once per *****
whereby the Initial Indication is one *****. 

  

	 	6.2.3	Milestone under Valid Claim of Existing Joint Patents Rights. In the event that upon the occurrence of milestone 3 or milestone 4 for a certain Product, other
than an Initial Indication Product, there is no Valid Claim of a LUMC Patent Right, but there is a Valid Claim of an Existing Joint Patent Right, the milestone payment due will be discounted by *****. 

 

	 	6.2.4	Milestones under Valid Claims of Future Joint Patents Rights. In the event that upon the occurrence of milestone 3 or milestone 4 for a certain Product there is
no Valid Claim of a LUMC Patent Right or an Existing Joint Patent Right, but there is a Valid Claim of a Future Joint Patent Right, the milestone payment due will be discounted ***** in such a Future Joint Patent Right (in accordance with
Section 6.6. of this Agreement). 

  

	 	6.2.5	Survival of Milestone Payments. Any payment mentioned above that has become due during the term of this Agreement will not be affected by the outcome of a review
as agreed in section 3.8 of this Agreement and will – if not yet paid – be immediately payable upon termination of the Agreement. 

  
 Page 10 of 32

	6.3	Prosensa’s royalty obligations on Net Sales by Prosensa and its Affiliates in Human Field. 

 

	 	6.3.1	Running royalties on Net Sales. In further consideration of the rights granted by LUMC to Prosensa, Prosensa shall pay to LUMC a percentage royalty on Net Sales
generated by Prosensa and/or its Affiliates. The percentages of royalties to be paid on Net Sales generated by Prosensa and/or its Affiliates will be the following: 

 

							
	 Royalties on Net Sales made by Prosensa and Affiliates (on a country-by-country basis)
	  	 Initial
Indication
	  	 Orphan Drug
Indications
	  	 Non-Orphan
Drug
Indications

	On Net Sales of Products the sale or manufacture of which is covered by a Valid Claim of a LUMC Patent Right	  	*****	  	*****	  	*****
				
	On Net Sales of Products the sale or manufacture of which is not covered by at least one Valid Claim of the LUMC Patent Rights but is covered by at least one Valid Claim of an
Existing Joint Patent Right	  	*****	  	*****	  	*****
				
	On Net Sales of Products the sale or manufacture of which is not covered by a Valid Claim of an LUMC Patent Right or an Existing Joint Patent Right, but is covered by a Valid Claim
of a Future Joint Patent Right	  	*****	  	***** is applicable in the default situation of article *****. If the ownership percentages differ, the starting point for deductions is *****	  	***** is applicable in the default situation of article *****. If the ownership percentages differ, the starting point for deductions is *****
				
	On Net Sales of Products not covered by any Valid Claim of LUMC or Joint Patent Rights in the country of sale or manufacture of such Product	  	*****	  	*****	  	*****

  

	 	6.3.2	Option to reduce milestones / increase royalty for Non Orphan Drug Indication Products. Until filing for Regulatory Approval for a Product at either the US FDA
or the European EMEA whatever comes first (so before payment of Milestone 3), Prosensa may elect to reduce the milestone payments of an Non-Orphan Drug Indication to the amount of milestone payments of an Orphan Drug Indication as included in
article 6.2, provided that in such an event the royalty rates included in this article 6.3 on Net Sales of such Non Orphan Drug Indication Products will be (a) ***** in the event of Net Sales of Products covered by LUMC Patent Rights,
(b) ***** in the event of Net Sales of Products covered by Existing Joint Patent Rights and (c) ***** in the event of Net Sales of Products covered by Future Joint Patent Rights, to be discounted pro rata ownership percentage of Prosensa
in such Future Joint Patent Rights in accordance with Section 6.6 hereof. 

  

	 	6.3.3	Third Party royalty obligations. If Prosensa, in the reasonable exercise of its business judgment, determines after the Effective Amendment Date that it must
license Third Party Patent Rights in order to develop, make, have made, use, market and/or sell Products within the Territory, the royalty due to LUMC, “R” *****. 

  
 Page 11 of 32

	6.4	Prosensa’s royalty obligations in the event of sublicensing in Human Field. Prosensa has the right to sublicense the LUMC Patent Rights or LUMC’s
interest in the Joint Patent Rights within the Human Field, provided the sub license(s) include exploitation obligations for the sub licensee(s) as well as (Net Sales) royalty provisions. 

 

	 	6.4.1.	Royalties on Net Licensing Income. In the event Prosensa chooses to sublicense, the percentages of royalties to be paid on Net Licensing Income generated by
Prosensa and/or its Affiliates will be the following: (remainder of page intentionally left blank) 

  
 Page 12 of 32

							
	 Royalties on Net Licensing Income
	  	 Initial Indications
	  	 Orphan

Drug
Indications
	  	 Non-Orphan
Drug
Indications

	As long as there is a Valid Claim of a LUMC Patent Right	  	*****	  	*****	  	*****
				
	As long as there is a Valid Claim of an Existing Joint Patent Right, but no Valid Claim of a LUMC Patent Right	  	*****	  	*****	  	*****
				
	As long as there is a Valid Claim on a Future Joint Patent Right, but no Valid Claim of a LUMC Patent Right or Existing Joint Patent Right	  	 ***** on Net Licensing Income received prior to Regulatory Approval of the Product.

 
 ***** thereof on Net Licensing Income received after Regulatory Approval of the
Product
	  	***** are applicable in the default situation of article *****. If the ownership percentages differ, the starting point for deductions is respectively *****.	  	***** are applicable in the default situation of article *****. If the ownership percentages differ, the starting point for deductions is respectively *****.
				
	When there is no Valid Claim of a LUMC Patent Right or a Joint Patent Right but products do harbour (unpatented) LUMC Technology	  	 ***** on Net Licensing Income received prior to Regulatory Approval of the Product.

 
 ***** thereof on Net Licensing Income received after Regulatory Approval, for a
maximum of ***** after first commercial sale of that Product.
	  	 *****
 maximum duration of
***** after first commercial sale of that Product
	  	 *****
 maximum duration of
***** after first commercial sale of that Product

  
 Page 13 of 32

	 	6.4.2.	Pass Through Royalties. In the event of sublicensing, Prosensa shall, in addition to the royalties on Net Licensing Income, pay a royalty on Net Sales generated
by the sublicensees as follows: 

  

							
	 Royalties on Net Sales made by sublicensees (“pass through royalties”)
	  	 Initial
Indication
	  	 Orphan

Drug
Indication
	  	 Non-Orphan
Drug
Indication

	On Net Sales of Products the sale or manufacture of which is covered by a Valid Claim of a LUMC Patent Right	  	*****	  	*****	  	*****
				
	On Net Sales of Products the sale or manufacture of which is not covered by at least one Valid Claim of the LUMC Patents Rights but is covered by at least one Valid Claim of an
Existing Joint Patent Right	  	*****	  	*****	  	*****
				
	On Net Sales of Products the sale or manufacture of which is not covered by a Valid Claim of an LUMC Patent Right or an Existing Joint Patent Right, but is covered by a Valid Claim
of a Future Joint Patent Right	  	***** is applicable in the default situation of article *****. If the ownership percentages differ, the starting point for deductions is *****	  	***** is applicable in the default situation of article *****. If the ownership percentages differ, the starting point for deductions is *****	  	***** is applicable in the default situation of article *****. If the ownership percentages differ, the starting point for deductions is *****
				
	On Net Sales of Products not covered by any Valid Claim of a LUMC Patent Right or Joint Patent Rights in the country of sale or manufacture of such Product	  	*****	  	*****	  	*****

  

	 	6.4.3.	Option to reduce milestone payments for Non Orphan Drug Indication Products. Until filing for Regulatory Approval for a Product at either the US FDA or the
European EMEA whatever comes first, (so before payment of Milestone 3), Prosensa may elect to reduce the milestone payments of an Non-Orphan Drug Indication to the amount of milestone payments of an Orphan Drug Indication as included in article 6.2,
provided that in such an event the royalty rates on Net Licensing Income for such Non Orphan Drug Indication Product on sublicenses will be increased to the royalty percentages as reflected in the table below. 

 

			
	 Royalties on Net Licensing Income
	  	 Non-Orphan Drug Indications when Orphan Drug
Indication
Milestones were paid

	As long as there is a Valid Claim of a LUMC Patent Right	  	*****
		
	As long as there is a Valid Claim of an Existing Joint Patent Right, but no Valid Claim on a LUMC Patent Right	  	*****
		
	As long as there is a Valid Claim on a Future Joint Patent Right, but no Valid Claim of a LUMC Patent Right or Existing Joint Patent Right	  	***** is applicable in the default situation of article *****. If the ownership percentages differ, the starting point for deductions is respectively *****.
		
	When there is no Valid Claim of a LUMC Patent Right or a Joint Patent Right but products do harbour (unpatented) LUMC Technology	  	***** maximum duration of ***** after first commercial sale

  
 Page 14 of 32

	6.5	Non Human Field consideration 

  

	 	6.5.1.	Royalties on Net Sales. In further consideration of the rights granted by LUMC to Prosensa, upon signing of this Agreement, Prosensa shall make a non-refundable,
non-creditable payment of ***** to LUMC. In addition thereto, Prosensa shall pay to LUMC a ***** royalty on Net Sales generated by Prosensa and/or its Affiliates on Products in Non Human Fields to the extent the manufacture or sale thereof is
covered by a Valid Claim of the LUMC Patent Rights in such country. 

  

	 	6.5.2.	Royalties on Net Licensing Income. Prosensa shall pay to LUMC the following royalty percentages on Net Licensing Income generated by Prosensa and/or its
Affiliates on sublicenses in Non Human Fields: 

  

			
	 Royalties on Net Licensing Income made by Prosensa
and Affiliates
	  	 Non Human Fields

	As long as there is a Valid Claim of a LUMC Patent Right	  	*****
		
	As long as there is a Valid Claim of an Existing Joint Patent, but no Valid Claim of a LUMC Patent Right	  	*****
		
	As long as there is a Valid Claim of a Future Joint Patent Right, but no Valid Claim of a LUMC Patent Right or Existing Joint Patent Right	  	***** is applicable in the default situation of article *****. If the ownership percentages differ, the starting point for deductions is *****
		
	When there is no Valid Claim of a LUMC Patent or a Joint Patent Right but products do harbour (unpatented) LUMC Technology	  	 *****
 For a maximum of ***** after first commercial sale

  

	6.6	Ownership percentage of Future Joint Patent Rights. 

 In the event Prosensa and LUMC file a Future Joint Patent Right, the ownership percentages will be *****, unless , based on each party’s intellectual contribution to the invention a different
ownership percentage is justified. In that case Parties will in good faith agree on a different ownership percentage, that reflects each party’s intellectual contribution to the 

  
 Page 15 of 32

 
invention. If no consensus on ownership percentages is reached within 3 months after the PCT filing date of the Future Joint Patent Right, a ***** will be assumed for the calculation of the
milestone and royalty rates of this article 6. If consensus is reached on a different ownership percentage, the reduction in royalties will not be ***** but will be adjusted in correspondence with the relative ownership percentages. 

 

	6.7	Payment of royalties. All amounts due to LUMC under Section 6.3, Section 6.4 and Section 6.5 hereof (royalties) shall be computed on the basis of
Net Licensing Income and Net Sales in each Quarter, and the royalties due for Net Licensing Income and Net Sales in a Quarter shall be remitted to LUMC within thirty (30) days after the end of such Quarter, which payment shall be accompanied by
a summary of the Net Licensing Income and Net Sales in such Quarter. 

  

	6.8	Interest on late payments. Any payment to be made hereunder that is not made on or before the date such payment is due under this Agreement, shall bear interest
at the rate equal to the wettelijke rente as set by the Netherlands Ministry of Justice from time to time, the interest amount due to be calculated on the basis of the actual number of days payment is overdue divided by 365.

  

	6.9	Audit. LUMC shall at all times have the right to have its auditor or, at LUMC’s election, an external auditor (LUMC’s Auditor) review the calculation
of Net Sales Income and Net Licensing Income by Prosensa and by its Affiliates or sublicensees, to the extent relevant for LUMC to verify whether all royalties due to LUMC under this Agreement have been paid to LUMC. The costs of such audit shall be
borne by LUMC unless such audit reveals a difference between the amount due to LUMC and the amount actually paid to LUMC of more than seven percent (7%) in which event the costs of such audit shall be borne by Prosensa. For the avoidance of
doubt, such rights of LUMC shall not extend to review of the administration of sublicensees, provided Prosensa has the right to audit its sublicensees, at the request of LUMC’s Auditor, and LUMC’s Auditor shall have access to the results
of such an audit. 

  

	6.10	Withholding taxes. 

Prosensa shall withhold any taxes on such royalties as required by law and pay them to the proper tax authorities to the extent required
by applicable laws. Prosensa shall maintain official receipts of payment of any withholding taxes and forward these receipts to LUMC within 60 days. The Parties will exercise diligent efforts to ensure that any withholding taxes imposed are reduced
as far as possible under the provisions of any treaties applicable to any payment made there under. 

  
 Page 16 of 32

 ARTICLE 7. PATENT RIGHTS 

 

	7.1	Trademarks. Prosensa shall devise and own all trademarks for the sale and use of the Products and all expenses thereof shall be borne by Prosensa. All such
trademarks shall be registered in the name of Prosensa if and when registered anywhere in the Territory. 

  

	7.2	Filing, Prosecution and Maintenance of Patent Rights: 

  

	 	7.2.1	Filing of Future Joint Patent Rights. Prosensa and LUMC shall jointly file any Future Joint Patent Right. 

 

	 	7.2.2	Prosecution and Maintenance. Prosensa shall take all reasonable steps to maintain and prosecute the LUMC Patent Rights and the Joint Patent Rights (including
Future Joint Patent Rights, if any) during the term of this Agreement and shall pay all costs and fees associated therewith promptly when due. Prosensa agrees to consult with LUMC and keep LUMC informed concerning such patent matters and Prosensa
shall not abandon any application or cease to maintain any granted or issued patent in any part of the Territory without prior consultation with LUMC. Notwithstanding the foregoing, Prosensa reserves the right to abandon any patent application or
patent which is part of the LUMC Patent Rights or the Joint Patent Rights during the term of this Agreement, if it reasonably determines that the benefit to be gained from continuing with that application or maintaining that patent is outweighed by
the costs of prosecution or maintenance. In such cases of non-prosecution or abandonment, Prosensa shall notify LUMC in writing at least sixty (60) days prior to taking such action so to enable LUMC to take such actions itself at LUMC’s
expense. LUMC shall, at Prosensa’s expense, make available to Prosensa any documentation, data and other information, and shall render the assistance, necessary to enable Prosensa to file, prosecute and maintain Patent Rights hereunder.
Prosensa shall do the same in case of its abandonment of the patent and the notification of LUMC that it wishes to continue said patent. 

  

	 	7.2.3	Prosecution and Maintenance after termination. In the event of termination of this Agreement the patent management of all Joint Patent Rights will be done and
all costs will be borne by LUMC and Prosensa jointly. 

  

	 	7.2.4	Notice of Infringement. Each Party shall inform the other Party promptly in writing of any alleged infringement of patents issued from the LUMC Patent Rights or
Joint Patent Rights by a third party of which such Party becomes aware and of any available evidence thereof. 

  
 Page 17 of 32

	7.3	Right to Enforce  

  

	 	7.3.1	First Rights to Enforce LUMC Patent Rights and Joint Patent Rights. During the term of this Agreement, Prosensa shall have the first right, but shall not be
obligated, to take action at its own expense against all (alleged) infringements of LUMC Patent Rights and/or Joint Patent Rights. Prosensa may include LUMC as a Party plaintiff in any such infringement action, without expense to LUMC. The total
cost of any such infringement action commenced or defended solely by Prosensa shall be borne by Prosensa and Prosensa shall keep any recovery or damages for past infringement derived there from. Any un-reimbursable infringement action costs incurred
by Prosensa shall be deducted from the Net Sales Income and/or the Net Licensing Income, before calculation of the royalty fee, provided, however, that (i) Prosensa will not detract more than ***** of Net Sales Income or the Net Licensing
Income over which the royalty should be calculated in one year, but remains entitled to the compensation of the rest of the un-reimbursable infringement action costs in further years and that (ii) any rewards obtained by Prosensa as a result
from such enforcement action will be considered Net Sales and subject to royalties. Prosensa will not enter into any settlement, consent judgment or other voluntary final disposition of the infringement action without the consent of LUMC, such
consent not to be unreasonably withheld or delayed. 

  

	 	7.3.2	Second Right to Enforce LUMC Patent Rights and/or Joint Patent Rights. If within three (3) months after having been notified, or having given notice, of any
alleged infringement, Prosensa shall have been unsuccessful in persuading the alleged infringer to desist and shall not have brought and shall not be diligently prosecuting an infringement action, or if Prosensa shall notify LUMC at any time prior
thereto of its intention not to bring an infringement claim against any alleged infringer, then, LUMC shall have the right to take enforcement actions at its own expense against any (alleged) infringers of LUMC Patent Rights and/or Joint Patent
Rights and LUMC may, for such purposes, use the name of Prosensa as party plaintiff. The total cost of any such infringement action commenced or defended solely by LUMC shall be borne by LUMC and LUMC shall keep any recovery or damages for past
infringement derived there from. LUMC will not enter into any settlement, consent judgment or other voluntary final disposition of the infringement action without the consent of Prosensa, such consent not to be unreasonably withheld or delayed.

  
 Page 18 of 32

	7.4	Defense of Patent Rights.  

  

	 	7.4.1	LUMC and Prosensa shall each promptly notify the other in writing of any challenge (including an interference or opposition proceeding) relating to any of the LUMC
Patent Rights and Joint Patent Rights. 

  

	 	7.4.2	First Right to Respond to challenge of LUMC Patent Rights and/or Joint Patent Rights. Prosensa shall have the first right to respond to a challenge (invalidity
action, opposition proceeding, interference proceeding or otherwise) of the LUMC Patent Rights or Joint Patent Rights at Prosensa’s expense. Prosensa shall exercise its right to respond in a diligent and timely manner in order to protect the
rights of LUMC under the applicable Patent Rights. In the event Prosensa elects to so respond, LUMC will cooperate with Prosensa’s legal counsel and be available and assist in such proceedings at Prosensa’s reasonable request and at
Prosensa’s cost. Any un-reimbursable costs of such a defense action incurred by Prosensa shall be deducted from the Net Sales Income and/or the Net Licensing Income, before calculation of the royalty fee, provided, however, that
(i) Prosensa will not detract more than ***** of the Net Sales Income or the Net Licensing Income over which the royalty should be calculated in one year, but remains entitled to the compensation of the rest of the un-reimbursable defense
action costs in further years and that (ii) any rewards obtained by Prosensa as a result from such defense action will be considered Net Sales and subject to royalties. 

 

	 	7.4.3	Second Right to Respond to challenge of LUMC Patent Rights and/or Joint Patent Rights. If Prosensa does not exercise its right to respond as provided in Article
7.4.2 within sixty (60) days of becoming aware of or being notified of such challenge, then LUMC shall have the option to do so at its sole cost. LUMC shall keep any recovery or damages derived there from. 

 

	 	7.4.4	Serious weakening of LUMC Patent Rights. In the event of a challenge of the LUMC Patent Rights that results in a serious weakening of the LUMC Patent Rights, the
Parties shall in good faith renegotiate a reduction in the royalty. 

  

	7.5	 Registration of License. To the extent not yet executed, LUMC will, within sixty (60) days after signing of this Agreement, at its own
expense, diligently begin the process whereby the 

  
 Page 19 of 32

	 	
license rights granted under this Agreement will be recorded at each patent register, where possible, in territories where there are LUMC Patent Rights. LUMC should confirm to Prosensa in writing
that this has been done. 

 ARTICLE 8. CONFIDENTIALITY 

 

	8.1	Maintenance of Confidentiality. Each Party (the “Receiving Party”) agrees, both during the term of this Agreement and for a period of five
(5) years thereafter, to hold all information given to it by the other Party (the “Disclosing Party”) that is identified or should reasonably be regarded as confidential (the “Confidential Information”) in confidence and not
to make the Confidential Information available in any form to any third party (provided that Prosensa may disclose Confidential Information to its Affiliates, agents, and actual and potential sublicensees under appropriate confidentiality
agreements) or to use the Confidential Information for any purpose other than the purposes described in this Agreement. The Receiving Party agrees to take all reasonable steps to ensure that Confidential Information is not disclosed or distributed
by its employees or agents in violation of this Agreement, including limiting disclosure to employees or other persons who have a need to know and who have signed appropriate confidentiality agreements. These restrictions on use and disclosure shall
not apply to the extent that any Confidential Information (a) is or becomes a part of the public domain through no act or omission of the Receiving Party in violation of this Agreement; (b) was in the Receiving Party’s lawful
possession prior to the disclosure and had not been obtained by the Receiving Party from the Disclosing Party as evidenced by written records; (c) is lawfully disclosed to the Receiving Party by a third party without restriction on disclosure;
(d) is independently developed by the Receiving Party by personnel not having access to the Confidential Information as evidenced by written records; or (e) is required to be disclosed by law, order or regulation of a government agency or
court of competent jurisdiction; provided the Receiving Party shall use reasonable efforts to notify the Disclosing Party of such obligated disclosure. 

  

	8.2	Public Announcement. Each Party agrees not to disclose any term of this Agreement without the prior written consent of the other Party (provided, however, that
Prosensa may disclose the terms of this Agreement to potential financial investors under appropriate confidentiality agreements). The Parties agree that all press releases related to any announcement (if at all) of the execution of this Agreement
shall be issued jointly by and be subject to the mutual written approval of Prosensa and LUMC and that the Party preparing any such press release shall provide the other Party with a draft thereof reasonably in advance of disclosure so as to permit
the other Party to review and comment on such press release. 

  
 Page 20 of 32

 ARTICLE 9. REPRESENTATIONS, WARRANTIES AND INDEMNITIES 

 

	9.1	Authorization. Each Party warrants and represents to the other Party that (a) it has the legal right and power to enter into this Agreement, to extend the
rights and licenses granted to the other Party, and to perform fully its obligations hereunder, (b) this Agreement has been duly executed and delivered and is a valid and binding agreement of such Party, enforceable in accordance with its
terms, (c) such Party has obtained all necessary approvals to the transactions contemplated hereby, and (d) such Party has not made and, for as long as it is legally bound hereunder, will not make any commitments to Third Parties in
conflict with or in derogation of said rights and licenses of this Agreement. 

  

	9.2	Intellectual Property Rights.  

  

	9.2.1	LUMC. LUMC hereby represents and warrants as of the Effective Amendment Date that (a) it is sole owner of the LUMC Patent Rights (b) that the LUMC
Patent Rights are free and clear of any lien or other encumbrance; (c) that it has not granted any license under the LUMC Patent Rights; (d) to the best of its knowledge no Third Party has filed suit for alleged infringement by the LUMC
Patent Rights upon the rights of such party; and (e) to the best of its knowledge no patent office or other relevant patent authority of any jurisdiction within the Territory has issued final notice that it rejects to any pending patent
application under the LUMC Patent Rights or that any Third Party has filed opposition proceedings or objection to any pending patent application under the LUMC Patent Rights. 

 

	9.3	Covenant. Prosensa hereby covenants that it will use commercially reasonable and diligent efforts to (further) develop the Products towards obtaining Regulatory
Approval, to obtain Regulatory Approvals and to commercialize the Products in the Territory, including (but not limited to) prosecution, maintenance and defense of intellectual property rights of Prosensa related to such Products.

  

	9.4	Limitation of Liability. Notwithstanding anything else in this Agreement, neither Party will be liable with respect to any subject matter of this Agreement under
any contract, negligence, strict liability or other legal or equitable principle for (a) any indirect, incidental, consequential or punitive damages, or (b) loss of profits, or (c) cost of procurement of substitute goods, technology
or services. 

  
 Page 21 of 32

	9.5	LUMC Indemnification. LUMC shall indemnify, defend and hold harmless Prosensa, its Affiliates and their respective directors, officers, employees, and agents and
their respective successors, heirs and permitted assigns (the “Prosensa Indemnitees”), and shall not take any recourse actions towards Prosensa, against any liability, damage, loss or expense (including reasonable attorneys’ fees and
expenses of litigation) incurred by or imposed upon the Prosensa Indemnitees, or any of them, in connection with any claims, suits, actions, demands or judgments of Third Parties, including without limitation personal injury and product liability
matters arising out of or relating to (a) any breach by LUMC of its obligations or representations and warranties set forth in this Agreement; or (b) any actions caused by LUMC or any Affiliate, licensee, sublicensee, distributor or agent
of LUMC under this Agreement (including the Collaborative Research Projects), save for gross negligence or willful misconduct of Prosensa or breach of warranties or representations by Prosensa. The Prosensa Indemnitees shall promptly notify LUMC of
any action or claim for which they are to be indemnified. 

  

	9.6	Prosensa Indemnification. Prosensa shall indemnify, defend and hold harmless LUMC, its Affiliates and their respective directors, officers, employees, and agents
and their respective successors, heirs and permitted assigns (the “LUMC Indemnitees”), and shall not take any recourse actions towards LUMC, against any liability, damage, loss or expense (including reasonable attorneys’ fees and
expenses of litigation) incurred by or imposed upon the LUMC Indemnitees, or any of them, in connection with any claims, suits, actions, demands or judgments of third parties, including without limitation personal injury and product liability
matters arising out of or relating to (a) any breach by Prosensa of its obligations or representations and warranties set forth in this Agreement; (b) any actions caused by Prosensa or any Affiliate, licensee, sublicensees, distributor or
agent of LUMC under this Agreement (including the Collaborative Research Projects) or (c) the use, development, manufacture, import, promotion, distribution and sale of the Products (save for gross negligence or willful misconduct of LUMC or
breach of any warranty or representation by LUMC). The LUMC Indemnitees shall promptly notify Prosensa of any action or claim for which they are to be indemnified. 

 

	9.6	Disclaimer of Representations and Warranties. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PROSENSA NOR LUMC MAKES ANY REPRESENTATIONS OR
EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. 

  
 Page 22 of 32

 ARTICLE 10. TERM AND TERMINATION 

 

	10.1	Term. This Agreement enters into force on the Effective Amendment Date and shall, unless terminated sooner pursuant to Section 10.2 hereof, expire on a
country-by-country basis upon the expiration date of the last to expire of the LUMC Patent Rights or Joint Patent Rights issued in such country, or upon the expiration date of the last to expire grant of orphan drug status issued in such country, or
15 years from the first commercial sale of Product in such country, whichever of these three moments occurs later. 

  

	10.2	Termination. This Agreement may be terminated in the following circumstances: 

 

	 	10.2.1	For Prosensa’s failure to perform. If Prosensa fails to use commercially reasonable and diligent efforts to perform any material duty imposed upon Prosensa
under this Agreement and such failure to perform is not cured within six (6) months of written notice thereof from LUMC (which notification should clearly state the grounds for non performance), LUMC may elect, in its sole discretion, to
terminate this Agreement. 

  

	 	10.2.2	Partial Termination. This agreement can be partly terminated (only for a certain *****), pursuant to the procedure as laid down in Section 3.8 of this
Agreement.  

  

	 	10.2.3	For Material Breach. If either Party commits a breach of any material obligation under this Agreement, and such breach is not cured within ninety (90) days
of written notice thereof from the non-breaching Party, the non-breaching Party may elect, in its sole discretion, to terminate this Agreement. 

  

	 	10.2.4	Upon Insolvency. Either Party may terminate this Agreement upon the bankruptcy, insolvency, dissolution or winding-up of the other Party.

  

	 	10.2.5	For Convenience. Prosensa may elect to terminate this Agreement without cause upon 6 (six) months’ written notice. 

 

	 	10.2.6	With mutual consent. The Parties may at any time terminate this Agreement by mutual written consent. 

 

	10.3	Effect of Termination: 

  

	 	10.3.1	Termination by LUMC. Upon termination of this Agreement by LUMC pursuant to Sections 10.2.1, 10.2.3 or 10.2.4 hereof, 

 

	 	a)	Prosensa shall cease all uses of the LUMC Patent Rights and LUMC Technology pertaining thereto, as well as sales of the Products; 

  
 Page 23 of 32

	 	b)	The licenses granted by LUMC to Prosensa under this Agreement shall terminate automatically and revert to LUMC. 

 

	 	c)	The (research) license granted by Prosensa to LUMC set forth in Section 3.4 shall survive. 

 

	 	10.3.2	Termination by Prosensa. Upon termination of this Agreement by Prosensa pursuant to Sections 10.2.3 or 10.2.4 hereof, the licenses granted by LUMC to Prosensa
hereunder shall survive such termination (provided that Prosensa’s financial obligations hereunder shall only survive to the extent these existed prior to such termination). 

 

	 	10.3.3	Termination by Prosensa for Convenience. Upon termination by Prosensa on the basis of Section 10.2.4 hereof (termination for convenience), the provisions of
Section 10.3.1 shall apply. 

  

	 	10.3.4	Termination by mutual consent. Upon termination by the Parties with mutual consent as referred to in Section 10.2.5, the Parties shall jointly decide what
the effects of the terminations shall be. 

  

	10.4	Surviving Provisions. Notwithstanding any provision to the contrary herein, the rights and obligations set forth in Sections 3.2, 3.4, 7, 8, 9, 11 and 12 hereof
shall survive the expiration or termination of this Agreement. 

 ARTICLE 11. MISCELLANEOUS 

 

	11.1	Force Majeure. Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached this Agreement for failure
or delay in fulfilling or performing any term of this Agreement if such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party, including, without limitation, fire, floods, embargoes, war, acts of
war, insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any governmental authority; provided, however, that the Party so affected shall use commercially
reasonable and diligent efforts to avoid or remove such causes of non-performance, and shall continue performance hereunder with reasonable dispatch wherever such causes are removed. Each Party shall provide the other Party with prompt written
notice of any delay or failure to perform that occurs by reason of force majeure. The Parties shall mutually seek a resolution of the delay or the failure to perform in good faith. 

  
 Page 24 of 32

	11.2	Assignment. This Agreement may not be assigned or otherwise transferred by either Party without the consent of the other Party, such consent not to be
unreasonably withheld or delayed, provided, however, that either Party may, without such consent, assign its rights and obligations under this Agreement (a) in connection with a corporate reorganization, to any Affiliate, or (b) in
connection with a merger, consolidation or sale of substantially all of such Party’s assets to a Third Party. Any purported assignment in violation of this Section 11.2 shall be void. 

 

	11.3	Severability. If one or more of the provisions of this Agreement shall be held invalid, illegal or unenforceable, the remaining provisions shall not in any way
be affected or impaired thereby. In the event any provision is held invalid, illegal or unenforceable, the Parties shall use reasonable efforts to substitute a valid, legal and enforceable provision which, insofar as is practical, implements the
purposes of the provision held invalid, illegal or unenforceable. 

  

	11.4	Exhibits. The Exhibits attached to this Agreement form an integral part of this Agreement. 

 

	11.5	Notices. Any consent, notice or report required or permitted to be given or made under this Agreement by one Party to the other shall be in writing (by courier,
facsimile or registered mail), for each Party to the address indicated below, or to such other address as the addressee shall have last furnished in writing to the addressor in accordance with this Section 11.5 and shall be effective upon
receipt by the addressee: 

  

			
	If to LUMC:	  	LUMC
		  	T.a.v. Prof. G.J.B. van Ommen
		  	Postbus 9600
		  	2300 RC Leiden
		  	Einthovenweg 20
		  	2333 ZC Leiden
		  	Postzone: S4-P
		  	cc. Dr. R. Smailes
		  	Rijnsburgerweg 10
		  	2333 AA Leiden
		
	If to Prosensa:	  	Prosensa
		  	Attn. Mr. H. Schikan, CEO
		  	Wassenaarseweg 72
		  	2333 AL Leiden

  
 Page 25 of 32

	11.6	Entire Agreement. This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof. All express or implied agreements
and understandings, either oral or written, including the Original Agreement, are expressly merged into and made a part of this Agreement and this Agreement, therefore, sets aside any and all of such earlier agreements and understandings. This
Agreement may not be amended other than with the written consent of both Parties. 

  

	11.7	Headings. The headings to the several Articles and Sections in this Agreement are not a part of this Agreement, but are merely guides to assist in locating and
reading the several Articles and Sections hereof. 

  

	11.8	Waiver. Except as expressly provided herein, the waiver by either Party of any right hereunder or of any failure to perform or any breach by the other Party
shall not be deemed a waiver of any other right hereunder or of any other failure to perform or breach by said other Party, whether of a similar nature or otherwise. 

 ARTICLE 12. APPLICABLE LAW / COMPETENT COURT 
  

	12.1	Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of The Netherlands. 

 

	12.2	Competent Court. Any disputes arising between the Parties relating to, arising out of or in any way connected with this Agreement or any term or condition hereof
or the performance by either Party of its obligations hereunder, whether before or after termination of this Agreement, that the Parties fail to settle amicably within a reasonable period of time shall be exclusively submitted to the competent court
of The Hague, The Netherlands, including summary proceedings and notwithstanding the right of appeal in first and second instance. 

 *The remainder of this page intentionally left blank* 

  
 Page 26 of 32

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth above.

  

									
	LUMC	 		 		 	Prosensa Holding B.V.
					
	Signature:	 	 /s/ Ir. H.M. le Clercq
	 		 	Signature:	 	 /s/ H.G.C.P. Schikan

					
	Name:	 	Ir. H.M. le Clercq	 		 	Name:	 	H.G.C.P. Schikan
	Title:	 	Chairman, Executive Board	 		 	Title:	 	Chief Executive Officer
					
	Signature:	 	 /s/ Dr. J.P. Rotmans
	 		 		 	
	Name:	 	Dr. J.P. Rotmans	 		 		 	
	Title:	 	Division Manager	 		 		 	

  
 Page 27 of 32

 EXHIBIT 1 
 LUMC PATENT RIGHTS 
  

									
	 Pre-2005 Series
	  	Priority	  	 Applicant
	  	Inventors	  	 Patent Agent

					
	 Series 1 – Exon Skipping
	  	21 Sep 2000	  	LUMC	  	Van Ommen GJB,
van Deutekom JC;
Den Dunnen JT	  	P54258 - Vereenigde
	 Series 2 – Multiskip
	  	21 March 2003	  	LUMC	  	Van Ommen GJB,
van Deutekom JC;
Den Dunnen JT;
Aartsma-Rus A	  	P63917 - Vereenigde
					
	 Post-2005 Series
	  	Priority	  	 Applicant
	  	Inventors	  	 Patent Agent

					
	 Series 3 – Exon SR Skipping
	  	22 April 2005	  	LUMC	  	Van Ommen GJB,
‘t Hoen PAC;
Sterrenburg PJ;
Den Dunnen JT	  	P72834 - Vereenigde
	 Series 4 – Double Targeting
	  	19 May 2006	  	LUMC	  	Aartsma-Rus A;
van Deutekom,
JCT; Van Ommen
GJB	  	P77466 - Vereenigde
	 Series 9 – BMP4
	  	20 April 2006	  	LUMC	  	Van Ommen GJB,
‘t Hoen PAC;
Sterrenburg PJ;
Den Dunnen JT	  	P73951 - Vereenigde

  
 Page 28 of 32

 EXHIBIT 2 
 EXISTING JOINT PATENT RIGHTS 
 EXHIBIT 2 EXISTING JOINT PATENTS

  

									
	 Post-2005 Series
	  	 Priority
	  	 Applicant
	  	 Inventors
	  	 Patent Agent

	 Series 5 – Exon Skip Combination
	  	26 October 2007	  	LUMC & Prosensa	  	Aartsma-Rus A, Van Ommen GJB, De Kimpe J, Van Deutekom JCT, Platenburg GJ	  	P81820 - Vereenigde
	 Series 6 – Exon 44
	  	14 May 2008	  	LUMC & Prosensa	  	Aartsma-Rus A, Van Ommen GJB, De Kimpe J, Van Deutekom JCT, Platenburg GJ	  	P84297 - Vereenigde
	 Exon 45
	  	30 January 2009	  	LUMC & Prosensa	  	Aartsma-Rus A, Van Ommen GJB, De Kimpe J, Van Deutekom JCT, Platenburg GJ	  	P6024691 - NOB
	 Exons 43, 46, 50–53
	  	11 March 2009	  	LUMC & Prosensa	  	Aartsma-Rus A, Van Ommen GJB, De Kimpe J, Van Deutekom JCT, Platenburg GJ	  	P6024689 - NOB
	 Molecules for targeting compounds to various selected organs or tissues
	  	12 July 2007	  	LUMC & Prosensa	  	Heemskerk JA, Van Kuik-Romeijn P, Van Deutekom JCT, Platenburg GJ	  	P6010208 - NOB

  
 Page 29 of 32

 EXHIBIT 3A 
 LUMC TECHNOLOGY 
 LUMC Technology means: 

 

	 	1.	Patient material e.d. 

	 	a.	Patient derived and control cell cultures 

	 	b.	Tissue biopsies (tissue bank) 

	 	c.	Blood, and tissue biopsy sampling 

	 	d.	Screening capacity 

	 	i.	LGTC sequencing facility, 

	 	ii.	MLPA, 

	 	iii.	prescreening back up, 

	 	iv.	protein sample analysis, 

	 	v.	FACS, 

	 	vi.	Q-PCR, 

	 	vii.	FISH and immunofluorescence analysis 

	 	e.	Virus stocks for screening (back up) 

	 	f.	Storage tissue samples (back up) 

	 	g.	Patient databases 

	 	h.	Diagnostic materials (e.g. antibodies) 

  

	 	2.	AON 

	 	a.	AON testing in vitro and vivo (RNA and protein level) 

	 	b.	Complement activation and cytotoxicity assay 

	 	c.	Analytical support assays (e.g. MS, MALDI-TOF etc) 

  

	 	3.	Animals 

	 	a.	In situ imaging 

	 	b.	Animal models in the field (e.g. hDMD, mdx) 

	 	c.	Functional outcome analysis in animal models (e.g. muscle strength) 

	 	d.	Sample collection 

	 	e.	Administration routes 

  

	 	4.	Lab technology 

	 	a.	Odyssey imaging system 

	 	b.	Agilent LabChip analysis system 

	 	c.	Cryostat 

	 	d.	Microscopy 

	 	e.	FACS 

	 	f.	Library (array) screening technology 

 The
materials described under 1a, b, c and g will only be considered LUMC Technology if and for as far as it is legally possible to grant Prosensa the rights as described in the Agreement and only if and for as far as all the relevant parties have given
their consent to the use by Prosensa of these materials as described in this Agreement. 

  
 Page 30 of 32

 EXHIBIT 3B 
 LUMC TANGIBLE TECHNOLOGY 

  
 Page 31 of 32

 EXHIBIT 4 
 PROSENSA TECHNOLOGY 
 Prosensa Technology means: 

 

	 	•	 	 Optimalised Western blot protocol 

  

	 	•	 	 Ligatie-hybridisatie technology (‘the ELISA’) to determine AON concentrates in tissue 

 

	 	•	 	 Production of AONs, sugar-AON conjugates, peptide-AON conjugates, fluorescent peptides (fee for service) 

 

	 	•	 	 Patient derived and control cell cultures. These patient derived and control cell cultures will only be considered Prosensa Technology if and for as
far as it is legally possible to grant LUMC the rights as described in the Agreement and only if and for as far as all the relevant parties have given their consent to the use by LUMC of these materials as described in this Agreement.

  
 Page 32 of 32

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